Ferretti Group returned to quarterly growth in the three months to 30 September 2026, but weaker margins and lower nine-month profit prompted the yacht builder to reduce its full-year profitability guidance.
Third-quarter order intake increased 6.6% and revenue rose 13.6%, supported by activity around the European autumn boat shows. However, order intake for the first nine months remained 13.8% lower at €664.9 million, an improvement from the 26.9% decline reported at the half year.
Nine-month net revenue reached €888.6 million, 0.2% above the same period in 2025. Net backlog stood at €571.4 million, up 1.2% from the end of June.
Adjusted EBITDA was €130.6 million, down from €141.7 million, while the adjusted EBITDA margin narrowed to 14.7% from 16%.
Business seasonality
Net profit fell to €49.9 million from €61 million. Net cash declined to €42.3 million at the end of September from €95 million at 30 June, which the company attributed to normal business seasonality.
Ferretti retained its 2026 net revenue forecast of €1.2 billion to €1.24 billion and capital expenditure guidance of €60 million to €65 million. EBITDA guidance is €174 million – €185 million and with an adjusted EBITDA margin of 14.5% – 14.9%.
“Following a challenging first half, order intake returned to growth and revenues improved, reinforcing our confidence in our 2026 revenue guidance,” said global chief executive Stassi Anastassov.
“But growth alone is not enough. Our profitability remains below the level Ferretti Group can and should deliver.”
The group is implementing a performance improvement plan focused on pricing, product mix, industrial efficiency and shipyard utilisation.
It is also taking targeted action in the Americas, the Middle East and its Super Yacht business.
Anastassov said geopolitical uncertainty and longer customer decision-making cycles continued to affect trading, but added: “We cannot control geopolitics or market conditions. But we can control our decisions, our ambition and our execution.”
