Ferretti Group reports 5.6% decline in revenue for H1 2026

Ferretti Group’s new yacht revenue fell to €585.6 million in the first half (H1) of 2026, down 5.6 per cent year-on-year, as the Italian shipyard navigated a "more challenging market than recent years", according to Global CEO Stassi Anastassov.

Despite the decline, however, the trend is decelerating: Q1 2026 was down 8 per cent against Q1 2025 and Q2 was down only 2.9 per cent against the previous year.

The revenue decline fed through to profitability, though less severely than the initial figures might suggest. As of 30 June 2026, adjusted EBITDA was reported at €92.5 million, with a margin of 15.8 per cent, which the group stated as proof its profitability remains resilient even as sales volumes soften. Net profit was cited at €37.9 million, down from €43.6 million in H1 2025 - a decline roughly proportionate to the revenue decrease rather than a disproportionate margin collapse.

The pressure on revenue is set against a weaker order book. Figures showed the order intake totalled €341.4 million in H1, down from €467.3 million in the previous year, while net backlog stood at €564.9 million, compared with €760.8 million at the same point in 2025. Both figures suggest that the revenue softness of H1 could persist unless orders recover.

However, despite the declined revenue and order pressure, the Group's balance sheet showed strengthened results, with a net financial position (net cash) of €95 million as of 30 June, up €76.6 million on the first quarter (reported 31 March 2026). According to the shipyard, this figure was helped by the seasonal release of net working capital on deliveries and after approximately €37.2 million in dividend distributions.

The Group said its full-year guidance has been updated "on a prudent basis", citing continued geopolitical uncertainty – particularly in the Middle East – and a macroeconomic environment that continues to lengthen buyer negotiation processes.

Stassi Anastassov, who was appointed CEO of the Group in May, commented on the results: "The conclusion is clear. Ferretti remains an exceptional company with outstanding brands, talented people and one of the strongest balance sheets in our industry. At the same time, the first half confirms that we are operating in a more challenging market than we have experienced in recent years. Customer decision cycles have lengthened, competition has intensified in several segments and order intake remains below the levels required to replenish our backlog at the pace we would like."

"Our challenge today is therefore primarily commercial rather than financial. The company continues to generate healthy cash, maintains a solid financial position and benefits from excellent operational capabilities. Our priority is to rebuild commercial momentum while protecting the quality of our order book, our pricing discipline and the long-term value of our brands."

Anastassov continued: "Over the past two months, we have already launched a number of initiatives to strengthen commercial execution, improve owner experience, reinforce product governance and increase organisational accountability. These actions are not designed simply to improve the second half of 2026. They are intended to position Ferretti Group for stronger and more sustainable growth in 2027 and beyond."

"The market environment remains uncertain, and we expect that uncertainty to continue. Our focus is therefore not on chasing short-term volume, but on making the right decisions for our customers, our shareholders and the long-term strength of our company. I am confident that this disciplined approach will create greater value over time."