Sanlorenzo approved the Preliminary Consolidated Results as of 31 December 2024
The Board of Directors of Sanlorenzo S.p.A. (“Sanlorenzo” or the “Company”), which met today under the chairmanship of Mr. Massimo Perotti, examined and approved the preliminary consolidated results as of 31 December 2024.
Massimo Perotti, Executive Chairman, commented:
«Our solid growth trajectory, confirmed by achieving results both in terms of revenues and margins, highlights the effectiveness of our “Haute Couture” business model and the ability of our team to successfully navigate global markets and close valuable acquisitions, even in uncertain times like 2024. We are steadily pursuing the Group’s long-term vision and executing the strategic objectives set out in our business plan, while maintaining a solid financial position and liquidity that allow us to evaluate and seize every opportunity to further strengthen our brands.
In line with our “Road to 2030” strategy, our spirit of innovation continues to permeate every aspect of the Group’s activities, from concept design to cutting-edge technological solutions, guiding a strategic path that reflects the company’s ambitions and vision as a pioneer in sustainable yachting technologies.
On the commercial side, we are further strengthening our direct presence in key international yachting hubs, ensuring close proximity to our select clientele, strengthening our competitive advantages, and consolidating the pillars of excellence that define the Sanlorenzo experience.
We look to the future with confidence, focusing on the execution of our projects while leveraging the values that have always distinguished us: desirability, scarcity, and true sustainable luxury, supported by a strong drive for innovation that remains faithful to the brand’s heritage.»
KEY EVENTS OF 2024 AND FURTHER UPDATES
· In terms of direct distribution:
o On 5 March 2024, Sanlorenzo completed the acquisition of 95% of the Simpson Marine Group, which has represented Sanlorenzo in Asia since 2015 and has been one of the leading yacht dealers and service providers in the APAC region for forty years. This acquisition ensures direct and widespread distribution across key countries, including Hong Kong, Singapore, Mainland China (Shenzhen and Sanya), Thailand, Indonesia, Malaysia, Taiwan, Australia and Vietnam;
o Sanlorenzo Med was established, bringing together the new commercial offices in Monaco and Cannes – both opened in the second half of the year – alongside the historic offices in Palma de Mallorca in the Balearic Islands.
· On 1 August 2024, Sanlorenzo signed a binding agreement for the sale by Sawa and the acquisition by Sanlorenzo of 100% of Nautor Swan, including its subsidiaries within the acquisition perimeter (the “Nautor Swan Group”). On 2 August 2024, the first closing was completed with the transfer of a 60% stake. The Nautor Swan Group consists of 13 companies operating in 7 countries (Finland, Italy, Spain, Monaco, UK, USA, and Australia) and is primarily engaged in the design, construction, marketing, and refit of high-luxury sailing yachts under the Swan, Maxi Swan, and ClubSwan brands, as well as motor yachts under the Shadow and Arrow brands.
· When it comes to technological innovation, three yachts launched in 2024 stand as concrete examples of Sanlorenzo Group’s innovative spirit, each marking significant milestones: the 50Steel by Sanlorenzo, the world’s first superyacht equipped with a Reformer Fuel Cell system capable of converting green methanol into hydrogen and then into electricity to power all onboard hotellerie services, without the need to store hydrogen on board. The BGH-HSV by Bluegame, a foil-assisted chase boat with exclusively hydrogen-powered, zero-emission propulsion, which supported the American Magic and Orient Express teams during the America's Cup. The Swan 88 DreamCatcher, which won the Eco Award at the BOAT International Design & Innovation Awards for its advanced diesel-electric hybrid propulsion system.
· In terms of partnerships and ongoing projects, in January 2025, Sanlorenzo signed a partnership with MAN for the development of the first bi-fuel propulsion system using green methanol. This system will be installed on the new 50 X-Space, scheduled for delivery in 2027, and will enable a reduction of emissions during navigation by up to 70%.
· Also in January 2025, Nautor Swan and American Magic entered a partnership following the recently concluded collaboration between Bluegame and the America’s Cup. This agreement aims to revitalize Nautor Swan in its historic core market – the Americas.
· In line with Sanlorenzo’s international positioning as a creator and promoter of the finest expressions of Italian culture, the renovation of Casa Sanlorenzo in Venice is nearing completion, with its inauguration scheduled for summer 2025. The venue will host Sanlorenzo Arts Venice, a hybrid space dedicated to culture and the arts, embodying the core values that define the Italian Maison of yachting. The initiative aims to contribute to a global cultural movement that fosters positive change in society for a more sustainable future.
