Welcome to everybody. Thank you to be here.

It is proud for us to have you in Casa Sanlorenzo. We meet during the year at the various Capital Days and we tell you about Casa Sanlorenzo, but something is to show you a picture, something else is to show you the place.

I hope that you enjoy it. Now, let's start.

I like to stop for 1 minute to the team. I started, as working in the yacht industry when I was 23, 43 years ago.

I learned that this industry is a delicate, difficult industry, because we work without 6,000 engineers like Mercedes to a product that has to be technically very sophisticated, from the artisan point of view perfect, and our customers are the best men in the world because they became very rich. Therefore, the team working on this business has to be special.

I think that the team we put together in these years is special. Most of them you know.

I would concentrate on Gianguido Girotti, which is in the middle, because he's the last one coming to join us. He will present himself.

I have to thank a lot Tommaso, which is with us since 18 years, and I believe that doing such a difficult job, it is important to be in the business for many years and be expert of this business. Tommaso is with us since 18 years, but Gianguido will be with us in a few weeks, but it's in the business for more than 20 years.

Pierre is the Chief Corporate Officer. He's a very young guy with a lot of energy and, I would say, ideas.

Being young is bringing a lot of energy and new idea in the company. The CFO is a guarantee because he's working with me since 20 years, and he's a guy of the number, but he knows very well the number of the yachting, which is very important as well.

I miss one picture here, which is Carla, which is there. In a few months, she will step out of the CEO position of Bluegame, but she will remain with us.

She will remain in the Board of Directors, she will remain as advisor to the Chairman. We have been working together for more than 40 years, and I'm very pleased that you will still support me.

It will be a long meeting, please relax, because we want to tell you exactly what will be the future and the world of Sanlorenzo, Swan and Bluegame. I will start with the track records and highlights, and then the people you saw in the picture will present the plan.

C'è qualcosa

che non va? Io schiaccio quella giusta.

È questa? Scusate.

Era quella grossa, giusto? Prometto di non sbagliare più.

Così? No.

Sente meglio? Ok, perfetto.

Scusate. Non abbiamo fatto prove.

A story of innovation rooted in tradition. 20 years of shared vision shaped by many hands, from a corner of Italy to the world's attention, where craftsmanship became culture and yachts became legends.

This is Sanlorenzo. Like the sea itself, never-changing yet ever-changing.

The present will soon be past, but tomorrow's icons are timeless.

Don't be shy, eh? Today you have to applaud a lot.

Solo un messaggio di servizio. La tenda c'è, quindi chiedete alla persona giusta che sa usarla e tiratela giù, altrimenti è una sofferenza perché il sole è proprio caldo.

Let's start. Consistently achieved all targets across market condition.

Two very important message. As you see, in the last 6 years since the IPO, we've been very conservative, we've been very prudent in giving our numbers, and we achieved every year all the promise we gave you.

This is the base of the planning of the next 3 years as well. We like to remember and we think that the Sanlorenzo of today is a much stronger company than 6 years ago, with better management, with better range of product, with a wider market, with more experience, and also for you a company which is keeping the promise.

As you see, the financial performance has been remarkable. We have a revenue which grow 9% in the last 3 years, the EBITDA grow 11.7%, and the net profit 13.1%.

The EBITDA margin for '25 is 18.8%, which is a little lower than last year, but the organic grow is 19.5%. We have unfortunately the consolidation of Swan.

Swan is a company with a great potential, but is not that easy to get to the Sanlorenzo margin in a quick time. What is very important for us is the first consolidation is a company that has a net profit and is producing cash, which it never did in the last 20 years.

The EBIT is 14.6% and we have a net cash position. The last, but I think very important, we like to remark that the ROIC is more than 20%, and this is a very important number as all of you knows.

We did €164 million of dividend, and we will keep the same policy between 30% and 40% of the net profit for the next 3 years as well. The capex is around €50 million, and we will keep that capex for the next 3-year plan as well.

We think we have a leadership in profitability. We have asset-light business model.

I would say, we will show you there is some strong barriers to the entry in our business, which is again a good, important point. Quickly through what we did.

The direct distribution has been boosted a lot with a new Sanlorenzo Med, Americas, Sanlorenzo of Americas. We have a new office in Pier 66, and we have new sales organization.

We have new dealer in Mexico and in Brazil. APAC is now very consistent.

We saw the numbers of our direct competitors, and today Sanlorenzo, thanks to the investment in Simpson Marine, is in the first position in sales for Asia-Pacific. Now considering the situation of Russia and Middle East, we think that we will enjoy our leadership in Asia-Pacific.

In the middle, you have the competence of the company has been increased thanks to the acquisition of some of our supplier. Then last but not least, we are pioneering the technology for the emission and for the sustainability.

I just remember the tender for the America's Cup, which is 11-meter with foil and hydrogen propulsion, more than 50 knots for 180 miles. It was a success for the American Magic and the French syndicate.

The first 50-meter with a methanol reformer fuel cell, you see the equipment produced and supplied by Siemens. I would consider Nautor Swan as the last point of a fil rouge, which is closing the sustainable investment of the company.

Swan is building sailboat, is the top brand in the world, and our goal for the future will be building maxi, going 16 knots with the wind, and when there is no wind, to have a propulsion which will not be a thermic engine, but a new sustainable power. That will be the ideal product for the next 5 to 10 years.

The new model. This model has been launched in 2025, and I hope you already saw our numbers, and you see that we have quite a strong order intake, approximate 25% more than the first quarter of '25.

Consider that we had a very strong January and February. Probably some of you remember our meetings.

We say Düsseldorf was very good, Miami was very good, but then the third month was almost stopped due to the Iran war. We have a strong order intake, and the reason why is here.

The new model has been a success, has been supporting very much our order intake. Nothing is coming from the sky, everything comes back.

When you do a right investment, you do a right design, you do innovation, you have the right team to do it, at the end, the result is coming back. This is, I think, the most important picture of the day, because it's showing you that we are increasing the order intake consistently in the last 7 quarters.

Now 7 quarters is not 1 or 2 or 3. We sell an 80-meter, 70-meter and we adjust the number?

No. 7 quarter is from, as you see, H2 '24 through '25, which is not been a nice year, as all we know, until the first quarter of '26.

One of our business model plus is the segment. Remember, I started when I was 23.

I worked for more than 20 years in a very important company in the business, and I learned that the yachting, boating is not always very good in term of profitability. Che è successo?

Ok, go. We like to show you this slides because the sweet spot in this business is between 30 and 40-meter, is the segment of the business, of the market which is more profitable, less competition, and Sanlorenzo is leading, as you can see.

We are mono-brand. You see that 141 yachts are built under the same name, Sanlorenzo.

Meanwhile, our competitors, sometime they use more brand, but still do not have more boat in construction than Sanlorenzo. This is very important and this probably is one of the main reason of our EBITDA margin, which is the highest EBITDA margin of the market.

We are price leader here. We have a model which is changing the product every 10 or plus years.

If you see, let's compare with the car industry, which is easier for everybody. With a car like Renault, Peugeot, Ford, Fiat, they change the cars every 3, 4, 5 years, because they need to make the evolution of the cars in order to have more orders, in order to get the order intake.

If you take as example Mercedes or even more, Bentley or Rolls-Royce, the changing of the product is every 20 years, because the market is more solid, there is a leadership. Sanlorenzo has an average of 10 years for each model, which is a sign of top brand positioning, the connoisseur of the club of customer of Sanlorenzo.

This is one of our special business model point. Then, of course, the scarcity, the desirability, and many other point that we already discussed together.

Now I would like to go to this one and then I come back. The new number.

This is the last 6 years. The guidance for 2026 is expecting a 4% increase between €980 and €1,020 million.

We have an EBITDA which goes from €180 to €192 million, with an average increase of 3%. The EBITDA margin is between 18.5% and 18.8%.

Here we have to consider the growing, the slow growing of Swan. The EBIT, €140 million, €147 million.

The EBIT margin between 14.2% and 14.4%. The group net profit between €108 and €114 million, and the capex around 5.3% of the revenue.

It is not a fantastic guidance, but you have to consider the geopolitical situation of today, and you have to consider mainly our prudent, conservative approach. We like to maintain our promise.

In today environment, these numbers we consider very solid, very resilient, considering that we cannot sell boat in Russia, we cannot sell boat in the Middle East. In Dubai, people are leaving.

Fortunately, they are using the boat in the Med, but they are living, and so they are not thinking to change the yacht in this month. In this difficult environment, we think that the guidance for 2028 will be a grow of 6% or more, the EBITDA margin will be 19% or more, and the EBIT margin would be 14.5% or more, and we keep 5% to 5.5% percentage of the capex.

