Ferretti S p A : Q1 2025 Business Update Presentation

‌Q1 2025

BUSINESS UPDATE

unaudited data

TBD

MARGHERITA SACERDOTI

INVESTOR RELATIONS

CHIEF EXECUTIVE OFFICER

ALBERTO GALASSI

CHIEF FINANCIAL OFFICER

MARCO ZAMMARCHI

‌TODAY'S PRESENTERS

‌TODAY'S AGENDA

1

Key Highlights

2

Business Dynamics

3

Financial Results

4

Final Remarks

Q&A

‌Key Highlights 01

1. ‌Key Highlights

   SOUND PERFORMANCE IN MAIN KPIs

   ORDER BACKLOG1(€mln)

   +7.6%
   • New- record high at 1.8bn

     ORDER INTAKE2(€mln)

     1,643

+1.5%

271

267

1,769

Q1'24 Q1'25

ADJ EBITDA margin3(%)

+60bps

Q1'24 Q1'25

REVENUE4(€mln)

+5.0%

• Higher than market growth expectation

  329

  of 4.2%5

  15.4%

16.0%

313

Q1'24

Q1'25

Q1'24 Q1'25

1. Order Backlog: represents the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers. 2.Order Intake represents the total amount of new orders signed, net of commissions, for new vessels; 3. Calculated as Adj.

EBITDA/Revenue without Pre-Owned; 4. Revenue without Pre-Owned; 5. Source and Notes: Phil Draper & Associates Database (2024).

5

‌Business Dynamics 02

1. ‌Business Dynamics

2025 BOAT SHOW SEASON: A POSITIVE START

Q1'25 BOAT SHOWS DATA

24-27 September

9 -14 September

4-7 September

18-26 January

27-30 November

• Successful Boat shows with a growing numbers of

  visitors compared to last year, particularly at the

  Palm Beach International Boat Show and the Dubai International Boat Show

• The high attendance reflects an increasing

29 October-2 November

29 May - 2 June

19 - 23 February

10 - 13 April

interest and positive

engagement from clientele

19-23 March

12-16 February

18 - 23 September

5-8 November

31 July - 3 August

Already took place in 2025

‌02 Business Dynamics

IN 1Q'25 4 PRODUCTS SPLASHED

OF WHICH 1 RANGE EXPANSION

‌02 Business Dynamics

RANGE EXPANSION

RANGE UPDATE

Riva Iseo Super 7 units sold

RANGE UPDATE

Ferretti Yachts 940 7 units sold

‌02 Business Dynamics

RANGE EXPANSION

Pershing GTX70

1 unit sold

FULL CUSTOM

M/Y Amor à Vida One-off project

‌02 Business Dynamics

IN 1Q'25 3 PRODUCTS ANNOUNCED

OF WHICH 2 RANGE EXPANSION

‌02 Business Dynamics

RANGE EXPANSION

Riva 58 Capri

RANGE UPDATE

Ferretti Yachts 8Fe0r0retti Y5auchnittss 8so0l0d

1. ‌Business Dynamics

   Itama 54

   RANGE EXPANSION

   Itama 54

   
   
   

   ‌Financial Results 03

   
   
   
   
   

2. ‌Financial Results

ORDER BACKLOG & NET BACKLOG

ORDER BACKLOG (€mln) NET BACKLOG (€mln)

7.6%

49%

+1.3%

1,643

1,664

1,769

829

840

51%

Q1'24 2024 Q1'25

1Q'24 1Q'25

In 2025

Beyond 2025

Source: Company Information. Order Backlog represents the total amount of existing orders, net of commissions, for new vessels not yet delivered to customers. Net Backlog is calculated as the total orders in portfolio not yet delivered net of revenues already booked.



Order Backlog reached the new all-

time high with €1.8bn



Order Backlog (+7.6% YoY) and Net

Backlog (+1.3%) continued to grow giving visibility to future revenue

• As of 31-March 2025, c. 60% of 2025 guidance revenue already secured, considering Q1'25 Net Revenue &

  current Net Backlog

• In Q1'25 collected ca. €271 mln of

  orders corresponding to 48 units

• In the same period delivered 31 units

‌03 Financial Results

Q1'25 ORDER INTAKE

ORDER INTAKE (€mln)

1,120

1,139

+1.5%

267

271

2023 2024 Q1'24 Q1'25

Source: Company Information. Order Intake represents the total amount of new orders signed, net of commissions, for new vessels. 1. Calculated as Order Intake 12months rolling (excl. Composite and Other) / Revenue without Pre-Owned 12m rolling (excl. Composite and Other*). Other*:including Ancillaries, FSD, Wally sail. 2. Calculated as Order Intake 12months rolling / Revenue without Pre-Owned 12months rolling.



