Fountaine Pajot (-2.94%, at 105.80 euros) fell on the Paris Stock Exchange after releasing disappointing annual results. In the 2024-2025 fiscal year, the pleasure boat manufacturer saw its EBITDA drop from 60 to 51 million euros, a decline of 15%. At the same time, operating income slumped by 32.35%, to 34.5 million euros. Group net profit also decreased by 10.75%, to 29.9 million euros. Revenues fell from 351.3 to 323.2 million euros.

To explain this underperformance, the cruising catamaran builder stated that the economic environment was marked by a slowdown in demand. Sales volumes contracted, which notably explains the decline in EBITDA.

However, Fountaine Pajot says it has managed to "maintain a high level of profitability and protect its margins in a less favorable market environment."

The next fiscal year, 2025-2026, is described as a "strategic transition year to prepare the group for a rebound," according to the press release. The company plans to anticipate and invest during this period in order to approach the market recovery phase in the best possible conditions.

For Portzamparc, this report demonstrates the group’s ability to maintain "premium" profitability levels, even if the deterioration in operating income is noticeably sharper than that of EBITDA.

On the other hand, analysts were not pleased with the working capital requirement trend, which they described as "clearly unfavorable," with an increase of 25.6 million euros, whereas they had expected 10.8 million euros.

In summary, the brokerage firm considers this publication to be positive, and management's comments are reassuring regarding commercial momentum and the many industrial challenges for the 2025-2026 season. Portzamparc has a Buy rating on the stock, with a price target of 182 euros, representing an upside potential of nearly 67% compared to Monday's close.