Italian shipyard Ferretti Group announced its earnings for the first three months of 2026, citing a decrease in demand in the quarter for order intake.
The builder posted €302.1 million in net revenue, an 8 percent decline from the same period in 2025, which was €328 million. Adjusted EBITDA, meanwhile, has stabilized at €48.7, compared to €52.5 million last year. The group reported an increase in the adjusted EBITDA margin by 1 percentage point to 16.1 percent.
The company cited delays, contractual conversions, and the geopolitical tensions of the Middle East as the main contributors to softening demand.
The Middle East region, which saw its best quarter for the shipyard in the same period last year, €113 million, was down by 16.4% to €94.5 million. Notably, a number of clients in the region requested delivery postponements due to the war, CFO Marco Zammarchi noted during the earnings call.
For order intake, the Middle East totaled €53 million, a 33.9% year-over-year drop, accounting for 29.6% of total order intake.
The report comes out days after the company named Stassi Anastassov as Chief Executive Officer. The appointment followed a management overhaul by controlling shareholder Weichai Group, which secured the majority vote at the Ferretti Group shareholders’ meeting.