Ferretti (YACHT) Q2 2025 earnings summary

Executive summary

• Net revenue of new yachts grew 1.5% year-over-year to €620.4 million in H1 2025, driven by made-to-measure and super yacht segments, while total net revenue was €638.3 million, down 1.3% due to lower pre-owned sales.

• Adjusted EBITDA increased 2.5% to €99.1 million, with margin improving to 16.0% from 15.8% year-over-year.

• Net profit was €43.6 million, nearly flat compared to €44.0 million in the prior year period.

• Order intake declined 9.2% to €467.3 million, reflecting macroeconomic and geopolitical headwinds.

• Order backlog stood at €1,446.0 million, down 3.3% year-over-year, with 133 units delivered in H1 2025.

Financial highlights

• Made-to-measure segment revenue increased 8.6% to €253.1 million; super yacht segment up 26.6% to €104.4 million; composite yachts revenue declined 11.6% to €234.4 million.

• Net financial position was €101.6 million net cash, with cash and cash equivalents at €134.0 million.

• Dividend of €0.10 per share (totaling €33.8 million) paid in June 2025.

• Net working capital reduced to 12.5%, expected to fall below 10% by year-end.

• Capital expenditure was €42.3 million in H1 2025, with full-year CapEx expected below €90 million.

Outlook and guidance

• 2025 annual guidance confirmed: net revenue expected at €1,220–1,240 million, adjusted EBITDA at €201–207 million, margin at 16.5–16.7%.

• Plans to expand product offering, invest in innovation and sustainability, and grow high-value segments.

• Strong order negotiations ongoing, with €420 million in pipeline, up from €270 million last year.

• CAPEX for FY25 guided below €90 million; Ravenna shipyard to be fully operational by year-end.

• Upcoming boat shows in Monaco and Cannes expected to drive new order intake in H2.