Good afternoon, ladies and gentlemen, and thank you for being with us today. It is a real privilege to be presenting to you, for the third consecutive quarter this year, a story of consistently sustainable measured growth. The first nine months of 2025 continue to confirm the strength and resilience of Sanlorenzo. Once again, we have delivered year-on-year revenue growth, supported by an exceptionally strong order book and the continued desirability of our brand. Today, we enter the final two months of the year with more than one full year of revenue already secured, a clear demonstration of the loyalty and trust our customer-client place in Sanlorenzo and of the growth path we continue to pursue. This performance is not only about numbers. It reflects the strength of our vision and the quality of our portfolio, anticipating market trends, delivering constant product innovation, and defining what modern yacht can be.
Our strategy goes across key geographies. With a double-digit growth in our core European market and a remarkable performance in the Americas, the Cannes, Geneva, and Monaco shows in September fully confirmed this, resulting in around EUR 270 million of orders collected in Q3 and a robust pipeline still to be converted in the coming quarters, strongly supported by the success of the new model presented. The new SL 110 Asymmetric, the SX 120, and the semi-displacement 132, which reinforce our leadership positioning in the markets with spots between 30 m and 50 m, received an incredible client response at the recent show and further fueled upselling dynamics among our loyal customer base, eager to upgrade both in terms of size and innovation content. At the same time, the successful integration of Nautor’s Swan continues to accelerate, strengthening its leadership in the world of sailing and creating significant value for the group.
These initiatives are central to our long-term vision. This momentum carried directly into the Americas with our significant presence at the recent Fort Lauderdale International Boat Show. The event confirmed the strong appetite for our brand, amplified by the inauguration of our new Americas headquarters in the iconic Pier 66. This major investment is a cornerstone of our strategy in the Americas region, where we have a clear opportunity in terms of further market penetration. The Fort Lauderdale show saw a reduced number of participants compared to the previous year, yet of much higher quality in terms of client sophistication and purchase propensity. We are now working to cover the high-quality commercial pipeline that has been building up into orders for the coming couple of quarters.
The recent reveal of SHE, our new Sanlorenzo Heritage model and the first equipped with IPS hybrid electric propulsion, perfectly adds a further piece to the execution of our market strategy: a yacht that combines timeless design with innovation, reaffirming our position at the pinnacle of our industry. Sanlorenzo SHE caters precisely to our typical customer, the yachting connoisseur who values the profound heritage dating back to the 1950s. As you can see in the slide, when compared to the first Sanlorenzo ever built, yet at the forefront of technical innovation, projecting effectively this collectible piece of art directly into the future. Sanlorenzo today is more than a leader in luxury yachting. We have become a global luxury leader in yachting defined by scarcity, craftsmanship, and creativity.
This philosophy is shared across the group in each market where we are present, with a distinctive monobrand approach within each market, which allows us to avoid overlaps and to maintain a streamlined market proposition and go-to-market strategy. While the world around us remains complex, our focus on excellence, innovation, and long-term value creation remains unchanged. We approach year-end with confidence and determination and look forward to continuing this trajectory together. Thank you for your attention. I will now let you enjoy the video presentation of the new SHE model. Before handing you over to Attilio for the financial, I must ask you to excuse my absence for the Q&A session that followed, but I have been called away for the very best of reasons. A client is waiting to sign on their new Sanlorenzo, and as you all know, that is a meeting I'm always happy to take.
I leave you in the most capable hands.
When the hull meets the water, the world fades to whispers. She cuts through the blue as clean as a heartbeat. Each wave, a note. Each pause, a breath. Each moment, a pulse in the rhythm of depth. Time isn't measured. It flows wild and free. It breathes in the whispers and the silence of the sea. Every line, every curve is drawn for a slow ride. To glide into the future, to savor the tide. She rides on the rhythm of life, silent, safe, and strong, with effortless power that carries you along. No hurry. No rush. Only a still, steady glow of life, moving slow. She, in awe of time.