Please consider this a strong, resilient plan, conservative, because if things goes better, we have the possibility to have quite an interesting upside. The day that there will be no war, there will be more business.

Now is 5 years of war between Ukraine and Russia. We have many, many customer calling us, saying, 'As soon as the boat will finish, we will knock your door.'

Remember, we used to sell 3%, 4% of our revenue to Russia, and after 5 years, that means 15%, and the people still has the money. They just need to be free to buy.

The same is for the Middle East. Our Middle East market is 7%, 7.5%.

If that war will stop, we will add to the 3-year plan 7.5% of market to be back. The geopolitics stabilization will be a key point of the upside.

Refit. We are working for the acquisition of a new plant.

We like to have the right plant to the right money. We're very conservative.

We don't want to spend too much money if it's not needed. The moment we will have a new plant, and there are some good alternative existing, there will be a boost in our numbers that are not inside of the plan.

The untapped geography. This is also an important point.

As you remember, in the last quarter of '25, we had Brazil and Mexico, two big countries. We have Australia and Japan on the other side, and, we will see later, there are still good, important market to cover.

We have still quite a nice space to grow. Now the program of the day are the pillar of the Sanlorenzo Group medium-term strategy.

We will have Tommaso and Ivan and Attilio and Gianguido to talk and to explain to you. In the summary, we will speak about pioneering technology, innovation within tradition, operational excellence, distribution network, brand and owner-centric approach.

We recall the best-in-class management team, but I already explained that to you. Thank you for your attention.

Then I ask Ivan to come to the floor. Thank you very much.

Grazie. Good evening, ladies and gentlemen.

I'm Ivan Cutrufello, Head of IR, Finance and M&A, and I will be my pleasure to walk you through some of the main market trends that are underlying our sector, of course with the specific lens of the Sanlorenzo reference market. Starting from this last point, before seeing the broader market trends, we describe some of the key stats regarding what we call our Sanlorenzo Customer Club of Connoisseurs, you see then the market with the right lens.

As our customer club is one of the most valuable intangible assets. We've been building it through decades, and in the past 5 years, is very interesting to notice that the frequency between repeat purchases from our loyal customers has improved, going to 3.5 years compared to 5 years before 2020.

Then when we go analyze what kind of purchase that they do in this repeat process, we see that 75% of our repeat buyers, they upsize when they change the yacht, on average by 6 meters. Always remember that the relationship between length and value is not linear, but is cubic.

A 57-meter is double than a 50-meter. This 6 meters increase over time effectively translates into an average upselling in monetary value that is above 70% when we compare the price of the last purchase with the price of the previous purchase.

We flag at the bottom of the slide this double utilization time, and this is also key when we analyze the yachting trends, and specifically the Sanlorenzo ones. If our customers use the yacht on average 4 months a year rather than 2 months a year, they're more willing to invest in it, to spend more in it, because they're dedicating a big chunk of their life on board the yacht.

Switching to the market, now we see some of the main trends underlying the broader reference market, which is quite solid, and within this market, Sanlorenzo is an outperformer. One of these trends is wellness and longevity.

The purchase driver behind the yachting purchase from our clients is not just related to making most of their scarce free time, but is also related to their wellness. It's quite proven that living by the sea, on the yacht, the sea life has important benefits on the health of a human person.

For the lucky ones that can afford a yacht, for sure, that's a great way to invest in your own well-being. When we look at the wellness economy overall, we see that the trend is accelerating, there is more consciousness and more willingness to spend in wellness and longevity.

Between 2019 and 2024, the wellness economy grew at 6%, around 6% average growth rate, and now the projection indicate a growth that is above 7%, an acceleration. When we break down the clusters of the wellness economy, here you have 11 clusters, we also see that the ones that are most adjacent to yachting, they are the ones that are experiences the fastest growth, wellness real estate, for example, rather than wellness tourism.

Our reference market, between 30 and 75 meters, is expected to grow 5.7%, according to SuperYacht Times, up to 2028, of which if we break it down into the components, the price and mix, the average selling price effect, is the main component of this growth. When we look at further underlying trends, certainly is important to flag demographics.

The billionaires, in general the ultra-high-net-worth individuals, they are ever more and ever richer, regardless of the phase of the economic cycle. We see this decorrelation between our customer base and the economic cycle.

If you look at the top cluster, the top cohort of wealth, we see that both the self-made ones and the ones that inherit the wealth, we see that in '25, in both the segments, we had the fastest wealth creation since in one case, since 2021, in the other case, since many more years. In the case of inheritance, we see plus 36% year-on-year, which is a very strong percentage, and it is just the beginning, according to demographic trends, because on the right-hand side of the slide, we see there are about $6 trillion ready to be transferred in wealth for the next 15 years.

When we consider that the ultra-rich in the world, they have an average 3.5 children, this is both a multiplication effect of the target addressable market and also a big wave of new money ready to be spent according to the other trends. Last but not least, we flag the development of marina projects, which are particularly significant for the development of ecosystem in emerging markets, for example in APAC, where we have great opportunities also thanks to the Simpson Marine acquisition.

On the supply side, we see a clear dominance of Italy as a proper broader ecosystem. The market share of Italian builders has been constantly increasing for the past 8 years, and here we see a progression that goes from around 45% in 2018 to more than half of the global production as of today.

This is a clear sign that yachting needs a precise ecosystem, and Italy is the country best positioned to compete, because of its craftsmanship availability, because of the industrial efficiency of a big manufacturing country, because of design and lifestyle embedded in our culture. When we look into the Italian players, we see that there are three top players, there are three champions.

If we get the top three, of course Sanlorenzo is one of those three, we see a constant increase both in top line and in marginality, it's a healthy growth. The ability to reinvest those margins, those profits into the business is creating a gap between the top players that can afford the scale and the capital, and to put the capital at work, with the smaller players that are more fragmented at the bottom of the industry.

Within the three top players, as Mr. Perotti was outlining, Sanlorenzo is the one best positioned in the sweet spot of the market, where we combine, on one side, the highest profitability, because of the semi-custom business model, because of the repetition in models, on the other side, a low correlation to the economic cycle, because in this sweet spot, our clientele is so rich already that the correlation and the cyclicality fades away.

Two more things to flag. The exposure overall of the Sanlorenzo Group in this cohort below 24 meters is quite limited, about 10% of the revenues.

That's the most cyclical part, but that's why we use that limited amount in order to catch the customer earlier, so as in the customer acquisition tool. On the other side, we don't have exposure above 2,000 GT, we limit the execution risk in building those mega projects where usually marginality is not as under control as in our reference market.

I conclude here just to comment one of the upsides just presented by Mr. Perotti, the refit.

The refit is particularly interesting because evolves naturally with the growth of the installed base, of the global fleet, which each year keeps increasing. Then when we go break down by the age of this fleet, we see there are about 4,000 yachts above 30 meters in the world, about 70% of the global fleet, that is older than 10 years.

There is a clear opportunity to enter a business that is anti-cyclical, has an attractive marginality, and well complements our business model that is more and more customer-centric, also in the after-sales. I leave back the floor to Mr.

Perotti. Thank you for your attention.

Bravissimo, Ivan.

Consider that... This is the hub for arts.

As the arts people are not very well organized, and so sorry. It's okay, because this is not a problem.

Sorry. Just a simple point.

Italy is building 52% of the yachts in the world, but there are very small business in refit, because the problem is O lo fate o non andate su e giù. Trementi, per cortesia.

The point is that we build new boats, and then the customer, 10 years, 4,000 people, 10 years old boats, goes to Spain, in Barcelona, to France, in Marseille, to do the refit, because is a problem of space in Italy. We are working very hard in order to get a new plant to do the refit.

The refit is also very nice because in one way is anti-cycle and you do not have to invest money. After you do the investment with a new plant, then you don't have to do more investment for the future.

It is a very important growing point for the company and is not included in the 3 years plan. Now we will speak about pioneering technology and yacht development, and then Tommaso will explain you about the operational excellence and distribution network, and Renato, the brand and owner-centric approach.

Let's go quickly. The first page is Design and Innovation Lab.

I sincerely think that our main reason of success of the last 6 years has been innovation and design. We have now three important brand, which is Sanlorenzo, Bluegame and Swan, and for one reason or the other, these three brand have been working alone.

The team of designer, the team of technical people, the research and development has not been really in connection with the other company. The idea is to build a Design and Innovation Lab in order to have a team of people with the leadership on all the three brand and exchanging ideas, and having one organization concentrated with the relationship with outsiders designer.

