Good evening, ladies and gentlemen. Thank you for participating to our full year 2025 results. Here today we have on the floor Mr. Massimo Perotti, our Executive Chairman, Attilio Bruzzese, Chief Financial Officer, Cesare Perotti, Corporate Integration and Strategic Projects Manager, Pier Francesco Acquaviva, Chief Corporate Officer, and myself, Head of IR, Finance, and M&A. We go through some key highlights. I leave the floor right away to Mr. Perotti. Thank you for your participation again.
Good evening. Thanks for coming. I will go quickly through this page because it's the same page we saw together the middle of January, which is summarizing the result of 2025, which we are proud of. You can see there is an increase of revenue, 3.2%. We have an important order intake growth from 2024, which is plus 16% equal to EUR 130 million. The EBITDA margin is solid, 18.8%. It is slightly lower than 19% of 2024 due to the consolidation for the full year of Nautor Swan. We have a nice EUR 34 million net cash flow generation. On the left side, we confirm six consecutive quarter of order intake growth.
The new model introduced since September at the Cannes Monaco Genoa show has been very successful. In the last three months, we have a new dealer, new brand representative in Brazil, Mexico, Australia, and Japan. Markets, quite large market with history in yachting. On the right side, we confirm with Nautor Swan is we got profitable. We get profitability in the first year of the integration with Sanlorenzo. It was, I would say not easy, not unexpected, but not easy because 2025 has been quite a difficult year for the sailboat business. In spite of that, we have completed a turnaround of the company and got back the profit in Nautor Swan since many years.
Simpson Marine is considered fully integrated. 2024 was not an easy year with low market in Asia Pacific. 2025 is coming back quite strong, and we are enjoying the integration and the distribution service platform in the whole area. Moving to the next page, I like to remember to all of you our important business model point, which is volume, scarcity, high price advantage, boosted by innovation and upselling. We are leader in the 30 m-50 m market, which is a sweet spot, combining low client cyclicality with project margin control. We have solid and high quality backlog, 88% sold to final clients. The super-rich, ultra-net worth individual connoisseur customer are highly loyal to the brand. Client stronger fundamental needs, well-being, and unique experience driving purchase decision.
At the end, last but not least, a unique global direct distribution network. This is an important point because give us the possibility to control the client decision to follow our client directly, not only with a made-to-measure product, but also with a tailor-made service. On the right side of the page, you see above, superior visibility through the cycle, best-in-class return on capital. Below, it is nice to represent you that since day one, our IPO, December 2019, we have been outperforming the average of the luxury brand. You see at the end of the page, we have been considering Brunello Cucinelli, Hermès, Ferrari, Louis Vuitton, Kering, Ferragamo, Moncler, Prada, Burberry watch, Porsche, Aston Martin, Richemont, Technogym.
As average, you see that the curve in the years, in the last six years, is showing that Sanlorenzo business model works better than the average of luxury. Now I'm pleased to give the floor to Attilio, which is quickly showing the numbers, which most of you already knows, and then we go to the Q&A.
Perfect. Thank you, Massimo, and welcome to everyone. As usual, we can start from the highlights. The solid performances of the full year 2025, considering the Sanlorenzo absolute luxury positioning, confirm exactly the preliminary result of 2025 at all levels. Achieving a progressive integration of Nautor Swan and Simpson Marine. In particular, analyzing indicators, net revenue new yachts grow 3.2% at EUR 960.4 million, driven by the performance of the superyacht and Nautor Swan divisions, and good result of the Americas and the APAC region.
EBITDA reached the amount of EUR 180.6 million, with 18.8% margin on net revenue new yachts. EBIT under EUR 39.9 million at 14.6% on net revenue new yachts, with limited dilution considering the consolidation of Nautor's Swan. The group net profit grew up 4.2% with a remarkable total amount of EUR 107.4 million, double-digit margin 11.2%. Organic investment are EUR 42.2 million, mainly related to the increase of production capacity and product development, with an incidence on net revenue new yachts of 5%. The net financial position, net cash of EUR 20.1 million end of the year, also considering the payment of the dividend, almost EUR 35 million and extraordinary acquisition.
Therefore, we can confirm that the guidance 2025 met at all levels, is fully reached for the top line, more important, also about the result 2025 in terms of profitability, we are more than expected for the margins. EBITDA at 18.6 compared with 18.7 of the guidance, as well, EBIT 14.6 compare with the 14.5 indicated in the last guidance. More important, as before indicated, the group net profit exceed the guidance. About the top line, you can see more in detail the good performance of superyacht division, +0.5% year-on-year, in evidence, also the excellent performance of Nautor's Swan accelerating Q4 2025, with the support of the Maxi line and confirming the good integration process.
