Sanlorenzo H1 2026 Order Intake Rises 18.3% to €496.4m

Sanlorenzo has reported a stronger first half of 2026, with order intake reaching €496.4 million, up 18.3% year on year, while net revenue from new yachts rose 3.8% to €471.3 million. The Italian group said the figures confirm continued demand across its higher-end yacht and superyacht businesses, even as parts of the wider leisure-yacht market remain more uneven.

The group also reported EBITDA of €83.5 million, up 3.7%, and net profit of €49.1 million, up 5.4% compared with the first half of 2025. Sanlorenzo maintained an EBITDA margin of 17.7% and said its 2026 guidance remains unchanged, supported by a substantial contracted order book.

Superyachts drive the strongest divisional growth

Sanlorenzo's Superyacht Division was the main growth driver in the half, with revenue rising 12.4% year on year to €154.1 million. The division accounted for 32.7% of total net revenue from new yachts, compared with 30.2% in H1 2025, highlighting the relative resilience of demand for larger vessels.

The Yacht Division increased revenue by 3.1% to €232.8 million, while Bluegame remained broadly stable at €43.6 million. Nautor Swan contributed €40.9 million, down 13.9%, as Sanlorenzo continued integration and product-development work following its acquisition strategy.

Order backlog approaches €1.5 billion

Order backlog stood at €1.4989 billion at 30 June, up 4.1% from a year earlier, with Sanlorenzo stating that 89% related to orders already sold to final clients. Net backlog was €1.0276 billion, equivalent to roughly one full year of future revenue that has been contracted but not yet recognised.

Order intake of €496.4 million produced a first-half book-to-bill ratio of about 1.05 times, meaning new orders exceeded the revenue recognised during the period. Q2 represented the eighth consecutive quarter in which order intake grew year on year, according to the company.

Americas and APAC accelerate

Geographic growth was strongest outside Europe. Revenue in the Americas increased 35.4% to €129.0 million and APAC rose 35.8% to €73.9 million, while the Middle East and Africa region increased 22.7% to €45.8 million. Europe remained the largest market but declined 16.6% against a particularly strong comparison period.

Sanlorenzo also generated €96.5 million of operating cash flow and €80.2 million of free cash flow in the first six months. Net cash stood at €49.4 million at the end of June after €37.0 million of dividend payments, giving the group additional financial capacity for product development and selective investment.

2026 guidance remains unchanged

The company confirmed full-year guidance for net revenue from new yachts of €980 million to €1.02 billion and EBITDA of €180 million to €192 million. Orders scheduled for 2026 represented €831.7 million at the half-year point, equivalent to 83% of the midpoint of its full-year new-yacht revenue guidance.

The results also underline why the superyacht segment remains strategically important to the group. Sanlorenzo is entering the autumn show season with larger yachts contributing an increasing share of revenue, while management continues to emphasise controlled growth, product innovation and direct relationships with owners rather than volume expansion alone.