Perfect. Thank you, Massimo, and welcome to everyone. We can start from the highlights of the nine months 2025, showing the continuous path of expansion of the Sanlorenzo Group with a growth within our guidance 2025, thanks to the unique business model and positioning of the brand, moving beyond the worldwide economic context and the global uncertainty. We can start with analyzing figures from net revenue new yachts, grown 3.2% year-on-year at EUR 690.1 million, led by strong performance of Superyacht Division and contribution from Nautor’s Swan, a great result of the Europe and Americas region. EBITDA increased 3.6% year-on-year at EUR 128 million, and EBITDA margin is 18.5%, with a not relevant dilution from the consolidation of Nautor’s Swan. EBIT at EUR 97.6 million, quite stable year-on-year, considering also the incidence of Nautor’s Swan consolidation and the related DNA.
At group net profit, we grew up 4.1% year-on-year, with a total amount of EUR 75.9 million, with a double-digit margin of 11% on net revenue new yachts. The organic investment at EUR 30.3 million, especially related to new industrial capacity and product development, with an incidence on net revenue new yachts of 4.4%, essentially in line with the previous year. The net financial position at EUR 14 million net debt end of September 2025, after dividends paid for EUR 34.7 million and EUR 1.2 million of extraordinary acquisition, with an increase of the net debt of EUR 5.7 million from last June, considering the direct distribution, especially in APAC and Americas regions. Now, about the top line, we can analyze figures more in detail, and we consider that it is possible to continue with a sustainable growth of 3.2% year-on-year at net revenue new yachts level.
This evolution is consistent and within the 2025 guidance. Superyacht Division performance remains robust, plus 4.8% year-on-year, driven by the Steel and X-Space lines, and considering the innovative contents, and represents approximately 30% of the group net revenue new yachts. The Yacht Division generated 50% of total revenues, down compared to the previous nine months 2025, minus 10.2%, mainly related to the wet market segment below 100 ft and with good resilience in the larger models above 30 m. Included is this assessment of the new three models launched at the Cannes Boat Show, as just seen with Massimo. Bluegame generated EUR 65.4 million revenues, minus 5.2% year-on-year, confirming strong resilience in the particularly challenging segment of yachts below 24 m.
Bluegame brand, thanks to the distinctive and well-recognized positioning, has been able to limit the slowdown and preserve profitability and was a success at the launch of the new BGF line, the innovative foil technology. Nautor’s Swan division reported net revenue new yachts of EUR 72.1 million in line with the expectation and with the planning, integration, and business development process. In terms of breakdown by geography, Americas region grew 39.9% year-on-year. The increase is mainly related to the previous year order intake and benefits from a particularly favorable comparison effect with the first nine months 2024. Americas is 20.3% of total revenues, of which less than 7% linked to the U.S. customer and approximately 2% related to yacht up to 30 m. Therefore, it is residual the incidence on the segment of products more affected by tariff.
Europe showed a solid performance and grew up 10.6% year-on-year, considering the wide, loyal, and resilient customer club. The APAC region recorded a slight decrease, - 7% ?, sorry, 5.7% year-on-year, and MEA region decreased 57.4% year-on-year. Reason of seasonality in delivery and order intake, as well as a tough comparison basis, and in any case, maintaining a positive outlook for the medium-long term. About profitability, the EBITDA nine months 2025 grew by 3.6% year-on-year and reached the 18.5% on net revenue new yachts. The group already achieved the low- point of the guidance 2025 disclosed beginning of the year. The marginality continues the expansion at SWAN, considering the accretive product mix and the flexibility from variable cost structure, and is not relevant the margin dilution from the SWAN consolidation. EBIT was up 0.1% year-on-year.
EBIT margin was 14.1% with 50 basis point dilution from SWAN consolidation, considering the higher DNA incidence in Nautor’s Swan due to smaller scale production and legacy investment before the acquisition. The group net profit grew up 4.1% at 11% on net revenue new yachts, with a positive effect of tax benefit compensating the adverse impact of the higher financial expenses, given the cash-out for 2024 acquisition. The evolution of the top line is driven by the solid backlog that reached, you can see, the level of EUR 1.7 billion last September 2025. That confirmed a dynamic market for the group, especially in the segment above 30 m. Very significant is order intake of nine months 2025 at EUR 690 million, + 18.4% compared with the first nine months 2024.
Q3 2025 order intake was EUR 270.1 million, with an increase of order collection compared with the order intake of EUR 259.8 million of the nine months 2024. Furthermore, backlog is very consistent and high quality in consideration that is sold 90% to final customer, thanks to the unique Sanlorenzo business model. The solid backlog gives to the group an extraordinary visibility for the future, also in terms of result, with a portion of EUR 884 million related to 2021, representing around 92% coverage on net revenue new yachts. The guidance, consistent with the previous year, was 94%. In addition, with EUR 825 million related to 2027 and beyond. Analyzing the backlog by division, the waiting lists are well filled in all business units, and with a solid delivery up to 2027 for Bluegame and 2028 and 2029, respectively, for Yacht and Superyacht Division.
