Sanlorenzo Spa

Good evening, ladies and gentlemen. Welcome to our full year 2025 preliminary results. On San Lorenzo side, we have on the line Massimo Perotti, executive chairman, Attilio Bruzzese, chief financial officer, Pierfrancesco Acquaviva, chief corporate officer, and myself, head of investor relations. I leave the floor for the presentation to start to our chairman, Massimo Perotti.

Good evening to everybody. Thank you for being in contact with us. I'd like to start the floor with the first chart, which is not just starting with numbers, but trying to understand what happened in 2025. And we are very pleased to confirm to you the numbers that we are very proud of. Consider 25 was not an easy year, probably coming from 24 with expectation from the European Union election in June 24 and the American new president for November 24. People were expecting 25 grow with a return to a normality after the war in Palestine and the war in Ukraine. Unfortunately, as everybody knows, 2025 started with some, I would say, disruptive situation, mainly in the Western world. The tariff etc etc i'm not going to to summarize what happened but all this situation was giving to the market a kind of uncertainty and the uncertainty was reflected in the market so we are pleased to confirm to you and to show you again the resiliency power and strength of san lorenzo you see on the left We can confirm with the number of 2025 six consecutive quarter of order intake growth. We can confirm the successful new models introduced in the market from the Cannes show is written below. SD-132, SX-120, SL-110, BGX-83, recently introduced to the docent of show in January 26, the new SWAN-128, which is the largest ever built, 40m maxi, and the SWAN-51. Thanks to the very successful new model launch, we got quite a good Q4 of 2025, which is giving back an extremely extraordinary good plus 16% of order intake in respect of 2020. for order intake. We confirm a remarkable 18.8% EBITDA margin considering that 2025 has been the first year of consolidation of Zhuan and at the end plus 34 million in net cash flow generation in Q4. We have a quite improve and increase our strength in the market by appointing a new brand representative in Brazil and Mexico and have a new office. We open a new office in Australia and a new dealer in Japan. Now, as I said, the integration is done. We are working hard and we have already The first year with a profit, after year of losses, as you know. So I promise to you that we will, with the group, with the strength of the group and the push of San Lorenzo, we could do quite a good result in Nautos One in spite of the 2025 which has been really very dry in order, in new order for the sailboat business. Simpsons at the end, last but not least, Simpsons Marine has been fully integrated. You see in the number of the growth of the APAC region, the APAC market, and we can confirm that both distribution service platform is integrated in the group and is leverage our strength worldwide i'm very pleased to confirm this number i'm very pleased to show you the resiliency of our and I would like to give back the floor to Ivan, because the second slide I think is quite interesting for all of you.

Thank you, with pleasure. Our 2025 growth continues to consistently outperform the luxury sector. By setting 2019 top line to 100, it emerges clearly that our business model resiliency allows to grow even amid the context of uncertainty as experienced both in 2020 during the COVID pandemic and in the last year, the generally softer luxury market. The reason is linked to three fundamental factors. First of all, we have no exposure to aspirational clients with a customer base made strictly of ultra high net worth individuals. Just as important, the drivers behind the purchase decision of our customers are fundamentally different. They're meeting their need for well-being and longevity, seeking unique experiences and making the most out of their scarce free time. Finally, the competitive advantage of our business model, based on a product for true connoisseur yachtsmen, volume scarcity, high price point even at the entry level, ensures a superior stability of the underlying demand over time. I leave the floor to Attilio for the presentation of the preliminary financial figures.

