Azimut Benetti Group: 2023/2024 Revenues of €1.3 Billion and a €2.6 Billion Backlog

At the press conference held on September 10, 2024, to mark the opening of the Cannes Yachting Festival, Azimut|Benetti Group announced its financial results for the year 2023/2024.

The Shipyard concluded the past yachting season by confirming the steady upward trend that has seen the Group’s revenues rise from €840 million in 2020/2021 to €1.3 billion in the financial year 2023/2024, with growth of 55% reported in the last four years.

The financial year to August 31, 2024, saw an acceleration in profitability, with gross operating margin (EBITDA) up 30% year-on-year as a result of business growth and the Shipyard’s increased operating efficiency in the period.

The backlog of new orders since January 1, 2024, stands at €2.6 billion and extends to 2029, outlining a positive future scenario for the Group and ensuring double-digit growth in 2024/2025 too, with the revenue target set at €1.5 billion.

These results reward the product strategy put in place by the Shipyard, with wins in all segments and all the main geographies, as is demonstrated by the Group’s backlog distribution by area, split equally between Europe (40%), Americas (37%) and MEA APAC (23%).
For the three-year period 2025-2027, Azimut|Benetti Group has launched an investment plan worth a total €160 million to support the company’s strategic priorities.

The main goal – with €99.3 million earmarked to achieve it – is to increase the production capacity of all the Group’s shipyards, with a view to fulfilling the considerable order backlog and involving further developments in automation and the implementation of new technologies. The Group’s main sites, not least its storied headquarters in Avigliana (Turin), will also be refurbished in a project by AMDL CIRCLE and architect Michele De Lucchi.

A further €43.2 million will be invested in R&D and new product development, aiming to continue the expansion of the world’s largest fleet with innovative yachts in terms of their technology and design solutions. Finally, another €13.9 million will be invested in digitalization projects, with virtual reality increasingly used in prototyping, design and the communication with the owner during both the purchase and configuration of the yacht.

“After a period of unprecedented growth, we are now experiencing a physiological contraction of the market, which the Group can manage from a position of strength thanks to the significant order backlog. In this scenario, the Group’s strategies have made and will make the difference: innovative yachts and the correct positioning of the Azimut and Benetti brands, a broad-based international presence and ongoing production evolution,” commented Marco Valle, Azimut|Benetti Group CEO.

Azimut Seadeck 7

At the Navigate with Purpose press conference, Azimut presented the new Seadeck 7 and the new Fly 62, on show at the Cannes Yachting Festival until September 15, 2024.

The Seadeck Series epitomises the solutions available today to reduce fuel consumption and CO2 emissions, allowing a careful owner to reduce emissions by up to 40% over a year of average use compared to boats of comparable weight and size with a shaft drive and a traditional hull. -30% is due to the yacht’s advanced naval architecture, integrating the extensive use of carbon to reduce the boat’s structural weight through high-efficiency hulls and propulsion systems. The remaining -10% results from the hybrid architecture and innovative electrification technology.

The new Seadeck 7 Full Hybrid is a milestone on the green path charted by the Shipyard and the first yacht in the world to combine a hybrid power system with IPS propulsion by Volvo Penta.
The revolutionary hybrid-electric package, the result of collaboration between Volvo Penta and Azimut|Benetti Group’s R&D department, enables the yacht to moor and cruise in full electric mode at up to 11 knots and then switch – as in a car – from the electric motor to the IC engine, without the use of an on-board generator.
The Hybrid Boost system delivers more powerful acceleration, while the energy recovery system recharges the batteries during navigation, with a fast-charging mode available using the IC engines.

When at anchor, the on-board batteries can power all the services for up to 12 hours, offering an experience of close contact with the sea in total silence. The system also makes it possible to access zero-emission areas while respecting the natural environment.

“When it comes to reducing CO2 emissions, our approach is aimed at generating tangible results now, also by developing new solutions that we are already implementing at a prototype stage. Boats under 24 meters are the most prevalent in our waters, therefore making a difference in this segment of vessels means making a difference for many owners. The Volvo Penta hybrid-electric package installed on the Seadeck 7 has a mode of use similar to that of cars, meaning that it shifts from electric to diesel engine based on speed. It guarantees simplicity of use, reduced consumption and CO2 emissions, and improved life on board. Everything is in place to change the rules of the game,” said Azimut|Benetti Group Chair Giovanna Vitelli.

The system is based on Volvo Penta’s Pilot helm-to-propeller hybrid-electric package. This prototype installation, which required over a year of design work, was created in parallel with the final development stage of the Seadeck 7 to guarantee total integration, including validation, certification and type approval, and risk assessment for management of the lithium batteries and the high voltage systems. The maximum levels of safety and reliability are certified by RINA.

New frontiers are opened by the Full Hybrid system installed on the Seadeck 7, making it possible for the first time to provide the benefits of electrification even on medium sized motor-yachts for family use.
With this system, Azimut has reached the 4th level of electrification in the programme of new hybrid-electric solutions being developed by Azimut|Benetti Group’s R&D Department.

Azimut Fly 62

Also presented at the media conference was the Fly 62, not only a new model in one of Azimut’s most representative Series but also a milestone in the evolution of the entire segment.

Alberto Mancini’s exterior styling redefines the category, drawing inspiration from the latest trends in the automotive world and the functional and aesthetic revolution brought about by SUVs in particular. The volumes of the Fly 62’s superstructure have been moved forward in fact, allowing the cockpit to be enlarged while maintaining and evolving the characteristically sporty style of Azimut’s Fly Series, meaning unbroken lines and increasingly uncluttered surfaces. The new hardtop designed by Mancini has ultra-modern lines that marry perfectly with the horizontal sweep of the hull windows.

With its Fly 62, Azimut satisfies the contemporary owner’s desire for closer contact with the water – for the first time also on a flybridge boat designed for long stays on board, a category that traditionally features a more separate area from which to access the water.

Radical in its apparent simplicity, Azimut’s response is to reinvent the cockpit and open it out towards the stern, creating a progressive approach to the water. The result is the Beach Cockpit: the stern platform opens outwards and the sofa is lowered at the same time to eliminate all physical barriers, creating a generous sunbathing area close to the water and a connection with the sea that’s unique on a yacht in this segment.
Dining aboard the Fly 62 is enjoyed facing the sea, living life in the lap of nature thanks to spaces designed for different generations and different habits – some relax in the shade while others swim, or enjoy cocktails or take the sun, all enhanced by a sense of sharing such moments.

For the interiors, Azimut once again called on architect Fabio Fantolino. In his second project for the Shipyard, Fantolino designed "open" spaces free from visual obstacles to create a sensation of absolute proximity to the sea. His interiors have a clean and fresh design graced by parsimonious but highly effective detailing.