Earnings release
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1 Ameglia (SP), 3 September 2026 H1 2026 FINANCIAL RESULTS: • ORDER INTAKE AT €496.4 MILLION, UP 18.3% YOY • NET REVENUES FROM NEW YACHTS AND NET PROFIT UP 3.8% AND 5.4% YOY, RESPECTIVELY • €66.3 MILLION CASH GENERATED IN THE FIRST SIX MONTHS, PRE-DIVIDEND • 2026 GUIDANCE CONFIRMED, WITH 83% COVERAGE OF EXPECTED NET REVENUE NEW YACHTS 1 • Broad -based growth across key financial metrics : Net Revenue New Yachts amounted to €471.3 million (+3.8% YoY), EBITDA increased to €83.5 million (+3.7% YoY), with a stable margin of 17.7%, and Group Net Profit rose to €49.1 million (+5.4% YoY). • Sustained demand : Order Intake increased significantly to €496.4 million (+18.3% YoY), with Q2 2026 marking the eighth consecutive quarter of year-on-year growth. Order Backlog stood at €1,498.9 million, 89% of which related to orders sold to final clients. Net Backlog stood at €1,027.6 million, with the portion relating to 2026 providing 83% coverage of the mid-point of the 2026 Guidance range for Net Revenue New Yachts. • 2026 Guidance and 2026 –2028 Business Plan targets confirmed. Net Cash Position stood at €49.4 million as of 30 June 2026, after dividend payments of €37.0 million. • Product innovation gaining further momentum in H2: The positive H1 2026 results come ahead of an eventful second half for Sanlorenzo, featuring new product premieres at the autumn boat shows and further developments across the Group’s portfolio. Figures in €m H1 26 H1 25 % Change €m Change Net Revenue New Yachts 471.3 454.1 +3 .8% +17.2 EBITDA 83.5 80.5 +3 .7% +2.9 EBIT 62.2 59.9 +3 .9% +2.4 Group Net Profit 49.1 46.6 +5 .4% +2.5 Order Intake 496.4 419.5 +18 .3% +76.9 Order Backlog 1,498.9 1,439.3 +4 .1% +59.6 The Board of Directors of Sanlorenzo S.p.A. (“Sanlo renzo” or the “Company”), chaired by Mr. Massimo Perotti, today approved the consolidated half-year financial report as of 30 June 2026. Sanlorenzo’s management team will host an investor and media webcast and conference call today at 6:00 p.m. (CEST). Full details, including the joini ng link, are available on page 9. 1 Mid-point of the 2026 net revenue new yachts guidance
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2 Mr. Massimo Perotti, Chairman and Chief Executive O fficer of the Company , commented: “The results for the first half of 2026 confirm the validity of the direction set out in our ‘Tomorrow ’s Timeless’ Business Plan. We continue to pursue disc iplined and sustainable growth, prioritising value over volumes while preserving the quality of our margins and the exclusivity of our brands. Order Intake increased by 18.3% in the first half, while Q2 marked the eighth consecutive quarter of year-on-year growth, underscoring the strength of d emand for our products and, above all, the resilience we continue to see in the most exclusive segments of the market. Net Backlog, exceeding €1 billion, and Order Backlog, 89% of which consists of orders sold to final clients, provide us with strong visibility and allow us to plan production efficien tly, optimising the deployment of our industrial resources. We remain focused on our long-term objectives. We w ill continue to invest selectively in product innovation and operational excellence, while streng thening our relationships with yacht owners, leveraging a distinctive and complementary portfolio and an increasingly direct international presence. We look ahead to the autumn boat show season with confidence. In the coming months, we will unveil important new products and continue our innovation journey across the entire Group. We approach this phase wit h the same rigorous execution, strategic vision and constant focus on value creation that have underpinned the results achieved to date.” 2026 GUIDANCE AND 2028 OUTLOOK CONFIRMED In light of the results achieved in the first half of 2026, the strong Order Intake performance and the high level of visibility provided by the order book, San lorenzo confirms its 2026 Guidance in full, togethe r with the targets of the 2026–2028 Business Plan, “Tomorrow’s Timeless”, presented on 8 May 2026. As of 30 June 2026, the portion of Order Backlog re lating to 2026 amounted to €831.7 million, equivalent to 83% of the mid-point of the 2026 Guidance range for Net Revenue New Yachts. Figures in €m and % 2025 Actual 2026 Guidance 2028 Outlook Net Revenue New Yachts 960.4 980 – 1,020 ≥6% CAGR EBITDA 180.6 180 – 192 EBITDA margin 18.8% 18.4% – 18.8% ≥19.0% EBIT 139.9 140 – 147 EBIT margin 14.6% 14.2% – 14.4% ≥14.5% Group Net Profit 107.4 108 – 114 Capex 48.2 50 - 55 5.0% – 5.5% of NRNY 2 2 Net Revenue New Yachts / Ricavi Netti Barche Nuove