Order Intake increased YoY, with

c. €271mln new orders in Q1'25



Q1'25 Made-to-Measure and Super

Yachts Book-to-Bill ratio1(12months rolling) at 1.2x

• Book-to-Bill ratio2 (12months rolling) considering the composite segment equals to 1.0x



As of today, negotiations in progress

for ca. €360mln in line with the same

period last year

‌03 Financial Results

ORDER INTAKE BY SEGMENT

€mln and breakdown as % of total

132

101

267 271

99

104

39%

37%

37%

49%

Composite Yachts

n.m.

-48.3%

+34.2%

-2.4%

Made-to-measure Yachts Super Yachts

Other*

*including FSD and Wally sail

64

0

Q1'24

24%

33

4

Q1'25

12%

1%

NOTE: Segment sums might not add up to total due to rounding.





Composite segment nearly flat,

reflecting a softer US market for

small vessels

Double-digit growth and increasing presence in the Made-to-measure segment, in line with 2024 year-end, reaching 49% (132mln) of the new orders in

Q1'25:

• MTM in Q1'23 equal to 39% &

Q1'24 equal to 37% of tot. Order

Intake



The Super Yachts segment affected

by the comparison with Q1'24 that benefited from a large one-off project



SY segment is already supported by

a strong backlog, ensuring visibility on future revenues up to 2028 (first delivery slot available in 2029)

‌03 Financial Results

• In Europe double digit growth

  (+33%), excluding the Q1'24 Super

  Yachts order (c.64mln), which impacts the YoY comparison because of its significant high value

• MEA region affected by an

  outstanding Q1'24 vs Q1'25

  comparison, as Q1'24 marked a record quarter with €103mln in orders, the highest for the region in 2024

• Positive beginning of the year in

  APAC, +€9.7mln in Q1'25 vs Q1'24

• AMAS reported solid YoY Order Intake growth, driven by strong performance in the Made-to-

measure segment, particularly in the

U.S. market, highlighting the success of our strategy to focus on larger and more customizable vessels

ORDER INTAKE BY GEOGRAPHY

€mln and breakdown as % of total % of change YoY

80

77

267 271

103

1

41

46%

122

39%

15%

n.m. (+€9.7mln)

11

29%

30%

103

4%

38%

-36.6%

+150.9%

-22.0%

Europe MEA APAC AMAS

Q1'24

Q1'25

NOTE: Segment sums might not add up to total due to rounding. The geographical breakdown, differently from the previous year's financial statements refers to the dealer's area of exclusivity or by the customer's nationality.

‌03 Financial Results

REVENUE

REVENUE1(€mln)

996

1,111

1,173

+5.0%

• Revenue increased YoY (+5%), supported by a solid order backlog built in 2023 and 2024, with a growing presence in the larger segments (above 24m)- Made-to-measure and Super Yachts

313

329

2022 2023 2024 1Q'24 1Q'25

Source: Company Information. 1. Revenue without Pre-Owned.

‌03 Financial Results

ADJ EBITDA & NET PROFIT

ADJUSTED EBITDA (€mln & %1)

15.2%

16.2%

14.1%

140

169

190

+8.9%

48

15.4% 16.0%

53

Solid growth for the adj EBITDA of almost €5mln, up about 9% YoY



• Increased in the profitability, with the adj EBITDA margin growing to 16.0% (up 60bps

2022 2023 2024

NET PROFIT (€mln & %2) 7.5% 7.5%

Q1'24 Q1'25

+7.7%

7.1% 7.3%

YoY) and the Net Profit margin at 7.3% (+20bps)

88

84

6.1%

61

22

24

2022 2023 2024 Q1'24 Q1'25

1. Calculated as Adj. EBITDA/Revenue without Pre-Owned; Note: Adjusted EBITDA equals to EBITDA adding back non-recurring costs; 2. Calculated as Net Profit/Revenue without Pre-Owned

‌03 Financial Results

CAPEX

42

551

97

147 141

• Q1'25, capex c.16 mln, of which about two-thirds is related to the development of new products

• 2025 CAPEX plan for Ravenna

  Shipyard remains c. €26 mln and

  will be distributed across the next

  quarters

  Expansion Maintenance

  16

  32

109

9 8

• CAPEX 2025 is expected to be c.