The result of the Yacht Division that decreases 5.4% of the full year 2025 year-on-year, recovering +8.2% in Q4 year-on-year. The Bluegame recorded EUR 85.5 million, -7.4% year-on-year, successful navigating the headwinds in the segment below 24 m, and giving priority to profitability over volumes. About the breakdown by geography, the group had a strong growth in the Americas region, +35.5%, after the expansion in the new market, in particular Brazil and Mexico. Americas is just 3% in terms of revenue linked to the U.S. customer for yachts below 30 m. APAC turns positive, +5.1% year-on-year, after the entrance on the new market, Japan and West Australia, through the Simpson Marine strategic platform.
Europe remains solid, plus 3.1%, and is balanced the global mix. MEA region, characterized by lumpiness given the low volumes and high average ticket, decreased 28% full year 2025, but in the meantime is increasing in Q4 2025. It is important to remember that Middle East excluding Africa is about 7.5% revenue, new yachts. The exposure to the area is not very relevant, also considering that there's a customer use the yacht, especially in the Med. About the profitability, we have already seen the evolution at the different levels. We have reached the planned trajectory.
Just we can remember the bottom line and the grow up of the group net profit, +4.2%, also considering fiscal benefit that more than offsetting the higher financial expenses after the cash out 2024 for acquisition. About backlog, we reached the total amount of almost EUR 2 billion. We benefit of a robust full year order intake of EUR 943 million, +16% year-on-year. Therefore, was positive the market dynamic in Q4, considering the order intake of EUR 253 million with a double-digit growth of +10.1% year-on-year.
Net backlog is more than EUR 1 billion, and this give a very long visibility on the future result of the group, considering the composition of EUR 618 million for 2026, and more than EUR 380 million for 2027 and beyond. Furthermore, backlog is very consistent and high quality, considering that is sold 88% to final customer, and this is a specific point of our business model. Also, consistent are the waiting list, especially for yachts above 30 m, and with the sold delivery up to 2027, 2028 and 2029 for the Sanlorenzo and Bluegame division, and also for Nautor Swan, you can see 2028 is the point in terms of scheduled deliveries. Perfect.
If we analyze more in detail the trend of the order intake, you can see that from Q3 2024 to Q4 2025, we reached the sixth consecutive quarter of growth in order intake. This is a proven trend, and this is a link to the strong positioning of the brand. The order intake is consistently growing, and in the last Q4 2025 increased, as mentioned, and more than 10% year-on-year. About CapEx, you can see that we reached 48.2 million EUR of the year at constant perimeter, 89% related to the expansion of the group, and in particular, 22.6 million EUR for the new industrial and distribution capacity and 20.4 million EUR for new product development.
In this case, the incidence on the net revenue in yachts decreased to 5%. About the net working capital and cash generation, the evolution of the net financial position end of December 2025 highlights net cash on EUR 20.1 million after dividend payment, EUR 34.8 million, organic CapEx EUR 48.2 million and extraordinary acquisition for EUR 1.2 million. The cash generation in Q4 was EUR 34.1 million and benefited by the net working capital decrease, well supported by the order intake of the last quarter, particularly in the regions Americas and APAC, where the group is direct.
In particular, the net working capital end of December 2025 was EUR 99.8 million positive, props 10% on net revenue yachts after the peak of around EUR 120 million during 2025. This evolution was especially linked to the direct distribution, as already mentioned before, and also to the support to new distributor appointed, especially end of 2025, in particular in the Americas and APAC region. During 2025, after the peak of net working capital, we have seen the stabilization. Going to the end of the year, 2025, we can see the start of a progressive reabsorption thanks to the evolution of the order intake and considering that Q2 generally benefit from seasonality because in that period we have deliveries in Europe. Perfect.
We have completed the financial result, and I leave the floor to Ivan for the next session.
Yeah. Thank you, Attilio. I would say we move straight to the Q&A. If you can please put the chat. Perfect.
I believe Natasha Brilliant from UBS. I believe we saw a raised hand. Please, Natasha, go ahead.
Thank you very much, and thanks for taking my questions. Just a couple from me. On the Middle East, I realize the exposure is quite low. Can you give us any color on any change in trading in the last week? Any change in mood, in the Middle East, but perhaps also in the U.S. or other regions as well? Just anything you can talk about? Then secondly, I thought you might be giving guidance today, but I just wondered why not and whether we'll get it in April? Thank you.
The situation of the last week has been stable. I mean, no reaction. People is waiting to see. It, it has been communicated from the U.S. president that there should be a quick war, blitzkrieg, and everybody I think is waiting to see. One week is really a small time. We do not have a particular feeling. No serious question, no panic to our customers. Everything is stable with a kind of a wait and see what's what is happening. Consider there is a side of this situation that is quite a good, positive fact for us, which is the dollar/euro value. As you remember, the dollar/euro was around EUR 120, EURO 121, and today is down to EURO 115, EURO 116.
