Sanlorenzo (SL) Q2 2026 earnings summary

Executive summary

• Net revenue from new yachts reached €471.3m in H1 2026, up 3.8% year-on-year, led by the Superyacht Division and strong growth in APAC and the Americas.

• EBITDA increased 3.7% to €83.5m (margin 17.7%), EBIT up 3.9% to €62.2m (margin 13.2%), and net profit up 5.4% to €49.1m (margin 10.4%).

• Order intake rose for the eighth consecutive quarter, reaching €496.4m (+18.3% YoY), with a backlog of €1.5bn, 89% sold to final clients, providing strong revenue visibility.

• The group maintained a positive net financial position of €49.4m as of June 30, 2026, with strong cash generation despite €37m in dividend payments.

• Business model resilience and geographic diversification supported sustained growth and margin stability.

Financial highlights

• Superyacht Division revenue grew 12.4% YoY to €154.1m, now over 32% of yacht net revenue.

• Yacht Division up 3.1% to €232.8m, mainly in models above 30 meters; Bluegame stable at €43.6m; Nautor Swan down 13.9% to €40.9m.

• Americas (+35.4%), APAC (+35.8%), and MEA (+22.7%) showed strong growth; Europe declined 16.6% but remains the largest market.

• Net working capital at €86.5m, stable YoY and below business plan ceiling.

• EPS for H1 2026 was €1.39 basic and €1.38 diluted.

Outlook and guidance

• 2026 guidance confirmed: Net revenue new yachts €980–1,020m, EBITDA €180–192m, EBIT €140–147m, net profit €108–114m.

• 2028 targets reaffirmed: ≥6% CAGR in net revenue new yachts, EBITDA margin ≥19%, EBIT margin ≥14.5%.

• Order backlog for 2026 covers 83% of the midpoint of revenue guidance.

• Continued focus on product innovation, operational excellence, and selective investments.