Sanlorenzo closed the first nine months of 2025 with net yacht revenue of EUR 690.1 million, up 3.2% year-on-year, net income of EUR 75.9 million and a record order backlog of EUR 1.7 billion — 90% already sold to end clients rather than dealers. Order intake rose 18.4% to EUR 689.7 million, according to the financial report the Italian group published on November 10, 2025.
Table of Contents
- The nine-month numbers
- How the backlog moved since mid-year
- Sanlorenzo vs Ferretti: Italy's two heavyweights
- What is propping up superyacht demand
- A note on Brazil
- FAQ
The nine-month numbers
Sanlorenzo S.p.A. released its consolidated nine-month 2025 results on November 10: net yacht-division revenue of EUR 690.1 million, up 3.2% from EUR 669.0 million in the same period of 2024. Net income reached EUR 75.9 million, against EUR 72.95 million in 9M2024, and EBITDA came in at EUR 128.0 million for the period. Full figures are in the company's own consolidated nine-month 2025 financial results.
The number that stands out, though, is the backlog: EUR 1.7 billion in confirmed orders, 90% of it already sold to end clients rather than to dealer networks or distribution channels building up inventory. For a yard that builds to order, with months or years between contract signature and delivery, that share signals genuine demand from people who will actually use the boat, not a backlog inflated by intermediaries. Order intake grew 18.4% year-on-year, to EUR 689.7 million — a pace that, if sustained, keeps the backlog at this scale into coming quarters.
How the backlog moved since mid-year
Reading both of the year's reports together shows the trajectory. In H1 2025, published September 4, net yacht revenue stood at EUR 454.1 million (+9.4%), EBITDA at EUR 80.5 million (+8.5%) and net income at EUR 46.6 million (+7.0%), with the backlog at EUR 985.2 million as of June 30, 2025. Between June and September, Sanlorenzo's backlog grew more than 70%, to the EUR 1.7 billion announced in November — a jump that reflects both third-quarter order intake and contracts that matured over the period.
| Metric (YoY change) | H1 2025 (Jun 30) | 9M 2025 (Sep 30) |
|---|---|---|
| Net yacht revenue | EUR 454.1m (+9.4%) | EUR 690.1m (+3.2%) |
| EBITDA | EUR 80.5m (+8.5%) | EUR 128.0m |
| Net income | EUR 46.6m (+7.0%) | EUR 75.9m |
| Order intake | EUR 419.5m (+29.9%) | EUR 689.7m (+18.4%) |
| Backlog | EUR 985.2m | EUR 1.7bn (90% end clients) |
Each percentage compares that 2025 period with the same window in 2024; the backlog itself is a stock figure at each quarter's close, not a growth rate.
Sanlorenzo vs Ferretti: Italy's two heavyweights
Sanlorenzo is not the only major Italian group to close nine-month 2025 on a high note. Ferretti Group reported, on October 23, revenue of EUR 887 million (+2.5%), EBITDA of EUR 142 million (+2.5%), net profit of EUR 61 million and a backlog of EUR 1.5 billion, up 12.9% — driven by its made-to-measure segment (+23.9%) and, above all, by its superyacht segment, up 29.5%. Ferretti's order intake grew 4.6%, to EUR 771 million, per SuperYacht Times' coverage of the results. Our full breakdown of that report is in Ferretti: Backlog Up 12.9% as the Superyacht Segment Grows 29.5%.
| Group (9M 2025) | Revenue | Net income | Backlog | Order intake |
|---|---|---|---|---|
| Sanlorenzo | EUR 690.1m (+3.2%) | EUR 75.9m | EUR 1.7bn (90% end clients) | EUR 689.7m (+18.4%) |
| Ferretti Group | EUR 887m (+2.5%) | EUR 61m | EUR 1.5bn (+12.9%) | EUR 771m (+4.6%) |
The two groups compete for different slices of the same market — Sanlorenzo concentrated in motor yachts plus the Bluegame and Nautor Swan (sailing) brands, Ferretti spanning Riva, Pershing, Itama, Custom Line, CRN and Wally. What both share is naming the superyacht segment as the period's strongest engine, a pattern the industry has repeated in quarterly filing after quarterly filing since 2024.
