The board of directors of Sanlorenzo has approved the periodic financial results for the first quarter of the year, ending 31 March 2025.
Consolidated net revenues from the sale of new yachts reached €213.5m in Q1 2025, an increase of 9.6 per cent year-on-year.
Sanlorenzo Q1 2025 results
The yacht division generated revenues of €104.7m, equal to 49.1 per cent of the total, down by 8.8 per cent compared to the first quarter of 2024, mainly due to product mix and softer demand dynamics in models below 100 feet, according to the shipyard.
This result was supported by growth in the superyacht division, up 10.4 per cent to €65.1m. There was a contribution of €23.8m from the Nautor Swan division — in line with expectations — while Bluegame generated net revenues of €19.9m, accounting for 9.3 per cent of the total, with a decrease of 5.6 per cent compared to Q1 2024.
Revenues from the Americas rose 40.6 per cent from Q1 2024 to Q1 2025, while Europe remained the core market, up 8.6 per cent this quarter to form 61 per cent of the yard’s total revenue. APAC saw modest growth at 0.3 per cent, and MEA declined 25.1 per cent — attributed due to seasonal effects.
EBITDA was €37m, up 8.5 per cent year-on-year, with a margin of 17.3 per cent. The margin was slightly down compared to the same quarter in 2024 due to the consolidation of Nautor Swan. EBIT totalled €26.8m, representing 12.6 per cent of revenues, a 4.2 per cent increase from Q1 2024.
The Sanlorenzo Q1 2025 results show that group net profit rose 8 per cent to €21.2m.
Gross backlog amounted to approximately €1.2bn, consistent with the prior year, with 89 per cent sold to final clients. €699.7m of this relates to 2025 deliveries, covering 71 per cent of the midpoint of full-year revenue guidance, while €498.2m refers to deliveries scheduled for subsequent years. Order intake for Q1 2025 was €178.1m, an increase of 5.9 per cent compared to the same period in 2024.
Sanlorenzo confirmed its 2025 guidance, which projects revenue from new yachts between €960m and €1.02bn, EBITDA between €178m and €194m, and group net profit in the range of €103m to €110m. Net backlog as of 31 March 2025 was €984.3m, close to full-year 2024 levels.
The company continues to invest in direct distribution, including its acquisition of Simpson Marine and the launch of new locations in Cannes and Monaco. Nautor Swan, which operates across seven countries, is expected to strengthen the group’s presence in both the sailing yacht segment and strategic regions.
Sanlorenzo delivered the 50Steel in 2024, equipped with a fuel cell system powered by green methanol. Other notable projects include the BGH-HSV hydrogen-powered foil chase boat and the hybrid Swan 88 DreamCatcher. A partnership with MAN to develop a bi-fuel green methanol propulsion system for the 50 X-Space, scheduled for 2027 delivery, is also underway.
Casa Sanlorenzo, a new cultural venue in Venice, will open on 3 June 2025 to host Sanlorenzo Arts. The space is designed to promote the intersection of culture and yachting.
Chairman and chief executive officer Massimo Perotti says: “Our business model – meticulously built around the distinctive values of the Sanlorenzo, Bluegame, and Nautor Swan brands – once again translated this quarter into an excellent level of profitability and enviable long-term visibility.
“We are consistently reinforcing our leadership in the most profitable and resilient market segments, particularly in the 30 to 50-metre range. This segment leverages the strength of a highly sophisticated and affluent client base, combined with a semi-custom production system that ensures superior quality while minimising project execution risks.
“This strategic positioning significantly mitigates uncertainty related to US tariff policy. In Q1, the Americas accounted for approximately 21 per cent of our revenues, yet only 8 per cent was attributable to US passport holders, and less than 5 per cent related to yachts under 30 metres – the category potentially subject to trade restrictions.
“The Sanlorenzo Group continues along a path of gradual and sustainable growth with strong stability, allowing us to remain optimistic about our future value creation for all stakeholders and to confirm our 2025 guidance.”
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