Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Ferretti S.p.A. (Incorporated under the laws of Italy as a joint-stock company with limited liability) (Stock Code: 09638) INSIDE INFORMATION ANNOUNCEMENT UNAUDITED COMMERCIAL AND FINANCIAL UPDATE FOR THE THREE MONTHS ENDED MARCH 31, 2025 This announcement is made by Ferretti S.p.A. (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). The board of directors (the “Board”) of the Company is pleased to provide a commercial and financial update of the Group for the three months ended March 31, 2025 (the “Q1 2025”). SIGNIFICANT EVENTS IN Q1 2025 In January, February and March 2025, the Group participated in the major international boat shows in Düsseldorf, Miami, Dubai, and Palm Beach. Q1 2025 TRADING UPDATE (UNAUDITED) Order Intake: €270.6 million in Q1 2025, representing an improvement of approximately 1.5% when compared to Q1 2024 (€266.6 million) mainly due to the strong performance of the made-to-measure yachts segment.
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– 2 – Order Intake by Segment: • Composite yachts segment totaled €101.4 million in Q1 2025, which is equivalent to approximately 37.5% of the total order intake in Q1 2025 (from €103.9 million, which is equivalent to approximately 39.0% of the total order intake in Q1 2024) • Made-to-measure yachts segment totaled €132.3 million in Q1 2025, which is equivalent to approximately 48.9% of the total order intake in Q1 2025 (from €98.6 million, which is equivalent to approximately 37.0% of the total order intake in Q1 2024) • Super yachts segment totaled €33.1 million in Q1 2025, which is equivalent to approximately 12.2% of the total order intake in Q1 2025 (from €64.0 million, which is equivalent to approximately 24.0% of the total order intake in Q1 2024) • Other businesses 1 totaled €3.8 million in Q1 2025, which is equivalent to approximately 1.4% of the total order intake in Q1 2025 (from Nil, as there was no order intake in the other businesses segment in Q1 2024) Order Intake by Geographic Area2: • Europe totaled €77.3 million in Q1 2025, which is equivalent to approximately 28.6% of the total order intake in Q1 2025 (from €122.0 million, which is equivalent to approximately 45.8% of the total order intake in Q1 2024) • Middle East and Africa region (“MEA”) totaled €80.2 million in Q1 2025, which is equivalent to approximately 29.6% of the total order intake in Q1 2025 (from €102.8 million, which is equivalent to approximately 38.6% of the total order intake in Q1 2024) • Asia-Pacific region (“APAC”) totaled €10.5 million in Q1 2025, which is equivalent to approximately 3.9% of the total order intake in Q1 2025 (from €0.8 million, which is equivalent to approximately 0.3% of the total order intake in Q1 2024) • AMAS totaled €102.6 million in Q1 2025, which is equivalent to approximately 37.9% of the total order intake in Q1 2025 (from €40.9 million, which is equivalent to approximately 15.3% of the total order intake in Q1 2024) 1 Including Wally sail 2 The geographical breakdown refers to breakdown by the dealer’s area of exclusivity or by the customer’s nationality
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– 3 – Order Backlog: €1,768.6 million as of March 31, 2025, representing an increase of approximately 6.3% when compared to December 31, 2024 (€1,663.9 million) and an increase of approximately 7.6% when compared to March 31, 2024 (€1,643.4 million) mainly supported by the intake of larger vessels in the last quarter. Order Backlog by Segment: • Composite yachts reached €437.9 million as of March 31, 2025, which is equivalent to approximately 24.8% of the total backlog as of March 31, 2025 (from €505.2 million, which is equivalent to approximately 30.7% of the total backlog as of March 31, 2024) • Made-to-measure yachts reached €547.8 million as of March 31, 2025, which is equivalent to approximately 31.0% of the total backlog as of March 31, 2025 (from €596.0 million, which is equivalent to approximately 36.3% of the total backlog as of March 31, 2024) • Super yachts reached €740.7 million as of March 31, 2025, which is equivalent to approximately 41.9% of the total backlog as of March 31, 2025 (from €485.6 million, which is equivalent to approximately 29.5% of the total backlog as of March 31, 2024) • Other businesses1 reached €42.2 million as of March 31, 2025, which is equivalent to approximately 2.4% of the total backlog as of March 31, 2025 (from €56.7 million, which is equivalent to approximately 3.5% of the total backlog as of March 31, 2024) Net Backlog: €839.6 million as of March 31, 2025, representing a slight decrease of approximately 6.7% from €900.0 million as of December 31, 2024 and an increase of approximately 1.3% from €828.7 million as of March 31, 2024. Net Revenue of New Yachts 3: €328.5 million in Q1 2025, representing an increase of approximately 5.0% when compared to Q1 2024 (€313.0 million) attributable to the strong order backlog built in 2023 and 2024, with a growing share of the larger yachts segments, Made-to-measure and Super yachts. Net Revenue of New Yachts by Segment: • Composite yachts reached €131.2 million, which is equivalent to approximately 39.9% of the total net revenue of new yachts in Q1 2025 (from €145.0 million, which is equivalent to approximately 46.3% of the total net revenue of new yachts in Q1 2024) 3 Calculated without pre-owned business
