Sanlorenzo (SL) Q1 2026 & CMD 2026 earnings summary

Executive summary

• Achieved all financial targets since IPO, with strong growth in revenue, EBITDA, and net profit across varying market conditions and a conservative approach to guidance.

• Maintains leadership in the 30–40m yacht segment, supported by a loyal, ultra-high-net-worth customer base and a scarcity-driven brand strategy.

• Consistent order intake growth for seven consecutive quarters, with Q1 2026 order intake up 25.4% YoY and a robust backlog covering future deliveries.

• Strategic focus on innovation, sustainability, operational excellence, and expanding direct distribution networks.

• Brand strength, owner-centric approach, and global direct distribution underpin resilience and pricing power.

Financial highlights

• Q1 2026 net revenues for new yachts up 4% YoY to €222.1 million; EBITDA up 4% to €38.5 million (17.3% margin); net profit up 5.1% to €22.3 million (10.1% margin).

• Order backlog at €1.23 billion, with Q1 2026 order collection up 25.4% YoY and 72% of 2026 revenue guidance covered.

• Net cash position of €22.9 million as of March 2026, up from €20.1 million at year-end 2025; €51 million cash generated in the period.

• Net Revenue New Yachts grew from €456m in 2019 to €960m in 2025 (9.0% CAGR); net profit increased from €27m in 2019 to €107m in 2025.

• Capex in Q1 2026 was €8.7 million (3.9% of revenues), with 86% expansionary, focused on new models and production capacity.

Outlook and guidance

• 2026 guidance: net revenue €980–1,020m (+4%), EBITDA €180–192m (≥18.4% margin), EBIT €140–147m (≥14.2% margin), CapEx €50–55m (5–5.5% of revenue).

• 2028 outlook: revenue CAGR ≥6%, EBITDA margin ≥19%, EBIT margin ≥14.5%, CapEx 5–5.5% of revenue.

• Americas, APAC, and Nautor Swan expected to grow faster than average; upside potential from market stabilization, refit, and new geographies.

• Guidance remains conservative due to geopolitical risks and market volatility.