Slides
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Q3 2026 FINANCIAL RESULTS unaudited data
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TODAY’S AGENDA Next Steps 4 Q&A 3 2 Key Highlights1 2026 Guidance Financial Results 2
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TODAY’S PRESENTERS MARCO ZAMMARCHI CHIEF FINANCIAL OFFICER 3 Please see slide 27 for Group KPI definitions - All amounts are in millions of Euro, unless otherwise stated STASSI ANASTASSOV CHIEF EXECUTIVE OFFICER ELISABETTA CUGNASCA HEAD OF INVESTOR RELATIONS & SUSTAINABILITY
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Key Highlights 01
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5 Ferretti Group · 9M 2026 Results · 27 October 2026 KEY HIGHLIGHTS – GROWTH AND ACTIONS TO IMPROVE 1 Jul – Sep proved the strength of our brands and our organisation Jul – Sep: orders +6.6%, revenue +13.6%. 2 The topline is recovering from the first half . Guidance confirmed Revenue: Jan – Jun - 5.6%, Jan – Sep +0.2%. 3 Profitability is down. We revise guidance and have a plan Jan – Sep margin : 14.7% (16.0% last year ) . 4 Americas and Middle East: temporary headwinds Orders : - 40% , now 34% of Group orders (49% last year ). 5 Our brands are strong. Super Yachts held us back Composite +28%. Super Yacht orders: none 6 Europe shows Ferretti at full strength Orders +23% like for like. 7 Programs for the Americas, the Middle East and Super Yachts c. € 680m of negotiations under way. 8 All activities and systems reviewed Faster growing. More profitable. More predictable
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Financial Results 02
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7 Key Highlights – ORDER INTAKE RECOVERY SUPPORTING REVENUES AND VISIBILITY 271 197 304 180 162 324 1Q 2Q 3Q -33.6% -17.8% +6.6% 2025 2026 ORDER INTAKE QUARTERLY EVOLUTION NET BACKLOG EVOLUTION 571 397 174 In 2026 Beyond 2026 565 571 30 June 2026 30 September 2026 +1.2% • Recovery path turned into growth: ✓ 3Q Order intake: +6.6% • Composite segment was the key growth driver, supporting rapid conversion of orders into revenues: ✓ 3Q Revenues: +13.6% ✓ 3Q2026YTD revenues: € 889, in line with last year • Visibility increased: ✓ 2026 revenues coverage above 85% ✓ “Beyond 2026” secured revenues at about € 400m • 2026 revenues guidance confirmed in the range of € 1,200-1,240m
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121 118 186 00 3Q2025 187 016 3Q2026 304 324 +6.6% 8 ORDER INTAKE BY SEGMENT Composite Made-to- measure Super Yachts Other +28% -31% +58% -35% n.m.64 279 424 4 9M2025 357 290 017 9M2026 771 665 -13.8% Order Intake – COMPOSITE KEY DRIVER IMPROVEMENT • Private Preview in Monaco and European boat shows boosted recovery trend • Composite segment as growth key driver: ✓ Success of new models launched – e.g. ITAMA 70 & 80 – combined with the attractiveness of the existing ones • Made-to-Measure and Super Yacht segments were impacted by geopolitical uncertainty, leading to longer negotiation processes • As of 30 September, the vast majority of the € 680 million currently under negotiation relates to Made-to- Measure and Super Yacht, supporting future order intake generation n.m. n.m. n.m.
