[Performance Summary](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Net revenue slightly decreased to €638.3 million, while Adjusted EBITDA grew 2.5% to €99.1 million Key Financial Indicators for H1 2025 | Indicator | Six Months Ended June 30, 2025 | Change vs. H1 2024 | | :--- | :--- | :--- | | Net Revenue | €638.3 million | -1.3% | | Profit for the Period | €43.6 million | -1.1% | | Profit Attributable to Shareholders | - | -0.9% | | Adjusted EBITDA | €99.1 million | +2.5% | [Business Summary](index=1&type=section&id=%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) The Group expanded business through a Flexjet collaboration, a dividend distribution, and global boat show participation - On June 27, 2025, the company partnered with Flexjet Limited to launch the exclusive "Riva Volare" interior design project, integrating Riva yacht style into Flexjet aircraft cabins[5](index=5&type=chunk) - On June 18, 2025, the company completed a dividend distribution totaling **€33,848,265.40**, with a dividend of **€0.10 per share**[6](index=6&type=chunk) - In H1 2025, the Group actively participated in major international boat shows in Düsseldorf, Miami, Dubai, Palm Beach, Singapore, and Venice[7](index=7&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) Net revenue slightly decreased to €638.3 million, while profit for the period remained stable at €43.6 million Summary of Interim Condensed Consolidated Statement of Profit or Loss (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 676,999 | 678,471 | | Net Revenue | 638,269 | 646,416 | | Profit before tax | 63,350 | 63,835 | | Profit for the period | 43,569 | 44,047 | | Profit attributable to shareholders of the Company | 43,454 | 43,859 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income decreased to €38.6 million, mainly due to losses from foreign operation translation Summary of Interim Condensed Consolidated Statement of Comprehensive Income (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Other comprehensive income/(loss) for the period | (4,978) | 700 | | Total comprehensive income for the period | 38,591 | 44,747 | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Total assets stood at €1.64 billion and total equity increased to €904 million, reflecting a stable financial structure Summary of Interim Condensed Consolidated Statement of Financial Position (in thousands of EUR) | Item | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | | Total Liabilities | 739,400 | 763,208 | | Total Equity | 903,884 | 898,236 | [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Cash flow from operations improved to €76.7 million, with period-end cash decreasing to €134.0 million Summary of Interim Condensed Consolidated Statement of Cash Flows (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Cash flows from operating activities | 76,667 | 58,615 | | Cash flows used in investing activities | (52,645) | (58,651) | | Cash flows (used in)/from financing activities | (41,258) | (40,499) | | Net increase/(decrease) in cash and cash equivalents | 17,236 | (40,535) | | Cash and cash equivalents at end of period | 133,982 | 273,657 | [Notes to the Interim Condensed Consolidated Financial Statements](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Corporate Information and Basis of Preparation](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Financials are prepared under IAS 34, with management assessing no material ESG impact and initiating ESRS alignment - The company is primarily engaged in the design, construction, and marketing of yachts and pleasure boats, headquartered in Italy[15](index=15&type=chunk)[16](index=16&type=chunk) - The financial statements are prepared in accordance with **International Accounting Standard 34 (IAS 34)**, with accounting policies consistent with the 2024 annual report, and no early adoption of new effective standards[18](index=18&type=chunk)[19](index=19&type=chunk) - Management assesses that **Environmental, Social, and Governance (ESG) related risks do not have a material impact** on the Group's financial position and has initiated alignment with the European Sustainability Reporting Standards (ESRS)[23](index=23&type=chunk)[25](index=25&type=chunk) [Notes to Selected Financial Statement Items](index=12&type=section&id=%E9%81%B8%E5%AE%9A%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%A0%85%E7%9B%AE%E9%99%84%E8%A8%BB) This section details key items like income, costs, receivables, and payables, with EPS stable at €0.13 [Other Income (Note 3)](index=12&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%20(%E9%99%84%E8%A8%BB3)) Other income rose 13% YoY to €11.3 million, driven by increased income from supplier relationships Details of Other Income (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Income from relationships with suppliers | 5,212 | 3,039 | | Reversal of excess provisions for costs | 2,932 | 2,848 | | Total Other Income | 11,257 | 9,968 | [Costs and Expenses (Notes 4-8)](index=12&type=section&id=%E6%88%90%E6%9C%AC%E8%88%87%E9%96%8B%E6%94%AF%20(%E9%99%84%E8%A8%BB4-8)) Raw material