If the previous phase, which we covered in the second instalment of this article, marked the transition to global player status, the most recent years of the Galassi era represent the consolidation of this positioning, through growth that combines financial discipline, industrial expansion and continuous product evolution.

The figures clearly illustrate this trajectory. After surpassing the one-billion-euro threshold in 2022, Ferretti Group continued on a steady growth path: in 2023 revenues exceeded €1.1 billion, while in 2024 they reached approximately €1.17 billion, accompanied by an improvement in operating margins and an order book that reached record levels, up to €1.7 billion.

The 2025 results confirmed this approach, with revenues above €1.23 billion and further EBITDA growth, a sign of a strategy that prioritises not only volume, but also the quality of the order book and positioning in the higher-margin segments. It is precisely this balance between growth and margins that represents one of the distinctive features of Galassi’s management in its most recent phase: not indiscriminate expansion, but a progressive selection of product and market, with particular attention to the made-to-measure and superyacht segments.

At the industrial level, this strategy translates into a significant strengthening of production capacity. The acquisition of the Ravenna shipyard in 2023 is now fully operational, contributing to the increase in overall capacity and allowing greater flexibility in the management of production programmes. At the same time, development continues at the Ancona hub, now configured as a centre for the construction of superyachts up to 90 metres, while the La Spezia yard underwent a deep restyling, completed in 2025, which now makes it entirely dedicated to the production of larger composite Riva models.

The resulting structure is that of a distributed but highly specialised industrial system, in which each production site is focused on specific types of yachts and processes, with growing integration between design, engineering and construction. At the same time, the group continues to develop its offering with models that reflect the changing needs of owners and the new directions of the market.

In the superyacht segment, the launch of the Riva 54 Metri in 2025 marked a further qualitative and dimensional leap. Built entirely in aluminium, developed across four decks and characterised by advanced technical solutions for acoustic comfort and vibration reduction, it also features strong integration between interior and exterior spaces.

On the technological and sustainability front, the Riva El-Iseo introduced, for the first time in the brand’s range, a certified full-electric propulsion system with high-density batteries and advanced management systems, marking a first concrete step towards zero-emission solutions in the runabout segment. At the same time, Ferretti Yachts developed platforms such as the Infynito 90, which integrates energy systems based on solar panels and battery packs, allowing emission-free and noise-free autonomy at anchor for several hours. This reflects a broader shift in design, increasingly oriented towards energy efficiency and the sustainability of materials.

In the sporty segment, Pershing continued the evolution of the GTX range with models such as the GTX70, which combine a granturismo approach with greater onboard livability and a closer relationship with the sea, thanks to multi-level layouts and expandable exterior surfaces. Custom Line, for its part, strengthened its identity in the made-to-measure segment with models such as the Navetta 38, characterised by very generous volumes, a four-deck configuration and design solutions aimed at continuity between interior and exterior environments, confirming the brand’s role as a platform for high-end semi-custom yachts.

Product evolution is not episodic, but part of a long-term strategy aimed at broadening and structuring the offer. In recent years, the group has introduced numerous new models across its brands - Ferretti Yachts, Riva, Pershing, Itama, Custom Line and Wally - consolidating a transversal presence across all the main segments of yachting.

This expansion allows the group to cover both the serial market and the superyacht segment more effectively, while maintaining direct control over product quality and the identity of each brand.

Within this context of growth and industrial consolidation, however, recent months have also brought elements of discontinuity in the relationship between the reference shareholder Weichai and the management led by Alberto Galassi. Relations between the two sides appear to have progressively deteriorated already during 2024, with remarks - also leaked to the press - from the ownership regarding what was considered an excessive centralisation of decision-making processes at the Forlì headquarters.

Tensions reportedly escalated further following an incident in Milan, where a Chinese executive is said to have identified surveillance activities targeting him, including the discovery of listening devices. The matter was brought to the attention of the judiciary both by the Chinese managers and through a complaint filed by Ferretti SpA, adding a layer of complexity also in terms of market transparency. Subsequently, a request was submitted to the investigating judge (GIP) to dismiss the case due to lack of evidence, but the news nevertheless had significant resonance.

The confrontation between shareholder and management therefore takes on a dimension that goes beyond the strictly industrial sphere. Weichai Group is in fact a state-controlled conglomerate, and the group’s internal dynamics may also have broader implications, including geopolitical ones.

In Italy, moreover, instruments such as the so-called “golden power” allow the government to intervene in sectors deemed strategic. In this context, Ferretti Group, in addition to producing leisure yachts, also operates in the dual-use sector, with units destined for police and military forces.

A significant precedent dates back to 31 March 2024, when the Board of Directors of the Forlì-based holding company was forced to withdraw two resolutions relating to a share buyback and cancellation operation of up to 10% of the capital, following the exercise of special powers by the Italian state. Obviously, Weichai did not welcome the decision.

These are elements which, while not affecting operational results for the time being, have introduced an additional variable in the interpretation of the most recent phase of the Galassi era. Twelve years after Alberto Galassi’s appointment, Ferretti Group therefore appears as a profoundly different company from the one of 2014.

The Galassi era can be read as a coherent sequence: first recovery, then industrial consolidation, and finally global expansion. Over this period, the group rebuilt its financial base, redefined its product range, strengthened production capacity and expanded its presence in international markets.

The result is an industrial model that combines serial production and made-to-measure, supply chain integration and technological development, with growing attention to sustainability and innovation. In a sector where the product remains central, it is precisely the ability to combine design, engineering and industrial organisation that has enabled Ferretti Group to return permanently to the top of the international yacht industry.

Through these three instalments, we have sought to provide an overall view, based on facts, developed models and financial results, of the journey undertaken by Ferretti Group under Alberto Galassi’s leadership. What now remains open is the issue of governance: whether the lawyer will continue to lead the group in the coming years, or whether the new shareholding balances will lead to a different managerial solution.

The outcome is not yet defined. What is clear, however, is that the game, until now mainly financial, is progressively shifting onto an industrial and strategic level, on which the future configuration of the Forlì-based holding company will depend.