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Ferretti Group Interim / Quarterly Report 2025
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Interim / Quarterly Report
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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.
FERRETTIGROUP
Ferretti S.p.A.
(Incorporated under the laws of Italy as a joint-stock company with limited liability)
(Stock Code: 09638)
OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made by Ferretti S.p.A. (the "Company") pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The following document of the Company was published on the website of eMarket SDIR in Italy in accordance with and in the manners set forth in the Consob Issuer's Regulation and in compliance with the provisions of the Instructions accompanying the Rules of the Markets organised and managed by Borsa Italiana S.p.A..
The posting of the document on the website of The Stock Exchange of Hong Kong Limited is only for the purpose of facilitating equal dissemination of information to investors in Hong Kong and compliance with Rule 13.10B of the Listing Rules, and not for any other purposes.
By order of the Board
Ferretti S.p.A.
Mr. Alberto Galassi
Executive Director and Chief Executive Officer
Hong Kong, July 31, 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.
FERRETTIGROUP
FERRETTI SPA APPROVES THE CONSOLIDATED FINANCIAL RESULTS AS OF 30 JUNE 2025
Constant growth in the key financial and economic indicators amid global macroeconomic uncertainty.
Net Revenue new yachts increased to €620.4 million (+1.5% YoY), while adjusted EBITDA grew to €99.1 million (+2.5% YoY), with a margin expansion of 20bps YoY.
Significant improvement of €47.0 million in the Net Financial Position compared to the first quarter 2025.
- Net revenue new yachts equal to €620.4 million, an increase of 1.5% when compared to H1'24
- Adjusted EBITDA of €99.1 million, representing an increase of 2.5% when compared to H1'24 and with a margin of 16.0%, up 20 basis points compared to 15.8% in H1'24
- Net profit equal to €43.6 million, almost in line with H1'24
- Order intake reached €467.3 million in H1'25, down 9.2% compared with H1'24
- Net backlog reached €760.8 million in H1'25
- Net financial position of €101.6 million of net cash as of June 30, 2025, increased by €47.0 million thanks to a cash release in net working capital and after dividend payment of ca. €34mln
- The Group confirms its guidance
Forli, 31 July 2025 - The Board of Directors of Ferretti S.p.A. reviewed and approved the Half-Year Financial Report as of 30 June 2025.
Mr. Alberto Galassi, the Group's Chief Executive Officer, stated: "In a macroeconomic environment marked by uncertainty, where the past quarter saw heightened global volatility and a slowdown in the luxury market, our Group has stood out for its soundness and continued growth, supported by strong cash generation thanks to the unique nature of our business model and our seven brands.
Therefore, the strategy focused on enhancing the high-composite, made-to-measure, and flagship superyacht segments across all brands is proving effective overall. It allows us to continue
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attracting the ultra-high-net-worth community, which maintains strong spending power even amid market uncertainty.
Looking ahead, we will continue to launch new models, anticipating industry trends, while maintaining a constant focus on operational efficiency and with the goal of further strengthening our competitive advantage."
The consolidated key financial highlights of the first semester 2025 as follow:
| EUR million | Data as of 30 June | ||
|---|---|---|---|
| H1'25 (unaudited) | H1'24 (unaudited) | Change¹ H1'25 vs. H1'24 | |
| Net revenue new yachts² | 620.4 | 611.0 | +1.5% |
| EBITDA adj³ | 99.1 | 96.7 | +2.5% |
| Net Profit | 43.6 | 44.0 | -0.9% |
| EUR million | |||
| 30 Jun '25 (unaudited) | 31 Mar '25 (unaudited) | Change in €mln | |
| Net financial position (net cash) | 101.6 | 54.6 | +47.0 |
Order intake, Order backlog and Revenue overview
Order intake
In the first semester of 2025, order intake amounted to €467.3 million, a slowdown of 9.2% compared to the same period of 2024, which was €514.4 million.
Q2'25 was marked by macroeconomic challenges and geopolitical uncertainties. The quarter included April's "Liberation Day," which coincided with rising concerns over potential new import tariffs between the U.S. and the EU. Additionally, escalating geopolitical tensions in the Middle East during mid-June added further volatility to the global landscape.
Despite these challenges, our good results driven by product mix and the strength of our brands allow us to be confident for the upcoming Boat Show Season in the month of September.
