Princess Yachts has reported a significant improvement in financial performance for the year ended 31 December 2025, marking the successful turnaround of the British builder.
Adjusted EBITDA increased by approximately 167% to £35.9 million, compared with £13.4 million in 2024. Operating profit reached £17.6 million, representing a £25.7 million improvement from the £8.1 million operating loss reported in the previous year, while profit before tax was £9.4 million, compared with a £17.0 million loss in 2024.
The 2025 performance represents a £60.4 million improvement in Adjusted EBITDA in just two years, from a £24.5 million loss in 2023 to a £35.9 million profit in 2025, demonstrating the scale of the business turnaround.
The improvement was achieved despite challenging conditions across the global luxury yacht market. Revenue for the year was £321.8 million, compared with £378.1 million in 2024, reflecting lower production volumes, slower market conditions and a disciplined approach to aligning production capacity more closely with demand.
The results reflect the conclusion of Princess Yachts’ transformation programme following its acquisition by KPS Capital Partners in 2023. During 2025, the Company maintained a rigorous focus on manufacturing productivity, quality, procurement and supplier relationships, cost control and commercial performance, alongside greater accountability across its manufacturing operations.
Importantly, the improvement has been driven by healthier underlying business performance rather than increased production, with gross profit per yacht continuing to improve during 2025 as a result of cost control and operational improvements.
Will Green, Chief Executive Officer of Princess Yachts, said: “2025 was a critical year for Princess and these results demonstrate the significant progress we have made in strengthening the Company. When you look back to 2023, the scale of that progress is clear. We have moved from an Adjusted EBITDA loss of £24.5 million to a profit of £35.9 million in just two years, an improvement of more than £60 million.
“That has come from a relentless focus on improving how we operate across the business: improving manufacturing efficiency, quality and cost control, while matching production more closely to market demand. It has been a disciplined, operationally focused turnaround and these results give us confidence that we have now completed that phase of the journey.
“Importantly, our momentum has continued into 2026. In the first half of the year, Adjusted EBITDA increased again, despite producing fewer yachts. That is further evidence that we have created a more efficient and resilient business.
“Our focus now is firmly on the future. We continue to invest in our people, our facilities and one of the strongest new-product programmes in our history. The next phase for Princess is about building on this stronger foundation, delivering sustainable, quality profits and continuing to create the world’s finest yachts whilst delivering an exceptional customer experience for Owners around the world.”
Alongside the transformation of its operations, Princess has continued to invest significantly in its future product portfolio. Product development expenditure increased to £12.0 million in 2025, from £10.9 million in 2024, supporting a rolling five-year product programme targeting three new model launches each year.
During 2025, Princess completed the first F58 and V65 and commenced construction of the all-new X90. The Company also unveiled C Class, an important expansion of the Princess portfolio and the first to be offered with outboard propulsion. Most significantly of all, 2025 saw the unveiling of the Odyssey brand, marking the Company’s return to the 30m+ yacht market from 2029.
That product programme has continued to gather pace during 2026. The all-new X90 made her World Premiere at the Cannes Yachting Festival in September, while the C48 Open, the first model from the new C Class, will join the Princess line-up at the Fort Lauderdale International Boat Show in October.
Despite continued economic and geopolitical uncertainty, Princess enters the next phase of its strategy with a stronger operational platform, a robust order book with an increased proportion of yachts committed to end customers, and increasing investment in an expanding product portfolio.
