Meyer Werft Narrows 2025 Loss as Revenue More Than Doubles
Papenburg delivered Asuka III to NYK Cruises and Disney Destiny to Disney Cruise Line, while Wismar continued converting Disney Adventure for Singapore.
Meyer Werft cut its after-tax loss to €383.8 million in 2025 from €569.2 million a year earlier as revenue more than doubled to €2.83 billion. The shipbuilding group expects consolidated EBITDA to move toward break-even in 2026 despite having no ocean cruise ship deliveries scheduled this year.
EBITDA improved from a €527.6 million loss in 2024 to a €251.8 million loss. Meyer Werft cautioned that the annual comparison is limited by the extensive corporate restructuring completed during 2024 and continued provisions for unprofitable legacy contracts.
Ship deliveries lift revenue
Revenue increased from €1.37 billion in 2024, driven largely by work across the group’s German shipyards. The Papenburg yard delivered the approximately 52,200-gross-ton Asuka III to NYK Cruises and the 144,000-gross-ton Disney Destiny to Disney Cruise Line.
Neptun Werft delivered two river vessels from Rostock, while the Wismar site continued converting the approximately 208,000-gross-ton Disney Adventure. The former Global Dream project is being reconfigured for Disney Cruise Line’s deployment from Singapore.
More than 60 restructuring projects under way
The 2025 financial statements included provisions for expected losses from older contracts, following similar accounting treatment in 2024. Ralf Schmitz, Meyer Werft’s chief restructuring officer, said the group had advanced more than 60 operational restructuring projects alongside that legacy-order accounting.
The projects cover material and personnel costs as well as production processes. Schmitz said Meyer Werft anticipates “a positive annual earnings impact in the clear three-digit million range over the medium term.”
Cost changes underpin 2026 outlook
Management based its 2026 forecast on losses already recognized in previous years and cost reductions achieved through the restructuring. CEO Andre Walter cited newly secured cruise ship contracts with profitable pricing, the company’s entry into converter-platform construction at Rostock in June and continued demand for inland passenger vessels.
“Given the progress made and the strong orderbooks in both Papenburg and at Neptun Werft, we have every reason to be confident,” Walter said.
Restructuring financing secured through 2028
Meyer Werft’s supervisory board has approved the audited 2025 consolidated financial statements. An independent restructuring expert also confirmed that the group is adhering to its restructuring plan.
Germany’s federal government and the state of Lower Saxony together hold about 80% of Meyer Werft. The Meyer family retains just under 20%. Secured equity and debt capital now covers the group’s financing requirements for the restructuring period through 2028.
