Slides
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Q1 2025 BUSINESS UPDATE unaudited data
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TODAY’S PRESENTERS 2 CHIEF FINANCIAL OFFICER MARGHERITA SACERDOTIMARCO ZAMMARCHI ALBERTO GALASSI CHIEF EXECUTIVE OFFICER TBD INVESTOR RELATIONS
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3 TODAY’S AGENDA Final Remarks4 Q&A 3 2 Key Highlights1 Business Dynamics Financial Results
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Key Highlights 01
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SOUND PERFORMANCE IN MAIN KPIs Key Highlights01 ORDER BACKLOG1 (€mln) REVENUE4 (€mln) 1. Order Backlog: represents the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers. 2.Order Intake represents the total amount of new orders signed, net of commissions, for new vessels; 3. Calculated as Adj. EBITDA/Revenue without Pre-Owned; 4. Revenue without Pre-Owned; 5. Source and Notes: Phil Draper & Associates Database (2024). ADJ EBITDA margin3 (%) 5 313 329 Q1’24 Q1’25 +5.0% Q1’24 16.0% Q1’25 +60bps 15.4% 1,643 1,769 Q1’24 Q1’25 +7.6% New- record high at 1.8bn ✓ ✓ Higher than market growth expectation of 4.2%5 267 271 Q1’24 Q1’25 +1.5% ORDER INTAKE2 (€mln)
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Business Dynamics 02
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Business Dynamics02 7 2025 BOAT SHOW SEASON: A POSITIVE START 18 - 26 January 4 - 7 September 9 - 14 September 19 - 23 February 24 - 27 September 29 October – 2 November 19 - 23 March 31 July - 3 August 12 – 16 F ebruary 27 - 30 November 5 - 8 November Already took place in 2025 29 May – 2 June Q1’25 BOAT SHOWS DATA Successful Boat shows with a growing numbers of visitors compared to last year, particularly at the Palm Beach International Boat Show and the Dubai International Boat Show The high attendance reflects an increasing interest and positive engagement from clientele ✓ ✓ 10 - 13 April 18 – 23 September
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IN 1Q’25 4 PRODUCTS SPLASHED OF WHICH 1 RANGE EXPANSION Business Dynamics 8 02
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RANGE EXPANSION Business Dynamics 9 02 RANGE UPDATE Ferretti Yachts 940 7 units sold RANGE UPDATE Riva Iseo Super 7 units sold
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RANGE EXPANSIONFULL CUSTOM Pershing GTX70 Business Dynamics M/Y Amor à Vida 10 One-off project 02 FULL CUSTOM 1 unit sold
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IN 1Q’25 3 PRODUCTS ANNOUNCED OF WHICH 2 RANGE EXPANSION Business Dynamics 11 02
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RANGE EXPANSIONRANGE UPDATE Riva 58 Capri Business Dynamics Ferretti Yachts 800 12 5 units sold 02 Ferretti Yachts 800
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Business Dynamics 13 02 RANGE EXPANSION Itama 54 Itama 54
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Financial Results 03
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Financial Results03 ORDER BACKLOG & NET BACKLOG Source: Company Information. Order Backlog represents the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers. Net Backlog is calculated as the total orders in portfolio not yet delivered net of revenues already booked. ✓ 1,643 1,664 1,769 Q1’24 2024 Q1’25 7.6% ORDER BACKLOG (€mln) NET BACKLOG (€mln) 840 49% In 2025 51% Beyond 2025 829 1Q’24 1Q’25 +1.3% ✓ 15 Order Backlog reached the new all- time high with €1.8bn In Q1’25 collected ca. €271 mln of orders corresponding to 48 units In the same period delivered 31 units ✓ ✓ Order Backlog (+7.6% YoY) and Net Backlog (+1.3%) continued to grow giving visibility to future revenue ✓ As of 31-March 2025, c. 60% of 2025 guidance revenue already secured, considering Q1’25 Net Revenue & current Net Backlog
