Sanlorenzo has released its preliminary consolidated results for the year ending 31 December 2024, with 2024 Guidance being met at all levels.
Net revenues from the sale of new yachts totalled €930.4m – 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.
Order intake in Q4 2024 amounted to €230.2m, compared to €207.8m in Q4 2023, with Sanlorenzo confirming its ability to keep receiving a significant number of orders despite waiting lists extending up to 2028. This is primarily due to the desirability of the product portfolio and brands – complementary and non-overlapping – each exclusively positioned at the top end of their respective market segment.
The results show 88% of the order back log is covered by final clients, with a net value exceeding €1bn. As of 31 December 2024, the net backlog was €1,019.8m, compared to €1,041.7m as of 31 December 2023, with €623.1m scheduled for 2025, and €396.7m for subsequent years.
“Our solid growth trajectory, confirmed by achieving results both in terms of revenues and margins, highlights the effectiveness of our “Haute Couture” business model and the ability of our team to successfully navigate global markets and close valuable acquisitions, even in uncertain times like 2024,” says Massimo Perotti, Sanlorenzo Executive Chairman.
“We are steadily pursuing the Group’s long-term vision and executing the strategic objectives set out in our business plan, while maintaining a solid financial position and liquidity that allow us to evaluate and seize every opportunity to further strengthen our brands.
“In line with our ‘Road to 2030’ strategy, our spirit of innovation continues to permeate every aspect of the Group’s activities, from concept design to cutting-edge technological solutions, guiding a strategic path that reflects the company’s ambitions and vision as a pioneer in sustainable yachting technologies.
“On the commercial side, we are further strengthening our direct presence in key international yachting hubs, ensuring close proximity to our select clientele, strengthening our competitive advantages, and consolidating the pillars of excellence that define the Sanlorenzo experience.
“We look to the future with confidence, focusing on the execution of our projects while leveraging the values that have always distinguished us: desirability, scarcity, and true sustainable luxury, supported by a strong drive for innovation that remains faithful to the brand’s heritage.”
Key events and milestones in 2024
On 1 August 2024, Sanlorenzo signed a binding agreement for the acquisition of 100% of Nautor Swan, including its subsidiaries within the acquisition perimeter (the ‘Nautor Swan Group’). The Nautor Swan Group consists of 13 companies operating in seven countries (Finland, Italy, Spain, Monaco, UK, USA, and Australia) and is primarily engaged in the design, construction, marketing, and refit of luxury sailing yachts under the Swan, Maxi Swan, and ClubSwan brands, as well as motor yachts under the Shadow and Arrow brands.
When it comes to technological innovation, three yachts launched in 2024 stand as concrete examples of Sanlorenzo Group’s innovative spirit, each marking significant milestones: the 50Steel by Sanlorenzo, the world’s first superyacht equipped with a Reformer Fuel Cell system capable of converting green methanol into hydrogen and then into electricity to power all onboard hotellerie services, without the need to store hydrogen on board. The BGH-HSV by Bluegame, a foil-assisted chase boat with exclusively hydrogen-powered, zero-emission propulsion, which supported the American Magic and Orient Express teams during the America’s Cup. The Swan 88 DreamCatcher, which won the Eco Award at the BOAT International Design & Innovation Awards for its advanced diesel-electric hybrid propulsion system.
In terms of partnerships and ongoing projects, in January 2025, Sanlorenzo signed a partnership with MAN for the development of the first bi-fuel propulsion system using green methanol. This system will be installed on the new 50 X-Space, scheduled for delivery in 2027, and will enable a reduction of emissions during navigation by up to 70%.
Also in January 2025, Nautor Swan and American Magic entered a partnership following the recently concluded collaboration between Bluegame and the America’s Cup. This agreement aims to revitalize Nautor Swan in its historic core market – the Americas.
In line with Sanlorenzo’s international positioning as a creator and promoter of the finest expressions of Italian culture, the renovation of Casa Sanlorenzo in Venice is nearing completion, with its inauguration scheduled for summer 2025. The venue will host Sanlorenzo Arts Venice, a hybrid space dedicated to culture and the arts, with the initiative aiming to contribute to a global cultural movement that fosters positive change in society for a more sustainable future.