The new innovation will be moved from one brand to the other, we think this will be one of the future important idea to develop our business. Research and development will concentrate on sustainable propulsion.

That we've been the first company to build a 50-meter with fuel cell. We have a bi-fuel engine yacht, is a 50-meter.

We have been designing the boat, and we have the engine from the MAN builder, which is working not only burning fuel, but methanol. The problem here will be to see the future of logistic and distribution of methanol.

Therefore, the technology is there. We are pioneering the technology, but we must wait to see the development of the distribution.

Then there is many other point, innovative material, the alternative to teak, eco-composites. We have digital system integration.

Of course, the AI new world is coming to yachting as well. It is something to explore deeply, and we will do it.

There are also new work for research and development in the process of innovation, automatization, robotics, patent, data managers and governance. This is a nice picture.

You see the Sanlorenzo Heritage. It is a clear example of innovation where we are leader.

This boat has been designed as a heritage approach taking the design of the '50s and the '60s, but inside we have the most sophisticated technology from the IPS Volvo hybrid engine. In short, in the cars you have the hybrid car, you accelerate and you use either electricity or thermic engine.

This boat will be the same. We go up to 1,200 RPM electrically, then when we push for more speed and longer distance, the electric engine will stop and the thermic engine will start automatically from the Volvo system.

When you arrive to an island, you want to reduce the speed to drop the anchor, you go back to less than 1,200 RPM, and the thermic engine stopped and electrical engine start. It is a really high-technology approach, and that will be the most sophisticated system.

Sanlorenzo Heritage will be launched in June and will be introduced in the Cannes boat show. That system is pioneering the Volvo IPS hybrid solution and will be used in the next technical platform for the SX76, 88 and 100, which will be an extension up to the 2028.

This is a picture showing you a bit more what I already told you, the bi-fuel engine that we will apply to our production. The bi-fuel engine means that 70%, 80% of the consumption will be with methanol and not fuel, but still you can work, you can produce energy by using the fuel.

If you don't have the availability of methanol, you can still have the fuel. We are in pole position in this project as well.

Here you can see the design of the methanol tankage, which has a patent, we registered a patent in order to enjoy this technological advantage in respect of the competitors. Yacht development.

As I said, the design innovation has been the real point where we built our leadership. The development of the new boat is very important.

Here we have the new model mix, which is upscaling in size and in innovation contest. You see here we talk about flagship of the SD line, the 132, and then we have a flagship on the Bluegame line, which is the BGX83, and then we have another flagship, which is the Maxi Swan 128.

What that means? Le ammiraglie of three different line of product are launched in 2025, 2026.

Our new model is upscaling in innovation, but mainly in size. That is giving us the possibility to grow the revenue without changing too much the number of boat produced.

Remember, scarcity is our goal, is our logic, is our business model. Robust pipeline to introduce the market in 2026, confirming what I just said.

In 2026, we have a new SL80, a new SX136, a new Explorer, which is more than 60-meter, 1,150 gross tonnage, the new SD98. In the Bluegame, we just introduced the BGX83, which is the flagship of the line, and then we will have a new BG64 model for the Cannes boat show.

In Swan, we will have the last Germán Frers design, which is a Swan 73, which will be in the market for 2027. We will launch and present, introduce in the market the Swan 80, still Germán Frers, and it is under design and development a total new line, which is they call it blue water, and the name would be Swanscape.

It is a kind of escape boat to go around the world with more comfort. This one is designed by Vrolijk, which is one of the best designer of today.

Again, is showing the kind of effort in new models with innovation and design the company is doing. Here I think is a page that is showing you our strategy.

When we bought the company in 2004, there was only the Sanlorenzo, the SL line, the flying bridge planing hull. You see that in 20 years, we have been entering Sanlorenzo in many more, many different segment of the market with the mono-brand approach.

When we started Bluegame in 2018, was a very small company and was just the BG line, and you see that for Bluegame, we did exactly the same, BGX, BGM, BGF. The company grow to 90-plus million euro revenue.

The same concept we're going to do with Nautor Swan. With Nautor Swan, we bought the company with the ClubSwan line, the classic cruiser and the maxi, built all in Finland.

There was a motor line called Shadow, but was very little, and we are going to expand a lot the motor Swan range of product, and then there will be two new, completely new model, which is the aluminum Maxi above 44-meter, which will be built in Viareggio, bringing back the Maxi production in Viareggio, and then as I say, the blue water, which is Swanscape line, which is just to explain again the idea with the automotive, which is easier for everybody. The Porsche car industry is building 300,000 cars.

150,000 cars are SUV. If you look Porsche 20 years ago, was the 911 classic Porsche style.

The SUV new line has been now taking 50% of the business. The idea of the blue water line is not a flush deck boat, but is a boat with a superstructure, which is protecting much more and more comfort to the customer.

That means that with Swan brand, we will take a new line of the new segment of the market and expand the business. This is the project of growing our product from 2022 to 2025.

The last 3 years, we increased from 26 to 35 model, and the expectation for '28 will be to increase to 39 model. This is Sanlorenzo and Bluegame together.

You remember, we explained you about our 10 years average time for changing. This is quite important for the business model of Sanlorenzo.

Why? Because if you spend millions of euro to buy a boat and you know that after 2 years you have a new boat, you will lose a lot of value.

You will lose the value of your asset, which is something that is not really nice for the customer. You remember, Sanlorenzo as a Club of Connoisseurs, 1,000 people; Swan is the Club of Connoisseurs, 2,300 people.

Smaller boat, they are more, but still very small number in respect of the bigger competitors. The fact that our range stays in the market longer means that the second-hand market has more value, means that our customer knows that buying Sanlorenzo, they don't lose the value of the asset.

It's a key point in the value of the brand. Now you remember, we said we enjoy very much with Sanlorenzo the increasing of product covering different segment.

We did it with Bluegame. This is exactly the example of what we are going to do with Swan.

We bought a company with three line of product and the service business, which is a global service, which is covering 18% of their revenue. Then we will add the Swan Alloy, aluminum boat above 44-meter; the Swanscape, which is the blue water sail line, this is the new one in the project; and then we will boost and renew the power Swan.

When we tell you that the 3-year plan '26-'28 has been conservative, very careful in the numbers because of the geopolitical situation, we consider a grow of Swan less than what we could. One of the upside and I would say that if we do the upside is thanks to Gianguido, which is here, I think that Swan can really produce much more than what we have been forecasted in the plan.

Why? Because the situation of the market is such that we have to be conservative, we have to be prudent, but the three new line of product can double the revenue of the company.

It will be in 3 years? It will be in 5 years?

Today is difficult to consider that, so that reason we have been very conservative. This is an example of the new Swan Alloy, 40-meter-plus, designed by Malcolm McKeon.

The interior is Christian Liaigre, two top designer in the world. The boat is magnificent.

Consider that in this field, there are only two competitors today, is Royal Huisman and Vitters, which are two Dutch, very strong quality competitors. They sell their boat with more than €120,000 for tonnage.

The idea to use a North European brand, which is the top line, like Nautor Swan, with our design, built in the famous Viareggio, at the Italian cost, having only two Dutch competitors, believe me, will help a lot to increase the EBITDA margin of Swan. It is a key element of the grow of the business of Swan.

This is just a little sketch. We cannot disclose today too much.

We will introduce the new model in the market soon. This is the typical superstructure of the blue water line for the Swanscape, which, as you see, is protecting the owner and the guest much more than the flat deck.

This is same as Sanlorenzo and Bluegame, we have the increase of the model we will project between the 2026 and 2028. Now I like to call to the place Gian Guido, GGG, Gianguido Girotti.

We have been speaking together for 8 years. It was a long plan to get you, but as I never stop my ideas until I don't get the result.

I like to pass the floor to Gianguido.

Thank you very much. Indeed, we are a long business love story, let's put it this way, since we knew each other since quite some time, but I'm a boat guy.

Let's be clear. I've been doing this for all my life, as Max said at the very beginning, and I think it's part of the core values of the incredible organization that I found entering for the first few hours and days into Sanlorenzo, still as a guest, because I will start to serve as CEO of Swan and Bluegame from middle of June.

I will spend just 2 minutes, because there are so many and much more information, more important information than myself, but who am I? As said, I come from a sailing family passion family.

Then I decided to transform this passion into a discipline when I started naval engineering, and then in Southampton, and then I ended up doing a Master in Fluid Dynamics that luckily allowed me to enter at the time at the pinnacle of the yacht design in 2000 at Germán Frers, the former or actual designer of Nautor Swan. I had the incredible opportunity to master what we call the best of what it's yacht design, technology, blending it to the most and most beautiful boats in the world, because I've been doing not just the America's Cup, but the Wallys that were designed by the Frers office at the time as well as the Swan.

