Sanlorenzo Aktie

[Audio Gap] 2026 highlights. First half shows that Sanlorenzo Group continue on the path of expansion with a sustained growth in line with our guidance, 2026. Thanks to the unique business model moving beyond the worldwide geopolitical issue and global context. So we can analyze the figures starting from net revenue New Yachts grown 3.8% year-on-year at EUR 471.3 million, led by the strong performance of Superior division and great result of APAC and Americas region.

EBITDA increased 3.7% year-on-year at EUR 83.5 million. And the EBITDA margin is 17.7% after the full consolidation Nautor Swan. EBIT at EUR 62.2 million increased 3.9% year-on-year, consistent with the previous year. And the group net profit grew up 5.4% year-on-year, with a total amount of EUR 49.1 million with a double-digit margin of 10.4% of net revenue in New Yachts.

Then the organic investment at EUR 18 million, especially related to new industrial capacity and product development with an incidence on net revenue New Yachts at 3.8%. And then the net financial position at EUR 49.4 million net cash end of June 2026 with a cash generation of EUR 26.5 million last March. After dividends paid for EUR 37 million and taking advantage of the delivery season provided in Q2, especially in Europe. Then we can analyze figure more in detail, starting from the top line. Superyacht division performance remained strong, plus 12.4% year-on-year, driven by the steel line considering the innovative contents also for wellness and longevity and represent more than 32% of net revenue New Yachts.

And then Yacht division generated about 50% of the total revenue grows by 3.1% compared with the previous H1 2025, mainly related to the market segment above 30 meters.

Bluegame generated EUR 43.6 million revenue, flat year-on-year, confirming strong resiliency in challenging segment of yachts below 24 meters. Then Nautor Swan division reported net revenue New Yachts at EUR 40.9 million, reflecting a software same market condition while maintaining its distinctive high-end positioning.

In terms of breakdown by geography, APAC region grew 35.8% year-on-year, considering the structural advantage of the same summary platform in Asia as well, Americas grew 35.4% year-on-year considering the strong dynamics in the region, especially for yachts above 30 meters. EMEA region increased plus 22.7% over the local context. This positive market evolution allows the group to have a better balance in terms of the mix by geography with Europe's impact below 50% were the largest loyal and resilient customer club is based.

Then in terms of markets, the considerable revenue expansion in America and APAC region is consistent with the plan 2028 strategy. And to entering a new and tap the market, in particular, the extension the recent new local presence in Mexico and Brazil and also in Japan and Australia have given in the last H1 2026, a robust order intake contribution.

But profitability, the EBITDA grew by 3.7% year-on-year at 17.7% of net revenue New Yachts considering the balanced expansion of the group with solid margin consistent with the pricing power and flexible cost structure.

EBITDA increased 3.9% year-on-year, with a stable EBIT margin at 13.2% after 1 full consolidation.

The group net profit grew up 5.4% year-on-year double-digit margin at 10.4% of net revenue New Yachts and with an improvement of 10 basis points compared to previous year.

Order intake evolution, we can consider that the evolution of the top line is driven by the continued growth of backlog with an order intake consistently growing now for 8 consecutive quarters. Remarkable result reached in a challenged global context and related to the Sanlorenzo unique business model, which can show different and better results, especially in more complex scenarios.

Due to the top end positioning of Sanlorenzo brand and the peculiarity of the scarcity, craftsmanship made to measure direct distribution to the customer club. And very significant order intake of Q2 2026 at EUR 273 million, plus 13.1% compared with the second quarter 2025 and with a book to bill Q2 2026 that reached level of 1.1x.

Then the gross backlog reached the level of EUR 1.5 billion, thanks to the strong H1 2026 order collection of EUR 496 million plus 18.3% with a robust book-to-bill in H1 2026, of 1.1x. So the gross backlog has a composition of EUR 832 million for 2026, covering 83% net revenue in New Yachts of the midpoint guidance with a relevant progression of the coverage. You can see 500 basis points compared to the previous year and EUR 667 million for 2027 and beyond increasing the long visibility of the future results.

Net backlog end of June increased to more than EUR 1 billion. And furthermore, backlog is very consistent and high quality in consideration that it is sold 89% to final customers, once again, thanks to the Sanlorenzo unique business model.

About CapEx, continued the organic investment program that reached the amount of EUR 18 million end of June, of which 87% related to the group expansion in new product development, EUR 11 million and new industrial capacity, EUR 4.7 million dedicated to all division. The incidents in organic CapEx on net revenue New Yachts is limited to 3.8%.

The overall investments are EUR 20.3 million, considering the change in perimeter of the EUR 2.2 million referred to Mast Italia acquisition to increase production in the yacht division for products above 30 meters.

The net worth capital end of June 2026 was EUR 86.5 million positive and below the ceiling level defined in the business plan with a reduction of more than EUR 32 million in the last 3 months. Therefore, the net cash end of June of EUR 49.4 million shows a cash generation of EUR 57.7 million compared with June 2025. And of EUR 26.5 million compared with March 2026.

The net financial position bridge, starting from 2025 highlights the remarkable predividend cash generation of more than EUR 66 million, considering the positive contribution from the operational business for both EBITDA and working capital for more than EUR 86 million and consistently capital allocation policy applied.

Then in conclusion, considering the solid H1 2026 result. And given the high visibility for -- from the backlog end of June, the 2026 guidance is fully confirmed without changes. The resiliency is made possible by the Sanlorenzo business model and the strength of the brand even in a global complex context as we have in this phase.

So that's all for the financial result, and I leave the floor to Massimo for a business update.

Thank you. Thank you, Attilio. Just a few words before giving you the floor, I'd like to underline the continued product momentum with the introduction of 5 new boats at the [indiscernible] show will start next Tuesday, the 8th of September, we will have the first model of the new Sanlorenzo [indiscernible]. The boat is giving us a lot of interest from the market. We sold 6 new units already, and we have many appointments already organized. It is something new. It is something that the market needed. And as always, our innovation approach as Sanlorenzo is going to the right direction and the market is really in appreciation of this new model.

The 74 meters has been introduced to the market, I think, last June. We delivered the first unit in Spring '26, we have the second unit in delivery by October, November '26, both diesel, electric. So with the sophisticated technology. And this model is, as you know, our biggest and largest model approximately 2,000 gross tonnage, and this is our limit. As you know, we do not want to increase the volume and the complexity of our product range above 75 meters.

