Sanlorenzo (SL) Q3 2025 earnings summary

Executive summary

• Net revenues from new yachts rose 3.2% year-on-year to €690.1 million, driven by strong performance in the Superyacht and Nautor Swan divisions, with robust growth in Europe and the Americas.

• EBITDA increased 3.6% to €128.0 million (18.5% margin), while group net profit grew 4.1% to €75.9 million (11.0% margin).

• Order intake surged 18.4% to €690 million, with a backlog of €1.7 billion, 90% sold to final clients, ensuring strong revenue visibility into 2026 and beyond.

• Strategic focus on innovation, new model launches, and expansion in the Americas, supported by successful integration of Nautor Swan and new headquarters in Fort Lauderdale.

• Sustainability initiatives include hybrid propulsion, bio-based materials, and fuel cell technology, reinforcing leadership in luxury yachting.

Financial highlights

• Net revenues from new yachts: €690.1 million (+3.2% YoY); EBITDA: €128.0 million (+3.6% YoY, 18.5% margin); EBIT: €97.6 million (14.1% margin); group net profit: €75.9 million (+4.1% YoY, 11.0% margin).

• Net financial position at €14.0 million net debt as of 30 September 2025, after €34.8 million in dividends and increased working capital.

• Net working capital at €115.4 million, reflecting inventory build-up and direct distribution expansion.

• Organic investments totaled €30.3 million (4.4% of net revenues new yachts), mainly for R&D and production capacity.

• Order backlog at €1.7 billion, with high coverage for future revenues and strong delivery pipeline through 2029.

Outlook and guidance

• 2025 guidance confirmed: net revenues from new yachts ~€960 million (+3%), EBITDA ~€180 million, EBIT ~€140 million, group net profit €103–107 million.

• CapEx expected in the €48–50 million range (5.1% of net revenues new yachts), with organic investments flat year-over-year.

• Backlog covers over 90% of full-year 2025 guidance as of September 2025, providing high visibility for 2026 and beyond.

• Americas and Europe expected to drive growth; APAC consolidating after strong prior years.

• Ongoing focus on sustainable innovation and new product launches, including hybrid and hydrogen propulsion.