Sanlorenzo (SL) Q4 2025 TU earnings summary

Executive summary

• Achieved or exceeded 2025 guidance with six consecutive quarters of order intake growth, strong M&A integration, and expansion in the Americas, APAC, and new markets such as Australia and Japan.

• Outperformed the luxury sector with a resilient business model focused on ultra-high-net-worth clients and product leadership.

• Order intake accelerated to €943.1 million (+16% YoY), with a robust backlog of €1.96 billion, 88% sold to final clients, and deliveries extending to 2029.

• New model launches, including six world premieres and innovation in sustainability and propulsion, drove brand desirability and Q4 order intake.

• Successful integration of Nautor Swan and Simpson Marine, with Swan achieving its first profit post-acquisition.

Financial highlights

• Net revenues from new yachts reached €960.4 million (+3.2% YoY), driven by superyacht and Nautor Swan divisions, with strong Americas and APAC performance.

• EBITDA was €180.6 million (+2.4% YoY, 18.8% margin); EBIT was €139.9 million (+0.4% YoY, 14.6% margin); group net profit was €107.4 million (+4.2% YoY, 11.2% margin).

• Net cash position at year-end was €20.1 million after €34.8 million in dividends, €1.2 million in M&A, and €48.2 million in organic capex.

• Organic investment totaled €48.2 million (5% of revenues), mainly for production capacity and new models, with 89% for expansion.

• Net cash generation in Q4 2025 was €34.1 million, supported by working capital reduction.

Outlook and guidance

• 2025 guidance was met or exceeded at all levels, with top-line and profitability targets achieved and strong order book visibility into 2029.

• Early 2026 order intake is ahead of both January 2025 and January 2024, indicating a positive start and expected volume growth across all divisions.

• CapEx for 2026 expected to remain around €50 million, with net working capital anticipated to stabilize between 3%-8%.

• Management expects continued growth, leveraging innovation, brand strength, and expansion in underpenetrated markets.

• Potential for price increases in 2026 depending on Q1 performance.