Ferretti Group reported first-quarter 2026 revenue of €302 million ($350 million), down 8% from €329 million ($382 million) in the same period a year earlier. Despite the top-line dip, the group’s adjusted EBITDA margin edged up 10 basis points year-over-year to 16.1%, a result management attributed to a more profitable backlog mix and continued cost discipline. Net profit for the quarter was €21 million ($24.3 million), compared to €24 million ($28 million) in Q1 2025. Order backlog held essentially flat at €1.718 billion ($2 billion) as of March 31, up a fraction from Dec. 31, 2025, underpinning the company’s confidence in its full-year outlook.
“In a quarter characterized by seasonal cash absorption related to the composite build-up for the European summer season, Q1’26 also witnessed delays in order collection, resulting in a lower level of downpayments and deliveries postponements due to geopolitical tensions in the Middle East region, leading to delays in final milestone cash collection,” the company said in a statement. “These factors resulted in temporary cash absorption in Q1’26, with an expected improvement in Q2’26, supported by the start of the delivery season.”
Order intake fell 33.6% to €180 million ($210 million) from €271 million ($314 million) in Q1 2025. The company said the Americas region dropped 87% year-over-year and the MEA region fell 33.9%, as clients delayed final contract signings amid uncertainty tied to Middle East conflict. Europe was a bright spot, with order intake rising 28.2% in the quarter. Composite yachts — the group’s most accessible segment — grew 7.3% in orders, driven by European buyers ahead of the summer season.
Management pointed to a surge in active negotiations as evidence that underlying demand remains intact. Ongoing talks stood at approximately €630 million ($731 million) as of May 19, 2026, up 75% from the same point last year.
Looking ahead, the company reaffirmed its full-year 2026 guidance, projecting net revenue of €1.25 billion to €1.265 billion ($1.5 billion) and an adjusted EBITDA margin of 16.2% to 16.6%, compared to 16.5% in 2025.
The company also announced that a new board of directors has been appointed and that management is developing a new business plan, with a Capital Markets Day planned before year-end to present updated strategic priorities and growth targets to investors.
