And 2026 highlights. First half shows that Sanlorenzo 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.

We can analyze figure starting from net revenue new yachts grown 3.8% year-on-year at €471.3 million, led by the strong performance of superyacht division and great result of APAC and Americas region. EBITDA increased 3.7% year-on-year at €83.5 million, and EBITDA margin is 17.7% after the full consolidation of Nautor Swan.

EBIT at €62.2 million 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 with a double-digit margin of 10.4% on net revenue new yachts. Then the organic investment at €18 million, especially related to new industrial capacity and product development, with an incidence on net revenue new yachts at 3.8%.

Then the net financial position at €49.4 million net cash end of June 2026, with a cash generation of €26.5 million last March after dividends paid for €37 million 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.

Superyacht division performance remained strong, plus 12.4% year-on-year, driven by the Steel line considering the innovative contents also for wellness and longevity, and represent more than 32% of net revenue new yachts. Then Yacht Division generated about 50% of the total revenue, grows by 3.1% compared with the previous H1 2025, mainly related to the market segment above 30 meters.

Bluegame generated €43.6 million revenue, flat year-on-year, confirming strong resiliency in challenging segment of yachts below 24 meters. Then Nautor Swan division reported net revenue new yachts at €40.9 million, reflecting a softer sailing market condition while maintaining its distinctive high-end positioning.

In terms of breakdown by geography, APAC region grew of 35.8% year-on-year, considering the structural advantage of the Simpson Marine platform in Asia, as well Americas grew 35.4% year-on-year, considering the strong dynamics in the region, especially for yachts above 30 meters. MEA 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 aimed to entering new untapped 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 new yachts, considering the balanced expansion of the group with solid margin consistent with the pricing power and flexible cost structure. EBIT increased 3.9% year-on-year with a stable EBIT margin at 13.2% after Swan full consolidation.

The group net profit grew up 5.4% year-on-year with a double-digit margin at 10.4% on net revenue new yachts and with an improvement of 10 basis point compared 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 result reached in a challenge global context and related to the Sanlorenzo unique business model, which can show different and better result, especially in more complex scenarios, due to the top-end positioning of Sanlorenzo brand and the peculiarity of scarcity, craftsmanship, made-to-measure direct distribution to the customer club. Very significant is order intake of Q2 2026 at €273 million, plus 13.1% compared with the second quarter 2025, and with a book-to-bill Q2 2026 that reach level of 1.1 time.

Then the gross backlog reached the level of €1.5 billion, thanks to the strong H1 2026 order collection of €496 million, plus 18.3%, with a robust book-to-bill in H1 2026 of 1.1 time. The gross backlog has a composition of €832 million for 2026, covering 83% net revenue new yachts of the midpoint guidance with a relevant progression of the coverage, you can see 500 basis point compared the previous year, and €667 million for 2027 and beyond, increasing the long visibility of the future result.

The net backlog end of June increased to more than €1 billion, and furthermore, backlog is very consistent and high quality in consideration that it is sold 89% to final customers, once again thanks to the Sanlorenzo unique business model. About capex, continue the organic investment program that reached the amount of €18 million 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 new yachts is limited to 3.8%. The overall investments are €20.3 million, considering the change in perimeter of €2.2 million referred to Massa Italia acquisition to increase production in the Yacht Division for products above 30 meters.

The net working capital end of June 2026 was €86.5 million 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 shows a cash generation of €57.7 million compared with June 2025 and of €26.5 million 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, considering the positive contribution from the operational business for both EBITDA and working capital for more than €86 million 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 Sanlorenzo business model and the strength of the brand even in a global complexed context as we have in this phase. That's all for the financial result, and I leave the floor to Massimo for business update.

Thank you, Attilio. Just a few words before giving you the floor.

I 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 September, and we will have the first model of the new Sanlorenzo Heritage range, 50.

The boat is giving us a lot of interest from the market. We sold six units already, and we have many appointment already organized.

It is something new. It is something that the market needed, and as always, our innovation approach as Sanlorenzo 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 deliver the first unit in spring '26, and we have the second unit in delivery by October, November '26, both diesel electric, with the sophisticated technology.

This model is, as our biggest and largest model, approximately 2,000 gross tonnage, and this is our limit. As we do not want to increase the volume and the complexity of our product range above 74, 75-meter.

BG Bluegame 64 is completing the range, the BG range, with a world premiere in Cannes. We have been just finishing testing the boat with a fantastic speed.

All the data as expected has been reached, we are very happy of the product. We have many contact to be developed next week in Cannes.

Then, last but not least, 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 Cannes show to help us to sell and increase the volume of the Swan 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.

This is why. 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.

Then the continuous developing of the range, product expansion, the six the five new model that we will introduce to Cannes is a confirmation of the expansion of our portfolio. 50 is an example, and more has to come.

Now, I think it's the time to pass the floor to you. We're ready to reply to your question.

Please.

Yes. We can open now the Q&A session.

Anyone of you wishing 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, everyone, and thanks for taking my questions.

I've got three. Firstly, you highlighted the benefit of new geographies.

I think you highlighted Brazil and Australia. I just wanted if you can share what other markets you might be targeting.

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? Anything you can call out by different geographies or by different segments, any color would be helpful.

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, about a bid.

I just wondered if you could share your latest thoughts about the potential to bid and what the rationale might be, anything you can share there. Thank you very much.

Thank you, Natasha. I think, cross fingers, but we should meet at the Cannes show the most important Canada dealer.