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3 FINANCIAL HIGHLIGHTS • Order Intake amounted to €496.4 million (+18.3% YoY ; +€76.9 million), confirming continued solid demand. In Q2 2026 , Order Intake amounted to €273.2 million (+13.1% YoY), marking the eighth consecutive quarter of year -on -year growth in Order Intake . The H1 2026 book -to -bill ratio stood at approximately 1.05x, with new orders more than covering the Net Revenue New Yachts recorded during the half-year. • Order Backlog amounted to €1,498.9 million as at 30 June 2026 (+4.1% YoY), 89% of which related to orders sold to final clients , confirming the high quality of the order book. Of this amount, €831.7 million related to 2026, providing 83% coverage of the mid -point of the 2026 Guidance range for Net Revenue New Yachts, while €667.2 million related to subsequent years. Net Backlog reached €1,027.6 million (+4.3% YoY), remaining above €1 billion and representing approx imately one full year of future revenue already contracted and yet to be recognised. • Net Revenue New Yachts amounted to €471.3 million (+3.8% YoY), with the Superyacht Division acting as the main growth driver. The Division’s re venue reached €154.1 million (+12.4% YoY) and accounted for 32.7% of the total, compared with 30. 2% in H1 2025, confirming the particular resilience of demand for larger yachts. The Yacht Division grew by 3.1% to €232.8 million , while Bluegame remained broadly stable at €43.6 million , demonstrating resilience in a more challenging market for yachts below 24 metres. Nautor Swan contributed €40.9 million ( -13.9% YoY), while continuing to advance the integration, product deve lopment and commercial strengthening initiatives set out in the Business Plan. • Geographic diversification continued to increase, with g rowth exceeding 20% in three of the Group’s four main regions. The Americas reached €129.0 million (+35.4% YoY), with their share of the total rising to 27.4%; APAC grew to €73.9 million (+35.8% YoY), accounting for 15.7% of Net Revenue New Yachts; and MEA reached €45.8 million (+22.7% YoY ). These results more than offset the decline in Europe ( -16.6% YoY), which faced a particularly high comparison base in H1 2025 and remained the Group’s largest market, accou nting for 47.2% of the total. The strong growth in APAC also confirms the structural advantage provided by Simpson Marine’s d irect distribution platform , ensuring closer management of final-client relati onships and of commercial and after-sales activities. • EBITDA amounted to €83.5 million (+3.7% YoY), with a stable margin of 17.7% of Net Revenue New Yachts , confirming the resilience of the Group’s business model, its pricing discipline and continued operating efficiency. • EBIT amounted to €62.2 million (+3.9% YoY), with a stable margin of 13.2% of Net Revenue New Yachts. • Group Net Profit amounted to €49.1 million (+5.4% YoY), with a double-digit margin on Net Revenue New Yachts of 10.4%, also supported by the overall improvement in the Group’s financial result. • Organic Net Investments amounted to €18.0 million (+11.2% YoY), representing 3.8% of Net Revenue New Yachts . Approximately 87% of investments were expansionary, of which €11.0 million was allocated to R&D and product development and €4 .7 million to expanding production and distribution capacity. Recurring industrial investm ents remained limited at €1.3 million, equal to approximately 0.3% of Net Revenue New Yachts. Total Net Investments for the period, including the change in the scope of consolidation related to the acquisition of the business unit of Mast Italia S.r.l., amounted to €20.3 million . • Net Working Capital amounted to €86.5 million as at 30 June 2026, broadly stable compared with €86.6 million as at 30 June 2025 and down by €32.4 m illion compared with 31 March 2026, reflecting the typical seasonality of the second qu arter, while continuing to support the expansion of the direct distribution network and initiatives involving strategic suppliers. • Strong cash generation , with Operating Cash Flow of €96.5 million, compar ed with €23.6 million in H1 2025, and Free Cash Flow of €80.2 million , compared with €7.5 million in the same period of the previous year. Consequently, the Net Cash Position reached €49.4 million as at 30 June 2026, compared with €20.1 million as at 31 December 2025 and net debt of €8.3 million as at 30 June 2025, despite dividend payments of €37.0 million during the half-year.
