Ferretti (YACHT) Q1 2022 earnings summary

Executive summary

• Q1'22 order intake reached a record €394m, up 97% YoY; backlog rose 30% from year-end 2021 to €1,320m.

• Net revenue grew across the business, while adjusted EBITDA and net profit margins improved YoY.

• Positive demand across geographies and strategic emphasis on higher-profitability yacht segments supported growth.

Financial highlights

• Net revenue excluding pre-owned yachts was €242m in Q1'22, up 32% YoY; including pre-owned, revenue was €256m, up 38%.

• Adjusted EBITDA was €32m in Q1'22 versus €18m in Q1'21; adjusted EBITDA margin rose to 13.0% from 9.6%.

• Net profit was €13m in Q1'22; net profit margin increased to 5.4% from 3.5% YoY.

Outlook and guidance

• Market demand remained very positive across geographies, with strong order collection and a longer order waiting list.

• Planned priorities include continued R&D investment, core-business expansion, new models, and development of ancillary services.

• Growth strategy targets investment of 3–4% of yearly revenue in new models and expansion of ancillary services.