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]
Ferretti(09638) - 2025 Q1 - Earnings Call Transcript