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]
Ferretti(09638) - 2025 Q4 - Earnings Call Transcript