Thank you Ivan and welcome to everyone. Well, continue the expansion of the San Lorenzo Group into the full year 2025 result, achieving a progressive integration of Nautos One and Simplon Marine. The solid performances of the full year 2025 are in line with the guidance for the top line and also more than expected for profitability considering the San Lorenzo absolute luxury positioning. And then, in particular, analyzing the indicators, net revenue in yachts grew 3.2% year-on-year at 960.4 million euro, driven by the performance of Superyacht and Autosworn Division and good results of the Americas and APAC region. EBITDA reached the amount of €180.6 million plus 2.4% year-on-year with 18.8% margin on net revenue in New York. EBIT at €139.9 million, increased 0.4% year-on-year at 14.6% and net revenue in New York with a limited dilution from consolidation of now towards one first full year. And the group net profit grew up 4.2% year-on-year, with a remarkable total amount of 107.4 million euro, with a double-digit growth of 11.2% on net revenue new yachts. Organic investment for 48.2 million euro, mainly related to the increase in production capacity and new motor developments. with the reduction of incidents year on year on net revenue in the off to 5%. And then the net financial position at 20.1 million euro net cash end of December 2025 after dividends paid for 34.8 million euro and 1.2 million euro of extraordinary acquisition. Therefore, the Guidance 2025 met at all levels. In fact, it has fully reached the top-line target, showing a tactful growth of 3.2% year-on-year, and more important, the full-year 2025 results in terms of profitability are just more than expected for margin with the BDA at 18.8% compared to the target of 18.7%, and EBIT at 14.6% compared with the target of 14.5%. and with an over performance in the bottom line with the group net result at 107 million euro plus 4.2 percent exceed the guidance while organic capex at 48.2 million euro are in target range now we can analyze a figure more in detail Starting from the top line, in this case we had a good performance of the superior division plus 0.5% Euronear, where we evidenced the steel line. Excellent performance of an outer zone division, which accelerates in Q4, plus 45.1% year-on-year, with the support of the Maxi line, and confirming the strong progression on the integration process we are doing. And then the result of the odd division that decreased 5.4% in full year 2025 year-on-year, but recovering plus 8.2% in Q4 year-on-year, also considering the larger units kicked into production in the last quarter 2025. The Blue Game recorded 85.5 million euros, minus 7.4% year-on-year, successfully navigating the hand winds in the segment below 24 meters. And about the breakdown by geography, the group had a strong growth in America's region, and you can see 35.5%. percent year-on-year after the expansion in the new market Brazil and Mexico and APAC region turns positive plus 5.1 percent year-on-year after the entrance in the Japan and West Australia market through the Simpson Marine strategic platform. European remain solid, plus 1.3% year-on-year, showing in Q4 a shift to a more balanced global mix. And near region, characterized by lumpiness, given the low unit and at the same time high average ticket market, decreased 28% in the full year 2025, but in the meantime increased 100% in Q4 2024 year on year. Now, the profitability expansion follows the planned trajectory. In fact, the EBITDA margin grew by 2.5% and reached a margin of 18.8% net revenue in yachts, stable year on year, even after this one first full year consolidation. The rigorous focus on gross margin increased That benefit on price and mix effect allowed to San Lorenzo X1 to expand margins. The EBIT increased 0.4% year-on-year considering the higher DNA incidence on net revenue in New York for Nautilus I due to the smaller scale production and legacy investment before acquisition. And finally, the group net profit grew up 4.2% at 11.2% on net revenue in New York with positive effect of tax benefit more than offsetting the higher financial expenses after cash out for 2024 acquisition. The gross backlog reached the level of almost 2 billion euro and benefit of a robust full year ordering break of 943 million euro plus 16% year-on-year Therefore, the positive market dynamic in Q4 is important, considering the order intake of 253 million euro, with a double-digit growth of 10.1% year-on-year. Net backlog, end of... 2025 is more than 1 billion euro and give to the group a long visibility on the future result considering the composition of 612 million euro for 2026 plus 384 million euro for 2027 and beyond. Furthermore, Backlog is consistent and high quality, in consideration that it has sold 88% to final customers, thanks to the unique San Lorenzo business model, and with the sold deliveries up to 2027, 2028 and 2029, respectively, for Blue Game, Yacht and Superior Division, and also the Swarm Division, the sole delivery are up to 2028. So, consistent our waiting list, especially for yachts above 30 meters. About the ordering tech trend, after the normalization of the market, the group from Q3 2024 to Q4 2025 reached the sixth consecutive quarter of growth in order intake, so this is a proven trend. A strong performance considering the positioning of the brand and confirming how San Lorenzo is resilient to the cycle, even in a time of uncertainty like this. and how Salorenzo is absolute luxury and not exposed to aspirational customers. So, the order intake is consistently growing and in the last few fall increased 10.1% year on year. The net backlog end of 2025 is more than 1 billion euro, so we have around a full year of revenues still to book. and already contracted. Continue the organic investment program that reached the amount of 48.2 million euro end of December 2025 at consistent perimeter, constant perimeter. About 89% related to expansion, new production and distribution capacity, 22.6 million euro. Acquisition, a new acquisition, consider that we add additional 1.2 million euro in 2025 on which 0.8 million euro refer to Arturo Foresti Acquisition, a supplier for the production of electrical system and €0.4 million referred to Mediterranean Yacht Management acquisition in Monaco in-house brokerage company to support the distribution of Nautilus I. The incidence of organic capex on net revenue in New York decreased to 5%. Now, the evolution of the net financial position end of December 2025 highlights a net cash of 20.1 million euro after dividend payment of 34.8 million euro, organic capex of 48.2 million euro and extraordinary acquisition of 1.2 million euro. The net cash generation in Q4 2025 was €34.1 million and benefited by the net working capital decrease after the peak reached during 2025, well supported by order intake, in particular in the region Americas and APAC, where the group has a direct distribution. The total impact of IFRS 16 debt was €28 million in December 2025 versus €25.5 million of December 2024. Well, we have analyzed the financial result and I leave the floor to Ivan to continue with the business update.