As you see in our picture, one of the most important market we were shooting when we introduced the three-year plan was in green, and Canada is for sure one of the most promising country, 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 sale and also good prospect. We will meet in the Cannes Boat Show.

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.

As you see from the cake of the geography, we still increased 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 boat.

There is quite a good demand coming, and we have to understand better next week. Consider 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 sailboat 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 16 to the 18, 19 of September.

After Monaco, there will be the Genoa show, the first three days of October. After these dramatic, I would say, 30, 35 days of engagement, we do expect to have quite a good result.

Finally, TISG. 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 Polo Nautico Carrara, where we have 45% as Sanlorenzo, and there will be other partner, including a large group of supplier. We think that is a good deal because the facilities 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 Sanlorenzo.

That I do not like to spend too much money or to jump to deal which are risky for the company. Overall, the geopolitical is changing every day.

As yesterday and the day before yesterday, there was some troubles between Germany and Russia. One weeks ago, there was other problems.

We do not think that the environment is such that we should do crazy deal. Please don't worry.

Sanlorenzo is approaching always with a 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 TISG has good assets, but the approach is a very balanced, and the balanced logic is to approach the deal with Polo Nautico Carrara with some partners, taking care of the workers, taking care of the suppliers, because at the end most of the suppliers of TISG are Sanlorenzo supplier, 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.

Thank you.

Next question is coming from Oriana Cardani from Intesa Sanpaolo. Oriana, please.

Yes. 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 Swan and Sanlorenzo and between Yacht and Superyacht for Sanlorenzo? Can you specify the weight of America in second quarter order intake?

The second question is on the order backlog of €667 million for the period beyond 2026. Could you specify the value for 2027 and 2028?

Thank you.

Yes. Now, the split of the backlog beyond 2027 is approximately 40% of the volume expected for '28, already sold, and approximately 25% of the '28 and a little piece of '29.

We are very happy because, on top of having 83% already covered after the first six months for '26, and as we have the full control of costs, having a nice and good July, August, and we have a good expectation for the September boat show, we do expect no problem to close the 2026 within the guidance. It's also nice to start the 2027 with 40% covered already and 1/4, 25% for the following '28 and a piece of '29.

Now, regarding the Swan and Sanlorenzo, unfortunately, if I have to say, a small problem we are facing in the last months is the Swan sailboat. The market has been pretty much low, in standby, I would say.

As Swan is a top brand. We build 25 boats per year, is not a large-volume company.

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, an expectation of new boats buyer coming to the boat show. Between Superyacht and Yacht, we normally do not give this kind of information, but mainly we had a stronger order intake in Superyacht, quite good and strong order intake on yacht above 30-meter, more light market for the yacht below 30-meter.

We think that Bluegame is keeping quite a good position, which is extraordinary because the boat below 24-meter, as are suffering since a couple of year, and still the geopolitic situation do not really allow the market to come back strong for the boat below 24-meter. America, for America, we can confirm it's good.

As you see, we have a 35% increase in United States, and America is continuing to be good, but it is very important, and we can show the cake for 1 second, you see that the America, 27.4% of our share, we have the indication that 11% is US client out of 27, 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 3 51 and 4 ClubSwan 28 in the last six months in America.

The Swan deal, thanks to all the investment we did with American Magic and the new office in Newport, etc., is paying back to Swan. I would say America will be US and America in general will be quite strong for boat above 30-meter.

For the boat below 30-meter, we still see some problem, some timing from the market before accepting and digesting the tariff.

Very clear. Thank you very much.

Okay.

Thank you, Cardani.

Then we have probably a final question from Mr. Sandro Laccidogna.

Please.

I don't know if you hear me. 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 order intake and the investments that you are making in R&D in absolute terms and also in percentage of the revenues. My question is about the free cash flow, if you have a forecast about the full year 2026 about the number of the free cash flow that you expect.

Thank you.

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

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 boat, in particularly for the direct distribution support.

That we have increased the direct distribution and also to support the penetration in the new markets as strategy in provided in the business plan. 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 of cash, and we increased with this H1 the free cash flow of the group. For the next semester, we consider to maintain the high generation that we had in the H1.

This is at least the first target. Of course, this is especially linked to the evolution of the business and the order intake in the next months.

In any case, as target for the business plan, you remember that the networking 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 Ioanna Ziarti from Bank of America. Please, Ioanna.

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.

Yes, Europe. 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 2025, 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. I think that we did perform a fantastic plus 35% year-on-year 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 superyacht. Now, Europe, I think is a good question.

I think that September in Cannes, Monaco, and Genoa, we will understand better the situation of Europe. Europe has not been bad, absolutely.

I would say good, but not excellent. We have to see what will be the result of the boat shows.

Consider 2027 is the year of election, and therefore, I don't know, I'm using the conditional tense, 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 situation with Russia. 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.

I would say we consider Turkey part of Europe, Turkey and Greece good. 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 spend a fantastic summer, because it was very hot, it was good, people was enjoying yachts, we receive a lot of phone calls with appointment in Cannes. 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.

We feel pretty much the happiness of our customer due to a very good, hot summer.

Great. Thank you.

You're welcome.

I think that there are no further questions. 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 ninth quarter increasing, which I consider fantastic, because eight quarter is almost two years, it's more than two years, well no it is two years, exactly two years of continuous growth considering the geopolitical situation.

I think that is a strong sign of resiliency and strength of the company, the group, Sanlorenzo, Bluegame, and Swan, and therefore our business model, our strategy is a winner in this difficult moment in the market. Thank you to everybody.