Sanlorenzo posts €960.4m revenue in 2025; turns around Nautor Swan

Italian luxury yacht builder Sanlorenzo said revenues are unlikely to be affected by the war in the Middle East as the company posted 3.2% year-over-year growth to €960.4m during 2025.

“Of course, if the war will [be] long term or spreading to many other countries, then it’s a different situation. But I think that for the first 10 days, we do not have any bad feeling of this to our business,”  said Massimo Perotti, Sanlorenzo’s executive chairman and chief executive officer during the company’s earnings call.

The net revenue from new yachts of €960.4m was in line with company’s full year guidance of €960m at the start of 2025.

Attilio Bruzzese, the company’s chief financial officer, said its exposure in the Middle East remains relatively low in the range of 7.5% of the total revenue. During 2025, a major chunk of Sanlorenzo’s revenues came from Europe and the Americas which in total contributed 81% of the top line.

In terms of segments, revenues were predominantly clustered in the yacht and superyacht divisions, which contributed 80.5% of the total revenue at €491.4m and €281.5m, respectively. The other two segments include Bluegame and sailing yacht division Nautor Swan.

Bruzzese said Nautor Swan saw “excellent performance” in the fourth quarter of 2025 and the segment was profitable in the first year of the integration with Sanlorenzo. Nautor Swan merged with Sanlorenzo in August 2024. Bluegame recorded revenues of €85.5m, down 7.4% year-over-year owing to “headwinds in the segment below 24 metres”. Bruzzese said it prioritised “profitability over volumes” in the Bluegame division.

Profitability metrics, despite showing growth, remained below the 2024 levels. The company’s EBIDTA was up 2.4%YoY – a margin of 1.8% – during the full year compared to 12%YoY in 2024. The company pinned this moderation in margins to consolidation of the Nautor Swan business.

“In spite of that, we have completed a turnaround of the company and got back the profit in Nautor Swan since many years,” said Perotti.

EBIT was up 0.4% as Sanlorenzo booked higher depreciation and amortization expense from Nautor Swan as a result of legacy investments carried out before acquisitions.

Overall, the bottom line net profit in 2025 grew 4.2% (significantly lower than 11.1% in 2024) to €107.8m. However, the margins were upbeat, inching slightly up from 11.1% in 2024 to 11.2% in 2025. The net profit was on the higher end of company’s full-year guidance of €103-€107m.

The yacht builder booked strong growth in backlog at the end of 2025. “We’ve reached the total amount of almost €2bn, and we benefit from a robust full-year order intake of €943m, plus 16% year-on-year,” said Bruzzese.

Sanlorenzo said the fourth quarter saw strong growth in order intake of €253m with a double-digit growth of 10.1%YoY.

“Net backlog is more than €1bn. And this a very long visibility on the future result of the group, considering the composition of €618m for 2026 and more than €380m for 2027 and beyond,” said Bruzzese. Sanlorenzo premiered three new striking yachts at the 2025 Cannes Yachting Festival, including the SL110A Asymmetric, the SX120 and the SD132 measuring 33.5m, 36.6m and 40.7m, respectively. Overall, the company premiered six new models which also included the BGX83, the MaxiSwan 128 and the Swan 51.