Italian luxury yacht manufacturer Sanlorenzo reported net revenue of €471.3 million for the first half of 2026, a 3.8% increase year-over-year, while group net profit rose 5.4% to €49.1 million. The company’s net profit margin expanded by 10 basis points to 10.4%, supported by a 3.7% rise in EBITDA to €83.5 million.
Order intake surged 18.3% year-over-year to €496 million in the first half, marking eight consecutive quarters of growth. The second quarter alone saw order intake increase 13.1% to €273 million. Gross backlog stood at €1.5 billion at the end of June, with net backlog exceeding €1 billion. Operational cash generation totaled more than €86 million in the period, while net cash improved to €49.4 million, up €57.7 million from June 2025.
The Superyacht Division posted the strongest performance, growing more than 12% year-over-year and accounting for over 32% of yacht revenue, driven by demand for steel-hulled vessels. The Yacht Division, which generates about half of total revenue, expanded by 3.1%, led by vessels exceeding 30 meters. Asia-Pacific and the Americas led regional growth, up 35.8% and 35.4% respectively, while Europe’s share of revenue fell below 50%. Bluegame, focusing on yachts under 24 meters, reported flat revenue of €43.6 million, and Nautor Swan’s sailing division saw softer conditions with €40.9 million in yacht revenue.
Sanlorenzo’s backlog coverage for 2026 reached €832 million, covering 83% of the midpoint of revenue guidance—an improvement of 500 basis points from the prior year. Approximately 40% of 2027 volume and 25% of 2028 volume have already been sold, with a book-to-bill ratio of 1.1x in both the first half and second quarter. The company’s net working capital stood at €86.5 million positive at the end of June, while capital expenditures totaled €20.3 million, including €2.2 million for the acquisition of Mast Italia.
Five new models are set to debut at the Cannes Yachting Festival next week, including the first of the SHE Heritage range, the 74Steel diesel-electric model, the BG64, and the Swan 80. Management reiterated a strategic focus on maintaining product complexity below 74-75 meters. A preliminary dealer agreement for Canada is expected to be finalized during the event.
Sanlorenzo’s shares rose 2.1% to $37.94 following the results, narrowing its 52-week range to between $28.05 and $40.00. The company’s market capitalization stands at $1.12 billion, with a trailing P/E ratio of 32.81.