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4 OPERATIONAL HIGHLIGHTS • On 8 May 2026, at Casa Sanlorenzo in Venice, Sanlore nzo presented its 2026–2028 “Tomorrow’s Timeless” Business Plan , based on controlled growth, prioritising value ov er volumes and preserving the exclusivity of its brand s. The Plan forms part of the eponymous strategic brand platform, one of the most significa nt investments in the brand in recent years, accompanied by a new visual identity, an evolution of the client experience and an international multichannel campaign. • The Group further strengthened its intern ational positioning through its participation in th e major boat shows held during the half-year. At boot Düsseldorf, San lorenzo presented the SD90, Bluegame staged the world premiere of the new BGX83 and Nautor Swan presented the new Swan 51 with a dual-energy propulsion syste m. The subsequent participation in the Miami International Boat Show, featuring one of San lorenzo’s most significant displays in recent years and a fleet representing the SL and SX ranges, consolidated the Group’s presence in the US market. At the same time, the ex pansion of direct distribution in strategic markets continued with the opening of Sanlorenzo’s first London showroom in Ma yfair, a global luxury hub. • On the product front, Sanlorenzo unveiled 74Steel Virtuosity, the second unit in th e 74Steel line, built on an advanced diesel -electric platform and featuring a high level of customisation and design solutions developed through a process of co-creation with the owner. Nautor Swan began construction of the Swan Alloy 44 ; launched Raijin, the second Swan 128, equipped with Dual Energy technology; unveiled the new Swan 73 and launched the new Swan 80 , the entry model in the Swan Maxi range . • On 29 June 2026, Sanlorenzo entered into a long -term strategic partnership with BYD Energy Storage , which was appointed Technology Supplier and Official Battery Supplier t o Sanlorenzo. The partnership provides for an ongoing research a nd development programme aimed at applying advanced energy-storage technolog ies to a new generation of quieter, more efficient yachts with a lower environmental im pact, strengthening the Road to 2030 pathway. In June, as a Founding Partner of the seco nd edition of Venice Climate Week, Sanlorenzo also presented the Venice Call for Maritime Action , an appeal to European institutions to accelerate the development of infra structure for green methanol and port electrification. Lastly, Bluegame renewed its partnership with Blue Marine Foundation. • In the year of Nautor Swan’s 60th anniversary, the Swan 128 Be Cool received the World Superyacht Award from BOAT International in the “Sailing Yachts, 30–39.9 metres” category. Bluegame’s BGF45 was Highly Commended at the Motor Boat Awards in the “Sportscruisers over 45ft” category and won the “Production Motor Boat” category at the Foiling Awards. • Sanlorenzo consolidated its positioning in the worl d of art and design by participating in Milan Design Week with the UN_Material installation and p resenting the WAVES exhibition at Casa Sanlorenzo during the Venice Biennale. 2026 also ma rks the 10th anniversary of Sanlorenzo Arts, celebrated through its most extensive annual programme to date, centred on Casa Sanlorenzo and an international calendar of initiat ives dedicated to art, design and sustainability. • The acquisition of the business unit of Mast Italia S.r .l., completed on 1 April 2026, enabled Sanlorenzo to increase the production capacity supporting the Yac ht Division and further consolidate its presence within the Viareggio yachting hub.
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5 CONSOLIDATED NET REVENUE NEW YACHTS • Net Revenue New Yachts 3 for the first half of 2026 amounted to €471.3 million, up 3.8% from €454.1 million in H1 2025. Growth was mainly driven by the Superyacht Division and a significantly more diversified geographic mix . • The Yacht Division generated Net Revenue New Yachts of €232.8 million (+3.1% YoY), accounting for 49.4% of the total. The Superyacht Division remained the Group’s main growth driver, with Net Revenue New Yachts of €154.1 million (+12.4% YoY) and its share of the total increasing to 32.7%, compared with 30.2% in H1 2025 . This performance reflects continued strong demand for larger yachts, despite extended delivery horizons. • Bluegame generated Net Revenue New Yachts of €43.6 million , broadly stable compared with H1 2025, demonstrating resilience in a more challen ging market for yachts below 24 metres, characterised by aggressive pricing policies. Nautor Swan contributed €40.9 million ( -13.9% YoY) , while continuing to advance the integration, prod uct development and commercial strengthening initiatives set out in the Business Plan. • The Group’s geographic diversification strengthened further: non-European regions accounted for 52.8% of Net Revenue New Yachts, comp ared with 41.2% in H1 2025, an increase of 11.6 percentage points. The A mericas, APAC and MEA all recorded growth