Sanlorenzo Reports €930M Revenue in 2024 – Continues to Grow with 10.7% Increase

Sanlorenzo S.p.A has again demonstrated its robust growth trajectory, with its Board of Directors approving the preliminary consolidated financial results for the fiscal year ending December 31, 2024. The company recorded an impressive €930.4 million in net revenue from new yacht sales, reflecting a 10.7% increase compared to €840.2 million in 2023. On an organic basis, this growth stands at 6.2%.

The Superyacht Division led the charge with a 17.6% revenue increase, while the Yacht Division and Bluegame maintained their 2023 levels, posting growth of 1.8% and 1.0%, respectively. These figures highlight the company’s resilience despite the softer demand in the sub-24-meter yacht market. Additionally, Nautor Swan, consolidated from August to December, contributed €38.3 million in revenue.

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Geographic Market Growth: Strong Performance in the Americas and MEA

Sanlorenzo experienced significant market expansion, particularly in:

• The Americas: +58.4%, increasing its share from 11% in 2023 to 15.8% in 2024
• MEA (Middle East & Africa): +55.4% growth
• Europe: Slight consolidation at -0.9%, maintaining the substantial 38.3% increase recorded in 2023
• APAC (Asia-Pacific): -2.3%, reflecting relative strength despite challenges in the luxury goods market

The company’s strategy to strengthen its presence in high-potential regions has paid off, with the Americas emerging as a significant growth driver.

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EBITDA and Profitability Growth

Sanlorenzo’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew to €176.4 million, a 12% increase from €157.5 million in 2023. On an organic basis, this marks a 9.1% rise.

• EBITDA margin: 19%, up by 20 basis points (+50 basis points on an organic basis)
• EBIT (Earnings Before Interest and Taxes): €139.3 million, up 10.6% from 2023 (+9.4% on an organic basis)
• EBIT margin: 15%, reflecting stable profitability levels despite M&A-related dilution

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Sanlorenzo Reports Strong Financial Performance in 2024

Sanlorenzo continues its strategic industrial expansion and product development, with organic investments totaling €49.3 million, representing 5.3% of net revenue.

• 88% of these investments focused on increasing production capacity and introducing new models.
• The acquisitions of Nautor Swan and Simpson Marine contributed an additional €138.8 million to net investments.
• Total investments for the period reached €188.1 million, reinforcing the company’s long-term growth strategy.

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Financial Position and Liquidity

As of December 31, 2024, Sanlorenzo maintained a favorable net cash position of €29.1 million, despite:

• Dividend payments of €34.8 million
• Organic investments of €49.3 million
• M&A-related cash outflows of €83.8 million, including:
  • €32.4 million for the acquisition of 60% of Nautor Swan
  • €20 million to consolidate Swan’s financial position
  • €23.9 million for the acquisition of Simpson Marine
  • €7.5 million allocated to net share buybacks

Sanlorenzo’s net financial position would have been €112.8 million without these extraordinary transactions, underscoring the company’s strong liquidity.

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Order Intake and Backlog: Strong Demand Despite Market Challenges

Sanlorenzo continues to see strong order intake, reaching €230.2 million in Q4 2024, up from €207.8 million in Q4 2023.

• As of December 31, 2024, the company’s backlog stood at €1.019 billion, compared to €1.041 billion in 2023.
• €623.1 million of the backlog is for deliveries in 2025, providing a strong revenue base for the coming year.
• €396.7 million is scheduled for delivery beyond 2025, ensuring long-term stability.

Despite extended waiting lists stretching into 2028, Sanlorenzo’s product desirability and brand strength continue to drive demand.

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Commitment to Sustainable Yachting and Technological Advancements

In line with its ‘Road to 2030’ strategy, Sanlorenzo is intensifying its focus on technological innovation and sustainability, setting new standards for eco-friendly yachting.

• R&D investments in cutting-edge design and propulsion technologies.
• Expanding direct presence in key global yachting hubs to enhance customer experience.
• Strengthening its competitive edge through exclusivity, desirability, and innovation.

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Conclusion: A Strong Growth Trajectory for Sanlorenzo

Sanlorenzo’s 2024 financial performance reflects its industry leadership and strategic agility. With continued expansion, innovative design, and a focus on ultra-high-end clientele, the company is well-positioned for sustained success in the global luxury yacht market.

With a robust order book, high margin growth, and strong liquidity, Sanlorenzo remains a powerhouse in the yachting industry. It drives innovation while reinforcing its reputation as a pioneer of luxury craftsmanship and sustainable yachting.

As Sanlorenzo continues to set new benchmarks in the luxury yacht industry, its commitment to innovation and exclusivity extends beyond yacht ownership to bespoke luxury yacht charters, offering unparalleled experiences for those seeking elegance and adventure on the open sea.

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You can contact us by email at ask@yourboatholiday.com or at +39 33436 00997; we are also available on WhatsApp for calls and texts. 

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