Sanlorenzo (SL) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenues from new yachts rose 9.6% year-over-year to €213.5 million, driven by Superyacht Division, Nautor Swan integration, and strong Americas growth (+40.6%).

• Group net profit increased 8.0% year-over-year to €21.2 million, maintaining a 10.0% margin despite Nautor Swan integration.

• EBITDA rose 8.5% to €37.0 million (17.3% margin); EBIT increased 4.2% to €26.8 million (12.6% margin).

• Order backlog reached €1.2 billion, covering 71% of 2025 guidance, with 89% sold to final clients and deliveries scheduled through 2028.

• Integration of Nautor Swan and Simpson Marine supports strategic expansion in sailing yachts and APAC distribution.

Financial highlights

• Net revenues new yachts: €213.5 million (+9.6% YoY); EBITDA: €37.0 million (+8.5% YoY, 17.3% margin); EBIT: €26.8 million (+4.2% YoY, 12.6% margin); group net profit: €21.2 million (+8.0% YoY, 10.0% margin).

• Net financial position shifted to €28.1 million net debt at March 2025, compared to €29.1 million net cash at December 2024 and €73.7 million net cash at March 2024, due to seasonal working capital, buybacks, and acquisitions.

• Organic investments totaled €5.8 million (2.7% of net revenues new yachts), mainly for product development, R&D, and industrial capacity.

• Net working capital at €119.6 million, reflecting inventory build-up, seasonality, and direct distribution expansion.

• Operating costs increased 13.7% YoY; depreciation and amortization up 21.6% due to Nautor Swan consolidation.

Outlook and guidance

• 2025 guidance confirmed: net revenues new yachts €960–1,020 million (+6% YoY), EBITDA €178–194 million (18.5–19.0% margin), EBIT €139–149 million (14.5–14.6% margin), group net profit €103–110 million (+3% YoY).

• Backlog as of March 2025 covers 71% of 2025 revenue guidance midpoint, with high quality (89% sold to end customers) and visibility through 2028.

• Superyacht Division waiting lists extend to 2029; Nautor Swan integration progressing well.

• Strategic focus on sustainable growth, direct distribution, and innovation in green technologies.

• Management expects a better Q2 2025 compared to Q2 2024, with improving market stability.