After 4.5 years, my curiosity, you will know me in the years, drove me to really stress myself and understand what's the business side of it. After mastering, let's say, the technological and the design side, which is the key and the powertrain of the business, I started working at Grand Soleil and then Dufour, where I served different position and understanding more the distribution strategy as well as the industrial and production one.

From there, in 2015, someone who is here today took me into Bénéteau.

We had Carla,

Carla Demaria. She took me to Bénéteau.

I started serving with her the product strategy of Bénéteau. We turned around the brand.

Then she left, as because she has an incredible history here. I served after her, a bit like taking over today, the Bénéteau brand first.

Then I took the role of Deputy CEO of the Groupe Bénéteau at the time, relaunching what was then named the plan of the House of Brands, restructuring all the branding side, reputting some orders and discipline. Today my mission is very clear.

I'm honored, because we've been speaking quite a lot about all this. The two incredible brands that I will look after, Swan, it's the reference of highest quality sailing and performance sailing in the world, and Bluegame, which is more of a bold brand that started just a few years ago, but managed to create a strong brand name into the business.

I have this incredible responsibility to hold and to structure these two brands over the time, bringing some of the discipline that I learned even in the past, but mostly to benefit of this incredible Sanlorenzo discipline of overall performance and agility to serve customers, quality to the highest standard. I'm really thrilled to start from the 15th of June, and I thank you again for these 2 minutes to present myself.

Thank you very much.

Grazie, Gianguido. Now it's the time of Tommaso, the big guy.

Opla. Sorry, I need my glasses.

Good evening. I am proud to step on the next strategic priority, which is the operational excellence, where I build my career in the last 18 years here in Sanlorenzo.

Our path towards operational excellence will start with two strategic project. The first is technology and infrastructure.

We aim to establish a new cross-functional entity that will oversee our infrastructure and to develop continuous optimization. It will ensure harmonization of the infrastructure in terms of aesthetics, that means the brand identity, technological support to better improve the efficiency, and the flexibility that allows us to move along the different plans, our range, products and brands.

It will ensure as well technological solution, like software implementation, to let our operational team be focused on what they do best in terms of artisanal and complex customization process. The second special project we target is what we call in Italian Progetto Orizzonte Uomo, Human Horizon Project, is a strategic project for us that place people at the center of the value creation model.

The aim is to create an environment where our employees are centered. We would like to achieve that kind of environment developing internal protocols to increase our safety and well-being, introducing best practices to enhance operational performance and strengthening the sense of belonging.

Because for us, every Sanlorenzo is the result of the hands, of the experience and the culture of our people. This is an example of technology implementation.

That space is a 3D design process interface that allow you to ensure time and cost reduction in dealing with unforeseen client modification request. Even Sanlorenzo is for sure a hand-crafted business, we think that it is time to welcome AI in our company.

We would like to hire a dedicated manager that will be focused on training and developing internal awarenesses, technical feasibility studies, and AI first adoption to get quick wins. On top of what we have just seen, these are the main investment in production capacity that are already planned.

Our operational excellence is built on footprint optimization and it is targeted on capacity addition in already owned land property. In Ameglia, the new M shed of about 4,000 square meters will be added to the actual production capacity.

In Arbatax, we would like to strengthen our composite plant with other 3,000 additional square meters for a total of 15,000. In the North Italy, near Brescia, we plan to build a new plant in already owned land property that was purchased for this purpose few years ago, in which we will build 11,000 square meter plant that will be dedicated to serve Nautor Swan and Bluegame business.

Our capex execution will be in line with our business plan. At the end of 2025, our production capacity exceeds 140,000 square meters compared to the 100,000 square meters in 2022, which in this moment we are using plus or minus 78%.

With the €100 million cumulative capex we plan to develop in the 3-years plan, we would like to increase our production capacity plus 15%. With the project we discuss so far to improve our efficiency, we will rise up the percentage of utilization up to 80%.

On top of that, we still have 10% of capacity that we can gain with the new plant in Brescia for Bluegame and Swan. Next is distribution.

It's a key pillar for us. In fact, Sanlorenzo has a unique competitive advantage having built a global direct sales distribution in the three main markets that no one has, and that allow us to be leader not only in made-to-measure, but also in made-to-service, being direct on the market.

We aim to catch more opportunities around the world to be able to better balance the market trends. In this way, we are sure to fulfill the order intake that is targeted in coherence with the scarcity model.

In the picture, you can see in green the countries where we see opportunities for Sanlorenzo in this moment. In brown, you see what we have recently established with local presence.

As I said, our direct sales distribution is already present in Europe with Sanlorenzo Med that is based in Monaco, South of France and Balearic Island. We are still in the ramp-up phase for Sanlorenzo Med.

Even last year, they did a significant result for the group. We see opportunities in the Scandinavian areas, in the Northern Europe, as well as in the Baltic Republic and in Poland.

We feel we would like to be stronger in Middle East, especially in Saudi and in Jordan. We think that in Africa, we can focus some of the countries where we can expand our business.

Looking far over the ocean, Americas are lead by our direct company that is SLAM, Sanlorenzo of the Americas. As Massimo said, we are based in Fort Lauderdale.

We just had the inauguration of the new showroom in Pier 66, which is an iconic place for the yachting in U.S. We have just renovated the sales organization.

We just hired two top sales manager. They will take care of Sanlorenzo, Bluegame and Nautor Swan.

We recently established local presence in Brazil and in Mexico with exclusive brand representative. On the U.S.

soil, we target the West Coast and the Great Lakes area. We don't have to forget that U.S.

was for decades the top market for Swan business. We are interested as well to develop in South America: Argentina, Venezuela and Colombia, and of course, Canada in the Northern America.

On the other side of the world, we are direct with our organization, Simpson Marine. Simpson Marine has just completed its consolidation, developing Australia and Japan.

In the next future, we would like to target New Zealand, South Korea and India. I would like to conclude talking about the superyacht sales development strategy, where we see significant room for price increase to support our margin expansion.

Till today, the sales activity on superyacht, were driven mainly by our headquarters. We would like to benefit of the commercial development we have seen so far to be more present all over the world and to use the central role of our direct distribution hubs where we plan to appoint dedicated, highly trained specialist that can support the prospect management in the early stage of negotiation.

Superyacht is a business where you have to be skilled and prepared. We need to help the direct hubs to be in the superyacht business, with the top specialization.

I thank you for your attention, and I leave the floor to Renato Bisignani, which is our CMO.

Good evening, everybody. For the next 10 minutes or so in this section, I will frame the role of brand within our broader strategic priorities and our continued approach to enhance our customer experience.

At Sanlorenzo, we increasingly see brand as a strategic layer that connects product, client experience and long-term value creation. It is through this lens that I will walk you through the next few slides.

At the highest end of the market where we operate, differentiation is certainly driven by product offering and scale, but it is also, I believe, first and foremost driven by brand perception, relevance and the quality of the relationship clients build with the brand over time. Our growth model is built on a deliberate balance between portfolio expansion and controlled scarcity.

On one side, we are expanding the product offering, addressing multiple segments and usage profiles across the range. Critically, we are not pursuing volume expansion as a primary goal.

Instead, we are strengthening brand pull, increasing the number of clients who want to enter the brand without proportionally increasing supply. This is enabled already through the strong foundations that our brand possesses and our continued focus on building its iconicity to support our pull model.

The implications of brand on our business strategy are very much aligned as they enable us to maintain tight control over availability, support pricing discipline, which also protects resale value, sustain margin quality over time, and ultimately increase customer lifetime value. At the same time, network expansion and direct distribution allow us to increase penetration without fragmenting the brand experience.

Growth is enabled not by scale alone, but by controlled access through an increasingly desirable brand. To consolidate this model effectively, we worked on a clear and ownable point of view centered around the idea of Tomorrow's Timeless.

Tomorrow's Timeless is not a tagline. It is the very articulation of how we operate as a brand and also the name we chose for our 3-year business plan.

It captures a very potent duality: timelessness, which underpins long-term value and design integrity, and a forward-looking, pioneering mindset, which drives innovation and relevance. Why is this important commercially?

Because strong brands reduce volatility and maintain desirability across market cycles, and relevance over time is what sustains pricing power. A brand that is only contemporary risks becoming obsolete.

A brand that is only heritage risks becoming irrelevant. Our positioning allows us to operate in both dimensions.

In a category which is often driven by product features, this gives us a structural advantage. Of course, we are selling amazing products, but we are not just selling yachts.

