Ferretti Group revenue falls 5.6% as superyacht orders dry up
Ferretti Group also owns the Riva, Pershing and CRN brands.
Ferretti Group, the Italian luxury yacht maker behind brands including Riva, Pershing and CRN, reported a challenging first half of 2026 as superyacht order intake fell to zero and geopolitical tensions in the Middle East continued to slow deal closures across its portfolio.
Net revenue from new yachts fell 5.6% year-on-year to €585.6m ($674.6m) in H1 2026, though the company noted an improving trend. Adjusted EBITDA came in at €92.5m, a margin of 15.8%, down just 20 basis points from the prior year. Net profit was €37.9m, down from €43.6m in H1 2025.
The superyacht segment was the starkest data point. No superyacht orders were recorded in H1 2026, compared with €64.9m in the same period last year. The company said a pipeline of superyacht negotiations is expected to convert into new orders and support revenue visibility into 2027 and 2028, but for now the absence of new bookings at the top end of the range weighed heavily on overall order intake, which fell 26.9% to €341.4m. Made-to-measure yachts order intake nosedived by 28% year-over-year to €169m. Composite yachts was the only positive segment in terms of order intake, growing by 6.1% year-over-year to €171m at the end of June.
The net backlog stood at €564.9m at the end of June, down 25.7% from €760.8m a year ago. Total order backlog across all segments was €1.45bn, broadly flat compared to €1.4bn recorded at the same point last year.
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In May, Ferretti appointed Stassi Anastassov as the new CEO following the departure of Piero Ferrari and Stefano Domenicali. The management change followed a partial tender offer from Czech investment group KKCG Maritime.
“My first two months at Ferretti Group have been dedicated to listening, learning and understanding the business from the inside,” Stassi said in a statement accompanying the results. “The conclusion is clear. Ferretti remains an exceptional company with outstanding brands, talented people and one of the strongest balance sheets in our industry. At the same time, the first half confirms that we are operating in a more challenging market than we have experienced in recent years.”
He was also direct about the problems facing Ferretti. “Our challenge today is therefore primarily commercial rather than financial. The company continues to generate healthy cash, maintains a solid financial position and benefits from excellent operational capabilities. Our priority is to rebuild commercial momentum while protecting the quality of our order book, our pricing discipline and the long-term value of our brands,” he said.
Stassi’s optimism about the financial position was on display on the balance sheet. The net financial position was €95m of net cash at June 30, up €76.6m from March 31, supported by a seasonal release of working capital from deliveries. The company paid approximately €37.2m in dividends.
Geographically, the Middle East and Americas were the weakest regions. MEA order intake fell to €92.9m from €130.6m, with the company attributing the decline to ongoing geopolitical tensions slowing contract finalisation.
Americas order intake fell to €73.4m from €142.8m for the full half, though Q2 alone showed a 49.5% year-on-year recovery. Asia-Pacific was the bright spot, more than tripling to €39.9m.
Ferretti updated its full-year guidance downward on what it described as a prudent basis, citing continued geopolitical uncertainty and a lengthening of customer negotiation timelines.
The company revised its revenue outlook down to €1.2-1.24bn from €1.25-1.26bn. Adjusted EBIDTA targets were lowered to €186-197m.