Also for Nautor’s Swan division, the sold deliveries are now up to 2028. All divisions have a high percentage of yachts sold to final customers, 100% for Superyacht Division and Swan division, 81% for Yacht Division, 64% for Bluegame division, a remarkable indicator considering the market segment below 24 m. Now, about the net backlog of more than EUR 1 billion at the end of September 2025, after the normalization phase of the order intake, the level of visibility has increased. In fact, the historical net backlog quarterly evolution shows for September 2025 a coverage of 1.1x the expected full year 2025 revenues, compared with one time last June 2025. The group is passing through the current cyclicality for the market segment below 24 m yachts without being particularly impacted.
About investment, continues the organic investments program that reached the amount of EUR 30.3 million end of September 2025, 87% related to the group expansion in new industrial capacity, EUR 12 million, and product development, EUR 14.4 million, dedicated to all the divisions. The incidence in organic CapEx on net revenue yachts is increased at 4.4%. The overall net investments are EUR 31.4 million, considering the change in perimeter of EUR 0.8 million referred to the acquisition of Arturo Foresti stake, 60%, and the Mediterranean Yacht Management of Monaco in-house brokerage company of Nautor’s Swan. Now, the evolution of the net financial position is stable compared with the previous quarter, considering the strictly linked to the working capital development.
Networking capital end of September 2025 was EUR 115.4 million positive, especially considering the inventory build-up due to the recent implementation of direct distribution in the APAC region and to the expansion of the direct distribution in Europe with Sanlorenzo Med and Americas. In addition, support to the supply chain, especially the ecosystem of our historical artisan. These in a context of slow market dynamic for products below 24 m and for lower impact for products below 30 m, in the specific in the region where the group is direct, then APAC and Americas region. Therefore, the net- debt end of September 2025 of EUR 14 million reflects the networking capital evolution affected by direct distribution extension, the dividend fully paid of EUR 34.7 million, and in addition, extraordinary cash-out for EUR 1.2 million related to the acquisition of Arturo Foresti and Mediterranean Yacht Management, as mentioned before.
The reported net debt end of September includes IFRS 16 liabilities for EUR 28.1 million. We can conclude considering that the solid nine months 2025 result, and also given the high visibility from the backlog 2025, the guidance is confirmed. Considering the impending end of the year, as you can see, the target range has been sharpened. In particular, net revenue new yachts in the region of EUR 960 million. In this case, we have sharpened the target close to the low-point of the previous guidance, considering the progressive change of mix to larger yachts that give us, from one side, the higher visibility on 2026 and beyond, and from the other side, reduce the portion revenue of the full year 2025. EBITDA at approximately EUR 180 million that corresponds to a margin close to 18.7% above the 18.5% that was the low-point of the previous range.
EBIT at approximately EUR 140 million corresponding to a margin close to 14.5%, and net group profit in the range EUR 103-EUR 107 million. Also in this case, the level is above the low-point of previous range and close to the midpoint. CapEx confirmed in the range EUR 48-EUR 50 million with an incidence on net revenue new yachts of 5.1%. It is confirmed once again the resiliency of the Sanlorenzo business model and the strength of the brand, even in a global environment characterized by uncertainty and different macroeconomic pressure that in any case we will monitor constantly. That is all for the financial result. Please leave for the next session.
Yes, good evening, everyone. We may start now with the Q&A session.
In order to be able to address all the questions as possible, we would kindly ask you to raise your hand or leave your question in the chat, and we will address it. Hi, Nicolò, you have the floor.
Hi. Mi senti?
Yes, we can hear you.
Hi, hi. Good afternoon, everyone. Thanks for taking my questions. The first one is on the evolution of your top line and EBITDA. I see basically that if we look at Q3 alone, you've had quite a sizable drop in revenues, but at the same time, profitability has increased quite materially. If I look further to Q4 or implied Q4 in your guidance, we see a level of top line which is higher than Q3's, but implied margin is probably lower. What has happened here? If you can help us in understanding this point.
