Ferretti Group 2019–2023. In the Galassi era: industrial growth, new models and dual listing

If the 2014–2018 four-year period, discussed in the first part of this article, represented the turnaround phase, from 2019 onwards the Galassi era enters its industrial maturity. The group, now financially stabilised, embarks on a structured expansion phase in which product development, industrial organisation and international positioning advance in a coordinated manner. The objective is no longer to recover lost ground, but to consolidate a presence in the higher value-added segments of the yachting market.

The first test of this new phase is also one of the most delicate moments from a financial perspective. In October 2019, Ferretti Group decided to withdraw its planned listing on the Milan stock exchange, after working with advisors on a placement that was expected to be completed within a few weeks. The process had already led to a downward revision of the price range, reduced from €2.5–3.7 per share to €2–2.5, with an expected total fundraising of around €200 million.

On the eve of the transaction, however, a cautious approach prevailed. The decision to withdraw the IPO reflected the view of the reference shareholder Weichai — which at the time held 86% of the capital — that market conditions were not capable of delivering a valuation consistent with the results achieved by the group. The price indicated by the banks, around €2 per share, was considered not representative of the industrial value built in previous years.

Although this episode marked a setback on the financial side, it did not alter the industrial trajectory: investment plans were confirmed and became the foundation for growth in the following years.

It is precisely in the product that continuity is most evident. In 2019, the debut of the Riva 48’ Dolceriva marked a significant step in the contemporary reinterpretation of the brand, combining performance, comfort and optimisation of onboard space. Technical solutions such as automatic trim management and the option to integrate gyroscopic stabilisers highlighted a growing focus on dynamic efficiency and navigation quality.

In the same year, with the Riva 50 Metri, the group strengthened its presence in the superyacht segment, bringing the brand back to larger dimensions and introducing more complex design platforms, in line with a strategy also focused on made-to-measure yachts.

This dimensional growth was accompanied by a broader evolution across the ranges. Ferretti Yachts introduced models such as the 720, characterised by larger volumes and greater continuity between interior and exterior spaces, while Custom Line continued to develop planing and displacement platforms increasingly oriented towards customisation.

In the sporty segment, Pershing further evolved its identity with the Generation X, leading to models such as the 7X, where the use of lightweight materials and weight reduction became key factors in improving performance and efficiency.

While product is the most visible component, a decisive part of the transformation takes place at the industrial level. In the years following the turnaround, the group initiated a process of vertical integration of the supply chain, reaching a significant milestone in 2022 with the acquisition of majority stakes in companies such as Masello and Fratelli Canalicchio, operating respectively in yacht interiors and kinetic systems.

The objective is to strengthen direct control over strategic production components, improving quality and lead times, while reducing dependence on external suppliers for the most critical processes.

At the same time, production capacity expanded. The Ancona yard was further developed into an industrial hub for the construction of superyachts up to 90 metres, while in 2023 the acquisition of the San Vitale shipyard in Ravenna, with over 70,000 square metres, increased the group’s overall production capacity by around 20%.

This industrial evolution is directly reflected in financial results. After holding steady in 2020 — a year marked by the pandemic but still closed with a positive net result — the group accelerated in 2021, surpassing €800 million in revenues and €100 million in EBITDA.

The year 2022 marked a turning point: for the first time, Ferretti Group exceeded €1 billion in revenues, with strong order intake growth and a portfolio increasingly oriented towards made-to-measure and superyacht segments.

It is within this context that the opening to financial markets takes shape. The listing on the Hong Kong Stock Exchange represents the first step in a strategy aimed at broadening the shareholder base and strengthening the group’s presence in international markets, particularly in Asia.

The process was completed in 2023 with the listing on Euronext Milan, bringing the group back to the domestic market and marking a significant step compared to the unsuccessful attempt in 2019, confirming a higher level of industrial and financial maturity.

Also in 2023, product development continued with the introduction of new models aimed at further strengthening the portfolio. The Pershing GTX116 introduced a new interpretation of the sporty yacht, characterised by larger volumes and a stronger connection with the sea, while Ferretti Yachts 580 and Infynito 90 introduced solutions focused respectively on onboard livability and sustainability, including integrated energy systems and the use of lower-impact materials.

By the end of 2023, Ferretti Group appears as a profoundly transformed company: an expanded industrial structure, a complete and articulated product range, and a consolidated presence on international financial markets. Exceeding one billion euros in revenues and achieving a dual listing mark a milestone, but above all the beginning of a new phase.

In the third part, we analyse the most recent developments: record results, the evolution of shipyards — from Ravenna to La Spezia — and the models shaping the new phase of Ferretti’s yachting.

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