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– 4 – • Made-to-measure yachts reached €138.4 million, which is equivalent to approximately 42.1% of the total net revenue of new yachts in Q1 2025 (from €120.1 million, which is equivalent to approximately 38.4% of the total net revenue of new yachts in Q1 2024) • Super yachts reached €46.3 million, which is equivalent to approximately 14.1% of the total net revenue of new yachts in Q1 2025 (from €36.1 million, which is equivalent to approximately 11.5% of the total net revenue of new yachts in Q1 2024) • Other businesses4 reached €12.6 million, which is equivalent to approximately 3.8% of the total net revenue of new yachts in Q1 2025 (from €11.8 million, which is equivalent to approximately 3.8% of the total net revenue of new yachts in Q1 2024) Net Revenue of New Yachts by Geographical Region2: • Europe reached €130.8 million, which is equivalent to approximately 39.8% of the total net revenue of new yachts in Q1 2025 (from €163.0 million, which is equivalent to approximately 52.1% of the total net revenue of new yachts in Q1 2024) • MEA reached €113.5 million, which is equivalent to approximately 34.6% of the total net revenue of new yachts in Q1 2025 (from €63.9 million, which is equivalent to approximately 20.4% of the total net revenue of new yachts in Q1 2024) • APAC reached €5.7 million, which is equivalent to approximately 1.7% of the total net revenue of new yachts in Q1 2025 (from €12.7 million, which is equivalent to approximately 4.1% of the total net revenue of new yachts in Q1 2024) • AMAS reached €78.4 million, which is equivalent to approximately 23.9% of the total net revenue of new yachts in Q1 2025 (from €73.3 million, which is equivalent to approximately 23.4% of the total net revenue of new yachts in Q1 2024) Adjusted EBITDA5: €52.5 million in Q1 2025, representing an increase of approximately 8.9% when compared to Q1 2024 (€48.2 million) and with a margin 6 equivalent to 16.0% in Q1 2025, representing an increase of 60 basis points when compared to Q1 2024 (15.4%). 4 Including ancillary activities, FSD, Wally sail 5 Excluding non-recurring costs for supply chain support, contribution to employees for Emilia- Romagna flood and other minor non-recurring events 6 Calculated as EBITDA adj./revenue without pre-owned business
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– 5 – This excellent performance confirms the strength of the commercial and industrial strategy employed by the Group. This strategy has enabled the Group to maintain strong negotiating power over prices, consolidate the most profitable segments, and absorb fixed costs more efficiently, in addition to greater procurement economies of scale capacity. Net Profit: €23.9 million in Q1 2025, representing an increase of approximately 7.7% from Q1 2024 (€22.2 million). Investment in Tangible and Intangible Assets: €16.2 million as of Q1 2025, of which approximately €7.7 million were allocated to maintaining existing production operations and the current product portfolio and approximately €8.5 million for business expansion activities. Net Financial Position: €54.6 million as of March 31, 2025, representing a decrease of €70.0. million from €124.6 million as of December 31, 2024. Net Working Capital: Positive €208.3 million of net working capital as of March 31, 2025, representing an increase of €83.8 million compared to December 31, 2024, mainly due to delayed orders in the AMAS market, particularly in the composite yachts segment, compared to the usual seasonality. COMMUNICATION OF 2025 GUIDANCE AND CONFIRMATION OF MID-TERM GUIDANCE The Group has established the following aspirational financial guidance (“ Guidance”) for 2025, which it aims to achieve by executing its strategies. 2024A 2025E Mid-Term Net Revenue New Yachts7 (€ millions) 1,173.3 1,220–1,240 +4.0 +5.7% c. 10% CAGR organic with further upside from M&A Adjusted EBITDA (€ millions) 190.0 201–207 +5.8% +8.9% Adjusted EBITDA margin (%) 16.2% 16.5%–16.7% +30bps +50bps Greater than 18.5% Capex (€ millions) 140.8 ~90.0 7 Revenue without Pre-Owned. Pre-owned business is expected to reach approximately €50–60 million FY 2025.
