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