Ferretti (YACHT) Q1 2025 earnings summary

Executive summary

• Achieved record order backlog of €1.8 billion as of March 31, 2025, up 7.6% year-over-year, driven by strong demand for Made-to-measure and Super Yachts.

• Q1 2025 order intake reached €271 million, up 1.5% year-over-year, with Made-to-measure segment accounting for 49% of new orders.

• Revenue grew 5.0% year-over-year to €329 million, outpacing the market growth expectation of 4.2%.

• Adjusted EBITDA reached €53 million with a margin of 16.0%, up from 15.4% in the prior year.

• Net profit increased by 7.7% year-over-year to €24 million.

Financial highlights

• Book-to-bill ratio remains above 1.0x, indicating strong demand, with Made-to-measure and Super Yachts at 1.2x.

• Net financial position at quarter-end was €55 million.

• Net working capital increased to 17.5%, mainly due to inventory buildup and delayed orders in the Americas.

• CapEx for Q1 2025 was €16 million, with full-year expected at ~€90 million as CapEx cycle nears completion.

• Maintenance CAPEX ratio at 2.3% and cash conversion at 85.3% in Q1 2025.

Outlook and guidance

• 2025 net revenue guidance set at €1,220–1,240 million, with adjusted EBITDA of €201–207 million and margin expected to rise to 16.5–16.7%.

• CapEx to decrease further in 2026, targeting 5–6% of revenues.

• Working capital expected to normalize below 10% of revenues by year-end.

• Strategic focus on expanding product mix, innovation, sustainability, and high-value segments.