Ferretti Group had net revenues of $635.51 million (€580.84 million) through June 30, an 8.6% increase over 2022’s $585.32 million (€534.95 million). Total assets were $16.2 billion (€1.48 billion), a 5.5% increase over last year.
“The first half of 2023 saw the group successfully landing on Euronext Milan. This debut followed the 2022 listing on the Hong Kong Stock Exchange, making Ferretti the first company to be listed in both the Hong Kong Stock Exchange and Euronext Milan,” the company said in a statement.
Adjusted EBITDA was approximately $91.3 million (€83.4 million), an increase of 20.9% compared with the same six months of 2022. The adjusted EBITDA margin reached 14.7%, 120 basis points, higher than the previous year. Net profit increased 36.8% to a value of approximately $44.8 million (€40.9 million) compared with the previous year.
Net revenue from the sale of composite yachts increased approximately 11.2% from 2022. Custom yachts increased 3.3%, while superyacht sales were up approximately 32.5%. Composite yachts made up 43.7% of total revenues, followed by “made-to-measure” yachts at 37.6%, superyachts at 9.1% and other businesses at 9.5%.
Looking forward, the company says it is researching hydrogen as an energy source and is adjusting to ISO 14001:2015 environmental certification, including the use of solar panels to reduce energy consumption and emissions.
Ferretti said it expects a 10% compound annual growth rate and an EBITDA margin of more than 18.5%, excluding mergers and acquisitions. Cash conversion is estimated to exceed 85%.
