FERRETTI (09638) announced that its new orders for 2025 amounted to €1.1366 billion, representing a slight decrease of approximately 0.2% compared to the previous year, yet remaining stable. Net revenue from new yachts in 2025 reached €1.2317 billion, an increase of about 5.0% year-on-year, primarily driven by significant contributions from custom-made yachts and superyachts. Adjusted EBITDA for 2025 stood at approximately €203 million, rising by about 6.7% compared to the previous year. The profit margin for 2025 was 16.5%, an improvement of 30 basis points from 16.2% in 2024. Net profit for the year amounted to €90.1 million, reflecting a year-on-year growth of around 2.2%.
Within the results, the composite yacht division recorded a total of €458.4 million in 2025, accounting for approximately 40.3% of the total new orders for the year. This segment demonstrated robust performance, with a year-on-year increase of about 7.6%, and a growth of approximately 30.4% in the fourth quarter of 2025 compared to the same period in 2024. Over 50% of the orders in this division were for yacht models exceeding 80 feet in length.
The custom-made yacht division reported a total of approximately €608 million in 2025, making up about 53.5% of the total new orders for the year. This division dominated the order book and contributed significantly to the optimization of the product portfolio in 2025, with a year-on-year increase of around 46.7% and a growth of approximately 97.9% in the fourth quarter compared to the same period in 2024.
Geographically, new orders from Europe totaled €576 million in 2025, accounting for about 50.7% of the total new orders for the year. The European market performed steadily, supported by growing demand in the custom-made yacht division. Orders from North, Central, and South America (the Americas region) reached €271 million in 2025, representing approximately 23.9% of the total new orders. This region achieved double-digit growth, with a year-on-year increase of about 22% and a surge of approximately 209.4% in the fourth quarter compared to the same period in 2024, driven by seasonal demand for composite yachts and continued improvement in the performance of the custom-made yacht division.
As of December 31, 2025, net cash stood at €111 million, an increase of €45.8 million compared to the net cash position of €65.2 million as of September 30, 2025. This improvement was mainly attributable to seasonal deliveries and the release of net working capital from advance payments on new orders. Net working capital was positive at €161.5 million, a decrease of €28 million compared to September 30, 2024, but an increase of approximately €37 million compared to December 31, 2024.
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