Financial Data and Key Metrics Changes - Ferretti Group achieved the highest level of revenues and margins since management took over in 2014, with adjusted EBITDA growing by 6.7% year-over-year and an adjusted EBITDA margin increase of 30 basis points to 16.5% from 16.2% [3] - Revenues increased by 5% to EUR 1,232 million from EUR 1,173 million, while the order backlog rose to EUR 1.716 billion, a 3.1% increase from the previous year [3][4] Business Line Data and Key Metrics Changes - The company reported a significant shift towards larger models, with the average ticket price increasing from EUR 4.6 million in 2024 to EUR 5.1 million in 2025, driven by a focus on made-to-measure and large composite yachts [17] - The order intake for made-to-measure yachts surged by 47%, with a quarter-on-quarter increase of 98% [20] Market Data and Key Metrics Changes - The overall market for boats decreased by 3.1% in 2025, contrasting with Ferretti Group's growth of 5% [5][6] - The Americas market performed well, with a 22% increase in sales, while the Middle East was affected by a decline in superyacht orders [27] Company Strategy and Development Direction - Ferretti Group aims to focus on the most profitable segments, avoiding entry-level markets where margins are low, and instead targeting high-end clients [8][9] - The company plans to invest in the Asia Pacific region to capture more market share, recognizing the potential for growth in countries like China, Indonesia, and Australia [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in client loyalty, with 49% of sales coming from repeat customers, indicating strong brand trust [33] - The company anticipates challenges due to tariffs affecting decision-making processes but remains optimistic about the recovery in the U.S. and Middle East markets [36][38] Other Important Information - The company has maintained a strong financial position with a net financial position of EUR 111 million and a net working capital ratio of 13.1% [31] - Ferretti Group is focused on organic growth and is considering M&A opportunities as market conditions improve [41][42] Q&A Session Summary Question: Can you discuss client engagement at boat shows and order intake for January and February? - Management noted that while there were fewer visitors, the quality of potential clients improved, with significant contracts signed in the U.S. and stable performance in Düsseldorf [47] Question: How do you view the composite market trend and competitor pricing strategies? - Management expects the trend of pressure on the composite market to continue, with competitors offering discounts, but Ferretti Group will not engage in discounting [54] Question: What is the outlook for EBITDA margin improvements in 2026? - The company anticipates continued growth in EBITDA margin due to a favorable backlog mix and ongoing cost discipline [59] Question: What is the status of M&A opportunities? - Management is looking for strategic acquisitions but remains disciplined in evaluating potential targets, especially given past high valuations [73] Question: How is the company addressing the Asia Pacific market? - Increased investments and changes in the dealer network are planned to enhance presence and sales in the Asia Pacific region [75] Question: What visibility do you have on superyacht orders? - Currently, there are three superyachts under negotiation, with management confident but cautious about pricing and margins [80]

Financial Data and Key Metrics Changes - Ferretti Group achieved the highest level of revenues and margins since management took over in 2014, with adjusted EBITDA growing by 6.7% year-over-year and adjusted EBITDA margin increasing by 30 basis points to 16.5% from 16.2% [3] - Revenues increased by 5% to EUR 1,232 million compared to EUR 1,173 million in the previous year [3] - The order backlog rose to EUR 1.716 billion, a 3.1% increase from the previous year [4] Business Line Data and Key Metrics Changes - The company reported a significant increase in the made-to-measure segment, with order intake growing by 47% and a 98% increase quarter-on-quarter [20] - The average ticket size for orders increased from EUR 4.6 million in 2024 to EUR 5.1 million in 2025 [18] - The company splashed 13 new models, including updates and restyling of existing models, which contributed to sales growth [12] Market Data and Key Metrics Changes - The overall market for boats decreased by 3.1% in 2025, while Ferretti Group managed to grow by 5% [5] - The Americas market performed well, with a 22% increase in sales despite the absence of superyacht orders [26] - The Asia Pacific market showed weak performance, with only EUR 24 million in order intake, which is considered unacceptable by the company [45] Company Strategy and Development Direction - Ferretti