Sanlorenzo’s latest results (half-year financial report as of 30 June 2026) point to a changing geography of demand in the high-end yacht market. While Europe remains its largest market, the Americas and Asia-Pacific are increasingly driving growth, helping the Italian group deliver another period of rising revenues, profits and orders.
The strongest growth is in the superyacht division, where revenue rose more than 12 per cent and accounted for more than 32 per cent of net revenue. Demand for vessels above 30 metres helped grow the yacht division. Bluegame (boats below 24 meters) was flat.
“We continue to pursue disciplined and sustainable growth, prioritising value over volumes while preserving the quality of our margins and the exclusivity of our brands,” says Massimo Perotti, chairman and CEO. He’s tasked with bringing together the Sanlorenzo, Bluegame and Nautor Swan brands, each with its own non-overlapping identity, while consolidating the group as a unique global yachting hub with a long term growth trajectory.
It’s going well.
The group appears to be benefitting from the competitive advantage afforded by its business model which it describes as high-end positioning, controlled scarcity, the uniqueness of its made-to-measure offering, selective distribution and strong links to design and sustainable innovation.
Financial highlights include:
- Net revenue new yachts amounted to €471.3 million (+3.8 per cent YoY)
- EBITDA increased to €83.5 million (+3.7 per cent YoY)
- EBITDA margin 17.7 per cent, after full consolidation of Nautor Swan
- EBIT margin at 13.2 per cent, stable year over year.
- Group net profit rose to €49.1 million (+5.4 per cent YoY)
- Gross backlog of €1.5 billion at the end of June
- Net cash position stood at €49.4 million as of 30 June 2026, after dividend payments of €37.0 million
- Order intake increased to €496.4 million (+18.3 per cent YoY)
- €66.3 million cash generated in the first six months, pre-dividend
Order backlog stood at €1,498.9 million, 89 per cent of which related to orders sold to final clients. Net backlog stood at €1,027.6 million, with the portion relating to 2026 providing 83 per cent coverage of the mid-point of the 2026 guidance range for net revenue new yachts.
Sanlorenzo order intake rises for eighth consecutive quarter
Q2 2026 marked the eighth consecutive quarter of year-on-year growth in order intake. Perotti says this underscores the strength of demand for Sanlorenzo products and “the resilience we continue to see in the most exclusive segments of the market. Net backlog, exceeding €1 billion, and order backlog, 89 per cent of which consists of orders sold to final clients, provide us with strong visibility and allow us to plan production efficiently, optimising the deployment of our industrial resources.”
Product innovation is gaining further momentum with new product premieres at the autumn boat shows and further developments across the group’s portfolio.
“We remain focused on our long-term objectives,” continues Perotti. “We will continue to invest selectively in product innovation and operational excellence, while strengthening our relationships with yacht owners, leveraging a distinctive and complementary portfolio and an increasingly direct international presence. We look ahead to the autumn boat show season with confidence.
“In the coming months, we will unveil important new products and continue our innovation journey across the entire group. We approach this phase with the same rigorous execution, strategic vision and constant focus on value creation that have underpinned the results achieved to date.”
Americas and APAC drive Sanlorenzo’s global growth
Growth exceeded 20 per cent in three of the group’s four main regions. The Americas reached €129.0 million (+35.4 per cent YoY), with its share of the total rising to 27.4 per cent; APAC grew to €73.9 million (+35.8 per cent YoY), accounting for 15.7 per cent of Net Revenue New Yachts; and MEA reached €45.8 million (+22.7 per cent YoY). The company says these results more than offset the decline in Europe (-16.6 per cent YoY), which faced a particularly high comparison base in H1 2025 and remained the group’s largest market, accounting for 47.2 per cent of the total. The strong growth in APAC also confirms the structural advantage provided by Simpson Marine’s direct distribution platform, ensuring closer management of final-client relationships and of commercial and after-sales activities.
Now the company’s eyeing up Canada as a new market – and expecting to sign a preliminary agreement with a new dealer at Cannes. “Canada is, for sure, one of the most promising countries. The Middle East is still in standby,” says Perotti. “We still increased 22 per cent in the first six months of 2026. But then, probably, Asia Pacific will be the part of the market where we expect the best result for the next couple of months.”
He says the decline in Europe is less about weakness in that market and more about strength in America and Asia-Pacific – aided by the purchase of Simpson Marine.
Superyachts emerge as Sanlorenzo’s strongest growth division
Net revenue new yachts for the first half of 2026 amounted to €471.3 million, up 3.8 per cent from €454.1 million in H1 2025. Growth was mainly driven by the superyacht division and a significantly more diversified geographic mix.
