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)

INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2025

FINANCIAL HIGHLIGHTS

The net revenue of the Group for the six months ended June 30, 2025 was approximately €638.3 million, representing a decrease of approximately 1.3% as compared with that of approximately €646.4 million for the corresponding period in 2024.

The profit for the period of the Group for the six months ended June 30, 2025 was approximately €43.6 million, representing a decrease of approximately 1.1% as compared with that of approximately €44.0 million for the corresponding period in 2024.

The profit attributable to Shareholders for the six months ended June 30, 2025 decreased by approximately 0.9% as compared with that for the corresponding period in 2024.

The adjusted EBITDA for the six months ended June 30, 2025 amounted to approximately €99.1 million, representing an increase of approximately 2.5% as compared with that of approximately €96.7 million for the corresponding period in 2024.

BUSINESS HIGHLIGHTS

On June 27, 2025, the Company and Flexjet Limited, 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, 2025, the Company 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, 2025. The total amount of dividends distributed amounts to €33,848,265.40.

On May 13, 2025, the Shareholder’s meeting of the Company was convened and approved:

the audited Separate Financial Statements as of December 31, 2024 and acknowledged the audited Consolidated Financial Statements and;
the “Report on the Remuneration Policy and on Compensation Paid”;
the integration of the Board through the appointment, pursuant to article 2386 of the Civil Code, of Mr. Tan Ning and Mr. Hao Qinggui as Directors; and
the distribution of an ordinary dividend of €0.10 per Share.

In April and May 2025, the Group participated in the international boat shows in Singapore and Venice.

In January, February and March 2025, the Group participated in the major international boat shows in Düsseldorf, Miami, Dubai and Palm Beach.

The Board hereby announces the interim unaudited condensed consolidated financial results of the Group for the Relevant Period together with the unaudited comparative figures for the corresponding period in 2024 as follows:

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

(in thousands Euro)	Notes	For the six months ended
		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		638,269	646,416
Change in inventories of work-in-process, semi-finished and finished goods		22,268	56,736
Cost capitalized		23,496	16,633
Other income	3	11,257	9,968
Raw materials and consumables used	4	(288,750)	(333,302)
Contractors costs	5	(142,429)	(131,746)
Costs for trade shows, events and advertising		(9,335)	(10,157)
Other service costs	6	(59,728)	(59,293)
Rentals and leases		(6,014)	(5,665)
Personnel costs	7	(77,450)	(74,377)
Other operating expenses	8	(5,105)	(5,862)
Provisions and impairment		(7,405)	(12,752)
Depreciation and amortization		(34,988)	(34,322)
Financial income	9	630	3,146
Financial expenses	10	(1,454)	(1,855)
Foreign exchange losses		89	267
PROFIT BEFORE TAX		63,350	63,835
Income tax		(19,780)	(19,788)
PROFIT FOR THE PERIOD		43,569	44,047
Attributable to:
Shareholders of the Company		43,454	43,859
Non-controlling interests		116	188
EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
Basic and diluted (€)	13	0.13	0.13

INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

(in thousands Euro)	For the six months ended
	June 30, 2025 (unaudited)	June 30, 2024 (unaudited)
PROFIT FOR THE PERIOD	43,569	44,047
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Profit on defined benefits plan	(596)	617
Income tax effect	143	(148)
	(453)	469
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Gains/(losses) from the translation of foreign operations	(4,525)	232
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD	(4,978)	700
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	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	As at June 30, 2025	As at December 31, 2024
		(unaudited)	(audited)
CURRENT ASSETS
Cash and cash equivalents		133,982	155,744
Trade and other receivables	11	59,281	74,574
Contract assets		182,670	196,719
Inventories		453,921	443,594
Advances on inventories		43,572	38,160
Other current assets		2,533	603
Income tax recoverable		1,364	2,929
		877,322	912,322
NON-CURRENT ASSETS
Property, plant and equipment		474,211	460,860
Intangible assets		282,406	280,449
Other non-current assets		9,346	7,814
Deferred tax assets		—	—
		765,962	749,122
TOTAL ASSETS		1,643,284	1,661,444
CURRENT LIABILITIES
Minority Shareholders’ loan		574	500
Bank and other borrowings		12,229	10,534
Provisions		63,058	59,187
Trade and other payables	12	435,748	477,751
Contract liabilities		147,442	151,809
Income tax payable		9,269	1,932
		668,319	701,713

– 5 –

	As at June 30, 2025 (unaudited)	As at December 31, 2024 (audited)
(in thousands Euro)
NON-CURRENT LIABILITIES
Bank and other borrowings	23,201	21,934
Provisions	7,678	11,863
Non-current employee benefits	6,582	7,100
Trade and other payables	2,430	1,396
Deferred tax liabilities	31,190	19,202
	71,081	61,495
TOTAL LIABILITIES	739,400	763,208
SHARE CAPITAL AND RESERVES
Share capital	338,483	338,483
Reserves	564,235	558,672
Equity attributable to shareholders of the Company	902,717	897,155
Non-controlling interests	1,167	1,081
TOTAL EQUITY	903,884	898,236
TOTAL LIABILITIES AND EQUITY	1,643,284	1,661,444

INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(in thousands Euro)	For the six months ended
	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 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/(reversal of 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
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
Change in other financial investments	(1,954)	(85)
Interest from banks and other financial income	630	3,146
Cash flows used in investing activities (B)	(52,645)	(58,651)

	For the six months ended
	June 30, 2025	June 30, 2024
(in thousands Euro)	(unaudited)	(unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES:
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 (used in)/from 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 the beginning of period (E)	155,744	314,109
Effect of foreign exchange rate changes, net (F)	(4,525)	83
CASH AND CASH EQUIVALENTS AT THE END
OF PERIOD (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

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CORPORATE INFORMATION

These unaudited interim condensed consolidated financial statements of Ferretti S.p.A. and its subsidiaries (collectively, the "Group") for the six-month period ended June 30, 2025 were authorized for issue in accordance with a resolution of the directors on July 31, 2025.

Ferretti S.p.A. (the "Company" or "Ferretti") is a limited liability company incorporated in Italy. The registered office of the Company is located at Via Irma Bandiera, 62-47841 Cattolica (Rimini), Italy.

The Company and its subsidiaries are principally engaged in the design, construction and marketing of yachts and recreational boats.

The table below shows the names, registered offices and interests in capital held directly and indirectly by the Company in subsidiaries as of June 30, 2025.

