Ferretti Group has lowered its full-year expectations after reporting weaker yacht revenue, profit and order intake during the first half of 2026, although its improving second-quarter performance and €95 million net cash position provide some resilience.
Ferretti Group has reported net revenue from new yachts of €585.6 million for the six months to 30 June 2026, a decline of 5.6% from €620.4 million in the corresponding period last year.
The Italian yacht-building group also recorded a sharper contraction in new business. Order intake fell by 26.9%, from €467.3 million in the first half of 2025 to €341.4 million in the latest reporting period. Ferretti attributed the decline to more cautious customers, longer negotiations and the postponement of some larger-yacht orders amid continued geopolitical and economic uncertainty.
Although first-half revenue was lower, Ferretti’s results indicate that the rate of decline moderated as the year progressed. New-yacht revenue fell by 8% year on year during the first quarter, but the contraction narrowed to 2.9% during the second quarter.
Adjusted EBITDA reached €92.5 million, compared with €99.1 million a year earlier. The group maintained an adjusted EBITDA margin of 15.8%, only 20 basis points below the corresponding 2025 margin.
Net profit declined by 13.1%, from €43.6 million to €37.9 million. The figures demonstrate that Ferretti remained profitable despite lower production revenue and a more difficult commercial environment, but they also show that the slowdown has extended beyond order intake into the group’s reported earnings.
Ferretti’s made-to-measure yacht division produced €255.5 million of first-half revenue, an increase of 0.9% from €253.1 million. This division represented 43.6% of the group’s new-yacht revenue.
Revenue from the company’s designated Super Yachts segment fell by 12.2%, from €104.4 million to €91.7 million, while composite-yacht revenue declined by 9.7% to €211.6 million.
The composition of Ferretti’s order intake provides a clearer indication of where the commercial pressure is concentrated.
Composite-yacht orders increased by 6.1% to €170.7 million, supported by the European summer season and the introduction of new models. However, orders in the made-to-measure division declined by 28.8%, from €237.8 million to €169.3 million.
Ferretti recorded no new orders within its Super Yachts segment during the first half of 2026. The same division contributed €64.9 million, or 13.9% of total order intake, during the corresponding six months of 2025.
The absence of a new Super Yacht contract is important because large custom projects can materially affect half-year comparisons. Such orders are relatively infrequent and individually valuable, meaning that the timing of one or two contracts can substantially change the reported result.
Nevertheless, the figures also support Ferretti management’s assessment that customers are taking longer to commit, particularly at the larger end of the market. The company said some large-yacht orders had been postponed as prospective buyers remained cautious amid global uncertainty.
Geographically, order intake declined by 25.4% in Europe and 28.9% across the Middle East and Africa. Orders attributed to the Americas fell by 48.6%, although Ferretti said the region improved significantly during the second quarter. Asia-Pacific provided the principal area of growth, with intake rising from €12.8 million to €39.9 million.
Ferretti’s overall order backlog remained comparatively stable at €1.455 billion, slightly above the €1.446 billion reported at the end of June 2025.
Within that total, the made-to-measure backlog increased by 21.2% to €595 million. The Super Yachts backlog declined by 7.2% but remained substantial at €639.5 million, representing 43.9% of all orders held by the group.
The group’s reported net backlog presents a less favourable comparison. Net backlog—which deducts revenue already recognised against yachts in the order book—fell by 25.7%, from €760.8 million to €564.9 million.
The Super Yachts portion of net backlog declined more sharply, falling by 42.4% to €265.6 million. Ferretti said negotiations involving future superyacht projects were continuing and were expected to support revenue coverage extending into 2027 and 2028, although those potential contracts had not yet been converted into confirmed orders at the reporting date.
The distinction between total backlog and net backlog is significant. Ferretti still has a large portfolio of contracted work, but a greater share of the value has already progressed through production and into recognised revenue. Maintaining longer-term visibility will therefore depend partly on converting the current large-yacht sales pipeline into signed contracts.
Ferretti has reduced its expected 2026 net revenue from new yachts to between €1.20 billion and €1.24 billion. Its previous guidance anticipated revenue of between €1.25 billion and €1.265 billion.
Expected adjusted EBITDA has been lowered from €203 million–€210 million to €186 million–€197 million, while the anticipated EBITDA margin has been reduced to between 15.5% and 15.9%.
Planned capital expenditure has also been revised down, from €70 million–€75 million to between €60 million and €65 million. The company said the update reflected continuing geopolitical uncertainty—particularly in the Middle East—and a broader economic environment that is extending customer decision-making and contract negotiations.
Despite the weaker commercial figures, Ferretti ended June with €95 million in net cash. This represented an increase of €76.6 million from the end of March, supported by seasonal yacht deliveries and the resulting release of working capital.
The cash position was reported after Ferretti distributed approximately €37.2 million in dividends. It remained €16 million below the €111 million held at the end of 2025. The group also invested €30.6 million in tangible and intangible assets during the first half, including expenditure on its existing production operations, product portfolio and expansion projects.
Global chief executive Stassi Anastassov, who had been in the position for two months when the results were released, described the immediate challenge as primarily commercial rather than financial.
Management has begun initiatives intended to strengthen sales execution, improve the owner experience and increase organisational accountability. Ferretti said it would seek to rebuild commercial momentum without sacrificing pricing discipline, the quality of its order book or the long-term value of its brands.
The first-half figures do not indicate a financial crisis at Ferretti Group. Profitability remains positive, margins have been comparatively resilient and the balance sheet retains substantial net cash. However, lower order intake—especially the absence of a new Super Yacht contract—shows that the company must convert more of its current negotiations into firm orders if it is to replenish its backlog and restore growth during 2027 and beyond.