Italian brand Sanlorenzo has reported a resilient first half of 2025, delivering steady growth in revenues and profitability while securing a record order intake.
The results underscore the Group’s strong positioning in the ultra-luxury yacht segment and its continued focus on design innovation, bespoke craftsmanship and sustainable development.
Sanlorenzo reported:
- A "solid H1 2025" with net revenues from the sale of new yachts reaching €454.1 million, up 9.4 per cent compared to H1 2024 (€415.1m). This was driven by the "excellent performance" of the Superyacht and Nautor Swan Divisions, as well as by the resilience of the Yacht Division in the segment above 30 metres.
- A "significant uptick in demand", with €420 million order intake in H1, up 29.9 per cent year-on-year.
- An order backlog at €1.439 million of which 93 per cent has already been sold to final clients. A net backlog of €985 million as of 30 June 2025, providing almost a full year of revenues in hand, still to be booked.
- EBITDA grew 8.5 per cent to €80.5 million, maintaining a healthy margin of 17.7 per cent, a slight 20 basis point decrease YoY which the yard claims is "fully attributable to Nautor Swan consolidation".
- EBIT increased 3.2 per cent to €59.9 million, while Group Net Profit rose 7.0 per cent to €46.6 million, representing a double-digit margin (10.3 per cent).
- Group net profit at €46.6 million, a seven per cent increase compared to €43.6 million in H1 2024, with a double-digit (10.3 per cent) bottom-line marginality on net revenues in new yachts.
Mr. Massimo Perotti, Sanlorenzo chairman and CEO, said: "The first half of 2025 reflects the resilience of Sanlorenzo, the strength of our brand and the timeless desirability of our yachts. Even in a global environment marked by trade tariff uncertainty and broader macroeconomic pressures, we have delivered stability and measured growth, underpinned by sustainable revenues and healthy margins."
He continued: "Our order intake, particularly strong for yachts of 30 metres and above, confirms the vitality of our made-to-measure philosophy, our scarcity-driven model and the success of our strategic entry into sailing with Nautor Swan. This, combined with evidence of continued wealth creation among the highest wealth cohorts, gives us strong confidence in the future and allows us to reaffirm our 2025 guidance."
Strength in larger yachts
Net revenues in new yachts in the first half of 2025 amounted to €454.1 million, up 9.4 per cent compared to €415.1 million in the same period of the previous year. The Bluegame Division, although facing more challenging market dynamics (segment below 24 metres length), reported a relatively resilient performance.
- In the (24–40m) Yacht Division: revenues totalled €225.8m, down 6.6 per cent, impacted by softness below 100 feet but showing resilience in larger models.
- The Superyacht Division: generated €137.1 million, representing 30.2 per cent of total revenues and marking a 10.2 per cent increase compared to the first half of 2024. The Group stated this was "strengthened by a robust backlog with scheduled deliveries until 2029".
- The Bluegame division (13–23m) reported net revenues in new yachts of €43.6 million, a decrease of 10.9 per cent compared to the first half of 2024, yet outperforming a competitive sub-24m market.
- Nautor Swan recorded net revenues in new yachts of €47.5 million in the first half, in line with expectations and the planned integration and business development.
Americas lead, Europe strong, MEA normalising
Geographically, growth was balanced with notable regional differences: in the Americas, revenues surged 38.6 per cent, supported by a strong rebound in order intake. Europe showed solid growth of 15.4 per cent, supported by the loyal "Sanlorenzo Customer Club of Connoisseurs" while APAC (+ 5.8 per cent) is also showing a positive momentum. MEA (- 41.3 per cent) reflects a strong concentration in deliveries in Q4 2024, as well as a "tough comparison basis" with H1 2024.
Notable new launches
The SX120 and SL110A were unveiled to much acclaim in July 2025. In lockstep with the Group’s strategy in the 30–50 metre segment, they further strengthen Sanlorenzo’s leadership in this size bracket. Alongside the new SD132, Andiamo, the latest additions to the acclaimed Asymmetric, Crossover and Semi-Displacement lines will make their world debuts at the Cannes Yachting Festival (9–14 September).
Nautor Swan is set to unveil two highly anticipated new models this autumn: the Swan 51 – the first yacht ever designed for the brand by German Frers - will make its world premiere at Cannes, while the all-carbon Maxi Swan 128 BeCool, a 39.9-metre flagship built at the yard’s Finland facilities, will debut at the Monaco Yacht Show.
Finally, Bluegame will debut the groundbreaking BGF line. The designs feature advanced foil technology developed by its R&D department and refined through the brand’s involvement in the America’s Cup with the BGH-HSV – the world’s first hydrogen-powered foiling chase boat, capable of 50 knots at zero emissions. The first model in the range, the BGF45, is set to make its world premiere in Cannes.