Sanlorenzo reports 9.6% revenue growth in Q1 2025

Sanlorenzo has reported a 9.6% year-on-year increase in net revenues from the sale of new yachts, reaching €213.5 million in the first quarter of 2025. The performance was driven by growth in the Superyacht Division (+10.4%) and the contribution of the newly consolidated Nautor Swan Division (€23.8 million).

Financial performance

Net revenues from the sale of new yachts reached €213.5 million in Q1 2025, marking a 9.6% year-on-year increase compared to €194.8 million in the same period of 2024. This growth was bolstered by the Superyacht Division, which saw revenues rise by 10.4%, and the newly integrated Nautor Swan Division, contributing €23.8 million. In contrast, the Yacht and Bluegame divisions experienced modest contractions due to shifts in product mix and broader market challenges.

EBITDA rose to €37 million, up 8.5% year-on-year, reflecting a solid 17.3% margin on net revenues despite integration costs tied to Nautor Swan. Net profit climbed 8.0% to €21.2 million, supported by tax efficiencies such as the Patent Box regime and strong operational performance. EBIT totalled €26.8 million, up 4.2%, aligning with full-year guidance.

Global performance and order visibility

Geographically, the Americas led the charge with a remarkable 40.6% growth in revenue to €44.1 million, driven in part by momentum from the Palm Beach show. Europe, Sanlorenzo’s traditional stronghold, grew by 8.6%, while APAC remained stable. MEA, however, saw a decline of 25.1%, attributed to seasonal delivery fluctuations.

Sanlorenzo’s backlog remained robust at €1.2 billion, with 89% sold to final clients and delivery schedules extending as far as 2028 for the Superyacht Division. Notably, €699.7 million of the backlog is earmarked for delivery in 2025, already covering 71% of the company’s annual revenue guidance.

Strategic investments and financial position

The Group reported organic investments of €5.8 million, mostly directed towards new models and production capacity. Despite a seasonal dip in net financial position – a €28.1 million debt at quarter-end compared to a net cash position of €29.1 million at the end of 2024 – Sanlorenzo remains financially resilient. The change reflects typical first-quarter cash flow dynamics and the acquisition of a 60% stake in strategic supplier AF Arturo Foresti S.r.l.

Order intake during the quarter amounted to €178.1 million, a 5.9% increase year-on-year, underscoring the strength of Sanlorenzo’s multi-brand strategy, including Bluegame and Nautor Swan.

Confident outlook amid strategic evolution

Sanlorenzo confirmed its full-year guidance, projecting net revenues from new yachts in the range of €960–1,020 million, with EBITDA expected between €178–194 million. CEO Massimo Perotti emphasised the Group’s resilient business model, grounded in “authentic and absolute principles of luxury”, and pointed to the growing strength of its custom semi-production strategy, particularly in the 30 to 50-metre superyacht segment.

With recent investments in direct distribution – including the acquisition of Simpson Marine in APAC and the expansion of Sanlorenzo MED – and product innovation such as green methanol propulsion and hybrid systems, Sanlorenzo continues to chart a deliberate course towards sustainable, high-margin growth while reinforcing its position as a global leader in ultra-luxury yachting.