Thank you, Tilio. So very quickly on the most important concepts. Here we come from a 2025 where we have launched, we have presented some very important models which have collected a very exceptional feedback from the market, both in terms of contract signed, order intake and commercial pipeline. Particularly noteworthy are the three models of the yacht division, which are all about 30 meters. The SR-110A, which features the symmetric design, the SX-120, which is the current flagship of the crossover division. a range of very iconic invented by San Lorenzo and SD 132 which is the largest composite model delivered today above 40 meters length where we enjoy virtually no competition. Also for 2026, we have in the pocket a very exciting pipeline of new models. We just started in Dusseldorf with the presentation of the BGX83, which is the flagship of Blue Game, to continue then with four new models for San Lorenzo across both yacht and superyacht division. with again a focus on the large composite segment. In the case of Nautor Swann, we are not just talking about new models, but we are talking about completely new product lines, which bring additional market segments to the business, additive to the current revenues. In one case, we have the Swann alloy, which will be revealed in the first model, so the large segment units made of metal, effectively the super yacht, of the sailing segment and later on an unveil of the blue water line, Swanscape, dedicated to those customers that prefer comfort over mere performance for long extended cruising. Speaking of new lines, we remind that San Lorenzo also presented back in October the San Lorenzo Heritage, which draws effectively into our deepest DNA back to 1958 and projects it into the future. Going to the next slide, we see the other core part central to our development strategy, so the geographic expansion. The new American headquarter for Lauderdale at Pier 66 was just opened. And along with it, which will be central for further penetration into the American market where we have a massive opportunity, we just come from signing two important partnerships with new brand representatives in Mexico and in Brazil, which are very strategic markets. which so far we have covered from abroad and from now on we will cover with a local commercial presence. In terms of completely new geographies, we have entered recently Japan with a strong brand representative and Australia with our direct network of Simpson Marine, which can be leveraged across the region. We now open the Q&A session, so we invite you to either use the Zoom tool to raise your hand or to leave your question in the chat. We will try to address as many questions as possible. I see a question in the chat from Jackson. Hi, Jackson. Could we get commentary on 2026 outlook, given no guidance was given?

