Sanlorenzo (SL) Q3 2024 earnings summary

Executive summary

• Net revenues from new yachts reached €669 million for 9M 2024, up 6.9% year-on-year, driven by strong Superyacht Division growth and the first consolidation of Nautor Swan Group, which contributed €17.6 million post-acquisition.

• EBITDA rose 8.6% to €123.6 million with an 18.5% margin, and EBIT increased 6.8% to €97.5 million, maintaining a 14.6% margin.

• Group net profit grew 9% to €72.9 million, with a 10.9% margin on net revenues.

• Order backlog hit a record €1.72 billion, with 94% of 2024 revenue guidance covered and 90% of backlog sold to final clients.

• Major acquisitions included Nautor Swan and Simpson Marine, expanding global reach and product offering.

Financial highlights

• Net revenues in yachts grew 6.9% year-on-year to €669 million, with organic growth at 4.1% excluding Swan.

• EBITDA increased 8.6% year-on-year to €123.6 million (18.5% margin); EBIT rose 6.8% to €97.5 million (14.6% margin).

• Group net profit up 9% year-on-year to €72.9 million, margin at 10.9%.

• Net cash position stood at €27.2 million after significant M&A and buyback activity.

• Organic capex at €27.8 million (4.1% of net revenue), with 88% expansionary.

Outlook and guidance

• 2024 guidance confirmed for net revenue, EBITDA, EBIT, net profit, and organic CapEx, supported by 94% backlog coverage.

• Organic net cash position guidance revised to €110–120 million, reflecting faster working capital reabsorption.

• Swan expected to contribute €35–40 million in revenues and €4–5 million in EBITDA for 2024.

• Expect some turbulence in H1 2025, but anticipate a strong market recovery in H2 2025 if interest rates decline and geopolitical tensions ease.