First Take: 6% cuts to the profitatbility guidance

Ferretti reported Q3 26 with a 9% miss on JPM's adj. EBITDA estimate despite an 8% beat on group sales. Group sales grew 14% yoy (JPMe +5%), improving from -3% in Q2, driven by the Composite segment (+43% vs JPMe +20%), while Super Yachts sales fell 21% and missed. Order intake rose 7% yoy to EUR323m, entirely driven by Composite orders (+59%), with Made to Measure orders -35% and no Super Yacht orders in 2026 so far; backlog declined 11% yoy to EUR1.3bn. Adj. EBITDA margin fell 340bp to 12.6% (JPMe 15.0%) on negative mix, operational inefficiencies and the extended warranty scheme, with net profit -31% yoy to EUR12m. Management reiterated 2026 sales and capex guidance but cut adj. EBITDA guidance by 6% at the midpoint to EUR174-185m (from EUR186-197m; consensus EUR190m), implying a 14.5%-14.9% margin. JPM expects mid-single-digit consensus cuts and sees share price pressure. Rating Neutral, Dec-27 price target EUR3.30;