Yes. Yes, Jason, pleased to reply to you. Consider that we had the Dusseldorf boat show on the 20th of January, and today, in the meantime, we are talking to you, there is the Miami show going on. the starting of January, middle of February business is showing a better order intake of both January 25 and January 24. So we have a feeling that the starting of the new year, the 2026, is good, and we do expect an improvement in volume of all three, all four, I would say, business, yacht, super yacht, blue game, and so on. So it is a confirmation that the market is more active since the first months of the year, which normally is not easy. You know, in January, February, people are still thinking to go skiing more than going boating.

I see a raised hand from Nicola Storer. So please, Nicola, go ahead.

Buon pomeriggio. Thanks for taking my questions. The first one is about Q4 intake. If I put together two things, one, that your, let's say, comments about the American season back... at the Q3 results presentation were quite downbeat. And I also see that, let's say, the share backlog to final clients has declined by two percentage points from Q3 to Q4. It's kind of suggesting me that you have to sell to dealers to get to the plus 10% order intake in Q4. So if you can comment a bit on that and so on, the quality of the Q4 order collection. Second question, I already answered about Dusseldorf and Miami, and so my other question is about intake by brand, in particular, San Lorenzo Perimeter versus Swan. You suggested that Swan intake in 2025 was quite weakish. Can you maybe spend... a few numbers quantifying how good was San Lorenzo X1 and so on. Thank you.

Look, I do reply the first question. I didn't understand the second, so if somebody on the floor in La Spezia can reply, it's good. For the first question, Storer, we are really now peaking to small things. I mean, we are close to 1 billion, therefore 2% of 1 billion is 20 million, is almost nothing. So by counting the difference between 90% of direct cells, so 88% is really something difficult to evaluate. The reason of the 20 million stock bought to dealer is because we appointed two important new dealers in the last quarter of 2025, which is a guy in Mexico and a new guy in Brazil. These two new brand representatives, they are external, is an outside dealer, working directly with San Lorenzo of America, which is our company. representing San Lorenzo in the Americas and those two dealers they just bought 10 million euro each of stock boat because when you are appointed exclusive dealer you have to you must buy stock boat in order to be appointed exclusive dealer so this is the only reason What is really important that we have 16% higher order intake in 2025 in respect of 2024. And this is much more important than that very little reduction from 90% to 88%. Consider that 90% or 88% direct order contract is way above any other company worldwide. So this is the main characteristic of our business model, the quality of the backlog. Nobody else has. The second question, I didn't understand, so maybe Ivan or Atilio can reply. Okay.

Yes, about Nicolò, the ordering date, especially for us one versus the rest of the group, you can consider that we collected around 90 million euro in the full year 2025. And this is especially for this one line compared with 2024, where we collected especially new orders for the maxi alloy. This is the total amount for 2025. Perfect.

Thank you. Thank you both. Thank you. Bye-bye. Thank you.

We have a question in the chat from Joel Grau. Can you please share some update on the chartering service for clients to use the unit for some time agreed? So an update on charter.

Yes. Charter has been... I mean, we do not have an increase in the charter business and no decrease was in line with the 24, which is interesting. showing that 25 has been not an easy year in the market due to the uncertainty, the geopolitical uncertainty I was talking about before. Charter for Haas. is within the high-end service with refit and other characteristics, which is something that will be deployed and developed during the description of the new three-year plan that will be done in May, in the meeting of the 8th of May here in Venice. the logic of developing the charter business between Hong Kong, Fort Lauderdale, Monaco, and Equinox headquarters, which is in Torino, Milano. You know that we like the idea to have a win-win situation from the side of having some profit to our business, but mainly to connect with new customers. They are willing to charter the San Lorenzo fleet. charter and when they use our boat year after year they get acquainted they they appreciate the quality of San Lorenzo and at the end they buy a new boat so the win-win situation is coming some service some profit some business but mainly to show and to expand the the contact of our boats to new customer base to expand the potential customer to buy new boats in the future. Consider that Swan has a fantastic company called MIM in Monaco. They work since 20 years, 15 years, in developing the Swan Charter fleet around the world, and that experience has been also very positive to acquire new customers from Swan, as well as we are trying to do with the San Lorenzo business.