Subsidiaries

(consolidated line by line, with an indication of the percentage of share capital)

Name	Principal country of operation	Registered office	Currency	Share capital (in units)	% controlling interest
					Direct	Indirect
Zago S.p.A.	Italy	Scorzé (Venice)	Euro	120,000	100%
Il Massello S.r.l.	Italy	Sant'Ippolito (Pesaro-Urbino)	Euro	30,000		100%
Sea Lion S.r.l.	Italy	Forlì (Forlì-Cesena)	Euro	10,000	75%
Ram S.p.A.	Italy	Sarnico (Bergamo)	Euro	520,000	93%
Ferretti Tech S.r.l.	Italy	Cattolica (Rimini)	Euro	10,000	100%
Allied Marine Inc.	USA	Fort Lauderdale (USA)	US Dollar	10	100%
Fratelli Canalicchio S.p.A.	Italy	Narni (Terni)	Euro	500,000	60%*
Ferretti Group of America Holding Company Inc.	USA	Delaware (USA)	US Dollar	10	100%
BY Winddown Inc.	USA	Miami (USA)	US Dollar	10		100%
Ferretti Group of America Llc.	USA	Fort Lauderdale (USA)	US Dollar	100		100%
Ferretti Group Asia Pacific Ltd.	China	Hong Kong (China)	Hong Kong Dollar	100,000	100%
Ferretti Group Singapore Pte. Ltd.	Singapore	Singapore	Euro	1		100%
Ferretti Asia Pacific Zhuhai Ltd.**	China	Hengqin (Zhuhai)	Renminbi	1,000,000	100%
Ferretti Group (Monaco) S.a.M.	Monaco	Principality of Monaco	Euro	150,000	99.6%***
Ferretti Gulf Marine-Sole Proprietorship Llc.	Arab Emirates	Arab Emirates	Emirati Dirham	300,000	100%

– 9 –

The remaining 40% is subject to put and call options exercisable from September 19, 2027 to September 19, 2028. The terms of put and call options over these non-controlling interests, mean that they give to the Group a present ownership interest in the underlying securities, accordingly this business combination was accounted for on the basis that the underlying shares subject to the put and call options have been acquired. Thus, the Group does not recognize non-controlling interests and recorded liabilities for shareholders under the options.

** Registered as a wholly-foreign-owned enterprise under PRC law.

*** The investment of 0.4% is owned by the two directors of Ferretti Group (Monaco) S.a.M. for their role, as provided for by the By-laws.

2. BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES

2.1. Basis of Preparation

These unaudited interim condensed consolidated financial statements as at June 30, 2025, have been prepared in condensed form in conformity with the international accounting standards applicable to the preparation of interim financial statements (IAS 34). The unaudited interim condensed consolidated financial statements at June 30, 2025, do not contain all of the information required for the annual consolidated financial statements and should therefore be read together with the Group's consolidated financial statements at December 31, 2024.

The unaudited interim condensed consolidated financial statements have been prepared on the basis that the Group can operate as a going concern since the Company's management has verified that there are no uncertainties regarding this.

The unaudited interim condensed consolidated financial statements include the statement of financial position, that has been prepared based on the accounts as at June 30, 2025 of the controlled companies within the consolidation perimeter; the income statement, the comprehensive income statement, the cash flow statement, the statement of changes in equity and related illustrative notes, that have been prepared based on the accounts for the six months period ended June 30, 2025 of the controlled companies within the consolidation perimeter.

For the purposes of clarity and to make this document more readily understandable, all the amounts listed are stated in thousands of Euro, except when otherwise indicated.

2.2. Changes in Accounting Policies

The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards effective as of January 1, 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

One amendment apply for the first time in six months ended June 30, 2025, but do not have an impact on the interim condensed consolidated financial statements of the Group.

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Lack of exchangeability — Amendments to IAS 21

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendments, an entity cannot restate comparative information.

The amendments did not have impact on the Group's condensed consolidated financial statements.

Climate change: impacts on financial reporting, accounts and financial statement disclosures

While preparing the annual consolidated financial statements as at December 31, 2024, the management has carefully evaluated the priorities endorsed by ESMA in October with particular reference to the consistency and connectivity between the information related to the climate change-related risks and the information included in the consolidated financial statements and plans.

In the first half of 2025, the Group reaffirmed its commitment to integrating ESG (Environmental, Social, and Governance) criteria into its corporate strategies, in line with the sustainability goals outlined in the 2024 report.

The initiatives undertaken focused in particular on the development of a monitoring system for the collection of non-financial data, as well as the implementation of measures aimed at ensuring responsible environmental resource management, promoting diversity and inclusion, and adopting transparent and ethical governance practices.

During the semester, the Group also monitored several key ESG performance indicators, including energy consumption, CO2 emissions, the percentage of women in managerial positions, and the number of training hours provided to staff, in order to assess progress against the established targets.

Consistent with the findings of the 2024 financial year, no ESG-related risks emerged that could have a significant current or prospective impact on the Group's economic, equity, or financial position.

The double materiality analysis conducted in preparation for the 2024 Sustainability Report — covering key environmental, climate-related, regulatory, and reputational topics — did not reveal any critical issues likely to economically or financially affect the Group's operations. Ongoing oversight of all topics identified as material through the double materiality assessment enables the Group to maintain high standards of resilience and sustainability, in line with stakeholder expectations and the evolving regulatory landscape.

11 -

In this context, the Group has initiated a process to align with the European Sustainability Reporting Standards (ESRS), through a gap analysis aimed at identifying areas for improvement in view of the 2025 reporting cycle.

At the same time, stakeholder engagement activities continued, including surveys and thematic meetings, with the goal of gathering feedback to help guide ESG strategies.

In the second half of 2025, the Group plans to consolidate its ESG data collection system and to strengthen initiatives related to climate transition, with a particular focus on improving energy efficiency in production processes and adopting low environmental impact materials.

3. OTHER INCOME

(in thousands Euro)	June 30, 2025 (unaudited)	June 30, 2024 (unaudited)
Income from relationship with suppliers	5,212	3,039
Cost over-accruals	2,932	2,848
Damage settlements	213	1,615
Rebilling of miscellaneous costs to customers and dealers	765	587
Rental income	215	440
Gains on sales of assets	24	121
Other	1,895	1,317
Total other income	11,257	9,968

The item "Income from relationship with suppliers" mainly regards (i) invoices to suppliers due to non-compliance of materials received; (ii) proceeds from sundry activities not directly connected with shipbuilding such as income from promotional, marketing and co-branding agreements entered into with other internationally-renowned firms; (iii) the contributions received from suppliers which cooperate with the Group.

The item "Cost over-accruals" mainly refers to differences on cost forecasts recorded in the previous years for the supplies of services and raw materials, whose final account proved to be lower.

