Ferretti (YACHT) Q3 2025 earnings summary

Executive summary

• Order intake reached €771 million in 9M 2025, up 4.6% year-over-year, with net backlog up 4.5% to €795 million, supported by strong demand and product portfolio expansion.

• Revenues increased 2.5% year-over-year to €887 million, mainly from made-to-measure and super yachts, with adjusted EBITDA up 2.5% to €142 million and a margin of 16.0%.

• Net profit for 9M 2025 was €61 million, representing a 6.9% margin, with net financial position at €65 million in net cash.

• Made-to-measure yachts drove growth, now 55% of order intake, up 32% year-over-year, reflecting a shift toward larger, customizable models with higher margins.

• Strong Q3 order intake, with €304 million in new orders and robust performance at Mediterranean boat shows.

Financial highlights

• Book-to-bill ratio above 1, and 1.2x when excluding the composite segment.

• Adjusted EBITDA margin stable at 16.0% for 9M 2025; net working capital at 15.9% and expected to reach 10% by year-end.

• Net profit margin at 6.9% for 9M 2025.

• CapEx for the first nine months was €64 million, on track to remain below €90 million for 2025.

• Net financial position decreased by €36 million in Q3 2025 due to working capital absorption, but remains positive.

Outlook and guidance

• 2025 guidance confirmed: net revenues expected at €1,220–1,240 million, adjusted EBITDA between €201–207 million, and EBITDA margin target of 16.5–16.7%.

• CapEx expected to decrease to around 5.6% of revenues from 2026 onward.

• Ongoing negotiations for €430 million in new orders (+48% YoY) provide strong visibility ahead of the USA boat show season.

• Strategic focus on product innovation, sustainability, and expansion in high-growth segments.

• Guidance is aspirational and subject to execution risks and external factors.