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9 ORDER INTAKE BY GEOGRAPHY Europe MEA APAC AMAS 56 42 46 198 3 3Q2025 251 19 12 3Q2026 304 324 +6.6% +27% -58% 199 115 177 112 379 386 16 9M2025 52 9M2026 771 665 -13.8% +2% -37% +220% -42%+255% -26% • Europe came back to growth: ✓ The success of the Composite segment during the summer and the boat-show season was strong enough to offset the challenging comparison coming from 2 Super Yacht orders signed in H1 2025 (around € 64m) • APAC confirmed a consistent and steady growth trend: ✓ from 2% in 9M 2025 and 9M 2024 to the actual 8% as total incidence • In MEA a challenging comparison is worsened by ongoing impact of geopolitical uncertainties which lengthened negotiation processes • AMAS: in the US, the peak season is approaching with the start of the nautical season Order Intake – THE POWER OF A GLOBAL PRESENCE
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10 410 230 299 221 120 83 3 As of 30 September 2025 0 As of 30 September 2026 795 571 -28.1% Composite Made-to- measure Super Yachts Other NET BACKLOG BY SEGMENT NET BACKLOG VISIBILITY 571 174 In 2026 Beyond 2026 397 829 565 571 31 December 2025 30 June 2026 30 September 2026 -31.8% +1.2% +44% -26% -44% Net Backlog – IMPROVED VISIBILITY ACROSS 2026 AND BEYOND • Summer commercial momentum improved backlog visibility across both 2026 and future periods ✓ FY2026 revenue coverage above 85% ✓ Secured revenues beyond 2026 approaching € 400m • Composite continued to be the main growth driver of the order book ✓ Composite share of Net Backlog increased from 10% to 21% ✓ Success of newly launched models is supporting both current demand and future backlog generation • Made-to-Measure and Super Yacht continue to provide a solid foundation for long-term visibility ✓ Approximately € 450m of revenues already secured ✓ Supporting medium- and long- term visibility despite longer negotiation cycles n.m.
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11 REVENUES BY SEGMENT REVENUES BY GEOGRAPHY 156 132 363 368 322 337 47 9M2025 51 9M2026 887 889 +0.2% Composite Made-to- measure Super Yachts Other 212 213 286 210 374 427 15 9M2025 38 9M2026 887 889 +0.2% Europe MEA APAC AMAS +5% +1% -15% +9% +14% -27% +151% +1% • BY SEGMENT: ✓ Composite returned to growth after several softer quarters ✓ Made-to-Measure supported by backlog execution • BY GEOGRAPHY ✓ Europe and APAC strong growth driven by the sound order collection ✓ Ongoing geopolitical uncertainty continued to affect MEA ✓ AMAS: supported by backlog, waiting for the start of the nautical season in the US Revenues – SUMMER CLOSED THE PREVIOUS GAP
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12 Adjusted EBITDA – PROFITABILITY IMPACTED BY COMMERCIAL & INDUSTRIAL FACTORS • Profitability evolution driven by ✓ Sales Mix: less favorable sales mix, driven primarily by the temporary lower contribution from the Made- to-Measure segment during the period ✓ Temporary performance pressure across some vertically integrated activities ✓ Increased competitive dynamics across the global yacht industry: Group pursued a commercial strategy aimed at preserving its competitive positioning and its presence in its key markets ✓ Launch of a new long-term commercial initiative: +1 Year Ferretti Quality Promise 360° to enhance the Group’s value proposition to clients ✓ Revenues growth during the Summer helped to improve lower fixed-cost absorption of H1’26 -130 bps SALES MIX COMPETITIVE DYNAMICS +1 YEAR FERRETTI QUALITY PROMISE FIXED COST ABSORPTION EFFECT -40 bps -20 bps -20 bps -10 bps € 141.7 € 130.6 16.0% 14.7% 9M 2025 9M 2026 VERTICAL INTEGRATED ACITIVITIES -40 bps
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CASH CONVERSION2 (%) 86.5% MAINTENANCE CAPEX RATIO1 (%) 2.1% 23 32 31 25 124 109 58 20 2023 2024 2025 9M’26 147 141 89 46 83.4% 2.7% Expansion Maintenance 2.5% 84.8% 80.6% 2.8% 13 • Group leverages its strong production capacity driven by previous CAPEX plan ✓ Total CAPEX down by more than 29% ✓ Expansion CAPEX from 61% to 44% as total incidence ✓ Saturation rate3 close to 80% • Resources dedicated to product enhancement, e.g. new models and restyling ✓ R&D represented more than 60% of expenditure CAPEX – A STRONG PRODUCTION CAPACITY DRIVEN BY PAST CAPEX Source: Company Information. Note that Capex includes R&D expenses; 1. Calculated as Maintenance Capex / Revenue without Pre-Owned. Based on illustrative management definition of Maintenance Capex. 2. Calculated as (Adj. EBITDA – Maintenance Capex) / Adj. EBITDA. 3. Excluding the Super Yacht Division
