Sanlorenzo (SL) Q2 2025 earnings summary

Executive summary

• Net Revenues from new yachts rose 9.4% year-over-year to €454.1m in H1 2025, driven by Superyacht and Nautor Swan divisions, with strong growth in the Americas and Europe.

• EBITDA increased 8.5% to €80.5m (margin 17.7%), with group net profit up 7.0% to €46.6m (margin 10.3%).

• Order intake surged 29.9% to €419.5m, and backlog remains robust at €1,439.3m, with 93% sold to final customers, covering 78% of 2025 revenue guidance.

• Net financial position shifted to net debt of €8.3m as of June 2025, reflecting investments, dividends, and share buybacks.

• 2025 guidance reaffirmed, supported by strong order book, new product launches, and resilient business model.

Financial highlights

• Net Revenues New Yachts: €454.1m (+9.4% YoY); EBITDA: €80.5m (+8.5% YoY, 17.7% margin); EBIT: €59.9m (+3.2% YoY, 13.2% margin); Group Net Profit: €46.6m (+7.0% YoY, 10.3% margin).

• Net financial position: €-8.3m (net debt) as of June 2025, after €34.7m dividends and €7.4m Q2 buyback.

• Free cash flow of €7.5m in H1 2025; net working capital at €86.6m, reflecting inventory build-up for new models and distribution hubs.

• Organic CapEx: €16.2m (3.6% of net revenue), mainly for industrial capacity and product development.

• Basic EPS: €1.33; diluted EPS: €1.31.

Outlook and guidance

• 2025 guidance confirmed: Net Revenues New Yachts €960–1,020m (+6% YoY), EBITDA €178–194m (18.5–19.0% margin), EBIT €139–149m (14.5–14.6% margin), Net Profit €103–110m.

• Backlog as of June 2025 covers 78% of FY25 revenue guidance.

• Americas and Europe expected to drive growth; APAC consolidating after strong prior years; MEA faces temporary decline due to delivery timing.

• Monitoring macroeconomic and geopolitical uncertainties, but no change to guidance.

• Capex expected at €48–50m, or 4.9% of Net Revenues New Yachts.