SANLORENZO H1 2025 FINANCIAL RESULTS: STEADY GROWTH AND CONTINUED INNOVATION
Solid H1 2025 with +9.4% revenue growth to €454 million (Net Revenues New Yachts) and +8.5% growth in EBITDA to €81 million.
Significant uptick in demand with €420 million order intake in H1, up +29.9%, driven by strong appeal of products beyond 30 metres.
Order backlog at €1,439 million of which 93% already sold to final clients. Net backlog of €985 million as of 30 June 2025, providing almost a full year of revenues in hand, still to be booked.
2025 financial guidance reiterated, ahead of new product in t introductions and major global yachting events in H2 2025.
The Board of Directors of Sanlorenzo S.p.A. (“Sanlorenzo” or the “Company”), chaired by Mr. Massimo Perotti, today approved the consolidated half-year financial report as of 30 June 2025.
Mr. Massimo Perotti, Chairman and Chief Executive Officer of the Company, said: The first half of 2025 reflects the resilience of Sanlorenzo, the strength of our brand, and the timeless desirability of our yachts. Even in a global environment marked by trade tariff uncertainty and broader macroeconomic pressures, we have delivered stability and measured growth, underpinned by sustainable revenues and healthy margins.
Our positive trajectory and continued growth are testament to our highly differentiated business model, which provides superior resilience. The Sanlorenzo philosophy is fundamentally shared across the whole Group, now including Nautor Swan, acquired in 2024.
Our order intake, particularly strong for yachts of 30 metres and above, confirms the vitality of our made-to-measure philosophy, our scarcity-driven model and the success of our strategic entry into sailing with Nautor Swan. This, combined with evidence of continued wealth creation among the highest wealth cohorts, gives us strong confidence in the future and allows us to reaffirm our 2025 guidance.
Innovation remains the essence of our Maison. At the upcoming Cannes Yachting Festival, we will debut three new
Sanlorenzo yachts, alongside new launches from Nautor Swan and Bluegame, showcasing the most complete and coveted monobrand portfolios in their respective segments. Further premieres will follow in the final quarter – including a new concept for Sanlorenzo that embodies our pursuit of everlasting beauty and innovation, and the first delivery of the 74Steel – a milestone that embodies Sanlorenzo’s position at the pinnacle of the category, whilst retaining our focus within 2,000 GT, where the risk-return profile is strongest, rather than pursuing the segment beyond our sweet spot.
2025 GUIDANCE REAFFIRMED:
Reflecting on H1 2025 performance and the Company’s future order intake, Sanlorenzo reaffirms the financial
guidance for the year 20251 previously announced on 10 March 2025 in the publication of the Company’s 2024
Annual Financial Report.
This guidance is aligned with the strategy of sustainable growth across key financial indicators, over time.
FINANCIAL & OPERATIONAL HIGHLIGHTS
- Net revenues from the sale of new yachts (“Net Revenues New Yachts”) at €454.1 million, +9.4% compared
to €415.1 million in H1 2024, driven by the excellent performance of the Superyacht and Nautor Swan
Divisions, as well as by the resilience of the Yacht Division in the segment above 30 meters (100 feet). The
Bluegame Division, although facing more challenging market dynamics (segment below 24 meters length),
confirmed its distinctive positioning with a relatively resilient performance. - Geographically, strong performance of the Americas (+38.6%), supported by a robust order intake rebound
in the previous quarters, and solid growth from Europe (+15.4%) thanks to the wide, loyal and resilient client
base – the Sanlorenzo Customer Club of Connoisseurs. APAC (+5.8%) is also showing a positive momentum,
while MEA (-41.3%) reflects a strong concentration in deliveries in Q4 2024, as well as a tough comparison
basis with H1 2024. - EBITDA at €80.5 million, +8.5% compared to €74.2 million in H1 2024, a 17.7% margin on Net Revenues
New Yachts, a slight 20 basis point decrease YoY fully attributable to Nautor Swan consolidation. Pricing
power together with a well-engineered, mainly variable cost structure continues to ensure stable margins. - EBIT at €59.9 million, +3.2% compared to €58.0 million in H1 2024, a 13.2% margin on Net Revenues New
Yachts, discounting a higher D&A incidence of Nautor Swan given legacy investments carried out before the
acquisition. - Group Net Profit at €46.6 million, +7.0% compared to €43.6 million in H1 2024, with a double-digit (10.3%)
bottom-line marginality on Net Revenues New Yachts. - Organic Net Capex at €16.2 million, with an incidence of 3.6% of Net Revenues New Yachts. Around 90%
of investments are expansionary, dedicated to industrial and distribution capacity expansion (43%) and the
development of new models (46%). Including €0.8 million related to the acquisition of 60% of AF Arturo
Foresti – supplier active in electrical systems – Total Net Investments in H1 2025 amount to €17.0 million. - Net Debt at €8.3 million as of 30 June 2025, compared to a Net Cash position of €29.1 million as of 31
December 2024 and a Net Debt position of €28.1 million as of 31 March 2025. Significant cash generation
in Q2 2025 considering €42.1 million cash-out in the second quarter related to dividend payment (€34.7
million) and share-buyback (€7.4 million). The solid balance sheet continues to provide Management with
optionality value in terms of investment opportunities arising in the market, while keeping remunerating the
shareholders’ base with an attractive and sustainable dividend policy, as well as the share-buyback plan being
on top (€11.1 million invested in H1 2025).
