SHERIDAN, WYOMING – Feb. 13, 2025 – The Board of Directors of Sanlorenzo S.p.A. today announced preliminary consolidated results for the year ended December 31, 2024, reporting strong growth in net revenues and profitability. The company successfully met its 2024 guidance at all levels.
Financial Highlights
- Net Revenues New Yachts: €930.4 million, a 10.7% increase year-over-year.
- EBITDA: €176.4 million, a 12.0% increase year-over-year, with a 19.0% margin on revenues.
- EBIT: €139.3 million, a 10.6% increase year-over-year, with a 15.0% margin on revenues.
- Net Cash Position: €112.8 million (gross of acquisitions and extraordinary buy-back).
- Backlog: Exceeds €1 billion, with 88% covered by final clients.
Key Performance Drivers
Sanlorenzo's strong performance was driven by several factors, including the continued success of its "Haute Couture" business model, strategic acquisitions, and a focus on innovation and sustainability. The Superyacht Division demonstrated exceptional growth, with a 17.6% increase in net revenues. The company also highlighted the positive contributions from the Yacht and Bluegame Divisions, as well as the newly acquired Nautor Swan.
"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," commented Massimo Perotti, Executive Chairman of Sanlorenzo.
Strategic Initiatives and Acquisitions
Sanlorenzo continued to pursue its strategic growth initiatives in 2024, including key acquisitions and expansions in its distribution network. The company acquired 95% of the Simpson Marine Group, strengthening its presence in the APAC region. Sanlorenzo also established Sanlorenzo Med, consolidating its commercial offices in key Mediterranean locations. The acquisition of 100% of Nautor Swan further diversified the company's portfolio and expanded its reach in the sailing yacht market.
Innovation and Sustainability
Sanlorenzo emphasized its commitment to innovation and sustainable yachting technologies. The company launched several groundbreaking yachts in 2024, including the 50Steel, the world's first superyacht equipped with a Reformer Fuel Cell system. Bluegame's BGH-HSV, a hydrogen-powered chase boat, also garnered significant attention. Sanlorenzo's partnership with MAN for the development of a bi-fuel propulsion system using green methanol underscores its dedication to reducing environmental impact.
Market Performance and Outlook
Sanlorenzo reported a significant rebound in the Americas region, with a 58.4% increase in net revenues. The MEA region also demonstrated strong growth. While Europe consolidated its 2023 levels, the APAC region experienced a temporary slowdown. Despite market challenges, Sanlorenzo maintained a robust order intake and a substantial backlog, providing strong visibility for future performance.
About Sanlorenzo
Sanlorenzo is a leading global brand in the luxury yachting sector, specializing in the design and construction of custom-made yachts and superyachts. Founded in 1958, the company is recognized for its distinctive design, focus on quality, and commitment to innovation. Sanlorenzo operates four main shipyards in Italy and offers a comprehensive range of services to its clients.