Italian boatbuilder Sanlorenzo has presented its 2026-2028 business plan alongside consolidated financial results for the first quarter of 2026.
The medium-term plan targets compound annual growth of at least 6 per cent for net revenues from new yachts through to 2028, alongside an EBITDA margin target of at least 19 per cent by the end of the period.
For 2026, Sanlorenzo forecasts net revenues from new yachts of between €980m and €1.02bn, compared with €960.4m in 2025.
Q1 2026 performance
EBIT for the quarter reached €27.9m, up 4 per cent year-on-year. Net cash stood at €22.9m as of 31 March 2026, compared with net debt of €28.1m a year earlier.
EBITDA for 2026 is expected to be between €180m and €192m. The company also forecasts EBIT of between €140m and €147m and group net profit of between €108m and €114m.
Order intake for Q1 2026 reached €223.2m, up 25.4 per cent year-on-year. Order backlog stood at €1.23bn as of 31 March 2026, with 90 per cent already sold to final clients. Sanlorenzo says €724.7m of the backlog relates to 2026 deliveries.
Net revenues from new yachts in Q1 2026 totalled €222.1m, up 4 per cent compared with the same period in 2025. EBITDA reached €38.5m with a margin of 17.3 per cent, while group net profit rose to €22.3m.
The yacht division generated net revenues from new yachts of €104.6m during the quarter, representing 47.1 per cent of total revenues. The superyacht division reported €74.2m in revenues, up 14.1 per cent year-on-year.
The Bluegame division recorded revenues of €18.3m, down 8 per cent compared with Q1 2025. The company says market conditions below 24m remain more challenging, although the division maintained profitability.
The Nautor Swan division generated revenues of €25m, an increase of 5 per cent year-on-year.
Europe remained the company’s largest market, accounting for 58.6 per cent of net revenues from new yachts. Revenue from the Americas rose 18.7 per cent to €52.3m. APAC revenue declined 11 per cent to €23.4m following a stronger delivery period in late 2025, while revenue from the Middle East and Africa increased 24 per cent to €16.2m.
Sanlorenzo confirms business plan priorities
Sanlorenzo says its latest business plan for 2026-2028 reflects projected long-term growth in the high-end yachting sector, including a larger ultra-high-net-worth population and continued demand for experience-led luxury products.
The company estimates the 30m-75m segment in which it operates will record compound annual growth of 5.7 per cent through to 2028.
The plan is structured around five areas: technology development, product and design continuity, operational efficiency, direct distribution and owner services.
Sanlorenzo says investments will focus on sustainable propulsion systems, advanced materials, digitalisation and integrated design. The company also plans to expand production capacity and continue development of its Design & Innovation Lab.
Operational measures in the plan include infrastructure investment, process optimisation and the use of augmented reality technologies within the 3D design process. The company says it is also assessing the efficiency benefits of AI.
The group says it will continue investing in its direct distribution network and owner-focused services, including events, digital platforms and refit activities.
Capex for 2026 is forecast at between €50m and €55m, with medium-term expenditure expected to remain between 5 per cent and 5.5 per cent of net revenues from new yachts.
The company also confirmed a dividend policy based on a payout ratio of 30-40 per cent of group net profit.
CEO issues statement
Massimo Perotti, chairman and CEO of the company, says: “Sanlorenzo continues to execute a disciplined strategy focused on sustainable growth, long-term value creation and preserving the exclusivity of its brands.
“Our performance highlights the strength and resilience of our business model, supported by solid order intake, strong backlog visibility and high profitability, confirming the enduring appeal of our products among a highly sophisticated global clientele.”
Perotti adds: “In 2025, we delivered on all key guidance metrics, and Q1 2026 confirms continued momentum, with order intake up 25 per cent year-on-year, marking the seventh consecutive quarter of growth. Our order backlog, 90 per cent sold to end clients, and net backlog above €1bn provide clear revenue visibility over the coming years.
“Looking ahead, we see additional upside potential not yet embedded in our guidance, including a gradually stabilising geopolitical backdrop, the reopening of key markets and the expansion of high-margin refit and services activities.”
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