Ferretti (YACHT) Q3 2022 earnings summary

Executive summary

• 9M 2022 delivered strong demand, higher revenue and expanding profitability, with order intake up 27% YoY and adjusted EBITDA up 26%.

• Backlog reached €1.38bn at September 30, supporting visibility over future revenue; strategic focus remained on higher-margin yacht segments and vertical integration.

Financial highlights

• Net revenue excluding pre-owned rose 17% YoY to €780m in 9M'22; including pre-owned, revenue increased 19% to €898m.

• Adjusted EBITDA rose 26% YoY to €106m, with adjusted EBITDA margin at 14.0% versus 13.2% in 9M'21.

• Net profit increased 48% YoY to €47m; net profit margin was 5.1% versus 4.4% in 9M'21.

Outlook and guidance

• Backlog of €1.38bn at September 30 provides strong visibility over future revenue.

• A yacht equipped with mtu hybrid propulsion is scheduled for construction in 2024.

• Product strategy targets models above 80 feet in high-margin categories; 11 of 17 models presented in the period exceeded 80 feet.