We are building a cultural and aesthetic reference point. This already enables our brand to transcend beyond the yachting category and generate the fame-like status of a brand that customers would want and love to own.

At the core of this model and one of our most important assets is our client base. You've heard about our Customer Club of Connoisseurs, which we refer to.

This is not simply a customer list. It is a curated community of highly engaged, highly valuable individuals with a very strong appreciation for design, craftsmanship and innovation.

What really matters from a commercial standpoint and from your point of view are two things: first, loyalty and repeat purchase, which remains structurally high, as you've heard from Ivan before; second, predictability of demand, which reduces volatility in the business. This is a strategic asset.

It allows us to grow in a measured and resilient way, even across cycles, because demand is not only driven by the many new clients that we are able to attract, but by existing clients evolving within the brand. This is something we actively cultivate through experiences, engagement and long-term relationships.

Our marketing efforts are concentrated on creating one-to-one platforms for relationship reinforcements and upsell pathways, while also following wealth patterns to allow us to capture new-to-brand customers. Ultimately, this approach is what allows us to grow in a measured and predictable way.

Now translating this into execution, this is where our owner-centric infrastructure comes into play. We are building a fully integrated ecosystem across sales, service, marketing, events and data insights.

At its core is a very simple principle: one global view of every client and every yacht. This allows us to have seamless customer journeys, a consistent brand experience globally, and real-time data visibility across the lifecycle.

This is really where brand and technology converge and allow us to deliver a high-touch experience, which is expected in our segment, with the precision and scalability of a high-tech platform. From a business standpoint, this is about increasing lifetime value per client, not just initial transaction value.

Importantly, it connects our headquarters and brand representatives across our markets into a single system, which is critical for both governance and scalability. Moreover, our owner-centric approach is executed through a set of highly curated experiential platforms that directly enhance desirability and brand saliency, most importantly.

These are not isolated initiatives, but coordinated set of levers. The Connoisseur's Atelier, for example, redefines the purchase journey into a bespoke and immersive experience within our shipyards.

Our proprietary and affinity events participation allow us to engage with ultra-high-net-worth individuals in environments that are relevant to their lifestyles and their interests. Through arts and culture, particularly Casa Sanlorenzo, this marvelous space, we extend the brand into a broader cultural space, increasing its relevance beyond yachting.

Through the evolution of our showrooms in our markets, we ensure the consistency of the brand experience and the proximity in each of these markets. Ultimately, these levers allow us to engage clients in a variety of meaningful ways and expand into adjacent cultural territories by enlarging our addressable audience and reaching new generations of wealth.

This approach overall is a strategic driver of demand generation while also targeting the right quality of demand. Finally, beyond the product and brand, a further frontier of differentiation will increasingly be defined by the quality of the ownership experience and the long-term relationship we build with our clients.

This is why we see high-end services not as a support function, but as a strategic commercial lever. This is where our product made-to-measure approach converges with our made-to-measure client service approach.

What you see here are four of the key capabilities we are progressively implementing: remote monitoring, predictive maintenance, AI virtual assistants, and importantly, a structured integration of customer care with marketing and CRM to give us a single and unified perspective of our customers and their journeys with us. To conclude, if I summarize, our approach is very clear.

We are scaling desirability and experience. Together with our other core strategic priorities, our focus on brand elevation and customer experience is how we intend to continue delivering disciplined growth over time.

Thank you for your attention. I now invite Attilio, our CFO.

Thank you, Renato, and welcome to everyone. Now considering the Tomorrow's Timeless action plan that we're shared today with an holistic approach across all processes and people, and considering the high-end positioning of the brands, and ultimately the Sanlorenzo unique business model with robust Q1 2026 result, Sanlorenzo present today a solid guidance 2026, continuing to take a measured approach and constantly monitoring the geopolitical scenario and the global context we have, especially in this period.

In particular, the net revenue new yachts grow 4% in midpoint of the range, €980 million, €1,020 million. EBITDA in the range €180 million, €192 million, and EBITDA margin between 18.4%, 18.8%.

EBIT in the range €140 million, €147 million, and EBIT margin between 14.2% and 14.4%. Then capex 2026 in the range of €50 million, €55 million, and then around 5.2% on net revenue new yachts.

Consider that the guidance 2026 is covered 72% in terms of net revenue new yachts expected for the year, thanks to the remarkable backlog we have. Therefore, guidance provides the solidity of the business model, which allow to continue profitable grow even in a complex geopolitical environmental as we have in this period.

About the outlook 2028, the group has a clear path of growth, and this case, for the top line, is expected a tactful and sustainable grow equal or above 6% CAGR, based on the scarcity philosophy and exclusivity of the brands, as we have seen today. Remain a strong focus on the profitability for the group, with EBITDA margin equal or greater than 19% by 2028 and EBIT margin equal or above 14.5%, then capex with a composition of 5% to 5.5% on net revenue new yachts, and about 90% dedicated to develop the group in terms of new industrial capacity and new product and services.

It is important to underline that the figures do not consider upsides, of which the main ones are, you can see, the stabilization of the geopolitical issue, where, remember, there are very relevant market that could restart in the next years; the refit to expand high-end services in a anti-cyclical business; and full potential of distribution in new untapped geography. About revenues deployment, you can see that we have a good evolution the 3-years business plan, improving the balancing.

In fact, in terms of geography, Americas and APAC are expected to grow faster than the other region, especially the composition is expected for America 20% and for APAC above 10%. Europe remain the main market, but with a share below 60%, and MEA below 10%, also considering the recent event.

In terms of division, Nautor Swan is expected to grow more than other division, with a composition of above 10%. Then the Yacht and Superyacht division are flat, approx 50% and 30%, and Bluegame remain below 10%.

With this kind of evolution in terms of breakdown by geography and divisions, at the end of the plan, we can have a better balancing, preserving the overall mix of the group with a benefit for the business. About the Nautor Swan division, we can have a further upside in the subsequent 3 years business plan after 2028, as mentioned before by the President.

In terms of capital allocation, the group maintain a disciplined capital allocation. The priorities remain the business development and the shareholder remuneration.

In particular, the capital is allocated to new industrial capacity and product development, where is expected to dedicate around 5% of revenues; then working capital to support the penetration into new geographies and to support the direct distribution in the three main sites, dedicating a ceiling of about 12% on net revenue new yachts; and then we maintain a strong balance sheet to catch M&A, such as refit, as we have seen before, and then also other opportunities on the market. The shareholder remuneration show a dividend policy in the range 30%, 40% payout, and share buyback with a approved plan up to 10% of the share capital.

To summarize, we consider the net ROIC that is a very important KPI, as mentioned before by the President, above 20% also for the future, for the business plan, and this is strongly above the average indicator of the sector and also in line with the best practice of the market overall. Then the Sanlorenzo Tomorrow's Timeless business plan is supported by a Q1 2026 with solid performances, considering the Sanlorenzo absolute luxury positioning, and in particular analyzing the indicators, net revenue new yachts grow 4% year-on-year at €222.1 million, driven by the performance of Superyacht and Nautor Swan divisions and the good results of the Americas region.

EBITDA reached the amount of €38.5 million, plus 4% year-on-year, with a margin of 17.3% on net revenue new yachts, and then EBIT at €27.9 million at 12.6% on net revenue new yachts, consistent with the previous year. Group net profit, important because grew up 5.1% year-on-year with a remarkable total amount of €22.2 million and with a double-digit margin of 10.1% net revenue new yachts.

Organic investment for €8.7 million, mainly related to new product development with an incidence at 3.9% on net revenue new yachts. Then the net financial position at €22.9 million net cash end of March 2026, with a €51 million cash generation in the period from March 2025 and more than €80 million if we consider dividend paid in the period.

The gross backlog reached the level of above €1.2 billion and benefit of a robust Q1 2026 order collection of €223 million, plus 25.4% year-on-year, also considering the not favorable seasonality in Q1. Net backlog end of March 2026 is more than €1 billion, with a remarkable book-to-bill of 1x, and this gives to the group a long visibility on the future result, considering the composition of €725 million for 2026, covering around 72% of net revenue new yachts as midpoint of guidance 2026, and €501 million for 2027 and beyond.

Furthermore, is very consistent this backlog and high quality, in consideration that it is sold 90% to final customer. Percentage increased in the last 3 months, you remember, in December was 88%.

This is thanks to the Sanlorenzo unique business model. Then after the good evolution of sales in the last months, we reached the seventh consecutive quarter of growth after Q1 2026 with €223 million new orders, as remembered before by the President, and especially we can see an acceleration in Q1 2026 compared with the first quarter of the previous year 2025 and 2024, and the book-to-bill remain very high at 1x.

