Ferretti Group has revised its 2026 profitability guidance after reporting lower earnings for the first nine months of the year, despite a return to order intake growth and higher revenue in the third quarter.
The yacht builder recorded order intake of €664.9m for the nine months to 30 September 2026, down 13.8 per cent year on year. Orders rose 6.6 per cent in the third quarter, narrowing the decline from the 26.9 per cent reported at the half-year stage.
Third-quarter net revenue increased by 13.6 per cent. This brought revenue for the first nine months to €888.6m, up 0.2 per cent on the same period in 2025. Net backlog stood at €571.4m, an increase of 1.2 per cent from the end of June.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to €130.6m from €141.7m a year earlier. The adjusted EBITDA margin declined to 14.7 per cent from 16 per cent, which the group attributes mainly to changes in its sales mix and operational inefficiencies that emerged during the third quarter.
Net profit was €49.9m, compared with €61m in the first nine months of 2025. Net cash stood at €42.3m at the end of September, down from €95m at the end of June. The group attributes the movement to its usual business seasonality.
Ferretti has maintained its full-year net revenue guidance of €1.2bn–€1.24bn and capital expenditure forecast of €60m–€65m. Its revised adjusted EBITDA guidance is €174m–€185m, with a margin of 14.5–14.9 per cent.
‘Growth alone is not enough’
Stassi Anastassov, the group’s global CEO, says: “The third quarter demonstrated the strength of our brands, our products and our people. Following a challenging first half, order intake returned to growth and revenues improved, reinforcing our confidence in our 2026 revenue guidance.
“But growth alone is not enough. Our profitability remains below the level Ferretti Group can and should deliver. We are therefore revising our margin guidance and implementing a concrete performance improvement plan focused on strengthening value-based pricing, improving product mix, increasing industrial efficiency and optimising the utilisation of our shipyards.
“We are also taking targeted action in three areas where our performance must improve: the Americas, the Middle East and our Super Yacht business. Each has a dedicated program.
“Geopolitical uncertainty and longer customer decision-making cycles continue to affect our business. We remain realistic about these challenges, but they will not diminish our ambitions.
“Our commitment is to create exceptional yachts that owners are willing to pay a premium for, through superior design, innovation, quality and owner experience. That is how we will strengthen our competitiveness and restore sustainable profitability.
“We cannot control geopolitics or market conditions. But we can control our decisions, our ambition and our execution. We will not wait for the world to become more predictable. Our future will be shaped by our own actions.”
Ferretti’s board approved the unaudited financial information on 27 October 2026.
The group builds yachts ranging from 8 to 95 metres under the Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally brands. It operates seven shipyards in Italy and serves customers in more than 70 countries through its direct presence in Europe, the US and Asia and its dealer network.
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