- Robust Order Backlog at €1,439.3 million as of 30 June 2025, a 5.5% growth year-on-year. €771.1 million
are related to 2025, covering 78% of the Guidance at mid-point as of June 30th, and €668.2 million
distributed over the subsequent years. A solid level of visibility on future revenues is sustained with a highquality Order Backlog – 93% of which is already sold to final clients. - Order Intake at €419.5 million, a 29.9% year-on-year increase compared to €323.0 million of H1 2024,
effectively validating the strength of the brand and the high product differentiation in terms of exclusivity,
innovation and uniqueness of each unit, translating into solid demand generation also in the context of a
challenging market dominated by geopolitical and macroeconomic uncertainty which impacts general
propensity to spend. As of June 30th, the Sanlorenzo Group is strong of a €985.2 million Net Backlog,
about 1-year of futures revenues still to book, already in the pocket thanks to existing acquired orders. - New SX120 and SL110A launched to media acclaim in July, marking significant expansions of the brand’s
most emblematic yacht lines and fully aligned with its product strategy in the 30-50 metre segment, reinforcing
Sanlorenzo’s leadership in the sweet spot of the market. Joining the SD132, these three latest additions to
Sanlorenzo’s acclaimed Asymmetric, Crossover and Semi-Displacement lines will be premiered to clients and
the yachting community at the Cannes Yachting Festival (9-14 September). - Nautor Swan introduces two new highly anticipated models. The Swan 51, an iconic model as the first yacht
designed by German Frers for Nautor, delivers perfectly the performance cruiser pedigree that the brand is
famous for while reimagining its illustrious history in this latest iteration, will make its world premiere at the
Cannes Yachting Festival (9-14 September). The new Maxi Swan 128, a 40-metre flagship built in carbon
fibre at the historic yard in Finland, will debut at the Monaco Yacht Show (24-27 September), further
strengthening Nautor Swan’s strategic presence in the sailing yacht segment above 100 feet. - Bluegame launches the all-new BGF line with foil technology developed by the R&D department, building
on the experience gained in the America’s Cup with the BGH-HSV – the world’s first hydrogen-powered
chase boat with foils, capable of reaching 50 knots at zero emissions. From a unique concept conceived for
extreme challenges to the world of leisure yachting, with a highly technological and sustainable craft. The BGF45,
the first model of the new range, will also be unveiled in a world premiere at the Cannes Yachting Festival. - Aligned with Sanlorenzo’s international role as a creator and promoter of the finest expressions of Italian
culture, Casa Sanlorenzo in Venice was inaugurated on 3 June 2025. The venue hosts Sanlorenzo Arts, a
dynamic and interactive space created to celebrate and support the encounter betwween culture and luxury - yachting. It narrates the values and energy that define the Sanlorenzo world, where art, nature and technology
- come together to shape unique yachts ready to chart new courses into the future of humanity.
