Margot Robbie and Tom Ackerley Look Loved-Up on Balcony in Italy

Margot Robbie and her man Tom Ackerley are living it up in one of the most romantic countries in the world ... saying "ciao" to a lovely new day while cuddling up on their Italian balcony.

The actor and her producer husband were spotted in Naples Friday ... with Margot sipping on what looks like water -- and Tom drinking in Margot's beauty, wrapping his arms around her midriff and giving her a peck on her head.

Margot's looking elegant in a flower ensemble that shows off her long legs ... while Ackerley's keeping it casual in a loose-fitting button-down and a very nice watch.

The two are enjoying a European vacation ... 'cause they were just in London a couple of days ago -- where MR was spotted walking through a restaurant.

It's another break for the star -- who welcomed her first child into the world last year -- and who has kept busy with a couple new projects recently, including "Wuthering Heights" and "A Big Bold Beautiful Journey."

Both movies -- the former based on the famed 19th-century novel of the same name and the latter featuring Colin Farrell and Phoebe Waller-Bridge -- are in post-production, according to MR's IMDb.