Ferretti’s CRN brand has recently delivered the 67-metre Amor à Vida.

Three of Italy’s leading yards have published their Q1 2025 figures. Sanlorenzo, Ferretti Group and The Italian Sea Group all posted steady growth, albeit with different narratives behind the numbers. Demand continues to shift towards larger, bespoke vessels, helping offset a cooling in lower-volume composite yacht sales.

All three shipbuilders reported revenue growth in the first quarter ending 31 March 2025, ranging from 1 to nearly 10 per cent year-on-year. The companies cited resilient order books and an increasing appetite for high-value builds as the key drivers of performance, even as macroeconomic uncertainty weighed on smaller craft sales in Europe and the U.S.

Ferretti Group, listed in Hong Kong and Milan, reported revenues of €328.5 million, up 5 per cent from the same period last year, supported by strong growth in its Made-to-Measure and Superyacht divisions. These now account for 73 per cent of the group’s total backlog, which rose to a record €1.77 billion.

Revenue from smaller composite yachts fell by 9.5 per cent. Net profit rose 7.7 per cent to €23.9 million, while adjusted EBITDA reached € 52.5 million, representing a 16 per cent margin.

At first glance, the sharp 48 per cent decline in Superyacht (between 39 and 95 metres, primarily alloy hulls) orders appears bleak. But last year’s corresponding quarter was skewed by an exceptional one-off deal worth €64 million. While specific details about the vessel are yet to be confirmed, the segment’s backlog has increased by over 50 per cent year-on-year, pointing to more sustained demand for larger, custom vessels.

“During the first three months of the year, our participation in the major international boat shows in Düsseldorf, Miami, Dubai and Palm Beach further strengthened our presence in strategic markets,” says Alberto Galassi, CEO, Ferretti Group.

“These results confirm the effectiveness of a clear and focused industrial and commercial strategy, aimed at consolidating traditional markets while expanding into higher-marginality segments. We continue with determination on our growth path, investing in innovation and quality, ready to seize market opportunities.”

Milan-listed Sanlorenzo posted a 9.6 per cent rise in revenues to €213.5 million, driven primarily by a 10.4 per cent increase in its Superyacht division (yachts between 40 and 73 metres built in aluminium or steel) and a €23.8 million contribution from newly acquired Finnish sailing yacht brand Nautor Swan.

By contrast, the Yacht division declined by 8.8 per cent, reflecting a shift in product mix and softer demand for vessels under 30 metres. That sentiment was echoed in the Bluegame division, which generated €19.9 million in new yacht revenues, a slight year-on-year decline of 5.6 per cent.

EBITDA reached €37 million, representing a margin of 17.3 per cent. Net profit for the quarter totalled €21.2 million. The company’s backlog stood at €1.2 billion, of which 89 per cent has already been sold to final clients. Shares in Sanlorenzo rose 3.7 per cent during the quarter.

Notably, the builder moved to a net debt position of €28.1 million at the end of March, compared to net cash of €29.1 million three months earlier and €73.7 million a year prior. Sanlorenzo attributed the swing to seasonal working capital flows, with summer deliveries due in Q2 and Q3, a €3.7 million share buyback and the acquisition of 60 per cent of AF Arturo Foresti, a key Bluegame supplier.

In terms of visibility, Sanlorenzo’s backlog stood at €1.2 billion, broadly in line with the same period last year. Order intake rose 5.9 per cent year-on-year to €178.1 million, although growth was largely driven by the inclusion of Nautor Swan. Like-for-like, intake remained flat, likely allowing for a steady pipeline moving forward.

“We are consistently reinforcing our leadership in the most profitable and resilient market segments, particularly in the 30 to 50-metre range. This segment leverages the strength of a highly sophisticated and affluent client base, combined with a semi-custom production system that ensures superior quality while minimising project execution risks,” says Massimo Perotti, Executive Chairman, Sanlorenzo.

“This strategic positioning significantly mitigates uncertainty related to U.S. tariff policy. In Q1, the Americas accounted for approximately 21 per cent of our revenues. Yet, only 8 per cent was attributable to U.S. passport holders, and less than 5 per cent related to yachts under 30 metres – the category potentially subject to trade restrictions.”

TISG recently launched its first vessel designed in collaboration with Giorgio Armani.

TISG reported revenues of €96.8 million for the quarter, a year-on-year increase of 1 per cent. EBITDA rose 4 per cent to €16.7 million, with a margin of 17.3 per cent, broadly in line with its domestic peers.

“We are satisfied with the smooth progress of the numerous orders currently in production, the work on our construction sites continues with rhythm and precision, driven by meticulous organisation and continuous improvement of our processes, which allows us to tackle even the most complex projects with full control and awareness,” says Giovanni Costantino, Founder & CEO, TISG.

“Due to geopolitical and economic tensions, the market environment remains challenging. In this difficult scenario, the sector has experienced a physiological slowdown, which we nevertheless consider temporary.”

The company’s net financial position stood at negative €33 million at the end of March. Investments for the period totalled just €0.5 million.

Revenue from refit activities fell sharply by 40.6 per cent to €8.3 million, as the group concentrated on its expanding new build portfolio. Major deliveries scheduled for the year include the Armani-designed 72-metre Admiral, a 60-metre Perini Navi sailing yacht and the debut of the Picchiotti Gentleman line, alongside further units from the Admiral and Perini Navi ranges. The company’s order backlog stood at €1.22 billion.

TISG acknowledged a “temporary slowdown in new order momentum” due to “the geopolitical and macroeconomic uncertainties that continue to characterise the current context”.

Shares in the group declined 7.4 per cent over the quarter, amid the muted revenue growth and slowdown in new order intake, despite a strong backlog and upcoming high-profile deliveries. Still, Costantino struck a buoyant tone, pointing to ongoing client negotiations and projected deliveries for the second half of 2025.

The respective performances come as the sector transitions away from smaller, high-turnover models or doubles down on custom production in favour of larger, more profitable builds. Executives at all three companies have stressed long-term order visibility and a shift towards higher-margin custom production becoming a core focus.

There is a shift also playing out geographically. Ferretti reported a 19.6 per cent drop in order intake from Europe in Q1, while the Middle East and Africa rose by 77.6 per cent and the Americas by 7 per cent. Sanlorenzo, meanwhile, saw a 40.6 per cent rise in revenues from the Americas, attributed to strong sales at the Miami and Palm Beach shows.

While topline growth ranged from flat to mid-single digits, all three shipyards maintained or improved margins. The transition towards fewer, more expensive vessels appears to be shielding this segment of the sector from broader volatility in consumer spending and financial market conditions.

Looking ahead, the shipbuilders have reaffirmed full-year guidance. Sanlorenzo expects up to €1.02 billion in revenues for 2025. Ferretti has guided for up to €1.24 billion and a further expansion of its EBITDA margin. TISG reiterated its forecast of up to €430 million in revenue with a margin between 17.5 and 18 per cent.

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