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55 102 65 18 95 42 1Q 1H 9M Source: Company Information. 1. NET CASH/ (NET DEBT). 2. NWC RATIO = NWC / 12Months rolling Revenues without Pre-Owned . 14 2025 2026 NET FINANCIAL POSITION1 NET WORKING CAPITAL2 208 148 190 280 179 261 1Q 1H 9M 17.5% 23.2% 14.9% 12.5% 21.2% 15.9% • Seasonality effect consistent with usual business dynamics: higher working capital absorption ahead of the start of the US boating season • Lower contribution from contractual advances on Made-to-Measure and Super Yacht projects • Finished yachts and under-construction units without orders decreased compared with the prior year NWC – STRONG NFP DESPITE SEASONALITY AND ORDER MIX
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2026 Guidance 03
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16 2026 Guidance - REVENUE OUTLOOK CONFIRMED, PROFITABILITY REVISED • Revenue guidance confirmed, supported by improved commercial momentum, strong backlog visibility and ongoing negotiations • EBITDA margin revised to reflect performance trends observed during the first nine months ✓ Sales mix ✓ Temporary performance pressure across some vertically integrated activities ✓ Competitive dynamics ✓ +1 Year Ferretti Quality Promise ✓ Lower fixed cost absorption • Management remains focused on the successful execution of its long-term strategy while adapting to evolving market and industry dynamics FY2025 FY 2026 GUIDANCE Current 2026 Updated 2026 Net Revenues € 1,231.7m € 1,200 - 1,240m € 1,200 - 1,240m Adjusted EBITDA Adjusted EBITDA margin € 202.8m 16.5% € 186 - 197m 15.5% - 15.9% € 174 - 185m 14.5% - 14.9% CAPEX € 89.2m € 60 - 65m € 60 - 65m 2026 NEXT STEPS • € 680m of orders under negotiation and leverage the US boat shows through a strengthened value - based pricing strategy • Continue to leverage the Group’s proven capability to manage fixed - cost absorption • Seize sound opportunities to increase the production capacity of the Super Yacht shipyard in Ancona
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Next Steps 04
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18 NEXT STEPS – STRENGTH – EUROPE - FERRETTI AT FULL STRENGTH 1HALF 3QUARTER 9MONTHS 117 198 315 135 251 386 2025 2026 +16% +27% +23% 58% Share of Group orders: f rom 4 1 % in 9M 2025 2026 E U Order Intake Reported (including 2 SY orders of € 64m in 2025): a) 1H: € 135m vs. 181 down by ≈25%; b) 3Q: € 251m vs. 198m up by ≈27%; c) € 386m vs. 379 up by ≈2% G ROWTH IN EVERY PERIOD OF 2026. T HIS IS WHAT FERRETTI CAN BE EVERYWHERE +23% Orders Jan - Sep: € 386m vs € 315m +1 2 % Revenues Jan - Sep: € 387m vs € 345m Ferretti Group · 9M 2026 Results · 27 October 2026 € million EUROPE ORDER INTAKE EVOLUTION Excluding Super Yacht
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19 € million. Ferretti Group · 9M 2026 Results · 27 October 2026 SUPER YACHT ORDER INTAKE EVOLUTION ISSUES • Made-to-Measure softness • Limited presence outside Florida NEXT STEPS • US season opens at Fort Lauderdale • Reinforced US commercial organization and regional leadership • Dealer and Broker network revision AMAS AMAS ORDER INTAKE EVOLUTION 199 115 143 73 42 56 - 42 % - 26 % - 49 % 1HALF 3QUARTER 9MONTHS ISSUES • Reduced Order Intake in last 2 years NEXT STEPS • Production capacity increase • Strengthen relationship with the broker network • Expand the Branded Super Yacht offering SUPER YACHT NEXT STEPS – OPPORTUNITIES – AMAS & SUPER YACHT NEXT STEPS 2025 2026 2025 2026 EUROPE ENGINE WORKS, ENHANCE A MAS and SUPER YACHT , and FERRETTI GROWS 6464 1HALF 3QUARTER 9MONTHS 0 0 0 0 0 0 0
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20 • Group received approval to increase its maximum yacht- building capacity from 90 to 100m at the Ancona shipyard • The project will involve one of the shipyard’s existing production facilities, with construction works expected to take approximately 6 months • The project will enhance flexibility for future product development and expand the Group’s ability to pursue increasingly sophisticated superyacht projects Group production facility at the Ancona Superyacht Yard covered by the approval 2026 NEXT STEPS • € 680m of orders under negotiation and leverage the US boat shows through a strengthened value - based pricing strategy • Continue to leverage the Group’s proven capability to manage fixed - cost absorption • Seize sound opportunities to increase the production capacity of the Super Yacht shipyard in Ancona NEXT STEPS – OPPORTUNITIES – AMAS & SUPER YACHT NEXT STEPS
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21 Ferretti Group · 9M 2026 Results · 27 October 2026 NEXT STEPS – WE ARE CURRENTLY «SHARPENING THE SAW» 1 SPECIFIC PLANS FOR EACH SINGLE BRAND DEALER & BROKER NETWORK 2 DEDICATED PROGRAMS FOCUSED ON EACH REGION 3 SUPPLY – INNOVATION PRODUCT REDESIGN 4 TALENT DEVELOPMENT & MOTIVATION 5
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Appendix
