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Azimut-Benetti shipyard: figures, order book, strategy

163 projects under construction, around €1.5 billion in expected revenue and orders through to 2029: Azimut-Benetti is the largest shipyard group in the Global Order Book. What lies behind the figures, and where the group discloses none.

MUTINYQUE · 17.10.2026 · 10 Min. Lesezeit10 min read

The white superyacht Benetti Class 44M “Lumina” slides from the slipway into the harbour basin at Viareggio during her launch, with signal flags strung above her and, in the background — Photo: Azimut|Benetti Group

The Azimut-Benetti shipyard is once again ranked first in Boat International's Global Order Book 2026, with 163 projects and a combined length of 5,924 metres. Its lead rests on volume: the average length is 36.3 metres, and orders extend to 2029. For owners and buyers, this means predictability for series and semi-custom yachts, but also a manufacturer that has so far published no figures for the 2025/26 financial year.

A family group with two brands and a Saudi minority shareholder

Its roots lie in two companies. Lorenzo Benetti founded the Benetti shipyard in Viareggio in 1873, and Paolo Vitelli founded Azimut Srl in 1969 while still a student, initially chartering out sailing boats. In 1985 Vitelli took over Benetti, creating the group that styles itself Azimut|Benetti. Alongside the two yacht brands, the group includes Yachtique, a design and interiors boutique, and Lusben for refit and repair.

Paolo Vitelli died at the age of 77 following an accident at his home in the Aosta Valley; the trade press reported his death on 2 January 2025. By then, leadership already rested with Giovanna Vitelli as Chair of the group and Marco Valle as CEO. In June 2026 Giovanna Vitelli was additionally elected President of the Fondazione Altagamma, with a mandate until 2029.

In 2023 there was a fundamental shift in ownership. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), acquired a 33% minority stake; the Vitelli family retained the majority, and Tamburi Investment Partners (TIP) remained a shareholder with a reduced stake. The exact current holdings of the family and TIP are not documented in primary sources.

Azimut-Benetti shipyard financials: revenue growing, latest data missing

The group's financial year runs from 1 September to 31 August, and in recent years it has published its figures at the start of the season in September. The following values are group figures. The group does not publish a breakdown of revenue or earnings by brand or division.

Metric	Value	Reference date/Source
Revenue FY 2020/21	€840 million	Press release 12.09.2024
Revenue FY 2023/24	€1.3 billion	31.08.2024, press release 12.09.2024
EBITDA FY 2023/24	+30% year on year, no absolute figure	Press release 12.09.2024
Revenue FY 2024/25	around €1.5 billion (+15%), stated as an expectation	Press release 03.09.2025
Production value 2025	€1.56 billion (2020: €758 million)	Press release 03.07.2026
Backlog autumn 2024	€2.6 billion, orders since 01.01.2024	Press release 12.09.2024
Backlog autumn 2025	€2.5 billion, secured since 01.01.2025, extending to 2029	Press release 03.09.2025
Employees	2,350 or 2,454 (two figures, undated)	Group website
FY 2025/26	no figures published	Newsroom, as of 12.10.2026

Three caveats are important. First, revenue for 2024/25 is documented only as an expectation: the release of 3 September 2025 carries “closing at €1.5 billion” in its title, but the text states that the group expects revenue of €1.5 billion. The production value of €1.56 billion is a different metric from revenue; for 2023/24, Websim, citing Il Sole 24 Ore (19.06.2025), gives a production value of €1.42 billion, while the shipyard itself reports €1.3 billion in revenue. Second, the group publishes neither an absolute EBITDA figure nor a net result. Third, the two backlog figures are defined differently and are therefore not directly comparable; the move from €2.6 to €2.5 billion is not a documented decline.

For the 2025/26 financial year, which ended on 31 August 2026, the group had published no figures on revenue, EBITDA or backlog as of 12 October 2026; the most recent financial release dates from 3 September 2025. Editorial assessment: after two years of figures at the start of the season, the silence is conspicuous, but in itself it is not a signal in either direction.

CEO Marco Valle set out how the group itself reads the market in the press release of 12 September 2024: “After a period of unprecedented growth, we are now experiencing a physiological contraction of the market, which the Group can manage from a position of strength thanks to the significant order backlog.” In other words: after a phase of unprecedented growth, the market is experiencing a natural cooling, which the group can handle from a position of strength thanks to its large order backlog.

How many yachts per year? Order book rather than delivery figures

The group does not publish annual delivery or launch figures for 2024 to 2026. What can be documented is the volume under construction: in the Global Order Book 2026 (January 2026 issue), Boat International ranks Azimut-Benetti first with 163 projects, a total length of 5,924 metres and an average length of 36.3 metres; the previous year it was 5,905 metres, likewise in first place. According to Press Mare, this is the 26th consecutive year at the top, and the 163 yachts accordingly represent 23% of the global market covered by the report; the group itself also cites the 23% market share.

The breakdown by brand, which Boat International also provides, is revealing: Azimut is building 99 projects with a combined 2,955 metres (avg. 29.85 m), Benetti 64 projects with 2,969 metres (avg. 46.39 m) [F-GOB1]. Editorial assessment: both brands thus contribute almost equal length to the first-place ranking, Azimut through volume in the series and semi-custom segment, Benetti through considerably larger units. Full-custom projects beyond 80 metres remain isolated cases even at Benetti. On the question of “yachts per year”, all that remains is the number of projects under construction, not an annual delivery figure.

