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Sanlorenzo announces double-digit growth
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Following a year that included two major acquisitions, the Group announced significant growth in new yacht sales and EBITDA.
Following a fourth-quarter order intake of €230.2 million, Sanlorenzo SpA (‘the Sanlorenzo Group’) announced €930.4 million in net revenue from the sales of new yachts in 2024, representing a 10.7 per cent increase from €840.2 million in 2023.
The Group also announced a net backlog of €1,019.8 million, of which €623.1 million refers to 2025 and €396.7 million for subsequent years. The Italian company issued its preliminary consolidated results for the financial year as of December 31, 2024, following approval by its Board of Directors.
“Even in a challenging context such as 2024, Sanlorenzo SpA confirms its ability to keep collecting a significant amount of orders despite waiting lists extending up to 2028, thanks to the desirability of its product portfolio and brands – complementary and non-overlapping – each exclusively positioned at the top end of their respective market segment,” the Group stated.
Last August, the Group – which includes the Sanlorenzo and Bluegame brands – acquired the Nautor Swan shipyard, having acquired the Simpson Marine dealership in Asia-Pacific in March. The Group also established Sanlorenzo Med, bringing together new commercial offices in Monaco and Cannes – both opened in the second half of the year – alongside offices in Palma de Mallorca.
The Group’s net revenue from new yacht sales (‘Net Revenues New Yachts’) were driven by the excellent performance of Sanlorenzo’s Superyacht Division (+17.6 per cent YoY), and the consolidation of 2023 levels by the brand’s Yacht Division (+1.8 per cent YoY) and the Bluegame brand (+1.0% YoY), the latter despite the relative weakness of the sub-24m market.
Additionally, newly acquired Nautor Swan contributed €38.3 million in five months of consolidation, from August to December.
Geographically, a significant rebound was observed in the Americas (+58.4 per cent YoY), while the MEA region (+55.4% YoY) continued its strong development.
Europe (-0.9 per cent YoY) consolidated its 2023 level – up 38.3 per on 2022 – while APAC (-2.3 per cent YoY) “faired relatively well given the weakness of the market which in 2024 impacted the broader top-end luxury industry segment”, according to the Group.
EBITDA for 2024 was €176.4 million, which represented a 12.0 per cent increase on 2023 and a margin of 19.0 per cent on Net Revenues New Yachts. EBIT stood at €139.3 million, representing a 10.6 per cent year-on-year increase and a margin of 15.0 per cent on Net Revenues New Yachts, with limited dilution from the acquisition of Nautor Swan.
The Group also announced organic net investments of €49.3 million, of which over 88 per cent was dedicated to industrial capacity expansion and development of new models and product ranges.
Net investments related to changes in the consolidation perimeter for the inclusion of Nautor Swan and Simpson Marine amounted to €138.8 million, bringing total net investments for the period to €188.1 million. The Group also announced a net cash position of €29.1 million as of December 31, 2024.
Massimo Perotti, Executive Chairman of Sanlorenzo SpA, said: “Our solid growth trajectory, confirmed by achieving results both in terms of revenues and margins, highlights the effectiveness of our ‘Haute Couture’ business model and the ability of our team to successfully navigate global markets and close valuable acquisitions, even in uncertain times like 2024.
“We are steadily pursuing the Group’s long-term vision and executing the strategic objectives set out in our business plan, while maintaining a solid financial position and liquidity that allow us to evaluate and seize every opportunity to further strengthen our brands.
“In line with our Road to 2030 strategy, our spirit of innovation continues to permeate every aspect of the Group’s activities, from concept design to cutting-edge technological solutions, guiding a strategic path that reflects the company’s ambitions and vision as a pioneer in sustainable yachting technologies.
“On the commercial side, we are further strengthening our direct presence in key international yachting hubs, ensuring close proximity to our select clientele, strengthening our competitive advantages, and consolidating the pillars of excellence that define the Sanlorenzo experience.
“We look to the future with confidence, focusing on the execution of our projects while leveraging the values that have always distinguished us – desirability, scarcity and true sustainable luxury – supported by a strong drive for innovation that remains faithful to the brand’s heritage.”
