Ferretti, a leading yacht builder known for brands like Riva and Wally, reported a strong 2025, with revenues reaching €1.2 billion, a 5% increase, and net profits climbing to €90.1 million, up 2.2%. The positive results come as the company navigates a complex shareholder landscape and the resolution of a probe into alleged industrial espionage. The board has proposed an increased dividend of €0.11 per share, reflecting confidence in the company’s performance and future outlook.
The Italian yachting giant ended the year with €111 million in cash, a significant jump from the €45.6 million held in 2024. While order intake remained stable at €1.1 billion, the superyacht segment experienced a decline, with orders totaling approximately €66.1 million compared to €294.9 million the previous year. Despite this, the company’s net backlog – the total value of uncompleted yacht orders – increased by 4.3% to €828.6 million, indicating continued demand for its vessels.
Europe continues to be Ferretti’s most profitable region, accounting for 50.7% of total order intake with €576.0 million, a 3% increase. The Middle East and Africa followed, contributing 29% of orders with €265.6 million, though this figure was impacted by a decrease in superyacht orders compared to the previous year. The company highlighted solid performance in its Made-to-Measure and Composite segments.
Karel Komárek Increases Bid for Ferretti Stake
Adding another layer to the company’s dynamics, Karel Komárek, through his investment firm Kkcg Maritime, has increased his offer in a tender offer for a 15.4% stake in Ferretti. The new bid stands at €3.90 per share, a 35.1% premium over the undisturbed price of €2.89 on December 11, 2023 – prior to the initial purchases by Chinese shareholder Weichai – and a 2.9% increase over the closing price on March 26, 2024. The revised offer values Ferretti at approximately €1.32 billion and represents a potential investment of €203.3 million by Kkcg Maritime. Bloomberg reported on the increased offer.
Komárek’s objective is to increase his ownership in the yachting group from 14.5% to 29.9%. The Ferretti board acknowledged the increased offer and is preparing to publish an updated communication to shareholders. Weichai, currently holding a 39.5% stake after acquiring an additional 2% of the capital in December, remains a significant shareholder in the company.
Industrial Espionage Investigation Closed
In a separate development, Milan’s public prosecutor’s office has requested the archiving of investigations into alleged industrial espionage within Ferretti. According to reports, the public prosecutor concluded there was insufficient evidence to warrant further investigation. Bloomberg notes the request is now under review by the investigating judge, who can either accept it, order further inquiries, or request a reformulation of the charges.
The alleged espionage case surfaced after Ferretti reported discovering surveillance devices in its Milan offices in 2024, leading to two criminal complaints. The first, filed in May 2024, was brought by CEO Xu Xinyu, the board secretary, and a translator against unknown individuals. The second, filed in January 2025, was filed directly by Ferretti. The investigations stemming from both complaints were consolidated into a single proceeding.
Impact on the Luxury Yacht Market
Ferretti’s performance reflects the continued strength of the luxury yacht market, particularly in Europe. The company’s ability to maintain a robust backlog despite fluctuations in the superyacht segment demonstrates its diversified product portfolio and strong brand recognition. The increased bid from Kkcg Maritime signals investor confidence in Ferretti’s long-term potential, even amidst ongoing shareholder activity and past security concerns.
The luxury yacht industry, while resilient, is not immune to global economic factors. Geopolitical instability and fluctuations in currency exchange rates can impact demand. Ferretti’s success in navigating these challenges will be crucial to sustaining its growth trajectory. The company’s focus on innovation, sustainability, and customer service will also be key differentiators in a competitive market.
The resolution of the industrial espionage investigation, while positive, underscores the importance of robust security measures for companies operating in sensitive industries. Protecting intellectual property and maintaining a secure operating environment are paramount to preserving competitive advantage and investor trust.
Looking ahead, the Ferretti board will evaluate Komárek’s increased offer and communicate its decision to shareholders. The next key date for investors will be the publication of the board’s updated communication, expected in the coming weeks. The outcome of the tender offer will significantly shape the company’s ownership structure and future strategic direction.
What do you think about Ferretti’s performance and the increased bid from Kkcg Maritime? Share your thoughts in the comments below.
