Sanlorenzo (SL) Q4 2024 TU earnings summary

Executive summary

• Achieved strong full-year 2024 results, with Net Revenues New Yachts up 10.7% to €930.4M, driven by organic growth, Superyacht Division, and successful integration of Simpson Marine and Nautor Swan acquisitions.

• EBITDA increased 12% year-over-year to €176.4M, with a margin of 19% on Net Revenues New Yachts, reflecting operational efficiency and brand strength.

• EBIT reached €139.3M, up 10.6% year-over-year, with a 15% margin; limited dilution from Nautor Swan acquisition.

• Backlog remains robust at over €1B, providing strong revenue visibility for 2025 and beyond, with 88% sold to final clients.

• Net cash position at year-end was €29.1M after M&A, dividends, and buybacks; would be €112.8M excluding these outflows.

Financial highlights

• Organic growth in Net Revenues New Yachts was 6.2%, excluding €38.3M from Nautor Swan.

• EBITDA organic growth was 9.1%, excluding €4.6M from Nautor Swan.

• EBIT margin held at 15% on Net Revenues New Yachts; organic EBIT margin at 15.4%.

• Organic CapEx was €49.3M (5.3% of revenues); total investments including M&A reached €188.1M.

• Dividend payments totaled €34.8M; share buyback program of €7.5M executed in H2 2024.

Outlook and guidance

• 2024 results met or exceeded guidance for revenues, EBITDA, and EBIT.

• 2025 revenue visibility is strong, with 60% of expected revenue already covered by backlog; one-third of 2026 revenue is secured, and backlog extends into 2027 and 2028.

• Guidance remains in line with the previously introduced three-year plan, with continued focus on R&D and sustainability.