Sanlorenzo (SL) Q4 2025 earnings summary

Executive summary

• Achieved 3.2% revenue growth year-over-year to €960.4 million, with order intake up 16% to €943 million and a solid EBITDA margin of 18.8%.

• Net profit increased 4.2% to €107.4 million, with a margin of 11.2%.

• Integration of Nautor Swan and Simpson Marine contributed positively, with Nautor Swan returning to profitability in its first year post-acquisition.

• Americas and APAC regions showed robust growth, supported by new market entries and dealer appointments in Brazil, Mexico, Australia, and Japan.

• Backlog reached €1.96 billion, with 88% sold to final clients, providing strong visibility into future results.

Financial highlights

• EBITDA reached €180.6 million (18.8% margin), EBIT €139.9 million (14.6% margin), and net cash flow generation was €34.1 million.

• Organic investments totaled €48.2 million (5.0% of revenues), mainly for production capacity and product development, with 89% expansionary capex.

• Net financial position ended with €20.1 million net cash after dividend and acquisition payments.

• Net working capital increased to €99.8 million, supporting direct distribution expansion.

• CapEx for the year was €48.2 million, with total net investments of €49.4 million including strategic acquisitions.

Outlook and guidance

• Guidance for 2025 was fully met or exceeded at all levels, with margins above expectations.

• Three-year plan and 2026 guidance to be presented in May at a dedicated event.

• Management expects continued growth in Americas and APAC, with stable market conditions and no immediate impact from geopolitical tensions.

• Strong start to 2026, with continued focus on innovation, direct distribution, and new product launches.

• High-quality backlog extends to 2029, supporting future revenue visibility.