¹ Sums might not add up to total due to rounding
² Revenue without pre-owned business
³ Excluding non-recurring costs and other minor non-recurring events
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Order intake by segment
The following table shows the breakdown of order intake by segment:
| Million euros | Order intake by segment | ||||
|---|---|---|---|---|---|
| H1’25 (unaudited) | % of total order intake | H1’24 (unaudited) | % of total order intake | Change⁵ H1’25 vs. H1’24 | |
| Composite yachts | 160.9 | 34.4% | 161.6 | 31.4% | -0.4% |
| Made-to-measure yachts | 237.8 | 50.9% | 256.3 | 49.8% | -7.2% |
| Super yachts | 64.9 | 13.9% | 96.5 | 18.8% | -32.7% |
| Other businesses⁶ | 3.8 | 0.8% | 0.0 | 0.0% | nm |
| Total | 467.3 | 100.0% | 514.4 | 100.0% | -9.2% |
The Composite yachts segment totaled 160.9 million, accounting for about 34.4% of total order intake (from €161.6 million, accounting for about 31.4% of total order intake in H1'24). This segment demonstrated a strong quarterly rebound, moving from -13.8% in Q1'25 vs. Q1'24 to +23.6% in Q2'25 vs. Q2'24, driven by more than half of new orders coming from over 80ft (24m) vessels.
The Made-to-measure yachts segment totaled €237.8 million, accounting for about 50.9% of total order intake (from €256.3 million, accounting for about 49.8% of total order intake in H1'24), reflecting a challenging year-on-year comparison, as Q2'24 registered the highest quarterly order intake for this segment in the last three years.
The Super yachts segment totaled €64.9 million, accounting for about 13.9% of total order intake (from €96.5 million, accounting for about 18.8% of total order intake in H1'24). This includes two flagship Super Yachts, which continue to attract high interest and appreciation among our clientele. The number of units is in line with last year, though the product mix has changed - with last year's intake including one bespoke Super Yacht.
The Other businesses totaled €3.8 million, accounting for about 0.8% of total order intake (the other business segment did not collect any order in H1'24).
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Order intake by geographic area
The following table shows the breakdown of order intake by geographic area:
| Million euros | Order intake by geographic area | ||||
|---|---|---|---|---|---|
| H1’25 (unaudited) | % of total order intake | H1’24 (unaudited) | % of total order intake | Change^{8} H1’25 vs. H1’24 | |
| Europe | 181.1 | 38.8% | 182.0 | 35.4% | -0.5% |
| MEA | 130.6 | 27.9% | 167.2 | 32.5% | -21.9% |
| APAC | 12.8 | 2.7% | 7.0 | 1.4% | +82.9% |
| AMAS | 142.8 | 30.6% | 158.2 | 30.8% | -9.7% |
| Total | 467.3 | 100.0% | 514.4 | 100.0% | -9.2% |
Europe totaled €181.1 million, accounting for about 38.8% of total order intake (from €182.0 million, accounting for about 35.4% of total order intake in H1’24). This region performed well, with a double-digit performance in Q2’25 (+72.8% vs Q2’24), benefitting from the start of the European season with a sound demand in the high-composite segment (>80ft or >24m).
MEA totaled €130.6 million, accounting for about 27.9% of total order intake (from €167.2 million, accounting for about 32.5% of total order intake in H1’24), a solid performance considering the challenging YoY comparison, driven by Turkey and the GCC countries’ booming performance in H1’24.
APAC totaled €12.8 million, accounting for about 2.7% of total order intake (from €7.0 million, accounting for about 1.4% of total order intake in H1’24), continuing its growth trend.
AMAS totaled €142.8 million, accounting for about 30.6% of total order intake (from €158.2 million, accounting for about 30.8% of total order intake in H1’24). Excluding the flagship Super Yacht order of approximately €32mln in the Q2’24, which significantly impacted year-on-year comparability, this region recorded a positive growth in the Composite and Made-to-measure segments.
Order backlog
As of 30 June 2025, the order backlog amounted to €1,446.0 million, slightly down 3.3% compared to 30 June 2024 (€1,495.8 million). The order backlog recorded a slight year-over-year reduction, reflecting the significant high number of deliveries of the season. A total of 133 units were delivered in the first semester 2025, of which 102 in Q2, including two Super Yachts.
