Ferretti scores record backlog, revenues rise 3.8%YoY
Net revenue from new yacht sales by Ferretti increased 3.8% year-over-year to €865.3m in the first nine months of 2024, according to financial information released by the Italian luxury yacht manufacturer.
“With the closure of this quarter, we have achieved a new record in profitability, reaching 16%, confirming the strength and effectiveness of our strategy. In the third quarter of 2024, we observed a significant increase in order intake from the superyacht segment, confirming the success of our positioning in this market through the enhancement of our brands,” said Alberto Galassi, CEO, Ferretti Group.
“We are also seeing excellent signs from the composite yachts segment, which we expect will provide a new boost to order intake. Additionally, the strong results from our participation in the major Mediterranean boat shows and the opening of the American season further contribute to our outlook, being activities that could bring concrete benefits in the short term.”
The yacht manufacturer’s order intake reached €736.9m, down slightly from €875m in the same period of 2023, but hit an all-time high of €1.6bn.
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Segment-wise, the composite yachts segment accounted for €294.7m (40.0%) of order intake, made-to-measure yachts reached €315.0m (42.7%), and superyachts saw a significant increase to €127.3m (17.3%).
Geographically, Europe contributed €286.6m (38.9%), the Middle East and Africa region reached €237.2m (32.2%), and the Americas region accounted for €198.9m (27.0%).
Adjusted EBITDA grew 10.7% to €138.2m, with a margin of 16.0%, up 100 basis points. On the bottom-line, the group’s profit was up by approximately 0.5% to €62.2m during the nine months under review. The company maintained a net cash position of €149.6m as of September 30, 2024.
Ferretti has confirmed its mid-term guidance and said it is working “to deliver outstanding performance, consistently gaining market share and reinforcing its strategic position not only in high-value segments but also in new emerging and high-growth segments.”
