Ferretti Spa approves the consolidated preliminary results as of December 31, 2024
by Ferretti Group 28 Feb 17:03 GMT
Ferretti Group fleet © Ferretti Group
The order book reaches an all-time high record of €1.7 billion, up 25.5% compared to 30 September 2024, and up 11.6 % compared to December 2023.
Ferretti Group beats 2024 guidance with an EBITDA margin of 16.2%, outperforming expectations (16.0%-16.1%) and positions itself in the upper range of net revenue new yachts with €1,173.3 million.
- Net revenue new yachts equal to €1,173.3 million, an increase of 5.6% when compared to 2023
- Adjusted EBITDA of €190.0 million, representing an increase of 12.3% when compared to 2023 and with a margin of 16.2%, representing an increase of 100 bps when compared to 2023
- Net profit equal to €88.2 million, an increase of 5.6% when compared to 2023
- Order intake reached €1,139.3 million in 2024, up 1.7% compared with 2023
- Net backlog at all-time high, reaching €900.0 million
- Net financial position of €124.6 million of net cash as of 31 December 2024
The Board of Directors has also:
- Appointed by co-optation the directors Tan Ning and Hao Qinggui;
- Approved the new composition of the Remuneration Committee, Sustainability Committee and Strategy Committee; and
- Appointed the new director in charge of the internal audit and risk management system.
The Board of Directors of Ferretti S.p.A. reviewed and approved the consolidated preliminary financial results as of 31 December, 2024. Mr. Alberto Galassi, the Group's Chief Executive Officer, stated: "We close 2024 with great optimism and the satisfaction of having achieved extraordinary milestones. Our steady growth, year after year, has allowed us to achieve unprecedented results, both in terms of order backlog and margins, confirming the solidity of our strategy and the strength of our brands in the market.
The order backlog has reached a record of €1.7 billion, marking an 11.6% increase compared to 2023 and an impressive 25.5% growth compared to the first nine months of 2024. This is our best result ever, driven not only by the exceptional performance of the last quarter but also by the continuous trust our customers place in our ability to innovate, ensure quality, and deliver maximum reliability.
In terms of profitability, we have exceeded our 2024 guidance with a 16.2% margin, a result that reflects our operational efficiency and our ability to maintain high profitability levels. This is further proof of our capability to generate value by maximizing resource efficiency and continuously improving financial management.
These achievements strengthen our determination and propel us forward with even greater momentum. For this reason, we will continue to invest in expanding our global presence, focusing on technological innovation and enhancing our product range, with the goal of further solidifying Ferretti Group's leadership."
1 Sums might not add up to total due to rounding.
2 Revenue without pre-owned business
3 Net revenue New Yacht 2023 differs from same figure published on Preliminary FY23 results Press Release due to different rounding calculations
4 Excluding non-recurring costs for supply chain support, contribution to employees for Emilia-Romagna flood and other minor non-recurring events