Ferretti (YACHT) H2 2024 earnings summary

Executive summary

• Adjusted EBITDA reached €190 million, up 12.3% year-over-year, with margin rising to 16.2% and at the top end of guidance.

• Revenues from new boats grew 5.6% to €1,173 million, while total net revenue was €1,240.3 million, up 9.3% year-over-year.

• Order backlog reached a record €1.7 billion, up 11.6% year-over-year, providing strong visibility into 2025 and beyond.

• Q4 2024 order intake exceeded €400 million, up 64% compared to Q4 2023, with annual order intake stable at €1,139 million.

• The Board proposed a final dividend of €33.8 million (€0.10 per share), subject to shareholder approval.

Financial highlights

• Adjusted EBITDA margin improved to 16.2% from 15.2% year-over-year.

• Revenue growth of 5.6% outpaced the market's 4.4% growth.

• Net financial position at year-end was €125 million net cash, with cash and cash equivalents at €155.7 million.

• CapEx for 2024 was €141 million, mainly for the new Ravenna shipyard, with 56% allocated to expansion.

• Average ticket size rose to €6 million (+31% year-over-year).

Outlook and guidance

• Confident outlook for 2025, with strong order backlog and positive early 2025 sales, especially in the U.S. and Middle East.

• CapEx expected to normalize to around €100 million in 2025.

• Full operational capacity at Ravenna shipyard anticipated by mid-2025.

• Mid-term guidance targets around 10% CAGR in net revenue of new yachts and adjusted EBITDA margin above 18.5%.

• Dividend distribution confirmed, pending board approval.