ANALYSIS OF NET REVENUES NEW YACHTS
Net Revenues New Yachts[1] for the year ended 31 December 2024 amounted to €930.4 million, up by 10.7% compared to €840.2 million in 2023 (+6.2% on an organic basis). In the fourth quarter, Net Revenues New Yachts reached €261.3 million, increasing by 22.0% compared to €214.2 million in the same period of 2023.
The Yacht Division recorded Net Revenues New Yachts of €519.6 million, a result that remained essentially stable compared to 2023. In particular, the first sales of the SP92 and SL86-Asymmetric models, presented at the Cannes Yachting Festival in September, along with the SD132 model, launched last November as the Group’s first composite yacht exceeding 40 meters in length, made a significant contribution.
The outstanding performance of the Superyacht Division continued, with Net Revenues New Yachts reaching €280.2 million, up by 17.6% compared to 2023, driven by the Steel line, particularly benefiting from the first sales of the revolutionary 50Steel HER (Hidden Engine Room).
Bluegame's results, with Net Revenues New Yachts of €92.3 million, are particularly significant given the market conditions in its reference segment, with contributions from models across all ranges.
The Nautor Swan Division, consolidated as of 1 August 2024, contributed €38.3 million over five months.
The geographical breakdown confirms a return to historical trends with a more diversified mix compared to 2023: a rebound in the Americas (+58.4% YoY) and strong growth in the MEA region (+55.4% YoY). Meanwhile, Europe (-0.9% YoY) consolidates the robust growth recorded in 2023 (+38.3% YoY), while the APAC region is experiencing a temporary slowdown (-2.3% YoY), in line with broader trends in the luxury sector.
[1] Net Revenues New Yachts are calculated as the algebraic sum of revenues from contracts with customers relating to the sale of new yachts (recognised over time with the “cost-to-cost” method) and pre-owned yachts, net of commissions and trade-in costs of pre-owned boats.
OPERATING RESULTS
EBITDA[1] amounted to €176.4 million, up by 12.0% compared to €157.5 million in 2023 (+9.1% on an organic basis). The margin on Net Revenues New Yachts stood at 19.0%, increasing by 20 basis points compared to the same period of the previous year (+50 basis points on an organic basis). The continuous increase in profitability reflects the strength of the business model and the Group’s ability to consistently sell and execute successful projects.
EBIT amounted to €139.3 million, up by 10.6% compared to €125.9 million in 2023 (+9.4% on an organic basis). The margin on Net Revenues New Yachts stood at 15.0%, following the dilutive effect from the consolidation of Swan, without which the margin would amount to 15.4%, an increase of 50 basis points compared to the same period in 2023. Due to its smaller scale, Swan presents a higher depreciation impact on revenues compared to the Group’s average.
INVESTMENTS
Organic net investments amounted to €49.3 million, with over 88% dedicated to expanding industrial capacity and developing new models and product ranges. The incidence on Net Revenues New Yachts stood at 5.3%, primarily as a result of an ever-expanding revenue base, given that the average investment amount required to develop a new model remains substantially stable over time. As a result of the inclusion of Simpson Marine and the Nautor Swan Group within the Group’s consolidation perimeter, with net investments related to perimeter changes amounting to €138.8 million (approximately €124 million for Nautor Swan and around €15 million for Simpson Marine), total investments reached €188.1 million.
NET FINANCIAL POSITION
The net financial position as of 31 December 2024, was positive at €29.1 million. The evolution of the net financial position in 2024 reflects a temporary cash absorption due to the following main factors: (i) payment of dividends for €34.8 million, (ii) organic net investments for €49.3 million, and (iii) extraordinary cash outflows for €83.8 million, including investments in M&A for €76.2 million and Net Buy-Back of €7.5 million in H2. Specifically, the impact on the net financial position from the acquisition of the Nautor Swan Group amounted to €52.3 million, of which €32.4 million related to the purchase of the 60% stake and €20.0 million to the consolidation of its net financial position. The impact from the acquisition of the Simpson Marine Group amounted to €23.9 million. Excluding these extraordinary cash outflows, the net financial position as of December 31, 2024, would have amounted to €112.8 million, marking a decrease of €27.7 million compared to €140.5 million as of December 31, 2023.
Lease liabilities included pursuant to IFRS 16 amounted to €25.5 million.
BACKLOG
The Order Intake for the fourth quarter of 2024 amounted to €230.2 million, compared to €207.8 million in the fourth quarter of 2023. Even in a challenging context such as 2024, Sanlorenzo confirms its strong order intake capability, despite waiting lists extending up to 2028, thanks to the desirability of its product and brand portfolio - complementary and non-overlapping. On an organic basis (€203 million in order intake), the fourth quarter of 2024 showed substantial stability compared to the fourth quarter of 2023, reversing the negative trend that characterized the early months of the year. This result was driven by a visible recovery in the Americas, a gradual improvement in Europe, and continued growth in the MEA region.