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Order backlog by segment⁹
The table below shows the breakdown of order backlog by production type:
| EUR million | Order backlog by segment | ||||
|---|---|---|---|---|---|
| H1’25 (unaudited) | % of total order backlog | H1’24 (unaudited) | % of total order backlog | Change¹⁰ H1’25 vs. H1’24 | |
| Composite yachts | 225.2 | 15.6% | 328.7 | 22.0% | -31.5% |
| Made-to-measure yachts | 490.8 | 33.9% | 589.4 | 39.4% | -16.7% |
| Super yachts | 689.0 | 47.6% | 521.9 | 34.9% | +32.0% |
| Other businesses¹¹ | 41.0 | 2.8% | 55.8 | 3.7% | -26.5% |
| Total | 1,446.0 | 100.0% | 1,495.8 | 100.0% | -3.3% |
Composite yachts reached €225.2 million, equal to approximately 15.6% of the total backlog (compared to €328.7 million, equal to approximately 22.0% of the total backlog as of 30 June 2024).
Made-to-measure yachts reached €490.8 million, equal to approximately 33.9% of the total backlog (from €589.4 million, equal to approximately 39.4% of the total backlog as of 30 June 2024).
Super yachts reached €689.0 million, equal to approximately 47.6% of the total backlog (from €521.9 million, equal to approximately 34.9% of the total backlog as of 30 June 2024).
Other businesses reached €41.0 million, equal to approximately 2.8% of the total backlog (from €55.8 million, equal to approximately 3.7% of the total backlog as of 30 June 2024).
Net Backlog
The Net Backlog that is calculated as the total orders in portfolio not yet delivered net of revenues already booked stood at €760.8 million as of 30 June 2025, slightly down (-3.2%) compared to €785.7 million as of 30 June 2024.
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⁹ The Ferretti Yacht 940 model that was originally under the composite yachts segment had been reclassified under the Made-to-measure yachts segment in the Relevant Period and six months ended June 30, 2024
¹⁰ Sums might not add up to total due to rounding
¹¹ Including FSD and Wally sail
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Net revenue new yachts
The Group's overall net revenue new yachts increased by approximately 1.5% from €611.0 million in H1'24 to €620.4 million in H1'25. A sound result, underpinned by a solid order backlog, with the main contribution driven by Made-to-measure and Super Yachts.
Net revenue new yachts by segment¹²
The table below shows the breakdown of net revenue new yachts by production type:
| EUR million | Net revenue new yachts by segment | ||||
|---|---|---|---|---|---|
| H1'25 (unaudited) | % of total net revenue new yachts | H1'24 (unaudited) | % of total net revenue new yachts | Change¹³ H1'25 vs. H1'24 | |
| Composite yachts | 234.4 | 37.8% | 265.0 | 43.4% | -11.5% |
| Made-to-measure yachts | 253.1 | 40.8% | 233.1 | 38.2% | +8.6% |
| Super yachts | 104.4 | 16.8% | 82.5 | 13.5% | +26.5% |
| Other businesses¹⁴ | 28.5 | 4.6% | 30.4 | 5.0% | -6.3% |
| Total | 620.4 | 100.0% | 611.0 | 100.0% | +1.5% |
Composite yachts reached €234.4 million, equal to approximately 37.8% of total net revenue new yachts, (from €265.0 million, equal to approximately 43.4% of total net revenue new yachts, in H1'24). This segment experienced a two-speed market dynamic: Q2'25 vs. Q2'24 showed a higher revenue growth coming from the high-composite segment (>80ft or >24m), than that of the under-80ft category.
Made-to-measure yachts reached €253.1 million, equal to approximately 40.8% of total net revenue new yachts (from €233.1 million, equal to approximately 38.2% of total net revenue new yachts, in H1'24). A solid performance supported by the orders collected in 2024 and 2025.
Super yachts reached €104.4 million, equal to approximately 16.8% of total net revenue new yachts (from €82.5 million, equal to approximately 13.5% of total net revenue new yachts, in H1'24), continuing its double-digit growth thanks to the attractiveness of the flagship Super Yachts.
Other businesses reached €28.5 million, equal to approximately 4.6% of total net revenue new yachts (from €30.4 million, equal to approximately 5.0% of total net revenue new yachts, in H1'24).
