Sanlorenzo Spa (SNLRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon to everybody. Thanks for being here with us. And as always, I will pass the floor to Attilio, which is our CFO, to present the Q1 2025 number. Perfect. Thank you, Massimo, and welcome to everyone. So we can start directly with the highlights for Q1 2025. The first quarter show the San Lorenzo Group continuous expansion with a growing line with our guidance 2025. Performance and result are once again direct consequence of the unique San Lorenzo business model and top and positioning brand. Now we can analyze a figure, and in particular, net revenue yachts grow 9.6% at 213.5 million euro, led by the excellent performance by Superyacht Division and contribution from Nautos One, and great result of the American region and Europe. EBITDA increased 8.5% year-on-year at 37 million euro and EBIT margin is 17.3% with a not relevant dilution considering Nautilus I consolidation. EBITDA benefited once again by effect of price and product mix at gross margin level. EBIT at 27.8 million euro increased 4.2% considering Nautilus I consolidation and the last significant investments. Group net profit grew up 80% year-on-year with a total amount of 21.2 million euro, with a margin of 10% on net revenue new yachts, double digit then. The organic investments 5.8 million euro, mainly related to the increase in product development and industrial capacity, new industrial capacity, with a reduced incidence on net revenue in New York at 2.7%. And then the net financial position at 28.1 million euro net debt end of March 2025 with a temporary cash absorption of 57.2 million euro from last December considering the seasonality of the working capital typical of the first quarter of the year and also the extraordinary cash flows out linked to the buyback program and the acquisition...