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– 6 – The Guidance should not be read as forecasts and should not be read as indicating that the Group will achieve such performances, but are merely objectives that result from the Group’s pursuit of its strategy. The Group’s ability to meet these objectives is based upon the assumption that it will be successful in executing its strategy and is also dependable on the accuracy of a number of assumptions involving factors that are significantly or entirely beyond its control. The objectives are also subject to known and unknown risks, uncertainties and other factors that may result in the Group being unable to achieve them. FINAL REMARKS Once again, the global luxury yacht industry has proven to be resilient in the face of geopolitical and macroeconomic uncertainty, underscoring its stability and strength. In this context, the Group has continued to deliver outstanding performance, consistently gaining market share and reinforcing its strategic position not only in high-value segments but also in new emerging and high-growth segments. To continue building on the expected growth trends of the global luxury yacht industry, enhancing its value proposition and strengthening its overall resilience, the Group’s future plans are based on the following strategic pillars: • The Group will enhance and expand its product offering and product mix ahead of evolving market trends and customer expectations, with the aim to consolidate its market leadership position in both the composite and made-to-measure segments, focusing on the segments with the highest growth potential and marginality. • The Group will continue to invest in innovation, technologies, and products with the aim of providing a more environmentally responsible yachting experience, attributable to the skillful use of more sustainable materials and processes aimed at reducing the environmental impact of the products. • The Group will expand its made-to-measure offering into larger alloy yachts, developing new alloy-hulled super yacht models under its iconic Riva, Pershing, and Custom Line brands. • The Group will also broaden both its yacht brokerage, chartering and management services and its after-sales and refitting services; extend its brand extension and licensing activities. • Finally, the Group will keep investing in the internalization of high value-added activities to support its future growth and product portfolio expansion.
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– 7 – COMPANY’S CEO COMMENT “We close the first quarter of 2025 with solid and consistently growing financial results. The order book reached a new all-time high of 1,768.6 million euros, reflecting an increase of 7.6% compared to March 31, 2024 and 6.3% compared to December 31, 2024. This performance was mainly driven by the strong increase in the last few months in demand for Made-to-measure and Super yachts, which together now account for approximately 73.0% of the total order book. During the first three months of the year, our participation in the major international boat shows in Düsseldorf, Miami, Dubai, and Palm Beach further strengthened our presence in strategic markets, generating growing interest from yacht owners—evidence of the Group’s ability to operate successfully in an evolving landscape. These results confirm the effectiveness of a clear and focused industrial and commercial strategy, aimed at consolidating traditional markets while expanding into higher- marginality segments. We continue with determination on our growth path, investing in innovation and quality, ready to seize market opportunities and further strengthen our leadership in the luxury yachting sector.” PRESENTATION TO INVESTORS The results as of March 31, 2025, shall be presented to the financial community through a conference call to be held on May 16, 2025 at 2:00 p.m. CEST, or 8:00 p.m. Hong Kong Time. To attend the webcast meeting, you can register at this link: https://media-tree.zoom.us/ webinar/register/WN_2iDiAG9XS7WdTLQ-B8EydQ The presentation of the management will be available a few minutes before the start of the conference call on the Company’s website under “Reports and Presentations” of the “Investors Relations” section. Shareholders and potential investors of the Company should exercise caution when dealing in or investing in the securities of the Company and should not rely solely on such information. By order of the Board Ferretti S.p.A. Mr. Alberto Galassi Executive Director and Chief Executive Officer Hong Kong, May 16, 2025 As at the date of this announcement, the Board comprises Mr. Alberto Galassi and Mr. Tan Ning as executive Directors; Mr. Jiang Kui, Mr. Piero Ferrari, Ms. Jiang Lan (Lansi) and Mr. Hao Qinggui as non-executive Directors; and Mr. Stefano Domenicali, Mr. Patrick Sun and Ms. Zhu Yi as independent non-executive Directors.