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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 rose 4.6% year-over-year to €771 million for the first nine months of 2025, with a sharp 36% increase in Q3'25 and a net backlog up 12.9% year-over-year to €1,497.9 million, providing strong mid-term revenue visibility.
Revenues increased 2.5% year-over-year to €887 million, driven by double-digit growth in Made-to-measure and Super Yacht segments.
Adjusted EBITDA rose 2.5% to €142 million, with a stable margin at 16.0%.
Made-to-measure yachts accounted for 55% of order intake, reflecting a shift toward larger, customizable models with higher margins.
Net profit for 9M'25 was €61 million, with 193 units delivered and 140 new units ordered.
Financial highlights
Book-to-bill ratio remained above 1, and 1.2x when excluding the composite segment.
Net financial position was €65 million net cash as of September 30, 2025, with net working capital at €189.5 million.
CapEx for the first nine months was €64 million, on track to remain below €90 million for 2025.
Maintenance capex ratio at 2.8%; cash conversion at 82.5%.
Net working capital to sales ratio expected to reach 10% by year-end.
Outlook and guidance
2025 guidance confirmed: net revenues (excluding pre-owned) 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.
High visibility for year-end and beyond 2025, with strong expectations for the U.S. and Asia Pacific seasons.
Strategic focus on expanding product mix, innovation, sustainability, and growth in high-value segments.
Clarify 2025 Capex guidance and its impact
Impact of Composite yacht pricing on segment mix?
Why MEA revenue up, but order intake down?
How long can competitors sustain deep discounts?
How will Ferretti expand super yacht capacity?
Plan to improve Asia Pacific sales
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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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