- Firmly committed to Road to the 2030 sustainability roadmap, with tangible progress made, including the
development of technology for the trailblazing 50 X-Space, the first yacht with bi-fuel green methanol
propulsion. However, given today’s evolving global energy landscape, the launch timing has been strategically
adjusted — shifting from the original 2027 target towards the end of the decade, when green methanol and
supporting infrastructure are expected to be more broadly available. - Continued investment in people — attracting top talent from the world of yachting and beyond and becoming
the first company in the industry to be officially certified as a Top Employer in Italy. Global and regional
leadership has been strengthened in H1 2025 with the appointment of Renato Bisignani as Group’s first Chief
Marketing & Communications Officer and Daniele Lucà as Chief Executive Officer of Sanlorenzo APAC.
CONSOLIDATED NET REVENUES NEW YACHTS
Net Revenues New Yachts3 in the first half of 2025 amounted to €454.1 million, up 9.4% compared to €415.1 million
in the same period of the previous year.
The Yacht Division generated Net Revenues New Yachts of €225.8 million, accounting for 49.7% of the total, down
6.6% compared to the first half of 2024, a reduction mainly attributable to the market segment below 100 feet, with
good resilience in the larger models.
The Superyacht Division generated Net Revenues New Yachts of €137.1 million, accounting for 30.2% of the total,
with an increase of 10.2% compared to the first half of 2024, strengthened by a robust backlog with scheduled deliveries. Until 2029, demand that remains dynamic despite the long waiting lists for available deliveries.
The Bluegame Division generated Net Revenues New Yachts of €43.6 million, a decrease of 10.9% compared to the
first half of 2024. Despite operating in a more challenging market environment, particularly in the segment below 24
metres, the result remains solid. Thanks to its distinctive and well-recognized positioning within its reference segment, Bluegame has been able to limit the slowdown and preserve profitability, notwithstanding aggressive pricing policies in the market.
The Nautor Swan Division recorded Net Revenues New Yachts of €47.5 million in the first half, in line with
expectations and the planned integration and business development process. Europe is confirmed as the main market, recording Net Revenues New Yachts of €267.1 million, accounting for 58.8% of the total, up 15.4% compared to the first half of 2024.
Americas recorded Net Revenues New Yachts of €95.3 million, accounting for 21.0% of the total, up by 38.6%
compared to the first half of 2024. The percentage increase benefits in any case from a particularly favourable
comparison effect compared to the first half of 2024, as the previous period’s revenues were affected by a particularly subdued order intake in 2023 due to the high level of interest rates, to which the American market is more sensitive when compared to other markets.
APAC recorded Net Revenues New Yachts equal to €54.4 million, accounting for 12.0% of the total, up by 5.8%
compared to the first half of 2024.
MEA recorded Net Revenues New Yachts equal to €37.3 million, accounting for 8.2% of the total, and down 41.3%
compared to the first half of 2024.
CONSOLIDATED OPERATING AND NET RESULTS
EBITDA4 amounted to €80.5 million, up by 8.5% compared to €74.2 million in the first half of 2024. The margin on
Net Revenues New Yachts is equal to 17.7%, broadly in line with the same period of the prior year even following
the consolidation of the Nautor Swan Group, which currently shows a profitability level below the Group average.
Excluding this effect, the steady increase in operating profitability is mainly linked to the progressive and reasoned
increase in average sales prices, which are mostly linked to the change in product mix in favour of larger yachts in each division demonstrating the solidity of the business model and the Group’s ability to continue selling and executing successful projects.
EBIT amounted to €59.9 million, up by 3.2% compared to €58.0 million in the first half of 2024. The margin on Net
Revenues New Yachts is equal to 13.2%, discounting a higher D&A incidence of Nautor Swan given legacy investments carried out before the acquisition.
Group net profit reached €46.6 million, up by 7.0% compared to €43.6 million in the first half of 2024, with a doubledigit margin on Net Revenues New Yachts equal to 10.3%, supported by tax benefits compensating adverse year-onyear trend of financial income/expenses given the cash-out for 2024 acquisitions.
CONSOLIDATED BALANCE SHEET AND FINANCIAL RESULTS
Net working capital was positive for €86.6 million as of 30 June 2025, partially reabsorbing after Q1 (€119.6 million
as of 31 March 2025) yet still showing a significant year-on-year increase driven by inventory build-up to feed new
direct-distribution hubs, consistently with potential market demand.
