Sanlorenzo reports €184 million net revenue for Q1 2023, exceeding expectations. The Italy-based yacht builder experienced double-digit growth across all key metrics, reflecting the strength of the brand and its business model. The net revenue from new yacht sales in Q1 reached €183.7 million, an 11.8 percent increase compared to the previous year.
Sanlorenzo fleet
The European market witnessed significant expansion, with a 50.3 percent growth compared to Q1 2022. The order intake for the quarter amounted to €170.1 million, contributing to a gross backlog of €1.24 million.
“In line with our Business Plan 2023-2025, the results of the first quarter 2023 demonstrate the strength of the brand and the excellence of the business model of the Maison Sanlorenzo, which once again translates into increasing results, substantially in line with our forecasts. Our backlog is consistent and of high quality, 92% sold to final clients. The next deliveries are not available before summer 2025 for Yachts and before summer 2026 for Superyachts. This combination results in a high-degree visibility, well above the industry average, which allows for an enviable planning,” says Massimo Perotti, Chairman and Chief Executive Officer of the Company.
Massimo Perotti
Sanlorenzo's net profit rose by 23 percent to €17.2 million, resulting in a margin of 9.4 percent on net revenue. The company emphasizes its high-quality backlog, with 92 percent sold to final clients, providing excellent visibility and planning. Sanlorenzo also strengthened its supply chain through strategic partnerships with suppliers such as Sea Energy and Duerre. EBITDA for Q1 2023 reached €31.2 million, a 21.2 percent increase, while EBIT amounted to €24.2 million, up 22 percent from the previous year. The company's commitment to innovation and sustainability is evident through continued investments in research and development, positioning Sanlorenzo for a successful zero-emission yachting transition.
“We are confident that the future of the sector will depend on innovation, especially in the field of sustainability. Therefore, by providing concrete answers and with a long-term vision to lead towards a zero-emission yachting transition, we continue to invest in research and development, confident of the path we have taken. We continue the strategic strengthening of our supply chain as demonstrated by the investments made to acquire the stake in Sea Energy and the acquisition of the majority of Duerre to ensure the procurement of key works and the supervision of the unique know-how offered by our territory,” continues Massimo Perotti.
Sanlorenzo was founded in 1958 in Viareggio by yacht builder Gionvanni Jannetti. In 2005, Massimo Perrotti became the majority shareholder in the shipyard. Sanlorenzo builds yachts ranging from 28.60 to 62 meters in length.
Credits: Guillaume Plisson; Daniele Barraco/Sanlorenzo