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Ferretti Group beat financial expectations last year
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Order book reaches all-time high of €1.7 billion, up 25.5 per cent compared to September 30 2024, and up 11.6 per cent YoY.
At the end of February, the board of directors of Ferretti Group reviewed and approved the consolidated preliminary financial results as of December 31, 2024. The Group beat 2024 guidance with an EBITDA margin of 16.2 per cent, outperforming expectations (16.0-16.1 per cent) and positions itself in the upper range of net revenue new yachts with €1,173.3 million, an increase of 5.6 per cent when compared to 2023.
“We close 2024 with great optimism and the satisfaction of having achieved extraordinary milestones,” said Alberto Galassi, the Group’s Chief Executive Officer. “Our steady growth, year after year, has allowed us to achieve unprecedented results, both in terms of order backlog and margins, confirming the solidity of our strategy and the strength of our brands in the market.”
The adjusted EBITDA of €190 million, representing an increase of 12.3 per cent when compared to 2023 and with a margin of 16.2 per cent, represents an increase of 100bps when compared to 2023.
Net profit was equal to €88.2 million, an increase of 5.6 per cent when compared to 2023. Order intake reached €1.14 billion in 2024, up 1.7 per cent compared with 2023; net backlog is at an all-time high, reaching €900 million; and a net financial position of €124.6 million of net cash as of December 31, 2024
“The order backlog has reached a record of €1.7 billion, marking an 11.6 per cent increase compared to 2023 and an impressive 25.5 per cent growth compared to the first nine months of 2024,” Galassi said. “This is our best result ever, driven not only by the exceptional performance of the last quarter but also by the continuous trust our customers place in our ability to innovate, ensure quality, and deliver maximum reliability.
“In terms of profitability, we have exceeded our 2024 guidance with a 16.2 per cent margin, a result that reflects our operational efficiency and our ability to maintain high profitability levels. This is further proof of our capability to generate value by maximising resource efficiency and continuously improving financial management.
“These achievements strengthen our determination and propel us forward with even greater momentum. For this reason, we will continue to invest in expanding our global presence, focusing on technological innovation and enhancing our product range, with the goal of further solidifying Ferretti Group’s leadership.”
Order intake by geographic area
Europe totalled €559.0 million, accounting for about 49.1 per cent of total order intake in 2024 (from €483.6 million, accounting for about 43.2 per cent of total order intake in 2023), mainly due to the growing demand in the Made-to-measure and Super Yacht segments.
MEA totalled €339.5 million, accounting for about 29.8 per cent of total order intake in 2024 (from €273.8 million, accounting for about 24.4 per cent of total order intake in 2023), mainly due to the growing demand in the Made-to-measure and Super Yacht segments.
APAC totalled €18.6 million, accounting for about 1.6 per cent of total order intake in 2024 (from €65.8 million, accounting for about 5.9 per cent of total order intake in 2023).
AMAS totalled €222.2 million, accounting for about 19.5 per cent of total order intake in 2024 (from €297.1 million, accounting for about 26.5 per cent of total order intake in 2023). This result is due to the delay in the start of the American season, especially in the Composite segment, because of the elections in the United States in November 2024.
However, the Group sees a potential that is still partially untapped in the growth of the AMAS region in 2025, supported by the possible restoration of the Tax Cuts and Jobs Act (which allows for 100 per cent deductibility of boats for three years).
The Board of Directors also appointed by co-optation the directors Tan Ning and Hao Qinggui; approved the new composition of the Remuneration Committee, Sustainability Committee and Strategy Committee; and appointed the new director in charge of the internal audit and risk management system.
Convergence 2025 in Bangkok
From February 25-28, more than 100 yachting professionals met in the Thai capital to discuss innovation, safety, and prospects for the future at the 18th edition of Convergence – the annual event for captains and chief engineers of Ferretti Group yachts.
The three days of technical updates, discussions and team-building provided the opportunity to report on the Group’s recent successes, present new models and explore the latest product innovations, as well as arranging an exclusive visit to the Grand Palace. The training programme’s theme was New Challenges in Yachting Safety: Adapting to Emerging Risks, New Technologies, and Changing Scenarios.
