Good evening, ladies and gentlemen. Welcome to our full year 2025 preliminary results.

On Sanlorenzo side, we have on the line Massimo Perotti, Executive Chairman; Attilio Bruzzese, Chief Financial Officer; Pierfrancesco Acquaviva, Chief Corporate Officer; and myself as Head of Investor Relations. I leave the floor for the presentation to start to our Chairman, Massimo Perotti.

Good evening to everybody. Thank you for being in contact with us.

I like to start the floor with the first chart, which is not just starting with numbers, but trying to understand what happened in 2025. We are very pleased to confirm to you the numbers that we are very proud of, considering '25 was not an easy year, probably coming from '24 with expectation from the European Union election in June '24 and the American new president for November '24.

People were expecting a '25 grow with a return to a normality after the war in Palestine and the war in Ukraine. Unfortunately, as everybody knows, 2025 started with some, I would say, disruptive situation mainly in the Western world, the tariff, etc., etc.

I'm not going to summarize what happened, but all this situation was giving to the market a kind of uncertainty, and the uncertainty was reflected in the market. We are pleased to confirm to you and to show you again the resiliency, power, and strength of Sanlorenzo.

You see on the left, we can confirm with the number of 2025 six consecutive quarter of order intake growth. We can confirm the successful new models introduced in the market from the Cannes show is written below, SD132, SX120, SL110, BGX83 recently introduced to the Düsseldorf show in January '26, the new Swan 128, which is the largest ever built 40-meter maxi, and the Swan 51.

Thanks to the very successful new model launch, we got quite a good Q4 2025, which is giving back an extremely extraordinary good plus 16% of order intake in respect of 2024 order intake. We confirm a remarkable 18.8% EBITDA margin, considering that 2025 has been the first year of consolidation of Swan, and at the end, plus €34 million in net cash flow generation in Q4.

We have quite improved and increase our strength in the market by appointing new brand representative in Brazil and Mexico, and we open a new office in Australia and a new dealer in Japan. Nautor Swan, as I said, the integration is done, we are working hard, and we have already the first year with a profit after a year of losses, as you know.

I promise to you that with the strength of the group and the push of Sanlorenzo, we could do quite a good result in Nautor Swan in spite of a 2025 which has been really very dry in new order for the sailboat business. Simpson, at the end, last but not least, Simpson Marine has been fully integrated.

You see in the number of the grow of the APAC market, we can confirm that both distribution, service platform is integrated in the group and is leverage our strength worldwide. I'm very pleased to confirm these number.

I'm very pleased to show you the resiliency of our company, and I will like to give back the floor to Ivan because the second slide, I think, is quite interesting for all of you.

Thank you, with pleasure. Our 2025 growth continues to consistently outperform the luxury sector.

By setting 2019 top line to 100, it emerges clearly that our business model resiliency allows to grow even amid a context of uncertainty, as experienced both in 2020 during the COVID pandemic and in the last year in the generally softer luxury market. The reason is linked to three fundamental factors.

We have no exposure to aspirational clients, with a customer base made strictly of ultra-high-net-worth individuals. Just as important, the drivers behind the purchase decision of our customers are fundamentally different.

They are meeting their need for well-being and longevity, seeking unique experiences, and making the most out of their scarce free time. Finally, the competitive advantage of our business model, based on a product for true connoisseur yachtsmen, volume scarcity, high price point even at the entry level, ensures a superior stability of the underlying demand over time.

I leave the floor to Attilio for the presentation of the preliminary financial figures.

Thank you, Ivan, and welcome to everyone. Continue the expansion of the Sanlorenzo Group into the full year 2025 result, achieving a progressive integration of Nautor Swan and Simpson Marine.

The solid performances of the full year 2025 are in line with the guidance for the top line, and also more than expected for profitability, considering the Sanlorenzo absolute luxury positioning. Then in particularly, analyzing the indicators, net revenue new yachts grow 3.2% year on year at €960.4 million, driven by the performance of the Superyacht and Nautor Swan division, and good results of the Americas and APAC region.