What is propping up superyacht demand
Part of the explanation for resilient demand sits in the broader economic backdrop. UBS's Global Wealth Report 2025, published in June, found global wealth grew 4.6% in 2024 — the kind of balance-sheet expansion that has historically preceded custom-boat orders, given the months-to-years gap between signing a contract and taking delivery. Neither Sanlorenzo nor Ferretti discloses the nationality mix behind their current backlogs; that detail was not made public in the reports reviewed for this article. We look at the UBS report in more depth in UBS's Global Wealth Report 2025 and What It Says About the Brazilian Yacht Buyer.
A note on Brazil
Brazil sits on the distribution and export side of this ecosystem, not the manufacturing side of large superyachts — no Brazilian yard builds at the length Sanlorenzo or Ferretti operate at. On the trade side, Brazil's boatbuilding industry exported 559 recreational boats in the first half of 2025, roughly half of everything it exported in all of 2024, with the United States accounting for 68.01% of export value in the period — a fuller picture is in Brazil's Nautical Market in 2025.
For a high-net-worth buyer anywhere, including Brazil, the most direct effect of a record backlog tends to be indirect: longer delivery windows once a yard's production queue fills up, and tougher negotiation on the models in highest demand. Voguer follows this market from both sides: domestic boat rental in Brazil at voguer.com.br, and international superyacht charter at voguer.yachts.
FAQ
What is a yacht builder's order backlog? Backlog is the total value of contracted orders not yet delivered — revenue the yard has already secured for coming quarters or years. Sanlorenzo's EUR 1.7 billion backlog as of November 2025 represents signed contracts due to convert into deliveries and revenue in future periods, making it the clearest gauge of a builder's forward visibility.
Why does 90% sold to end clients matter? Because it shows demand is coming from people who will actually use the boat, not resellers building speculative inventory. A high end-client share usually signals firmer buying decisions and lower cancellation risk if market conditions shift, unlike a backlog inflated by dealers or intermediaries holding contracts.
How much did Sanlorenzo's revenue grow in the first nine months of 2025? Net yacht-division revenue reached EUR 690.1 million, up 3.2% from EUR 669.0 million in the same period of 2024. Net income hit EUR 75.9 million and EBITDA EUR 128.0 million, according to the financial report the company published on November 10, 2025.
How does Sanlorenzo compare with Ferretti Group in nine-month 2025? Ferretti reported higher revenue (EUR 887 million versus Sanlorenzo's EUR 690.1 million), but Sanlorenzo posted a larger backlog (EUR 1.7 billion versus EUR 1.5 billion) and faster order-intake growth (+18.4% versus +4.6%). Both groups cite the superyacht segment as the period's main growth driver.
Does Brazil build yachts the size of Sanlorenzo's or Ferretti's? No, based on available data. Brazilian yards operate mainly in speedboats and smaller leisure craft, not in superyachts spanning dozens of metres. Brazil participates in the international nautical market chiefly as an exporter of smaller boats and as a source of buyers for international charter.
Does Sanlorenzo's backlog guarantee immediate delivery of a new yacht? No. A EUR 1.7 billion backlog means a production queue booked for quarters or years, depending on the model and line. The reports reviewed do not disclose model-by-model delivery windows; anyone negotiating a new yacht purchase should confirm timing directly with the yard or an authorized dealer.
Where can I find Sanlorenzo's full financial report? The nine-month 2025 document is available on the company's corporate site, in the "Consolidated Financial Results 9M 2025" file. The H1 2025 report used for comparison in this article was published through the same channel on September 4, 2025.
Does Voguer sell or resell Sanlorenzo yachts? No. Voguer operates boat rental in Brazil through voguer.com.br and international superyacht charter through voguer.yachts — not new-yacht sales. Shipyard results such as Sanlorenzo's and Ferretti's are covered in this editorial section as industry news, relevant to anyone following the high-end nautical market.
