Good morning. Good good day to everybody. Good afternoon to everybody. Thank you for being here with us. I think I will pass the floor to Attilio Brutzes, our CFO, who will introduce the semester, the h one twenty five numbers. Thank you, Octilio.
Perfect. Thank you, Massimo, and welcome to everyone. As usual, we can start from the highlights where we can analyze. So the first half that shows San Lorenzo Group is continuing the path of expansion with a growth in line with our guidance 2025, thanks to the unique business model moving beyond and worldwide economy situation and global uncertainty and monitoring constantly the evolution, of course. So we can analyze figures starting from net revenue new yachts, growing 9.4% year on year at, €454,100,000, again, led by the strong performance of Superyacht division and the contribution from Nautilus One, great result of Americas and Europe regions.
EBITDA increased 8.5% year on year at €80,500,000 and EBITDA margin is 17.7 with a not relevant dilution from the consolidation of NautosOne. EBIT at 59,900,000 increased 3.2 year on year, considering also the incidence of NaltusOne consolidation and related investments. And the group net profit grew up 7% year on year with a total amount of €36,600,000 with a double digit margin, 10.3% on net revenue new yachts. Then organic investment at €16,200,000, especially related to new industrial capacity and new product development with a reduced incidence of net revenue New York set to 3.6% compared to 4.9% to the previous year. And then the net financial position at €8,300,000 net debt June 2025 with a cash generation of €19,800,000 from last March after dividends paid for €34,700,000 and q two buyback program of €7,400,000 and, taking advantage of the delivery season provided in q two, especially in Europe.
Now we can analyze figures more in detail, starting from the top line, which continues with sustainable growth at 9.4% year on year at the net revenue New York's level. And this evolution is consistent with the, 2025 guidance. Superior division's performance remained strong, plus 10.2%, driven by the steel and mixed space lines, also considering the innovative contents and represent approx 30% of the total revenues. And then YOTS division generated about eight 15% of the total revenue, down compared the previous h 01/2024, minus 6.6%, mainly related to the market segment below 100 feet and with good resilience in the larger models above 13 meters. Blue Game generated €43,600,000.
Revenues, minus 10.9% year on year, confirming strong resilience in the particularly challenging segment of the market of yachts below 24 meters. Thanks to the distinctive brand and well recognized positioning, has been able to limit the slowdown and preserve profitability despite aggressive pricing policy in the market segment. Then now TORZONE, the Vision reported net revenue in lots of €47,500,000 in line with the expectation and with the planned integration and business development process. In terms of breakdown by geography, you can see Americas region growth of plus 38.6% year on year. The increase is mainly related to the previous year order intake and benefit from a particularly favorable comparison effect compared to the first half twenty twenty four.
Americas is 21% of total revenue, which is less than 6% linked to US customers and below 4% related to yachts up to 30 meters, the segment of products more affected by tariff. Europe shows a solid performance and grew up 15.4% year on year considering the wide, loyal and resilient customer club. And the APAC region recorded a slight increase plus 5.8% showing a first positive signals of dynamism, while Middle East decreased particularly minus 41.2% in reason of solid delivery concentrated in Q4 twenty twenty four. Then in terms of profitability, the EBITDA grew up 8.5% year on year and reached the 17.7% on net revenue in New York, the marginality continued expansion ex one and the not relevant margin dilution about 20 basis point after consolidation impact for the full H1 twenty twenty five of Nautilus one. Now we can remember that the consolidation started in August 2024.
Excluding this effect, remain a steady increase in operation operating pro profitability, demonstrating the group ability to continue to increase in average sales price, especially for a more, favorable mix with the larger yachts and executing successful projects. EBIT increased 3.2% year on year, and the EBIT margin decreased at 13.2%, considering the higher D and A incidence of NautosOne due to smaller scale and legacy investments. The group net profit grew up 7% at 10.3% on net revenue new yachts with a positive effect of tax benefits provided by Italian tax authority and despite higher financial cost from acquisition financing. Now about the backlog, the evolution of the top line we know is driven by the solid backlog that reached the level of over EUR 1,400,000.0 last June 2025. That confirms a dynamic market for the group, especially in the segment above 30 meters.