EBITDA reached the amount of €180.6 million, plus 2.4% year on year, with 18.8% margin on net revenue new yachts. EBIT at €139.9 million, increase 0.4% year on year at 14.6% on net revenue new yachts, with a limited dilution from consolidation of Nautor Swan first full year.

The group net profit grew up 4.2% year on year, with a remarkable total amount of €107.4 million, with a double-digit grow of 11.2% on net revenue new yachts. Organic investment for €48.2 million, mainly related to the increase in production capacity and new model developments, with a reduction of incidence year on year on net revenue new yachts to 5%.

Then the net financial position at €20.1 million net cash end of December 2025, after dividends paid for €34.8 million and €1.2 million of extraordinary acquisition. Therefore, the guidance 2025 met at all levels.

In fact, is fully reached the top line target, showing a tactful grow of 3.2% year on year, and more important, the full year 2025 results in terms of profitability are just more than expected for margin, with EBITDA at 18.8% compared to the target of 18.7%, and EBIT at 14.6% compared with the target of 14.5%, and with an overperformance in the bottom line, with the group net result at €107 million, plus 4.2%, exceed the guidance, while organic capex at €48.2 million are in target range. Now, we can analyze figure more in detail, starting from the top line.

In this case, we had a good performance of the Superyacht division, plus 0.5% year on year, with in evidence the Steel line; excellent performance of Nautor Swan division with accelerates in Q4, plus 45.1% year on year, with the support of the Maxi line and confirming the strong progression on the integration process we are doing. Then the result of the Yacht division, that decrease 5.4% in full year 2025 year on year, but recovering plus 8.2% in Q4 year on year, also considering the larger units kicked into production in the last quarter 2025.

Bluegame recorded €85.5 million, minus 7.4% year on year, successfully navigating the headwinds in the segment below 24 meters. About the breakdown by geography, the group had a strong grow in Americas region, you can see 35.5% year on year after the expansion in the new market, Brazil and Mexico, and APAC region turns positive, plus 5.1% year on year, after the entrance in the Japan and West Australia market through the Simpson Marine strategic platform.

European remain solid, plus 1.3% year on year, showing in Q4 a shift to a more balanced global mix. MEA region, characterized by lumpiness given the low unit and at the same time high average ticket market, decrease 28% in the full year 2025, but in the meantime, increased 100% in Q4 2024 year on year.

Now, the profitability expansion follows the planned trajectory. In fact, the EBITDA margin grew by 2.5% and reached the margin of 18.8% net revenue new yachts, stable year on year, even after the Swan first full year consolidation.

The rigorous focus on gross margin increase that benefit on price and mix effect allowed to Sanlorenzo, ex-Swan, to expand margins. The EBIT increased 0.4% year on year, considering the higher D&A incidence on net revenue new yachts for Nautor Swan due to the smaller scale production and legacy investment before acquisition.

Finally, the group net profit grew up 4.2% at 11.2% on net revenue new yachts, with positive effect of tax benefit, more than offsetting the higher financial expenses after cash-out for 2024 acquisition. The gross backlog reached the level of almost €2 billion and benefit of a robust full year order intake of €943 million, plus 16% year on year.

Therefore, the positive market dynamic in Q4 is important, considering the order intake of €253 million, with a double-digit grow of 10.1% year on year. Net backlog end of 2025 is more than €1 billion and give to the group a long visibility on the future result, considering the composition of €618 million for 2026, plus €384 million for 2027 and beyond.

Furthermore, backlog is consistent and high quality, in consideration that it is sold 88% to final customer thanks to the unique Sanlorenzo business model, and with sold deliveries up to 2027, 2028, and 2029 respectively for Bluegame, Yacht, and Superyacht division. Also the Swan division, the sold delivery are up to 2028.

Consistent are waiting list, especially for yachts above 30 meters. About the order intake trend after the normalization of the market, the group from Q3 2024 to Q4 2025 reached the sixth consecutive quarter of grow in order intake, this is a proven trend.

