Princess Yachts returns to profit as momentum continues into 2026

British luxury yacht manufacturer Princess Yachts has returned to profit, reporting an operating profit of £17.6 million for the year ended 31 December 2025, a £25.7 million improvement on its £8.1 million operating loss in 2024. Adjusted EBITDA rose to £35.9 million from £13.4 million, and profit before tax was £9.4 million, against a £17.0 million loss a year earlier. Over two years, Adjusted EBITDA has improved by £60.4 million from a £24.5 million loss in 2023.

The results came in a difficult global luxury yacht market. Revenue fell to £321.8 million from £378.1 million in 2024, which Princess puts down to lower production volumes, slower market conditions and a disciplined approach to aligning production capacity more closely with demand.

According to the company, the figures mark the end of the transformation programme that followed its acquisition by KPS Capital Partners in 2023. In 2025 it focused on manufacturing productivity, quality, procurement and supplier relationships, cost control and commercial performance. Princess says the gains reflect healthier underlying performance rather than higher output, with gross profit per yacht continuing to improve during 2025.

Product development spending rose to £12.0 million in 2025 from £10.9 million in 2024, supporting a rolling five-year programme that targets three new model launches a year.

In 2025 Princess completed the first F58 and V65, began building the X90 and unveiled the C Class, its first range offered with outboard propulsion. It also revealed the Odyssey brand, marking its return to the 30m-plus market from 2029.

The X90 made her world premiere at the Cannes Yachting Festival in September 2026, and the C48 Open, the first C Class model, is due to join the line-up at the Fort Lauderdale International Boat Show in October.

Despite continued economic and geopolitical uncertainty, Princess says it enters its next phase with a stronger operational platform and a robust order book, with an increased proportion of yachts committed to end customers.