4. RAW MATERIALS AND CONSUMABLES USED

This item for the six-month period ended June 30, 2025 is equal to €288.8 million (€333.3 for the six-month period ended June 30, 2024) primarily reflects purchases of raw and ancillary materials and the change for the six-month period in the corresponding inventories.

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5. CONTRACTORS COSTS

This item for the six-month period ended June 30, 2025 is equal to €142.4 million (€131.7 for the six month period ended June 30, 2024) consists mainly of the costs incurred to outsource certain phases of the production process. This is because the boat building process can include the use of external companies as contractors for the construction and assembly of onboard equipment installed in Group boats.

6. OTHER SERVICE COSTS

| (in thousands Euro) | 30/06/2025
(unaudited) | 30/06/2024
(unaudited) |
| --- | --- | --- |
| Transportation and customs clearing costs | 16,286 | 14,010 |
| Technical consulting | 6,174 | 7,474 |
| Utilities | 4,916 | 4,624 |
| Insurance | 4,837 | 3,579 |
| Tax, legal and administrative consulting services | 4,072 | 4,460 |
| Maintenance | 2,827 | 2,904 |
| Fees paid to members of corporate governance bodies | 2,578 | 2,959 |
| Entertainment expenses | 2,505 | 3,032 |
| Travel and per diem expenses | 1,738 | 2,554 |
| Recruiting and training costs | 1,650 | 1,693 |
| Other | 12,144 | 12,004 |
| Total other service costs | 59,728 | 59,293 |

The item "Transportation, insurance and customs clearing costs" amounting to €16,286 thousand refers mainly to raw materials and components transport costs for €13.2 million.

The item "Technical consulting" amounting to €6,174 thousand refers to consultancy on production issues and services rendered by engineering firms and designers with regard to the design of boats and new models of vessels, interiors and other studies and research bearing on the shipbuilding process. It also includes the costs of certifications or services from other entities of a technical nature.

The item "Tax, legal and administrative consulting services" mainly included €1,291 thousand for legal advice and notaries' fees and €1,475 thousand relating to administrative consulting, including accounts auditing, and tax assistance. Moreover, €418 thousand referred to IT consulting.

In the six-month period ended June 30, 2025, "Fees paid to members of corporate governance bodies" included €2,424 thousand for fixed and variable remuneration paid to Directors, as well as €90 thousand in fees paid to Statutory Auditors and €64 thousand for the Supervisory Body.

The item "Recruiting and training costs" mainly refers to the costs incurred by Group companies for the company canteen and meal vouchers (as provided for contractually), as well as remuneration for project workers and the costs of training.

The item "Other" consists mainly of costs incurred for services of various types, such as outsourced services for approximately €4.8 million, services related to brokerage activities for €2.7 million, security services for €468 thousands, janitorial services for €2.4 million, industrial reclamation and discharges for €939 thousands.

PERSONNEL COSTS

| (in thousands Euro) | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- |
| Wages and salaries | 55,530 | 53,733 |
| Social security contributions | 18,449 | 17,395 |
| Non-current employee benefits and other provisions | 3,471 | 3,249 |
| Total personnel costs | 77,450 | 74,377 |

OTHER OPERATING EXPENSES

| (in thousands Euro) | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- |
| Cost under-accruals | 1,569 | 646 |
| Settlement agreements and damage compensation | 1,063 | 1,790 |
| Taxes and fees other than income taxes | 947 | 926 |
| Memberships in trade associations | 520 | 936 |
| Re-billable costs | 247 | 932 |
| Advertising and promotional material | 136 | 241 |
| Charity | 110 | 64 |
| Sundry operating costs | 512 | 328 |
| Total other operating expenses | 5,105 | 5,862 |

The item "Cost under-accruals" referred mainly to the higher costs incurred during the financial year in excess of the provisions recognized in the financial year ended December 31, 2024 for supplies pertaining to the previous years.

The item "Settlement agreements and damage compensation" related to several private agreements entered into in the course of the six-month period ended June 30, 2025.

The item "Taxes and fees other than income taxes" includes the cost of IMU (municipal property tax), stamp duty, Tari (waste tax) and other minor taxes.

The item "Sundry operating costs" includes mainly gifts, fines, stamp duties, etc.

FINANCIAL INCOME

| (in thousands Euro) | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- |
| Interest income from banks | 586 | 2,895 |
| Interest and other financial income | 44 | 251 |
| Total financial income | 630 | 3,146 |

14 -

15 -

10. FINANCIAL EXPENSES

| (in thousands Euro) | June 30, 2025
(unaudited) | June 30, 2024
(unaudited) |
| --- | --- | --- |
| Interests on banks and other loans interest | (582) | (688) |
| Interest on lease liabilities | (376) | (231) |
| Interest on provision for severance benefits and pensions | (101) | (102) |
| Other financial expenses | (395) | (834) |
| Total financial expenses | (1,454) | (1,855) |

11. TRADE AND OTHER RECEIVABLES

| | June 30, 2025
(unaudited) | December 31, 2024
(audited) |
| --- | --- | --- |
| (in thousands Euro) | | |
| Trade receivables | 35,333 | 36,437 |
| Other receivables | 23,948 | 38,137 |
| Total trade and other receivables | 59,281 | 74,574 |
| Trade receivables | | |
| | June 30, 2025
(unaudited) | December 31, 2024
(audited) |
| (in thousands Euro) | | |
| Accounts receivable from customers | 39,235 | 40,162 |
| (Less) Provision for doubtful accounts | (3,902) | (3,725) |
| Total trade receivables | 35,333 | 36,437 |

The item "Accounts receivable from customers" as at June 30, 2025 relates primarily to sales and services other than boat sales, for which the balance is generally received before delivery based on the contractual terms and conditions in force. Therefore, they refer to paid after-sales services, sales of material and spare parts, merchandising and provision of joinery works. These are considered to be receivable within 12 months.

The provision for doubtful accounts, calculated by the Group in compliance with IFRS 9, changed as follows in the two years of reference:

(in thousands Euro)	June 30, 2025	December 31, 2024
	(unaudited)	(audited)
At beginning of year	3,725	3,495
Impairment losses, net	300	660
Amount written off as uncollectible	(123)	(430)
At end of period	3,902	3,725

An impairment analysis is performed at the end of each of the reporting dates to measure expected credit losses. The provision rates are based on the aging for each specific customer. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

The table below reports the amount of trade receivables — i.e., already net of any write-downs — which even if expired at the reporting date (June 30, 2025) are considered fully recoverable. The ageing analysis is presented on the basis of the collection due date of the relevant invoices and categorized into time-bands based on analysis used by the management to monitor the Group's cash flow.