A strong performance, considering the positioning of the brand and confirming how Sanlorenzo is resilient to the cycle even in a time of uncertainty like this, and how Sanlorenzo is absolute luxury and not exposed to aspirational customers. The order intake is consistently growing, and in the last Q4 increased 10.1% year on year.

The net backlog end of 2025 is more than €1 billion, we have around a full year of revenue still to book and already contracted. Continue the organic investment program that reached the amount of €48.2 million end of December 2025 at constant perimeter.

About 89% were related to expansion, new production, and distribution capacity, €22.6 million. Acquisition and new acquisition, consider that we had additional €1.2 million in 2025, of which €0.8 million refer to Arturo Ferruzzi acquisition, a supplier for the production of electrical system, and €0.4 million refer to Mediterranean Yacht Management acquisition in Monaco, in-house brokerage company to support the distribution of Nautor Swan.

The incidence of organic capex on net revenue new yachts decrease to 5%. Now, the evolution of the net financial position end of December 2025 highlights a net cash of €20.1 million after dividend payment of €34.8 million, organic capex of €48.2 million, and extraordinary acquisition of €1.2 million.

The net cash generation in Q4 2025 was €34.1 million and benefited by the net working capital decrease after the peak reached during the 2025, well supported by order intake, in particularly in the region Americas and APAC, where the group has a direct distribution. The total impact of IFRS 16 debt was €28 million in December 2025 versus €25.5 million of December 2024.

We have analyzed the financial result, and I leave the floor to Ivan to continue with the business update.

Thank you, Attilio. Very quickly on the most important concepts.

Here we come from a 2025 where we have presented some very important models, which have collected a very exceptional feedback from the market, both in terms of contract signed, order intake, and commercial pipeline. Particularly noteworthy are the three models of the Yacht division, which are all above 30 meters: the SL110A, which features the asymmetric design; the SX120, which is the current flagship of the crossover range, very iconic, invented by Sanlorenzo; and SD132, which is the largest composite model delivered today above 40 meters length, where we enjoy virtually no competition.

Also for 2026, we have in the pocket a very exciting pipeline of new models. We just started in Düsseldorf with the presentation of the BGX83, which is the flagship of Bluegame, to continue then with four new models for Sanlorenzo across both Yacht and Superyacht division, with again a focus on the large composite segment.

In the case of Nautor Swan, we're not just talking about new models, but we're talking about completely new product lines, which bring additional market segments to the business, additive to the current revenues. In one case, we have the Swan Alloy, which will be revealed, the first model, the large segment units made of metal, effectively the superyacht of the sailing segment, and later on an unveil of the blue-water line, Swan Escape, dedicated to those customers that prefer comfort over mere performance for long, extended cruising.

Speaking of new lines, we remind that Sanlorenzo also presented back in October the Sanlorenzo Heritage, which draws effectively into our deepest DNA back to 1958 and projects it into the future. Going to the next slide, we see the other core part central to our development strategy, the geographic expansion.

The new American headquarter in Fort Lauderdale at the Pier 66 was just opened, and along with it, which will be central for a further penetration into the American market where we have a massive opportunity, we just come from signing two important partnerships with new brand representatives in Mexico and in Brazil, which are very strategic markets which so far we have covered from abroad, and from now on, we will cover with a local commercial presence. In terms of completely new geographies, we have entered recently Japan with a strong brand representative and Australia with our direct network of Simpson Marine, which can be leveraged across the region.

We now open the Q&A session. We invite you to either use the Zoom tool to raise your hand or to leave your question in the chat.

We will try to address as many questions as possible. I see a question in the chat from Jackson.

"Hi, Jackson. Could we get commentary on 2026 outlook given no guidance was given?"

Yes, Jason, please to reply to you. Consider that we had the Düsseldorf boat show on the 20th of January, and today, in the meantime we are talking to you, there is the Miami show going on.