Sites, capacity and investment

The group lists six shipyards with a combined area of 526,000 m², of which 150,000 m² is covered. Avigliana near Turin is Azimut's headquarters and builds GRP yachts up to 23 metres; Viareggio builds Azimut models over 24 metres and Benetti from 24 to 100 metres, and is Lusben's home base; Livorno builds Benetti from 24 to 100 metres, and Lusben refits yachts up to 120 metres there. In addition, there is Fano for Magellano and the S series, Savona as a service and delivery centre, and Itajaí in Brazil for Azimut up to 30 metres. Sales are handled through 138 showrooms in 80 countries and ten direct offices.

Entrance area of the Azimut headquarters in Avigliana near Turin, with a clinker-brick building, a brushed-metal wall, a covered glass entrance and a long water basin with small blue model boats. — Photo: Azimut|Benetti Group

The centre of gravity lies in Tuscany. There, the group operates 14 industrial sites in Viareggio, Livorno, Massa and Pisa; according to the shipyard, the region generates 70% of its worldwide results. Direct employment in Tuscany rose from 442 to 607 over five years; 3,800 people work there every day, linked to a network of more than 1,000 suppliers (as of July 2026).

Investment is taking place on several levels. The plan for 2025 to 2027 totals €160 million, of which €99.3 million is for production capacity, €43.2 million for research, development and new products, and €13.9 million for digitalisation. In parallel, the group cites €115 million in infrastructure for all Italian sites from 2024 to 2027: Avigliana is being expanded for yachts up to 28 metres, and in Tuscany a “Light Steel Hub” for steel construction under 45 metres and a “Composite Hub” for GRP and carbon are being created. For Tuscany, a further €100 million is earmarked for 2026 to 2028, following €77 million in the previous three years, among other things for larger halls, new travel lifts, photovoltaics and the expansion of refit at Lusben. The releases do not explain how the three plans overlap; they should therefore not be added together.

Model range, projects and strategy

According to the group, it offers 13 product lines with 34 models plus custom, including five gigayachts over 85 metres, spanning from around 10 to over 100 metres. At Azimut, the range runs from Verve, Atlantis and Fly through the S series, Magellano and Seadeck to the Grande line; at Benetti, from Class, Oasis and Motopanfilo through B.Yond, B.Now, B.Loft and B.Neos to Custom.

The latest announcements show where demand lies. The Class 44M is the largest GRP model from Viareggio; Fortitude 1 was launched in June 2025 for a repeat client, followed in summer 2026 by Lumina, whose delivery was scheduled for summer 2026. According to Benetti, it has sold the B.Now 50M 21 times within a few years; 2025 saw the launch of the custom version FB615 and of the 67-metre FB287 with Oasis Deck. In September 2025 the group presented the Oasis 42M, B.Now 52M, B.Loft 58M and the new B.Neos category with hybrid propulsion as standard, and announced the sale of a second B.Now 72M with Oasis Deck. At the top stands the custom yacht FB291, at 80 metres with six decks, whose hull has been in outfitting at Livorno since July 2026; launch is planned for 2028.

On the thinking behind B.Neos, Giovanna Vitelli, Chair of the Azimut|Benetti Group, said in the Benetti press release of 11 September 2025: “B.Neos represents a new approach that looks ahead.” She continued: “We chose a leading designer from the sailing segment to bring the sleek proportions of sailing yachts to a motor yacht, avoiding the pursuit of volume at any cost.” In other words: B.Neos stands for a new, forward-looking approach; a leading designer from the sailing world was chosen to transfer the slender proportions of sailing yachts to a motor yacht, rather than seeking volume at any price.

The order book has also shifted regionally. In 2024, 40% was attributable to Europe, 37% to the Americas and 23% to the Middle East, Africa and Asia-Pacific (termed “MEA APAC” by the shipyard); in 2025 the figures were 38%, 31% and 31% (referred to as “EMEA-APAC” in 2025). Saudi Arabia generated more than €300 million in revenue in the 24 months before September 2025, and offices in Jeddah and Riyadh were announced. Editorial assessment: the shift falls in the period after the PIF's entry; a causal link is not documented.

The USA nevertheless remains central: it accounts for just under a third of global business, and since October 2025 the new Americas headquarters of Azimut and Benetti has been located at Pier Sixty-Six Marina in Fort Lauderdale. In production, Benetti has been implementing an AI project with the Quinn consortium in four areas of Custom Operations in Livorno since November 2025. According to a press release of 2 October 2026, Azimut is Technical Partner and Official Yachting Partner of Ferrari Hypersail, with its base at the Azimut shipyard in Livorno; a Fly 72 serves as the tow boat.

What this means

Editorial assessment: for owners and buyers, Azimut-Benetti is above all a supplier with a broad model range between series and semi-custom, backed by a dense sales network and orders through to 2029. An order book of this reach points to stability but can make build slots scarce; anyone planning a new Grande, Class or B.Now should clarify delivery dates and outfitting capacity early and contractually. The ongoing investment in halls, travel lifts and Lusben targets precisely these bottlenecks and the refit market.

For brokers and suppliers, the shift in weight towards the Middle East and Asia-Pacific, driven in part by Saudi Arabia, is the most important signal, while the USA accounts for just under a third of business. And for the industry as a whole: the largest shipyard group in the order book has not yet presented figures for the 2025/26 financial year. Until then, any statement about growth or consolidation remains an interpretation of previous years.