Ferretti (YACHT) H1 2023 earnings summary

Executive summary

• H1’23 net revenue excluding pre-owned rose 11.1% YoY to €567m; adjusted EBITDA increased 20.9% to €83m, with a 14.7% margin.

• Order intake reached €574m and backlog €1.4bn, supporting visibility over future revenue.

Financial highlights

• Net revenue excluding pre-owned was €567m, up 11.1% YoY; reported net revenue including pre-owned was €581m, up 8.6%.

• Adjusted EBITDA was €83m, up 20.9% YoY; net profit was €37m, up 36.8% YoY.

• Orders totaled €574m across 130 units; 123 boats were delivered during H1’23.

Outlook and guidance

• H1’23 results were presented as supporting mid-term targets of ~10% organic revenue CAGR and adjusted EBITDA margin above 18.5%, with further M&A upside.

• Mid-term cash conversion target is above 85%; H1’23 conversion reached 87.7%.

• Strategic priorities include expanding the product range and made-to-measure offering, vertical integration, ancillary services, R&D and green technology investment.