Sanlorenzo (SL.MI) is one of the leading companies in the global luxury yacht industry. Founded in 1958, the group historically built its reputation in the 30-40 metre yacht segment, where it has been one of the global reference players for more than a decade. However, Sanlorenzo as it exists today cannot be understood without Massimo Perotti, its current CEO and controlling shareholder, who acquired the company in 2005 and transformed it into a much broader luxury yachting platform.
Since Perotti’s acquisition, the transformation has been substantial. Revenue has grown from roughly €40MM at the time of acquisition to €960MM of Net Revenues New Yachts in 2025, implying a CAGR of approximately 17% over two decades. The company opened its Viareggio shipyard in 2007 for larger superyachts, expanded the traditional yacht business through the SD, SX and SP ranges, built Bluegame into a differentiated sport and chase boat brand, and more recently entered sailing yachts through the acquisition of Nautor Swan.
The industry backdrop has changed materially since the post-pandemic peak. Order intake across the sector has normalised, demand visibility is lower, and investors have become more cautious on the entire luxury yacht space. Sanlorenzo listed in Milan in December 2019 at €16/share, with a market capitalisation slightly above €500MM; today, the company has a market cap of roughly €1.2Bn, after having grown EBITDA to ~€181MM in 2025.
This is precisely why the distinction between companies matters more now than it did during the boom years. Sanlorenzo, The Italian Sea Group and Ferretti are often grouped together by the market, but their business mix, backlog quality, balance-sheet position and execution profiles are materially different. The sector is softer, but not all companies enter this phase with the same starting point.
Today, we review Sanlorenzo’s latest results, order intake, backlog, financial position and updated DCF valuation alongside the new 2026-2028 strategic plan. The key question is not whether the industry is softer – it clearly is – but whether Sanlorenzo’s current fundamentals and medium-term targets remain credible under a more normalised demand environment.
Sanlorenzo 1Q26 Results
Sanlorenzo reported a solid start to 2026 despite a still difficult backdrop for luxury discretionary assets and ongoing geopolitical noise, particularly around the Middle East. The quarter again showed why this is not a standard cyclical luxury name: demand is supported by a high-quality order book, a disciplined production model, direct distribution and a customer base that remains unusually resilient at the very top end of the wealth curve.
Net Revenues New Yachts reached €222.1MM in 1Q26, up 4.0% YoY. EBITDA was €38.5MM, also up 4.0%, with the margin flat at 17.3%. Group Net Profit increased 5.1% YoY to €22.3MM, with net profit margin at 10.1%. The earnings profile was not spectacular, but it was clean: controlled growth, no margin slippage and a balance sheet that moved from €28.1MM of net debt a year ago to €22.9MM of net cash – a €51MM swing while still funding organic investment and paying the FY25 dividend.
