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, geopolitical headwinds, and delays in larger yacht orders, especially in the Middle East and Africa.

• Adjusted EBITDA was €92.5–€93 million (15.8% margin), down from €99–€99.1 million in H1 2025; net profit was €37.9–€38 million (6.5% margin), down from €43.6–€44 million.

• Net financial position improved to €95 million net cash, up €76.6–€77 million from March 2026, supported by strong cash generation and working capital release, even after €37.2 million in dividends.

• The business model, based on seven premium brands and Italian shipyards, remains unchanged and is seen as a competitive advantage.

• Order backlog remained stable at €1,455 million, providing strong revenue visibility.

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); net profit was €37.9–€38 million (6.5% margin).

• Net financial position at €95 million net cash as of June 30, 2026, up from €18–€18.4 million a year earlier or in March.

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

• CapEx for H1 2026 was €30.6–€31 million, focused on product development and maintenance.

• Cash and cash equivalents were €122.9 million as of June 30, 2026.

Outlook and guidance

• FY2026 net revenue guidance revised to €1,200–1,240 million (was €1,250–1,265 million); adjusted EBITDA guidance lowered to €186–197 million (was €203–210 million), with margin expected at 15.5–15.9%.

• CapEx guidance reduced to €60–65 million (was €70–75 million), reflecting postponed investments.

• Most H2 2026 revenue is already secured in backlog; top end of guidance depends on new orders.

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

• Pre-owned business expected to contribute €50–60 million in FY2026.