Sanlorenzo reports strong profitability as margins stabilise
Italian luxury yacht maker Sanlorenzo posted a stellar 3.2% year-over-year growth in new revenue from yachts to €690m owing to excellent performance in the Superyacht and Nautor Swan sailing yacht divisions.
The group’s financial results for the nine-month period ending September 2025 showed strength in the Americas and Europe with revenues growing by 39.9%YoY and 10.6%YoY, respectively. On the flip side, the Middle East and North Africa region saw a 57.4% slump during the nine months under review.
The 3.2%YoY growth in revenues came on the back of strong performance of the Superyacht division, whose revenue jumped 4.5%YoY despite being offset by declines in the Yacht and Bluegame divisions of the group. In terms of share in total revenue, the Yacht division contributed 50% at €345.1m, followed by the Superyacht division with a 30.1% contribution (€207.6m). The Bluegame division contributed 9.5% (€65.4m) and the Nautor Swan division added 10.4% at €72.1m.
In addition, the group saw a strong growth of 40%YoY in the revenues from maintenance and other services which hit €30.6m – an increase of €8.7m from last year.
The group saw its EBITDA margins staying consistent at 18.5% of the revenue as compared to last year despite full consolidation of Nautor Swan, which has a below-average profitability. The consolidation of Nautor Swan also ramped up the depreciation and amortisation expense for the yacht maker which hit the €30.3m mark. Some contribution to these higher D&A expenses also came from the group’s other investments.
However, this was partially offset by the 54.4%YoY expansion in other income which hit €14.8m mark. The group’s overall net profit clocked in at €75.9m – slightly higher than last year’s €72.95m.
Sanlorenzo management said the results and profitability were a result of the group’s “path of measured and sustainable growth”.
On the other hand, an analysis of the group’s balance sheet showed a nearly €62m growth in inventories to €188m reflecting in the group’s efforts to shorten delivery times allocation of production sites to its newer direct distribution lines. In addition, the group’s net working capital went up by €79.4m to €115m. This can be pinned to the higher inventories for Sanlorenzo’s new direct distribution hubs.
This caused the shrinking of cash flow from operating activities to €16.1m – a drawdown of €16.6m from last year’s €32.7m. Overall, net cash flow from operating and investing activities at the end of nine months was in the red at €15.3m
However, the group’s sales pipeline remains robust. Nine-month order intake reached €689.7m – a jump of 18.4%YoY from €582.7m last year. That was driven by strong demand for the group’s new model launches. The order intake in the third quarter was €270m.
Overall, the group’s total order backlog stood at €1.7bn – with 90% of this already sold to final clients. Of this, the group’s net backlog stood at €1.2bn. This provides Sanlorenzo with strong financial visibility for over one year, extending beyond 2026.
During the nine months, Sanlorenzo announced multiple strategic initiatives to increase its sales footprint. The group opened its Americas headquarters at Pier Sixty-Six in Fort Lauderdale, Florida.
The group has also moved towards a direct distribution model away from dealer network. This explains the increase in the group’s nine-month inventory build-up.
For the last quarter, the company affirmed its 2025 guidance, targeting net revenues in the range of €960n with net profit target in the range of €103-107m.