costs decreased, while subcontractor and staff costs rose due to business growth - Cost of raw materials and consumables used decreased from **€333 million to €289 million**[27](index=27&type=chunk) - Costs for subcontractors increased from **€132 million to €142 million**[28](index=28&type=chunk) - Staff costs increased from **€74.4 million to €77.5 million**[31](index=31&type=chunk) [Trade and Other Receivables (Note 11)](index=15&type=section&id=%E8%B2%A1%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%20(%E9%99%84%E8%A8%BB11)) Total trade and other receivables decreased to €59.3 million, with no significant credit risk concentration Trade and Other Receivables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 35,333 | 36,437 | | Other receivables | 23,948 | 38,137 | | Total | 59,281 | 74,574 | [Trade and Other Payables (Note 12)](index=18&type=section&id=%E8%B2%A1%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%20(%E9%99%84%E8%A8%BB12)) Total trade and other payables decreased to €438 million, mainly comprising amounts due to suppliers Trade and Other Payables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 384,531 | 427,026 | | Other payables | 53,648 | 52,121 | | Total | 438,179 | 479,147 | [Earnings Per Share (Note 13)](index=20&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%20(%E9%99%84%E8%A8%BB13)) Basic and diluted earnings per share remained unchanged YoY at €0.13 Calculation of Earnings Per Share | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to shareholders of the Company (in thousands of EUR) | 43,454 | 43,859 | | Weighted average number of shares | 338,482,654 | 338,482,654 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | [Management Discussion and Analysis](index=21&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Principal Activities and Business Review](index=21&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E5%8F%8A%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group leveraged its seven iconic brands to drive performance through pricing power and custom yacht sales - The Group is a global leader in the luxury yacht industry, owning seven iconic brands including **Riva, Wally, and Ferretti Yachts**, and is regarded as an ambassador of Italian nautical excellence[52](index=52&type=chunk) - Strong performance confirmed the advantages of the company's industrial strategy, including **strong pricing power**, integration of the high-margin made-to-measure yacht segment, and effective cost absorption[53](index=53&type=chunk) [Outlook](index=23&type=section&id=%E5%B1%95%E6%9C%9B) Future strategy focuses on market leadership, sustainable innovation, and expansion into superyachts and services - Future strategic pillars include: - Consolidating market leadership in composite and made-to-measure yachts - Investing in sustainable materials and process innovation - Developing new alloy-hull superyachts under brands like Riva and Pershing - Expanding brokerage, charter, after-sales, and brand extension activities - Investing in the internalization of high-value-added activities[58](index=58&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The order backlog stood at €1.45 billion, with Adjusted EBITDA margin improving to 16.0% and net cash at €102 million [Order Backlog](index=24&type=section&id=%E7%B4%AF%E7%A9%8D%E8%A8%82%E5%96%AE) The order backlog was €1.45 billion, with a significant mix shift as superyacht orders grew 32.0% Order Backlog by Product Type (in millions of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 225.2 | 15.6% | 328.7 | 22.0% | -31.5% | | Made-to-measure yachts | 490.8 | 33.9% | 589.4 | 39.4% | -16.7% | | Super yachts | 689.0 | 47.7% | 521.9 | 34.9% | +32.0% | | Other businesses | 41.0 | 2.8% | 55.8 | 3.7% | -26.5% | | Total | 1,446.0 | 100.0% | 1,495.8 | 100.0% | -3.3% | [Net Revenue](index=25&type=section&id=%E6%B7%A8%E6%94%B6%E7%9B%8A) New yacht net revenue grew 1.5% to €620 million, driven by strong performance in the MEA region Net Revenue from New Yachts by Product Type (in thousands of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 234,403 | 37.8% | 265,048 | 43.4% | | Made-to-measure yachts | 253,134 | 40.8% | 233,144 | 38.2% | | Super yachts | 104,444 | 16.8% | 82,496 | 13.5% | | Total Net Revenue from New Yachts | 620,439 | 100.0% | 611,041 | 100.0% | - By geography, the **MEA region's share of net revenue from new yachts grew significantly to 35.4%** from 18.5% YoY, while Europe's share decreased from 51.2% to 40.4%[74](index=74&type=chunk) [Non-IFRS Measures](index=30&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F) Adjusted EBITDA increased 2.5% to €99.1 million, with the margin improving to 16.0% Adjusted EBITDA Reconciliation (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Add: Income tax | 19,780 | 19,788 | | Add: Net financial expenses, depreciation & amortization, etc. | 36,118 | 32,862 | | EBITDA | 99,458 | 96,997 | | Adjusted EBITDA | 99,073 | 96,716 | | Adjusted EBITDA Margin | 16.0% | 15.8% | [Liquidity and Financial Resources](index=33&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a