exceeding 20% , more than offsetting the decline in Europe against the high comparison base of the first half of 2025. • Europe remained the Group’s largest geographic regi on , with Net Revenue New Yachts of €222.6 million , accounting for 47.2% of the total. The 16.6% decl ine compared with H1 2025 was against a particularly high comparison base. Re venue generated in Italy amounted to €52.0 million. • The Americas generated Net Revenue New Yachts of €129.0 million (+35.4% YoY), increasing their share of the total to 27.4%, compared with 21 .0% in H1 2025. This performance was also supported by further commercial penetration in Central and South American markets. • APAC recorded Net Revenue New Yachts of €73.9 million (+35.8% YoY), with its share of the total increasing to 15.7%, compared with 12.0% in H 1 2025. This growth confirms the strategic value of Simpson Marine’s direct distribution platf orm , which provides the Group with extensive coverage across the region and greater proximity to final clients • MEA generated Net Revenue New Yachts of €45.8 million (+22.7% YoY), accounting for 9.7% of the total, supported by the positive Order Intake recorded in previous quarters. NET REVENUE NEW YACHTS BY DIVISION (€’000) Six months ended 30 June Change 202 6 % total 202 5 % total 202 6 vs. 202 5 202 6 vs. 202 5% Yacht Division 232,772 49.4% 225,832 49.7% 6,940 +3.1% Superyacht Division 154,070 32.7% 137,127 30.2% 16,943 +12.4% Bluegame Division 43,588 9.2% 43,635 9.6% (47) -0.1% Nautor Swan Division 40,903 8.7% 47,529 10.5% (6,626) -13.9% Net Revenue New Yachts 471 ,333 100 .0% 454 ,123 100 .0% 17 ,210 +3 .8% 3 Net Revenue New Yachts are calculated as the algebraic sum of revenue from contracts with customers relating to new yachts, recognised over time using the “cost-to-cos t” method, and pre-owned yachts, net of related sel ling expenses associated with commissions and the trade-in and management costs of pre-owned yachts.
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6 NET REVENUE NEW YACHTS BY GEOGRAPHICAL AREA (€’000) Six months ended 30 June Change 2026 % total 2025 % total 2026 vs. 2025 2026 vs. 2025% Europe 222, 635 47.2% 267,099 58.8% -44,464 -16.6% Americas 129, 048 27.4% 95,327 21.0% 33,721 +35.4% APAC 73,858 15.7% 54,382 12.0% 19,476 +35.8% MEA 45, 792 9.7% 37,315 8.2% 8,477 +22.7% Net Revenue New Yachts 471 ,33 3 100 .0% 454 ,123 100 .0% 17 ,21 0 +3 .8% CONSOLIDATED OPERATING AND NET RESULTS EBITDA 4 amounted to €83.5 million, up 3.7% from €80.5 million in the first half of 2025. The margin on Net Revenue New Yachts stood at 17.7%, stable compa red with the same period of the previous year, confirming the strength of the Group’s business mod el, its pricing power, the success of the models introduced and its operating efficiency. EBIT amounted to €62.2 million, up 3.9% from €59.9 million in the first half of 2025. The margin on Net Revenue New Yachts remained stable at 13.2%. Group Net Profit stood at €49.1 million, up 5.4% from €46.6 million in the first half of 2025, with a double- digit margin on Net Revenue New Yachts of 10.4%, co mpared with 10.3% in the comparative period. Growth also benefited from an overall improvement i n financial items, driven by lower net financial expenses and positive value adjustments to financial assets. CONSOLIDATED BALANCE SHEET AND FINANCIAL RESULTS Net Working Capital stood at €86.5 million as at 30 June 2026, broadly stable compared with €86.6 million as at 30 June 2025. Compared with €118.9 mil lion as at 31 March 2026, it decreased by €32.4 million, reflecting the typical seasonal dynamics o f the second quarter, while standing €13.3 million below the €99.8 million recorded as at 31 December 2025. Inventories amounted to €181.2 million, compared wit h €178.3 million as at 31 December 2025 and €186.7 million as at 30 June 2025. This level contin ued to reflect the production ramp-up aimed at reducing delivery times for the most in-demand mode ls, as well as support for the direct distribution network, in line with potential demand in the relevant markets. Organic Net Investments made in the first half of 2 026 amounted to €18.0 million, up 11.2% compared with the same period of the previous year, represen ting 3.8% of Net Revenue New Yachts. Approximately 87% of organic investments were expans ionary, with €11.0 million allocated to developing new models and product ranges and €4.7 m illion to expanding industrial and distribution capacity. Recurring industrial investments remained limited at €1.3 million. Total Net Investments for the period amounted to €20.3 million, including €2.2 mi llion related to the acquisition of the business un it of Mast Italia S.r.l. Operating Cash Flow reached €96.5 million, compared with €23.6 million in the first half of 2025, supported by operating profitability and the season al reabsorption of Net Working Capital. Free Cash Flow stood at €80.2 million, compared with €7.5 million in the same period of the previous year. 4 EBITDA is calculated by adding depreciation and amortisation to operating profit.
