Anastassov, Ferretti CEO, to investors: No discounts to chase volumes
Quarterly earnings calls follow a rather precise ritual: numbers are presented, management comments on them, analysts ask polite but sharp questions. Ferretti Group’s call on the first quarter of 2026 followed the script, but with one additional variable: it was Stassi Anastassov’s first public appearance as CEO. And when the leading figure changes, the questions inevitably carry a different weight. Alongside Anastassov were Margherita Sacerdoti for Investor Relations and Marco Zammarchi, the group’s Chief Financial Officer. The figures on the table were already known — we had reported them earlier in the day — but analysts from Equita, Goldman Sachs, UBS and other international investors were not there simply to go through them again. They were there to understand something else: how the new management interprets the market, what it thinks about the slowdown in orders, where it intends to take the group, and more. The quarter, numerically speaking, does indeed reflect a slowdown. Order intake declined compared with last year, particularly in large contracts: superyachts and made-to-measure units that were under negotiation but had not yet reached signature stage. Management offered a geographical and geopolitical explanation — tensions in the Middle East and Africa extending decision-making timelines — and repeatedly insisted on one concept throughout the call: demand exists, but it is taking longer to turn into firm orders. Supporting this interpretation was one concrete figure: ongoing negotiations amount to approximately €630 million, up 75% compared with the same period last year. Not a number to ignore.
Meanwhile, the backlog remains solid. The order bank stands at around €1.7 billion, substantially unchanged compared with the end of 2025, and continues to provide visibility on revenues for the coming years. It is precisely this buffer that limited the impact on deliveries: quarterly revenues declined by 8%, to approximately €302 million compared with €329 million in the previous year, a contraction the group considers relatively contained compared with the scale of the commercial slowdown. Margins also held up better than expected. Adjusted EBITDA margin reached 16.1%, slightly above the first quarter of 2025, thanks to product mix and cost discipline, both strongly defended by management during the call. The logic is straightforward: better to sell fewer boats but sell them well, focusing on high composite, made-to-measure and branded superyachts rather than chasing volumes through tools that erode margins.
On pricing, one analyst asked the question directly: are you seeing increased competitive pressure? The answer was equally direct. On yachts above 30 metres, no significant change: competition there is based on product and brand, not price. In the entry-level segment above 80 feet, however, some British competitors are pushing aggressively on discounts. Ferretti has no intention of following them. And it was here that Anastassov delivered perhaps the clearest statement of the entire session. “The fastest way to destroy a brand is to start discounting under competitive pressure.” Pause. Then: the strategy will continue to focus on quality, design and differentiation. “We prefer to slow production rather than compromise margins and positioning.” This was not presentation rhetoric; it was an industrial choice that the market will be able to assess over the coming quarters.
The American market was the other major topic of the conference. Goldman Sachs analysts raised the issue, and Anastassov answered with unusual frankness for a CEO making his debut: the share of business developed in the United States is still far below its potential, and Ferretti needs to better understand what American clients really want — and how to reach them. “The tools that work in Europe — Monaco, Cannes — do not necessarily work the same way in the United States.” It was an admission that work still needs to be done, not an attempt to present the issue as an opportunity already fully under control. But it is significant that the new CEO chose to state this openly rather than simply sell it as a ready-made growth story.
The sharpest exchange, however, concerned cash generation. One investor raised a difficult point to avoid: over the last eight years the group has generated roughly €1 billion in cumulative EBITDA, but only around €100 million in free cash flow. A conversion considered low, though expressed politely and clearly. Management responded by articulating the reasoning behind it: a large portion of cash generation had been absorbed by the major industrial expansion plan carried out between Ravenna, Ancona and La Spezia, with around €380 million invested to increase production capacity. That phase is now substantially complete, and the group expects the normalisation of CapEx — Capital Expenditures, namely investments in long-term assets made by a company — to translate into better EBITDA-to-cash conversion going forward. Anastassov confirmed without hesitation: “It is a priority and we will evaluate every possible option.” Brief, direct, without promises he cannot yet make.
Finally, the governance chapter was unavoidable. One analyst explicitly asked about recent statements by KKCG and the post-shareholders’ meeting climate. Anastassov chose the path of sobriety: his role is “executive, not political”, the main shareholder has been alongside the group for fourteen years, and the previous management governed for twelve. “The only real change is the appointment of a new CEO.” It is difficult to say whether investors found the answer entirely satisfactory. But it is the answer Anastassov chose to give, and for now it is the one on the table.
To conclude, an operational update. April reportedly moved in line with the previous year, while May is already seeing several negotiations at an advanced stage. The new CEO announced his intention to personally meet clients involved in the most important negotiations — particularly in the mid-to-large yacht segment — in order to accelerate order conversion. A sign of style as much as method: I’ll go there myself.
The overall message Ferretti tried to convey is essentially this: the quarterly slowdown is real, but it is a timing issue rather than a structural demand issue. Delayed orders, not lost orders. The backlog is holding, margins remain resilient, the strategy is unchanged.
Now it is up to the numbers to confirm the thesis.
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