robust net cash position of €101.6 million and a low gearing ratio of 4.0% - As of June 30, 2025, the Group's net financial position was **net cash of €101.6 million**[94](index=94&type=chunk) - Capital expenditure for H1 was **€42.3 million**, with approximately €25.4 million allocated to business expansion[93](index=93&type=chunk) - The **gearing ratio (total debt/total equity) was approximately 4.0%**, a slight increase from 3.7% at the end of 2024, indicating a very low debt level[97](index=97&type=chunk) [Risk Factors and Human Resources](index=35&type=section&id=%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0%E8%88%87%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group manages currency risk via hedging and increased its headcount to 2,127 to support growth - The Group's main foreign exchange risk arises from **EUR/USD exchange rate fluctuations**, which it hedges using foreign currency forward contracts[103](index=103&type=chunk) Human Resources Overview | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,127 | 2,118 | | H1 Staff Costs | €77.5 million | €74.4 million (H1 2024) | [Other Disclosures](index=35&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A0%85) [Dividend and Share Repurchase](index=35&type=section&id=%E8%82%A1%E6%81%AF%E8%88%87%E8%82%A1%E4%BB%BD%E5%9B%9E%E8%B3%BC) The Board does not recommend an interim dividend, and no share repurchases occurred during the period - The Board of Directors **does not recommend the payment of an interim dividend**[105](index=105&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[107](index=107&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E8%88%87%E5%90%88%E8%A6%8F) The company maintained full corporate governance compliance, with its interim results reviewed by the Audit Committee - The net proceeds from the Hong Kong listing, approximately **HK$1.863 billion**, were fully utilized as of June 30, 2025, in accordance with the purposes stated in the prospectus[108](index=108&type=chunk) - The company has complied with the code provisions of the **Corporate Governance Code** as set out in Appendix C1 of the Hong Kong Listing Rules during the reporting period[110](index=110&type=chunk) - The **Audit Committee has reviewed the unaudited interim financial statements** and concurs that they were prepared in compliance with applicable accounting standards and regulatory requirements[112](index=112&type=chunk) [Events After the Reporting Period](index=37&type=section&id=%E6%9C%89%E9%97%9C%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-period, the Group acquired full ownership of the 'Wally' brand and divested Ferretti Tech S.r.l - In July 2025, the Group increased its shareholding in **Sea Lion S.r.l. (owner of the "Wally" brand) to 100%**[113](index=113&type=chunk) - In July 2025, the Group **disposed of its entire equity interest in Ferretti Tech S.r.l.**[114](index=114&type=chunk)

Financial Data and Key Metrics Changes - Revenues increased by 1.5% to €620,000,000 compared to the previous year [5] - Adjusted EBITDA grew by 2.5% to €99,000,000, with an EBITDA margin increase from 15.8% to 16% [5][29] - Net backlog decreased by 3.2% from €786,000,000 to €761,000,000 [5] Business Line Data and Key Metrics Changes - Made to measure segment increased by 8.6%, while superyacht segment grew by 26.5% [28] - Composite yachts above 80 feet accounted for more than half of the orders in Q2 [21] Market Data and Key Metrics Changes - The U.S. market showed a significant increase in negotiations, rising from €270,000,000 to €420,000,000 [34] - The Middle East market is recovering, with negotiations resuming after previous disruptions [68] Company Strategy and Development Direction - The company focuses on high-end markets, specifically above 24 meters, and aims to maintain a strong position despite market pressures [32][33] - A cost containment program has been implemented to enhance competitiveness and support profitability [60][78] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in achieving the guidance for 2025, despite market uncertainties and pressures from competitors [41] - The upcoming boat shows are expected to provide significant opportunities for sales and brand exposure [6][40] Other Important Information - The company has no debt and maintains over €100,000,000 in cash after paying dividends [42] - The Ravenna Shipyard is expected to be fully operational by October, enhancing production capabilities [40] Q&A Session Summary Question: How do you feel about the news on tariffs in the U.S. market? - Management indicated that tariffs are manageable and do not significantly impact the company, as most products do not have an American flag [47][49] Question: What gives you confidence to reach the 16.5% adjusted EBITDA margin guidance? - Confidence stems from a favorable product mix and a cost containment program that has been implemented [60] Question: Is the increase in order intake driven by a specific region? - The increase is widespread, with notable recovery in the Middle East and the U.S. market returning to normal [68] Question: Can you elaborate on the ongoing cost-cutting initiatives? - The company is reducing fixed costs by adjusting production rates and postponing non-essential expenses, with a goal to cut approximately 5% of fixed costs [78]

