Ferretti (YACHT) Q1 2023 earnings summary

Executive summary

• Q1’23 revenue rose 9.3% YoY to €280m; revenue excluding pre-owned increased 15.8%, while adjusted EBITDA and net profit also grew.

• Strong demand and a €1.496bn order backlog supported revenue visibility; mid-term targets call for ~10% organic revenue CAGR and adjusted EBITDA margin above 18.5%.

Financial highlights

• Revenue was €280m in Q1’23, up 9.3% YoY from €256m; excluding pre-owned, revenue rose 15.8% from €242m, with no pre-owned contribution in Q1’23.

• Adjusted EBITDA reached €40m, up 26.6% YoY; net profit rose 42.0% to €19m from €13m.

• Order intake was €308m in Q1’23; order backlog reached €1.496bn at March 31, 2023, up 15.4% from €1.296bn at December 31, 2022.

Outlook and guidance

• Mid-term targets: ~10% organic revenue CAGR, adjusted EBITDA margin greater than 18.5%, and cash conversion greater than 85%; further upside possible from M&A.

• Continued investment in technology and sustainable solutions; M&A opportunities under exploration to expand promising ancillary services.