Therefore, this we can consider is a new trend for the evolution of the business, showing again the strength of Sanlorenzo Group in our market. That's all for the financial results, and I leave the floor to the President to continue.

Thank you.

We have the most brilliant CFO in the industry. Bravo.

2

more minutes. Sorry it was long, but it was a lot of things to say.

It's only one page, don't worry. It is just the summary of what we said.

Just go through it very quickly. Strong brand equity, owner-centric approach, the high super-rich owner base, the connoisseur, unique global direct distribution, leadership in the sweet spot 30 to 50-meter, high-quality backlog, 90% sold to final client, best-in-class profitability.

We had something that we care a lot, how Sanlorenzo has been outperforming against luxury since the IPO. The average of these luxury company are the best, and you see that from 2019, December, our IPO, we have been always better.

I think it is not wrong to say that Sanlorenzo is better than luxury. I like to give you just an example, talking about wellness, longevity.

We have been showing you slides, but I want to tell you an experience I had few weeks ago with a customer which is taking delivery of a 50-meter, and he has my age, 65, has been working very hard in life, and he told me, 'Max, I do this summer holiday, but then I want to buy a 75-meter.' Say, 'Why?'

Say, 'I have a dream: stop working in my office, and I want to move myself on the big yachts. I want one floor, one deck, only dedicated to my family, large, beautiful cabin, toilet, walking wardrobe, jacuzzi outside, but then half of the deck I want to dedicate to the office, my desk, big screen, a table for eight people meeting, because I really want to run the company from the boat.

With a 75-meter, I want to go to the Caribbean, I want to go to the Philippine, Thailand, round the world.' I don't know if he will do it.

It's a dream, and we are selling dream, but for sure, I've been working very hard in my life, and you know that cortisol is killing people, and I had a lot of cortisol in my blood. If a guy thinks to move working on a yacht, going around the world with the family, with the friends, I think that is a good way of showing wellness and longevity.

It's a fact, it's not just a slide. Last, you've been admiring Casa Sanlorenzo.

I just want to remember you that Casa Sanlorenzo has been an investment of my holding company, the family Perotti, is not a cost of Sanlorenzo. Thank you to all of you.

Thank you for your attention. It's finished.

We have a drink now? Sorry.

I tried to escape.

We will now move into the Q&A session. For participants connected online, please feel free to submit your questions through the chat function, and we will address them right after the questions from the audience here in Venice.

Three quick questions. Just to start, the first one is about something that doesn't exist yet, and you mentioned before the refit business.

If I understood, they require, in brackets, only upfront investment. You find the location, you buy, and then it's just personnel and raw material cost.

What kind of margin do you think you can achieve if this business will start to operate?

It's a good business, because there is not a lot of space to develop the business, and as you see, there is a very large demand. 4,000 yacht, superyacht above 30-meter, over 10 years, is a huge market.

The EBITDA margin on refit is approximately around 20%. Can be even higher than lower.

I have to say, our customer is asking to do the refit in Sanlorenzo, because we have a very personal relationship with our customer, the captain, the crew. They built the boat, they go around the world.

If they want to do an important refit, they love the idea to go back to the shipyard. Because we know the yacht, we design it, we build it, and second, because there is a personal relationship.

This is a business that we really count a lot. We are now really committed to do it.

Remember, there was something I promised since years, but then we had COVID, and then we have the war in Ukraine, and then we dedicate ourselves to the core business in order to perform the guidance. Now I think that the 3-year plan will be an important upside.

We did not put the numbers in the plan because until we don't have the place to work is not correct to do it.

The other two questions are related to the brands, your colleagues in charge of the brands stress. I would like to ask you a question from two different angles.

The first one, you told me, but told me as well as the other financial community, not to me in special, that Sanlorenzo will never produce a huge number of boats to preserve the exclusivity, etc., etc. The first question is, is there a magic number that is a threshold or is a percentage of the existing fleet navigating in the world or whatever?

If this number exists or not? If you want, I can put the second question, you can answer.

The other one is making a car example. Until now, Sanlorenzo's work as new Mercedes model, old Mercedes model is better, but I can buy the old one.

Now we are in a moment of such a fast technological change, you colleague mentioned IT and all the stuff that will come into it. Don't you think that this element will become essential for the new owners?

For the first time the value of the old ones will be perceived completely differently than has been perceived until now, because an old car suddenly becomes an old boat, no longer with the same perception of value that has maintained right now?

This is very much the problem of the automotive. I start from the second and go to the first.

We think that when you buy a yacht, you spend a lot of money and you live on board. You have your family, you go around the world.

The innovation, design, the name, the service. If you take a boat, you go to the Caribbean, you have a problem on the boat in the Caribbean, you have Sanlorenzo of America, which is based in Fort Lauderdale to take care.

When Ivan showed you the three major builder in the world, which are Italians, if you put all together, they all grow in volume and marginality. That means that there is a logic to buy a boat from this company, because they can service the boat around the world, there is enough money there to do the research and development, the best managers are in the company.

We think that the problem of the automotive, which probably in the future, not so far, you will rent the car or buy a car regardless to the brand, I think that this problem will probably be in yachting in 30 years, 40 years, which is the reason why we do not have Chinese building yachts for thought. Why Italy is 52%?

Italy today is like Germany of 10 years ago in cars, BMW, Mercedes, Audi, three big builders, the top builders in the world in Germany, because there was certain reasons. Same special reasons are in Italy to have the three larger shipyard leading the market.

One is Chinese property.

No. No, please.

There is no one Chinese working in the company. The fact that the control is Chinese doesn't mean that the company is not Italian.

I would say, fortunately, it is really Italian, and there is no one shipyard out of Italy in that group. Why?

Because there is a reason. Because Italians in this business, the manufacturing, the design, the flexibility, working Saturday and Sunday, Christmas and Easter, has a plus, and customer knows that.

Going to the other, which is very important. We are not meaning the scarcity all together, we cannot build more than 100 or 120.

The point is that in the three brand, we build 70 Sanlorenzo, 25 Swan, and 30 Bluegame. They are not in competition, in one way, they are mono-brand, each of them, with a kind of scarcity.

If you take the competition on the Bluegame, they normally build 200, 300 boats. If you take a competition, we have a man here that has been working with Bénéteau, how many sail Bénéteau used to build?

1,000, more than 1,000. We're building 25 Swan.

That means a niche market, premium price, only cream of the cream customer, is the same logic of Sanlorenzo of 10 years ago. If we say scarcity, we build only 70 Sanlorenzo, it is very good if you have a downturn, a change of cycle.

You have to sell 70 Sanlorenzo above 24-meter with a ticket of €13 million, is better than building 200 or 300 boat below 24-meter, is another world. Our scarcity concept doesn't mean that we cannot buy another company building 30 or 40 boat not in competition with the existing, which is a key point, in my opinion.

A couple of questions. You showed a slide before where basically the mix of revenues by yacht type between 2025-2028 is not going to change much.

Two questions from this slide. The first one is why are you projecting such a slow profitability improvement over time?

Also in 2026, it seems that margins are not expected to expand. Second question on Swan, does that slide means that you are kind of downsizing or rightsizing your ambitions on Swan?

No, the ambition on Swan is very strong. As I said before, if the geopolitical was not such as it is today, we could expect doubling the volume.

Why? Because mainly the Alloy Maxi Swan division itself can produce €50 million.

Consider that the 44-meter has a price in the market of €40 million, building 1.5 or 1.2 boats per year is €50 million, €60 million. With Swan, we do €100 million today, because the service is around €20 million.

If only with one new line of product, where we have only two Dutch very high-priced competitors, you can make 50%, 60% more, you can imagine that the idea to double the volume is something absolutely affordable, is absolutely a goal that we can reach. The problem of not building this number in the plan is just a matter of being conservative, because really we have a world today with a leader which is doing something in Venezuela and in Iran and is already expecting to do something in Cuba.

If after 2 months, somebody with a different eyes design and a more yellow skin will decide to do something in Taiwan, the rest of the world, what will do? You cannot do it.

The geopolitical is such that it can go worst, and therefore, we have to consider that. If we show you in the last 6 years to be really loyal to our numbers, let's say the typical underpromise, overdeliver, we like to keep that because we consider that very solid, very very good for an investor.

We have been very prudent in our number, but also we told you there are upside, and the upside is very solid, because to have back the Russian market and the Middle East market and not to have a third or fourth war around the world will be a big plus. Like if we manage to have a new plant, we can start the refit in 6 months' time.

Within 2028, we will have the profit. The profit we expect is minor or equal to 19%, that anyhow is more than today.