The Bluegame 64 is completing the range in the BG range. Would be award Premier in [indiscernible]. We have been just finishing testing the boat with fantastic speed, all the datas expected has been reached. So we are very happy of the product. We have many contracts to be developed next week in [indiscernible].

And then last but not least, the SWAN 80 is a completion of the SWAN classic range just below the Maxi range, 80 is 24-meter is a very delicate product for us. The first boat has been delivered at the last July in Finland and will be at the [indiscernible] to help us to sell and increase the volume of this one deal.

Last, I hope that you found the numbers of the semester good. I think Atellia was giving us a very good picture also in consideration of the still existing geopolitic problem. And this is why, well, because our business model is really creating long-term value. We are continuously focusing on building differentiation from our competitors and the salability. This matter is -- this result is coming from a mix of innovation with the proper technology, with tradition, keeping and preserving our tradition for the design, the co-creation, the tailor-made approach to a customer, which is not only the product, which is there since the day 1, 20 years ago, but also in the service to our customer. And then the continuous developing of the range product expansion, the 6 -- the 5 new model that we will introduce to [indiscernible] is a confirmation of the expansion of our portfolio. She is an example and more has to come.

Now I think it's the time to pass the floor to you. We are ready to reply to your question, please.

Yes. We can open now the Q&A session. [Operator Instructions]

I see that we have a question from Natasha Brilliant UBS.

So firstly, you highlighted the benefits of new geographies. I think you highlighted Brazil and Australia. So I just wondered if you can share what other markets you might be targeting?

Second question is, obviously, you've got the yachtd shows to come, but any change in customer dynamics in the last few weeks, a few months over the summer. Anything you can call out by different geographies or by different segments. Any color would be helpful.

And then my last question just relates to the Italian C group. I think there's a deadline in the next couple of weeks, if I'm not mistaken, about a bit. So I just wondered if you could share your latest thoughts about the potential to bid and what the rationale might be, anything you can share there?

Than you, Natasha. I think casing, but we should meet at the [indiscernible] show the most important Canada dealer, as you see in our picture. One of the most important market we were shooting when we introduced the 3-year plan was in green and Canada is, for sure, one of the most promising country, and we have already almost a deal with a top dealer which is coming in [indiscernible] to shake hands and to sign a preliminary agreement.

Of course, the Middle East is still a bit in standby. But we can confirm that Asia Pacific has quite a strong dynamic in August and beginning of September, we had some good sales and also good prospects to be probably -- we will meet in the [indiscernible] show. So if I have to say, Canada will be the first new market to be covered with a strong dealer. Middle East is still in standby but as you see from the cake of the geography, we still increased 22% our presence in the first 6 months of '26. But then probably Asia Pacific will be part of the market where we do expect the best results for the next couple of months.

Regarding the dynamic of the demand, I have to say, good. July and August was 2 good months. We saw both. That is quite good demand coming. And we have to understand better next week. You can see that we have next week [indiscernible] and then from 22 to 26, Monaco. In the middle, we have 3 important days in Porto Cervo where we will host 170 SWAN sail boat coming from all over the world for the Rolex 1 Cup and for the christening of the 6th anniversary of SWAN.

We do expect some good business coming from that week, which is from the 16 to the 18 and 19 of September. After Monaco, there would be the general show, the first 3 days of October. So after this dramatic, I would say, 30, 35 days of engagement, we do expect to have quite a good result.

Finally, well, we do not have anything to add in specific, as you know, from our article on the paper, we have been sending a written offer to the Tribunal and to the Board of [indiscernible] at the end of July. We made a proposal in money and engagement, which was, I think, quite important. We are looking the deal through a company called Polo Nautico Carrara, where we have 45% is Sanlorenzo and there will be other partners, including a large group of suppliers.

We think that is a good deal because the facilities and the people -- the facility is very good and the people, the managers are also good people with a lot of skill. So we intend to continue to look to the deal, to the matter, but not as the 100% player. We would like to split the deal with some partner in order to proceed with our rigorous financial approach, which is typical of Sanlorenzo.

You know that I do not like to spend too much money or to jump to deal which are risky for the company. Overall, the geopolitic is changing every day. As you know, yesterday and the day before yesterday, there was some troubles between Germany and Russia. 1 week ago, there was other problems. So we do not think that the environment is such that we should do crazy deal. So please don't worry. Sanlorenzo is approaching always with a solid and logic mind to the business. The business is not easy. We know the business pretty well, thanks to our experience. And we think that [indiscernible] has good assets but the approach is very balanced and the balance logic is to approach the deal with Polo Nautico Carrara with some partners taking care of the workers, taking care of the suppliers because at the end, most of the suppliers of TISG are Sanlorenzo supplier. So we think that we should protect them, and we should take care of that.

Next question is coming from Oriana Cardani from Intesa Sanpaolo.

Yes. My first question is the mix of the order intake in the second quarter. Can you tell us the split between SWAN and Sanlorenzo. And between yacht, Superyacht for Sanlorenzo? And can you specify the way of America in second quarter, order intake.

And the second question is on the order backlog of EUR 667 million, the period beyond 2026. Could you specify the value for 2027 and 2028?

Yes. Now the split of the backlog beyond 2027 is approximately 40% of the volume expected for '28 already sold and approximately 25% of the '28 and the little piece of '29. So we are very happy because on top of having 83% already covered after the first 6 months for '26. And as you know, we have the full control of costs. So having a nice and good July, August, and we have a good expectation for the September boat show. So we do expect no problem to close the 2026 within the guidance. But it's also nice to start the 2027 with 40% covered already.

And then 1 quarter, 25% for the following '28 and a piece of '29. Now regarding the SWAN and Sanlorenzo, unfortunately, if I have to say a small problem we are facing in the last month is this 1 sail boat. The market has been pretty much low, in standby, I would say. As you know, SWAN is a top brand. We built 25 boats per year. It's not a large volume company. So we are not thinking to really suffer.

But I have to say that the last 6, 8 months has been pretty low, in contact, in order. And so we do expect to see some action in September and October. Good point from the Palma Show in April and until today, that many second hand boats, Maxi, boats between 90 and 110 feet has been sold. That is a good sign because when the second-line market is moving quickly, that is normally assigned and expectation of new boats buyer coming to the boat show.