Second question for Lauderdale, I understand that you saw probably fewer people compared to previous years, but better quality. So net net, what has been the feeling and the feedback from this boat show? Have you seen a revival of the North American interest, or you remain, let's say, a little bit more cautious? Third question, very quick on patent box and tax rate, if you can help us understanding which tax rate is implied in your bottom line guidance, new guidance range. Thank you.
Perfect. So Nicolò, about the top line, you have seen that we indicated as expectation end of the year, the low-point of the guidance at EUR 960 million. And this is especially related to the weak market below 30 m. And at the same time, you have seen we have also had a very positive order intake in Q3 above the previous year.
This is especially for yacht and super yacht above 30 m or 40 m. If we have a target at the low- point of the guidance for 2025, at the same time, we have a very positive order intake, the portion for 2026 and beyond that help us for the future result. Consider, for example, that for the order intake of Q3 2025 of around EUR 270 million, just EUR 50 million are related to 2025 and EUR 220 million related to 2026 and beyond. This helps us also to, as we have seen, to increase the EBITDA margin expected end of the year, not at the low- point, but close to mid-point at 18.7% and not 18.5%. About the patent box, we have completed end of October the first phase of discussion with the Italian authority.
We have to complete the second phase, second and last phase, by next end of November. In this moment, we can consider rate for tax close to in the range 20%-22% provided and expected end of year.
Thank you. Now, Fort Lauderdale.
Fort Lauderdale, I answer to this question, Carla Dem aria. I confirm we had fewer client, potential client, but by far higher quality client. Most probably due also to the shutdown. Many decided not to come for the inconvenience of the shutdown, but the very interested one came to visit the boat. We have registered less client, but at least the same level of negotiation, even a little bit more and more interested. We went deeper than in the past with the potential client.
Also because we have four U.S. premier at the show, three Sanlorenzo, SP92, SL86A, and the SX 100, and one Bluegame, the Multial BGM75, which, by the way, got the award for the yacht of the show 2025 in Fort Lauderdale. New boats in this moment, there are negotiations ongoing and sea trial because by new boat, of course, the client wants to sea trial. We have negotiation both from South America and also North America. In general, as all over the world, the bigger is the size, the more there is the interest. Thanks to the fact that Sanlorenzo goes both over 90 ft, 100 ft, of course, this helps.
It is clear that it takes more time because there is more interest than in the past months, but still they are in some way, I do not see waiting and see as before, but in any case, they go deeper into the negotiation. Of course, we are not alone in the market, but what we have realized during the boat show, also during this negotiation, is that more and more there is a perception of the higher positioning of Sanlorenzo. You have seen the SHE reveals by video, and thanks also to the preparation of the launch that will be in 2027, we got already a lot of interest on this boat because actually it is a perfect compromise between past and present and future. The feeling is not perfect for the reason I tell you, but there is a lot of negotiation ongoing, and especially in the new yacht.
We are confident that some of the negotiation will bring to orders.
Thank you.
Yeah, maybe Carla, I invite you to continue. We have a question on Filippo Pasini. This is again on the American market. If we can do a comment on if we see a material impact from tariffs.
Depends on the size of the boat. Luckily for us, Sanlorenzo Group, for mostly all the production is over the 24 m apart from Bluegame, but Bluegame, helped by the positioning of Sanlorenzo as a special story. I am past president of the Italian Association for Boatbuilders, and I can tell you that we had a discussion exactly after the boat show in Flipps. Generally, the players under 24 m are suffering, as you have seen the figures of Bluegame up till the nine first months are different from many other players in this size.
Tariffs impact more in the smaller size. For the bigger size, less because the client used to register the boat outside the U.S. This is especially true in Florida, but in Florida, it's concentrated 70% or maybe more of the market of the bigger yacht. The impact is almost not so important. For the smaller size, we have done, I am talking about Bluegame, we have decided because we are in this moment, we are discussing to create a number of new dealers in the U.S. Very interesting because many of them, three of them, are the biggest retailers of the other brands in the U.S. We have decided during this negotiation that is still ongoing to allocate a part of the tariffs to the price. Actually, it is hidden in the price list apart.
We have, of course, before deciding this work, done a comparison of the prices. So we could do this, and we did. Another part is allocated to the dealer. There is a reduction of the dealer discount. Another part from Zloty, but very, very almost a nominative one. It is not important. The other part is for the client. At the end, we did a few evaluations and simulations. The customer has the impression to be helped in paying the tariffs. The system seems to work very well. Thank you, Oriana. Thank you, Carla.