2026, consider that we sold already 72% of the volume, we do not have a lot of margin to make a better number for '26, but the idea is the '28 to be more than 19%. More than 19% cannot be 25% for sure, but more than 19% is a statement already, eh?

We guarantee you 19%, but with a kind of improvement. It is very difficult to make a projection of 3 years with whatever you read every morning on the paper, we have to be very careful.

We don't want to come back to you and say, 'Sorry, we made a mistake, is minus X.' I cross finger, but I hope not to do it in the future, like I didn't do it in the past.

I have another couple of questions. The first one is on the new countries you plan to target.

Are you going direct or indirect in those?

The direct or indirect distribution is depending from the market. In Japan, we found two strong dealer.

They bought four stock boat. In Australia, we open a direct office, which is a beautiful office.

Why? Because in Japan we found a good dealer, in Australia we didn't, and we open our office.

We had a good broker based in Singapore, and he was pleased to move to Australia. The decision to go direct or not is depending from the opportunity.

What is important that we are unique in that distribution. We have Sanlorenzo of America, we bought Simpson Marine for Asia-Pacific, we open with Ferruccio Rossi, which used to work with us 10 years in the company, he moves to Monaco and we open Sanlorenzo Med.

It was an opportunity. If we have an opportunity, we are on it.

If we have a good dealer, strong dealer, we go. For instance, in Italy, we have been distributing Sanlorenzo for many years.

Now we have a dealer, because it's a strong dealer, is the biggest dealer of Italy. It is nice to have the flexibility to do it or not.

If you do not have Sanlorenzo Med, Sanlorenzo of America and Sanlorenzo Asia-Pacific, which is Simpson Marine, you cannot do it. You have to choose a dealer, that is the only solution.

Thank you. The last one on your guidance, revenues guidance, 6% plus, how much is price, mix, volumes?

Last time we met in Milano, you were thinking about potential price increases. Where we are on that?

We have a good price increase and increase of marginality in the superyacht, because you probably remember since the beginning I said in Italy we are top of the market, but we sell our superyacht at 30% less price than the Dutch and the Germans. Now that window is reducing every year.

We do expect that our marginality will increase mainly in superyacht. The Swan Alloy, which is, remember, 50% will be probably 50% of the revenue, it is another opportunity to increase the marginality.

Of course, the marginality increase today is for the bigger boat, because the market is still very strong. I cannot expect to increase the marginality of Bluegame, because below 24-meter, the market is struggling.

If the war stop, also that market could be back. The opportunity of the business is very much related to the outside decisions by geopolitics which are not under our control.

For sure, the price element is one of the driving element of the increasing of the marginality. Saying equal to or more than 19% is a message to you, that means the company is very solid, is strong, is resilient to everything.

We guarantee 19%, but 19% plus can be 20%, but can be 22%, 23%. Cannot be 25%, I need more time for that.

To move from 19% to 21% or 22% totally change the result of the company. We have that opportunity.

Can I ask you as a follow-up of Nicola question, in your targets for EBITDA for 2028, 19% plus, does it implies Swan still at 15% or is it different as your expectation in terms of net revenues are a little bit more cautious?

No, the plan is not considering the double of the volume of Swan. That is an opportunity, but we don't know if that opportunity will be in 3 years or in 5 years.

I think that with what we say GGG, which is Gianguido Girotti, we have quite a good chance, also because he used to work very hard for many many years with 24 plant, how many brand? Nine brand.

We have a guy which is 48 years old with a lot of experience, with a past of a very hard life in working, and so I do expect that we can do better. He's not in the company yet.

He's coming in June. It is difficult for us to plan a 3 years plan.

I think that we will have a new meeting in November. After 2, 3 months that Gianguido will be in the company with the new program of his job.

Today would not be professional to promise something without the guy inside.

Yes, a question regarding the service. Can you quantify the revenues generated by services incorporated in your 2028 guidance?

I think this is for Attilio.

In the 3 years business plan, we have considered just a little increase in term of services. We start from around 4% last year, and we consider to reach a percentage between 5% and 6%.

This is another opportunity that we indicated especially for refit for a further upside on the business plan. Potete mettere la slide della guidance dei 3 anni?

Good afternoon. Thank you for the presentation and for taking the questions.

My name is Robert Labz, I'm from Team Alti, I'm representing Belgian and Dutch investors. I have two questions, if I may ask.

The first one is regarding industry dynamics and the luxury sector in particular. We've seen in the beginning of the presentation that the number of billionaires and high-net-worth individuals has been increasing a lot over the past years, and on the contrary, we see the graph at the end that the whole luxury sector is actually not performing very well over the past years.

We see even the best luxury companies in the world having slowing growth. I'm wondering if you believe that the last 4 to 5 years has been maybe the worst industry dynamics that you have experienced in your career or not, and if there is maybe a structural shift going on where there is less appetite, let's say, for luxury products, and how you see this evolving in the future and in the coming years if this could stabilize or improve?

Look, when we say Sanlorenzo is better than luxury, we mean that our product is very different. Of course, we are luxury, because to buy a boat, you have to spend 10, 20 million, and is not needed.

It is really something that is a reward of what you do. It's like a toy for the big guy.

If you ask me what will be the future, if the ladies will buy 6, 7 or 8 or 9 Kelly from Hermès, well, I think that the future will change. The new generation is not really keen to spend that kind of money for goods that's called luxury that probably they don't need.

With the boat, we're talking about 70 yachts. We have 300,000 super-rich people that can buy the 70 yachts.

We do not expect a company or a family to buy 3, 4 or 5 yachts, but we do expect that more people will buy one yacht, because a yacht is very nice to have. I have an experience in life.

When we went through the very big crisis in 2007, 2012, there was a lot of customers selling the boat because they could not allow them to spend so much money for a yacht. They went to the beaches, they went to the five-star hotel for the summer.

As soon as they could have the money back to buy a yacht, they did it, because when you go yachting, it is very hard to change your life. The beaches are beautiful, but they're very boring.

We think that our business is much more solid than the normal, let's say, luxury, and we do expect that the concept of wellness, longevity, I just explain, people are really looking to enjoy life with the family, with the friends, and thanks to the new technology, with Starlink, with also the habit after COVID to do meetings with videoconference and not flying everywhere in the world to meet people, that will be a big advantage of yachting. For instance, we saw after COVID the reduction of 10 years of the average age of our customer.

Why? Because there is young people with more money, but also because the young people can work in the boat with the videoconference.

Starlink is giving you the possibility to cover the small island in Greece. When you have a yacht, you go to the small island in Greece, because it's beautiful, but 10 years ago, you could not cover the connection.

The technology and the well-being approach, the scarcity of our business in respect of the amount of rich people that can afford it is such that I do expect that our business would grow. Will not be only Sanlorenzo, probably would be also our competitors, the Italian builder.

We have an opportunity. You can see the graph of growing of the three major builder in Italy has been growing in volume and marginality through COVID, war, everything.

We never stop. We always there performing, probably because the market is such a small market in respect of the big billionaires and ultra-high-net-worth individual that we really have an opportunity.

You have a very strong long-term, very long-term track record already, you believe that in the very long term over the coming years, maybe even decades, if we may say that, there is no fundamental change in believing that you can achieve those long-term CAGRs that you've achieved in the past as well?

There will be probably a small change. I think that a guy that today has 30 years old, when he will be 40, 45, will be more careful in sustainability, and they will probably move a bit from the motor yacht to the maxi sail.

That's why we bought Swan, because we consider Swan the top, and we want to have Swan in our group in order to be ready for the time of this change. I will tell you a little story.

We had a customer buying a 500 Explorer, 50-meter. The guy signed a letter of intent, sent 1 million to fix the letter of intent.

After 2 weeks, he called me back and say, 'Max, I cannot buy the boat.' Say, 'Why?'

'I had a meeting with my family. I have two daughter.

I have a boy and a daughter, and normally the problem are coming from the daughter. My two daughter don't want to go with the engine boat.'

So, 'Okay, we send back the money.' When we did the due diligence of Swan, I found the guy being the customer for the second 128, the 40-meter Swan.

Then I ask to the Swan people, saying, 'That was a customer.' Say, 'Well, you know something?

He's very special guy, because the boat is designed by the daughter, which is 33, and when he comes to the very north of Finland, Pietarsaari, 700 kilometers north of Helsinki, she comes with the train. She doesn't fly, because if she flies, she lose the number in the telephone, which is giving for the sustainability things.'

The daughter pushed the father to cancel the motor yacht to buy a sailboat. I think that in the next 10 years, that will happen more and more.

