Sanlorenzo (SL) Corporate Presentation summary

Strategic positioning and brand philosophy

• Focus on 'quiet luxury' and scarcity, targeting connoisseur clientele with bespoke yachts and a loyal customer base that values craftsmanship and innovation within tradition.

• Direct distribution in key global yachting hubs (Mediterranean, Americas, APAC) enhances customer experience and profitability.

• Integration of art, design, and culture through collaborations with renowned designers and events, reinforcing brand exclusivity.

• Recurring client base with high upselling value and frequent yacht replacement, supporting long-term value.

• Expansion of cultural and artistic initiatives, such as 'Casa Sanlorenzo' and elite events, to deepen client engagement.

Financial performance and guidance

• Q1 2025 net revenues from new yachts reached €213.5m (+9.6% YoY), with strong Superyacht growth and resilient performance in other segments.

• EBITDA for Q1 2025 was €37.0m (+8.5% YoY), maintaining a 17.3% margin; net profit rose to €21.2m (+8.0% YoY).

• FY2025 guidance reiterated: net revenues new yachts €960–1,020m, EBITDA €178–194m, and net profit €103–110m.

• Net backlog at €1.0bn, covering about 1.0x of 2025 guidance, with 89% sold to final clients and deliveries scheduled up to 2028.

• Net financial position at €28.1m net debt, reflecting seasonal working capital trends and recent acquisitions.

Operational highlights and investments

• Organic net capex in Q1 2025 was €5.8m (2.7% of net revenues), focused on expansion and new product development.

• Production capacity expansion targets 25% growth by 2025, with utilization rising to ~85% and flexibility for further volume increases.

• Acquisition of Simpson Marine strengthens APAC presence; new direct distribution hubs in the Med and Americas enhance market reach.

• Strategic partnership with Nautor Swan broadens product lines and geographic reach, including US-based production plans.

• Investments in sustainability and technical innovation, including bi-fuel and methanol fuel cell yachts, position the group ahead of industry GHG reduction targets.