Between Superyacht and Yacht we normally do not give this kind of information. But mainly, we had a more stronger order intake in Superyacht. Quite good and strong order intake on yacht above 30 meter. More light market for the yacht below 30 meter. We think that Bluegame is keeping quite a good position, which is extraordinary because the boat below 24 meter, as you know, are suffering since a couple of years and still the geopolitic situation do not really allow the market to come back strong for the boat below 24 meter.

America, for America, we can confirm is good. As you see, we have a 35% increase in United States. And America is continuing to be good, but it is very important we can show the cake for 1 second. You see that the America 27.4% of our share, we have the indication that 11% is U.S. client. Out of 27. So the majority is out of U.S. And only 2% is below 30 meter. I think that the market below 30-meter in America is suffering the tariff which is normal, a 15% tariff for the boat below 30-meter is something.

On the side of SWAN, we sold 351 and 4 plus 128 in the last 6 months in America. So there's one deal. Thanks to all the investments we did with American Magic and the new office in Newport, et cetera, is giving back -- is paying back to Swan. But I would say America will be U.S. and America in general would be quite strong for boat above 30 meters. For the boat below 30 meter, we still see some problems, some timing from the market before accepting and digesting the tariff.

Then we have probably a final question from Mr. Sandro Laconia.

Yes. First of all, congratulations on the results. I think that they are very good, not only if we consider the semester that has been closed. But also if we look for the future, particularly, I am referring to the order intake and the investments that you are making in R&D in absolute terms and also in percentage of the revenues.

My question is about the free cash flow. If you have a forecast about the full year 2026, about the number of the free cash flow that you expect?

Turn the question to Atillio because he knows much better than me.

Yes, sure. Yes, Sandro considered that we haven't indicated a specific guidance for the cash flow. Especially considering the evolution of the net working capital that we dedicated in particularly for the direct distribution support. You know that we have increased the direct distribution and also to support penetration in the new markets as a strategy provided in the business plan.

So in this case, we can consider that the company has a very controlled capital allocation, you can see that the operational business in the period in H1 generated more than EUR 86 million of cash. And we increased with this H1, the free cash flow of the group. So for the next semester, we consider to maintain the high generation that we had in the H1. This is at least the first target. And of course, this is especially linked to the evolution of the business and the order intake in the next months.

In any case, as a target for the business plan, you remember that the net working capital ceiling is below. And you can see that in the last June 2026, we are close to 8.7%.

Now we have a question from Ioanna Ziarti from Bank of America.

Actually, I just have one on Europe. Please if you can give us some more context on what you saw in the second quarter in that market?

Yes, Europe. Well, consider, if we go to the cake of -- consider that Europe has been reducing the percentage in respect of the past. I would say it's not really due to the weakness of Europe, but I would say the strength of America and Asia Pacific. Thanks also to the investment we did buying [indiscernible] Marine. You remember the first year 2024, middle of '25, there was a bit of calm in the market towards the Pacific. Then from the second semester H2 '25 and H1 '26 Asia Pacific did quite a lot, and we are expecting even better. So I think that we did perform a fantastic plus EUR 35 million year-on-year on both in Asia Pacific and Americas, and that is reducing automatically the percentage of the European market.

Even EMEA, the Middle East has been doing pretty well. But thanks to the larger boat, thanks to the Superyacht. Now Europe, I think it's a good question. I think that September in -- can Monaco in Genova, we will understand better the situation of Europe. Europe has not been -- has not been bad, absolutely. I would say good, but not excellent. So we have to see what will be the result of the boat shows. Consider 2027 is a year of election. And therefore, it could be, I don't know. I'm using the conditional tense, it could be a moment of -- I would not say standby, but more attention from the European big country because of the new election and the situation with Russia. But I would say that July, August contract has not been bad, especially coming from East Europe. There is a lot of market coming from the new market of East Europe, maybe a bit less in Germany, in France, Italy good. U.K. pretty much in standby. And as I would say, we consider Turkey part of Europe, Turkey and Greece, good.

So it is a bit a mix of feeling, but I think that we will be more precise by the end of September because Can and General in Monaco are really key boat shows where the European people are coming. Also important because they spend a fantastic summer because it was very hot. It was good. People was enjoying yachts. So we received a lot of phone calls with appointment in Canne. When the customer has a good holiday, they enjoy the boat, there is a kind of needs to come and see at the boat show what is new, the new model, larger model.

So we feel pretty much the happiness of our customers due to a very good hot summer.

Okay. I think that there are no further questions. So I think, Massimo, we can close this call.

Okay. Thank you very much for your timing. And then we will commit soon after the boat shows to understand the next Q3 order intake with the hope that we will continue to go to the 9 quarter increasing, which I consider a fantastic because 8 quarter is almost 2 years, it's more than 2 years. It's 2 years, exactly 2 years of continuous growth considering the geopolitic situation, I think that is a strong sign of resilience and strength of the company, the group, Sanlorenzo, Bluegame and SWAN. And therefore, our business model, our strategy is a winner in this moment in this difficult moment in the market.

Thank you to everybody.

Welcome to everybody. Thank you to be here. It is proud for us to have you in Casa Sanlorenzo. We meet during the year, the various capital raise, and we tell you about Casa Sanlorenzo, but something is to show you a picture, something else is to show you the place. And I hope that you enjoy it.

Now let's start. I -- okay, okay. I'd like to stop for one minute to the team. I started, as you know, working in the yacht industry when I was 23, 43 years ago. And I learned that this industry is a delicate, difficult industry because we work without 6,000 engineers like Mercedes to a product that has to be technically very sophisticated from the artisan point of view, perfect. And our customers are the best man in the world because they became very rich. Therefore, the team working on this business has to be special. And I think that the team we put together in these years is patient. Most of them you know.

I would concentrate on Gianguido Girotti, which is in the middle because he's the last one coming to join us. He will present himself. I have to thank a lot Tommaso, which is with us since 18 years. And I believe that doing such a difficult job, it is important to be in the business for many years and the expert of this business. Tom is with us since 18 years. But Gianguido will be with us in a few weeks, but he's in the business for more than 20 years.

Pier is the Chief Corporate Officer. He's a very young guy with a lot of energy. And I would say ideas -- being young is bringing a lot of energy and new ideas in the company. The CFO is a guarantee because he's working with me since 20 years. And he's a guy of the number, but he knows very well the number of the yachting, which is important as well.

I missed one picture here, which is Carla, which is there. In a few months, she will step out of the CEO position of Bluegame, but she will remain with us. She will remain in the Board of Directors. She will remain as adviser to the Chairman. We have been working together for more than 40 years, and I'm very pleased that she will still support.