Financial Performance - Revenue increased by 1.5% YoY, reaching €620 million in H1'25 compared to €611 million in H1'24 [8, 39] - Adjusted EBITDA grew by 2.5% YoY, reaching €99 million in H1'25 compared to €97 million in H1'24 [8, 41] - Adjusted EBITDA margin increased by 20 bps to 16.0% in H1'25 from 15.8% in H1'24 [8, 41] - Net backlog decreased by 3.2% YoY, from €786 million in H1'24 to €761 million in H1'25 [8, 25] Order Intake - Overall order intake decreased by 9.2% YoY, from €514 million in H1'24 to €467 million in H1'25 [28] - Composite Yachts order intake decreased by 32.7% YoY [32] - Made-to-measure Yachts order intake decreased by 0.4% YoY [32] - Super Yachts order intake decreased by 7.2% YoY [32] Geographical Performance - Order intake in Europe increased by 3.8 million YoY [32] - Order intake in AMAS decreased by 21.9% YoY [35] - Order intake in APAC increased by 82.9% YoY [35] Revenue Breakdown - Revenue from Made-to-measure Yachts increased by 8.6% YoY, from €233.1 million in H1'24 to €253.1 million in H1'25 [39] - Revenue from Super Yachts increased by 26.5% YoY, from €82.5 million in H1'24 to €104.4 million in H1'25 [39]

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Group 1 - The core viewpoint of the report indicates a downward adjustment of the revenue forecast for Ferretti Group due to macroeconomic headwinds affecting yacht demand, with 2025 revenue projected at €1.29 billion, a 3% decrease, and adjusted EBITDA forecasted at €203 million, a 4% decrease [1] - The report introduces a new revenue forecast for 2026 at €1.37 billion and adjusted EBITDA at €221 million, reflecting the company's high-end positioning and market leadership supporting profitability improvement and business resilience [1] - The company showcased seven significant yachts at the 2025 Venice Boat Show, including two global premieres, highlighting its leadership in innovation and luxury yacht craftsmanship [2] Group 2 - Ferretti Group reported a strong performance in Q1 2025, with a record order backlog of €1.77 billion, a 7.6% year-on-year increase, and net revenue (excluding second-hand sales) of €330 million, a 5.0% increase [2] - The company previously provided guidance for 2025, expecting net revenue (excluding second-hand sales) between €1.22 billion and €1.24 billion, with an EBITDA margin improvement of 30 to 50 basis points [3] - The company maintains confidence in achieving its annual and mid-term targets due to a robust order backlog and the resilience of its high-end customer base [3]

Financial Data and Key Metrics Changes - The company reported a record high order intake backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of approximately 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [24] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw significant growth, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [35][39] - The Middle East market experienced tough comparisons due to a strong performance in Q1 2024 [18] - The Americas reported a 150% increase in the made-to-measure segment [20] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the U.S. market, indicating a return to normalcy after a period of uncertainty [40][59] - The company expects sustainable mid-range single-digit growth for 2025, with net revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [26] - The net financial position remains positive with €55,000,000 in net cash [27] Q&A Session Summary Question: Current U.S. Market Environment - Management discussed the strong demand for made-to-measure yachts and the challenges faced by the composite yacht segment due to economic uncertainties [35][39] Question: Guidance on Order Intake for 2025 - Management expects order inflow to be slightly better than the previous year, with a conservative outlook for the superyacht segment due to production capacity constraints [45] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio [46] Question: Current Trading in April and Early May - Management noted a significant recovery in market conditions globally, with increased inquiries and negotiations [65] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [67] Question: M&A Pipeline - Management confirmed they are entering a due diligence process for a potential acquisition [69]

