Sanlorenzo reports record €1.7bn order book in Q3 2024
Italian boatbuilder Sanlorenzo has released its financial performance for the first nine months of 2024, noting growth in net revenues from new yachts and a robust order backlog worth €1.72bn.
Sanlorenzo’s net revenues from new yachts reached €669m, reflecting a 6.9 per cent increase compared to €626m in the same period of 2023. The company attributes this growth largely to the superyacht division, which recorded a 15.4 per cent rise in revenues, while the yacht and Bluegame divisions saw steady performance, with minor revenue growth.
The group’s net profit was €72.9m, showing a 9 per cent increase from €66.9m in 2023, with a 10.9 per cent margin. During this period, the company made organic net investments of €27.8m, primarily focused on expanding production capacity and developing new models. Including acquisitions, total net investments reached €162.1m.
The company’s gross order backlog reached €1.72bn, with 90 per cent of orders sold to final clients. The order book grew by €355m in the third quarter, partly due to the newly consolidated Swan division. Coverage for the current year is 94 per cent of the midpoint of Sanlorenzo’s revenue guidance for new yachts, with €844m covering subsequent years. The company’s net backlog is reported at €1.05bn, maintaining a coverage ratio exceeding 1.1 times the 2024 guidance for new yacht revenues.
Regionally, performance has been strongest in the Americas, which saw a 39 per cent increase, and the MEA region, which grew by 80 per cent, with the APAC region reporting 17 per cent growth. European revenues declined by 9 per cent, attributed to a high comparison base from 2023.
EBITDA for the period reached €123.6m, up 8.6 per cent from €113.8m in the previous year, achieving a margin of 18.5 per cent on revenues from new yachts. EBIT stood at €97.5m, a 6.8 per cent increase from the same period last year, with a margin of 14.6 per cent.
Sanlorenzo’s net cash position was reported at €27.2m as of 30 September 2024, impacted by dividend payments and non-recurring cash flows related to recent acquisitions.
In August 2024, Sanlorenzo completed its acquisition of the Nautor Swan Group, expanding the group to include 13 entities in seven countries. The acquisition aims to develop synergies in technology, production and commercial activities, consolidating a combined brand presence in both motor and sailing yacht sectors.
“In the first nine months of the year, the results once again confirm the solidity of our group, which continues to grow even in challenging environments, thanks to a balanced and carefully planned strategy,” says Sanlorenzo’s chairman and CEO Massimo Perotti.
“With a net backlog exceeding one billion euros, 90 per cent of which is sold to final clients with whom we have established close and authentic relationships, we are immune to the stocking-destocking dynamics of distribution networks typical of players exposed to smaller-sized and/or lower-positioned product segments,” adds Perotti.
He also emphasised the role of significant investments in direct distribution, noting that these recent expansions support Sanlorenzo’s global reach and bring operational synergies. He described the company’s strategy as grounded in “desirability, scarcity, and true sustainable luxury”, with a commitment to “innovation that respects tradition and aims for uncompromising quality”.
Sanlorenzo has confirmed its guidance for 2024, anticipating strong performance across revenues, EBITDA, EBIT, net profit, and investments based on a robust order backlog that exceeds 90 per cent of the year’s revenue expectations.
The company has revised its guidance for net financial position at the year’s end, now estimated between €110m and €120m.
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