Sanlorenzo (SL) Q4 2025 earnings summary

Executive summary

• Achieved 3.2% revenue growth year-over-year to €960.4 million, with strong order intake up 16% to €943 million and six consecutive quarters of order intake growth.

• EBITDA margin at 18.8%, slightly down from 19% due to full-year consolidation of Nautor Swan; net profit up 4.2% to €107.4 million.

• Successful integration and profitability turnaround of Nautor Swan and Simpson Marine, with Nautor Swan profitable in its first year post-acquisition.

• Expanded presence and distribution in the Americas, APAC, Australia, Japan, Brazil, and Mexico, with strong growth in new markets.

• Proposed dividend of €1.05 per share, reflecting a 34.6% payout ratio and aligning with net income growth.

Financial highlights

• Net revenue from new yachts grew 3.2% to €960.4 million, driven by superyacht and Nautor Swan divisions.

• EBITDA reached €180.6 million (18.8% margin); EBIT €139.9 million (14.6% margin); net profit €107.4 million (11.2% margin).

• 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.

Outlook and guidance

• 2025 guidance fully met or exceeded at all levels; 2026 guidance and new Business Plan to be presented in May at the Venice Biennale.

• High-quality backlog extends to 2029, with 88% sold to final clients, supporting future revenue visibility.

• Expectation of continued growth in Americas and APAC, supported by favorable dollar/euro exchange rates and new product launches.