And very significant is order intake of H1 twenty twenty five at EUR $420,000,000, plus 30% compared with first half of twenty twenty four. And the q two twenty twenty five order intake was €242,000,000 with a strong increase of order collection, plus 56% year on year compared with the order intake of €155,000,000 of h one twenty twenty four. Furthermore, backlog is very consistent and high quality in consideration that, it is sold 93% to final customer, was 89 the previous q one twenty twenty five, thanks to the unique San Lorenzo business model. The solid backlog gives to the group best version visibility for the future in terms of the result with a portion of €771,000,000 related to 2025, representing around 78% coverage of net revenue in new yachts of the midpoint guidance 2025, consistent with the coverage of 83% in the 2024. And in addition, €668,000,000 related to 2025 2026 and behind.
So analyzing more in detail the backlog by division waiting list are well filled in all business units and, with sold delivery up to twenty twenty six for a blue game and 20, '28 and 2029, respectively, for, yacht and superyacht division. And also for Nantors one division, the sold delivery are now up to twenty twenty eight. All division have high percentage of yachts sold to final customer, 100% for superyacht and for Swan division, 85% for your division, and 62% for Blue Game division, remarkable indicator considering the market segment below 24 meters. Again, about the backlog, the net backlog, almost €1,000,000,000 June 2025 after the normalization phase of the order intake, the visibility level remain high and is not particularly affected by current cyclicality in the market segment below 24 meters. In fact, after the sessional post pandemic phase, the historical net backlog quarterly evolution shows for June 2025 a coverage of onetime, the expected full year 2025 revenues.
This level is in line with June 2024 coverage, one time as well, and above the normal pre COVID coverage level in the range between 0.8 to 0.9 time. About CapEx, continue the organic investment program that reached amount of €16,200,000 June 2025, 89% related to the expansion of the group in new industrial capacities, 7,000,000, and product development, 7,400,000.0 dedicated to all divisions. The incidence of organic CapEx on net revenue in new yachts has decreased to 3.6%, was 4.9% in H1 twenty twenty four. Overall net investment are EUR 17,000,000, considering change of perimeter of EUR 800,000.0 referred to Arturo Foresti acquisition to support the production in electrical systems. Now about the net financial position, the evolution on the net working capital and net financial position, we know are strictly linked, In particular, the net working capital June 2025 was €86,600,000 positive, especially considering the inventory buildup due to the recent implementation of direct distribution in APAC region and to the expansion of the direct distribution in Europe with San Lorenzo Med and Americas.
In any case, the net working capital shows a partially reabsorption after q one twenty twenty five of €33,000,000 despite the slow market dynamics for products below 24 meters and for a lower impact for products below 30 meters. Therefore, the net debt June 2025 of €8,300,000 reflects a direct distribution expansion affecting the net working capital, as indicated before, and in addition, extraordinary cash out of €11,100,000 related to the backup buyback, sorry, program of which €7,400,000 in Q2 and to the acquisition of 60% of TURO4 ST, a strategic supplier, for electrical systems for 0.8, million euro then. So the net financial position before the extraordinary cash out for buyback under Uroforest acquisition was €3,600,000 net cash. The reported net debt June 2025 includes also IFRS 16 liability for €26,500,000. Then considering the solid h one twenty twenty five result we have just seen and given the high visibility for the backlog, the 2025 guidance is confirmed without change.
So, it's, confirmed once again the resiliency of the San Lorenzo business model and the strength of the brand even in a global environmental character characterized by traded trade tariff uncertainty and different macroeconomic pressure that, of course, and in any case, we will monitor in constantly. So that's all for the financial result, and I leave the floor to Massimo to continue with the business update.
Well, I think we have shortly some message related to the next week. You know, next week, there will be the Cannes Boat Show. It's the starting of the season of the of the boat show for '26. We have three fantastic new model, the s l 110 with the asymmetric design, the s 620, and the biggest boat builder in the yacht division, which is the SD semi displacement 132. Sorry.
On top of the San Lorenzo new product, we will introduce the Blue Game f, is foil 45. This is a totally new line from Blue Game. It will be in the future three model, 35, 45, and 55. There are characterized by the multi hull design with foil from the experience we had in 2024 for the construction of the tender for the American scalp. Zuan is introducing to the market the 51 performance cruising.
As you can see in the picture, it's a beauty. And later on in September in Monaco, we will introduce the 40 meter. The max is 128 in carbon fiber. The first unit has been delivered in July and will be at the Monaco show. So we think it's a very exciting product new product introduction with a lot of innovation, design, style, beauty, which is really a strong point from the group in order to gain sales in September in Europe and in October in America with the four Loaded Boat Show.