The starting of January, middle of February business is showing a better order intake of both January '25 and January '24. We have a feeling that the starting of the new year, the 2026, is good, and we do expect an improvement in volume of all four, I would say, business: Yacht, Superyacht, Bluegame, and Swan.

It is a confirmation that the market is more active since the first months of the year, which normally is not easy. In January, February, people are still thinking to go skiing more than going boating.

I see a raised hand from Niccolò Storer, please, Niccolò, go ahead. Buon pomeriggio.

Thanks for taking my questions. The first one is about Q4 intake.

If I put together two things, one that your let's say comments about the American season back at Q3 results presentation were quite downbeat, and I also see that let's say the share of backlog to final clients has declined by 2 percentage points from Q3 to Q4, is kind of suggesting me that you had to sell to dealers to get to the plus 10% order intake in Q4. If you can comment a bit on that, and so on the quality of the Q4 order collection.

Second question, you already answered about Düsseldorf and Miami, and so my other question is about intake by brand, in particular Sanlorenzo perimeter versus Swan. You suggested that Swan intake in 2025 was quite weakish.

Can you maybe spend a few numbers quantifying how good was Sanlorenzo ex-Swan and Swan? Thank you.

Look, I do reply the first question. I didn't understand the second, if somebody on the floor in La Spezia can reply is good.

For the first question, Storer, we're really now picking to small things. We are close to €1 billion, therefore 2% of €1 billion is €20 million, is almost nothing.

By counting the difference between 90% of direct sales or 88% is really something difficult to evaluate. The reason of the €20 million stock boat to dealer is because we appointed two important new dealer in the last quarter of '25, which is a guy in Mexico and a new guy in Brazil.

These two new brand representative, is a outside dealer working directly with Sanlorenzo of America, which is our company representing Sanlorenzo in the Americas, and those two dealer, they just bought €10 million each of stock boat, because when you are appointed exclusive dealer, you must buy stock boat in order to be appointed exclusive dealer. This is the only reason.

What is really important that we have 16% higher order intake in 2025 in respect of 2024, and this is much more important than that very little reduction from 90% to 88%. Consider that 90% or 88% direct contract is way above any other company worldwide.

This is a main characteristic of our business model, the quality of the backlog. Nobody else has.

The second question, I didn't understand, maybe Ivan or Attilio can reply.

Yes. About, Niccolò, the order intake, especially for Swan versus the rest of the group, you can consider that we collected around €90 million in the full year 2025, and this is especially for the Swan line, compared with 2024, where we collected especially new orders for the Maxi Alloy.

This is the total amount for 2025.

Perfect. Thank you.

Thank you both. Thank you.

Bye-bye, thank you.

We have a question in the chat from Joel Grau. "Can you please share some update on the chartering service for clients to use the unit for some time agreed?

An update on charter."

Yes. Charter has been plan.

We do not have an increase in the charter business, and no decrease, was in line with the '24, which is showing that '25 has been not an easy year in the market due to the uncertainty, the geopolitical uncertainty I was talking before. Charter for us is within the high-end service, with refit and other characteristic, which is something that will be deployed and developed during the description of the new three-years plan that will be done in May, in the meeting of the 8th of May here in Venice.

The logic of developing the charter business between Hong Kong, Fort Lauderdale, Monaco, and Equinox headquarters, which is in Torino, Milano, you know that we like the idea to have a win-win situation from the side of adding some profit to our business, but mainly to connect with new customers. They are willing to charter the Sanlorenzo fleet in charter, and when they use our boat year after year, they get acquainted, they appreciate the quality of Sanlorenzo, and at the end, they buy a new boat.

The win-win situation is coming, some service, some profit, some business, but mainly to show and to expand the contact of our boats to new customer base to expand the potential customer to buy new boats in the future. Consider that Swan has a fantastic company called [Mimm?]

in Monaco. They work since 20 years, 15 years, in developing the Swan charter fleet around the world, and that experience has been also very positive to acquire new customer from Swan, as well as we are trying to do with Sanlorenzo business.

