Sanlorenzo reports full-year 2024 financial results
Sanlorenzo fleet. Image courtesy of Guillaume Plisson
Sanlorenzo has presented its full-year financial results for the year ending 31 December 2024, confirming record revenue and profitability levels. The results were reported at the board of directors meeting held yesterday (10 March 2025).
The Italian shipyard released its preliminary consolidated results in February.
The company’s board of directors has also outlined the firm’s 2025 guidance, which reflects continued growth despite economic and geopolitical uncertainties.
Net revenues from the sale of new yachts reached €930.4m, an increase of 10.7 per cent compared to 2023. EBITDA rose by 12 per cent year-on-year to €176.4m, with a margin of 19 per cent on net revenues from new yachts. EBIT increased by 10.6 per cent to €139.3m, maintaining a 15 per cent margin. Excluding the consolidation impact of Nautor Swan, the EBITDA margin would have increased by approximately 45 basis points to 19.2 per cent, while the EBIT margin would have risen by 40 basis points to 15.4 per cent.
Group net profit was recorded at €103.1m, up 11.1 per cent compared to 2023, exceeding the upper end of the 2024 guidance range of €99-101m. The company has proposed a dividend of €1.00 per share, representing approximately 34 per cent of group net profit, consistent with the prior year’s dividend policy.
Organic net investments totalled €49.3m, representing 5.3 per cent of net revenues from new yachts, with 89 per cent of this expenditure allocated to expanding industrial capacity and developing new models and product lines. The company ended the year with a net cash position of €29.1m after dividend payments of €34.8m and the impact of acquisitions and buybacks amounting to €83.8m.
The order backlog stood at €1,019.8m as of 31 December 2024, with 88 per cent of orders secured from final clients. Of this, €623.1m is attributed to 2025, while €396.7m relates to subsequent years, providing long-term revenue visibility. The order intake for the fourth quarter of 2024 reached €230.2m, an 11 per cent increase over the same period in 2023.
Geographically, the Americas region demonstrated a significant rebound, contributing 15.8 per cent of total revenues, compared to 11 per cent in 2023. The Middle East and Africa region saw continued expansion, accounting for 13.1 per cent of total revenues, up from 9.3 per cent in 2023.
Sanlorenzo continues to expand its product portfolio, with new yacht models contributing to revenue growth across all divisions. The yacht division recorded initial sales of the SP92 and SL86-Asymmetric models, alongside the launch of the SD132, the company’s first composite yacht exceeding 40 metres in length. The superyacht division saw growth driven by the Steel line, particularly the 50Steel HER (Hidden Engine Room) model. The Bluegame division remained stable despite “challenging conditions” in the sub-24-metre segment.
In addition to financial performance, the company approved its 2024 Consolidated Sustainability Report, marking its first structured reporting under Italian Legislative Decree No. 125, which transposes the European Union’s Corporate Sustainability Reporting Directive (CSRD) into Italian law.
The company’s 2025 guidance anticipates net revenues from new yachts between €960m and €1.02bn, an increase of approximately 6 per cent. EBITDA is projected to range between €178m and €194m, while EBIT is expected to be between €139m and €149m. The backlog coverage for 2025 revenues is already at 63 per cent as of 1 January 2025, providing substantial visibility for the year ahead.
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.
