Ferretti Group Q1 2026 results show lower revenue and orders
Ferretti Group has approved its unaudited consolidated financial information for the period ending 31 March 2026, reporting lower revenue and order intake compared with the same period in 2025.
The news comes during a contentious week for the Italian boatbuilder, after shareholders backed China’s Weichai Group, and confirmed the departure of CEO Alberto Galassi after 12 years in the role.
Stassi Anastassov has been appointed as chief executive officer, with immediate effect.
Ferretti Group Q1 2026 results
Net revenue from new yachts reached €302.1m during the first quarter, down 8 per cent year-on-year from €328.5m. Adjusted EBITDA totalled €48.7m, compared with €52.5m in Q1 2025, while the adjusted EBITDA margin increased slightly from 16 per cent to 16.1 per cent.
Net profit for the quarter was €21m, compared with €23.9m in the same period last year.
Order intake reached €179.6m, down from €270.6m in Q1 2025. Net backlog stood at €722.3m as of 31 March 2026, compared with €828.6m at the end of December 2025. Net financial position was €18.4m.
The company states that its 2026 guidance remains unchanged, with net revenue from new yachts expected to range between €1.25bn and €1.265bn. Adjusted EBITDA margin is forecast between 16.2 per cent and 16.6 per cent, while capital expenditure is expected to be between €70m and €75m.
The board of directors also approved the appointment of the director responsible for internal control and risk management systems, as well as the appointment of the lead independent director.
New CEO issues statement
The group’s new chief executive, Stassi Anastassov says: “The first quarter reflected a softer commercial environment and slower order conversion than we would have liked, particularly on order intake. We approach this with realism, discipline and operational focus. Confidence should never be confused with complacency.
“At the same time, the underlying fundamentals of the business remain solid. Our brands remain exceptionally well-positioned, margins are resilient, and the quality and visibility embedded within our backlog continue to provide an important operational foundation moving forward.
“More than €400m of net backlog is already expected to convert into 2026 revenues, providing meaningful visibility as we progress through the year.
“In the current environment, our focus is not on short-term reactions, but on disciplined execution, operational excellence and long-term value creation.
“We remain confident in the long-term strength, positioning and potential of the Ferretti Group ecosystem.”
Board appointments and tender offer developments
During the first quarter, Ferretti participated in the Düsseldorf, Miami and Palm Beach boat shows.
On 19 January 2026, KKCG Maritime announced plans to launch a conditional voluntary partial tender offer to acquire up to 15.4 per cent of Ferretti’s share capital.
The offer document was filed with Consob and the executive director of the corporate finance division of the SFC on 29 January 2026.
On 30 January 2026, Ferretti’s board established an independent board committee made up entirely of non-executive directors in accordance with the Hong Kong Code on Takeovers and Mergers.
KKCG Maritime later confirmed that it had received clearance for the offer document from Consob on 25 February 2026, followed by confirmation from the SFC executive on 27 February 2026 that no further comments were required.
The offer period began on 16 March 2026.
On 26 March 2026, KKCG Maritime increased the offer price from €3.50 per share to €3.90 per share and published a supplement to the offer document.
Ferretti’s board subsequently approved a supplement to its issuer statement on 2 April 2026.
The acceptance period closed on 13 April 2026. KKCG Maritime stated that it had received valid acceptances for 29.6m shares, representing approximately 8.75 per cent of Ferretti’s share capital and 56.8 per cent of the maximum number of shares covered by the offer.
According to the company, all shares tendered were acquired for a total consideration of approximately €115.5m.
Shareholder meeting and governance changes
At the company’s ordinary shareholders’ meeting on 14 May 2026, shareholders approved the audited separate financial statements for the year ending 31 December 2025 and approved the allocation of profit.
Shareholders also approved a dividend of €0.11 per share, the report on remuneration policy and compensation paid, and the appointment of a new board of directors and board of statutory auditors for the 2026 – 2028 financial years.
The board later appointed chairman Tan Ning as director in charge of the internal control and risk management systems.
Independent director Patrick Sun was appointed lead independent director in line with the recommendations of the corporate governance code.
Ferretti Group owns and operates seven shipyards in Italy and markets brands including Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally. The group distributes its products through a network of approximately 60 dealers operating across more than 70 countries.