Financial Data and Key Metrics Changes - The company reported a record high order backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [3] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [3] - Revenues increased by 5% from €313,000,000 to €329,000,000, surpassing market growth expectations of approximately 4.2% [4][27] - EBITDA margin improved to 16% from 15.4% in the first quarter of the previous year [4][22] - Net profit grew by 7.7% [22] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw a significant increase, now representing 49% of order intake, up from 37% last year [15] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [16] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment experienced weaker performance [15][36] - Europe performed negatively due to a one-off order in the previous year, but would have shown a 33% increase without that [17] - The Middle East faced tough comparisons due to a strong previous year, while APAC showed an increase of nearly €10,000,000 [18] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [11][20] - The business model emphasizes a balanced presence across 71 countries, mitigating risks from market fluctuations [20] - The company expects sustainable mid-range single-digit growth for 2025, with net revenues projected between €1,220,000,000 and €1,240,000,000 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market recovering after a period of uncertainty due to elections and tariffs [39][66] - The overall market is showing signs of normalization, with increased inquiries and negotiations across all regions [66] - The company is adjusting its production approach to manage working capital more effectively [76] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [24][28] - The net financial position remains positive, with net cash of €50,000,000 at the end of the first quarter [25] Q&A Session Summary Question: Current U.S. Market Environment - Management discussed the strong demand for made-to-measure yachts and the weaker performance of composite yachts, attributing it to economic uncertainties and election-related market freezes [36][39] Question: Guidance on Order Intake Target for 2025 - Management expects order inflow to be slightly better than the previous year, with a focus on made-to-measure yachts [44] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, aiming for a high single-digit ratio by year-end [45][76] Question: Current Trading in April and Early May - Management noted that April was affected by tariff news, but May showed a return to normal trading conditions across all regions [66] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [68] Question: M&A Pipeline - Management confirmed they are entering a due diligence process for a potential acquisition [70]

Financial Data and Key Metrics Changes - The company reported a record high order backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [23] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw a significant increase, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [15][36] - Europe experienced a decline due to a one-off order in Q1 2024, but would have shown a 33% increase without that [18] - The Americas reported a 150% increase in the made-to-measure segment [19] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [10][11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market recovering after a period of uncertainty due to elections and tariffs [40] - The company expects sustainable mid-range single-digit growth for 2025, with revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [25] - The net financial position remains positive with €55,000,000 in net cash [26] Q&A Session Summary Question: Current U.S. Market Environment - Management noted a strong demand for made-to-measure yachts, while the composite segment is facing challenges due to economic uncertainties [36][40] Question: Guidance on Order Intake for 2025 - The company expects order inflow to be slightly better than the previous year across all segments, with a conservative outlook for superyachts due to production capacity [44] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio, below 10% [45][72] Question: Current Trading in April and Early May - April was impacted by tariff news, but May showed a return to normal trading conditions across all regions [64] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [66] Question: M&A Pipeline - The company is entering a due diligence process for a potential acquisition [67]

Core Insights - The company reported a strong financial performance for Q1 2025, with a record order volume of €1.7686 billion, reflecting a growth of 7.6% compared to March 31, 2024, and 6.3% compared to December 31, 2024 [2] Group 1: New Orders - New orders for Q1 2025 amounted to €270.6 million, representing an increase of approximately 1.5% from €266.6 million in Q1 2024, driven by strong performance in the custom yacht segment [1] - Cumulative orders as of March 31, 2025, reached €1.7686 billion, up 6.3% from €1.6639 billion on December 31, 2024, and up 7.6% from €1.6434 billion on March 31, 2024, supported by larger vessel orders received in the previous quarter [1] Group 2: Net Orders - The net cumulative orders as of March 31, 2025, stood at €839.6 million, a slight decrease of about 1.3% from €900 million on December 31, 2024, but an increase of 7.6% from €828.7 million on March 31, 2024 [1] Group 3: New Yacht Revenue - New yacht net revenue for Q1 2025 was €328.5 million, an increase of approximately 5.0% from €313 million in Q1 2024, attributed to a significant backlog of orders from 2023 and 2024, with a continued rise in the share of large yachts, custom yachts, and superyachts [1]