I see a raised hand from Natasha Brilliant from UBS. Please, Natasha, go ahead.

Thank you very much, and good evening to all of you. A few questions.

Firstly, just on pricing dynamics, if you can just help us think about pricing as we look forward into 2026. Sorry if I missed it, but just if you can help us on capex and working capital for this year, what we should think about that.

Then just coming back to the comments about the new brand ambassadors in South America, and you've talked about new presence in Asia, anything more you can share about the pipeline for this year in terms of that sort of geographic expansion piece would be very helpful. Thank you.

Thank you, Natasha. I start from the end.

We think that both Asia, APAC market, and South America will be a growing market for 2026 for both Yacht and Superyacht division. Regarding pricing, it is too early to confirm aggressivity in pricing.

We would like to see what will be the result of Q1 '26. In case Q1 '26 will be good as from the first months, January, then for the Q2 and Q3, we will try to increase a bit our price in order to take the best advantage for the Cannes, Monaco, Genova September shows 2026.

Today, I cannot confirm to you because our way of management is always very conservative, we do declare numbers and things when we have a real confirmation from the market. We prefer not to anticipate something that we are not sure of.

The first quarter of '26, I think will give us good sign in order to maybe increase the profitability versus prices. For the capex and working capital, I will leave the word and the floor to Attilio.

Yes, Massimo. About the capex, consider that the level we reached this year around €50 million could be considered a number also for 2026, but in any case, we will be more precise in the next meeting we will have.

About the net working capital, consider that we believe we reached the peak during the 2025, and if we can exclude the seasonality, we can consider a progressive absorption of the net working capital, especially starting from H2 2026 and the consequence semester for the beginning of 2026. In any case, we consider a good level of net working capital close in the range between 3% and 8% for the future because this could be a good level to manage the business after that we had the introduction of the direct distribution, especially for Simpson Marine in the APAC region, Sanlorenzo Med, and the expansion in US.

Thank you. That's very clear.

Thanks.

Thank you, Natasha. We have one more question from Adam Waldock.

"With deliveries being sold up to 2029, any plans to extend manufacturing output for years to come?"

Yes, sir. We have a plan in our La Spezia shipyard.

We have the right from the local authority to refill the existing water coast for 10,000 square meter, to produce extra 10,000 square meter in the harbor of La Spezia, where we are going to build a new plant of 6,000 square meter. The new plant will be splitted between the superyacht production and the big maxi alloy Swan.

That we have a new division coming, starting from a 44-meter already sold and in production. We are starting to produce and design a new 50-meter, and the range of the aluminum maxi Swan will go up to 60-meter.

The smaller 44-meter with the 50-meter will be built in Viareggio, and we will bring back to Viareggio the maxi business, and the boat above 50-meter, let's say 58-meter and bigger, will be built in La Spezia, because in Viareggio there is no enough deep in the water to produce boat larger than 50-meter in the Maxi line. The expansion will be done in Viareggio before the 2029.

I believe we have no more questions, I leave it to the Chairman for final remarks.

Thank you for participating to the conference. We apologize we get late.

It's Friday evening. I have to say that in my mind, the result of 2025, just explained and presented by Attilio, is confirming the fundamentals of Sanlorenzo.

We think that, as a message to the investor, the today value of our competitors Ferretti Group, the offer for the acquisition of MarineMax in America, is showing that the shareholders inside of those two company, are believing in the business, they trust the business is growing, and I think that at the end, the result of 2025 from Sanlorenzo is a very positive sign as well. Probably we have been suffering some rerating of our share in the market in 2024 and 2025, and we hope that you agree with us, that the confirmation of the guidance of 2025, the increase of 16% of the order intake in a geopolitical environment which is not positive in 2025, started already in 2024, is a confirmation that this business is positive and has quite a good future.

I thank you for your attention. See you soon.

Bye-bye.

Thank you.

Thank you.