	Balance at June 30, 2025 (unaudited)	Not due	Past due			Beyond 90 days
			30 days	30–60	60–90
%	10%	0%	0%	0%	0%	27%
Trade receivables	39,235	21,503	964	537	1,609	14,621
Provision for doubtful accounts	(3,902)	0	0	0	0	(3,902)
Total at June 30, 2025	35,333	21,503	964	537	1,609	10,719

In view of the fact that the Group's trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk.

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Other receivables

(in thousands Euro)	June 30, 2025	December 31, 2024
	(unaudited)	(audited)
Other tax receivables	4,656	16,282
Accruals, deferrals and other receivables	19,292	21,855
Total other receivables	23,948	38,137

The item “Other tax receivables” mainly refers to value-added tax.

The item “Accruals, deferrals and other receivables” may be broken down as follows:

(in thousands Euro)	June 30, 2025	December 31, 2024
	(unaudited)	(audited)
Receivables owed by social security institutions	471	413
Commissions advances	3,592	8,025
Advances, prepayments and sundry receivables from suppliers	7,696	7,797
Others	175	114
Accruals and deferrals	7,358	5,506
Total accruals, deferrals and other receivables	19,292	21,855

The item “Receivables owed by social security institutions” as at June 30, 2025 refers mainly to receivables from the Italian workman’s compensation agency (INAIL) of €185 thousand, for advances and payments to employees, as well as, for the residual amount, advances against the Redundancy Fund paid to employees on behalf of the Italian social security administration (INPS), still to be refunded for €2 thousand.

The balance relating to “Advances, prepayments and sundry receivables from suppliers” as at June 30, 2025 mainly refers for about €1,827 thousand of advances already paid for the main industry trade shows to be held in the next months of 2025, in addition to advances paid to suppliers for services that have not yet been completed or work progress payments for goods not yet delivered.

Income tax recoverable

As at June 30, 2025, income tax recoverable includes mainly tax credits recognized under Italian incentive laws (“Industria 4.0”) for €877 thousand by some Group subsidiaries.

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12. TRADE AND OTHER PAYABLES

The table below sets forth a breakdown of the Group's trade and other payables as of the dates indicated:

	June 30, 2025	December 31, 2024
(in thousands Euro)	(unaudited)	(audited)
Trade payables	384,531	427,026
Other payables	53,648	52,121
Total trade and other payables	438,179	479,147
	June 30, 2025	December 31, 2024
(in thousands Euro)	(unaudited)	(audited)
Trade and other payables — current	435,758	477,751
Trade and other payables — non-current	2,430	1,396
Total trade and other payables	438,179	479,147

a. Trade payables

A breakdown of this item is as follows:

	June 30, 2025	December 31, 2024
(in thousands Euro)	(unaudited)	(audited)
Accounts payable to suppliers	384,531	427,026
Total trade payables	384,531	427,026

The item "Accounts payable to suppliers" relates to the amount due to suppliers for ordinary commercial supplies of services and materials, at arm's length.

The table below shows a breakdown of future financial flows of the trade payables outstanding at June 30, 2025. The ageing analysis is presented on the basis of the payment terms of the purchasing invoices and categorized into time-bands based on analysis used by the management to monitor the cash flow forecast.

	Future financial flows
	Balance at June 30, 2025 (unaudited)	Less than 3 months	4 to 9 months	10 to 12 months	1 to 5 years	More than 5 years	Total financial flows
Trade and other payables	(384,531)	(315,725)	(67,247)	(1,559)	—	—	(384,531)
Total	(384,531)	(315,725)	(67,247)	(1,559)	—	—	(384,531)

b. Other payables

(in thousands Euro)	June 30, 2025 (unaudited)	December 31, 2024 (audited)
Payables due to pension and social security institutions	13,762	14,264
Amounts payable to employees	24,503	21,886
Amounts payable to directors	291	2,339
Other tax payable	5,578	4,253
Miscellaneous payables	3,962	3,522
Accrued expenses	1,407	1,161
Deferred income	1,715	3,300
Deferred income — non current	2,430	1,396
Total other payables	53,648	52,121

The item "Payables due to pension and social security institutions" reflects the amounts owed to these institutions as at June 30, 2025 by Group companies and their employees for the June payroll and for accrued and deferred remuneration.

The item "Amounts payable to employees" refers to the June payroll to be paid in the following month and to the liability for accrued and unused vacations and personal days, as well as to the accrued portion of the performance and production bonus.

The item "Amounts payable to directors" refers to remuneration which has accrued but was not yet paid as of June 30, 2025.

The item “Other tax payable” chiefly refers to taxes withheld accrued that will be paid in July 2025.

The items “Accrued expenses” and “Deferred income” consists mainly of insurance premiums and other transactions recognized on an accrual basis.

The item “Deferred income – non-current”, totaling €2,430 thousand as at June 30, 2025, relates mainly to tax credits for €2,320 thousand and for €110 thousand to prepayments of public grants received by the Group. Said deferred income was classified under “Non-current liabilities” for the portion due after the following year. These grants will be recognized in the income statement along with the amortization periods of the corresponding assets once the underlying framework agreements expire.

13. EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY

Basic and diluted

Earnings per share were calculated as the ratio of net profit for the period attributable to shareholders of the Company to the weighted average number of shares in issue during the year, as indicated in the table below, and coincides with the earnings per share diluted due to the absence of partially dilutive instruments.

	June 30, 2025 (unaudited)	June 30, 2024 (unaudited)
Profit attributable to shareholders of the company (in thousand Euro)	43,454	43,859
Weighted average number of shares during the period	338,482,654	338,482,654
Earnings per share attributable to shareholders of the company:
basic and diluted (in Euro)	0.13	0.13

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MANAGEMENT DISCUSSION AND ANALYSIS

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW

The Group is an established leader in the global luxury yacht industry with a portfolio of iconic brands of long heritage and outstanding high-end manufacturing capabilities. As one of the oldest Italian luxury yacht producers, it has been playing an important role in steering the development of the global luxury yacht industry by acquiring and integrating other leading yacht brands and production facilities since the establishment of the business in 1968. Its seven brands — Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN and Custom Line — are globally recognized as symbols of luxury, exclusivity, Italian design, quality, craftsmanship, innovation and performance. The Group designs, produces and sells luxury composite yachts, made-to-measure yachts and super yachts from 8 to 95 meters, offering the full spectrum of functionalities and an increasing range of ancillary services, catering to the personalized tastes and requirements of its clientele. With its market leadership, rich history and iconic brand portfolio, the Group is positioned as the trend-setter of the global luxury yachting industry and the ambassador of Italian nautical excellence to the world.