I see that Oriana Cardani has a question. Oriana, the floor is yours.
Can you hear me?
Okay, yes.
Okay, thank you very much. Good afternoon. Oriana Cardani Intesa Sap aolo. My first question is on the mix of the order intake in Q3.
Can you tell us the breakdown between Swan and Sanlorenzo? My second question is on the order backlog at the end of September. You say that EUR 825 million relates to 2026 and beyond. Can you specify the portion for 2026? My third question is on the expected price mix effect for 2026. Can we assume a potential low- single-digit price mix effect for next year, or it could be closer to mid-single digit? Thank you very much.
Yes, Oriana. About the order intake mix, consider that in our around EUR 690 million, the portion related to Swan is around EUR 67 million for 2025 then. In terms of mix, yes, we can consider as expected data, we can consider the low- single- digit as mentioned before.
Okay.
Per Swan.
Regarding the coverage of.
Regarding the backlog, you can consider that the portion for 2027 is close to EUR 535 million. This is related, so for the next year, and the residual part is beyond.
Great. Thank you very much.
Okay, we can now move to the next question. I see that Natasha, I see a raised hand, so the floor is yours. Thank you.
Thank you very much. Can you hear me? Yeah. Just to come back on the order intake, my first question is if you can give us any color by geography, just to think about Europe versus Americas versus APAC. Secondly, linked to that, all of the negotiations that you talked about from Fort Lauderdale in October and November, are you able to quantify the value of those negotiations?
Obviously, not everything might convert to sales, but just to give us a sense of what could be in the pipeline for the order book. My last question is there have been some press articles, particularly in the U.K., referencing a new production site in the U.S. I just wondered if you could give us an update there and any potential CapEx implications that we should think about.
Allora, okay. Hello everyone, I'm Cesare Perotti. Basically, qualitatively speaking, about the order intake, we could say, attesa or quella attuale, scusate. Okay. We could say that Europe is still strong, being our market, proven to be really resilient, actually.
In terms of APAC, I must say that APAC proven to be increasing, actually, in a recent period, and we also expect to do so in the future, especially because we see clear signs on some key markets of the APAC area in terms of growth of ultra-network individuals and strategic investment in infrastructure, which will allow in the future new purchases from ultra-network in the same markets that will be really promising, especially also looking at the next years. About Americas then, of course, recently we can say that especially talking about the U.S. area is decreasing. On the other side, as also Carla said before, we see an increasing interest from distributors and customers from center and southern of the area. This is again something we are heavily working, both now and for the next years in order to catch the demand.
Lastly, but of course, still important to talk about Middle East, which in the actual order intake proven to be growing. This is also connected, of course, to all the policy on one side and strategic investment that the key countries there are doing.
Yes, consider that about CapEx, we do not have a strong need in the U.S. market expected as an organic evolution of the CapEx. In fact, you can consider that around EUR 50 million per year is the good target considering the organic needs in terms of CapEx. These include also the Nautor’s Swan new division.
I will read now the question in the chat by Claudio Deranieri. Actually, by summarizing it, essentially the question is about what we expect for the level of the net financial position by year-end and some color on expectation for Q4 order intake. Current trading.
I leave the floor to Attilio.
About the net financial position, we have seen that it is strictly linked to working capital. Now we need two or three quarters to stabilize the working capital that in any case reached the peak in the value we have seen around EUR 115 million. After this period, we consider to have another two or three quarters with a progressive reduction of the working capital arriving in a range close to 3%-7%. It depends on the different performance at the different geography. For the end of 2025, we can consider to have a neutral net financial position or in any case just above zero for the end of the year.
I will go on with the last two questions. We are essentially on the same direction.
Given the effect of direct distribution, what we expect to be our new structural level, normal level of working capital in percentage of sales. I leave the floor again to you, Attilio.
We have just indicated a percentage in the range between 3%-7%, but not immediately, as I mentioned before, two, three quarters to have the stabilization after the peak we reached, and then two, three quarters to have a progressive reduction arriving to this kind of level. I believe we have replied to all the questions. We thank you once again for your participation, also on behalf of Mr. Perotti. We look forward to have in-depth discussion at the next conferences and meetings. Thank you very much and enjoy your evening.