Next, here we have the last image of of the of the new division that we are starting, which is this one Alloy 44, will be a new line of Maxi in aluminum. The boat will be built in Holland for the metal, Aldecan superstructure to the top quality Dutch supplier. And then will be the kit of alloy or aluminum will be moved down to Vireggio, Italy in order to do the fitting out. So this is a completely new world. It's a completely new business in relation to Nautilus one, which we think will add an extra 60% of business for the next three year plan.
The first unit is sold. We do consider the market of the large Maxi growing, and we do expect a lot of a lot of business and a lot of help in the turning the the the now to one company to a higher profitability as we already declare and promise to you. As you know, probably from the press, the June 3, we have been launching Casa San Lorenzo in Venice, which is a hub for culture and hearth related to the San Lorenzo group. You see some picture. The boat the the house is exactly in front of the Basilica Of Health, Casa Della Salute, Basilica Casa Della Salute in Venice.
And Monday the first, we had the christening of the first event, which is breathtaking his picture taken by Fabrizio Ferri using actors and actress. It was the launching was on the same week of the Festival de Cinema, the the cinema film festival, the film festival in Venice. So Fabrizio, fairly with a collaboration of very important and known artists and artists, is taking picture of them covered by the plastic that has been taken from the ocean and as a testimony of the risk for the ocean to die. It is quite an interesting cultural heart event, which is connected strongly connected to sustainability, is connected to the sea, to the ocean, which is, of course, the fluid where our product goes with our customer. We very much like the project because it is in a totally black room, and the picture, as you can see here, are very emotion, and you really got the feeling that we have to do something important for the future of your share.
We like that starting on the September 1 because on the same days, as you all know, there was the 27 country, let's call them Northwestern countries, representing five billions of people and one third of the product of the world. And so we think that to testimony in a cultural event in the Casa San Lorenzo, our care and attention to the plastic in the sea, It was a kind of a nice sign, a nice showing that the Western country still has a lot to do and a lot to say in this world. We like that, and we got quite important help from the journalists that were attending the the launching of this event. The event will be on until the November 23 for 2.5. The November 23 will be the last day of the biennale of architecture, and then we will hand this first event.
So anybody moving or passing through Venice, we will be kindly invited to see. Last messages, as you know, I bought the company in 02/2005. So 2025 was the twentieth anniversary, twentieth anniversary. And considering the acquisition of Nautos One and Simpsons Marine during 02/2024, with those that was nice to make a party dedicated to our employee. We had more than 1,000 employee coming from all over the world in present to Florence for this event.
It was a kind of attempt to integrate the people from Finland, the people from Hong Kong, Singapore, Malaysia, Vietnam, the people that has joined our group one year ago. It was quite a big success, and we are pretty happy, much happy of of the event and the result and the comment of our employees. Two words about the sustainability commitment. As you remember, our road to 02/1930. We just summarize quickly.
In 02/2021, we started the strategic collaboration with Siemens, with MTU, MAN, etcetera. Then we launched the first 50 meter equipped with methanol hydrogen fuel cell system. Probably most of you have been on board and and saw the the the functioning of that equipment. The same here in 02/2024, there was the tender of the American Magic American Cup on hydrogen foil up to 50 knots of speed. So we did all that as promised.
And then the next example, the next step was the b fuel engine YORSE. It's a 50 meter Xbase. On this matter, we are moving the project forward from 02/2728 to 02/2930 because we do think that recently, in the last six months, the Western world has been reducing the effort and the push towards sustainability. So the boat and the technology is there, is already on paper. We have the agreement with MAN engine.
They produced already the B fuel engine. The problem, in our opinion, will be in delaying the logistic and the distribution of the green methanol. And therefore, we think that is wise to postpone eighteen, twenty four months the project to the twenty nine, thirty years, which is a moment where probably we will have a a better distribution of methanol, and our customer will enjoy the possibility to use these new, very sustainable yachts. Top employee Italy 02/2025, we got the the certification. It's the first company in our sector to become certified top employer.
We think that this will attract and retain the best talent from the yachting industry and behind. We have been investing fifteen thousand hour for reskilling and up killing our people. Remember that two third of the San Lorenzo people are on the gen zed and millennials section. So pretty much young. I think it's it's the end product, just summarizing that we extend and diversify the product range.
There is a lot of innovation, a lot of technology. Just to remember, the 50 meter with the hidden engine room. We move the engine room to the handle lower deck, opening a lot of more space to the use of the customers. The network, we completed the direct distribution with San Lorenzo Med and the new office opening. And by the October 30, we will do the christening of the new office in Pier 66 in Fort Lauderdale for San Lorenzo of America.
