Sanlorenzo confirms its robust business performance, reflecting the effectiveness of its strategy, sustainability and innovation being key growth pillars. In the first half of 2024, the Italian shipyard achieved significant milestones on its journey toward the ambitious goal of carbon neutrality by 2030, factually proving its central role as a pioneer in the sustainability of the yachting industry.

Financial Data

At the annual press conference held during the Cannes Yachting Festival, which marks the opening of the boat shows’ season, Cav. Massimo Perotti, Executive Chairman and CEO of Sanlorenzo, presented the financial results for the first half of 2024: with Net Revenues from the sale of new yachts of €415.1 million, a 6.9% increase compared to the first half of 2023. Sanlorenzo in the first half achieved an EBITDA of €74.2 million (+9.7%) and a net profit of €43.6 million (+11.6%). Net organic investments in the first half totaled €20.5 million, a 56% increase with respect to the same period in 2023, with approximately 90% dedicated to expanding industrial capacity and developing new models and product ranges.

“These excellent results for the first half of the year fill us with pride and give us new energy to continue on the path we have set. A special thanks goes to all the teams at Sanlorenzo, whose dedication and daily commitment make it possible to stay on the planned growth trajectory,’’ stated Cav. Massimo Perotti, Executive Chairman and CEO of Sanlorenzo. “These numbers and performance confirm the absolute reliability and effectiveness of our business model and the soundness of the strategic choices outlined in our ‘Road to 2030’ plan. We successfully completed two avant-garde projects, delivering the 50Steel equipped with a green methanol reformer-fuel cell system for on-board hotellerie services, and the hydrogen-powered BGH tenders built for two America’s Cup challengers. Last but not least, the acquisition of Nautor Swan, completed in early August, demonstrates our ability to recognize high-value investment opportunities and integrate them into a long-term industrial strategy.”

The strong results from the first half of the year and 2024 Guidance targets being comfortably at reach, confirm not only the effectiveness of the course taken but also the ability to maintain the right pace and meet the milestones of the ambitious journey Sanlorenzo has outlined for the coming years.

Looking Toward 2030: Sustainability and Technological Innovation

Although recreational boating accounts for only 0.22% of the total greenhouse gas emissions for the entire maritime sector, Sanlorenzo has made it its mission, with the strategic “Road to 2030” plan, to lead and anticipate the industry’s path toward carbon neutrality, making sustainability and technological innovation the drivers of growth for the decade leading up to 2030.

To meet the targets set in the plan for progressively reducing its environmental impact, Sanlorenzo has entered into strategic agreements with global leaders in energy and propulsion production, such as Volvo Penta, Siemens Energy, and Rolls-Royce Solution GmbH - Global Marine (MTU). The ambitious goal for the Italian luxury yachting company is to deliver the first carbon-neutral-powered yacht by 2030. In the meantime, two fundamental milestones were achieved in 2024 with the delivery of the first unit of the 50Steel and the two Bluegame chase boats:

-        50Steel is the world's first superyacht equipped with a green methanol Reformer Fuel Cell system -developed in collaboration with Siemens Energy - capable of transforming green methanol into hydrogen and subsequently into electricity to power all the yacht’s hotel system. This fully carbon-neutral system significantly extends the time the yacht can remain at anchor without using diesel fuel, covering about 85% of typical superyacht usage time with zero emissions and reducing overall annual emissions by 20-30%. This innovation positions Sanlorenzo as a pioneer in the future of the yachting industry, with IMO agenda calling for a mandatory 20% emission reduction by 2030. Sanlorenzo is thus 6 years ahead of the global maritime sector.

-        A second significant achievement in 2024 was the launch of the BGH-HSV (Hydrogen Support Vessel), the first chase boat powered exclusively by zero emissions hydrogen. It supports the American Magic and French Orient Express Racing Team in the challenge for the 37th America’s Cup. The creation of the BGH, capable of reaching 50 knots and a range of 180 miles, involved extremely complex challenges in design, engineering, and material research, requiring years of work and significant investment in research and development to achieve the necessary performance, speed, maneuverability, and reliability. The efforts were rewarded, and the result represents a new milestone in the journey toward sustainability: hydrogen as a propulsion system is an absolute novelty not only for Bluegame and the Sanlorenzo Group but for the entire yachting industry.

