Sanlorenzo (SL) Corporate presentation summary

Track record and financial highlights

• Achieved consistent growth in net revenue, EBITDA, and net profit from 2019 to 2025, with net revenue rising from €586m in 2019 to €960m in 2025 and EBITDA margin reaching 18.8% in 2025.

• Maintained a strong asset-light business model with high ROIC (>20%) and a cumulative dividend policy of €164m (30-40% payout).

• Order intake has grown for seven consecutive quarters, with Q1 2026 order intake up 25.4% YoY to €223m and a high-quality backlog 90% sold to final clients.

• Exceptional success of new model launches, including flagship yachts and expansion into new product lines.

Market dynamics and growth opportunities

• The global fleet of yachts over 30 meters has surpassed 6,000 units, with over 70% older than 10 years, supporting recurring high-margin refit opportunities.

• The 30-75m yacht market is expected to grow at a 5.7% CAGR to 2028, driven by new billionaires and generational wealth transfer.

• Italian shipyards continue to gain global market share, with the top three groups consistently outperforming in revenue and EBITDA margin.

• Wellness and longevity trends are boosting demand for luxury yachting, with the global wellness economy projected to reach $9.8 trillion by 2029.

Strategic initiatives and business plan 2026-2028

• Focus on monobrand strategy, luxury positioning, and scarcity philosophy across yacht and sailing segments.

• Capital allocation priorities include working capital, business development, production expansion, and maintaining a strong balance sheet for optionality.

• Revenue mix is expected to shift, with Americas, APAC, and Nautor Swan divisions growing faster than average.

• Planned cumulative capex of ~€100m in 2026-2028 to expand production capacity by 15% and optimize industrial footprint.