And from the side of Asia Pacific, As you saw from the presentation of Attilio, the market in Asia Pacific is growing again after a six month stop in 2024 for the top employees, the people we already say, and on the brand situation, the brand work towards San Lorenzo's won blue game and never stop. And I would say that we like the idea to have invested in the marketing opportunity for the twenty years anniversary dedicated to that to our employee in order to try to have all all the new people joining the group to meet each other in Italy. And and of course, the day after that party, they came in the shipyard, so they had the opportunity to see San Lorenzo and Blue Game very close. They came physically on board of our yacht, on board of our shipyard. That's it.
I think we give you the floor for q and a, and we are all available for reply.
Yes. Good afternoon. Oriana Cardani, this is Sao Paulo. Thank you for taking my my questions. The first one regards the order intake, the very good order intake in the second quarter.
Can you give us the split between Swan and San Lorenzo? And tell us the weight of APAC and America in this order intake? My second question is on the European boat show boat shows. Can you give us a feeling for these events considering the new models, considering the contest of the trading environment? Do you think is it possible to exceed last year's results in terms of order intake?
And the third question is on the evolution on net debt. Do you believe that in the third quarter that the third quarter could close with net debt slightly positive sorry, net cash positive? Thank you.
Thank you very much. I replied to your second question, and then I leave the first and the third question to to Atelio Ivan so that they can also search the the the the the perfect number the right number to tell you. Well, regarding the boat show, this, I think, is very important. It is, of course, unknown what will be the boat show result in the next three weeks. What I can say that the last week of of August and the September has been pretty much good.
There is a lot of contacts with our customer. There is a lot of appointment already organized for the boat show next week. I spoke with some of the competitors, and they have the same feeling. The feeling is that probably this is a it's not sure, of course, but probably the feeling of uncertainty, which we have been unfortunately leaving and feeling for the February 2425 due to the new geopolitical situation. Probably, as always, the human being is getting used to good things and to bad things.
So it is the feeling we have from the August and the September in preparation of the boat show is that people is not considering the uncertainty coming from the geopolitics politic as much as they used to do before summer. It seems that we are adapting to to the new to the new world situation. If that is true, and I don't know yet, I can tell you in three weeks' time, but if that is true, we do expect quite a positive roadshow. I cannot say better than last year because last year was particularly good. But as you can see, we have almost a 30% increase in order intake in respect of the H 124.
That means that H 124 was pretty down. So probably the third quarter the the the third quarter, so the September '24 was extremely good because probably the the first semester was not that good. Remember always when you evaluate our company, we built 70 San Lorenzo. 70 San Lorenzo split it by four quarters means 18 boats. So you can understand that out of 18 boats, if two or three boats will move from one quarter to the other, it's really changing a lot.
But doesn't mean anything. I mean, for us to get the order on the September 30 or the October 5 doesn't change anything. But from your point of view, it seems that it's giving you a lot of messages. It's not like that. When a company is building 70 yachts for 800,000,000, which is approximately 12,000,000 on average price, two, three yachts more or less is really not a question.
I remember you to take that in consideration because that will help you to have a better and more more precise feeling and perception of the company. I hope that I managed to reply to you. Then I Yes. I give the floor to to the CFO regarding the order intake numbers.
Yeah. Orianna considered that the order intake, h 12025 of 420,000,000 is composed for 373,000,000 for the San Lorenzo, perimeter and for around, 47,000,000 for Swan. So the, increase we have just seen in order intake at the group level of around 30% is more than 15% if we consider the perimeter San Lorenzo before, Zhuan acquisition. Then about the, depth of the evolution, Oriana, no. We do not consider to have a reabsorption of the networking capital in q three twenty twenty five as anticipated also last, video conference, we indicated that considering the uncertainty for both geopolitical and, tariff issues, it will be necessary to have h 02/2025 and, also, probably, h 01/2026.
We are monitoring the situation considering the issue just mentioned. We are considering also, the feedback that we can receive from the bot shows September in Europe and in October from US. And then, we consider this kind of evolution for the next two, h two twenty twenty five, h one twenty twenty six. And in any case, we have to consider that we expanded the direct distribution, and then we have to consider to have the good volumes to, have a good distribution, especially in APAC region, in, a part of Europe and in US.
Okay. Thank you. Thank you very much.
