Ferretti Group has just released its financial results for the first half of 2025 — here is our analysis.

In the first half of 2025, Ferretti Group maintained solid financial fundamentals but showed signs of a slowdown in commercial momentum. Revenues reached €620.4 million, up 1.5% compared to the same period of 2024. Adjusted EBITDA rose by 2.5% to €99.1 million, with a slight improvement in profitability (EBITDA margin up 20 basis points to 16.0%).

Net profit remained virtually flat at €43.6 million, down just 0.9% YoY, indicating a phase of consolidation rather than expansion.

More notably, the order intake contracted by 9.2% year-on-year, totalling €467.3 million. The drop was especially sharp in the Super Yacht segment (-32.7%) and significant in Made-to-measure yachts (-7.2%), while Composite yachts remained flat (-0.4%) but showed a quarterly rebound in Q2.

The net backlog stood at €760.8 million, slightly down from €785.7 million in H1 2024. The total order book also decreased by 3.3% to €1.446 billion, with a polarised composition: Super Yachts grew by 32%, while Composite and Made-to-measure segments fell by 31.5% and 16.7% respectively.

From a regional perspective, revenues decreased significantly in Europe (-19.9%) and APAC (-59.4%), while MEA (Middle East & Africa) almost doubled its contribution (+94.9%). The AMAS region (Americas & South America) also declined by 13.1%. This disparity reflects geopolitical volatility and regional market sensitivities.

On the financial side, the Group reported a strong net cash position of €101.6 million, up €47.0 million from March 2025, despite having paid €34 million in dividends. This was mainly driven by seasonal working capital release.

Capital expenditures reached €42.3 million in the first half, with €25.4 million allocated to business expansion and €16.8 million to maintain existing operations.

Ferretti Group confirmed its 2025 guidance: net revenues (new) are expected to reach between €1.220 and €1.240 billion, while the adjusted EBITDA margin is seen at 16.5–16.7%, still below the medium-term target of over 18.5%.