Italian luxury and aerospace financial performance

Financial reports from major Italian manufacturers show diverging trends in profitability and market demand.

Ferretti Group, a luxury yacht manufacturer, reported an 18.2% decrease in net profit for the first nine months of 2026, totaling 49.9 million euros. While revenues remained stable at 888.6 million euros, adjusted EBITDA fell by 7.8% to 130.6 million euros, causing margins to decrease from 16% to 14.7%. The company lowered its adjusted EBITDA guidance to between 174 and 185 million euros. This downturn is attributed to geopolitical and macroeconomic uncertainty, which lengthened negotiation times for custom orders. Order intake declined by 13.8% for the nine-month period, with significant declines in the Americas and the Middle East and Africa.

In contrast, Ferrari has demonstrated continued growth. The company reported record third-quarter results with revenue rising 7% to 1.896 billion euros and net profit increasing 13% to 431 million euros. Despite a slight decline in vehicle shipments to 3,368 units, the company benefited from a high-value product mix and increased demand for personalization. CEO Benedetto Vigna confirmed that demand for the Luce, Ferrari’s first fully electric model, is “exceptionally strong,” with 2027 production already fully allocated and the order book extending into 2028.

Leonardo, an aerospace and defense company, also reported robust performance for the first nine months of 2026. Its order backlog exceeded 60 billion euros for the first time. The company reported a 14% increase in revenue to 15.3 billion euros and a 38% rise in EBITA to 1.3 billion euros. Following these results, Leonardo raised its full-year order guidance to approximately 29.5 billion euros, with CEO Lorenzo Mariani emphasizing a focus on expanding production capacity and strategic partnerships.