Financial Performance

Ferretti Group, renowned for its luxury yachts, has reported a 7.7% increase in net revenues for the first half of the year, totaling 611 million euros. The adjusted EBITDA reached 96.7 million euros, marking a 15.9% rise, with a margin improvement to 15.8%. The net profit stood at 44 million euros, while the order intake was 514 million euros, a 10.4% decrease compared to the same period last year. As of June 30, the order backlog was 1.49 billion euros, a 6% increase, and the net financial position showed 237 million euros in liquidity.

Leadership and Shareholder Dynamics

Jiang Kui has been appointed as the new Chairman of Ferretti Group, succeeding Tan Xuguang, who resigned for other commitments. The Italian government's exercise of 'golden power' led to the withdrawal of a buy-back resolution, causing friction with major shareholder Weichai, which holds a 37.5% stake. Speculation about Weichai's potential exit has been circulating, while the Bombassei family, through Next Investment, has acquired additional shares.

Market and Labor Concerns

Ferretti's stock experienced mixed results, with a 1.48% increase in Hong Kong and a 1.60% decrease in Milan. The company's workforce in Italy, comprising over 2, 200 employees across seven shipyards, faces uncertainty, prompting unions to request urgent discussions with management.

Further Insights

• The impact of 'golden power' on international investments in Italy.

• The strategic importance of leadership changes in global companies.

  Potential Opportunities

• Expansion in the North American luxury yacht market.

• Strengthening shareholder relations to ensure stability.

• Leveraging financial growth for future investments.