Ferretti (YACHT) H1 2022 earnings summary

Executive summary

• H1 2022 combined strong demand with higher revenue, adjusted EBITDA and net profit; the order backlog reached €1.218bn.

• Strategy emphasized growing higher-profit yacht segments, expanding the model range and leveraging shared engineering platforms.

Financial highlights

• Net revenue excluding pre-owned rose 17% YoY to €535m; including pre-owned, revenue increased 20% to €607m.

• Adjusted EBITDA increased 30% YoY to €69m; adjusted EBITDA margin rose to 13.5% from 12.4%.

• Net profit increased 28% YoY to €30m; net profit margin was 5.9%, versus 5.5% in H1 2021.

Outlook and guidance

• H2 2022 plans included 11 model announcements, 6 for range expansion; the year-end portfolio was expected to reach 50 models, versus 42 at end-2021.

• Market demand remained strong; the H1 order intake already represented two-thirds of full-year 2021 orders.

• Product development capex ratio was 3% in H1, in line with the stated annual investment target of 3–4% of revenue.