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7 The Group’s Net Financial Position as at 30 June 20 26 was positive at €49.4 million, compared with net cash of €20.1 million as at 31 December 2025 and net debt of €8.3 million as at 30 June 2025. The improvement of €29.3 million compared with year-end and €57.7 million year-on-year was achieved after dividend payments of €37.0 million during the half-year. BACKLOG Order Backlog 5 as at 30 June 2026 amounted to €1,498.9 million, up 4.1% from €1,439.3 million as at 30 June 2025. The high quality of the order book was confirmed by the 89% share already sold to final clients. Of the total Order Backlog, €831.7 million related to 2026, providing 83% coverage of the mid- point of the 2026 Guidance range for Net Revenue Ne w Yachts, while €667.2 million related to subsequent years. Net Backlog, representing revenue yet to be recogni sed under contracts already secured, reached €1,027.6 million, up 4.3% from €985.2 million as at 30 June 2025. The size and quality of the order book continue to provide the Group with strong visibilit y on future revenue and enable disciplined planning of production slots. Order Intake for the first half of 2026 stood at €4 96.4 million, up 18.3% from €419.5 million in the sa me period of the previous year, with a book-to-bill ra tio above 1x. In the second quarter, Order Intake reached €273.2 million, up 13.1% from €241.5 million in Q2 2025, marking the eighth consecutive quarter of year-on-year growth and confirming solid demand. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD On 27 July 2026, Sanlorenzo announced that Riccardo Cima, acting for and on behalf of the promoters of Polo Nautico Carrara S.r.l. (“PNC”), a company to be incorporated under Italian law, had submitted an expression of interest accompanied by an offer supported by security (the “Offer”) for the acquisition of the entire business undertaking of The Italian Sea Group S.p.A. (“TISG”). The Offer also includes an undertaking to participate in any competitive sale process that may be launched for the disposal of the business undertaking. PNC will operate on a consortium basis and is being promoted with the aim of safeguarding employment levels, facilitating the resumption of industrial operations, supporting the supply chain and ensuring that the sites and facilities required for shipyard activities, including refitting, haul-out and launching operations, remain in the local area. In this context, Sanlorenzo has confirmed its interest in taking a minority stake in PNC and has issued a let ter of patronage, for an amount of up to 10% of the purchase price, in support of PNC’s participation in the competitive sale process. The perimeter covered by the Offer comprises TISG’s entire business undertaking, excluding debts and receivables. Any continuation and completion of the ongoing shipbuilding contracts will be subject to direct negotiations with the respective yacht ow ners. Subsequently, in August 2026, TISG announced the launch of a competitive process aimed at identifying potential investors. The effectiveness of the Offer is subject, inter alia, to the satisfactory outcome of a full due diligence review and the satisfaction of the additional conditions set out in the Offer. The Offer does not bind TISG or the competent bodies of the proceedings. 5 Backlog is calculated as the sum of the value of al l orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current year or for delivery in subsequent years. For each year, the value of the orders and contracts include d in the backlog refers to the relevant share of re sidual value from 1 January of the year concerned until the delivery date. Backlog relating to revenue recognised during the year is conventionally cleared on 31 December.
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8 BUSINESS OUTLOOK The Sanlorenzo Group closed the first half of 2026, confirming the resilience of its business model and its ability to continue on a path of sustainable gr owth, while preserving margin quality and maintaini ng disciplined capital allocation, even amid a complex macroeconomic and geopolitical environment. Net Revenue New Yachts amounted to €471.3 million, up 3 .8% compared with H1 2025. EBITDA stood at €83.5 million (+3.7%), with a broadly stable margin of 17.7%, while Group Net Profit reached €49.1 million (+5.4%), representing 10.4% of Net Revenue New Yach ts. The Net Financial Position as at 30 June 2026 was positive at €49.4 million, confirming the Group’s financial strength. Continued commercial momentum is evidenced by Order Intake of €496.4 million in H1 2026, up 18.3% compared with the corresponding period of the previ ous year. Q2 Order Intake grew by 13.1% compared with Q2 2025, marking the eighth consecuti ve quarter of year-on-year growth. Order Backlog as at 30 June 2026 stood at approximately € 1,499 million, 89% of which was already sold to final clients. Of this amount, €832 million relates to 2026, representing 83% of the mid-point of the 2026 Guidance range for Net Revenue New Yachts, while €6 67 million relates to subsequent years. Net Backlog, amounting to approximately €1,028 million, therefore continues to provide strong visibility on future revenue and support the orderly planning of production slots, remaining above pre-Covid levels. Geographically, growth was supported by three of th e Group’s four main regions. The Americas recorded Net Revenue New Yachts of €129.0 