¹² The Ferretti Yacht 940 model that was originally under the composite yachts segment had been reclassified under the Made-to-measure yachts segment in the Relevant Period and six months ended June 30, 2024
¹³ Sums might not add up to total due to rounding
¹⁴ Including ancillary activities, FSD, Wally sail
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Net revenue new yachts by geographic area¹⁵
The breakdown of net revenue new yachts by geographical area is as follows:
| Million euros | Net revenue new yachts by geographic area | ||||
|---|---|---|---|---|---|
| H1’25 (unaudited) | % of total net revenue new yachts | H1’24 (unaudited) | % of total net revenue new yachts | Change¹⁶ H1’25 vs. H1’24 | |
| Europe | 250.7 | 40.4% | 313.0 | 51.2% | -19.9% |
| MEA | 219.9 | 35.4% | 112.8 | 18.5% | +94.9% |
| APAC | 9.7 | 1.6% | 23.9 | 3.9% | -59.4% |
| AMAS | 140.1 | 22.6% | 161.3 | 26.4% | -13.1% |
| Total | 620.4 | 100.0% | 611.0 | 100.0% | +1.5% |
The Europe region reached €250.7 million, accounting for about 40.4% of total net revenue new yachts (from €313.0 million, accounting for about 51.2% of total H1’24 net revenue new yachts).
The MEA region reached €219.9 million accounting for about 35.4% of total net revenue new yachts (from €112.8 million accounting for about 18.5% of total H1’24 net revenue new yachts).
The APAC region reached €9.7 million, accounting for about 1.6% of total net revenue new yachts (from €23.9 million, accounting for about 3.9% of total H1’24 net revenue new yachts).
The AMAS region reached €140.1 million, accounting for about 22.6% of total net revenue new yachts (from €161.3 million, accounting for about 26.4% of total H1’24 net revenue new yachts).
Consolidated operating and net results
Adj. EBITDA
The Group's adjusted EBITDA in H1’25 was €99.1 million, an increase of about 2.5% from H1’24, which was €96.7 million. Adjusted EBITDA margin¹⁷ was equal to 16.0%, up 20 basis points when compared to 15.8% in H1’24.
Net profit
The Group's net profit was almost in line with last year, moving from around €44.0 million in H1’24 to around €43.6 million in H1’25.
¹⁵ The geographical breakdown refers to the dealer's area of exclusivity or by the customer's nationality
¹⁶ Sums might not add up to total due to rounding
¹⁷ Calculated as EBITDA adj./revenue without pre-owned business
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Overview of the consolidated balance sheet
Investments in tangible and intangible assets
Investments in tangible and intangible fixed assets as of 30 June 2025 were €42.3 million, of which approximately €16.8 million were allocated to maintaining existing production operations and the current product portfolio and around €25.4 million for business expansion activities.
Consolidated net financial position
The net financial position as of 30 June 2025 was €101.6 million of net cash, up €47.0 million compared to €54.6 million as of 31 March 2025 thanks to a cash release from the net working capital mainly linked to seasonal deliveries.
Net working capital
The net working capital as of 30 June 2025, was positive at €148.3 million, a decrease of €60.0 million compared to 31 March 2025, in relation to the dynamics mentioned in the previous paragraph.
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2025 and mid-term guidance¹⁸ confirmed
| 2024A | 2025E | Mid-Term | |
|---|---|---|---|
| Net Revenue New Yachts¹⁹ | |||
| (€ 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 |
Significant events that occurred in the first semester 2025
On June 27, Ferretti Group and Flexjet, a global leader in private aviation, unveiled “Riva Volare”, an exclusive interior design project for Flexjet aircraft cabins, inspired by the style of Riva motorboats.
On June 18, Ferretti distributed a dividend of €0.10 per each of the 338,482,654 ordinary shares issued and outstanding as of the ex-dividend date, set for June 16. The total maximum amount of dividends distributed amounts to €33,848,265.40.
On 13 May 2025 the Shareholder’s meeting of Ferretti S.p.A was convened and approved:
- the audited Consolidated Financial Statements and the audited separate Financial Statements as of December 31, 2024;
¹⁸ 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.
¹⁹ Revenue without Pre-Owned. Pre-owned business is expected to reach approximately €50–60mln in FY25.
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- the "Report on the Remuneration Policy and on Compensation Paid";
- the integration of the Board of Directors through the appointment, pursuant to article 2386 of the Civil Code, of Tan Ning and Hao Qinggui as directors;
- the distribution of an ordinary dividend of €0.10 per share
In April and May, the Group participated in the international boat shows in Singapore and Venice.
