Ferretti (YACHT) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue declined 5.3–5.6% year-over-year to €585.6–€604.2 million, with order intake down 26.9–27.0% to €341–€341.4 million, mainly due to longer decision cycles and geopolitical headwinds, especially in the Middle East and Africa.

• Adjusted EBITDA margin was 15.8%, down from 16.0% in H1 2025, with net profit at €37.9 million (6.5% margin), reflecting resilient profitability despite lower volumes.

• Net financial position improved by €76.6–€77 million to €95 million net cash, supported by strong cash generation and working capital release, even after €37.2 million in dividends.

• The order backlog remained stable at €1,455 million, providing strong revenue visibility for future periods.

• Board and management changes occurred in May 2026, including a new CEO and Chairman, with legal proceedings ongoing but no operational impact.

Financial highlights

• Net revenue for H1 2026 was €585.6–€604.2 million, down 5.3–5.6% year-over-year.

• Adjusted EBITDA was €92.5–€93 million (15.8% margin), down from €99–€99.1 million (16.0%) in H1 2025.

• Net profit was €37.9–€38 million (6.5% margin), down from €43.6–€44 million (7.5%) in H1 2025.

• Net financial position at end of June 2026: €95 million net cash, up from €18–€18.4 million a year earlier.

• Dividend of €0.11 per share paid in June 2026, totaling €37.2 million.

Outlook and guidance

• FY2026 net revenue guidance revised to €1,200–1,240 million (was €1,250–1,265 million), with adjusted EBITDA guidance at €186–197 million (margin 15.5–15.9%).

• CapEx guidance for FY2026 reduced to €60–65 million, reflecting postponed facility expansions.

• Strategic focus remains on product innovation, expanding made-to-measure and super yacht segments, and enhancing sustainability initiatives.

• Approx. €900 million of 2026 revenues already secured in backlog.