million, up 35.4%, bringing the region’s contribution to the revenue mix back to 27.4%. APAC grew by 35.8% to €73.9 million, while MEA increased by 22.7% to €45.8 million. Against a particularly high compar ison base in H1 2025, Europe declined by 16.6% to €222.6 million, while remaining the Group’s main market and accounting for 47.2% of Net Revenue New Yachts. The greater diversification of the geographic mix confirms the Group’s ability to capture growth opportunities both in its established markets and i n regions where yachting penetration among the UHNWI population remains lower. At divisional level, the strongest performance was delivered by the Superyacht Division, which grew by 12.4% to €154.1 million, confirming that demand for larger yachts remains particularly resilient. The Yacht Division recorded Net Revenue New Yachts of €232.8 million, up 3.1%, while Bluegame remained broadly stable at €43.6 million. The Nautor Swan Di vision contributed €40.9 million, compared with €47.5 million in H1 2025, while continuing to advan ce its integration, product development and commercial strengthening initiatives in line with the Business Plan. On the strategic front, execution of the 2026–2028 “ Tomorrow’s Timeless” Business Plan continues, based on controlled growth, value over volumes and the preservation of brand exclusivity. New product development across the motor yacht and sailing yacht divisions, continued improvements in operating efficiency and the strengthening of the direct distribution network are the main drivers of future growth. In particular, the Group’s distribution platforms – Simpson Marine in APAC, Sanlorenzo of the Americas and the Sanlorenzo MED network – continue to provid e a strategic advantage, both in terms of the quality of the experience offered to final clients and the greater control they provide over sales and after-sales activities. In light of the first-half results, the positive Or der Intake performance and the high level of covera ge provided by the order book, the Group confirms its 2026 Guidance, with Net Revenue New Yachts expected to range from €980 million to €1,020 milli on, EBITDA from €180 million to €192 million, EBIT from €140 million to €147 million and Group Net Pro fit from €108 million to €114 million. The Group als o confirms its 2028 Business Plan targets, which call for Net Revenue New Yachts to grow at a CAGR of at least 6%, an EBITDA margin of at least 19.0% and an EBIT margin of at least 14.5%. These targets were set on the basis of an organic growth scenario and exclude any potential contribution from inorganic growth transactions. The Group continues to assess such opportunities with discipline and selectivity, and they therefore represent potential upside to the stated targets. More broadly, the Group continues to benefit from the competitive advantage afforded by its business model: high-end positioning, controlled scarcity, t he uniqueness of its made-to-measure offering,
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9 selective distribution and strong links to design a nd sustainable innovation. Bringing together the Sanlorenzo, Bluegame and Nautor Swan brands, each w ith its own exclusive and non-overlapping identity, further consolidates the Group as a uniqu e global yachting hub and supports its ability to sustain its growth trajectory over the long term. Today at 6:00 p.m. CEST, Sanlorenzo’s management will hold a conference call to present the H1 2026 results and the Company’s key updates to the financial community and the press. The conference call can be accessed through the fol lowing link: https://us06web.zoom.us/j/83087719668?pwd=PkA6ViI5n2ZkIPqJKlpbZb6TMfZaLJ.1 Alternatively, participants may dial in using the following numbers: +39 020 066 7245 Italy +1 386 347 5053 United States +44 203 481 5240 United Kingdom +61 2 8015 6011 Australia +1 587 328 1099 Canada +81 3 4579 0545 Japan +49 69 3807 9883 Germany +33 1 7037 2246 France +46 8 4468 2488 Sweden Webinar ID: 830 8771 9668 Passcode: 600991 The supporting documentation will be published in t he “Investors/Conferences and Presentations” section of the Company’s website (www.sanlorenzoyacht.com) before the conference call. The manager responsible for preparing the corporate accounting documents, Attilio Bruzzese, pursuant to Article 154-bis, paragraph 2, of Italia n Legislative Decree No. 58 of 1998 (“Consolidated Finance Law – TUF”), declares that the information contained in this press release corresponds to the documentary evidence, books and accounting records. This document includes forward-looking statements r elating to future events and the operational, economic and financial results of the Sanlorenzo Gr oup. Such statements, by their nature, are subject to risk and uncertainty, as they depend on the occurrence of future events and developments. This document uses certain alternative performance indicators. These indicators are not identified as accounting measures under IFRS and therefore should not be considered alternatives to the measures provided in the financial statements. Management be lieves that these indicators represent important parameters for assessing the Group’s economic and financial performance. The reclassified financial statements included in this document have not been audited. The condensed consolidated half-year financial statements as at 3 0 June 2026 are subject to statutory audit procedures, which are currently being completed.