You're welcome. Welcome.
I see there is a raised hand from Michael. Michael, please go ahead with the question.
Michael, you are still there. We don't hear anything. Can you
Sorry. Can you hear me?
Yes. Now we can hear you.
Yes. Yes. Sorry about that. I was muted. Yes.
It's Michael Najelski from Roche Capital. Congrats on a very good quarter. Two questions for me. The first one, which is linked to the net debt question that was just asked, is on working capital. Can you give us a sense of where working capital is going to end up at the 2025?
Will it go back into negative territory as it does most of the years? And the second question is on the buybacks. Can you give us an update here? I mean, the share price is starting to come back a bit, but it's still trading on what I think is very low valuation. Hence, the appeal of buying back shares.
Can you give us an update on your thoughts here? Thank you.
I will say that we cannot say if the net working capital will go back to negative because it is part of many components of numbers. But please kindly ask you to remember that buying a San Lorenzo sorry, Simpsom Marine in Asia Pacific and going direct, We enjoy the profit of the company in the EBITDA, but the total amount of boat purchased by the ex dealer today, part of the consolidation, is not helping regarding the net working capital, the net financial position because the boat can be considered sold only when they are sold to the final customer at the end of the process. When Simpson Marine was a dealer owned by mister Mike Simpson, we were selling the boat in stock to them, and we could book it to that as a sales. We could get the deposit and so forth. So what I'm saying, when you evaluate the net working capital, the net financial position after the two acquisition of Zuan and Simpson Marine, please always consider that there is a different perimeter.
There is a different way of doing business. The same is happening to the San Lorenzo Med. We have been canceling a dealer in France, and we decided to go direct opening the new office in Cannes. We go direct with a new office in Palma for Spain and in Monaco. So every time we do that step, we improve and increase the EBITDA, the profitability, but then we make a step back in respect of the cash, in respect of the net working capital, and so forth.
So this is something that will will show will we ask you to make an effort to compare Apple with Apple. Otherwise, it is difficult to compare today picture, which is showing in in our screen, with the picture of 2023 before the two acquisition. This is always quite important to to take in consideration. Remember it.
Okay. Thank you.
The value the is asking about About the
buyback program, of course, we're the situation. Also, consider considering the fundamental numbers result that we have seen today, and we can, after the monitoring, checking, and defined if necessary to have more, interference on the market buying new share. But, we are thinking that, in this situation, with this result that we have just seen, we can have a good evolution of the share.
Ivan, do you have anything to add?
Yes. Just a reminder that we have authorized up to 10% of the share capital in the buyback. And we agree with you, Michael, that the current price is still an opportunity, definitely. So we are going to continue, meaning that on top of the dividend policy, and as in May, in the last quarter, we have distributed around, 35,000,000, which is €1 per share. Any excess cash, we keep thinking that the best way to allocate it is a definite share buyback.
If you if I may add something regarding the valuation you see from the guidance, Okay. Example for cellular. You see from the guidance, when we did the IPO, there was 27,000,000 of net profit, and the value of the company at the IPO, it was December 19. Everybody knows was not the best period for the IPO. We had 14 times the net profit.
Then after five important years through COVID, through the war, you can see that we double, more than double the net revenue, but we make four times the net profit. And today, the value of the stock is approximately 10.5 to 11 times the net profit. So we do really think that the company is underestimated in this moment because we have been very solid in delivering the numbers we have been promising. We did it for five and next probably six year for 2025 through any possible problems like COVID in 02/2020, the war in Ukraine and in Gaza in 2023 and '24, the geopolitical problem for the first semester of '25. So please consider that.
This is something that in our view, is something that we should expect in the future some better multiple related to the net profit or whatever related to the EBITDA margin or the EBITDA as well.
Yes. I would agree with you. Thank you for the answers.
Thank you very much.
It appears, we have no more questions, so I leave it to you, mister Perrotti, for closing remarks. See, we wait,
thirty second. If there is anybody thinking to any question, Then what I have to say that I'm very happy that there are not many questions because that means that we gave you the number you were expecting or hoping that the summary of Atelier was very complete. And thank you very much. I know from our people here that there are 94 people in connection, which I think is the highest number since I remember our meetings. So thank you very much for the presence, for the attendance, and see you very soon for the next for the next quarter.
Whoever is coming to the boat shows, can Genova, Monaco, please come, and we take a coffee, and we may explain you something more in more detail. Ciao to everybody.
Thank you.
Thank you.
Thank you.