It will be a long meeting. So please relax because we want to tell you exactly what will be the future and the world of Sanlorenzo, Swan and Bluegame. I will start with the track records and highlights, and then the people you saw in the picture will present the plan. [Foreign Language]

[Presentation]

Don't be shy. Today, you have to applause along. [Foreign Language]

So let's start. Consistently achieved all targets across market conditions. Two very important message. As you see, in the last 6 years since the IPO, we have been very conservative. We've been very prudent in giving our numbers, and we achieved every year all the promise we gave you. And this is the base of the planning of the next 3 years as well. We like to remember and we think that the Sanlorenzo of today is a much stronger company than 6 years ago with better management, with better range of products, with a wider market, with more experience and also for you, a company which is keeping the promise.

As you see, the financial performance has been remarkable. We had a revenue which grew 9% in the last 3 years. The EBITDA grew 11.7% and the net profit 13.1%. The EBITDA margin for '25 is 18.8%, which is a little lower than last year, but the organic growth is 19.5%. We have, unfortunately, the consolidation of Swan. Swan is a company with a great potential, but it's not that easy to get to the Sanlorenzo margin in a quick time. What is very important for us is the first consolidation is a company that has a net profit and is producing cash, which it never did in the last 20 years. The EBIT is 14.6%, and we have a net cash position.

The last, but I think very important, we like to remark that the ROIC is more than 20%. And this is a very important number as you, as all of you know. We did EUR 164 million of dividend, and we will keep the same policy between 30% and 40% of the net profit for the next 3 years as well. The CapEx is around EUR 50 million, and we will keep that CapEx for the next 3-year plan as well. So we think we have a leadership in profitability. We have an asset-light business model. And I would say we will show you there is some strong barriers to the entry in our business, which is, again, a good important point.

Quickly through what we did. The direct distribution has been boosted a lot with the new Sanlorenzo MED. Americas, Sanlorenzo Americas, we have a new office in Pier Sixty-Six, and we have new sales organization. We have a new dealer in Mexico and in Brazil. And [indiscernible] is now very consistent. We saw the numbers of our direct competitors and today, Sanlorenzo, thanks to the investment in Simpson Marine is in the first position in sales for Asia Pacific. Now considering the situation of Russia and Middle East, we really -- we think that we will enjoy our leadership in Asia Pacific.

In the middle, you have the competence of the company has been increased, thanks to the acquisition of some of our suppliers. And then last but not least, we are pioneering the technology for the emission and for the sustainability. I just remember the tender for the America's Cup, which is 11 meter, with foil and hydrogen propulsion, more than 50 knots for 180 miles. It was a success for the American Magic and the French syndicate. The first 50 meter with a methanol reformer fuel cell, you see the equipment produced and supplied by Siemens.

And I would consider now to Swan as the last point of a [indiscernible], which is closing the sustainable investment of the company. Swan is building sailboat, is the top brand in the world. And our goal for the future will be building Maxi going 16 knots with wind and when there is no wind to have a propulsion, which will not be a thermic engine, but a new sustainable power. That will be the ideal product for the next 5 to 10 years.

The new model. This model has been launched in 2025. And I hope you already saw our numbers and you see that we have quite a strong order intake, approximately 25% more than the first quarter of '25. Consider that we had a very strong January and February. Probably some of you remember our meetings, we said -- Dusseldorf was very good, Miami was very good, but then the third month was almost stopped due to the Iran war. We have a strong order intake and the reason why is here. The new model has been a success, has been supporting very much our order intake. So nothing is coming from the sky. Everything comes back. When you do the right investment, you do a right design, you do innovation, you have the right team to do it, at the end, the result is coming back.

This is, I think, the most important picture of the day because it's showing you that we are increasing the order intake consistently in the last 7 quarters. Now 7 quarters is not 1 or 2 or 3, we sell an 80-meter or 70-meter and we adjust the number. No, 7 quarters is from, as you see, H2 '24 through '25, which is not being nice here, as always know, until the first quarter of '26.

One of our business model plus is this segment. Remember, I started when I was 23. I worked for more than 20 years in a very important company in the business. And I learned that the yachting, boating is not always very good in terms of profitability. So we like to show you this slide because the sweet spot in this business is between 30 and 40 meter. It's the segment of the business of the market, which is more profitable, less competition and Sanlorenzo is leading, as you can see.

We are monobrand. So you see that 141 yachts are built under the same name, San Lorenzo. Meanwhile, our competitors, sometimes they use more brand, but still do not have more boat in construction than Sanlorenzo. This is very important. And this probably is one of the main reasons of our EBITDA margin, which is the highest EBITDA margin of the market. So we are a price leader here. We have a model which is changing the product every 10 or plus years.

If you see -- let's compare with the car industry, which is easier for everybody, with a car like Renault, Peugeot, Ford, Fiat, they change the cars every 3, 4, 5 years because they need to make the evolution of the cars in order to have more orders in order to get the order intake. If you take, as an example, Mercedes or even more Bentley or Rolls-Royce, the changing of the product is every 20 years because the market is more solid, there is a leadership. Well, Sanlorenzo has an average of 10 years for each model, which is a sign of top brand positioning, the connoisseur of the club of customer of Sanlorenzo. This is one of our special business model point. Then, of course, the scarcity, the desirability and many other points that we already discussed together.

Now let's -- I would like to go to this one, and then I come back. The new number. This is the last 6 years, the guidance for 2026 is expecting a 4% increase between EUR 980 million and EUR 1.020 billion. We have an EBITDA which goes from EUR 180 million to EUR 192 million with an average increase of 3%. The EBITDA margin is between 18.5% and 18.8%. Here, we have to consider the growing -- the slow growing of Swan. EBIT, EUR 140 million, EUR 147 million. The EBIT margin between 14.2% and 14.4%. The group net profit between EUR 108 million and EUR 114 million and the CapEx around 5.3% of the revenue. It is not a fantastic guidance, but you have to consider the geopolitical situation of today.

And you have to consider mainly our prudent conservative approach. We like to maintain our promise. So in today's environment, these numbers, we consider very solid, very resilient, considering that we cannot sell both in Russia, we cannot sell both in the Middle East. In Dubai, people are leaving. Fortunately, they are using the boat in the MED, but they are leaving. And so they are not thinking to change the yacht in the months. So in this difficult environment, we think that the guidance for 2028 will be a growth of 6% or more. The EBITDA margin will be 19% or more and the EBIT margin will be 14.5% or more. And we keep 5% to 5.5% percentage of the CapEx.

