TRIESTE – The case of the Bayesian yacht has put The Italian Sea Group under the spotlight, as it goes through a phase of strong instability, in stark contrast to the solid results announced by Ferretti.
The Italian Sea Group’s name has moved to the centre of attention due to the fallout linked to the Bayesian yacht. According to several journalistic reconstructions, the episode has worsened an already complex situation in financial and reputational terms. In recent weeks, resignations on the board of directors and internal tensions over management have been reported. Reports point to checks on the accounts, additional costs on some orders and liquidity difficulties, along with a sharp fall in the share price on the stock market compared with previous levels.
The Bayesian case is being cited as a factor that has increased pressure on the group, both in media terms and for possible legal and insurance implications. The picture that emerges is that of a shipyard still operating but in a delicate phase, with open questions over financial stability and industrial continuity.
In parallel, the Board of Directors of Ferretti S.p.A. approved the main preliminary consolidated financial figures as of 31 December 2025, showing a trend in the opposite direction to the climate surrounding The Italian Sea Group.
In 2025, Ferretti recorded net revenues of €1.23 billion, up 5% compared with the previous year, with a performance above that of its reference market. Adjusted EBITDA reached €202.8 million, up 6.7%, with a margin of 16.5%, improving on 2024. Net profit stood at €90.1 million, up 2.2%.
Order intake amounted to €1.14 billion, broadly stable year on year. The order book reached €1.72 billion, up both on September 2025 and on 2024. Net backlog at year-end was €828.6 million, while net financial position was positive at €111 million, an increase of around €46 million compared with the previous quarter.
Chief executive officer Alberto Galassi underlined that the group met its targets in a year described as “challenging” for global yachting, highlighting growth above the sector and improved profitability.