Owing to excellent market reaction to the models launched in previous years, for the Relevant Period, the Group recorded a net revenue of new yachts of €620.4 million, representing a 1.5% increase from €611.0 million for the six months ended June 30, 2024, and the Group's adjusted EBITDA was €99.1 million, with an increase of about 2.5% from the six months ended June 30, 2024, which was €96.7 million. Adjusted EBITDA margin was equal to 16.0%, up 20 basis points when compared to 15.8% in the six months ended June 30, 2024. The net profit was almost in line with previous year (€44.0 million for the six months ended June 30, 2024 to €43.6 million for the Relevant Period).

This excellent performance confirms the strength of the commercial and industrial strategy that the Group maintains strong negotiating power over prices, consolidates the most profitable made-to-measure segment, and absorbs fixed costs more efficiently, in addition to greater procurement economies of scale capacity.

The Group upheld an innovation-driven approach to maintain its market-leading position in its core business, placing great emphasis on research and development. Leveraging the substantial investments in research and development, the Group has been continuously renewing and broadening its product portfolio with technological and design innovation, allowing it to stay abreast of the rapidly evolving preferences and expectations of its clientele.

The launch of new models for composite and made-to-measure yachts, together with a growing interest in super yachts, allowed the Group to attract new customers while also continuing to nurture the interest of the Group’s loyal clients.

The Group’s other businesses provide synergy with its yacht manufacturing business with a comprehensive portfolio, including: (i) yacht brokerage, chartering and management services; (ii) after-sales and refitting services; (iii) brand extension activities (including exclusive lounges all-over-the-world); (iv) manufacturing and installation of wooden furnishings and kinetics for nautical interiors; (v) manufacturing and sale of coastal patrol vessel by the FSD; and (vi) manufacturing and sale of Wally sailing yachts. With such businesses, the Group is able to cover all customers’ needs throughout the whole yachting “customer journey”, from the purchase of luxury yachts to a complete offer of ancillary services to enhance customer satisfaction and loyalty, while providing it with real-time information about market trends and customer preferences.

SIGNIFICANT EVENTS IN THE FIRST HALF YEAR OF 2025

On June 27, 2025, Ferretti S.p.A. and Flexjet Limited, 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, 2025, 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, 2025. The total amount of dividends distributed amounted to €33,848,265.40.

On May 13, 2025, the Shareholder’s meeting of the Company was convened and approved:

the audited Separate Financial Statements as of December 31, 2024 and acknowledged the audited Consolidated Financial Statements;
the “Report on the Remuneration Policy and on Compensation Paid”;
the integration of the Board through the appointment, pursuant to article 2386 of the Civil Code, of Mr. Tan Ning and Mr. Hao Qinggui as Directors; and
the distribution of an ordinary dividend of €0.10 per Share.
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In April and May 2025, the Group participated in the international boat shows in Singapore and Venice.

In January, February and March 2025, the Group participated in the major international boat shows in Düsseldorf, Miami, Dubai and Palm Beach.

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, its stability and strength. In this context, the Group has continued to deliver outstanding performance, consistently gaining market share 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, attributable to the skillful use of more sustainable materials and processes aimed at reducing the environmental impact of 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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FINANCIAL REVIEW

Order Backlog

As of June 30, 2025, the order backlog amounted to €1,446.0 million, slightly decreased by 3.3% compared to June 30, 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 six months ended June 30, 2025, of which 102 in second quarter, including two super yachts.

The table below shows the breakdown of order backlog by production type¹:

	Order backlog by production type
(in millions Euro, except for percentages)	H1 2025 (unaudited)	% of total order backlog	H1 2024 (unaudited)	% of total order backlog	Change² H1 2025 vs H1 2024
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	47.7%	521.9	34.9%	+32.0%
Other businesses³	41.0	2.8%	55.8	3.7%	-26.5%
Total	1,446.0	100.0%	1,495.8	100.0%	-3.3%

(i) Composite Yachts

The Group’s order backlog from composite yachts reached €225.2 million as of June 30, 2025, 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 June 30, 2024).

¹ 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

² The percentage figures are subject to rounding adjustments and may not be an arithmetic aggregation of the figures preceding them

³ Including FSD and Wally sailboats

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(ii) Made-to-Measure Yachts

The Group’s order backlog from made-to-measure yachts reached €490.8 million as of June 30, 2025, equal to approximately 33.9% of the total backlog (from €589.4 million, equal to approximately 39.4% of the total backlog as of June 30, 2024).

(iii) Super Yachts

The Group’s order backlog from super yachts reached €689.0 million as of June 30, 2025, equal to approximately 47.7% of the total backlog (from €521.9 million, equal to approximately 34.9% of the total backlog as of June 30, 2024).

(iv) Other Businesses

The Group’s order backlog from other businesses reached €41.0 million as of June 30, 2025, equal to approximately 2.8% of the total backlog (from €55.8 million, equal to approximately 3.7% of the total backlog as of June 30, 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 June 30, 2025, slightly decreased by 3.2% as compared to €785.7 million as of June 30, 2024.

Net Revenue

The Group’s overall net revenue of new yachts increased by approximately 1.5% from €611.0 million for the six months ended June 30, 2024 to approximately €620.4 million for the six months ended June 30, 2025. A sound result was underpinned by a solid order backlog, with the main contribution driven by made-to-measure and super yachts.

Overall, the Group’s net revenue amounted to approximately €638.3 million, with a reduction of approximately 1.3% compared to €646.4 million in the corresponding period of 2024, attributable to lower sales of pre-owned boats, also in relation to the lower available stock. The sale of pre-owned yachts represents an opportunity for trade-in offered to the Group’s customers as a lever to facilitate the sale of new yachts.

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The following table shows the breakdown of net revenue of new yachts sales by production type:

	Six months ended June 30,
	2025 (unaudited)		2024 (unaudited)
(in thousands Euro, except for percentages)	Net revenue	% of total net revenue of new yachts	Net revenue	% of total net revenue of new yachts
Composite yachts	234,403	37.8%	265,048	43.4%
Made-to-measure yachts	253,134	40.8%	233,144	38.2%
Super yachts	104,444	16.8%	82,496	13.5%
Other businesses5	28,458	4.6%	30,352	5.0%
Total net revenue of new yachts	620,439	100.0%	611,041	100.0%
Pre-owned	17,829		35,376
Total	638,269		646,416

(i) Composite Yachts

The Group's revenue of new yachts from the sales of composite yachts reached €234.4 million in the Relevant Period, equal to approximately 37.8% of total net revenue of new yachts (from €265.0 million, equal to approximately 43.4% of total net revenue of new yachts, in the six months ended June 30, 2024). This segment experienced a two-speed market dynamic: second quarter of 2025 showed a higher revenue growth in comparison with second quarter of 2024 coming from the high-composite segment (>80ft or >24m), than that of the under-80ft category.