Group aims to focus on the most profitable segments, particularly in the made-to-measure and superyacht categories, while avoiding entry-level segments where margins are low [9][10] - The company is committed to organic growth and is exploring M&A opportunities to enhance its market position [39] - The management emphasizes the importance of having multiple brands to cater to different customer segments and preferences [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong client trust and a positive outlook for 2026, particularly in the U.S. and Middle East markets [31][36] - The company acknowledges challenges from tariffs and geopolitical uncertainties but believes it can navigate these issues effectively [33][36] - There is a focus on improving performance in the Asia Pacific region, with plans for increased investment and a revamped dealer network [35][70] Other Important Information - The company reported a net financial position of EUR 111 million, indicating strong financial health [30] - CapEx for the year was aligned with guidance at approximately EUR 90 million, with over 50% allocated to R&D [29] Q&A Session Summary Question: Client engagement and order intake in early 2026 - Management noted that while there were fewer visitors at boat shows, the quality of potential clients improved, with a 16% increase in boat owners attending the Miami show [43] Question: Governance and board renewal - Management indicated that the upcoming board renewal could represent either a continuation of the current strategy or a new chapter for the company, depending on shareholder decisions [47] Question: Future of the composite market and pricing - Management expects the trend of challenges in the composite market to continue, with competitors pushing discounts, but Ferretti Group will not engage in discounting [51] Question: EBITDA margin improvements - The EBITDA margin increased due to a favorable product mix and cost discipline, with expectations for continued growth in 2026 [54] Question: M&A pipeline and Asia Pacific investments - Management is looking for strategic acquisitions and is investing more in the Asia Pacific region to improve performance [68][70] Question: Visibility on superyacht orders - There are currently three superyachts under negotiation, with management confident but cautious about ensuring profitability before closing deals [74][77]

Financial Data and Key Metrics Changes - The order intake increased to €771 million, a 4.6% rise compared to the first nine months of 2024 [3] - The net backlog rose by 4.5% to €795 million from €761 million in the previous quarter [3] - Revenues increased by 2.5% to €887 million from €863 million in the previous nine months [3] - EBITDA also grew by 2.5%, reaching €142 million compared to €138 million in the prior year [19] Business Line Data and Key Metrics Changes - The made-to-measure segment saw a significant increase of 32% over the nine months and 185% compared to the previous quarter, representing 55% of the order intake [8][16] - The composite segment remained stable compared to last year, with over half of the intake being above 80 feet, indicating high marginality [16] Market Data and Key Metrics Changes - Europe was the leading market, with a 32% increase compared to the previous nine months and an 89% increase quarter over quarter [16] - The Middle East market performed well with an 18% increase, excluding superyacht orders from the previous year [17] - The U.S. market remained stable, with expectations for improvement in the upcoming season [17] Company Strategy and Development Direction - The company is focused on the made-to-measure segment, which is the most profitable, and is investing in expanding production capacity [10][21] - The company aims to maintain its market position by avoiding aggressive discounting strategies that competitors are employing [19][75] - Future growth is anticipated from the U.S. market, with a strong order pipeline and upcoming boat shows expected to drive sales [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing after a period of uncertainty due to geopolitical tensions and tariffs [7] - The company is optimistic about the upcoming American season and the Asia Pacific market, despite current challenges in that region [35][36] - The management emphasized the importance of brand strength and customer loyalty, with 44% of order intake coming from repeat clients [37] Other Important Information - The company confirmed its guidance for net revenues of €1,221 million and an adjusted EBITDA margin of 16.5% for the year [30] - Capital expenditures for the first nine months were €64 million, with a target to remain below €90 million for the year [21] Q&A Session Summary Question: Consumer outlook in different regions and early October trends - Management