Sanlorenzo (SL) Q1 2026 & CMD 2026 earnings summary

Executive summary

• Achieved all financial targets since IPO, with strong growth in revenue, EBITDA, and net profit across varying market conditions and segments, maintaining a conservative approach to guidance and planning.

• Maintains leadership in the 30–40m yacht segment, with a high-quality, loyal customer base, scarcity-driven brand strategy, and global direct distribution.

• Order intake grew for seven consecutive quarters, with Q1 2026 up 25.4% YoY to €223.2 million, supporting a robust backlog and high future revenue visibility.

• Strategic focus on innovation, sustainability, operational excellence, and expanding product lines and direct distribution networks.

• 2026–2028 Business Plan targets sustainable growth, margin improvement, and disciplined capital allocation.

Financial highlights

• Q1 2026 Net Revenues New Yachts up 4% YoY to €222.1 million; EBITDA up 4% to €38.5 million (17.3% margin); net profit up 5.1% to €22.3 million (10.1% margin).

• Order backlog at €1,225.7 million (+2.3% YoY), with Q1 2026 order collection up 25.4% YoY and 72% of 2026 revenue guidance covered.

• Net cash position of €22.9 million as of March 2026, up from €20.1 million at year-end 2025 and a net debt of €28.1 million a year earlier; €51 million cash generated in the period.

• EBITDA margin improved from 14.5% in 2019 to 18.8% in 2025; net profit increased from €27m in 2019 to €107m in 2025.

• Organic investments in Q1 2026 totaled €8.7 million (3.9% of revenues), mainly for R&D and production capacity expansion.

Outlook and guidance

• 2026 guidance: Net Revenues New Yachts €980–1,020 million (+4.1% at midpoint), EBITDA €180–192 million (≥18.4% margin), EBIT €140–147 million (≥14.2% margin), Capex €50–55 million (5.0–5.5% of revenues).

• 2028 outlook: revenue CAGR ≥6%, EBITDA margin ≥19%, EBIT margin ≥14.5%, Capex 5–5.5% of revenue.

• Guidance remains conservative due to geopolitical risks, with upside potential from market stabilization, refit business, and untapped geographies.

• Backlog covers 72% of 2026 revenue guidance, providing high visibility.

• Americas, APAC, and Nautor Swan expected to grow faster than average within the mix.