With a margin of 16.0%, adjusted EBITDA of €138.2 million and order intake in excess of €1 billion, leading to a record order book of €1.6 billion to date, the Ferretti Group continues to grow. These good accounts could lead the French group LVMH to pay a high price for RIva, if Bernard Arnault is really interested in taking it over (see our article of November 8).

For its 3rd quarter of fiscal year 2024, the Ferretti Group announced:

• Order intake having reached 736.9 million euros in the first nine months of 2024 and “which now stands at over one billion euros, thanks to a strong order intake realized after the close of the quarter, also in light of the positive response from the latest boat shows in which the Group participated”.
• Today's order book, including orders booked after the end of Q3, stands at nearly 1.6 billion euros.
• Net sales of new yachts of 865.3 million euros, up 3.8% on the first nine months of 2023 (856 million in 2023).
• Adjusted EBITDA of €138.2 million, an increase of 10.7% and a margin of 16.0%, an increase of 100 basis points on the first nine months of 2023.
• Net income equal to 62.2 million euros, in line with 61.9 million euros in the first nine months of 2023.
• A net cash position of 149.6 million euros at September 30, 2024.

GENERAL MEETING OF SHAREHOLDERS CONVENED

The Board of Directors of Ferretti S.p.A. has reviewed and approved the consolidated financial results to September 30, 2024, and has called the next Ordinary General Meeting of Shareholders.

Mr. Alberto Galassi, Group Managing Director, told ActuNautique Yachting Art: "With the close of this quarter, we have achieved a new profitability record, reaching 16%, confirming the strength and effectiveness of our strategy. In the third quarter of 2024, we saw a significant increase in order intake in the Super Yachts segment, confirming the success of our positioning in this market through the enhancement of our brands. We are also seeing excellent signs in the Composite Yachts segment, which should give a further boost to order intake. In addition, the good results of our participation in the main Mediterranean boat shows and the opening of the American season contribute to our outlook, as these are activities likely to bring concrete benefits in the short term. The order book at September 30 stood at 1.3 billion euros, and with the addition of orders received after the close of the quarter, the value is in line with that recorded in the first nine months of 2023. In Industry, we are continuing at a rapid pace with the construction of the Ravenna shipyard, which will soon enable us to further expand and improve our offering, optimizing the product mix and consolidating our position in segments with high growth and profitability potential."

Decryption - It's astonishing that the Ferretti Group should communicate its figures at the end of the 3rd quarter, permanently setting them alongside the current, unaudited accounting position. That's enough to make you think you have to make the bride more beautiful these days. Moreover, when we look at the Group's 2023 accounts, the net position over 9 months has fallen from 288 million in 2023 to 149 million in 2024: the Group is therefore burning cash, to the tune of 139 million net over 12 months. Order intake over 9 months, on the other hand, fell from 875 million to 736 million, a drop of 139 million, with the margin falling over this period from 15% to 16%.