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.