Please consider this a strong, resilient plan conservative because if things go better, we have the possibility to have quite an interesting upside. The day that there will be no war, there will be more business. Now it's 5 years of war between Ukraine and Russia. We have many, many customers calling us saying, as soon as the boat will finish, we will knock your door. Remember, we used to sell 3%, 4% of our revenue to Russia. And after 5 years, that means 15% and the people still have the money, they just need to be free to buy. The same is for the Middle East. Our Middle East market is 7%, 7.5%. So if that war will stop, we will add to the 3-year plan, 7.5% of market to be back. So the geopolitics stabilization will be a key point of the upside.

[indiscernible], we are working for the acquisition of a new plant. We like to have the right plant to the right money. We are very conservative. We don't want to spend too much money if it's not needed. The moment we will have a new plant and there are some good alternatives existing, there will be a boost in our numbers that are not inside of the plant and the [indiscernible] geography.

This is also an important point. As you remember, in the last quarter of '25, we had Brazil and Mexico, 2 big countries. We have Australia and Japan on the other side. And there are still -- we will see later, there are still good important market to cover. So we have still quite a nice space to grow.

Now the program of the day are the pillar of the Sanlorenzo Group medium-term strategy. We will have Tommaso and Ivan and Attilio and Gianguido to talk and to explain to you. In the summary, we will speak about pioneering technology, innovation within tradition, operational excellence, distribution network, brand and owner-centric approach. We recall the best-in-class management team, but I already explained that to you.

Thank you for your attention, and then I ask Ivan to come to the floor. Thank you very much.

Good evening, ladies and gentlemen. I'm Ivan Cutrufello, Head of IR, Finance and M&A, and it will be my pleasure to walk you through some of the main market trends that are underlying our sector, of course, with a specific lens of the Sanlorenzo reference market.

Starting from this last point before seeing the broader market trends, we describe some of the key stats regarding what we call our Sanlorenzo customer club of connoisseur, so you see the market with the right lens. As you know, the customer club -- our customer club is one of the most valuable intangible assets. We've been building it through decades. And in the past 5 years, it's very interesting to notice that the frequency between repeat purchases from our loyal customers has improved going to 3.5 years compared to 5 years before 2020.

Then when we go analyze what kind of purchase they do in this repeat process, we see that 75% of our repeat buyers, they upsize when they change the yacht, on average by 6 meters. Always remember that the relationship between length and value is not linear but its cubic. 57 meters is double than a 50 meter. So the 6 meters increase over time effectively translates into an average upselling in monetary value that is above 70% when we compare the price of the last purchase with the price of the previous purchase.

We flag at the bottom of the slide, this double utilization time. And this is also key when we analyze the yacht in trends and specifically the Sanlorenzo ones. If our customers use the yacht on average 4 months a year rather than 2 months a year, they're more willing to invest in it, to spend more in it because they're dedicating a big chunk of their life onboard the yacht.

Switching to the market. Now we see some of the main trends underlying the broader reference market, which is quite solid. And within this market, Sanlorenzo is an outperformer. One of these trends is wellness and longevity. The purchase driver behind the yacht in purchase from our clients is not just related to making most of their scarce free time, but it's also related to their wellness. It's quite proven that living by the sea on the yacht, the sea life has important benefits on the health of a human person. So for the lucky ones that can afford a yacht, for sure, that's a way to -- a great way to invest in your own well-being.

When we look at the wellness economy overall, we see that the trend is accelerating. So there is more consciousness and more willingness to spend in wellness and longevity. Between 2019 and 2024, the wellness economy grew at 6%, around 6% average growth rate. And now the projection indicate a growth that is about 7%, so an acceleration. When we break down the clusters of the wellness economy, here, you have 11 clusters, we also see that the ones that are most adjacent to yachting, they are the ones that are experiencing the fastest growth, wellness real estate, for example, rather than wellness tourism.

The reference market, our reference market between 30 and 75 meters, is expected to grow 5.7% according to Superior Times up to 2028, of which if we break it down into the components, the price and mix, so the average selling price effect is the main component of this growth. When we look at further underlying trends, certainly it's important to flag demographics. The billionaires, in general, the ultra-high net worth individuals, they are ever more and ever richer regardless of the phase of the economic cycle. We see this the correlation between our customer base and the economic cycle.

If you look at the top cluster, the top cohort of wealth, we see that both the self-made ones and the ones that inherit the wealth, we see that in 2025 in both the segments, we had the fastest wealth creation since -- in one case, since 2021, in the other case since many more years. In the case of inheritance, we see plus 36% year-on-year, which is a very strong percentage, and this is just the beginning according to demographic trends because on the right-hand side of the slide, we see there are about USD 6 trillion ready to be transferred in wealth for the next 15 years. When we consider that the wealthy rich in the world they have on average 3.5 children, this is both a multiplication effect of the target addressable market and also a big wave of new money ready to be spent according to the other trends.

Last but not least, we flag the development of Marina projects, which are particularly significant for the development of ecosystem in emerging markets, for example, in APAC, where we have great opportunities also thanks to the Simpson Marine acquisition.

On the supply side, we see a clear dominance of Italy as a proper broader ecosystem. The market share of Italian builders constantly increases -- has been constantly increasing for the past 8 years. And here, we see a progression that goes from around 45% in 2018 to more than half of the global production as of today. This is a clear sign that yachting needs a precise ecosystem and Italy is the country best positioned to compete because of its craftsmanship availability, because of the industrial efficiency of a big manufacturing country, because of design and lifestyle embedded in our culture.

When we look into the Italian players, we see that there are 3 top players. There are 3 champions. If we get the top 3, of course, Sanlorenzo is one of those 3, we see a constant increase both in top line and in marginality. So it's a healthy growth. The ability to reinvest those margins, those profits into the business is creating a gap between the top players that can afford the scale and the capital and to put the capital at work with the smaller players that are more fragmented at the bottom of the industry.

Within the 3 top players, as Mr. Perotti was outlining, Sanlorenzo is the one best positioned in the sweet spot of the market, where we combine on one side, the highest profitability because of the semi-custom business model, because of the repetition in models. On the other side, a low correlation to the economic cycle because in this sweet spot, our clientele is so rich already that the correlation and the cyclicality fades away.