In January, February, and March, the Group participated in the major international boat shows in Düsseldorf, Miami, Dubai, and Palm Beach.
Significant events that occurred after 30 June 2024
In July, the Group increased its ownership to 100% of Sea Lion’s share capital, thereby fully consolidating its presence in the company that owns the “Wally” brand.
Outlook
Top-tier luxury clients continue to exhibit spending behaviors that defy market trends, contrasting with the aspirational luxury segment. The global yachting industry remains resilient amid geopolitical and macroeconomic uncertainty, highlighting 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 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, thanks 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;
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- finally, the Group will keep investing in the internalization of high value-added activities to support its future growth and product portfolio expansion.
CONFERENCE CALL
The results as of 30 June 2025, shall be presented to the financial community through a conference call to be held on 31 July 2025 at 2:00 p.m. CEST, 8:00 p.m. HKT.
To attend the webcast meeting, you can register at this link: Webinar Registration - Zoom
The presentation of the management will be available a few minutes before the starting of the conference call on the website: Ferretti Group Web Site > Investor relations > Reports and presentations.
The Executive Officer for Financial Reporting, Marco Zammarchi, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.
NON-IFRS MEASURE
To supplement the Group’s consolidated results which are presented in accordance with IFRS, EBITDA, adjusted EBITDA, adjusted EBITDA/net revenue without pre-owned, being non-IFRS measures, were also presented. The Group is of the view that this measure facilitates comparison of operating performance from period to period by eliminating potential impacts of certain items and believes that this measure provides useful information to understand and evaluate the Group’s consolidated income statements in the same manner as they help the Group’s management. However, the Group’s presentation of EBITDA may not be comparable to similar terms used by other companies. The use of this measure has limitations as an analytical tool, as such, it should not be considered in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS.
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The periodic financial information as of June 30, 2025, has not been audited by the Company’s independent auditing firm.
The Company defines (i) EBITDA as profit after tax plus financial expenses (including the result of operating foreign exchange conversion but excluding exchange rate gains/(losses) related to financial transactions), depreciation and amortization, and income tax expense, and less financial income and income tax benefit; (ii) adjusted EBITDA as EBITDA adjusted by adding back certain special items (including non-recurring costs and other minor non-recurring events); and (iii) net revenue without pre-owned as net revenue excluding revenue generated from the trading of pre-owned yachts.
Ferretti Group
With a legacy rooted in Italy’s centuries-old nautical tradition, Ferretti Group is a global leader in the design, construction, and sale of luxury yachts ranging from 8 to 95 meters in length. The Group boasts a unique portfolio of prestigious and exclusive brands: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line, and Wally.
Led by CEO Alberto Galassi, Ferretti Group owns and operates seven shipyards across Italy, where efficient industrial production meets the finest Italian craftsmanship. With a direct presence in Europe, the United States, and Asia, and a carefully selected network of dealers, the Group reaches clients in over 70 countries worldwide.
The yachts crafted by Ferretti Group’s brands, the ultimate expression of Italian creativity and elegance, stand out for their exceptional build quality, cutting-edge technology, industry-leading safety standards, outstanding performance at sea, and timeless allure.
