2 de agosto de 2023

With a margin of 14.7% and an Adjusted EBITDA of €83.4 million Ferretti Group presents a very strong performance in H1 2023.

The order backlog was at €1.4 billion, an increase of 15.8% when compared to H1 2022.

Order Intake reached €573.8 million.
Revenue of €580.8 million, an increase of 8.6% when compared to H1 2022.
Adjusted EBITDA of €83.4 million, representing an increase of 20.9% when compared to H1 2022 and with a margin of 14.7%, representing an increase of 120 basis points when compared to H1 2022.
Net Profit of €40.9 million, an increase of 36.8% when compared to H1 2022.
Net financial position of €320 million of net cash.
The Group confirms its mid-term guidance.

Forlì, August 2, 2023 - The Board of Directors (the “Board”) of Ferretti SpA today reviewed and approved the Group’s H1 2023 consolidated financial results.

Mr. Alberto Galassi, the Group’s Chief Executive Officer, stated: “We continue to grow year on year and semester on semester, on the strength of a steadily increasing order book, indicative of a commercial success that never ceases to reward us. We are demonstrating great efficiency by continuing to improve our margins, while proceeding swiftly in the development of new models and new projects. During the season of the major Mediterranean boat shows, which is now just around the corner, we will present our new models, which further extend the product range, the driver of our growth strategy aimed at the ever-increasing satisfaction of our owners and shareholders”.

Order intake: €573.8 million in H1 2023.

Order backlog: €1,410.5 million at June 30, 2023, representing an increase of approximately 15.8% when compared to June 30, 2022 (€1,218.0 million) thanks to strong worldwide demand.

Order backlog by segment:

Composite yachts reached €408.1 million at June 30, 2023, equal to approximately 28.9% of the total backlog (from €389.0 million, equal to approximately 31.9% of the total backlog at June 30, 2022).
Made-to-measure yachts reached €503.2 million at June 30, 2023, equal to approximately 35.7% of the total backlog (from €400.7 million, equal to approximately 32.9% of the total backlog at June 30, 2022).
Super yachts reached €442.3 million at June 30, 2023, equal to approximately 31.4% of the total backlog (from €370.5 million, equal to approximately 30.4% of the total backlog at June 30, 2022).
Other businesses[1] reached €56.9 million, equal to approximately 4.0% of the total backlog (from €57.8 million, equal to approximately 4.7% of the total backlog at June 30, 2022).

Revenue: €580.8 million in H1 2023, representing an increase of approximately 8.6% when compared to H1 2022 (€534.9 million), thanks to the strong order backlog built in 2022.

Revenue by segment:

Composite yachts reached €259.8 million, equal to approximately 44.7% of total revenue, in H1 2023 (from €233.7 million, equal to approximately 43.7% of total revenue, in H1 2022).
Made-to-measure yachts reached €208.0 million, equal to approximately 35.8% of total revenue, in H1 2023 (from €201.3 million, equal to approximately 37.6% of total revenue, in H1 2022).
Super yachts reached €64.8 million, equal to approximately 11.2% of total revenue, in H1 2023 (from €48.9 million, equal to approximately 9.1% of total revenue, in H1 2022).
Other businesses[2] reached €48.2 million, equal to approximately 8.3% of total revenue, in H1 2023 (from €51.0 million, equal to approximately 9.5% of total revenue, in H1 2022).

Revenue by Geographical region

The AMAS region reached €143.7 million, equal to approximately 24.7% of total revenue, in H1 2023 (from €171.3 million, equal to approximately 32.0% of total revenue, in H1 2022).
The EMEA region reached €250.2 million, equal to approximately 43.1% of total revenue, in H1 2023 (from €225.6 million, equal to approximately 42.2% of total revenue, in H1 2022).
The APAC region reached €73.9 million, equal to approximately 12.7% of total revenue, in H1 2023 (from €38.1 million, equal to approximately 7.1% of total revenue, in H1 2022).
Other and Super yachts[3] reached €113.1 million, equal to approximately 19.5% of total revenue, in H1 2023 (from €100.0 million, equal to approximately 18.7% of total revenue, in H1 2022).

Adjusted EBITDA[4]: €83.4 million in H1 2023, representing an increase of 20.9% when compared to H1 2022 (€69.0 million), with a margin[5] of 14.7% in H1 2023, representing an increase of 120 basis points when compared to H1 2022 (13.5%).

This strong performance is due to three main factors:

Commercial: a longer waiting list due to the high order backlog, reflecting higher pricing power.
Strategic positioning: a larger presence in the most profitable segment, such as Made- to-measure
Industrial: economy of scale in purchasing and more efficient absorption of fixed costs.

Net Profit: €40.9 million in H1 2023, representing an increase of 36.8% when compared to H1 2022 (€29.9 million), with a margin[6] of 7.2% in H1 2023, representing an increase of 130 basis points when compared to H1 2022 (5.9%).
Capex: €84.5 million, out of which approximately €40.0 million invested in the acquisition of Cantiere San Vitale in Ravenna, leading to a 20% additional production capacity, at fully operating status.
Net financial position: €320 million of net cash from €365 million of net cash as of 31 December 2022.

Significant events occurred during the first half of 2023

The Group held its first Capital Markets Day in Milan on March 21, 2023 providing the mid-long term outlook.
The Group reached an agreement with Rosetti Marino S.p.A. for the acquisition of Cantiere San Vitale, in Ravenna of over 70,000 square meters.
In April, the Group made a big step forward in respect of the project in the former Belleli Yard port area in Taranto of over 220,000 square meters, where an industrial facility will be developed for the construction of plugs and molds, as well as research center for advanced materials. All the public administrations involved approved the remediation and industrial development project.
On June 27, 2023, the Group successfully completed the first ever Dual Listing between Euronext Milan and HKEX.

[1] Including FSD and Wally sail

[2] Including ancillary activities, FSD, Wally sail and pre-owned

[3] Including ancillary activities, FSD, Wally sail and pre-owned

[4] Adjusted EBITDA equals EBITDA adding back non-recurring costs

[5] Calculated as adjusted EBITDA/Net Revenue without pre-owned business

[6] Calculated as Net Profit/Net Revenue without pre-owned business