Two more things to flag. The exposure overall of the Sanlorenzo Group in that cohort below 24 meters is quite limited, about 10% of the revenues. That's the most cyclical part, but that's why we use the limited amount in order to catch the customer earlier, so as in the customer acquisition tool. On the other side, we don't have exposure above 2,000 GT. So we limit the execution risk in building those mega projects where usually marginality is not as under control as in our reference market.

I conclude here just to comment one of the upsides just presented by Mr. Perotti, the [indiscernible]. The [indiscernible] is particularly interesting because it evolves naturally with the growth of the installed base, so of the global fleet, which each year keeps increasing. And then when we go breakdown by the age of this fleet, we see there are about 4,000 yachts, about 30 meters in the world, about 70% of the global fleet that is older than 10 years. So there is a clear opportunity to enter a business that is anticyclical, has an attractive marginality and it well complements our business model that is more and more customer-centric also in the aftersales.

I leave back the floor to Mr. Perotti. Thank you for your attention.

This is the hub for [indiscernible]. And as you know, the [indiscernible] people are not very well organized. And so sorry. But sooner or later, they will. But it's okay. It's okay because this is not a problem. Sorry.

Just a simple point. Italy is building 52% of the yachts in the world, but there are very small business in refit because the problem is [Foreign Language]. The point is that we build a new boat and then the customer, 10 years, 4,000 people, 10 years old boats goes to -- sorry, to Spain, in Barcelona, to France, in Marseille to do the refit because a problem was faced in Italy. So we are working very hard in order to get a new plant to do the refit. The refit is also very nice because in one way, it's anti-cycle and you do not have to invest money. After you do the investment with the beginning with a new plant, then you don't have to do more investment for the future. So it is a very important growing point for the company and is not included in the plan -- in the 3 years plan.

Now we will speak about pioneering technology and yacht development. And then Tommaso will explain you about the operational excellence and distribution network and Renato, the brand and owner-centric approach.

Let's go quickly. The first page is design and innovation lab. I sincerely think that our main reason of success over the last 6 years has been innovation and design. We have now 3 important brands, which is Sanlorenzo, Bluegame and Swan. And for one reason or the other, these 3 brands have been working alone. I mean, the team of designer, the team of technical people, the research and development has not been really in connection with the other company.

So the idea is to build a design and innovation lab in order to have a team of people with the leadership on all the 3 brands and changing ideas and having one organization concentrated with the relationship with outsider designer, the new innovation will be moved from one brand to the other. So we think this will be one of the future important ideas to develop our business.

Research and development will concentrate on sustainable propulsion. You know that we've been the first company to build a 50-meter with fuel cell. We have a bi-fuel engine, yachts is a 50-meter. We have been designing the boat, and we have the engine from the MAN builder, which is working not only burning fuel but methanol. The problem here will be to see the future of logistics and distribution of methanol. Therefore, the technology is there. We are pioneering the technology, but we must wait to see the development of the distribution.

And then there is many other points, innovative materials, the alternative to [indiscernible], eco-composite. We have digital system integration. Of course, the AI new word is coming to yachting as well. It is something to explore deeply, and we will do it. There are also new work for research and development in the process of innovation, automatization, robotics, patent, data managers and governance.

This is a nice picture. You see the SHE, the Sanlorenzo Heritage. It is a clear example of innovation where we are leader. This boat has been designed as a heritage approach, taking the design of the 50s and the 60s. But inside, we have the most sophisticated technology from the IPS Volvo hybrid engine. In short, in the cars, you have the hybrid car, you accelerate and you use either electricity or thermic engine. This boat will be the same. We go up to 1,200 RPM electrically. Then when we push for more speed and longer distance, the electric engine will stop and the thermic engine will start automatically from the Volvo system. When you arrive to an island and you want to reduce the speed, you drop the anchor, you go back to less than 1,200 RPM and the thermic engine stop and the electrical engine start. So it is a really high technology approach, and that will be the most sophisticated system in the ship.

Sanlorenzo Heritage will be launched in June and will be introduced in the cargo show. That system is pioneering the Volvo IPS hybrid solution and will be use in the next technical platform for the SX76, 88 and 100, which will be an extension up to the 2028.

This is a picture showing you a bit more what I already told you, the bi-fuel engine that we will apply to our production. The bi-fuel engine means that 70%, 80% of the consumption will be with methanol and not fuel. But still, you can work, you can produce energy by using the fuel. So if you don't have the availability of methanol, you can still have the fuel. We are in a pull position in this project as well. And here, you can see the design of the methanol package, which has a patent. We registered a patent in order to enjoy this technological advantage in respect of the competitors.

Yacht development. As I said, the design innovation has been the real point where we built our leadership. The development of the new boat is very important. And here, we have the new model mix, which is upscaling in size and in innovation context. You see here, we talk about flagship of the SD line, the 132. And then we have a flagship on the Bluegame line, which is the BGX83. And then we have another flagship, which is the Maxi's 128.

What that means? [indiscernible] of 3 different line of products are launched in 2025, 2026. So our new model is upscaling in innovation, but mainly in size. So that is giving us the possibility to grow the revenue without changing too much the number of boat produced. Remember, scarcity is our goal, is our logic, is our business model.

Robust pipeline to introduce the market in 2026, confirming what I just said. In 2026, we have a new SL80, a new S636, a new Explorer, which is more than 60 meters, 1,150 gross tonnage, the new SD98. In the Bluegame, we just introduced the BGX83, which is the flagship of the line. And then we will have a new BG64 model for the [indiscernible].

In Swan, we will have the last German Frers design, which is 173, which will be in the market for 2027. We will launch and present, introduce in the market this 180, still German Frers. And it is under design and development, a total new line, which is they call it bluewater and the name will be Swanscape. This is a kind of escape boat to go around the world with more comfort. This one is designed by Vrolijk, which is one of the best designer of today. Again, it's showing the kind of effort in new models with innovation and design the company is doing.

And here, I think is a page that is showing you our strategy. When we bought the company in 2024, there was only the Sanlorenzo, the SL line, the flybridge planning hub. You see that in 20 years, we have been entering Sanlorenzo in many more -- many different segments of the market with the monobrand approach. When we started the Bluegame in 2018, it was a very small company and was just the BG line. And you see that for Bluegame, we did exactly the same, BGX, BGM, BGF and so the company grow to EUR 90-plus million revenue. The same concept we are going to do with the Nautor Swan. With Nautor Swan, we bought the company with the ClubSwan line, the Classic Cruiser and the Maxi, built all in Finland. There was a motor line called Shadow, but was very little, and we are going to expand a lot the motor Swan range of product. And then there will be 2 new -- completely new model, which is the aluminum Maxi above 44 meter, which will be building the [ Viareggio ], bringing back the Maxi production in Viareggio. And then, as I say, the bluewater, which is Swanscape line, which is just to explain again the idea with the automotive, which is easier for everybody.

