Sanlorenzo 1H25 Results

  • 5 September 2025

Introduction to Sanlorenzo

Sanlorenzo is the luxury boat manufacturer founded in 1958 and has historically specialized in the 30–40-meter segment, where they have been global leaders for the past decade. However, the company as it exists today cannot be understood without Massimo Perotti (its current CEO and 60% shareholder), who acquired Sanlorenzo in 2005 and has elevated it to a new level.

Since Mr. Perotti’s acquisition, the company’s top-line growth has been remarkable, achieving a 17.8% CAGR between 2004 and 2024. In 2007, they inaugurated the new Viareggio shipyard for the production of superyachts. Over the following years, they expanded their traditional yacht business by introducing new lines (SD, SX, SP), launching Bluegame (sport yachts), and increasing their international distribution.

In recent years, after the enormous growth following their IPO in 2019, they have undertaken several investments to expand their capacity of their shipyards and have shifted more towards the superyacht segment, which now represents 31% of their revenue and 46% of their backlog. Similarly, they have been very active in M&A, acquiring Swan Nautor, a well-known sailing yacht brand (which they aim to scale globally by leveraging their distribution network), and a distributor in the APAC region.

Since the industry reached its peak in early 2024, all companies in the sector have been heavily penalized. However, we have consistently stressed over the past 12 months the huge differences between Sanlorenzo and its peers (The Italian Sea Group and Ferretti, whose analyses and updates are also available), and the results of 1H25 only highlight what we have been saying all these months.

Today we analyze these results, update the financial model, and focus on understanding what we can expect from Sanlorenzo and the rest of the industry in the coming months.

Note: You have access to a complete review of Sanlorenzo, The Italian Sea Group, and Ferretti, covering them in full (history, business model, segments, facilities, geographic areas, growth, corporate structure, detailed financial model, insights…), as well as quarterly updates reviewing the overall industry situation.

Sanlorenzo 1H25 Results Analysis

Sanlorenzo reported 1H25 results in a rather challenging context, as its peers had already released their figures in early August and the slowdown in the industry was more than evident. Nevertheless, as we had been commenting in recent days, at a global data level the industry was not as weak as it seemed when looking at the results of TISG and Ferretti, and we believed Sanlorenzo was going to beat market expectations.

 

Not a member yet?

UNLOCK FULL ACCESS