Ferretti (YACHT) investor relations material

Executive summary

• Q1 2026 saw an 8% year-on-year revenue decline to €302.1 million, mainly due to delayed contract conversions and geopolitical tensions, especially in the Middle East, but adjusted EBITDA margin improved to 16.1% (+10bps) and negotiations reached €630 million, up 75% year-on-year.

• Net profit for Q1 2026 was €21.0 million, down 12.1% year-on-year, with a net profit margin of 7.0%.

• The order backlog remained stable at around €1.7 billion, providing strong revenue visibility for the year.

• Management transition included a new CEO and Board, with a new business plan and Capital Markets Day scheduled by year-end, emphasizing innovation, brand strength, and U.S. market focus.

Financial highlights

• Q1 revenues were €302.1 million, down 8% year-on-year.

• Adjusted EBITDA margin improved to 16.1%, with adjusted EBITDA at €48.7 million (–7.2% YoY).

• Net financial position was €18.4 million at Q1 2026, reflecting seasonal cash absorption.

• CapEx for the quarter was €13 million, with about two-thirds allocated to new product development.

• Net working capital rose to €279.7 million, up €118.2 million from year-end 2025 due to seasonal ramp-up.

Outlook and guidance

• 2026 net revenues expected between €1,250 million and €1,265 million.

• Adjusted EBITDA guidance set at €203–210 million, with margins between 16.2%–16.6%.

• CapEx for 2026 guided at €70–75 million.

• Management expects improved cash flow and delivery activity in Q2 2026 as the European yachting season begins.

• Industry focus remains on high-value segments, innovation, and sustainability.