We do not expect to have today's 95% motor yacht and 5% maxi. Probably will be 90, 10 or 85 or 15, but Sanlorenzo will be ready to take that opportunity with the Swan, and we are now starting a new line of product.

Then

a second question, if I may ask, regarding the buyback and the free cash flow conversion of the company, more of a financial question. You have stated multiple times in the past that you believe your company is undervalued, and I completely agree with it.

My answer to that would be, why not starting a share repurchase program, which you now have done a couple of weeks ago, a couple of days ago, if I remember correctly? I will change my question, and that is why did you start a new buyback program right now?

Is it also related to the improvement in the free cash flow conversion of the business? Because we've seen there has been a lot of investment in working capital, for example, the last years.

Do you expect this to improve and for the free cash flow to be more in line with the net income in the coming years, you have more cash available to do these buybacks?

We do expect an improvement. Will be a continuous small improvement.

Remember, when we buy Simpson Marine, we change from a dealer to a direct distribution. That involve less order intake, because we do not have a dealer that is buying five boats in stock that we can book as sold boat, order intake.

We sell the boat to ourselves in Hong Kong, and until they don't sell the boat to the final market, we cannot consider the order intake, as well as the cash. When they pay the deposit is the same money, because we do the consolidation.

We have been changing the company in the last 2 years. The market was worsening because of the geopolitical situation.

The composition of the changing of our philosophy of distribution and the worsening of the market has been causing some worse situation of the cash. We think that that will improve, but little by little.

The second point about the buyback. We have a 10% buyback possibility approved by the Board of Directors.

Consider that we are very careful in our cash situation. We like to be comodi, come posso dirlo, in comfort in related to the cash of the company.

If you see that you have an opportunity to spend lots of money to improve the plant because we have to do refit, we have to do more, and then you reduce the choice of buyback from the market. The buyback approach is of course related to the value of the share.

When the share goes down, we buy, because we expect the share to go up. In the meantime, is also related to the opportunity of spending that money for an important investment.

There is an important investment that we can do in the next

Does that include M&A as well, like more acquisitions?

Yeah.

Thank you.

Is something that we have to balance. We know it's an opportunity, but also we have to be very careful if there is other opportunities.

We have two questions from the chat. The first one is on the planned capacity expansion for large sailing yachts.

Are you considering the acquisition of existing local assets or infrastructure to accelerate this growth?

We are considering acquisition of existing platform as well as we are working with the territory of La Spezia regarding possibility with Arsenale. Probably somebody of you read the newspaper, and I've been dropping the matter on the table, saying in La Spezia, there are two huge industry, which is yachting, the Blue Mile, Miglio Blu, and the defense industry, which is very strong.

We need more space, and we are asking to have this space related to the existing space. It's 120 acres in the old military Navy of La Spezia.

There are also other opportunities. We are working on different tables.

I cannot say too much more, I'm sorry, but there are opportunities.

The second question we have from the chat, from Natasha Brilliant, UBS: 'Could you give a bit more detail on the first quarter order intake, maybe trends by geography or size of the yachts? What about between Sanlorenzo and Swan?

Has customer behavior changed in the first quarter?'

The good order intake of plus 25%, 25% in respect of the '25 quarter is mainly related to the Düsseldorf and the Miami boat show. It is Europe and United States, and it is mainly to Sanlorenzo, more than Bluegame and Swan.

I hope that I have replied.

Hi, good afternoon. Michele Baldelli from BNP Paribas.

I have a question on the renewal, because there was a slide about the, let's say, new models to be launched in 2027, 2028. I'm referring to that one.

I don't know how much of these models contribute to your sales, but just to have a picture of how much of your, let's say, revenues can be renewed per year, let's say. Is there a single year that probably you will renew 50% of your sales into new models?

How shall I think about it?

When I show the picture of the new model of '25, I told you that that was the main driving factor of a good order intake. Remember, we had 7 quarter with increasing order intake.

I think that one of the main reason are the new model, because of the design, of the innovation that has been really taking the market. I think that with this model, we took one piece of the market of our competitors was not only the growing of the market.

Probably out of all the words we say today in 2 hours, the major element of success of Sanlorenzo has been innovation and design. That's why we are also opening the lab of innovation and design, because we want to concentrate more energy and power in that matter related to the three brand.

I think that the success of these five boats has been quite an important boost to the order intake of the last year.

I was referring also to the slide with the timeline, basically when we could see, let's say, 10 years of duration of your, let's say, models. It seemed to me like in 2027, let's say, there were several models in 2027 and 2028.

Basically,

getting the renewal.

Yes, we can see these slides, I show you. I don't remember the che pagina è?

32. 32.

Questa.

If you see this slide, basically you see that

Yes, but I think that we were speaking about the plan '26-'28. We have been updating only the model that has been included in the 3-year plan.

There are other models that come to '29, '30. We cannot consider, gentlemen, that this presentation will be in our site, everybody can read it 10 times.

Non so se mi intendi. It's limits on the amount of things I can tell you today.

Otherwise...

No, no, sure, sure,

sure.

It was just to get, let's say

Consider a guy that is buying this boat and knows that there is a new one coming next year, we stop to buy. Also in our presentation, you have to consider that there are competitors and there is a market.

It was just to understand your thoughts about

when for

a new, let's say Oh, well.

You see, what is important that the new 88 will come in 2028, and we put on the market on 2018. That means that the SX88 has been a fantastic success.

We sold more than 80 boats, and it is still selling after 11 years. 11 years is a long time.

Our competitors averagely keep the boats for 5, 6 years. If we manage to keep in the market a model for 11 years, that means more profitability, because out of the original investment, you can make more boat with the same molds, in that is more worth.

Also, that means that who bought the yacht 2 years ago, 3 years ago, after 8, 9 years, still has the feeling that the value of the asset is there. It's a very good, strong point of selling.

If you go to the second-hand market and you see the price of the car Volkswagen Golf and you compare with Peugeot, Renault, I'm from Torino, I don't like to say Fiat many times, but with Renault, Peugeot, Fiat and Ford, you see that the Volkswagen is €2,000 or €3,000 more. Why?

Because there is a mix of quality: the thickness of the metal, the quality of the paint, the inside. You remember probably an advertisement that was very important for me.

I learned a lot from that. There was a Volkswagen going at 150 km, and there was a little rumor at the end.

At the end, the rumor was the earring of the girl aside, because Volkswagen do not have any vibration and any noise. Now if you can do that kind of advertisement, it's because the quality of Volkswagen is really superior to the competitors.

That is an example of what is Sanlorenzo: solid quality, and then on top of it, you put design, innovation, at the end, the customer is buying Sanlorenzo regardless to what is happening. Because if you see the grow of the 3-year plan is not incredible, but we have not to forget that in 2024, there was a downturn of the world economy, and in '25, we have been experiencing a changing of the geopolitics in our world, NATO and Western world, and in 2026, we have quite an heavy war.

In the last let's say, 30 months, the environment is not really positive. Sanlorenzo is there with increasing of volume, in keeping quite strong the best-in-class profitability, cash conversion.

At the end, in 5 years, 6 years, from 27 to 107 million, we made four times the increase of the net profit. That means that the company is performing.

It's performing because there are reasons: the quality, the kind of customers, the ticket, price ticket, selling mainly 70 yachts above 24-meter. There are decision, business decision, that are correct because of the experience of the team.

Thank you.

You're welcome.

Hi, just a quick follow-up on order intake, if you can give us some idea on what progression are you seeing in terms of order intake in the month of April mainly, after this strong performance in Q1? Thank you.

In this moment, we see a reduction of activity because of the war. Consider that the performance of the first quarter is mainly related to January and February, which has been very good, because it's been better than '24 and '25.

March, of course, with the war coming, was a kind of, more relaxed month. April, there was some movement, people is starting to talk about yacht again.

We have to see what happen. This is one of the reason why the 2026 guidance has been pretty much careful.

You see, can be €980 million, which will be not a fantastic result; can be €1,020 million or maybe a little more, which will be, in my opinion, a very good result. Here we try to keep a fork, which is considering what happened for the war.

Is the war going until September or December? The oil will go to $150, that will means inflation in America, means increase of interest.

America is very much has a very huge debt, if the interest rate goes up, there are problems. All this variable are not in our hands.

When we sit down with the team of these people and decide this number, you have to consider that first we want to be solid, we want to be good in giving your numbers. We want to show you that Sanlorenzo is a very honest and good company.

Then if we can do better, we'll be more than happy in 6 months' time come and say, 'Look, we will outperform the number, we will do better.' We do not like the idea to come and say, 'We'll be less.'

The situation today can really change.

Thank you.

We have no more questions.

Now we can go to drink something.