Inventories amounted to €186.7 million, up by €60.4 million compared to 31 December 2024 and up by €56.7 million
compared to 30 June 2024. The increase compared to the year-end figures is mainly due to raw materials and workin-progress products, reflecting the production ramp-up to shorten delivery times for the most popular models as well as the slots’ allocation to direct distribution hubs, previously placed under contract to third-party dealers. Finished products amounted to €42.4 million, up by €9.3 million compared to the end of 2024. These inventories are related to pre-owned yachts for €38.1 million and new yachts on delivery for €4.3 million. Pre-owned yachts, mainly present in the American market, include €5.1 million referred to yachts already sold at the end of the period for delivery in the following months.
Organic net investments made in the first half of 2025 amounted to €16.2 million, compared to €20.5 million in the
same period of the previous year, with approximately 90% dedicated to expanding industrial capacity and developing new models and product lines. The incidence on Net Revenues New Yachts stood at 3.6% for the first half, primarily due to a constantly expanding revenue base, while the average amount of investment required to develop a new model remained substantially stable over time. Due to the inclusion of AF Arturo Foresti S.r.l. in the consolidation perimeter, total investments amounted to €17.0 million.
The Net Financial Position of the Group as at 30 June 2025 shows a net debt equal to €8.3 million, compared to a
net cash equal to €29.1 million at 31 December 2024. The evolution of the net financial position in the first half of 2025 shows a cash absorption due to the following main effects: (i) increase in net working capital due to the commercial push to support the direct distribution network, to ensure adequate product availability in yachting international hubs no longer covered by a brand representative, (ii) dividends paid of Euro 34,706 thousand, and (iii) approximately Euro 11.1 million disbursement in the first half of 2025 related to the share buyback plan.
BACKLOG
The order backlog5 as of 30 June 2025 amounted to €1,439.3 million, compared to €1,364.6 million as of 30 June
2024, of which €771.1 million related to 2025, covering 78% of the Guidance at mid-point, and €668.2 million to future years, continuing to provide a solid level of visibility, especially given that 93% of it is already sold to final clients.
The net backlog (all revenues still to be booked from existing contracts) as of 30 June 2025 stands at €985.2 million (compared to €949.5 million as of 30 June 2024), confirming a coverage level around 1x the annual revenues, higher than the pre-Covid levels.
The order intake for the first half of 2025 totaled €419.5 million, with €178.1 million in the first quarter and €241.5
million in the second quarter. This result, particularly aided by a significant acceleration in the second quarter, confirms the strength and market positioning of the brand, ultimately demonstrating a solid and resilient demand through the various phases of the economic cycle.
BUSINESS OUTLOOK
The Sanlorenzo Group closes the first half of 2025 with a solid rate of revenue growth (+9.4%), aligned with the
sustainable development strategy for the future, and the Guidance communicated to the market for the current year.
This was supported by vigorous performance in the Americas in the first half of 2025, which accelerated markedly
(+38.6%) thanks to heightened Order Intake over the last 12 months. The Americas remain a market of primary
importance for the Group’s growth strategy, both in the motor and sailing segments, considering the high number of
UHNWIs, a strong culture of yachting and individual well-being, and a penetration rate for the Group in the region that is still below its potential. From the second quarter, the US market showed increased uncertainty linked to current government policies particularly trade tariffs which temporarily affected purchasing appetite. The impact was driven less by the tariffs themselves than by the consumer confidence amongst entrepreneurs, and the impact on their own businesses. By contrast, Latin American markets demonstrated strong momentum, more than compensating for the more cautious stance of US clients.
Europe’s solid recovery (+15.4%) is also particularly significant, with a return to double-digit growth, bearing witness to the robustness of the Group’s historical markets and the deep loyalty of the “Sanlorenzo Customer Club of Connoisseurs”, with repeat purchases over time linked to the launch of new products featuring innovative content in concept design and onboard technologies, as well as ongoing upselling to larger sizes over time.
APAC remains robust, entering a consolidation phase after the strong growth of recent years. Order intake in the first half of 2025 was solid, and the region continues to represent a key strategic growth driver. Expanding infrastructure and the maturation of the yachting culture are expected to unlock further penetration among the region’s UHNWI population, which is still significantly below levels seen in Europe and the Americas.
In MEA, Net Revenues from New Yachts declined 41.3% in the first half, reflecting a tough comparison basis with the
exceptional performance of H1 2024 and the timing of scheduled deliveries. Despite this temporary effect, the region
