Sanlorenzo reports 10.7 per cent increase in new yacht sales revenue
Italian boatbuilder Sanlorenzo has released its preliminary consolidated results for the year ending 31 December 2024, with the board of directors examining and approving the figures.
Net revenues from the sale of new yachts totalled €930.4m, representing a 10.7 per cent year-on-year increase. EBITDA rose by 12 per cent to €176.4m, with a margin of 19 per cent on revenues. EBIT increased by 10.6 per cent to €139.3m, with a margin of 15 per cent. The net cash position, adjusted for acquisitions and the share buy-back in the second half of the year, stood at €112.8m.
Sanlorenzo’s 2024 financial results show the order backlog remained high, with 88 per cent of orders covered by final clients, amounting to over €1bn. The net backlog as of 31 December 2024 was €1,019.8m, compared to €1,041.7m the previous year, with €623.1m scheduled for 2025 and €396.7m for subsequent years.
Net revenues from new yachts were driven by the performance of the superyacht division, which grew by 17.6 per cent year-on-year, while the yacht division and Bluegame division consolidated their 2023 levels with increases of 1.8 per cent and 1 per cent, respectively.
Nautor Swan contributed €38.3m following its consolidation from August to December 2024. Geographically, revenues increased significantly in the Americas (58.4 per cent year-on-year) and the MEA region (55.4 per cent year-on-year), while Europe (-0.9 per cent) and APAC (-2.3 per cent) remained stable following strong growth in 2023.
EBITDA reached €176.4m, reflecting a 12 per cent increase compared to 2023, with a margin of 19 per cent. EBIT totalled €139.3m, increasing by 10.6 per cent, with a 15 per cent margin on revenues.
Net investments totalled €188.1m, including €49.3m in organic investments, with more than 88 per cent allocated to expanding industrial capacity and developing new models. Investments related to acquisitions included €138.8m for the consolidation of Nautor Swan and Hong Kong-based dealer Simpson Marine.
Sanlorenzo completed the acquisition of a 95 per cent stake in the Simpson Marine Group in March 2024, strengthening its direct presence across key Asian markets. The company also established Sanlorenzo Med, consolidating commercial offices in Monaco and Cannes with existing operations in Palma de Mallorca. In August, Sanlorenzo acquired a 100 per cent stake in Nautor Swan, which operates in seven countries and specialises in luxury sailing and motor yachts.
As of 31 December 2024, the net cash position was €29.1m after accounting for dividend payments of €34.8m, organic investments of €49.3m, and non-recurring expenses totalling €83.8m related to acquisitions and a share buy-back. Adjusting for these one-off items, the net financial position stood at €112.8m.
Order intake for Q4 2024 amounted to €230.2m, up from €207.8m in Q4 2023. The company reports sustained demand despite extended waiting lists through to 2028.
In early 2025, Sanlorenzo partnered with MAN to develop a bi-fuel propulsion system using green methanol. The system, set to debut on the 50X-Space superyacht in 2027, aims to reduce emissions by up to 70 per cent during navigation.
Also in January, Nautor Swan and American Magic entered into a partnership to expand sailing initiatives in the United States. The agreement includes the launch of ClubSwan 28 racing events and plans to expand Nautor Swan’s presence in the American market.
Sanlorenzo will present its full-year financial results at the board of directors meeting scheduled for 10 March 2025.
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