Italian yacht builder Ferretti's order intake declined by a third in the first quarter, weighed down by global uncertainty and the conflict in the Middle East, it said on Tuesday.
The company expects its full-year net revenue from new yachts to come between €1.25 billion and €1.265 billion ($1.45 billion and $1.47 billion), which would be slightly higher than last year's €1.23 billion.
Last week, China's Weichai Group won shareholder support in a vote that ended Ferretti CEO Alberto Galassi's 12-year tenure. However, Czech investor KKCG Maritime, which led the challenge to Weichai, appealed the validity of the decision, extending uncertainty over the company's governance.
Adjusted core earnings (EBITDA) fell 7.2 per cent to €48.7 million in the first quarter. "Situation in the Middle East is causing delays in order intake from the region as well as in delivery of boats scheduled for that market," Ferretti said.
Net order backlog declined to €722.3 million from €828.6 million at the end of last year. Ferretti sees capital expenditures between €70 million and €75 million in 2026.
Italy is assessing the request by KKCG for "golden power" scrutiny on Ferretti, Industry Minister Adolfo Urso said on Friday.
(Reporting by Mirko Miorelli in Gdansk, editing by Milla Nissi-Prussak)
