Sanlorenzo closed the first half of 2025 with net revenue from new yacht sales of EUR 454.1 million, up 9.4% on 2024, EBITDA of EUR 80.5 million and net profit of EUR 46.6 million. Order intake jumped 29.9% to EUR 419.5 million, pushing the net backlog to EUR 985.2 million as of June 30 — roughly a year of revenue already under contract.
Contents
- The first-half result
- Why order intake matters more than the headline growth
- Sanlorenzo versus Ferretti Group: two builders, two paces
- What a EUR 985 million backlog actually guarantees
- What this signals for the 2025 yacht buyer
- FAQ
The First-Half Result
Sanlorenzo disclosed its consolidated H1 2025 results on September 4: net revenue from new yacht sales of EUR 454.1 million, a 9.4% increase over the same period in 2024.
| Metric | H1 2025 | Change vs H1 2024 |
|---|---|---|
| Net revenue (new yachts) | EUR 454.1 million | +9.4% |
| EBITDA | EUR 80.5 million | +8.5% |
| Net profit | EUR 46.6 million | +7.0% |
| Order intake | EUR 419.5 million | +29.9% |
| Net backlog (as of June 30, 2025) | EUR 985.2 million | — |
Double-digit revenue growth would already be solid news for a superyacht builder on its own. What stands out in this particular disclosure is the pace of new order intake: growing almost three times faster than revenue for the half, a sign that pent-up demand may be outrunning current production capacity.
Why Order Intake Matters More Than the Headline Growth
Order intake and recognized revenue measure two different things, and the gap between them tells part of the story. The EUR 454.1 million in revenue reflects yachts delivered and invoiced during the half — typically ordered well in advance. The EUR 419.5 million in order intake measures new contracts signed right now, which only becomes recognized revenue several quarters or years later, depending on the size of the project.
When order intake grows 29.9% — more than three times faster than revenue — the usual read in the industry is that the waiting line for a new yacht is getting longer, not shorter. It is the same type of structural bottleneck Voguer has already described on the charter side of the market, where the constraint is not client demand but available berths; on the shipbuilding side, the scarce resource is production capacity rather than marina space. For the charter-side version of this dynamic, see Voguer's analysis of the charter market in numbers.
Sanlorenzo Versus Ferretti Group: Two Builders, Two Paces
September brought the yacht industry's second major financial disclosure in a matter of weeks. In August, Ferretti Group had reported consolidated revenue of EUR 620.4 million for the same half, up 1.5% on 2024. Placed side by side:
| Builder | H1 2025 revenue | Change vs H1 2024 |
|---|---|---|
| Sanlorenzo | EUR 454.1 million (new yachts) | +9.4% |
| Ferretti Group | EUR 620.4 million (consolidated) | +1.5% |
The comparison comes with a caveat: the two figures do not measure exactly the same thing. Sanlorenzo's number is net revenue specifically from new yacht sales, while Ferretti Group's is consolidated revenue across the whole group's brands and product lines. Even so, the gap in growth rate — roughly six times faster for Sanlorenzo — is wide enough to be a genuine data point for anyone tracking how European shipyards are performing in 2025, a year also marked by the EU-US tariff uncertainty Ferretti Group itself cited in its own disclosure.
What a EUR 985 Million Backlog Actually Guarantees
The EUR 985.2 million net backlog recorded as of June 30, 2025, works as a forward-visibility indicator: it is the value of already-signed contracts still to be recognized as revenue as yachts are delivered. Measured against the half's EUR 454.1 million in revenue — an annualized run rate of roughly EUR 900 million — Sanlorenzo's current backlog equals close to a full year of revenue already secured before accounting for any new order.
That kind of visibility is what lets a shipyard plan production, hiring and factory capacity with more confidence — and it is also the metric industry analysts watch most closely to judge whether a strong single-half result is sustainable or a one-off.
What This Signals for the 2025 Yacht Buyer
Sanlorenzo's simultaneous growth in revenue, order intake and backlog reinforces a pattern that already showed up in UBS's Global Wealth Report 2025, published in June: global wealth grew 4.6% in 2024, a backdrop that supports demand for high-value assets, yachts included, even amid trade uncertainty between major economic blocs. The same period saw Brazil export 559 recreational boats in the first half of 2025, with growing dependence on the US market — another signal that boat demand, at both entry and luxury price points, stayed strong globally through the half.
September also opens a run of boat shows that will test that demand in practice, from this month's show calendar through to the Monaco Yacht Show still to come. Voguer will keep tracking the industry's financial results as more builders report over the rest of the year.
FAQ
How much revenue did Sanlorenzo post for H1 2025? EUR 454.1 million in net revenue from new yacht sales, up 9.4% on the same period in 2024. EBITDA reached EUR 80.5 million (+8.5%) and net profit came in at EUR 46.6 million (+7.0%), according to results disclosed on September 4, 2025.
How much did Sanlorenzo's order intake grow? 29.9%, to EUR 419.5 million for the half — a much faster pace than recognized revenue. That gap typically signals a lengthening waiting line for new yachts, since today's orders only become delivered revenue over the following quarters or years.
What does Sanlorenzo's EUR 985.2 million net backlog mean? It is the total value of already-signed contracts Sanlorenzo will still recognize as revenue as yachts are delivered, measured as of June 30, 2025. In practice, it equals roughly a year of revenue already secured at the half's run rate, before any new order is counted.
How does Sanlorenzo's result compare with Ferretti Group's? Ferretti Group had reported, in August, consolidated H1 2025 revenue of EUR 620.4 million (+1.5%). Sanlorenzo's revenue is smaller in absolute terms but grew much faster (+9.4%). The comparison carries a caveat: Sanlorenzo's figure covers only new yacht sales, while Ferretti Group's is consolidated across the group.
Why does order intake matter more than half-year revenue here? Because it shows demand arriving now, not demand already delivered. Order intake growing faster than revenue, as Sanlorenzo's did, tends to precede even stronger results in following halves, as those contracts convert into deliveries.
Does this result connect to the yacht charter market? Indirectly, yes: both reflect the same pattern of high demand meeting limited capacity — on the charter side, the constraint is marina berths; on the shipbuilding side, it is shipyard production capacity. Read together, the two data points support a picture of a superyacht market running hot through 2025.
Does Sanlorenzo's result connect to the Brazilian market? Indirectly. The same half saw Brazil export 559 recreational boats, with a growing share of value going to US buyers, while UBS's Global Wealth Report 2025 recorded a 4.6% rise in global wealth in 2024 — a demand backdrop showing up in both Europe and Brazil, even across different market segments.
Where can I check Sanlorenzo's official figures? Sanlorenzo's own consolidated financial report for H1 2025, disclosed by the company on September 4, 2025, is available on its official site and is the primary source used in this article.
Following the Yacht Industry's Results Season
Voguer is tracking the 2025 financial results season across the superyacht building industry, from Ferretti Group to Sanlorenzo. For readers planning a Mediterranean charter, voguer.yachts lists options across the region; for the Brazilian coast, the voguer.com.br marketplace remains open year-round.