The yacht division generated net revenue new yachts of €232.8 million (+3.1 per cent YoY), accounting for 49.4 per cent of the total. The superyacht division remained the group’s main growth driver, with net revenue new yachts of €154.1 million (+12.4 per cent YoY) and its share of the total increasing to 32.7 per cent, compared with 30.2 per cent in H1 2025. This performance reflects continued strong demand for larger yachts, despite extended delivery horizons.
Bluegame generated net revenue new yachts of €43.6 million, broadly stable compared with H1 2025, demonstrating resilience in a more challenging market for yachts below 24 metres, characterised by aggressive pricing policies. Nautor Swan contributed €40.9 million (-13.9 per cent YoY).
Net revenue new yachts in numbers
The group’s geographic diversification strengthened further: non-European regions accounted for 52.8 per cent of net revenue new yachts, compared with 41.2 per cent in H1 2025, an increase of 11.6 percentage points. The Americas, APAC and MEA all recorded growth exceeding 20 per cent, more than offsetting the decline in Europe against the high comparison base of the first half of 2025.
Europe remained the group’s largest geographic region, with net revenue new yachts of €222.6 million, accounting for 47.2 per cent of the total. The 16.6 per cent decline compared with H1 2025 was against a particularly high comparison base. Revenue generated in Italy amounted to €52.0 million.
The Americas generated net revenue new yachts of €129.0 million (+35.4 per cent YoY), increasing its share of the total to 27.4 per cent, compared with 21.0 per cent in H1 2025. This performance was also supported by further commercial penetration in Central and South American markets.
APAC recorded net revenue new yachts of €73.9 million (+35.8 per cent YoY), with its share of the total increasing to 15.7 per cent, compared with 12.0 per cent in H1 2025. This growth highlights the strategic value of Simpson Marine’s direct distribution platform, which provides the group with coverage across the region and proximity to final clients
MEA generated net revenue new yachts of €45.8 million (+22.7 per cent YoY), accounting for 9.7 per cent of the total, supported by the positive order intake recorded in previous quarters.
“Exactly two years of continuous growth considering the geopolitical situation is a strong sign of the resilience and strength of the company, the group (Sanlorenzo, Bluegame, and Swan), and therefore our business model,” concludes Perotti.
“Our strategy is a winner in this difficult moment in the market.”
Cash generation and backlog provide visibility into 2026
Net working capital stood at €86.5 million as at 30 June 2026, broadly stable compared with €86.6 million as at 30 June 2025. Compared with €118.9 million as at 31 March 2026, it decreased by €32.4 million, reflecting the typical seasonal dynamics of the second quarter, while standing €13.3 million below the €99.8 million recorded as at 31 December 2025.
Inventories amounted to €181.2 million, compared with €178.3 million as at 31 December 2025 and €186.7 million as at 30 June 2025. This level continued to reflect the production ramp-up aimed at reducing delivery times for the most in-demand models, as well as support for the direct distribution network, in line with potential demand in the relevant markets.
Organic net investments made in the first half of 2026 amounted to €18.0 million, up 11.2 per cent compared with the same period of the previous year, representing 3.8 per cent of net revenue new yachts.
Approximately 87 per cent of organic investments were expansionary, with €11.0 million allocated to developing new models and product ranges and €4.7 million to expanding industrial and distribution capacity. Recurring industrial investments remained limited at €1.3 million. Total net investments for the period amounted to €20.3 million, including €2.2 million related to the acquisition of the business unit of Mast Italia.
Operating cash flow reached €96.5 million, compared with €23.6 million in the first half of 2025, supported by operating profitability and the seasonal reabsorption of net working capital. Free cash flow stood at €80.2 million, compared with €7.5 million in the same period of the previous year.
Sanlorenzo’s order backlog in detail
Order backlog as at 30 June 2026 amounted to €1,498.9 million, up 4.1 per cent from €1,439.3 million as at 30 June 2025. The high quality of the order book was confirmed by the 89 per cent share already sold to final clients.
Of the total order backlog, €831.7 million related to 2026, providing 83 per cent coverage of the midpoint of the 2026 Guidance range for net revenue new yachts, while €667.2 million related to subsequent years.
Net backlog, representing revenue yet to be recognised under contracts already secured, reached €1,027.6 million, up 4.3 per cent from €985.2 million as at 30 June 2025.
Order Intake for the first half of 2026 stood at €496.4 million, up 18.3 per cent from €419.5 million in the same period of the previous year.
In the second quarter, order intake reached €273.2 million, up 13.1 per cent from €241.5 million in Q2 2025, marking the eighth consecutive quarter of year-on-year growth and confirming solid demand.
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