Sanlorenzo SpA reported financial and operational results for the fourth quarter of 2025 that combine stronger-than-expected order flows with revenues essentially in line with market forecasts. Order intake in Q4 reached €253 million, representing a 10.1% increase versus the year-ago quarter and coming in 5% ahead of analyst expectations, driving the companys net backlog to €1,002 million.
For the quarter, net revenues attributable to new yachts amounted to €270 million, a 3.4% rise from the prior year and in line with consensus estimates. The company recorded Q4 EBITDA of €53 million, yielding an EBITDA margin of 19.5%, slightly above the 19.1% consensus figure referenced by market commentators.
Over the full year 2025, Sanlorenzo reported net revenues of €960 million for new yachts, an increase of 3.2% year-over-year that meets the companys guidance of about €960 million. The reported full-year EBITDA margin reached 18.8%, marginally higher than the guided 18.7%.
Performance by division
- The Yacht division posted Q4 net revenues of €146 million, up 8.2% from the same quarter a year earlier.
- The Superyachts division registered revenues of €74 million in Q4, down 10% year-over-year.
- Bluegame reported Q4 revenues of €20 million, a decline of 14% compared with the prior-year quarter.
- Nautor Swan contributed €30 million to fourth-quarter revenues.
Geographic revenue breakdown
- Europe: €141 million in Q4, down 19.7% year-over-year.
- Americas: €59 million in Q4, up 26.2% year-over-year.
- Asia-Pacific (APAC): €25 million in Q4, up 52.5% year-over-year.
- Middle East & Africa (MEA): €46 million in Q4, up 100% year-over-year.
Management described the start of 2026 as positive, citing successful showings at major boat shows in D fcsseldorf and Miami. The company said January order intake exceeded the levels recorded in January 2025 and January 2024, supporting a constructive opening to the year.
Sanlorenzos backlog remains a meaningful operational metric: the firm reported a net backlog of €1,002 million, with €618 million scheduled for delivery in 2026 and the remaining €384 million allocated to 2027 and later.
The quarter presents a mixed operational picture: healthy order momentum and a backlog that secures near-term production, balanced against segment-level deceleration in Superyachts and Bluegame and a notable European revenue decline. Profitability metrics edged slightly above market expectations, while full-year results aligned with the companys prior guidance.