Large-scale 'made-to-measure' yachts drive Ferretti Group's results

The Ferretti Group has announced its 2025 financial year-end results, which show growing financial indicators, despite a "market environment showing signs of normalization and geopolitical challenges."

Net revenues from new operations reached €1,23 billion, a 5% increase compared to 2024. At the same time, adjusted EBITDA reached €202,8 million (+6,7%), with a margin of 16,5%, a slight improvement compared to the previous year. Net profit reached €90,1 million, a modest increase of 2,2%.

An analysis of production segments reveals a mixed performance, indicative of a strategic repositioning toward larger vessels: made-to-measure (30m-43m) proved to be the true driver of growth in 2025, with revenues rising to €494,6 million (+18,4%) and orders taking a 46,7% leap, representing over half of the Group's total. In the superyacht segment (over €43m), despite revenues growing 28,1% thanks to deliveries of existing orders, order intake suffered a sharp 77,6% decline compared to 2024 (from €294,9 million to €66,1 million), highlighting a return to more "normal" volumes after an exceptional year. Composite yachts (under 30m) saw a drop in revenue of 11,4%, while maintaining a solid order intake (+7,6%), driven mainly by models over 80 feet.

The overall picture emerges from the analysis of total orders: as of 31 December 2025, the order portfolio amounted to 1.715,7 million euros, a value up 14,5% compared to the previous quarter and 3,1% compared to the end of 2024, but a net backlog of 828,6 million euros is highlighted, down 7,9% compared to 31 December 2024, a sign of a pace of deliveries (225) higher than the new order intake (214 units).

Geographically, Europe remains Ferretti Group's largest market, with revenues of €540,5 million, despite an 8,9% decline. The MEA (Middle East and Africa) region saw revenue growth of 38,2%, but the Group notes that geopolitical instability in the region is causing delays in both order intake and deliveries. The Americas (AMAS) region is showing good resilience, with revenues up 10,1%.

One of the important aspects for the future of the Group concerns thePartial and voluntary public tender offer launched by Kkcg MaritimeInitially offered at €3,50 per share, the company announced on March 26, 2026, an increase in price to €3,90 per share. KKCG's objective is to acquire 15,4% of the share capital, reaching a total stake of 29,9%. The Group's document states that the Board of Directors and the Independent Board Committee have acknowledged the supplement to the offer document and will shortly publish an update on their position (the Response Document). The transaction could therefore significantly alter the governance balance in the short term. The Ordinary Shareholders' Meeting will be held on May 14, 2026. In addition to approving the financial statements and distributing the proposed dividend of €0,11 per share, the agenda also includes the complete renewal of the Board of Directors and the Board of Statutory Auditors for the three-year period 2026-2028. The Assembly will have to determine the number of members and appoint a new president, and then define the strategic leadership that will manage the post-OPA phase and the implementation of the industrial plans.

Finally, the Group confirms its medium-term guidance – which targets organic net revenue growth of around 10% and an EBITDA margin above 18,5% – based on investments in low-impact materials and processes for more responsible navigation, the extension of the made-to-measure offering to include aluminum alloy superyachts under the Riva, Pershing, and Custom Line brands, and the expansion of brokerage, charter, refitting, and brand extension activities. Finally, the Group announces the signing of a five-year, €2,5 million agreement with HPE Srl (a company related to the Ferrari family) for the development of innovative engineering solutions in the electric and thermal engine sectors.

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