Ferretti Group Kicks Off 2025 with Record €1.77 Billion Order Book

"We close the first quarter of 2025 with solid and consistently growing financial results,” said Alberto Galassi, CEO of Ferretti Group. “This performance was mainly driven by the strong increase in demand for Made-to-Measure and Superyachts, which now account for approximately 73% of the total order book."

• Order Backlog: €1.77 billion
• Net Revenue from New Yachts: €328.5 million (+5.0% YoY)
• Adjusted EBITDA: €52.5 million (+8.9% YoY), margin improved to 16.0%
• Net Profit: €23.9 million (+7.7% YoY)
• Order Intake: €270.6 million (+1.5% YoY)
• Net Financial Position: Positive at €54.6 million

The Made-to-Measure segment led with €138.4 million in revenue (+15.2%), while the Superyacht division saw the largest jump, increasing 28.3% to €46.3 million.

However, the Composite Yachts segment - which includes many smaller yachts built from fiberglass and aimed at broader customer bases - declined 9.5% YoY to €131.2 million. Ferretti also reported a 13.3% YoY decrease in the backlog for this segment.

Several factors are driving the 9.5% year-over-year drop in Ferretti’s composite yacht segment:

1. Saturation in Entry-Level Luxury
Composite yachts typically include models such as the Ferretti Yachts 500, Riva 68 Diable, and Pershing 6X - sleek, high-performance vessels generally under 25–30 metres. These boats appeal to affluent but not ultra-high-net-worth clients, many of whom entered the market during the post-COVID boom between 2021 and 2023. That wave of first-time buyers may now be settling, leading to a natural slowdown in new orders.

2. Higher Sensitivity to Economic Conditions
Unlike buyers of superyachts, the target audience for composite yachts is more exposed to macroeconomic volatility - including inflation, rising interest rates, and declining asset values. These owners often finance purchases and are more likely to defer discretionary spending during periods of global financial uncertainty. In contrast, ultra-wealthy clients ordering 50m+ custom yachts are typically less affected by short-term market cycles, allowing Ferretti to maintain momentum in its larger, bespoke segments.

3. Growing Preference for Larger, Custom Yachts
Demand continues to shift toward larger, more personalized vessels such as the Custom Line Navetta 33, Riva 130’ Bellissima, and CRN 62m. These yachts fall into the 30m+ semi-custom and superyacht categories, where clients prioritize longer cruising range, privacy, and design flexibility.

4. Potential U.S. Tariff Risks
Many of Ferretti’s composite models fall under 30 metres, the size class potentially targeted by a revival of Trump-era tariffs on European luxury yachts. Models like the Ferretti 720, Riva 76 Bahamas, and Pershing 7X are popular in the U.S. and could face pricing headwinds if import duties are reintroduced, adding further uncertainty to an already cautious market.

By contrast, Ferretti’s high-margin, larger yacht segments - Made-to-Measure and Superyachts - remain buoyant, reflecting the resilience of the ultra-high-net-worth market and the company's strategic shift toward lower-volume, higher-value production.

• Europe, still the top market, recorded a 19.8% drop in revenue, possibly reflecting economic caution and longer delivery lead times.
• The Middle East & Africa region surged 77.6%, showing increased interest in large yachts and bespoke offerings.
• The Americas posted moderate growth, further emphasizing the potential risks of tariff exposure in this geography.

Ferretti has reaffirmed its full-year guidance, projecting:

• New yacht revenues between €1.22 - 1.24 billion
• Adjusted EBITDA margin to grow by 30 to 50 basis points

The company continues to lean into high-margin, large-format yachts and remains optimistic about demand in Asia-Pacific and the Middle East. However, the future of the composite yacht market may be clouded by trade uncertainty, particularly if U.S. tariffs on EU-built boats are reinstated.

Ferretti Group's performance in Q1 2025 confirms its strategic shift toward larger, more profitable yachts is paying off. With a record backlog and strong margins, the company is well-positioned, but the softness in the composite yacht segment and potential policy shocks from the U.S. remain areas to watch in the months ahead.

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