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Financial Results03 Q1’25 ORDER INTAKE Source: Company Information. Order Intake represents the total amount of new orders signed, net of commissions, for new vessels. 1. Calculated as Order Intake 12months rolling (excl. Composite and Other) / Revenue without Pre-Owned 12m rolling (excl. Composite and Other*). Other*:including Ancillaries, FSD, Wally sail. 2. Calculated as Order Intake 12months rolling / Revenue without Pre-Owned 12months rolling. ORDER INTAKE (€mln) ✓ 1,120 1,139 2023 2024 ✓ ✓ 16 267 271 Q1’24 Q1’25 +1.5% Order Intake increased YoY, with c. €271mln new orders in Q1’25 As of today, negotiations in progress for ca. €360mln in line with the same period last year Q1’25 Made-to-Measure and Super Yachts Book-to-Bill ratio1 (12months rolling) at 1.2x ✓ Book-to-Bill ratio2 (12months rolling) considering the composite segment equals to 1.0x
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Financial Results03 ORDER INTAKE BY SEGMENT €mln and breakdown as % of total NOTE: Segment sums might not add up to total due to rounding. Composite Yachts Made-to-measure Yachts Super Yachts *including FSD and Wally sail 64 99 33 104 132 101 0 Q1’24 4 Q1’25 267 271 Other* 37% 49% 12% 39% 37% 24% -48.3% -2.4% +34.2% n.m. 1% ✓ 17 Double-digit growth and increasing presence in the Made- to-measure segment, in line with 2024 year-end, reaching 49% (132mln) of the new orders in Q1’25: • MTM in Q1’23 equal to 39% & Q1’24 equal to 37% of tot. Order Intake The Super Yachts segment affected by the comparison with Q1’24 that benefited from a large one-off project SY segment is already supported by a strong backlog, ensuring visibility on future revenues up to 2028 (first delivery slot available in 2029) Composite segment nearly flat, reflecting a softer US market for small vessels ✓ ✓ ✓
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Financial Results03 ORDER INTAKE BY GEOGRAPHY NOTE: Segment sums might not add up to total due to rounding. The geographical breakdown, differently from the previous year’s financial statements refers to the dealer's area of exclusivity or by the customer's nationality. -22.0% +150.9% -36.6% AMAS Europe MEA n.m. (+€9.7mln) APAC 41 103 103 80 122 1 Q1’24 77 11 Q1’25 267 271 ✓ 38% 29% 30% 4% 15% 46% 39% €mln and breakdown as % of total % of change YoY ✓ ✓ AMAS reported solid YoY Order Intake growth, driven by strong performance in the Made-to- measure segment, particularly in the U.S. market, highlighting the success of our strategy to focus on larger and more customizable vessels MEA region affected by an outstanding Q1’24 vs Q1’25 comparison, as Q1’24 marked a record quarter with €103mln in orders, the highest for the region in 2024 In Europe double digit growth (+33%), excluding the Q1’24 Super Yachts order (c.64mln), which impacts the YoY comparison because of its significant high value ✓ Positive beginning of the year in APAC, +€9.7mln in Q1’25 vs Q1’24
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REVENUE 19 REVENUE1 (€mln) Source: Company Information. 1. Revenue without Pre-Owned. 996 1,111 1,173 2022 2023 2024 Financial Results03 313 329 1Q’24 1Q’25 +5.0% ✓ Revenue increased YoY (+5%), supported by a solid order backlog built in 2023 and 2024, with a growing presence in the larger segments (above 24m)— Made-to-measure and Super Yachts
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Financial Results03 ADJ EBITDA & NET PROFIT 20 140 169 190 14.1% 15.2% 16.2% 2022 2023 2024 61 84 88 6.1% 7.5% 7.5% 2022 2023 2024 ADJUSTED EBITDA (€mln & %1) NET PROFIT (€mln & %2) 1. Calculated as Adj. EBITDA/Revenue without Pre-Owned; Note: Adjusted EBITDA equals to EBITDA adding back non-recurring costs; 2. Calculated as Net Profit/Revenue without Pre-Owned ✓ ✓48 53 15.4% 16.0% Q1’24 Q1’25 +8.9% 22 24 7.1% 7.3% Q1’24 Q1’25 +7.7% Solid growth for the adj EBITDA of almost €5mln, up about 9% YoY Increased in the profitability, with the adj EBITDA margin growing to 16.0% (up 60bps YoY) and the Net Profit margin at 7.3% (+20bps)