reported positive trends in October, with negotiations converting into contracts and good results from the U.S. and Middle East markets [35] Question: EBITDA margin improvement strategies - Management outlined cost containment measures and expected contributions from the U.S. market to help achieve the EBITDA target [41][42] Question: Update on M&A pipeline - Management is in the process of due diligence for potential acquisitions and is optimistic about signing exclusivity rights with targets [39] Question: Segment mix in ongoing negotiations - Management confirmed that ongoing negotiations are global, with sales across various regions, including Asia Pacific and Europe [47] Question: Pricing dynamics in the second-hand market - Management indicated that the second-hand market is not a concern due to the limited availability of units and the company's focus on scarcity [48] Question: Competitive dynamics and discounting strategies - Management stated that they do not engage in aggressive discounting and focus on maintaining brand value, contrasting with competitors offering steep discounts [75]

Financial Data and Key Metrics Changes - The order intake increased to €771 million, approximately 6% higher than the first nine months of 2024 [3] - The net backlog rose by 4.5% to €795 million compared to €761 million at the end of the first half of 2025 [3] - Revenues increased by 2.5% to €887 million from €863 million in the previous nine months [4] - EBITDA also grew by 2.5% to €142 million compared to €138 million in the prior year [26] Business Line Data and Key Metrics Changes - The made-to-measure segment saw a significant increase of 32% over the nine months and 185% in the last quarter [10][22] - The contribution from the made-to-measure segment increased by nearly 14%, while the superyacht segment generated a 33% increase [25][26] - The Custom Line segment remains a backbone of revenues, with new models contributing to sales [16] Market Data and Key Metrics Changes - Europe was the leading market, with a 32% increase compared to the previous nine months and an 89% increase quarter-over-quarter [23] - The Middle East market performed well with an 18% increase, excluding superyacht orders from the previous year [23] - The Asia Pacific market showed a modest growth of 2%, with a 13% increase but remains a small area for the company [23] Company Strategy and Development Direction - The company is focused on the made-to-measure segment, which represents 55% of the order intake, and aims to maintain its position in the luxury market [9][37] - The company is investing in expanding its dealer network in Asia Pacific to capture potential growth in that region [48] - The management emphasized the importance of brand strength and design in attracting younger clients [50] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing after a period of uncertainty due to geopolitical tensions and tariffs [8][9] - The company expects strong performance in the upcoming American season and is optimistic about the visibility of future orders [38] - The management confirmed guidance for net revenues of €1.24 billion and an adjusted EBITDA margin of 16.5% [41] Other Important Information - The company has a positive net financial position of €65 million and aims to exceed €100 million by year-end [31][32] - Capital expenditures for the first nine months were €64 million, with a guidance to remain below €90 million for the year [28] Q&A Session Summary Question: Consumer outlook in different regions and early October trends - Management reported strong negotiations turning into contracts, particularly in the U.S. and Middle East, but noted a flat trend in Asia Pacific [46][48] Question: EBITDA margin improvement and building blocks - Management expects to achieve a 16.5% EBITDA margin by year-end, citing cost containment measures and volume discounts from suppliers [55][57] Question: Update on M&A pipeline - Management is in the process of due diligence for potential acquisitions and is optimistic about signing exclusivity rights with targets [54] Question: Ongoing negotiations and segment mix - Of the €430 million in ongoing negotiations, €80 million has already converted into orders, with a global mix across regions [63] Question: Pricing dynamics and discounts - Management clarified that discounts are reflected in lower revenues, but they maintain a limited discount policy compared to competitors [86] Question: Net working capital expectations - Management confirmed expectations to reach a net working capital to sales ratio around 10% by year-end [72]

