Order intake rose 29.9% to €419.5 million, driving the backlog to €1.44 billion, 93% already sold to final clients. With strong momentum in the Superyacht and Nautor Swan divisions and solid regional gains in Europe and the Americas, Sanlorenzo reaffirmed its 2025 guidance and continues to advance innovation, including sustainable propulsion technology and new model launches.
First-Half 2025 Financial Performance
Sanlorenzo reported consolidated net revenues from new yacht sales of €454.1 million, up 9.4% from the same period in 2024. EBITDA increased to €80.5 million (+8.5% YoY), while net profit rose 7.0% to €46.6 million.
The company’s order intake climbed to €419.5 million, reflecting strong demand for yachts exceeding 30 metres. As of 30 June 2025, the order backlog stood at €1.44 billion, with 93% of sales already to final clients, providing excellent revenue visibility.
Revenue by Division
- Yacht Division: €225.8m (-6.6% YoY), impacted by weaker sub-30m demand, though larger models held steady.
- Superyacht Division: €137.1m (+10.2% YoY), buoyed by robust demand and long-term delivery commitments.
- Bluegame Division: €43.6m (-10.9% YoY), reflecting softness in the sub-24m market.
- Nautor Swan Division: €47.5m contribution since the 2024 acquisition, performing in line with expectations.
Despite global macroeconomic challenges, we delivered stable growth supported by sustainable revenues and healthy margins
CEO
Revenue by Region
- Europe: €267.1m (+15.4% YoY), remaining the largest market at 58.8% of total revenues.
- Americas: €95.3m (+38.6% YoY), the fastest-growing region, rebounding strongly after a weaker 2023.
- APAC: €54.4m (+5.8% YoY), steady at 12% of total revenues.
- MEA: €37.3m (-41.3% YoY), reflecting delivery timing and tough prior-year comparables.
Balance Sheet and Capital Allocation
Net working capital stood at €86.6 million, while inventories increased to €186.7 million amid expanded production and distribution capacity. The company ended the period with €8.3 million in net debt, following €34.7 million in dividends and an €11.1 million share buyback executed in H1 2025.
Outlook and Guidance for 2025
Sanlorenzo reaffirmed its 2025 financial targets, including:
- Net Revenues from New Yachts: €960m – €1.02bn
- EBITDA: €178m – €194m
- Net Profit: €103m – €110m
Chairman and CEO Massimo Perotti stated:
“The first half of 2025 reflects the resilience of Sanlorenzo, the strength of our brand, and the timeless desirability of our yachts. Even in a global environment marked by trade tariff uncertainty and broader macroeconomic pressures, we have delivered stability and measured growth, underpinned by sustainable revenues and healthy margins."
Perotti highlighted upcoming product debuts, including the SX120, the new crossover flagship and first Sanlorenzo equipped with Volvo Penta’s IPS Professional Platform; the SL110A, an evolution of the asymmetric line featuring a bold wide-body design and expansive glazing; and the SD132, the largest semi-displacement composite motor yacht ever built by the yard. These premieres at the Cannes Yachting Festival 2025 will be joined by new launches from Nautor Swan and Bluegame, as well as the first delivery of the 74Steel, further reinforcing Sanlorenzo’s leadership in the under-2,000 GT category.
Strategic Priorities and Sustainability
Sanlorenzo continues to focus on the 30–50m segment, the most profitable part of the market. Sustainability remains central, with ongoing development of bi-fuel green methanol propulsion. The flagship 50 X-Space project has been rescheduled to align with infrastructure availability later in the decade.
Orderbook Overview
According to YachtBuyer MarketWatch, which tracks all orders over 24 metres, Sanlorenzo’s orderbook is one of the most diversified in the industry, stretching from entry-level superyachts just under 30 metres to flagship projects exceeding 70 metres. Deliveries are scheduled from 2025 through 2028, giving the yard long-term visibility across nearly every sector of its portfolio.
The core strength lies in the 50–70 metre steel segment, where models such as the 52 Steel, 57 Steel, 64 Steel, and 74 Steel anchor the pipeline. These semi-custom platforms combine volume, flexibility, and proven reliability, making them the most in-demand builds in the yard’s lineup. Above this, a small but significant cluster of flagships over 70 metres confirms Sanlorenzo’s ability to compete directly with Northern European yards at the top end of the market.
Further breadth is evident in the explorer category, where the 500EXP and new 1150EXP highlight growing client appetite for long-range, adventure-capable designs. At the same time, Sanlorenzo continues to secure steady demand in the 40–50 metre range through the SD132 and SX132, while crossover lines such as the SX120, SL120A, and SL110A provide strength in the upper-planing sector. Even in the sub-30 metre arena, models like the SX88, SL90A, and SD90 sustain consistent uptake, reinforcing the lower end of the superyacht portfolio.
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