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Financial Results03 CAPEX Source: Company Information. Note that Capex includes R&D expenses; 1. ca. €13mln related to Fratelli Canalicchio and Il Massello acquisitions. 2. Calculated as Maintenance Capex / Revenue without Pre-Owned. Based on illustrative management definition of Maintenance Capex. 3. Calculated as (Adj. EBITDA – Maintenance Capex) / Adj. EBITDA. ✓ CASH CONVERSION3 (%) 70.2% 86.5% MAINTENANCE CAPEX RATIO2 (%) 4.2% 2.1% 42 23 32 124 109 551 2022 2023 2024 89 Q1’25 97 147 141 16 83.4% 2.7% ✓ Expansion Maintenance 21 85.3% 2.3% Q1’25, capex c.16 mln, of which about two-thirds is related to the development of new products CAPEX 2025 is expected to be c. €90mln 2025 CAPEX plan for Ravenna Shipyard remains c. €26 mln and will be distributed across the next quarters ✓
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Financial Results03 NET FINANCIAL POSITION & NWC NET FINANCIAL POSITION1 (€mln) NWC RATIO (%)2 Source: Company Information. 1. NET CASH/ (NET DEBT). 2. Restated as NWC / 12Months rolling Revenues without Pre-Owned. 206 237 150 125 55 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2.4% 7.3%(2.7)% 10.6% ✓ 22 17.5% Moreover, the Group experienced seasonal absorption of NWC, in the Composite segment, as finished units for sale must be in place ahead of the European boating season ✓ NWC was mainly affected by our own stock of composite yachts ready for sale in the USA, where the season (Oct-Mar) was impacted by the political and economic uncertainties, temporarily delaying the release of capital. However, this also proved advantageous, as the Group had already imported yachts for the 2025 season, avoiding the potential impact of tariffs Despite these short-term dynamics, we expect a gradual release of working capital over the course of the year ✓
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Final Remarks 04
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Final Remarks04 2025 ANNUAL GUIDANCE 24 Source: Company Information. 1. Revenue without Pre-Owned. Pre-owned business is expected to reach approx. €50–60mln in FY25 2. Adjusted EBITDA equals to EBITDA adding back non-recurring costs; 3. Adj. EBITDA Margin as Adj. EBITDA / Revenue without Pre-Owned; 4. Source and Notes: Phil Draper & Associates Database (2024). €mln 2024A 2025E Net Revenue1 1,173.3 1,220 – 1,240 +4.0% +5.7% Adj. Ebitda2 190.0 201 – 207 +5.8% +8.9% Adj. Ebitda margin3 16.2% 16.5% – 16.7% +30bps +50bps CAPEX 140.8 ̴ 90.0 ✓ Expected a sustainable mid- single-digit growth in Net Revenue new yachts EBITDA expected to grow in the high single-digit ✓
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Q&A
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Appendix
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Introduction to Ferretti Group 27 FERRETTI GROUP BUSINESS MODEL BUSINESS MODEL 118 5 156 34 5 11 AMAS EMEA APAC 55 Dealers (active in 71 countries) & 279 Brokers + direct Ferretti Group salesforce 1 LEADING ALL SEGMENTS, EXPANDING MARGINALITY 2 2 3 1. Calculated as the number of repeating customers that purchased at least two different brands within the Ferretti Group over t he sum of total repeating customers in the period 2019 to 2024. 4 Increasing presence in the most profitable segments (above 80ft, 24m), effectively covering wider client needs Made-to-measure 3o -43 m Super Yachts Up to 95 m Centralized Functions (R&D, Procurement, Manufacturing…) & Decentralize activities to nurture brand’s DNA (Marketing, Design & Sales) 44% 23% 33% 37% 26% 37% 131 153+17% 42% Cross-selling across brands1 New Clients - from competitors New Clients – first owners Repetitive Clients Number of clients purchasing one or more yachts: 2 2019A 2024A 37% 26% 37% 23% 33% 44% DIRECT SALES THROUGH GLOBAL DEALERS & BROKERS 7 ICONIC & DISTINCT BRANDS, LEVERAGING SYNERGIES CATERING TO DIVERSE, LOYAL AND GROWING CLIENTELE Composite 8 -30 m