Italy · Delayed Price · Currency is EUR Ferretti Earnings Call Transcripts
Fiscal Year 2026
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Order intake and revenue declined year-over-year due to longer decision cycles and macroeconomic headwinds, but strong backlog and disciplined pricing preserved margins. Guidance for 2026 was revised downward, with most H2 revenue already secured and CapEx reduced. Cash generation and financial flexibility remain strong.
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Q1 2026 saw lower revenues and order intake due to delayed contract conversions, but profitability remained strong and the order backlog stable. Management expects improved performance in coming quarters, with a focus on innovation, U.S. market growth, and disciplined capital allocation.
Fiscal Year 2025
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Record revenues and margins were achieved, with strong growth in made-to-measure and large composite segments despite a shrinking market. Order backlog and recurring client sales provide robust visibility for 2026, while disciplined pricing and targeted investments support continued margin expansion.
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Order intake and backlog grew over 4% year-over-year, with revenues and EBITDA up 2.5%. Made to measure yachts now drive 55% of orders, and guidance for 2025 is confirmed with strong visibility into year-end. Competitive discounting persists in smaller segments, but margins remain robust.
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Revenue and EBITDA grew modestly in H1 2025, with strong performance in high-end segments and robust cash generation. Guidance for 2025 is confirmed, supported by a favorable product mix, cost controls, and a resilient business model despite market volatility.
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Record order backlog and revenue growth outpaced market expectations, driven by strong Made-to-measure and Super Yacht segments. EBITDA margin improved, CapEx cycle is ending, and global demand is rebounding after temporary U.S. market uncertainty.
Fiscal Year 2024
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Adjusted EBITDA rose 12.3% to €190M with margin at 16.2%, revenues up 5.6%, and order backlog at a record €1.7B. Strong Q4 order intake, robust global demand, and new product launches support a positive 2025 outlook, with capacity expansion and dividend plans confirmed.