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Ferretti (9638) investor relations material
Ferretti Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Order intake reached €771 million in 9M 2025, up 4.6% year-over-year, with net backlog up 4.5% to €795 million, supported by strong demand and product portfolio expansion.
Revenues increased 2.5% year-over-year to €887 million, mainly from made-to-measure and super yachts, with adjusted EBITDA up 2.5% to €142 million and a margin of 16.0%.
Net profit for 9M 2025 was €61 million, representing a 6.9% margin, with net financial position at €65 million in net cash.
Made-to-measure yachts drove growth, now 55% of order intake, up 32% year-over-year, reflecting a shift toward larger, customizable models with higher margins.
Strong Q3 order intake, with €304 million in new orders and robust performance at Mediterranean boat shows.
Financial highlights
Book-to-bill ratio above 1, and 1.2x when excluding the composite segment.
Adjusted EBITDA margin stable at 16.0% for 9M 2025; net working capital at 15.9% and expected to reach 10% by year-end.
Net profit margin at 6.9% for 9M 2025.
CapEx for the first nine months was €64 million, on track to remain below €90 million for 2025.
Net financial position decreased by €36 million in Q3 2025 due to working capital absorption, but remains positive.
Outlook and guidance
2025 guidance confirmed: net revenues expected at €1,220–1,240 million, adjusted EBITDA between €201–207 million, and EBITDA margin target of 16.5–16.7%.
CapEx expected to decrease to around 5.6% of revenues from 2026 onward.
Ongoing negotiations for €430 million in new orders (+48% YoY) provide strong visibility ahead of the USA boat show season.
Strategic focus on product innovation, sustainability, and expansion in high-growth segments.
Guidance is aspirational and subject to execution risks and external factors.
How long can competitors sustain deep discounts?
How will Ferretti expand super yacht capacity?
Plan to improve Asia Pacific sales
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Q4 20251 Mar, 2026
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Frequently asked questions
Ferretti S.p.A. is an Italian company specializing in the design, manufacturing, and sale of luxury yachts and recreational vessels. With a portfolio of high-end brands, Ferretti offers a range of motor yachts, superyachts, and custom-built vessels, known for their craftsmanship, advanced technology, and design. The company caters to a global clientele, providing after-sales support, maintenance, and refitting services. Ferretti serves private owners and yacht charter operators, delivering tailored solutions in the luxury marine industry. The company is headquartered in Forlì, Italy, and its shares are listed on the Hong Kong Stock Exchange.
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