The Porsche car industry is building 300,000 cars. 150,000 cars are [ super ]. If you look Porsche 20 years ago, was the 911 Classic Porsche style. So the [ super ] new line has been now taking 50% of the business. So the idea of the Bluewater line is not a fresh deck boat, but it's a boat with a superstructure, which is protecting much more and more comfort to the customers. So that means that with this one brand, we will take a new line of -- a new segment of the market and expand the business.

This is the project of growing our product from 2022 to 2025. The last 3 years, we increased from 26 to 35 model and the expectation for '28 would be to increase to 39 model. This is Sanlorenzo and Bluegame together. You remember, we explained you about our 10 years average time for changing. This is quite important for the business model of Sanlorenzo. Why? Because if you spend millions of euros to buy a boat and you know that after 2 years, you have a new boat, you will lose a lot of value, you will lose your the value of your asset, which is something that is not really nice for the customer.

You remember, Sanlorenzo has a club of connoisseur, 1,000 people; Swan is a club of connoisseur 2,300 people, smaller boat, there are more, but still very small number in respect of the bigger competitors. And the fact that our range stays in the market longer means that the secondhand market has more value, means that our customer knows that buying Sanlorenzo, they don't lose the value of the asset. So it's a key point in the value of the brand.

Now you remember, we said we enjoy very much with Sanlorenzo, the increasing of product covering different segments. We did it with Bluegame. So this is exactly the example of what we are going to do with Swan. We bought a company with 3 line of products and the service business, which is a global service, which is covering 18% of the revenue. And then we will add the Swan alloy, aluminum boat above 44 meter, the Swanscape, which is the Bluewater sale line. This is the new one in the project. And then we will boost [indiscernible].

When we tell you that the 3-year plan '26, '28 has been conservative, very careful in the numbers because of the geopolitical situation. We consider a growth of Swan less than what we could. So one of the upside, and I would say that if we do the upside is thanks to Gianguido, which is here, I think that Swan can really produce much more than what we have been forecasted in the plan. Why? Well, because the situation of the market is such that we have to be conservative, we have to be prudent, but the 3 new line of product can double the revenue of the company. It will be in 3 years, it will be in 5 years. Today, it's difficult to consider that. So that reason we have been very conservative.

This is an example of the new Swan Alloy, 40-meter plus designed by Malcolm McKeon. The interior is Christian Liaigre’s, 2 top designer in the world. The boat is magnificent. Consider that in this field, there are only 2 competitors today. It's Royal Huisman and [indiscernible], which are 2 Dutch very strong quality competitors. They sell their boat with more than EUR 120,000 for tonnage. The idea to use a North European brand, which is the top line like [indiscernible] with our design built in the famous [indiscernible] at the Italian [indiscernible], having only 2 Dutch competitors, believe me, will help a lot to increase the EBITDA margin of Swan. So it is a key element of the growth of the business of Swan.

This is just a little sketch. We cannot disclose today too much. We will introduce the new model in the market soon. This is a typical superstructure of the Bluewater line for the Swanscape, which as you see, is protecting the owner and the guest much more than the flat deck. This is the same as Sanlorenzo and Bluegame. We have the increase of the model. We will project between the 2026 and 2028.

Now I'd like to call to the place, Gianguido Girotti. We have been speaking together for 8 years. So it was a long plan to get you. But as you know, I never stop my ideas until I don't get the results. And I'd like to pass the floor to Gianguido.

Thank you very much. Indeed, we are a long business of story, let's put it this way, since we knew each other since quite some time, but I'm a good guy. Let's be clear. I've been doing this for all my life, as Mass said at the very beginning, and I think it's part of the core values of the incredible organization that I found entering for the first few hours and days into Sanlorenzo still as a guest because I will start to serve as CEO of Swan and Bluegame from mid of June.

I will spend just 2 minutes because there are so many and much more information, more important information than myself. But who am I? As said, I come from a sailing passion business family, let's say, not business, but family passion [indiscernible]. And then I decided to transform this passion into a discipline when I started Naval Engineering and then in Southampton, and then I ended up doing a master in fluid dynamics that luckily allowed me to enter at the time at the pinnacle of the yacht design in 2000 at German First. So the former or actual designer of Nautor Swan. I had the incredible opportunity to master what we call the best of what is yacht design.

So technology, blending it to the most and most beautiful boats in the world because I've been doing not just the Americas Cup, but the [indiscernible] that were designed by the first office at the time as well as the Swan. After 4.5 years, my curiosity, I mean, you will know me in the years, drove me to really stress myself and understand what's the business side of it. So after mastering, let's say, the technological and the design side, which is the key and the powertrain of the business, I started working at Grand Soleil and then Dufour, where I served a different position and understanding more of the distribution strategy as well as industrial and production one. From there, in 2015, someone, who is here today, took me into Beneteau.

You can name.

Carla. Carla Demaria. So she took me into Benetea. I started serving with her the product strategy of Benetea. We turned around the brand. Then she left, as you know, because she has an incredible history here. And they served after her, a bit like taking over today, the Benetea brand first. And then I took the role of Deputy CEO of the Group Benetea at the time, relaunching what was then named the plan of the House of Brands, so restructuring all the branding side, reputting some orders and discipline.

Today, my mission is very clear. I mean I'm honored because we've been speaking quite a lot about all this. The 2 incredible brands that I will look after, Swan, it's the reference of highest quality sailing and performance sailing in the world; and Bluegame, which is more of a bold brand that started just a few years ago, but managed to create a strong brand name into the business.

So I have this incredible responsibility to hold and to structure these 2 brands over the time, bringing some of the discipline that I learned even in the past, but mostly to benefit of this incredible Sanlorenzo discipline of overall performance and agility to serve customers, quality to the highest standard.

So I'm really thrilled to start from the 15th of June, and I thank you again for these 2 minutes to present myself. Thank you very much.

[Foreign Language], Gianguido. And now is the time of Tommaso, the big guy.

