As part of its restructuring process, Meyer Werft increased its consolidated revenue to €2.83 billion in 2025, up from €1.37 billion in 2024. Revenue was primarily driven by the delivery of two cruise ships (the Asuka III for NYK Cruises and the Disney Destiny for Disney Cruise Line) by Meyer Werft in Papenburg, the delivery of two inland passenger vessels by the subsidiary Neptun Werft in Rostock, and the conversion of a cruise ship at the Wismar site.
Consolidated operating earnings before interest, taxes, and depreciation (EBITDA) improved significantly, rising from -€527.6 million to -€251.8 million. After taxes, the Group reports a loss of €383.8 million (2024: -€569.2 million). It should be noted that the prior-year figures are of limited comparability due to the extensive corporate restructuring of the Group carried out in 2024.
Ralf Schmitz, Chief Restructuring Officer (CRO) of MEYER WERFT, comments: “Just as in 2024, the 2025 consolidated financial statements account for expected losses from unprofitable legacy orders by establishing corresponding provisions. At the same time, we have successfully advanced our operational restructuring – comprising over 60 individual projects – such that we anticipate a positive annual earnings impact in the clear three-digit million range over the medium term, driven by lower material and personnel costs and more efficient processes. The Group’s restructuring remains fully on track. Everything within our control is moving in the right direction. The shipyard is on a very promising path.”
The audited consolidated financial statements for 2025 have been approved by the Supervisory Board of Meyer Werft GmbH. An independent restructuring expert has confirmed adherence to the restructuring plan. Consequently, the company’s financing requirements for the restructuring period – agreed upon through the end of 2028 – are covered by secured equity and debt capital.
Although no cruise ship deliveries are scheduled for 2026, management expects a further significant improvement in consolidated EBITDA for the current year – moving toward a break-even result – thanks to the negative earnings already accounted for in previous years and the cost improvements achieved.
André Walter, CEO of Meyer Werft, states: “The profitably priced new cruise ship orders, our entry into the construction of converter platforms at the Rostock site (achieved in June), and the continued high demand for inland passenger vessels provide an excellent foundation for the next stages of our restructuring. Given the progress made and the strong order books in both Papenburg and at Neptun Werft, we have every reason to be confident.”
