The Italian shipyard recorded €689.7 million in new orders for the first nine months of the year, an 18.4% increase year-on-year, driven by strong demand across its latest model launches and the enduring appeal of its custom yacht portfolio.
Chairman and CEO Massimo Perotti described the performance as “measured and sustainable growth,” underscoring Sanlorenzo’s focus on product excellence, operational discipline, and long-term strategic consistency. The company confirmed its full-year financial guidance, citing solid results across all key indicators and a positive trajectory into 2026.
Growth Underpinned by Demand and Scarcity
Order intake climbed more than €100 million year-on-year to reach €690 million, supported by significant commercial activity through the second and third quarters. The total order backlog stood at €1.7 billion as of 30 September 2025, with 90% sold to final clients - accentuating Sanlorenzo’s “scarcity model,” which limits production volumes to preserve brand exclusivity and margin strength.
Of this backlog, €884.1 million corresponds to 2025 deliveries, representing 92% of the full-year guidance, while €825.3 million extends into 2026 and beyond. The net backlog, representing contracted revenues still to be booked, exceeds €1 billion, giving Sanlorenzo one full year of secured revenue visibility.
Perotti said the results “confirm the enduring strength and desirability of our brand,” which highlights the early commercial success of Sanlorenzo SHE, the yard's new Heritage model equipped with Volvo Penta IPS hybrid-electric propulsion, as well as the upcoming Sanlorenzo 74Steel flagship.
Financial Highlights
The first nine months of 2025 reflected steady growth in both revenues and profitability:
- Net Revenues New Yachts: €690.1 million (+3.2% year-on-year)
- EBITDA: €128.0 million (+3.6%), with an 18.5% margin
- EBIT: €97.6 million (+0.1%), margin 14.1%
- Group Net Profit: €75.9 million (+4.1%), margin 11%
- Order Intake: €689.7 million (+18.4%)
- Order Backlog: €1.7 billion, 90% sold to final clients
Sanlorenzo’s operating margins remain broadly stable despite a year marked by full consolidation of the Nautor Swan Group, whose profitability currently sits below the Group average. Excluding this effect, margins improved slightly thanks to a shift toward larger yachts and pricing resilience.
Despite a global context characterized by ongoing geopolitical and macroeconomic uncertainty, we remain focused on operational excellence, financial discipline, and the pursuit of our long-term strategic objectives."
Chairman and CEO
Sanlorenzo
Organic investments reached €30.3 million (4.4% of net revenues), with 87% directed toward new model development and capacity expansion. Total net investments, including acquisitions, stood at €31.4 million.
Sanlorenzo Division Performance
Sanlorenzo’s Superyacht Division delivered strong performance with €207.6 million in new yacht revenues, up 4.8% from the previous year. Demand in the 40–70-meter range remains high, with deliveries scheduled well into 2029.
The Yacht Division generated €345.1 million, representing half of total revenues but marking a 10.2% decline compared with 2024 due to slower activity in the sub-30-meter category. Sanlorenzo noted that demand above 30 meters remains particularly resilient.
Bluegame, the Group’s sport-oriented brand, reported €65.4 million (-5.2%), showing stability in a competitive segment below 24 meters, while Nautor Swan, the high-performance sailing division consolidated in 2024, achieved €72.1 million in revenues, aligned with expectations.
Regional Results
Sanlorenzo’s geographic performance highlighted the strength of its core markets and diversification strategy:
- Europe: €438.5 million (+10.6%) - the Group’s largest market, accounting for 63.5% of new yacht revenues.
- Americas: €140.3 million (+39.9%) - buoyed by strong order recovery and the opening of the new Sanlorenzo Americas HQ at Pier Sixty-Six Marina in Fort Lauderdale.
- APAC: €69.2 million (-5.7%) - reflecting seasonal delivery patterns, with continued long-term growth potential in markets such as Thailand, Japan, and Australia.
- MEA: €42.1 million (-57.4%) – a temporary contraction due to delivery timing and comparison with a particularly strong 2024 period.
Despite regional fluctuations, Sanlorenzo emphasized the strength of its “Club of Connoisseurs,” a global network of repeat clients driving consistent upsizing and model progression.
Operational Highlights
The third quarter saw several strategic and brand milestones:
- New model launches: Global debuts for SHE (hybrid IPS propulsion) and 74Steel, Sanlorenzo’s largest yacht to date.
- Show presence: Major participation at the major boat shows, including Cannes, Monaco, and Fort Lauderdale, with the SL110A, SX120, and SD132 unveiled to positive market response.
The exceptional client response to our latest product premieres underscores our ability to anticipate market trends and to offer the most comprehensive and sought after range in our segment."
Chairman and CEO
Sanlorenzo
- Bluegame growth: Launch of the Bluegame BGF45 featuring foil technology derived from the brand’s America’s Cup hydrogen tender.
- Nautor Swan expansion: Premiere of the Swan 51 and Maxi Swan 128, plus first renderings of the Swan Alloy 44.
- Cultural engagement: Opening of Breathtaking by Fabrizio Ferri at Casa Sanlorenzo, Venice, reinforcing the brand’s connection between art, design, and the sea.
Strategic Outlook
The company also continues to progress its “Road to 2030” sustainability strategy. Development is underway on the first Sanlorenzo 50X-Space superyacht featuring bi-fuel propulsion powered by green methanol, in partnership with MAN. Additional projects in hybrid and hydrogen technologies are also advancing.
Integration of the Nautor Swan Group remains on track, generating procurement and manufacturing synergies while expanding Sanlorenzo’s reach in both motor and sailing segments. The company is also developing the Swan Scape line, aimed at the bluewater cruising market, which prioritizes space and comfort.
Sanlorenzo closes the first nine months of 2025 with a firm footing. Growth in the Americas and Europe offset regional fluctuations elsewhere, while a resilient order pipeline demonstrates sustained demand for its high-end, limited-production yachts
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