Sanlorenzo (SL) Q4 2024 earnings summary

Executive summary

• Achieved record Net Revenues New Yachts of €930.4 million in 2024 (+10.7% YoY), with EBITDA up 12.0% to €176.4 million and net profit up 11.1% to €103.1 million, surpassing guidance and supported by successful integration of Simpson Marine and Nautor Swan acquisitions.

• Delivered 69 yachts in 2024, generating €800 million in turnover and an average net revenue per yacht of €11.6 million.

• Nautor Swan contributed €38.3 million in revenues over five months, with limited margin dilution; strong growth in Americas (+58.4%) and MEA (+55.4%).

• Maintained a conservative approach to 2025 guidance due to geopolitical and macroeconomic uncertainties, with a significant backlog providing solid coverage for the year.

• Proposed €1.00/share dividend (34% payout), maintaining prior year level despite major acquisitions.

Financial highlights

• Net Revenues New Yachts grew 10.7% YoY to €930.4 million, driven by Superyacht Division and strong performance in Americas and MEA.

• EBITDA increased 12% to €176.4 million (19% margin); EBIT rose 10.6% to €139.3 million (15% margin).

• Net group profit reached a record €103.1 million, with a margin of 11.1% on Net Revenues New Yachts.

• Net working capital at €36 million (3.9% of net revenue); organic investments at €49.3 million (5.3% of revenues).

• Net financial position at €29.1 million after M&A and buyback; adjusted net cash at €112.8 million.

Outlook and guidance

• 2025 net revenue guidance set at €960–1,020 million (+6% YoY), with EBITDA expected at €178–194 million (+5% YoY) and EBIT at €139–149 million (+3% YoY).

• Net profit guidance for 2025 is €103–110 million, with CAPEX of €48–50 million (4.9% of net revenue).

• Backlog at end of 2024 covers 63% of 2025 guidance, with 88% of backlog sold to final customers and visibility up to 2028.

• Dividend policy maintained at 30–40% payout of net profit, with €1 per share confirmed for 2024 and expected to continue.

• Guidance reflects measured approach amid macroeconomic and geopolitical uncertainty; Nautor Swan expected to drive further top-line growth.