4 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
5 Mainly comprising revenue from ancillary businesses, FSD and Wally sailboats

(ii) Made-to-Measure Yachts

The Group’s revenue from the sales of made-to-measure yachts reached €253.1 million in the Relevant Period, equal to approximately 40.8% of total net revenue of new yachts (from €233.1 million, equal to approximately 38.2% of total net revenue of new yachts, in the six months ended June 30, 2024). A solid performance was supported by the orders collected in 2024 and 2025.

(iii) Super Yachts

The Group’s revenue from the sales of super yachts reached €104.4 million in the Relevant Period, equal to approximately 16.8% of total net revenue of new yachts (from €82.5 million, equal to approximately 13.5% of total net revenue of new yachts, in the six months ended June 30, 2024), continuing its double-digit growth due to the attractiveness of the flagship super yachts.

(iv) Other Businesses

The Group’s revenue generated from other businesses reached €28.5 million in the Relevant Period, equal to approximately 4.6% of total net revenue of new yachts (from €30.4 million, equal to approximately 5.0% of total net revenue new yachts, in the six months ended June 30, 2024). Within this item, revenues from services and sale of spare parts, merchandising and other goods increased by €4.2 million, while revenues for Wally sailboats decreased by €7.6 million.

Net Revenue of New Yachts by Geographical Area⁶

The Europe region reached approximately €250.7 million for the Relevant Period, accounting for about 40.4% of total net revenue of new yachts (from €313.0 million, accounting for about 51.2% of total net revenue of new yachts for the six months ended June 30, 2024).

The MEA region reached approximately €219.9 million for the Relevant Period, accounting for about 35.4% of total net revenue of new yachts (from €112.8 million accounting for about 18.5% of total net revenue new yachts for the six months ended June 30, 2024).

⁶ The geographical breakdown in the Reporting Period refers to the dealer’s area of exclusivity or by the customer’s nationality

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The APAC region reached approximately €9.7 million for the Relevant Period representing, accounting for about 1.6% of total net revenue of new yachts (from €23.9 million, accounting for about 3.9% of total net revenue new yachts for the six months ended June 30, 2024).

The AMAS region reached approximately €140.1 million for the Relevant Period, accounting for about 22.6% of total net revenue new yachts (from €161.3 million, accounting for about 26.4% of total net revenue new yachts for the six months ended June 30, 2024).

Raw Materials and Consumables Used

The Group’s raw materials and consumables used decreased by approximately 13.3% from approximately €333.3 million for the six months ended June 30, 2024 to approximately €288.8 million for the Relevant Period, primarily due to the adjustment of purchase volumes to production demand, paying attention to the management of net working capital and net financial position.

Contractors Costs

The Group’s contractors costs increased by approximately 8.1% from approximately €131.7 million for the six months ended June 30, 2024 to approximately €142.4 million for the Relevant Period. Such increase was mainly attributable to the different mix of purchasing between raw materials.

Costs for Trade Shows, Events and Advertising

The Group’s costs for trade shows, events and advertising decreased by approximately 8.8% from approximately €10.2 million for the six months ended June 30, 2024 to approximately €9.3 million for the Relevant Period, mainly due to the optimization of costs by focusing communication events on those with the greatest contribution.

Other Service Costs

The Group’s other service costs were substantially stable, with €59.7 million for the Relevant Period (€59.3 million for the six months ended June 30, 2024).

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Rentals and Leases

The Group’s rentals and leases increased by €0.3 million, or approximately 5.3%, from €5.7 million for the six months ended June 30, 2024 to €6.0 million for the Reporting Period, primarily due to (i) an increase in royalties mainly attributable to the increase in new yachts delivered; and (ii) an increase in expenses relating to short-term leases, which was generally in line with the growth of the Group’s business, while the rentals and leases for low-value assets decreased.

Personnel Costs

The Group’s personnel costs increased by €3.1 million, or approximately 4.1%, from €74.4 million for the six months ended June 30, 2024 to €77.5 million for the Reporting Period, primarily due to the increase in the average headcount to support the growth of the Group’s business.

Other Operating Expenses

The Group’s other operating expenses decreased from approximately €5.9 million for the six months ended June 30, 2024 to approximately €5.1 million for the Relevant Period, mainly due to a combined effect of the decrease of settlement agreements, re-billable costs and memberships in trade associations and the increase in cost under-accruals.

Financial income and expenses

Financial income as at June 30, 2025 is €0.6 million (€3.1 million as of June 30, 2024), decreased by €2.5 million mainly due to both the lower average deposit and the reduction in interest rates.

The Group’s financial expenses decreased from €1.9 million for the six months ended June 30, 2024 to €1.5 million for the Relevant Period, mainly due to a decrease in other financial expenses related to the depreciation of incidental borrowing costs.

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Income Tax Expenses

The Group recorded income tax expenses of €19.8 million for the Relevant Period in line with the same amount for the six months ended June 30, 2024.

Net Profit

The Group’s net profit for the period is almost in line with last year, moving from around €44.0 million in the six months ended June 30, 2024 to €43.6 million in the Relevant Period.

Non-IFRS Measures

To supplement the Group’s consolidated income statements which are presented in accordance with IFRS, EBITDA, adjusted EBITDA, adjusted EBITDA/net revenue of new yachts, being non-IFRS measures, were also presented in this announcement. 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. However, the Group’s presentation of EBITDA may not be comparable to similar terms used by other companies. The use of these measures 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.

The Company defines (i) EBITDA as EBITDA adjusted by adding back certain special items (including 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 expenses, and less financial income and income tax benefit); (ii) adjusted EBITDA as EBITDA adjusted by adding back certain special items (other minor non-recurring events); and (iii) net revenue of new yachts as net revenue excluding revenue generated from the trading of pre-owned yachts.

