Sanlorenzo publishes Q1 financial report
Sanlorenzo S.p.A. reports strong financial performance in Q1 2023 across superyacht and Bluegame divisions…
Sanlorenzo S.p.A. has announced its periodic financial information for the first quarter of 2023. The company reported net revenues from the sale of new yachts amounting to €183.7 million, reflecting a notable 11.8% year-on-year increase, with the strong performance of its superyacht and Bluegame divisions driving this growth.
Sanlorenzo also reported an EBITDA of €31.2 million, representing a 21.2% YoY increase. This growth in earnings before interest, taxes, depreciation, and amortization indicates improved operational efficiency. Additionally, the company achieved an EBIT of €24.2 million, marking a 22.0% YoY increase, and a group net profit of €17.2 million, up by 23.0% compared to the same period last year.
The company's backlog remained strong, reaching approximately €1.24 billion as of March 31, 2023. Sanorenzo reports that 92% of the backlog has already been sold to final clients, ensuring a stable revenue stream, with scheduled deliveries expected to continue until 2026.
Sanlorenzo reaffirmed its guidance for 2023, predicting double-digit growth in all main metrics. The backlog as of March 31, 2023, is estimated to be around €700 million for the current year.
The first quarter of 2023 also saw Sanlorenzo make strategic investments, allocating 40% of its organic net investments to product development and sustainability projects focused on fuel cell technologies powered by green methanol. A further 47% was allocated to expanding production capacity, and in March, the also company acquired a 49% stake in Sea Energy S.r.l., followed by an additional 33% stake in Duerre S.r.l. in May, increasing its majority stake to 66%.
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