Meyer Werft reduced its losses in 2025 as cruise ship deliveries helped the German shipbuilding group more than double its annual revenue.
The group reported an after-tax loss of €383.8 million, improving from a loss of €569.2 million in 2024. Revenue increased from €1.37 billion to €2.83 billion.
Its operating performance also moved in the right direction, although it remained negative. The loss before interest, tax, depreciation and amortisation narrowed from €527.6 million to €251.8 million.
Cruise projects drive higher revenue
The principal contributors included the delivery of Asuka III to NYK Cruises and Disney Destiny to Disney Cruise Line from Meyer Werft’s Papenburg yard.
Revenue was also supported by two inland passenger vessels delivered by subsidiary Neptun Werft in Rostock and work on the conversion of Disney Adventure at Meyer Wismar.
The result does not mean that Meyer Werft has returned to profit. The group said its 2025 accounts again included provisions for expected losses on older contracts agreed on unprofitable terms. It also cautioned that comparison with 2024 is limited because of the extensive corporate restructuring undertaken during that year.
Restructuring continues through 2028
Chief restructuring officer Ralf Schmitz said more than 60 operational projects had been advanced. Lower material and personnel costs, together with more efficient processes, are expected to produce an annual earnings benefit comfortably above €100 million over the medium term.
An independent restructuring expert has confirmed that the group remains on its agreed restructuring path. Meyer Werft says its financing requirements through the end of the restructuring period in 2028 are covered by secured equity and debt capital.
The company expects a further improvement in earnings towards break-even in 2026, despite having no ocean-going cruise ship delivery scheduled during the year.
The latest figures therefore show substantial progress, but Meyer Werft remains loss-making and its recovery still depends on delivering the restructuring programme and improving the economics of future contracts.