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.

Hello, good afternoon to everyone and thanks for taking my questions. I've got a few. Firstly, you highlighted the benefits of new geographies. I think you highlighted Brazil and Australia, so I just wondered if you can share what other markets you might be targeting. um second question is obviously you've got the yacht shows to come but any change in customer dynamics in the last few weeks few months over the summer um anything you can call out by different geographies or by different segments any colour would be helpful and then my last question just relates to the Italian Sea Group I think there's a deadline in the next couple of weeks if I'm not mistaken um about a bid so I just wondered if you could share your latest thoughts about the potential to bid, what the rationale might be, anything you can share there. Thank you very much.

Thank you, Natasha. I think, cross-finger, but we should meet at the Cannes show the most important Canada dealer. As you see in our picture, One of the most important markets we were shooting when we introduced the TRIAL plan was in green and Canada is for sure one of the most promising countries and we have already almost a deal with a top dealer which is coming in Cannes to shake hands and to sign a preliminary agreement. Of course, the Middle East is still a bit in standby, but we can confirm that Asia-Pacific has quite a strong dynamic. In August and beginning of September, we had some good sell. and also good prospect to be probably to be we will meet in the Kanbo show so if I have to say Canada will be the first new market to be covered with a strong dealer Middle East is still in standby but as you see from the cake of the geography we still increase 22% our presence in the first six months of 26 but then probably Asia-Pacific will be the part of the market where we do expect the best result for the next couple of months. Regarding the dynamic of the demand I have to say good. July and August was two good months. We sold both. There is quite a good demand coming. and we have to understand better next week, considering we have next week Cannes and then from 22 to 26 Monaco. In the middle we have three important days in Porto Cervo where we will host 170 Swan sailboats coming from all over the world for the Rolex Swan Cup and for the christening of the 60th anniversary of Swan. We do expect some good business coming from that week which is from the 16th to the 18th, 19th of September. After Monaco, there will be the Genova show, the first three days of October. So, after these dramatic, I would say, 30-35 days of engagement, we do expect to to have quite a good result. Finally, we do not have anything to add. In specific, as you know from our article on the paper, we have been sending a written offer to the tribunal and to the board of TISG at the end of July. We made a proposal in money and engagement which was, I think, quite important. We are looking the deal through a company called Polonautico Carrara where we have 45% as San Lorenzo and there will be other partners including a large group of suppliers. We think that is a good deal because the facilities and the people, the facility is very good and the people and the managers are also good people with a lot of skills. We intend to continue to look to the deal, to the matter, but not as the 100% player. We would like to split the deal with some partner in order to proceed with our rigorous financial approach which is typical of San Lorenzo. You know that I do not like to spend too much money or to jump to deals which are risky for the company. overall the geopolitics is changing every day as you know yesterday and the day before yesterday there was some troubles between Germany and Russia one weeks ago there was other problems so we do not think that the environment is such that we should do crazy deal so please don't worry San Lorenzo is approaching always with the solid and logic mind to the business the business is not easy we know the business pretty well thanks to our experience and we think that TISC has good assets but the approach is very balanced and the balance logic is to approach the deal with Polonautico Carrara with some partners taking care of the workers taking care of the suppliers because at the end most of the suppliers of TISC are San Lorenzo suppliers so we think that we should protect them and we should take care of them.

Perfect thank you very much that's very clear and good luck for the next month.

Thank you.

Next question is coming from Oriana Cardani from Intesa San Paolo. Oriana, please.

Thank you, good afternoon everybody. My first question is on the mix of the order intake in the second quarter. can you tell us the split between Suon and San Lorenzo and between yacht and super yacht for San Lorenzo and can you specify the weight of America in second quarter order intake and the second question is on the order backlog of 667 million Yes, now the split of the backlog beyond 2027 is approximately 40%

