Q2 2025 Sanlorenzo SpA Earnings Call Transcript
Key Points
- Sanlorenzo SpA (SNLRF) reported a 9.4% year-on-year growth in revenue for new yachts, reaching EUR 454.1 million, driven by strong performance in the Superyacht Division and contributions from Nautor Swan.
- EBITDA increased by 8.5% year-on-year to EUR 80.5 million, with a stable EBITDA margin of 17.7%, indicating strong operational efficiency.
- The company's net profit grew by 7% year-on-year to EUR 46.6 million, maintaining a double-digit margin of 10.3% on net revenue from new yachts.
- Sanlorenzo SpA (SNLRF) has a solid backlog of over EUR 1.4 billion, providing strong visibility for future results, with significant order intake growth of 30% compared to the first half of 2024.
- The Americas region showed impressive growth of 38.6% year-on-year, contributing significantly to the company's revenue, while Europe also performed well with a 15.4% increase.
- The Yacht Division experienced a decline in revenue by 6.6% compared to H1 2024, particularly in the market segment below 100 feet.
- Bluegame's revenue decreased by 10.9% year-on-year, reflecting challenges in the market segment for yachts below 24 meters.
- The Middle East region saw a significant decrease in revenue by 41.3%, attributed to concentrated deliveries in Q4 2024.
- The company's net financial position showed a net debt of EUR 8.3 million as of June 2025, impacted by cash outflows for dividends and a buyback program.
- There is uncertainty regarding the geopolitical and tariff issues, which may affect the company's net working capital and financial position in the coming quarters.
(audio in progress) here with us. I think I will pass the floor to Attilio Bruzzese, our CFO, who will introduce the semester, the H1 '25, numbers. Thank you, Attilio.
Perfect. Thank you, Massimo, and welcome to everyone. As usual, we can start from the highlights where we can analyze so the first half that shows Sanlorenzo Group is continuing the part of expansion with a growth in line with our guidance 2025 thanks to the unique business model, moving beyond and worldwide economy situation, and the global uncertainty and monitoring constantly the evolution, of course.
So we can analyze figures starting from the revenue in New Yachts, grown 9.4% year on year at EUR454.1 million, again led by the strong performance of the Superyacht Division and the contribution from Nautor Swan, great result of Americas and Europe regions.
EBITDA increased 8.5% year-on-year at EUR80.5 million, and EBITDA
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