The table below sets forth the reconciliations of the Group's non-IFRS measures to the nearest measures prepared in accordance with IFRS for the periods indicated:

(in thousands Euro)	Six months ended June 30,
	2025 (unaudited)	2024 (unaudited)
Net revenue	638,269	646,416
Revenue pre-owned	(17,829)	(35,376)
Net revenue of new yachts	620,439	611,040
Operating costs	(539,196)	(549,700)
Adjusted EBITDA	99,073	96,716
Special items	—	(117)
Operating exchange gains and share of loss of a joint venture	385	398
EBITDA	99,458	96,997
Depreciation and amortization	(34,988)	(34,322)
Financial income, financial expenses, financial exchange gains	(1,120)	1,160
Profit before tax (PBT)	63,350	63,835
Income tax	(19,780)	(19,788)
Profit after tax (PAT)	43,569	44,047
Adjusted EBITDA/Net revenue of new yachts	16.0%	15.8%

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The table below sets forth a reconciliation of the non-IFRS measures to the nearest measures prepared in accordance with IFRS for the periods indicated:

(in thousands Euro)	Six months ended June 30,
	2025 (unaudited)	2024 (unaudited)
Profit for the period	43,569	44,047
Income tax	19,780	19,788
Foreign financial exchange gains	296	131
Financial expenses	1,454	1,855
Financial income	(630)	(3,146)
Depreciation and amortization	34,988	34,322
EBITDA	99,458	96,997
Special items related to EBITDA	—	117
Foreign operating exchange losses	(385)	(398)
Adjusted EBITDA	99,073	96,716
Adjusted EBITDA/Net revenue of new yachts	16.0%	15.8%

The Group's adjusted EBITDA for the Relevant Period amounted to approximately €99.1 million, increased by approximately 2.5% for the six months ended June 30, 2024 which amounted to approximately €96.7 million.

The adjusted EBITDA margin (adjusted EBITDA/net revenue of new yachts increased from 15.8% for the six months ended June 30, 2024 to 16.0% for the Reporting Period, up 20 basis points when compared to the six months ended June 30, 2024.

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OTHER FINANCIAL INFORMATION

Liquidity and Financial Resources

During the Relevant Period, the Group generated cash flow from operating activities for €76.7 million.

As at June 30, 2025, the Group had cash and cash equivalents and other current assets of approximately €134 million (as at December 31, 2024: approximately €156 million).

Taking into account the cash flow generated from operations and the net proceeds from the Hong Kong Listing, the Directors are of the view that the Group has sufficient working capital to meet its current liquidity demand and the liquidity demand within at least 12 months from the date of this announcement.

Capital Expenditure

Investments in tangible and intangible fixed assets as of June 30, 2025 were €42.3 million, excluding right-of-use assets, of which approximately €16.8 million for maintenance for operations and existing product portfolio and approximately €25.4 million for business expansion activities.

Net Financial Position

The net financial position of the Group as at June 30, 2025 was €101.6 million of net cash, increased by €47.0 million compared to €54.6 million as of March 31, 2025 due to a cash release from the net working capital mainly linked to seasonal deliveries.

In comparison with December 31, 2024 (€124.6 million), it decreased by €23 million, despite the payment of €33.8 million in dividends and investments in buildings, plant, machinery and intangible assets for €51.4 million, due to cash flows generated by operating activities.

Net Working Capital

The net working capital as at June 30, 2025 was positive for €148.3 million, representing a decrease of €60.0 million compared to March 31, 2025, in relation to the dynamics mentioned in the previous paragraph.

Capital Structure

A. Borrowing

The total bank and other borrowings of the Group as at June 30, 2025 was approximately €36.0 million (as at December 31, 2024: €33.0 million) which was originally denominated in Euro, so it did not have any foreign exchange impact on its financial statements during the Relevant Period. The bank borrowing was interest-bearing, secured and unsecured. During the Relevant Period, the Group did not experience any difficulties in utilizing its banking facilities with its lenders.

B. Gearing Ratio

As at June 30, 2025, the Group’s gearing ratio was approximately 4.0% (as at December 31, 2024: 3.7%), calculated as the total indebtedness divided by total equity as at the end of the Relevant Period multiplied by 100%. The increase was mainly due to indebtedness in relation to addition right of use assets.

The Group’s gearing ratio demonstrated that the financial position of the Group was healthy as the debt level of the Group was very low as at the end of the Relevant Period.

Pledge of Assets

As at December 31, 2024, the Group’s bank borrowings were secured by certain of the Group’s buildings, which amounted to €2.8 million. As at June 30, 2025, the Group did not pledge any further assets in comparison with December 31, 2024.

Contingent Liabilities

As at June 30, 2025 and 2024, the Group did not have any material contingent liabilities.

Significant investments, material acquisitions and disposals, future plans for significant investment or acquisition of material capital assets

During the Relevant Period, the Group did not make any significant investments, material acquisition or disposal of subsidiaries, associates and joint ventures. Save for the expansion plans disclosed in the section headed “Future Plans and Use of Proceeds” in the Hong Kong Prospectus, the Company has no specific plans for significant investments or acquisitions of material capital assets.

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Risk factors

The Company identifies risk at the activity level which can help to focus risk assessment on major business units or functions and also contribute to maintaining an acceptable level of risk across the Group. We also review periodically economic and industrial factors affecting our business and meet industry analysts and players to keep abreast of the latest development of the industry.

Factors such as increased competition, regulatory changes, personnel changes, and developments in the markets which contribute to and increase risks are always on the watch list.

For further details, please refer to the annual report of the Company for the year ended December 31, 2024.

Foreign Currency Exposure

Majority of the Group’s revenue generating activities and borrowings were denominated in Euro. The Group is exposed to foreign currency risk arising from fluctuations in exchange rates between Euro against USD. The Group uses foreign currency forward contracts to hedge its exposure to foreign currency risks in connection with forecast transactions and firm commitments. As at June 30, 2025 and December 31, 2024, there were no currency forwards in place.

Human Resources

As at June 30, 2025, the Group had 2,127 employees (2,118 as at December 31, 2024), of which 2,059 were based in Europe and MEA, 57 were based in the U.S. and 11 were based in APAC. The total cost of staff for the six months ended June 30, 2025 was approximately €77.5 million as compared to approximately €74.4 million as at June 30, 2024. The increase was mainly attributable to the increase in the average headcount to support the growth of the Group’s business.

INTERIM DIVIDEND

The Board does not recommend payment of an interim dividend for the Reporting Period.

SUFFICIENCY OF PUBLIC FLOAT

According to the information disclosed publicly and as far as the Directors are aware, upon the Hong Kong Listing and up to June 30, 2025, the Company maintained the amount of public float as required under the Hong Kong Listing Rules.

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PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities (including sale of treasury Shares) during the Reporting Period. As at the end of the Reporting Period, the Company did not hold any treasury Shares.

USE OF NET PROCEEDS FROM THE HONG KONG LISTING

The Group received net proceeds (after deduction of underwriting commissions and related costs and expenses) from the Hong Kong Global Offering and the exercise of over-allotment option of approximately HKD1,862.94 million in the context of the Hong Kong Listing. There has been no change in the intended use of net proceeds as previously disclosed in the Hong Kong Prospectus. As at June 30, 2025, the Group has fully utilized the net proceeds from the Hong Kong Global Offering in accordance with the purposes set out in the section headed "Future Plans and Use of Proceeds" in the Hong Kong Prospectus.

