At Sanlorenzo’s annual press conference held during the Cannes Yachting Festival, Sanlorenzo confirmed its robust business performance, reflecting the effectiveness of its strategy, sustainability and innovation being key growth pillars.
In the first half of 2024, Sanlorenzo has achieved significant milestones on its journey toward its ambitious goal of carbon neutrality by 2030, proving its central role as a pioneer in the sustainability of the yachting industry.
Financial Results
During the conference, Massimo Perotti, Executive Chairman and CEO of Sanlorenzo, presented the financial results for the first half of 2024, with Net Revenues from the sale of new yachts of €415.1 million, a 6.9% increase compared to the first half of 2023.
Sanlorenzo also achieved an EBITDA of €74.2 million (+9.7%) and a net profit of €43.6 million (+11.6%). Net organic investments in the first half totalled €20.5 million, a 56% increase with respect to the same period in 2023, with approximately 90% dedicated to expanding industrial capacity and developing new models and product ranges.
“These excellent results for the first half of the year fill us with pride and give us new energy to continue on the path we have set,” stated Perotti. “A special thanks goes to all the teams at Sanlorenzo, whose dedication and daily commitment make it possible to stay on the planned growth trajectory. These numbers and performance confirm the absolute reliability and effectiveness of our business model and the soundness of the strategic choices outlined in our ‘Road to 2030’ plan.
“We successfully completed two avant-garde projects, delivering the 50Steel equipped with a green methanol reformer-fuel cell system for on-board hotellerie services, and the hydrogen-powered BGH tenders built for two America’s Cup challengers.”
The strong results from the first half of the year and 2024 Guidance targets being comfortably at reach, confirm not only the effectiveness of the course taken but also the ability to maintain the right pace and meet the milestones of the ambitious journey Sanlorenzo has outlined for the coming years.
Looking Toward 2030: Sustainability and Technological Innovation
Although recreational boating accounts for only 0.22% of the total greenhouse gas emissions for the entire maritime sector, Sanlorenzo has made it its mission, with the strategic ‘Road to 2030’ plan, to lead and anticipate the industry’s path toward carbon neutrality, making sustainability and technological innovation the drivers of growth for the decade leading up to 2030.
To meet the targets set in the plan for progressively reducing its environmental impact, Sanlorenzo has entered into strategic agreements with global leaders in energy and propulsion production, such as Volvo Penta, Siemens Energy, and Rolls-Royce Solution GmbH – Global Marine (MTU).
The ambitious goal for Sanlorenzo is to deliver the first carbon-neutral-powered yacht by 2030. In the meantime, two fundamental milestones were achieved in 2024 with the delivery of the first unit of the 50Steel and the two Bluegame BGH-HSV chase boats.
Leveraging the experience gained from the BGH-HSV project, Bluegame is already working on the BGM65HH (hydrogen-hybrid) multihull, set to launch in 2027, designed to enable zero-emission sailing for 80 miles.
The vessel will benefit from a partnership with Volvo Penta and will feature the IPS Professional Platform, built on the revolutionary success of Volvo Penta IPS, with improvements in efficiency, extended cruising range, higher top speed, and faster acceleration. This system is designed for efficiency, optimising fuel consumption and reducing emissions.
Sanlorenzo’s next steps towards more sustainable yachting will focus on further developing fuel cell technology and introducing hybrid propulsion systems.
The shipyard has already signed a second agreement with Siemens Energy for the further development of the Reformer Fuel Cell system technology (to be completed by 2026) with the goal of expanding fuel cell applications and further reducing size, weight, and costs.
In addition, owing to an agreement with MAN by Ranieri Tonissi and Nanni Industries, Sanlorenzo aims to create by 2027 a superyacht with a Bi-Fuel system powered by 80% green methanol, therefore allowing for an equivalent percentage of emissions reduction, well above the 55% emission reduction target by 2030 set by the EU’s Fit for 55 agenda.
To find out more, contact our expert team via [email protected] or call +44 (0)23 80 450 001.