The Backlog[2] as of 31 December 2024 is 88% sold to final clients; net of the Net Revenues New Yachts recorded during the year, it amounts to €1,019.8 million, compared to €1,041.7 million as of December 31, 2023, of which €623.1 million refers to 2025 and €396.7 million to subsequent years, continuing to ensure a high level of visibility over a long-term horizon.
[1] EBITDA is calculated by adding amortisation/depreciation expenses to operating profit/loss.
[2] Backlog is calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current financial year or for delivery in subsequent financial years. For each year, the value of the orders and contracts included in backlog refers to the relative share of the residual value from 1 January of the financial year in question until the delivery date. Backlog relating to yachts delivered during the financial year is conventionally cleared on 31 December.
FURTHER UPDATES
SANLORENZO AND MAN TOGETHER FOR THE FIRST YACHT WITH BI-FUEL PROPULSION
At Boot Düsseldorf, held from 18 to 26 January, Sanlorenzo unveiled an innovative project developed in partnership with MAN for the creation of the first bi-fuel propulsion system powered by green methanol. This system will be installed on the new Superyacht 50X-Space, scheduled for launch in 2027, and will allow for a reduction in emissions of up to 70% while cruising.
The project is part of the “Road to 2030” strategy, reaffirming the company’s pioneering role in technological innovation for reducing environmental impact, positioning sustainability as a strategic driver for business growth. This ambitious path anticipates and surpasses global and European regulatory standards, aiming for the launch of the first carbon-neutral yacht by the end of the decade, leveraging strategic partnerships with international players, which began as early as 2021 with Siemens Energy.
In 2024, Sanlorenzo made significant strides toward sustainability with the delivery of two groundbreaking models: 50Steel, the world’s first superyacht equipped with a Fuel Cell system, capable of directly converting methanol into hydrogen and then into electricity onboard, powering hotellerie services through a fully carbon-neutral system; BGH-HSV (Hydrogen Support Vessel) by Bluegame, the first chase boat powered exclusively by hydrogen, with zero emissions, capable of reaching 50 knots with a range of 180 nautical miles, designed to support two challenger teams in the last edition of the America’s Cup.
The decision to use methanol for bi-fuel engine propulsion stems from the fact that it is one of the most promising alternatives for the future of maritime transport. Methanol is liquid at room temperature, biodegradable, and safe to handle. It does not require a dedicated infrastructure but only the adaptation of existing ones, making it already available in over 100 ports worldwide. Moreover, when produced from renewable sources - green methanol - it becomes a net-zero emissions fuel, aligning with decarbonization targets. Finally, the number of vessels equipped with methanol engines and "green corridors" for its use is steadily increasing, particularly in Northern Europe, where the supply of green methanol for passenger ships is already ensured.
Although recreational boating accounts for only 0.22% of greenhouse gas emissions from the entire maritime sector, Sanlorenzo has made sustainability a strategic priority, proactively exceeding the targets set by the International Maritime Organization (IMO) and the European Union. With the new 50X-Space, which will enable a 70% reduction in emissions while cruising, Sanlorenzo will significantly surpass not only the IMO's 70% reduction target for 2040 but also the more ambitious 55% reduction goal set by the EU’s “Fit for 55” agenda for 2030.
NAUTOR SWAN AND AMERICAN MAGIC: A NEW ERA FOR SAILING IN THE USA
Following the collaboration with Bluegame, which built the BGH‐HSV (Hydrogen Support Vessel) chase boat for the US club during last summer’s regattas, this time it is Nautor Swan's turn. The agreement between the Sanlorenzo Group’s sailing brand and American Magic establishes a strategic partnership aimed at energizing the sailing sector and fostering the growth of the US yachting industry.
This collaboration seeks to synergistically leverage American Magic’s cutting-edge technological and construction expertise with Nautor Swan’s renowned yacht design and production capabilities, with the goal of expanding Nautor Swan’s presence in the US while simultaneously supporting American Magic’s mission to lead sailing in the United States into a new era of innovation and competition.
Initially, the joint venture will focus on developing races dedicated to the ClubSwan 28, creating a new competitive platform for sailors and yacht owners in the United States. The first regattas will take place in Pensacola (home of American Magic) and along the East Coast at the end of 2025. Beyond the ClubSwan 28 project, the joint venture will work to promote the sales and service network of Nautor Swan in the US and will explore additional initiatives, including the construction of Nautor Swan and Bluegame yachts at the American Magic facility.
By combining Nautor Swan’s iconic design with American Magic’s advanced engineering and boatbuilding expertise, this collaboration will elevate the US sailing scene, introducing world-class yachts and racing events, while solidifying both companies’ leadership in yachting innovation, competitive performance, and industry growth.