€90mln

23

124

2022 2023 2024 Q1'25

Source: Company Information. Note that Capex includes R&D expenses; 1. ca. €13mln related to Fratelli Canalicchio and Il Massello acquisitions. 2. Calculated as Maintenance Capex / Revenue without Pre-Owned. Based on illustrative management definition of Maintenance Capex. 3. Calculated as (Adj. EBITDA - Maintenance Capex) / Adj. EBITDA.

MAINTENANCE CAPEX

RATIO2(%)

4.2%

2.1%

2.7%

2.3%

CASH

CONVERSION3(%)

70.2%

86.5%

83.4%

85.3%

1. ‌Financial Results

   NET FINANCIAL POSITION & NWC

   NET FINANCIAL POSITION1(€mln) NWC RATIO (%)2

   2.4%

   (2.7)%

   7.3%

   10.6%

   17.5%

   206

237

150

125

55

1Q'24 2Q'24 3Q'24 4Q'24 1Q'25

Source: Company Information. 1. NET CASH/ (NET DEBT). 2. Restated as NWC / 12Months rolling Revenues without Pre-Owned.

• NWC was mainly affected by our own stock of composite yachts ready for sale in the USA, where the season (Oct-Mar) was impacted by the political and economic uncertainties, temporarily delaying the release of

  capital. However, this also proved advantageous, as the Group had already imported yachts for the 2025 season, avoiding the potential impact of tariffs

• Moreover, the Group experienced seasonal absorption of NWC, in the Composite

segment, as finished units for sale must be in place ahead of the European boating season



Despite these short-term

dynamics, we expect a gradual release of working capital over the course of the year

‌Final Remarks 04

1. ‌Final Remarks

   2025 ANNUAL GUIDANCE

   €mln	2024A	2025E
   Net Revenue1	1,173.3	1,220 - 1,240 +4.0% +5.7%
   Adj. Ebitda2	190.0	201 - 207 +5.8% +8.9%
   Adj. Ebitda margin3	16.2%	16.5% - 16.7% +30bps +50bps
   CAPEX	140.8	~ 90.0

   • Expected a sustainable mid-single-digit growth in Net Revenue new yachts

   • EBITDA expected to grow in the high single-digit

Source: Company Information. 1. Revenue without Pre-Owned. Pre-owned business is expected to reach approx. €50-60mln in FY25 2. Adjusted EBITDA equals to EBITDA adding back non-recurring costs; 3. Adj. EBITDA Margin as Adj. EBITDA / Revenue without Pre-Owned;

4. Source and Notes: Phil Draper & Associates Database (2024).

24

‌Q&A

‌Appendix

‌Introduction to Ferretti Group

FERRETTI GROUP BUSINESS MODEL

1 DIRECT SALES THROUGH GLOBAL DEALERS & BROKERS 7 ICONIC & DISTINCT BRANDS, LEVERAGING SYNERGIES 2

55 Dealers (active in 71 countries) & 279 Brokers

+ direct Ferretti Group salesforce

Centralized Functions (R&D, Procurement,

Manufacturing…) & Decentralize activities to nurture

brand's DNA (Marketing, Design & Sales)

AMAS EMEA APAC

5 34 11

118 156 5

LEADING ALL SEGMENTS, EXPANDING MARGINALITY

3

Increasing presence in the most profitable segments

37%

37%

(above 80ft, 24m), effectively covering wider client needs

BUSINESS MODEL

CATERING TO DIVERSE, LOYAL AND GROWING CLIENTELE

4

Number of clients purchasing one or more yachts:

153

Composite

8 -30 m

Made-to-measure 3o -43 m

26%

26%

Super Yachts

Up to 95 m

Repetitive Clients

New Clients - from competitors

New Clients - first owners

131

+17%

42%

2

44%

23%

44%

Cross-selling across brands1

37%

33%

23%

37%

2

33%

1. Calculated as the number of repeating customers that purchased at least two different brands within the Ferretti Group over the sum of total repeating customers in the period 2019 to 2024.

2019A 2024A

27