Financial Data and Key Metrics Changes - The order intake increased to €771 million, a 4.6% rise compared to the first nine months of 2024 [3] - The net backlog rose by 4.5% to €795 million from €761 million at the end of the previous quarter [3] - Revenues increased by 2.5% to €887 million from €863 million in the previous nine months [3] - EBITDA also grew by 2.5% to €142 million compared to €138 million in the prior year [19] Business Line Data and Key Metrics Changes - The made-to-measure segment saw a significant increase of 32% over the nine months and 185% compared to the previous quarter, representing 55% of the order intake [7][15] - The composite segment remained stable compared to last year, with over half of the intake being above 80 feet, which has similar marginality to made-to-measure [15] Market Data and Key Metrics Changes - Europe was the leading market, with a 32% increase compared to the previous nine months and an 89% increase quarter-over-quarter [16] - The Middle East market performed well with an 18% increase, excluding superyacht orders from the previous year [17] - The U.S. market remained stable, with expectations for improvement in the upcoming season [17] Company Strategy and Development Direction - The company is focused on the made-to-measure segment, which is the most profitable, and has invested in CapEx to increase production capacity [10][21] - The company aims to maintain its position in the luxury market, avoiding aggressive discounting strategies that could harm brand value [26][74] - Future growth is anticipated from the U.S. market, with a focus on larger boats and customization [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing after a period of uncertainty due to geopolitical tensions and tariffs [6] - There is confidence in achieving the annual guidance, with expectations for continued order intake growth and improved profitability [30] - The company is optimistic about the upcoming boat shows and the potential for increased orders, particularly in the U.S. [28] Other Important Information - The company has a positive net financial position of €65 million, with expectations to exceed €100 million by year-end [22] - CapEx for the first nine months was €64 million, with guidance to remain below €90 million for the year [20][21] Q&A Session Summary Question: Consumer outlook in different regions and early October trends - Management reported strong negotiations turning into contracts, particularly in the U.S. and Middle East, while expressing disappointment in the Asia Pacific market [34][35] Question: EBITDA margin improvement strategies - Management outlined cost containment measures and volume discounts from suppliers as key strategies to maintain EBITDA margins [39][40] Question: Update on M&A pipeline - Management confirmed ongoing discussions with potential targets and entering due diligence processes [38] Question: Segment mix in ongoing negotiations - Management indicated that ongoing negotiations are global, with sales across various regions, including Asia Pacific and Europe [45] Question: Pricing dynamics in the second-hand market - Management stated that the second-hand market is not a concern due to the scarcity of units and limited production [46] Question: Working capital expectations - Management confirmed expectations to achieve a net working capital to sales ratio around 10% by year-end [50]

Financial Performance Highlights - Revenue increased by 2.5% to €887 million in 9M'25 compared to €865 million in 9M'24 [8, 45] - Order intake increased sharply by 4.6% to €771 million in 9M'25 from €737 million in 9M'24 [8, 33] - Adjusted EBITDA increased by 2.5% to €142 million in 9M'25 compared to €138 million in 9M'24, with a stable EBITDA margin of 16.0% [10, 48] - Net backlog increased by 1.9% year-over-year and 4.5% compared to June 30, 2025, reaching €795 million [9, 29] - Net profit decreased slightly by 1.9% to €61 million in 9M'25 from €62 million in 9M'24 [47] Order Intake Dynamics - Order intake in Q3'25 increased by 36% year-over-year, driven by the European boat show season, reaching approximately €304 million [29, 35] - Made-to-measure yachts accounted for 55% of total order intake in 9M'25, showing a significant increase of 31.9% year-over-year [37, 56] - Order intake from Europe increased significantly by 32.3% in 9M'25 compared to 9M'24 and 89% in Q3'25 compared to Q3'24 [41, 43] Business Operations - The company launched 3 new products in Q3'25, including 2 range expansions and 1 range update [18] - Capex for 9M'25 was approximately €64 million, and the full-year 2025 capex is expected to be below €90 million [50, 56] - Negotiations for potential orders are up 48% year-over-year, reaching approximately €430 million, providing solid visibility ahead of the USA Boat Show season [35, 58] Market Outlook and Guidance - The company confirmed its 2025 annual guidance, with net revenue expected to be between €1,220 million and €1,240 million and adjusted EBITDA between €201 million and €207 million [59]