We see a raised hand from Natasha Brilliant from UBS. Please, Natasha, go ahead.

Thank you very much and good evening to all of you. A few questions. Firstly, just on pricing dynamics, if you can just help us think about pricing as we look forward into 2026. Sorry if I missed it, but just if you can help us on CapEx and working capital for this year. what we should think about that and then just coming back to your other comments about the new brand ambassadors in South America and you've talked about new presence in Asia anything more you can share about the pipeline for this year in terms of that sort of geographic expansion piece would be very helpful thank you thank you thank you Natasha I start from the end we think that both Asia and

APAC market and South America will be a growing market for 2026 for both yacht and super yacht division. Regarding pricing, it is too early to confirm aggressivity in pricing, we would like to see what will be the result of Q126. In case Q126 will be good as from the first month, January, Then for the Q2 and Q3, we will try to increase a bit our price in order to take the best advantage for the Cannes, Monaco, Genoa September shows 2026. But today, I cannot confirm to you because I think it's, you know, our... Our way of management is always very conservative, very – how I can say in English now? I miss the word. Very conservative means we do declare numbers and things when we have – a real confirmation from the market. So we prefer not to anticipate something that we are not sure of. The first quarter of 26, I think, will give us good sign in order to maybe increase the profitability versus prices. For the CapEx and working capital, I will leave the word and the floor to Attilio.

Yes, Massimo. But the CapEx consider that the level will reach this year around 50 million euro could be considered a number also for 2026, but in any case we will be more precise in the next meeting we will have. About the net working capital, consider that we believe we reached the peak during the 2025 And if we can exclude the seasonality, we can consider a progressive absorption of the networking capital, especially starting from H2 2026 and the consequent semester for the beginning of 2026. In any case, we consider a good level of net working capital, close in the range between 3% and 8% for the future. because this could be a good level to manage the business after that we have the introduction of the direct distribution, especially for Simpson Marine in the APAC region, San Lorenzo Med, and the expansion in the U.S.

Thank you. That's very clear. Thanks.

Thank you, Natasha. We have one more question from Adam Waldock. With deliveries being sold up to 2029, any plans to extend manufacturing output for years to come?

Yes, we have a plan. In our La Spezia shipyard, we have the right from the local authority to refill the existing water side water cost for 10,000 square meter to produce extra 10,000 square meter in the harbor of La Spezia where we are going to produce, to build a new plant of 6,000 square meter. The new plant will be splitted between the super yacht production and the big maxi You know that we have a new division coming, starting from a 44 meter already sold and in production. We are starting to produce and design a new 50 meter. And the range of the aluminum maxi swan will go up to 60 meters. The smaller 44-meter will be built with the 50-meter will be built in Via Reggio. And we will bring back to Via Reggio the maxi business. And the boat above 50-meter, let's say 58-meter and bigger, will be built in La Spezia because in Via Reggio there is not enough dip in the water. Okay. to produce both larger than 50 meters in the maxi line. So, the expansion will be done in Viareggio before the 2029.

I believe we have no more questions, so I leave it to the Chairman for final remarks.

Thank you for participating to the conference. We apologize we get late. It's Friday evening. But I have to say that in my heart, in my mind, the result of 2025, just explained and presented by Attilio, is confirming the fundamentals of San Lorenzo. We think that as a message to you, to the investor, we think that the today value of our competitors Ferretti Group, the HAPA for the acquisition of Marine Max in America is showing that the investor, the shareholders inside of those two companies are believing in the business, they trust the business is growing and I think that at the end the result of 2025 from San Lorenzo is a very positive sign as well. So probably we have been suffering some re-rating of our share in the market. in 2024 and 2025, and we hope that you agree with me, you agree with us, that the confirmation of the guidance of 2025, the increase of 60% of the order intake in a geopolitical environment which is not positive in 2025, started already in 2024, is a confirmation that this business is positive and has quite a good future. I thank you for your attention. See you soon. Bye-bye. Thank you.