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]

TODAY'S PRESENTERS Q1 2025 BUSINESS UPDATE unaudited data CHIEF FINANCIAL OFFICER MARCO ZAMMARCHI ALBERTO GALASSI MARGHERITA SACERDOTI CHIEF EXECUTIVE OFFICER TBD INVESTOR RELATIONS 2 TODAY'S AGENDA | 1 | Key Highlights | | --- | --- | | 2 | Business Dynamics | | 3 | Financial Results | | 4 | Final Remarks | | Q&A | | 3 Key Highlights 01 01 Key Highlights SOUND PERFORMANCE IN MAIN KPIs ORDER BACKLOG1 (€mln) ADJ EBITDA margin3 (%) Q1'24 16.0% Q1'25 +60bps 15.4% 1,643 1,769 Q1'24 Q1'25 +7.6% New- record high ...