Improved guidance, new agreements, new products, and new openings for Sanlorenzo

Cannes (France) – New products, improved 2023 earnings guidance, methanol, and new acquisitions. All this was covered in the usual press conference that the Sanlorenzo shipyard held every year before the opening of the Cannes Yachting Festival.

First the results: Massimo Perotti, president and chief executive officer of Sanlorenzo, commented on the performances financial statements for the first half of 2023 talking about revenues from sales of new yachts equal to 388,4 million euroin del% increase 12,6 compared to the first half of 2022, a gross operating margin (Ebitda) to 67,7 million (+20,3%) and a net result of 39 million (+20,3%). Guidance has therefore been raised for yacht sales revenues from €810-830 million to €830-850 million (+13,4% compared to 2022), EBITDA has been raised from €150-155 million to €155-160 million (+21%), while group net profit, instead of the €84-86 million initially estimated, is expected to be in the range of €86-89 million (+17,9%).

The fact that revenue growth has slowed from 20% in the last two years to a more modest 12% is, according to Perotti, a healthy sign: "We had to slow down. A 12% increase is healthier growth for us." Sanlorenzo's CEO then added: "We are revising upwards our guidance on the results expected for the current year, strengthened by a highly satisfactory first half of the year and a massive order book, exceeding €1,4 billion as of June 30th, but above all of high quality, because 90% of it is guaranteed by contracts signed with end customers."

The Ameglia (La Spezia) shipyard considers itself a pioneer in the path towards carbon neutrality in the yachting world, also thanks to strategic collaboration agreements signed with some of the world's leading energy and e-fuel players. Among these, the exclusive agreement signed in 2021 with Siemens Energy which has as its object the integration of the fuel cell system capable of transforming green methanol into hydrogen and subsequently into energy; a sAn innovative solution that will be the first on the market to see the light of day with the new 50Steel line, a superyacht whose first unit will be delivered in the summer of 2024.   

Another important agreement is the one signed with Rolls-Royce's Power Systems business unit, through its MTU products and solutions brand, for the installation of hydrogen propulsion systems obtained from green methanolThese solutions will be combined with fuel cells supplied by Siemens Energy and will initially be installed on a Sanlorenzo superyacht prototype. 

The segment of yachts under 24 metres in length sees Bluegame, a company also belonging to the Sanlorenzo group that alone has reached a turnover of 100 million euros in just 7 years, is engaged in the design and construction of the BGH HSV (Hydrogen Support Vessel), the first “chase boat” with exclusively hydrogen propulsion and the use of foils to reach 50 knots of speed and zero emissions, which will literally “fly” alongside American Magic of the New York Yacht Club, a challenger in the thirty-seventh edition of the prestigious America's Cup, in 2024.

In this case, the team's efforts were further rewarded by the news of the signing of a contract between Bluegame and K-Chalenge LAB, the company that owns the French team Orient Express Racing Team, also a challenger in the 37th edition of the America's Cup. This is an important recognition of Bluegame's technological credibility and the leadership of its parent company Sanlorenzo on the path towards increasingly sustainable boating.

The experience of the BGH – HSV project has led to the development of the BGM65HH (hydrogen-hybrid) multihull project, scheduled for launch in 2026 and which will allow zero-emission navigation for 80 miles. 

Sanlorenzo continues to work on projects that involve the company at 360°, strengthening its direct distribution and offering customer services. Among the most recent news announced by Perotti in Cannes is the establishment of 'Sanlorenzo Côte d'Azur SAS' for the distribution of the group's products and services on the French Riviera, a key market for the yachting industry. Consistent with this exclusive marketing strategy, the Sanlorenzo Monaco Lounge will also be inaugurated during the Monaco Yacht Show, with offices in an elegant building in a prestigious neighborhood near the Monte Carlo marina. The opening in Monaco will be "the first of many" to be opened around the world.

After an overview of the shipyard's latest steps and the progress of the 2023-2025 Industrial Plan, it was the turn of the new world premieres presented at this year's Cannes Yachting Festival, which were unveiled last night in front of the Majestic Barrière beach at the end of the press conference: SX100 and BGM75, bearers of the Group's design philosophy.

The SX100 is another addition to the Sanlorenzo range, "which has created a previously non-existent segment; a crossover yacht," the shipyard explained, "where space and function come together in large, open spaces in close contact with the sea. Born from the shipyard's ongoing dialogue with its owners, the SX100 fits seamlessly into the SX range, drawing on and reworking its stylistic features to further optimize the onboard content."      

As for Bluegame, the absolute novelty is the BGM75, "the first multihull from the Sanlorenzo group" and a brand that "will launch a disruptive and highly sustainable new range that doesn't fit into an existing segment but creates a new one. Challenging conventional models, Bluegame has created not a catamaran, but the first luxury motoryacht consistent with the positioning of the Sanlorenzo group, which 'incidentally' has two hulls."

On the docks of Bluegame, the BGM75 will share the attention with another world first present in Cannes: the BGH- HSV (Hydrogen Support Vessel), the chase boat that will accompany American Magic, challenger in the 37th edition of the America's Cup in 2024, in the waters off Barcelona. 

Always looking to the future, the shipyard chaired by Massimo Perotti has finally lifted the veil on a new project for a 50-meter long steel superyacht with unique and innovative solutions regarding the choice of space and the position of the engine room in order to leave more space for the guests on board.

The acquisition of Simpson Marine in Asia is still undergoing due diligence due to various critical issues, including those related to the international context.

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