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 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]