It is five point, which is relevant for the U.S., not only for the U.S., but for all Americas, which is related to dollar, South America, Central America, but also the Far East. The Hong Kong dollar and the Singapore dollar is connected to the U.S. dollar. At the end, we have five more point in the competition in the most important areas which we do expect a growth for 2026, which is the Americas, mainly Brazil, Mexico on top of U.S., and Asia Pacific with the two new important market, which is Japan and Australia. Regarding the guidance, well, as you know, we decided to present to you the three-year plan, 2026-2028, in the occasion of the starting of the biannual Biennale di Arte in Venice.
You will be invited in Casa Sanlorenzo in Venice on the 8th, which is a Friday. Saturday is starting the Biennale of Art. Considering we will introduce the three-year plan, we thought to correctly to give you the guidance of 2026 on the same day that we will give you the three-year plan because the guidance will be the first of the three-year plan. That is the reason.
Okay. Got it. Thank you.
You're welcome.
Maybe Oriana. We saw a raised hand. Oriana, please go ahead if you have any question.
Yes. Thank you. Oriana Cardani, Intesa Sanpaolo. Thank you for taking my three questions. The first one is on the Middle East. You said that it accounted for around 7.5% of your revenues. Can you also provide the share of the order intake generated in Middle East in 2025 and the net backlog to be delivered this year in Middle East? My second question is on the production cost on ongoing projects. Can you confirm that all projects cost are in line with the original budget, and what impact the current increase in energy cost may have?
The third question is on current trade, if you can provide comments, quantitative comments on your feeling for the order intakes in this quarter? Thank you.
I start for the second and the third question, and I leave to Attilio to look the numbers to reply to your first one. Regarding the oil situation, the energy higher cost is zero impact to our customer. You can imagine a customer buying a boat of EUR 10 or EUR 20 million is not really looking as a problem if the gas oil, the fuel of the boat is increasing in price. Regarding the economy, as you know, there will be part of the economy which will have advantages and part of the economy which will have a less positive effect. I would say that mainly the price of the oil is impacting the middle class, not the super-rich, so probably we will not have any impact in our customer base, the ultra net worth individual.
Regarding the situation of the order intake, as I said, it's only one week, 10 days, we do not have any special feeling. What is important that there is absolutely zero panic. No question, no phone call or mail from our customer, worrying about the boat in order to take delivery or whatever. Everything is silent. I think people is watching the situation, we do not expect any impact. Of course, if the war will have a long-term or expanding to many other countries, then it's a different situation. I think that, for the first 10 days, we do not have any bad feeling of this to our business.
Yeah.
... Quantity, I
Yes.
... The floor
Oriana, about the level of order intake related to the Middle East, consider that we had in 2025 order intake of EMEA that is around 10%. If we consider just only the Middle East, we are close to 8%, consistent with the number we have seen for revenues, 7.5%.
Oriana, I think, one last piece of reply. Probably the oil increase in price could inject some inflation. I like you to remember that there is a little equation to our business. Consider that if we sell a boat for EUR 100, EUR 60 are mainly the direct cost, and EUR 40 are represented by the overhead profit, et cetera. The 60%, so EUR 60 related to direct cost, is more or less 60% work force, work hour, and 40% material. If we have an increase of inflation, that counts on the 40% of the 60% of the price of selling, which is 24%. If we increase the price for 3% because of inflation, we will have back less than 1% of extra cost.
Therefore, normally in the inflation period, we manage to increase the fork between direct cost and price. We have a positive effect. This has been already proven in 2022, 2023, in the past year. Even in case of an inflation, of course, if not to be a giant inflation, because then there will be a disaster in the economy. If we say it's not a disaster in the economy, but there is a bit of inflation, I think that will not have impact in 2026 for sure, and probably most of the 2027. Remember that more than 30% of the volume for the revenue of 2027 is already sold 88% to final client.
We have a backlog of more than EUR 300 million related to 2027. We are at the beginning of 2026. That is quite a nice place to be.
Thank you very much.
You're welcome.
I believe we have no more question. Mr. Perotti, if you would like to do a closing remark, and then we can close the call.
Well, first of all, we thank you very much for your continuous following us. We will have the next appointment for the shareholder meeting, which is 24th of April. All of you are invited to Ca' Sagredo in Venice for the 8th of May, where we will be pleased to present to you our trio plan. Will be very interesting, the development of the Nautor Swan and the expectation we have for the next two years. That's it. I don't think we have more things to say. Thank you again for your time. Regards. Have a good night. Have a good evening.