Ferretti Group: Model update post Q2/H1 Results: we cut our EBITDA forecasts by HSD%

研报英文原文证据摘录

Ferretti Group: Model update post Q2/H1 Results: we cut our EBITDA forecasts by HSD%

J P M O R G A N Europe Equity Research

31 July 2026

Ferretti Group Neutral

F3T1.F, YACHT IM

Model update post Q2/H1 Results: we cut our EBITDA Price (31 Jul 26):€2.89

forecasts by HSD% ▼Price Target (Dec-27):€3.20 Prior (Dec-27):€3.40

We have updated our Ferretti model following the release of the Q2/H1 26 results

this morning (see our first take). The results were soft and below management’s European Luxury & Sporting Goods

own expectations (as noted on the call), affected by the Middle East disruption and Chiara Battistini AC

a broader volatile macroeconomic environment. This has led to a drop in order (39-02) 8895-2700

intake, a lengthening of the negotiation period, a slower conversion process - chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

especially on larger contracts - and pricing pressure now extending beyond smaller (Asia Pacific) Limited

players to a broader portion of the market, including larger competitors (albeit Wendy Liu

management confirmed that it will not chase volumes through discounting, aside (44-20) 3493-9733

from some necessary promotions to avoid losing every opportunity). Against this wendy.liu@jpmorgan.com

backdrop, management took a more prudent approach and revised its guidance J.P. Morgan Securities plc

downward to a more “realistic” outlook for the rest of the year, cutting topline Apurva Vishwaraj

guidance by 3% and adj. EBITDA guidance by 7%, acknowledging that existing apurva.vishwaraj@jpmchase.com

J.P. Morgan Securities plc

cost-saving measures are not sufficient to offset operating deleverage. Banking in

Victoria Sadenthe soft H1 trends and the guidance downgrade, we have lowered our sales

(44-20) 3493-0435