For more information: www.ferrettigroup.com
Investor Relations
Head of Investor Relations
Margherita Sacerdoti
Email: [email protected]
T.+39 02 83994 000
Email: [email protected]
Ferretti Group
Head of Media Relations
Giovanni Bogetto
Email: [email protected]
T.+39 02 83994 000
Barabino & Partners
Barabino & Partners
Federico Vercellino
Mob: +39 331.5745171
Virginia Bertè
Mob: +39 342.9787585
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Interim Condensed Consolidated Income Statement
| (in thousands Euro) | Notes | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- | --- |
| Revenue | | 676.999 | 678.471 |
| Commissions and other costs related to revenue | | (38.730) | (32.055) |
| NET REVENUE | 5 | 638.269 | 646.416 |
| Change in inventories of work-in-process, semi-finished and finished goods | 6 | 22.268 | 56.736 |
| Cost capitalised | 7 | 23.496 | 16.633 |
| Other income | 8 | 11.257 | 9.968 |
| Raw materials and consumables used | 9 | (288.750) | (333.302) |
| Contractors costs | 10 | (142.429) | (131.746) |
| Costs for trade shows, events and advertising | 11 | (9.335) | (10.157) |
| Other service costs | 12 | (59.728) | (59.293) |
| Rentals and leases | 13 | (6.014) | (5.665) |
| Personnel costs | 14 | (77.450) | (74.377) |
| Other operating expenses | 15 | (5.105) | (5.862) |
| Provisions and impairment | 16 | (7.405) | (12.752) |
| Depreciation and amortisation | 17 | (34.988) | (34.322) |
| Share of loss of a joint venture | 20 | – | – |
| Financial income | 18 | 630 | 3.146 |
| Financial expenses | 19 | (1.454) | (1.855) |
| Foreign exchange losses | 20 | 89 | 267 |
| PROFIT BEFORE TAX | | 63.349 | 63.835 |
| Income tax | 21 | (19.780) | (19.788) |
| PROFIT FOR THE YEAR | | 43.569 | 44.047 |
| Attributable to: | | | |
| Shareholders of the Company | | 43.453 | 43.859 |
| Non-controlling interests | | 116 | 188 |
| | | | |
| EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY | | | |
| Basic and diluted (€) | 44 | 0,13 | 0,13 |
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Interim Condensed Consolidated Comprehensive Income Statement
| (in thousands Euro) | Notes | June 30, 2025 (unaudited) | June 30, 2024 (unaudited) |
|---|---|---|---|
| PROFIT FOR THE YEAR | 43.569 | 44.047 | |
| Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: | |||
| Profit on defined benefits plan | 42 | (596) | 617 |
| Income tax effect | 42 | 143 | (148) |
| (453) | 469 | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
| Gains from the translation of foreign operations | 42 | (4.525) | 232 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR | (4.978) | 700 | |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 38.591 | 44.747 | |
| Attributable to: | |||
| Shareholders of the Company | 38.476 | 44.559 | |
| Non-controlling interests | 116 | 188 |
Interim Condensed Consolidated Statement of Financial Position
| (in thousands Euro) | Notes | June 30, 2025 (unaudited) | December 31, 2024 |
|---|---|---|---|
| CURRENT ASSETS | |||
| Cash and cash equivalents | 22 | 133.982 | 155.744 |
| Trade and other receivables | 23 | 59.281 | 74.574 |
| Contract assets | 24 | 182.670 | 196.719 |
| Inventories | 25 | 453.921 | 443.594 |
| Advances on inventories | 26 | 43.572 | 38.160 |
| Other current assets | 27 | 2.533 | 603 |
| Income tax recoverable | 1.364 | 2.929 | |
| 877.322 | 912.322 | ||
| NON-CURRENT ASSETS | |||
| Property, plant and equipment | 28 | 474.211 | 460.860 |
| Intangible assets | 29 | 282.406 | 280.449 |
| Other non-current assets | 30 | 9.346 | 7.814 |
| Deferred tax assets | 31 | - | - |
| 765.962 | 749.122 | ||
| TOTAL ASSETS | 1.643.284 | 1.661.444 |
WALKY
FERRETTIYACHTS
PEPSHING
itama
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
| (in thousands Euro) | Notes | June 30, 2025
(unaudited) | December 31, 2024 |
| --- | --- | --- | --- |
| CURRENT LIABILITIES | | | |
| Minority Shareholders' loan | | 574 | 500 |
| Bank and other borrowings | 32 | 12.229 | 10.534 |
| Provisions | 39 | 63.058 | 59.187 |
| Trade and other payables | 27 | 435.748 | 477.751 |
| Contract liabilities | 34 | 147.442 | 151.809 |
| Income tax payable | 25 | 9.269 | 1.932 |
| | | 668.319 | 701.713 |
| NON-CURRENT LIABILITIES | | | |
| Bank and other borrowings | 36 | 23.201 | 21.934 |
