Ferretti (YACHT) Q3 2026 earnings summary

Executive summary

• Q3 order intake rose 6.6% and revenue increased 13.6%; 9M revenue reached €888.6m, up 0.2% YoY after a 5.6% H1 decline.

• FY2026 revenue guidance was reaffirmed at €1,200–1,240m, while adjusted EBITDA guidance was reduced to €174–185m.

• Recovery was led by Composite and Europe; profitability remained under pressure from sales mix, operational inefficiencies, cost absorption and competition.

• Management’s performance plan targets value-based pricing, product mix, industrial efficiency, shipyard utilization and commercial execution.

Financial highlights

• 9M revenue was €888.6m versus €887.2m a year earlier; Q3 revenue grew 13.6% YoY.

• 9M adjusted EBITDA was €130.6m versus €141.7m; adjusted EBITDA margin fell to 14.7% from 16.0%, down 130 bps.

• 9M net profit was €49.9m versus €61.0m, down 18.2% YoY.

• Net financial position was net cash of €42.3m at 30 September 2026, versus €65.2m a year earlier and €95.0m at 30 June 2026.

Outlook and guidance

• FY2026 net revenue guidance remained €1,200–1,240m; adjusted EBITDA guidance was cut from €186–197m to €174–185m, with margin guidance of 14.5%–14.9%.

• FY2026 capex guidance remained €60–65m; revenue coverage exceeded 85%, with ~€174m of net backlog relating to 2026 and ~€397m for subsequent years.

• Management cited €680m of orders under negotiation, mainly in higher-end segments; negotiations represent opportunities, not booked orders.

• Corrective actions addressing operational inefficiencies are expected to deliver gradual benefits; market conditions may continue to affect sales mix and competition.