Ferretti Group ends 2023 with strong revenue growth

Photo: Ferretti Group.

Italian yacht builder Ferretti Group weathered economic headwinds in 2023, charting a course for success with an 11.5% year-over-year (YoY) surge in revenue to reach €1.1bn.

This impressive growth was further bolstered by a 15.1% year-over-year (YoY) increase in order backlog, reaching a staggering €1.5bn.

“The results we are presenting today highlight remarkable growth in the main economic and financial indicators and two absolute records in our recent history: an order backlog of €1.5bn and a margin of 15.2%, confirming the solidity of the commercial and industrial strategy announced in March 2022,” said Alberto Galassi, CEO, Ferretti Group.

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Ferretti’s topline growth was fuelled by strong demand across all segments, with composite yachts taking the lead at €491.8m. Made-to-measure yachts followed closely at €440.3m. Meanwhile, the contribution from the superyacht segment amounted to €117.6m.

Profitability also reached record highs, with EBIDTA margins hitting an impressive 15.2%, as the company’s operational efficiency and cost-control measures resulted in significant growth. This translated to a 12% YoY increase in adjusted EBIDTA of €169.2m and a net income of €83.5m.

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While revenue growth was impressive, the order book was also strong during the year at €1.5bn backlog, a 15.1% increase over 2022. This robust order book is further bolstered by a strategic shift towards larger yachts, with composite vessels above 25 metres (80 ft) driving nearly 47.1% of total order intake in 2023.

Europe continues to be Ferretti’s primary market, accounting for 43.2% of total revenue. However, the company is experiencing strong growth in other regions, with AMAS (Americas) contributing 28.9%, MEA (Middle East & Africa) at 19.1%, and APAC (Asia Pacific) showing promise with 8.8%.