Sanlorenzo Spa

Some 2026 highlights First off shows that San Lorenzo group continue on the path of expansion with a sustained growth in line with our guidance 2026 Thanks to the unique business model moving beyond the worldwide geopolitical issue and global context. So we can analyze figures starting from net revenue yachts grown 3.8% year on year at 471.3 million euro. led by the strong performance of superior division and great result of APAC and Americas region. EBDA increased 3.7% year on year at 83.5 million euro and EBDA margin is 17.7% after the full consolidation of Nautus One. EBIT at 62.2 million euro increased 3.9% year-on-year consistent with the previous year and the group net profit grew up 5.4% year-on-year with a total amount of 49.1 million euro with a double digit margin of 10.4% on net revenue in New York. then the organic investment at 18 million euro especially related to new industrial capacity and product development with an incidence of net revenue yields at 3.8% and then the net financial position at 49.4 million euro net cash end of June 2026 with a cash generation of 26.5 million euro last March after dividends paid for 37 million euro and taking advantage of the delivery season provided in Q2, especially in Europe. then we can analyze figure more in detail starting from the top line super yacht division performance remains strong plus 12.4 percent year near driven by the steel line considering the innovative contents also for wellness and longevity and represent more than 32 percent of net revenue in yachts and then yacht division generated about 50 percent of the total revenue grows by 3.1% compared with the previous H1 2025, mainly related to the market segment above 30 meters. Blue Game generated 43.6 million euro revenue, flat year on year, confirming strong resiliency in challenging segments of yachts below 24 meters. Then, Nautos One division reported net revenue in yachts at 40.9 million euro, reflecting a software selling market condition while maintaining its distinctive high-end positioning. In terms of breakdown by geography, APAC region grow of 35.8% year-on-year considering the structural advantage of the Simpson Marine Platform in Asia. As well, Americas grow 35.4% year-on-year considering the strong dynamics in the region, especially for yachts above 30 meters. Near region increased plus 22.7% over the local context. This positive marketing and market evolution allows the group to have a better balance in terms of mix by geography, with Europe's impact below 50% where the largest loyal and resilient customer club is based. Then, in terms of markets, the considerable revenue expansion in America and APAC region is consistent with the plan 2028 strategy. aim to entering a new and tapped market. In particular, the extension in the recent new local presence in Mexico and Brazil and also in Japan and Australia have given, in the last H1-2026, a robust order intake contribution. About profitability, the EBITDA grew by 3.7% year-on-year, at 17.7% on net revenue yields, considering the balanced expansion of the group, with solid margin consistent with the pricing power and flexible cost structure. EBDA increased 3.9% year-on-year with a stable EBIT margin at 13.2% after Swan Fool consolidation. The Group Net Profit grew up 5.4% year-on-year with a double-digit margin at 10.4% on net revenue yields and with an improvement of 10 basis points compared to previous year. Order intake evolution, we can consider that the evolution of the top line is driven by the continued growth of backlog with an order intake consistently growing now for eight consecutive quarters. Remarkable results reached in a challenged global context and related to the San Lorenzo unique business model, which can show different and better results, especially in more complex scenarios. due to the top-end positioning of the san lorenzo brand and the peculiarity of scarcity craftsmanship made to measure direct distribution to the customer club and very significant is order intake of q2 2026 at 273 million euro plus 13.1 percent compared with the second quarter 2025 and with a book to build Q2 2026 that reached a level of 1.1 times. Then the gross backlog reached the level of 1.5 billion euro thanks to the strong H1 2026 order collection of 496 million euro plus 18.3% with a robust book to build in H1 2026 of 1.1 time. so the gross backlog has a composition of 832 million euro for 2026 covering 83% net revenue in yachts of the midpoint guidance with a relevant progression of the coverage you can see 500 basis points compared the previous year and 667 million euro for 2027 and beyond increasing the long visibility of the future result. The net backlog end of June increased to more than 1 billion euro and furthermore Backlog is very consistent and high quality in consideration that it is sold 89% to final customers, once again thanks to the San Lorenzo unique business model. About CAPEX continue the organic investment program that reached the amount of 18 million euro end of June of which 87% related to the group expansion in new product development 11 million and new industrial capacity 4.7 million dedicated to all division. The incidence in organic capex on net revenue yachts is limited to 3.8%. The overall investments are 20.3 million euro considering the change in perimeter of 2.2 million euro referred to Mast Italia Acquisition to increase production in the yacht division for products above 30 meters. the network capital end of June 2026 was 86.5 million euro positive and below the ceiling level defined in the business plan with a reduction of more than 32 million in the last three months Therefore, the net cash end of June of 49.4 million euros shows a cash generation of 57.7 million euros compared with June 2025 and of 26.5 million euros compared with March 2026. The net financial position bridge starting from end 2025 highlights the remarkable pre-dividend cash generation of more than 66 million euro considering the positive contribution from the operational business for both ABDA and working capital for more than 86 million euro and consistently capital allocation policy applied. Then in conclusion, considering the solid H1 2026 result and given the high visibility from the backlog end of June, the 2026 guidance is fully confirmed without changes. the resiliency is made possible by the san lorenzo business model and the strength of the brand even in a global complex context as we have in this phase so that's all for the financial result and i leave the floor to Massimo for a business update thank you

Thank you, Attilio. Just a few Just a few words before giving you the floor. I'd like to underline the continued product momentum with the introduction of five new boats at the Cannes Boat Show. The Cannes Show will start next Tuesday, the 8th of In September we will have the first model of the new San Lorenzo Heritage range, SHE. The boat is giving us a lot of interest from the market. We sold six units already and we have many appointments already organized. it is something new it is something that the market needed and as always our innovation approach as San Lorenzo is going to the right direction and the market is really in appreciation of this new model the 74 meter has been introduced to the market, I think, last June. We delivered the first unit in spring 26. We have the second unit in delivery by October, November 26, both diesel-electric, so with the sophisticated technology. And this model is, as you know, our biggest and largest model approximately 2000 gross tonnage and this is our limit as you know we do not want to increase the volume and complexity of our product range above 74-75 meter Blue Game 64 is complete in the range the BG range will be a world premiere in Cannes we have been just finishing testing the boat with a fantastic speed all the data expected has been reached so we are very happy of the product we have many contacts to be developed next week in Cannes and then last but not least the Swan 80. Swan 80 is a completion of the Swan classic range just below the maxi range 80 is 24 meter is a very delicate product for us the first boat has been delivered the last july in finland and will be at the canto to help us to sell and increase the volume of of this one deal last I hope that you found the numbers of the semester good. I think Attilio was giving us a very good picture, also in consideration of the still existing geopolitical problem. And this is why. Well, because our business model is really creating long-term value. We are continuously focusing on building differentiation from our competitors and desirability. This result is coming from a mix of innovation with the proper technology. with tradition, keeping and preserving our tradition for the design, the co-creation, the tailor-made approach to customer, which is not only the product, which is there since day one, 20 years ago, but also in the service to our customer, and then the continuous developing of the range, and product expansion. The five new models that we will introduce to Cannes is a confirmation of the expansion of our portfolio. She is an example and more has to come. Now I think it's the time to pass the floor to you. We are ready to reply to your question. Please.

Yes, we can open now the Q&A session. Anyone who wishes to ask a question can do it either by raising the hand on the ad hoc Zoom tool or via the ad hoc chat box. I see that we have a question from Natasha Brilliant, UBS. Please, Natasha.