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23 Annex – FORWARD LOOKING STATEMENTS The above information is based on the Board’s preliminary review of the internal data currently available and gathered by the Company only and is not intended to be a comprehensive statement of the Group’s financial or operational results. The said information and data have not been audited or reviewed by the Company’s auditors and may be subject to change and adjustment. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company and should not rely solely on such information. The operating and financial performance information of the Group set out in this announcement is historical in nature, and past performance should not be taken as an indication of the future results of the Group. This announcement may contain forward-looking statements and opinions, including statements regarding plans, objectives, goals, strategies, future events or performance, and other statements that are not historical facts, and therefore involve inherent risks and uncertainties. Actual results may differ materially from those expressed or implied by the forward-looking statements and opinions. The Directors assume (a) no obligation to correct, update or supplement the forward-looking statements or opinions contained in this announcement; and (b) no liability in the event that any of the forward-looking statements or opinions do not materialise or turn out to be incorrect. Investors should not place undue reliance on these forward-looking statements.
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24 Annex – DEFINITIONS To supplement the Group’s consolidated results which are presented in accordance with IFRS, non-IFRS measures - “Net Revenue without Pre-owned”, “EBITDA”, “Adjusted EBITDA” and “Adjusted EBITDA margin” - were also presented. The Group is of the view that these measures facilitate comparison of operating performance from period to period by eliminating potential impacts of certain items and believes that these measures provide useful information to understand and evaluate the Group’s consolidated income statements in the same manner as they help the Group’s management. The use of these measures has limitations as an analytical tool, as such, it should not be considered in isolation from, or as a substitute for an analysis of, the Group’s results of operations or financial condition as reported under IFRS. Please be aware that the Group’s presentation of non-IFRS measures may not be comparable to similar terms used by other companies. The Company defines: • Net Revenue without Pre-owned: net revenue excluding revenue generated from the trading of pre-owned yachts. • EBITDA: profit after tax plus income tax expenses, financial expenses (excluding the result of operating foreign exchange conversion but including exchange rate gains/(losses) related to financial transactions), depreciation and amortization and less financial income and income tax benefit; • Adjusted EBITDA: EBITDA adjusted by adding back certain special items (including non-recurring Public Tender Offer Costs); • Adjusted EBITDA margin: calculated as Adj. EBITDA/Net Revenue without Pre-Owned; • Net Profit margin: calculated as Net Profit/Net Revenue without Pre-Owned • Capital expenditure (CAPEX): the sum of investment in property, plant and equipment and intangible assets, excluding IFRS 16 impact • Cash Conversion: calculated as (Adj. EBITDA less maintenance Capex) / adjusted EBITDA • Net Financial Position: the difference between total financial debt (current and non-current) and cash, cash equivalents, and other current financial assets calculated in accordance with ESMA Guidelines No. 32-382-1138 dated March 4, 2021 • Net Working Capital ratio: calculated as Net Working Capital / 12-Month Rolling Net Revenue without Preowned Additional dimensions used to better explain Group performance: • Order Backlog: the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers as of the reporting date • Net Backlog: the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers net of Revenues already booked as of the reporting date • Order intake: the total amount of new orders signed during the period, net of commissions, for new vessels • Book-to-bill: Order Intake 12-month rolling / Net Revenue without Pre-Owned 12-month rolling, excluding “Other Business”
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25 Annex – IFRS18 In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on the Group’s financial statements are, as follows: • New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1; • Foreign exchange difference will be classified in the category where the related income and expense form the item giving rise to the foreign exchange difference; • Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows.