Ferretti ends first quarter with record backlog
Italian yacht maker Ferretti reported a record order backlog of €1.8bn in its first-quarter results for 2025.
That marks an increase of 7.6% year-over-year while it also reported a sharp uptick in revenue.
“We close the first quarter of 2025 with solid and consistently growing financial results. The order book reached a new all-time high of €1.8bn, reflecting an increase of 7.6% compared to 31 March 2024 and 6.3% compared to 31 December 2024,” said Alberto Galassi, group chief executive officer at Ferretti.
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The group’s overall revenue was up 5%YoY to €328.5m during the first quarter with major growth coming from the made-to-measure yachts and superyacht segments.
Revenue from made-to-measure yachts accounted for 42.1% of the total revenue during the first quarter, clocking in at €138.4m – a jump of 15.2%YoY, followed by superyachts where revenues were up by most at 28.3%YoY, reaching €46.3m. On the flipside, the company did post a decline of 9.5%YoY to €131.2m.
‘Resilient’ yacht market outlook
In terms of geographic distribution, Ferretti’s revenues from Europe and Asia-Pacific witnessed steep declines while Middle East & Africa and Americas region witnessed strong growth during the first quarter.
Despite 19.8%YoY decline in revenues from the region, Europe remained the leading contributor to topline accounting for 39.8% of the total revenue at €130.8m. Middle East & Africa region grew the most at 77.6%YoY compared with the same period last year, reaching €113.5m accounting for 34.6% of the total revenue.
READ: Ferretti eyeing acquisition in 2025
On a net basis, the company managed to increase bottom line by 7.7%YoY rising from about €22.2m in Q1 2024 to about €23.9m in Q1 2025.
The order backlog, which grew by 6.3%YoY on a sequential basis, was bolstered by strong growth in superyachts wherein the backlog jumped 52.5%YoY to €740.7m. All of the other segments saw year-over-year decline, including a 13.3%YoY decline in composite yachts, an 8.1% fall in made-to-measure yachts and another 25.6% deterioration in other businesses backlog.
Overall, the net backlog – total orders in portfolio not yet delivered net of revenues already booked – stood at €839.6m as of 31 March 2025.
Ferretti said it remains upbeat about the yacht market in the coming quarters despite “geopolitical and macroeconomic uncertainty”. It said despite persistent headwinds, it has continued to deliver outstanding performance and consistently gain market share.
It said it will continue to enhance and expand its product offering and mix.
