Ferretti closed the first quarter with net revenues of 302.1 million eurosdown 8% from 328.5 million in Q1 2025. The decline is primarily attributed to delays in taking orders from the Middle East and the resulting impact on revenue generation.
Adjusted EBITDA stood at 48.7 million euros (-7.2% on Q1 2025), with a margin at 16.1%up 10 basis points from 16.0% in the same period last year. The improvement in margins was supported by the mix of the order book, with a greater contribution from the segments with higher profitability, and by cost discipline. Net profit amounted to 21.0 million euros, compared to 23.9 million in Q1 2025.
There net financial position fell to 18.4 million euros, from 111.0 million on 31 December 2025, reflecting the lower level of advances collected and a seasonal absorption of working capital. Investments in fixed assets in the quarter amounted to 12.9 million.
The progress of orders
There order collection it stopped at 179.6 million euros, a marked slowdown compared to the 270.6 million of the first quarter of 2025, due to the geopolitical uncertainty which slowed down the signing of contracts and deliveries in the MEA area. The Composite yachts segment recorded growth of 7.3% to 96.1 million, while Made-to-measure fell to 83.5 million (-42.1%). During the period, no orders were collected in the Super yachts segment, where negotiations remain ongoing with the first delivery window in 2029. The Group reports that negotiations in progress today amount to approximately 630 million, compared to 360 million on 16 May 2025.
By geographic area, Europe reached 99.1 million (+28.2%), MEA 53.0 million (-33.9%), APAC 14.2 million (+35.2%) and AMAS 13.3 million (-87.0%).
The order book at 31 March 2026 it stood at 1,717.9 million euros, substantially in line with the 1,715.7 million at the end of 2025. The Net Backlog is equal to 722.3 million (from 828.6 million at 31 December 2025), with approximately 470 million expected to translate into revenues by 2026, an increase compared to approximately 415 million of the same period of the previous year.
The CEO: “Focus on discipline, excellence and value creation”
“The first quarter reflected a less dynamic business environment and slower order conversion than expected, particularly on order collection,” commented CEO Stassi Anastassov, adding “we approach this phase with realism, discipline and a focus on execution. Confidence should never be confused with complacency.”
“The fundamentals of the business remain fully solid. – continued the CEO – Our brands are strongly positioned, margins remain resilient and the quality and visibility of the order book represent a robust operational base on which to continue to build. Over 400 million euros of Net Backlog are already expected to convert into revenues in 2026, offering significant visibility on the evolution of the financial year. In this context, we are not focusing on short-term reactions, but on executive discipline, operational excellence and value creation sustainable in the long term. We reiterate our full confidence in the solidity, positioning and long-term potential of the Ferretti Group ecosystem.”
The 2026 Guidance
The Company presented guidance for the 2026 financial year, reporting an estimate of net revenues in a range between 1,250 and 1,265 million euros and an adjusted EBITDA margin between 16.2% and 16.6% and capex between 70.0 and 75.0 million.
KKCG Maritime’s takeover bid
The partial voluntary public offering promoted by KKCG Maritime took place during the quarter, which concluded with a significant result. The tender offer, which started on 16 March and closed on 13 April 2026, attracted acceptances equal to 56.8% of the instruments being offered, corresponding to approximately 29.6 million shares. The consideration was raised from 3.50 to 3.90 euros per share, but the Board of Directors deemed it neither appropriate nor fair for the independent shareholders. The operation values Ferretti at around 1.32 billion and was intertwined with the governance clash with the Chinese partner Weichai (39%), which ended with the meeting of 14 May which saw the victory of the list presented by Weichai and the consequent renewal of the board of directors.
