Ferretti Group’s first-half 2026 results, filed with the Hong Kong Stock Exchange on July 31, show the numbers trade press has already reported: net revenue of new yachts down 5.6% to €585.6 million, adjusted EBITDA down 6.6% to €92.5 million, net profit down 13.1% to €37.9 million. What none of that coverage mentioned is the lawsuit sitting inside the same document.
On June 9, 2026, KKCG Maritime, the Czech investment vehicle Azúr a.s., filed a writ of summons against Ferretti at the Court of Bologna. It is seeking to have the resolutions of the company’s May 14 annual general meeting declared null and void, specifically the appointment of the new Board of Directors and Board of Statutory Auditors. KKCG has also applied for interim relief to suspend those resolutions while the case proceeds.
The filing is the latest turn in a fight PBN has covered before. KKCG Maritime launched a tender offer for Ferretti shares in January, later raising its price from €3.50 to €3.90 per share. The offer closed in April with KKCG securing 29.6 million shares, about 8.75% of the company, at a cost of €115.5 million. The May AGM that KKCG is now trying to overturn appointed the board that followed, and saw two directors, Piero Ferrari and Stefano Domenicali, resign on the same day. Stassi Anastassov was named chief executive at the new board’s first meeting.
Ferretti’s own filing says the litigation has no impact on its operations and that management remains focused on its business plan. The company is defending the case.
Read more: Ferretti Group boardroom battle moves to court as Czech investor targets Weichai voting rights
The Numbers Underneath
The headline decline understates how uneven it was underneath. Revenue from the Middle East and Africa region fell hardest, down from 35.4% of new-yacht sales in H1 2025 to 28.0% in H1 2026, a drop from €219.9 million to €163.8 million, which the company attributes to delays in order intake and delivery tied to regional geopolitical tensions. Europe held roughly flat, and Asia-Pacific more than tripled from a small base, up from €9.7 million to €29.7 million.
The balance sheet stayed solid. Net financial position was €95 million in net cash, and the group’s order backlog held essentially level at €1.46 billion, though the mix shifted: made-to-measure yacht backlog rose 21.2% while super yacht backlog fell 7.2%, a trend the company says reflects timing rather than falling demand, with a super yacht negotiation pipeline it expects to convert into 2027 and 2028 revenue.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
