Princess Yachts has confirmed audited financial results for the year ended 31 December 2025, showing the Plymouth builder’s operational turnaround is now complete, ahead of the formal accounts filing due with Companies House by 30 September 2026.
Adjusted EBITDA rose by approximately 167 per cent to £35.9 million, up from £13.4 million in 2024. Operating profit reached £17.6 million, a £25.7 million improvement on the £8.1 million operating loss reported the previous year, while profit before tax came in at £9.4 million against a £17.0 million loss in 2024. Revenue fell to £321.8 million from £378.1 million, which the company attributes to lower production volumes and a deliberate effort to match output more closely to demand in a softer global luxury yacht market.
Over the two years since 2023, the swing in Adjusted EBITDA has totalled £60.4 million, from a £24.5 million loss to the £35.9 million profit now reported. The results mark the conclusion of the transformation programme launched following Princess’s acquisition by KPS Capital Partners in 2023, built around manufacturing productivity, procurement, cost control and commercial discipline rather than higher output. Gross profit per yacht improved through the year despite the fall in revenue.
Will Green, chief executive 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.”
Green added that momentum has carried into 2026, with Adjusted EBITDA increasing again in the first half of the year despite producing fewer yachts. Product development spending rose to £12.0 million in 2025, from £10.9 million in 2024, supporting a five-year programme targeting three new model launches annually. During the year Princess completed the first F58 and V65, began construction of the new X90, launched the outboard-powered C Class and unveiled the Odyssey brand, marking the Company’s return to the 30 metre-plus market from 2029.
X90 World Premiere at Cannes
That product programme reached a new milestone this month with the world premiere of the all-new Princess X90 at the Cannes Yachting Festival, part of an eight-yacht line-up the Company showed at the event. Positioned between the X80 and flagship X95 Vista, the X90 is the first Princess to feature an expandable beach club-style cockpit, with fold-down balconies to port and starboard building on the infinity cockpit concept introduced on the Y85 and Y80. Curved patio doors, another first for the range, connect the aft cockpit directly to a ten-person dining area on the main deck.
The X90 also introduces a revised Super Flybridge layout, relocating the primary helm to an enclosed flybridge wheelhouse and Skylounge to free up volume on the main deck, which runs on a single level from the forward cockpit through to the owner’s suite. The main deck stateroom includes an optional gullwing door to a private foredeck terrace, and accommodation runs to three en-suite guest cabins as standard, or a five-cabin layout with four guest cabins alongside the owner’s suite. Crew quarters forward include up to three cabins, a bathroom and a mess.
The yacht is built on an entirely new hull platform for Princess, the Hybrid Progressive-Planing (H.P.P.) hull developed with Bernard Olesinski Limited, which the Company says needs roughly 10 per cent less power above 16 knots than the Y85 once displacement is normalised, while matching its fuel consumption below 10 knots despite being around 18 tonnes heavier.
Green said:
“The world debut of the Princess X90 at Cannes Yachting Festival 2026 marks a defining moment for both the X Class range and Princess Yachts. Building on the success of the X80 and X95 Vista, the X90 introduces groundbreaking new features, exceptional space and a revolutionary new hull platform that together redefine what owners can expect from a luxury yacht of this size.”
The next model from the new C Class, the C48 Open, joins the Princess line-up at the Fort Lauderdale International Boat Show in October. Princess says it enters the next phase of its strategy with a stronger operational platform and a more heavily committed order book, despite continued economic and geopolitical uncertainty in the wider market.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