of the of the volume expected for 28 already sold and approximately 25 percent of the 28 and a little piece of 29 so we are very happy because on top of having 83 percent already covered after the first six months for 26 and as you know we have the full control of cost so having a nice and good July-August and we have a good expectation for the September boat show so we do expect no problem to close the 2026 within the guidance but it's also nice to start the 2027 with 40% covered already and one quarter, 25% for the following 28 and a piece of 29. Now, regarding the Schwan and San Lorenzo, unfortunately, if I have to say a small problem we are facing in the last months is the Swann sailboat the market has been pretty much low in standby I would say as you know Swann is a top brand we build 25 boats per year so it's not a large volume company so we are not thinking to really suffer but I have to say that the last six eight months has been pretty low in contact in order and so we do expect to see some action in September and October a good point from the Palma show in April and until today that many second hand boats maxi boats between 90 and 110 feet has been sold that is a good sign because when the second hand market is moving quickly that is normally a sign and expectation of new boats buyer coming to the boat show between super yacht and yacht we normally do not give this kind of information but mainly we had a stronger order intake in super yacht quite good and strong order intake on yacht above 30 meter more light market for the yacht below 30 meter we think that Blue Game is keeping quite a good position which is extraordinary because the boat below 24 meter as you know are suffering since a couple of years and still The geopolitical situation does not really allow the market to come back strong for the boat below 24 meters. America. For America, we can confirm it's good. As you see, we have a 35% increase in the United States, and America is continuing to be good, but it is very important that we can show the cake for one second you see that the America 27.4 percent of our share we have the indication that 11% is US client out of 27, so the majority is out of US and only 2% is below 30 meter. I think that the market below 30 meter in America is suffering the tariff which is normal 15% tariff for a boat below 30 meter is something on the side of Swan we sold 351 and 4 class 128 in the last six months in America so this one deal thanks to all the investment we did with the American magic and and the new office in Newport, etc. is giving back, is paying back to Schwan, but I would say America will be, US and America in general will be quite strong for both above 30 meters. For the boat below 30 meters, we still see some problem, some timing from the market before accepting and digesting the tariff.

Very clear. Thank you very much.

Ok, then we have probably a final question from Mr. Sandro Lacidogna. Please.

yeah i don't know first of all congratulations for the results i think they are very good not only if we consider the semester that has been closed but also if we look for the future particularly i am referring to the ordering take and the investments that you are Thank you.

I turn the question to Attilio, because he knows much better than me.

Yes, sure. Yes, Sandro, consider that we haven't indicated a specific guidance for the cash flow. especially considering the evolution of the networking capital that we dedicated for both in particular for the direct distribution support you know that we have increased the direct distribution and also to support the penetration in the new markets as a strategy provided in the business plan. so in this case we can consider that the company has a very controlled capital allocation you can see that the operational business in the period in H1 generated more than 86 million euro of cash and we increased with this H1 the freakish flow of the group so for the next semester we consider to maintain the high generation that we had in the H1 this is at least the first target and of course this is especially linked to the evolution of the business and the order intake in the next months. In any case, as a target for the business plan you remember that The net working capital ceiling is below 12% and you can see that in the last June 2026 we are close to 8.7%.

Thank you so much.

Now we have a question from Johanna Ziarti from Bank of America. Please Johanna.

Hi, thank you for taking my question. Actually, I just have one on Europe, please, if you can give us more context on what you saw in the second quarter in that market. Thank you.

Ah, yes, Europe. Well, consider, if we go to the cake, consider that Europe has been reducing the percentage in respect of the past. I would say it's not really due to the weakness of Europe, but I would say the strength of America and Asia Pacific, thanks also to the investment we did buying Simpson Marine. You remember the first year, 2024, middle of 25, there was a bit of calm. in the market of Asia-Pacific then from second semester H2 25 and H1 26 Asia-Pacific did quite a lot and we are expecting even better so I think that we did perform a fantastic plus 35 here and here on both in Asia-Pacific and Americas, and that is reducing automatically the percentage of the European market. Even MEA, the Middle East, has been doing pretty well, but thanks to the larger boat, thanks to the super yacht. Now, Europe. I think it's a good question. I think that September in Cannes, Monaco and Genova we will understand better the situation of Europe. Europe has not been bad, absolutely. I would say good, but not excellent. So we have to see what will be the result of the boat shows. You can see that 2027 is the year of election and therefore it could be, I don't know, I'm using the conditional It could be a moment of, I would not say standby, but more attention from the European big country because of the new election. and the situation with Russia. But I would say that July-August contact has not been bad, especially coming from East Europe. There is a lot of market coming from the new market of East Europe. maybe a bit less in Germany, in France, Italy good, UK pretty much in standby, and I would say we consider Turkey part of Europe, Turkey and Greece good. So, you know, it is a bit a mix of feeling, but I think that we will be more precise by the end of September because Cannes and Genoa and Monaco are really key boat shows where the European people are coming. Also important because they spent a fantastic summer because it was very hot, it was good, people were enjoying yachts, so we received a lot of phone calls with appointments in Cannes. and you know when the customer has good holiday they enjoy the boat there is a kind of needs to come and see at the boat show what is new the new model larger model so we feel pretty much the happiness of our customer due to a very good hot summer

Great, thank you. You're welcome.

Okay, I think that there are no further questions, so I think Massimo, we can close this call.

okay thank you very much for your timing and then we will meet soon after the boat shows to understand the next Q3 order intake with the hope that we will continue to go to the nine quarter increasing, which I consider fantastic because eight quarter is almost two years. It's more than two years. Well, no, it's two years, exactly. Two years of continuous growth considering the geopolitical situation. I think that is a strong sign of resilience and strength of the company, the group, San Lorenzo, Blue Game and Swan and therefore our business model, our strategy is a winner in this difficult moment in the market. Thank you to everybody.