CORPORATE GOVERNANCE

The Board strives to uphold the principles of corporate governance set out in the CG Code contained in Appendix C1 to the Hong Kong Listing Rules, the Italian Consolidated Financial Act and the Italian Corporate Governance Code to which the Company has adhered after the Dual Listing, and adopted various measures to enhance the internal control system, the Directors' continuing professional training and other areas of practice of the Company. While the Board strives to maintain a high level of corporate governance, it also works hard to create value and achieve maximum return for its Shareholders. The Board will continue to conduct reviews and enhance the quality of corporate governance practices with reference to local and international standards.

The Company has complied with the code provisions as set out in Appendix C1 to the Hong Kong Listing Rules during the Relevant Period.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Hong Kong Listing Rules (the "Model Code") and relevant Italian provisions as its own code governing securities transactions of the Directors.

Specific enquiries have been made to all Directors and all Directors have confirmed that they have fully complied with the required standard of dealings as set out in the Model Code and those required under the relevant Italian provisions during the Relevant Period.

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REVIEW BY AUDIT COMMITTEE

The Company has established the Audit Committee on December 21, 2021, with written terms of reference in compliance with Rule 3.21 of the Hong Kong Listing Rules and the CG Code and in compliance with the Italian Corporate Governance Code.

The Audit Committee has four members, Mr. Patrick Sun, Mr. Stefano Domenicali, Ms. Jiang Lan (Lansi) and Ms. Zhu Yi, with Mr. Sun currently serving as the chairman. Mr. Sun has the appropriate professional qualifications as required under Rules 3.10(2) and 3.21 of the Hong Kong Listing Rules.

The Audit Committee has reviewed with the management of the Company the unaudited interim condensed consolidated financial statements and the interim results announcement of the Company for the Relevant Period and agreed with the accounting treatments adopted by the Company, and was of the opinion that the preparation of the financial statements of the Company for the Relevant Period complies with the applicable accounting standards and the requirements under the Hong Kong Listing Rules and also with the Italian regulatory applicable provisions and adequate disclosures have been made.

The unaudited interim condensed consolidated financial statements, which were prepared in Italian and translated into English herein for the convenience of international readers, were reviewed by EY S.p.A., the Company's independent auditor, in accordance with the criteria for a review recommended by applicable laws.

EVENTS AFTER THE RELEVANT PERIOD

In July 2025, the Group increased its ownership to 100% of Sea Lion S.r.l.'s share capital, thereby fully consolidating its presence in the company that owns the "Wally" brand.

In July 2025, the Group disposed its ownership in Ferretti Tech S.r.l.'s share capital.

There is no other material event after the Relevant Period and up to the date of approving this interim results announcement.

PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT

This interim results announcement is published on the designated website of the Hong Kong Stock Exchange (http://www.hkexnews.hk) and the website of the Company (www.ferrettigroup.com) under "Investor Relations". The interim report of the Company for the Reporting Period will be sent to the Shareholders and published on the respective websites of the Hong Kong Stock Exchange and the Company in due course.

DEFINITIONS

Unless the context otherwise requires, the following expressions have the following meanings in this announcement:

"AMAS" North America, Central America and South America

"APAC" Asia-Pacific

"associate(s)" has the meaning ascribed to it under the Hong Kong Listing Rules

"Audit Committee" the audit committee of the Board

"Board" the board of Directors

"Borsa Italiana" Borsa Italiana S.p.A., a joint stock company (società per azioni) incorporated under the laws of Italy, with registered office at Piazza degli Affari 6, Milan, Italy, which is, inter alia, the market operator of the Euronext Milan

"By-laws" the by-laws of the Company as amended, supplemented or restated from time to time

"CG Code" the Corporate Governance Code set out in Appendix C1 to the Hong Kong Listing Rules

"Company" Ferretti S.p.A., a company incorporated under the laws of Italy as a joint-stock company with limited liability, the shares of which are dually listed on the Main Board (stock code: 9638) and the Euronext Milan (EXM: YACHT)

"Director(s)" the director(s) of the Company

"Dual Listing" the dual listing of the Shares of the Hong Kong Stock Exchange and the Euronext Milan

"EBITDA" earnings before interest, taxes, depreciation and amortization

"Euro" or "€" the lawful currency of the member states of the European Union participating in the third stage of the European Union's Economic and Monetary Union

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“Euronext Milan” the Euronext Milan, organized and managed by Borsa Italiana

“FSD” Ferretti Security Division business, a division of the Company that designs, develops and manufactures coastal patrol vessels

“Group” the Company and its subsidiaries

“HKD” or “Hong Kong Dollar(s)” Hong Kong dollar(s), the lawful currency of Hong Kong

“Hong Kong” the Hong Kong Special Administrative Region of the PRC

“Hong Kong Global Offering” the public offering of the Shares as defined and described in the Hong Kong Prospectus

“Hong Kong Listing” the listing of the Shares on the Main Board

“Hong Kong Listing Rules” the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, as amended, modified or supplemented from time to time

“Hong Kong Prospectus” the prospectus of the Company dated March 22, 2022 in relation to the Hong Kong Global Offering and the Hong Kong Listing

“Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited

“IAS” International Accounting Standards, as issued by the International Accounting Standards Board

“IFRS” International Financial Reporting Standards, as issued by the IASB

“Italian Consolidated Financial Act” Italian Legislative Decree no. 58 of February 24, 1998 as subsequently amended and supplemented

“Italian Corporate Governance Code” Italian corporate governance code enacted by the Corporate Governance Committee (Comitato di Corporate Governance) on January 2020

“Main Board” the main board of the Hong Kong Stock Exchange

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"Management Incentive Plan" a management incentive plan approved on December 21, 2021, setting out incentives for the Group's senior management and other employees

"MEA" Middle East and Africa

"PRC" the People's Republic of China and for the purposes of this announcement only, except where the context requires otherwise, references to China or the PRC exclude Hong Kong, the Macao Special Administrative Region of the People's Republic of China and Taiwan

"Reporting Period" or "Relevant Period" the six months ended June 30, 2025

"Share(s)" ordinary share(s) with no nominal value in the share capital of the Company

"Shareholder(s)" holder(s) of the Share(s)

"subsidiary(ies)" has the meaning ascribed to it under the Hong Kong Listing Rules, unless the context otherwise requires

"U.S." the United States of America

"USD" or "US Dollar(s)" United States dollar(s), the lawful currency of the U.S.

"%" per cent

By order of the Board