Sanlorenzo (SL) Q2 2024 earnings summary

Executive summary

• Net Revenues New Yachts rose 6.9% year-over-year to €415.1 million in H1 2024, driven by strong Superyacht (+17.6%) and Bluegame (+13.1%) divisions, while Yacht division remained stable (+1.0%).

• Group net profit increased 11.6% to €43.6 million, with EBITDA up 9.7% to €74.2 million and EBIT up 9.1% to €58.0 million, reflecting margin expansion at all levels.

• Net backlog stood at €950 million, exceeding annual revenues and providing high visibility, with 88% sold to final clients and deliveries scheduled up to 2028.

• Robust net cash position of €102.2 million after €34.3 million dividend payout and Simpson Marine acquisition.

• Completed acquisition of Nautor Swan in August 2024, expanding product portfolio and synergies, with phased closing and initial results showing double-digit EBITDA margin.

Financial highlights

• Net revenues from new yachts: €415.1 million (+6.9% YoY); EBITDA: €74.2 million (+9.7% YoY, 17.9% margin); EBIT: €58.0 million (+9.1% YoY, 14.0% margin); Group net profit: €43.6 million (+11.6% YoY, 10.5% margin).

• Net financial position at €102.2 million net cash, down from €140.5 million at year-end 2023, mainly due to M&A and dividend payout.

• Organic investments reached €20.5 million (4.9% of revenues), with total investments at €33.1 million including Simpson Marine acquisition.

• Net working capital positive at €2.1 million, reflecting normalization of business seasonality.

• Operating costs increased 8.5% year-over-year, in line with revenue growth.

Outlook and guidance

• FY 2024 organic guidance confirmed: Net Revenues New Yachts €880–910 million, EBITDA €168–176 million, EBIT €135–141 million, net profit €99–101 million.

• Nautor Swan expected to contribute €35–40 million in revenues and €4–5 million in EBITDA for five months of consolidation.

• Net financial position expected at €160–170 million by year-end, with continued focus on sustainable growth and direct distribution.

• Backlog remains robust at nearly €1.4 billion, providing strong visibility into 2025 and beyond.

• Order intake normalizing post-pandemic, with high-quality backlog (88% sold to final customers) and stable Superyacht demand.