Sanlorenzo: superyachts and Americas drive Q1 revenue growth

Sanlorenzo generated net revenues from new yachts of €222.1m in the first quarter of 2026, up 4.0% year-on-year.

It is the Italian shipbuilder’s seventh consecutive quarter of order intake growth and maintains EBITDA margins broadly flat at 17.3%.

Order intake for the first three months of 2026 reached €223.2m, up 25.4% compared with €178.1m in Q1 2025, a result the company described as particularly notable given the seasonality that typically weighs on the first quarter.

Gross backlog at the end of the quarter stood at €1.2bn, up 2.3%YoY, with 90% already sold to final clients. The current year backlog of €724.7m covers 72% of the midpoint of full-year 2026 net revenue guidance.

Our order backlog, 90% sold to end clients, and net backlog above €1bn provide clear revenue visibility over the coming years.

The performance was uneven across divisions. The Superyacht Division was the standout, growing net revenues 14.1%YoY to €74.2m, supported by sustained demand despite extended delivery waiting lists.

The Yacht Division was broadly flat at €104.6m. Nautor Swan added 5.0% to reach €25.0m. The Bluegame Division was the only drag, down 8.0% to €18.3m, with the company attributing the decline to a more challenging environment in the sub-24m segment and aggressive competitor pricing rather than any structural weakness in the brand’s positioning.

Geographically, the Americas was the growth engine, up 18.7%YoY to €52.3m, supported by expanding penetration in Central and South America. The Middle East and Africa area grew 24.0% to €16.2m. Europe, which accounts for 58.6% of total revenues, was essentially flat at €130.3m. APAC declined 11.0% to €23.4m, a movement the company attributed to a strong prior-year comparative following heavy Q4 deliveries rather than demand softness.

EBITDA rose 4.0%YoY to €38.5m, with margin holding at 17.3%. Adjusted EBITDA, which strips out €0.6m of non-recurring costs, came in at €39.1m, representing a 17.6% margin. EBIT was €27.9m, up 4.0%, also at 17.3% margin.

Group net profit rose 5.1% to €22.3m.

The net financial position improved to a net cash of €22.9m at 31 March 2026, compared to a net debt of €28.1m at the same point a year earlier and net cash of €20.1m at year-end 2025.

Operating cash flow was €19.3m in the quarter. Organic investment spend of €8.7m was up 48.4%YoY, with 86% directed at new model development and production capacity expansion.

On the outlook, the company simultaneously published its 2026–2028 Business Plan, “Tomorrow’s Timeless,” alongside the quarterly results. Full-year 2026 guidance targets net revenues from new yachts of €980–1,020m, EBITDA of €180–192m at an 18.4–18.8% margin, EBIT of €140–147m and group net profit of €108–114m. Capex is guided at €50-55m.

“We enter our Tomorrow’s Timeless Plan from a position of strength: in 2025 we delivered on all key guidance metrics, and Q1 2026 confirms continued momentum, with order intake up 25%YoY, marking the seventh consecutive quarter of growth,” said Massimo Perotti, chairman and CEO of Sanlorenzo.

“Our order backlog, 90% sold to end clients, and net backlog above €1bn provide clear revenue visibility over the coming years.”

The mid-term target for 2028 is EBITDA margin of at least 19.0% and EBIT margin of at least 14.5%, on net revenue growth of at least 6% CAGR.