Leveraging the experience gained from the BGH-HSV project, currently the highest possible expression of sustainable onboard technology, Bluegame is already working on the BGM65HH (hydrogen-hybrid) multihull, set to launch in 2027, designed to enable zero-emission sailing for 80 miles. The vessel will benefit from a partnership with Volvo Penta and will feature the IPS Professional Platform, built on the revolutionary success of Volvo Penta IPS, with improvements in efficiency, extended cruising range, higher top speed, and faster acceleration. This system is designed for efficiency, optimizing fuel consumption and reducing emissions.

Sanlorenzo's next steps for more sustainable yachting will focus on further developing fuel cell technology and introducing hybrid propulsion systems. On one hand, the shipyard has already signed a second agreement with Siemens Energy for the further development of the Reformer Fuel Cell system technology, which will be completed by 2026, with the goal of expanding fuel cell applications and further reducing size, weight, and costs. On the other hand, thanks to an agreement with MAN by Ranieri Tonissi and Nanni Industries, Sanlorenzo aims to create by 2027 a superyacht with a Bi-Fuel system powered by 80% green methanol, thus allowing for an equivalent percentage of emissions’ reduction, well above the 55% emission reduction target by 2030 set by the EU’s Fit for 55 agenda.

Nautor Swan

Keeping sustainability at the heart of its growth strategy, Sanlorenzo continues to strengthen its presence in the yachting market, not only by expanding its product lines but also through acquisitions, such as the recently announced acquisition of Nautor Swan, a group active in the design, construction, sale and refit of luxury Sailing yachts under the Swan, Maxi Swan, and ClubSwan brands, as well as motor yachts under the Shadow and Arrow brands.

This important acquisition marks the achievement of a key milestone in Sanlorenzo’s strategy: the shipyard and its yachts represent an iconic global brand, an ultra-exclusive niche whose philosophy aligns perfectly with that of Sanlorenzo, rooted in elegance, quality, and performance, thanks to advanced construction techniques, innovation, and unmatched seaworthiness. The Italian maison, already a pioneer in sustainable yachting and at the forefront of applied research into carbon-neutral technologies based on the use of green hydrogen and methanol, with Nautor Swan, will create a new market segment that currently does not exist. The union of Sanlorenzo and Nautor Swan will create a unique global yachting hub: the best of motor and sail yachting.

World premieres at Cannes

After showcasing the shipyard’s latest successesful achievements, and the sustainability trends for the yachting sector, Sanlorenzo will unveil two new models in a world premiere at Cannes: the SL86A and SP92.

-        The SL86A represents a new evolution in the application of the asymmetry concept, fully exploiting its potential to create unique and optimized living solutions while maintaining the elegance and captivating style of Sanlorenzo’s design. The yacht's strengths include the large main deck living area, designed as an open space with the option of having a spacious aft salon and a customizable forward dining area. The aft area, with its minimalistic and innovative design, allows the yacht to sail without a visible staircase and introduces an element of transparency that enhances the connection with the sea.

-        With the SP92, Sanlorenzo reaffirms its commitment to advancing research in the segment of high-performance, sporty yachts. The yacht combines the best technologies in the range, both in terms of sailing performance and sustainability, and successfully applies the signature design of the line to a smaller model. Inspired by minimalism and clean lines, the design enhances the yacht’s sportiness and balance, while maintaining its unmatched style, elegance, and performance. The interiors are spread across four levels, offering solutions that enhance space and livability. However, the standout feature is the expansive aft area: a 45-square-meter beach area that can be customized, with a retractable door concealing the garage.

In addition to the SL86A and SP92, the Italian maison will also present some of the most representative yachts from Sanlorenzo’s various lines at Cannes: SP110, SL96A, SL120A, SD96, SD118, SX76, SX88, and SX100.

At Cannes, Bluegame will showcase the BGM75, a true revolution in the yachting world, thanks to the stabilizers present on the multihull, the result of an exclusive agreement with Smart Gyro. However, the innovation aboard the BGM75 doesn’t stop there: the yacht stands out from other catamarans on the market due to the reduced length-to-width ratio, which features a seamless lower deck layout with four cabins and a full-beam owner’s cabin of great comfort - a feature unprecedented for a twin-hull boat. Finally, the ultra-efficient hull design, created by Philippe Briand, enables a significant reduction in fuel consumption and CO2 emissions, in line with Sanlorenzo’s sustainability goals.

Alongside the BGM75, Bluegame will also exhibit four of its flagship models at Cannes: BG74, BGX63, BG54, and BG42.