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10 The half-year financial report as at 30 June 2026 w ill be made available to the public within the deadlines prescribed by law, at the Company’s regis tered office at via Armezzone 3, Ameglia (SP), in the “Investors/Financial Results and Documents” sec tion of the Company’s website (www.sanlorenzoyacht.com) and through the eMarket Storage mechanism (www.emarketstorage.it). Sanlorenzo S.p.A. Sanlorenzo is a leading global brand in the luxury yachting sector, which builds “made-to-measure” yac hts and superyachts customized for each client, characterized by a distinctive and timeless design. Founded in 1958 in Limite Sull'Arno (FI), the cradle of Italian shipbuilding, Sanlorenzo has succeeded over time in carving out a clear identity, achieving a high-end brand positioning. I n 1974, Giovanni Jannetti acquired the company and created the Sanlorenzo legend, producing every year a limited number of yachts characterized by a unique, highly recognizable style, comfort, and safety, focusing on a sophisticated clientele. In 2005, Massimo Perotti, Executive Chairman, acquired the majority of Sanlorenzo, guiding its growth and development in international markets while preserving the brand's heritage. Today, manufacturing activities are carried out in four main shipyards in La Spezia, Ameglia (SP), Via reggio (LU), and Massa, synergistically and strategically located within a 50-kilometre radius in the heart of the Italian nautical district. The production is articulated into four business un its: Yacht Division (composite motor yachts between 24 and 41 meters); Superyacht Division (aluminium and steel motor supe ryachts between 44 and 74 meters); Bluegame Divisio n (composite motor yachts between 13 and 26 meters); and Nautor Swan D ivision, acquired in August 2024 (sailing yachts in carbon fibre and composite, and motor yachts in composite between 13 and 44 meters). The Group also offers an exclusive range of services dedicated solely to Sanlorenzo, Bluegame, and Swan clients, including crew training at the Sanlorenzo Academy, maintenance, refit and restyling services, as well as charter services. The Group employs over 1,650 people and cooperates with a network of thousands of qualified artisan companies. In addition, the Group leverages an international distribution network, a widespread service network for customers worldwide, close collaborations with world-renowned architects and designers and a strong liaison with art and culture. In 2025, the Group generated net revenue from the s ale of new yachts of €960.4 million, with an EBITDA of €180.6 million and a Group net profit of €107.4 million. www.sanlorenzoyacht.com Investor Relations Comin&Partners – Press Office Attilio Bruzzese Giulia Mori, Mob. +39347493886 4 Niccolò Guido Storer giulia.mori@cominandpartne rs.com Mob. +393331144062 Tommaso Accomanno, Mob. +3934 07701750 investor.relations@sanlorenzoyacht.com tommaso .accomanno@cominandpartners.com Media Relations Mariangela Barbato Mob. +393409955110 m.barbato@sanlorenzoyacht.com
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11 SANLORENZO GROUP RECLASSIFIED INCOME STATEMENT AS OF 30 JUNE 2026 (€’000) Six months ended 30 June Change 2026 % Net Revenue New Yachts 2025 % Net Revenue New Yachts 2026 vs. 2025 2026 vs. 2025% Net Revenue New Yachts 471 ,333 100 .0% 454 ,123 100 .0% 17 ,210 +3 .8% Revenue from maintenance and other services 31,295 6.6% 21,376 4.7% 9,919 +46.4% Other income 12,711 2.7% 11,741 2.6% 970 +8.3% Operating costs (430,589) (91.4)% (405,956) (89.4)% (24,633) +6.1% Adjusted EBITDA 84 ,750 18 .0% 81 ,284 17 .9% 3,466 +4 .3% Non-recurring costs (1,258) (0.3)% (739) (0.2)% (519) +70.2% EBITDA 83 ,492 17 .7% 80 ,545 17 .7% 2,947 +3 .7% Amortisation/depreciation (21,280) (4.5)% (20,687) (4.6)% (593) +2.9% EBIT 62 ,212 13 .2% 59 ,858 13 .2% 2,354 +3 .9% Net financial income/(expense) (944) (0.2)% (1,949) (0.4)% 1,005 -51.6% Adjustments to financial assets 488 0.1% (338) (0.1)% 826 -244.4% Pre-tax profit 61 ,756 13 .1% 57 ,571 12 .7% 4,185 +7 .3% Income taxes (11,056) (2.3)% (10,356) (2.3)% (700) +6.8% Net profit 50 ,700 10 .8% 47 ,215 10 .4% 3,485 +7 .4% Net (profit)/loss attributable to non-controlling interests 6 (1,572) (0.3)% (587) (0.1)% (985) +167.8% Group net profit 49 ,128 10 .4% 46 ,628 10 .3% 2,500 +5 .4% 6 (Profit)/loss.
