Ferretti Group 2025 Results & Kkcg Offer: Altus Named Advisor

Italian yacht maker Ferretti reported strong financial results for 2025, alongside the appointment of Altus Capital Limited as financial advisor to assist with an ongoing tender offer from KKCG Maritime. The company’s performance demonstrates resilience in a challenging global yachting market, according to CEO Alberto Galassi.

Net revenues from the sale of new yachts reached €1.2317 billion in 2025, a 5% increase compared to €1.1768 billion in 2024. Net profit rose 2.2% year-over-year to €90.1 million. Adjusted EBITDA increased 6.7% to €202.8 million, with a margin of 16.5%, a 30 basis point improvement over the previous year. The results indicate Ferretti successfully navigated a complex economic environment and outperformed the broader market, the company stated.

The order backlog stood at €1.7157 billion as of December 31, 2025, up 3.1% from the end of 2024 and 14.5% compared to September 30, 2025. The ‘net backlog’ – representing orders acquired but not yet delivered – was €828.6 million, a 4.3% increase from September 30, 2025, but a 7.9% decrease year-over-year. The company’s net cash position was €111 million at the end of 2025, an increase of approximately €45.8 million from September 30, 2025, but down €13.6 million from December 31, 2024.

The positive results arrive as Ferretti faces a conditional voluntary partial tender offer from KKCG Maritime, seeking to acquire up to 52.13 million shares, equivalent to 15.4% of the company’s share capital. In response, Ferretti’s Board of Directors has appointed Altus Capital Limited as an independent financial advisor to assist the Independent Board Committee in evaluating the offer. The board opted to rely solely on the findings of Altus, rather than engaging a second advisor.

The appointment of Altus signals the board’s commitment to a thorough and independent assessment of KKCG Maritime’s offer. KKCG launched the offer in January 2026, aiming to double its existing 14.5% stake in Ferretti and potentially influence board composition. The move has met with resistance from Ferretti’s controlling shareholder, Weichai, according to reports.

Ferretti CEO Alberto Galassi indicated the company is actively exploring potential acquisition opportunities. He told analysts during a conference call that 2026 would be a year focused on mergers and acquisitions, citing “incredible opportunities” in the market. He also acknowledged the possibility of strategic shifts following upcoming board changes, stating, “Don’t forget there’s going to be a new board of directors, so the strategy may completely change or remain the same in 2026.”

The surge in orders for made-to-measure yachts is a particularly noteworthy aspect of Ferretti’s performance. The company reported a nearly 47% jump in these orders, contributing significantly to the overall backlog. This suggests continued demand for luxury, customized vessels despite broader economic uncertainties.

The company’s ability to achieve its 2025 guidance on both revenues and EBITDA, while outperforming the market, underscores its operational efficiency and strategic focus. The strong financial position, with a net cash balance of €111 million, provides Ferretti with flexibility to pursue acquisitions and navigate potential challenges related to the KKCG Maritime tender offer.

The situation with KKCG Maritime remains a key factor for Ferretti’s future. The outcome of the tender offer and the subsequent composition of the board of directors will likely shape the company’s strategic direction in the coming years. The appointment of Altus Capital Limited is a crucial step in ensuring a fair and informed evaluation of the offer, protecting the interests of all shareholders.