| Provisions | 37 | 7.678 | 11.863 |
| Non-current employee benefits | 38 | 6.582 | 7.100 |
| Trade and other payables | 25 | 2.430 | 1.396 |
| Deferred tax liabilities | 33 | 31.190 | 19.202 |
| | | 71.081 | 61.495 |
| TOTAL LIABILITIES | | 739.400 | 763.208 |
| SHARE CAPITAL AND RESERVES | | | |
| Share capital | 40 | 338.483 | 338.483 |
| Reserves | 41 | 564.235 | 558.672 |
| Equity attributable to shareholders of the Company | | 902.717 | 897.155 |
| Non-controlling interests | 42 | 1.167 | 1.081 |
| TOTAL EQUITY | | 903.884 | 898.236 |
| TOTAL LIABILITIES AND EQUITY | | 1.643.284 | 1.661.444 |
WALKER
FERRETTIYACHTS
PEPSHING
ITAMA
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
Interim Condensed Consolidated Cash Flow Statement
| (in thousands Euro) | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | |
| Profit before tax | 63.350 | 63.835 |
| Depreciation and amortization | 34.988 | 34.322 |
| Loss/(gain) on disposal of property, plant and equipment | (24) | (117) |
| Provisions | (832) | (3.751) |
| Financial income | (630) | (3.146) |
| Financial expenses | 1.454 | 1.855 |
| Provision against inventories, net | (340) | 3.104 |
| Decrease / (increase) in inventories | (15.397) | (61.851) |
| Change in contract assets and contract liabilities | 9.681 | 25.847 |
| Decrease / (increase) in trade and other receivables | 13.929 | (8.869) |
| Increase / (decrease) in trade and other payables | (30.707) | 3.621 |
| Change in other operating liabilities and assets | 1.197 | 3.765 |
| | 76.667 | 58.615 |
| Income tax paid | 0 | 0 |
| Cash flows from operating activities (A) | 76.667 | 58.615 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | |
| Purchases of property, plant and equipment and intangible assets | (51.401) | (61.925) |
| Proceeds from disposal of property, plant and equipment and intangible assets | 80 | 213 |
| Acquisition of subsidiaries (note 45) | 0 | 0 |
WALU
FERRETTIYACHTS
PEPSHING
itana
Riva
CRN
CUSTOM LINE
FERRETTIGROUP
| Other financial investments | (1.954) | (85) |
|---|---|---|
| Interest received | 630 | 3.146 |
| (52.645) | (58.651) | |
| (in thousands Euro) | ||
| Cash flows used in investing activities (B) | (52.645) | (58.651) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issue of shares | 0 | 0 |
| Dividends paid | (33.848) | (32.833) |
| New bank and other borrowings | 1.386 | 782 |
| Repayment of bank and other borrowings | (7.342) | (6.594) |
| Interest paid | (1.454) | (1.855) |
| Cash flows from/(used in) financing activities (C) | (41.258) | (40.499) |
| NET INCREASE/(DECREASE) IN | ||
| CASH AND CASH EQUIVALENTS (D=A+B+C) | (17.236) | (40.535) |
| Cash and cash equivalents at beginning of year (E) | 155.744 | 314.109 |
| Effect of foreign exchange rate changes, net (F) | (4.525) | 83 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR (G=D+E+F) | 133.982 | 273.657 |
| Cash and cash equivalents as stated in the consolidated statement of financial position | 133.982 | 273.657 |
wALy
FERRETTYACHTS
PERSHING
itana
Riva
CRN
CUSTOM LINE
三
FERRETTIGROUP
Interim Condensed Consolidated Statement of Changes in Equity
| (in thousands Euro) | Share capital | Share premium* | Legal reserve* | Translation reserve* | Other reserves* | Equity attributable to the shareholders of the company | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| At December 31, 2024 (audited) | 338,483 | 425,041 | 15,225 | 8,263 | 110,144 | 897,155 | 1,081 | 898,238 |
| Profit for the year | = | = | = | = | 43,454 | 43,454 | 116 | 43,569 |
| Profit on defined benefits plan, net of tax | = | = | = | = | 453 | 453 | = | 453 |
| Exchange differences on translation of foreign operations | = | = | = | (4,525) | = | (4,525) | = | (4,525) |
| Total comprehensive income for the year | = | = | = | (4,525) | 43,906 | 39,381 | 116 | 39,497 |
| Transfer to the legal reserve | = | = | 3,160 | = | (3,160) | 0 | = | 0 |
| Dividends | = | = | = | = | (33,848) | (33,848) | = | (33,848) |
| IPO | = | = | = | = | = | 0 | = | 0 |
| Acquisition of subsidiaries | = | = | = | = | 30 | 30 | (30) | 0 |
| At June 30, 2025 (unaudited) | 338,483 | 425,041 | 18,384 | 3,738 | 117,072 | 902,717 | 1,167 | 903,884 |
WALKY
FERRETTIYACHTS
PERSHING
ITAMA
Riva
CRN
CUSTOM LINE