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12 SANLORENZO GROUP RECLASSIFIED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2026 (€’000) 30 June 31 December 30 June Change 202 6 202 5 202 5 30 June 202 6 vs. 31 December 202 5 30 June 202 6 vs. 30 June 202 5 USES Goodwill 70,521 69,635 69,267 886 1,254 Other intangible assets 116,765 117,957 110,756 (1,192) 6,009 Property, plant and equipment 221,623 222,572 217,477 (949) 4,146 Equity investments and other non-current assets 28,065 27,963 12,678 102 15,387 Net deferred tax assets 5,982 7,435 9,265 (1,453) (3,283) Other non-current liabilities (32,355) (32,355) (32,355) - - Non-current employee benefits (3,481) (3,773) (3,674) 292 193 Non-current provision for risks and charges (5,348) (5,418) (12,071) 70 6,723 Net fixed capital 401 ,772 404 ,016 371 ,343 (2 ,244) 30 ,429 Inventories 181,235 178,293 186,716 2,942 (5,481) Trade receivables 31,534 36,978 37,122 (5,444) (5,588) Contract assets 324,415 294,831 282,753 29,584 41,662 Trade payables (256,203) (293,066) (280,912) 36,863 24,709 Contract liabilities (178,109) (130,356) (145,882) (47,753) (32,227) Other current assets 63,909 96,780 85,559 (32,871) (21,650) Current provisions for risks and charges (19,125) (17,638) (13,836) (1,487) (5,289) Other current liabilities (61,190) (66,029) (64,887) 4,839 3,697 Net working capital 86 ,466 99 ,793 86 ,633 (13 ,327) (167) Net invested capital 488 ,238 503 ,809 457 ,976 (15 ,571) 30 ,262 SOURCES Equity 537,606 523,907 449,662 13,699 87,944 (Net financial position) (49,368) (20,098) 8,314 (29,270) (57,682) Total sources 488 ,238 503 ,809 457 ,976 (15 ,571) 30 ,262
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13 SANLORENZO GROUP NET FINANCIAL POSITION AS OF 30 JUNE 2026 (€’000) 30 June 31 December 30 June Change 202 6 202 5 202 5 30 June 202 6 vs. 31 December 202 5 30 June 202 6 vs. 30 June 202 5 A Cash 170,624 149,056 138,366 21,568 32,258 B Cash equivalents - - - - - C Other current financial assets 32,769 39,121 65,690 (6,352) (32,921) D Liquidity (A + B + C) 203 ,393 188 ,177 204 ,056 15 ,216 (663) E Current financial debt (23,302) (29,894) (59,145) 6,592 35,843 F Current portion of non-current financial debt (34 ,136) (34,884) (40,483) 748 6,347 G Current financial indebtedness (E + F) (57 ,438) (64 ,778) (99 ,628) 7,340 42 ,190 H Net current financial indebtedness (G + D) 145 ,955 123 ,399 104 ,428 22 ,556 41 ,527 I Non-current financial debt (96,587) (103,301) (112,742) 6,714 16,155 J Debt instruments - - - - - K Non-current trade and other payables - - - - - L Non -current financial indebtedness (I + J + K) (96 ,587) (103 ,301) (112 ,742) 6,714 16 ,155 M Total financial indebtedness (H+L) 49 ,368 20 ,098 (8 ,314) 29 ,270 57 ,682
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14 SANLORENZO GROUP RECLASSIFIED CONSOLIDATED STATEMENT OF CASH FLOWS AS OF 30 JUNE 2026 (€’000) 30 June 202 6 30 June 202 5 Change EBITDA 83, 492 80,545 2,947 Taxes paid (4,388) (1,972) (2,416) Change in inventories (2,942) (60,217) 57,275 Change in net contract assets and liabilities 18, 169 13,841 4,328 Change in trade receivables and advances to suppliers 15, 813 (10,911) 26,724 Change in trade payables (36,863) (4,799) (32,064) Change in provisions and other assets and liabilities 23, 234 7,075 16,159 Operating cash flow 96 ,515 23 ,562 72 ,953 Change in non-current assets (investments) (18,033) (16,216) (1,817) Interest received 1, 702 1,230 472 Other changes 19 (1,106) 1,125 Free cash flow 80 ,203 7,470 72 ,733 Interest and financial charges (2,144) (2,625) 481 Capital increase and other changes in equity (160) (3,403) 3,243 Change in non-current assets (new scope) (1,600) (860) (740) Change in net financial debt (new perimeter) - (99) 99 Dividends paid (36,975) (34,706) (2,269) Change in LT funds and other cash flows (10,054) (3,170) (6,884) Change in net financial position 29 ,270 (37 ,393) 66 ,663 Net financial position at the beginning of the period 20, 098 29,079 (8,981) Net financial position at the end of the period 49, 368 (8,314) 57,682