FERRETTI (09638) reported new orders of EUR665 million for the first three quarters, a year-on-year decrease of approximately 13.8%.

FERRETTI (09638) announced its results for the nine months ended September 30, 2026. New orders: new orders for the nine months of 2026 amounted to EUR665 million, a decrease of approximately 13.8% compared with EUR771 million for the nine months ended September 30, 2025 (the nine months of 2025). During the period, the Group was affected by drastic changes in the geopolitical and macroeconomic environment; ongoing uncertainties have lengthened negotiation timelines, particularly for orders in the custom yacht and superyacht segments and in the Middle East and Africa region (Middle East and Africa). However, a more detailed analysis of the overall situation in the nine months of 2026 shows gradual improvement: the first quarter of 2026 recorded a decline of approximately 33.6%, the second quarter of 2026 nearly halved to a decline of approximately 17.8%, and the third quarter of 2026 turned to growth of approximately 6.6%, with new orders reaching EUR324 million, compared with EUR304 million in the third quarter of 2025. This growth (also compared with a particularly strong third quarter of 2025, which recorded growth of approximately 36.4%) reflects the Group's significant commercial efforts globally (including, for example, a new warranty program offering an additional year of coverage) as well as in connection with European boat shows. Cumulative order book: EUR1.334 billion as of September 30, 2026, a decrease of approximately 11.0% compared with EUR1.498 billion as of September 30, 2025. Net cumulative order book: EUR571 million as of September 30, 2026, a decrease of approximately 28.1% compared with EUR795 million as of September 30, 2025. The overall comparison for the nine months of 2026 was affected by the particularly high level reached in 2025 and does not reflect the gradual improvement achieved in 2026: following the contraction observed in the first half of 2026, thanks to the gradual improvement in new orders, the net cumulative order book broadly stabilized in the third quarter of 2026. Net revenues from new yachts: EUR889 million for the nine months of 2026, in line with the results for the nine months of 2025 (EUR887 million). The improving trend achieved from the first quarter to the second quarter of 2026 further strengthened; the decline of approximately 8.0% recorded at the beginning of 2026 subsequently narrowed to approximately 2.9%, leading to an increase of approximately 13.6% in net revenues from new yachts in the third quarter of 2026. In particular, this result benefited from the particularly strong growth in new orders in the composite yacht segment during the period, which partially translated immediately into higher revenues. The views of the Company's Chief Executive Officer: "The third quarter demonstrated the strong strength of our brands, products and people. Following a challenging first half, order volumes returned to growth and revenues improved, reinforcing our confidence in our 2026 revenue guidance. However, growth alone is not enough. Our profitability remains below the level that the FERRETTI Group can and should achieve. Therefore, we are revising our margin guidance and implementing a concrete performance improvement plan focused on strengthening value-based pricing, improving product mix, increasing industrial efficiency and optimizing shipyard utilization. We are also taking targeted actions in three areas where we must improve performance: the Americas, the Middle East and our superyacht business. Dedicated plans are in place for each area. Geopolitical uncertainty and longer customer decision cycles continue to affect our business. We remain pragmatic about these challenges, but they will not diminish our ambition. Our commitment is to create extraordinary yachts through outstanding design, innovation, quality and owner experience that owners are willing to pay a premium for. This is how we will strengthen our competitiveness and restore sustainable profitability. We cannot control geopolitical or market conditions, but we can control our decisions, our ambition and our execution. We will not wait for the world to become more predictable. Our future will be shaped by our own actions."