Ferretti (YACHT) Q4 2025 earnings summary

Executive summary

• Achieved record revenues and margins, fully meeting or exceeding FY'25 guidance, with revenue up 5% to €1,232 million and adjusted EBITDA up 6.7% to €203 million, outperforming a market that declined 3.1%.

• Maintained leadership in profitable yacht segments, with a growing and loyal customer base and robust global presence.

• Order backlog reached €1.716 billion, up 3.1% year-over-year, providing strong visibility for 2026.

• Order intake rebounded in H2'25, especially in the American market, reflecting renewed client trust and strong demand.

• Net profit reached €90.1 million, representing a 7.3% margin.

Financial highlights

• Adjusted EBITDA margin improved to 16.5% (+30bps YoY), with adjusted EBITDA at €202.8–€203 million.

• Net financial position closed at €111 million net cash, supported by strong order intake and working capital release.

• Net working capital ratio decreased to 13.1%, approaching the 12.5% target.

• CapEx for FY'25 was €89–€90 million, with over 50% devoted to R&D and business expansion.

• Net profit margin was 7.3% of net revenue.

Outlook and guidance

• Positive outlook for 2026, with strong order backlog and continued focus on profitable, high-value segments.

• 2025 guidance for revenue (€1,220–€1,240 million) and adjusted EBITDA (€201–€207 million) fully achieved.

• Expectation of 2–3% average price increases and higher margins from options and personalization.

• Mid-term guidance targets ~10% CAGR in net revenue new yachts and further margin expansion.

• Strategic focus on expanding product mix, innovation, sustainability, and high-value segments.