German shipbuilder Meyer Werft more than doubled its revenue in 2025 to €2.83 billion, up from €1.37 billion in 2024. At the same time, its operating EBITDA loss was reduced from €527.6 million to €251.8 million.
Revenue was mainly generated by the delivery of Asuka III for NYK Cruises and Disney Destiny for Disney Cruise Line. In addition, subsidiary NEPTUN WERFT in Rostock delivered two inland passenger vessels, while a cruise ship was refurbished in Wismar.
After taxes, the net loss amounted to €383.8 million, compared with €569.2 million in 2024. The figures are only partly comparable due to the extensive legal restructuring of the group in 2024. Provisions were also made in 2025 for expected losses on older, unprofitable orders.
Restructuring On Track
Meyer Werft continued its operational restructuring with more than 60 individual projects. Lower material and personnel costs, combined with more efficient processes, are expected to generate an annual positive impact on earnings of more than €100 million over the medium term.
According to Ralf Schmitz, Chief Restructuring Officer at Meyer Werft, the restructuring programme is fully on track. The audited consolidated financial statements for 2025 have been approved by the supervisory board. An independent restructuring expert has also confirmed that the agreed restructuring plan is being followed. According to the company, its financing requirements through to the end of the restructuring period in 2028 are fully covered.
No cruise ship deliveries are scheduled for 2026. Nevertheless, management expects EBITDA to improve significantly again and move towards break-even.
New Cruise Orders
Alongside its financial recovery, the German shipbuilder is looking ahead to the coming years with confidence. The yard has several cruise ships under construction or in the planning stage for Carnival Cruise Line and Disney Cruise Line. In addition, negotiations between MSC Cruises and Meyer Werft for four next-generation cruise ships, with options for two more, are in their final stages. The first deliveries of the MSC ships are scheduled from 2030 onwards.
The start of construction on converter platforms in Rostock, together with continued strong demand for inland passenger vessels, is also contributing to the company’s positive outlook. According to CEO André Walter, these activities, combined with the newly won cruise orders calculated to be profitable, provide a strong foundation for the shipyard’s continued recovery.
Pictures Meyer Werft
Contact us for more information or Discover Your Perfect Cruise here.
Sign up for our newsletter and receive more travel tips and inspiration!