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Following the release of the latest financial figures including Q3 2023, the Italian superyacht industry’s narrative is one of robust growth and resilience…
After releasing the periodic financial information as of September 2023, SuperyachtNews looks at the state of the Italian yachting industry for the first nine months of the current year, focusing on three of the four major Italian yachting groups. Azimut|Benetti is not publicly traded, so the focus is on Sanlorenzo, Ferretti Group, and The Italian Sea Group (TISG).
There is significant growth emerging from the financial information of these three brands. It’s worth noting that:
– Sanlorenzo’s net revenues from the sale of new yachts increased by 15.1% to €626 million compared to €544.1 million in the first nine months of 2022.
– Ferretti Group achieved revenues of €856.4 million, marking a 9.8% increase compared to the same period in the previous year.
– The Italian Sea Group reported revenues of €262.2 million, reflecting a 25% increase from €210.3 million in the first half of 2022.
“The excellent results approved today by the Board of Directors are yet another confirmation of the strength of the Sanlorenzo brand and its unique business model, which makes our growth strategy sustainable even in challenging macroeconomic and geopolitical scenarios. Our traditional markets, where Sanlorenzo holds undisputed leadership, both in terms of geography (Europe) and size (the 30-50 meters segment), continue to show steady growth,” commented Massimo Perotti, Chairman and Chief Executive Officer of the Company.
Massimo Perotti, Chairman and Chief Executive Officer Sanlorenzo
For Sanlorenzo, Europe is emerging as the world’s largest yachting market. The geographical breakdown reaffirms the robust expansion of the European market, up by 40.6% compared to the first nine months of 2022. The Middle East also saw substantial growth, with a 129.7% increase, more than compensating for the slowdown in the Americas, a market particularly affected by interest rates and the increasing uncertainty of the current macroeconomic scenario. APAC also experienced a decline of -17.6% compared to 2022.
As of September 30, 2023, the total value of the Order Books, which represents the gross value of existing contracts related to new yachts and Refit projects not yet delivered to the client, amounts to €1.7 billion for Sanlorenzo, €1.3 billion (shipbuilding and refit) for TISG, and €875 million for Ferretti Group.
Mr Alberto Galassi, Ferretti Group’s Chief Executive Officer, stated: “The positive trend in fiscal 2023 is confirmed by the financial results reported for the first three quarters of the year, particularly by improved margins and the sustained growth of the order backlog. The tremendous success achieved by Ferretti Group at this season’s boat shows in the Mediterranean and Fort Lauderdale once again demonstrates that our ongoing efforts are being rewarded with excellent sales results.”
Alberto Galassi, Ferretti Group’s Chief Executive Officer
The major boat shows held in September in Europe and in October in the US also reported great success for new projects presented. On the TISG side, the brand-new Perini Navi 47m sailing catamaran, Art Explorer, received significant attention, as did the Tecnomar 43m motor catamaran, This Is It, which stood out due to its innovative and futuristic design. Sanlorenzo showcased the SX100 of the Yacht Division and the multi-hull BGM75 of Bluegame. Ferretti Group featured seven boats at MYS, including Riva 130’ Bellissima, Custom Line Navetta 42, Custom Line 140’, Pershing GTX116, Pershing 140, wallywhy200, and wallypower58.
Giovanni Costantino, Founder & CEO of The Italian Sea Group (pictured above), commented: “I am extremely satisfied with what we have achieved in the first nine months of the year, confirming the solidity of our business model and the resilience of our reference segment. We have received extremely positive feedback from our return to the Monaco Yacht Show, and we will continue to invest to carry out the projects and deliveries we have in the pipeline.”
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