Good evening. I am proud to step on the next strategic priority, which is the operational excellence where I build my career in the last 18 years here in Sanlorenzo. Our path towards operational excellence will start with 2 strategic projects. The first is technology and infrastructure. We aim to establish a new cross-functional entity that will oversee our infrastructure and to develop continuous optimization.

It will ensure harmonization of the infrastructure in terms of aesthetics, that means the brand identity, technological support to better improve the efficiency and the flexibility that allows us to move along the different plans, our range of products and brands. It will ensure as well technological solution like software implementation to let our operational team be focused on what they do best in terms of artisanal and complex customization process.

Looking beyond the second special project we target is what we call in Italian Progetto Orizzonte Uomo, Human Horizon Project, is a strategic project for us that place people at the center of the value creation model. The aim is to create an environment where our employees are centered. We would like to achieve that kind of environment, developing internal protocols to increase our safety and well-being, introducing best practices to enhance operational performance and strengthening the sense of belonging. Because for us, every Sanlorenzo is the result of the hands, of the experience and the culture of our people.

This is an example of technology implementation. It's space is a 3D design process interface that allow you to ensure time and cost reduction in dealing with unforeseen client modification requests.

Even Sanlorenzo is for sure a trusted business, we think that it is time to welcome AI in our company. We would like to hire a dedicated manager that will be focused on training and developing internal awarenesses, technical feasibility studies and AI first adoption to get quick wins. On top of what we have just seen, these are the main investment in production capacity that are already planned. Our operational excellence is built on footprint optimization, and it is targeted on capacity addition in already owned land property.

In Ameglia, the new M shed of about 4,000 square meters will be added to the actual production capacity. In Arbatax, we would like to strengthen our composite plant with other 3,000 additional square meters for a total of 15,000. And in the Northern Italy, near Brescia, we plan to build a new plant in already owned land property that was purchased for this purpose a few years ago, in which we will build 11,000 square meter plant that will be dedicated to serve Nautor Swan and Bluegame business.

Our CapEx execution will be in line with our business plan. In -- at the end of 2025, our production capacity exceeds 140,000 square meters compared to the 100,000 square meters in 2022 which in this moment, we are using plus or minus 78%. With the EUR 100 million cumulative CapEx we plan to develop in the 3 years plan, we would like to increase our production capacity plus 15%. And with the project we discussed so far to improve our efficiency, we will rise up the percentage of utilization up to 80%. On top of that, we have -- we still have 10% of capacity that we can gain with the new plant in Brescia for Bluegame and so on.

Next is distribution. It's a key pillar for us. In fact, Sanlorenzo has a unique competitive advantage, having built a global direct sales distribution in the 3 main markets that no one has and that allow us to be a leader not only in made-to-measure, but also in made-to-service being direct on the market. We aim to catch more opportunities around the world to be able to better balance the market trend. In this way, we are sure to fulfill the order intake that is targeted in accordance with the scarcity model.

In the picture, you can see in green, the countries we think we would like to -- where we see opportunities for Sanlorenzo in this moment. In brown, you see what we have recently established with local presence. As I said, our direct sales distribution is already present in Europe with Sanlorenzo MED that is based in Monaco, South of France and [indiscernible] Thailand.

We are still in the ramp-up phase for Sanlorenzo MED. Even last year, they did a significant result for the group. We think we see opportunities in the Scandinavian areas, so in the Northern Europe as well as in the in the Baltic Republic and in [indiscernible]. We would like to be stronger in Middle East, especially in Saudi and in Jordan. And we think that in Africa, we can focus some of the countries where we can expand our business.

Looking far over the ocean, Americas are led by our direct company that is [indiscernible], Sanlorenzo of the Americas. As Massimo said, we are based in Fort Lauderdale. We just had the inauguration of the new showroom in Pier Sixty-Six, which is an iconic place for the yachting in U.S. And we have just renovated the sales organization. We just hired 2 top sales manager. They will take care of Sanlorenzo Bluegame and Nautor Swan. We recently established a local presence in Brazil and in Mexico with exclusive brand representative. On the U.S. soil, we target the West Coast and the Great Lakes area. And we don't have to forget that U.S. was for decades, the top market for Swan business.

We also -- we are interested as well to develop in South America, Argentina, Venezuela and Colombia and of course, Canada in the Northern America. On the other side of the world, we are present -- we are direct with our organization, Simpson Marine. Simpson Marine has just completed its consolidation, developing Australia and Japan. And in the next future, we would like to target New Zealand, South Korea and India.

I would like to conclude talking about the super yacht sales development strategy where we see significant room for price increase to support our margin expansion. Till today, the super yacht business, let me say, the sales activity on super yacht were driven mainly by our headquarters. We would like to benefit of the commercial development we have seen so far to be more present all over the world and to use the central role of our direct distribution hubs where we plan to appoint dedicated highly trained specialists that can support the prospect management in the early stage of negotiation. Super yacht is a business where you have to be skilled and prepared. So we need to help the direct hubs to be in the business, in the Super yacht business with the top specialization.

I thank you for your attention. And I leave the floor to Renato Bisignani, which is our CMO.

Good evening, everybody. For the next 10 minutes or so in this section, I will frame the role of brand within our broader strategic priorities and our continued approach to enhance our customer experience. At Sanlorenzo, we increasingly see brand as a strategic layer that connects product, client experience and long-term value creation. And it is through this lens that I will walk you through the next few slides.

At the highest end of the market where we operate, differentiation is certainly driven by product offering and scale, but it is also, I believe, first and foremost, driven by brand perception, relevance and the quality of the relationship clients build with the brand over time. Our growth model is built on a deliberate balance between portfolio expansion and controlled scarcity. On one side, we are expanding the product offering, addressing multiple segments and usage profiles across the range. But critically, we are not pursuing volume expansion as a primary goal. Instead, we are strengthening brand pull, increasing the number of clients who want to enter the brand without proportionally increasing supply. This is enabled already through the strong foundations that our brand possesses and our continued focus on building its [indiscernible] to support our pull model.

And the implications of brand on our business strategy are very much aligned as they enable us to maintain tight control over availability, support pricing discipline, which also protects resale value, sustain margin quality over time and ultimately increase customer lifetime value. At the same time, network expansion and direct distribution allow us to increase penetration without fragmenting the brand experience. So growth is enabled not by scale alone, but by controlled access to an increasingly desirable brand.

To consolidate this model effectively, we worked on a clear and ownable point of view centered around the idea of tomorrow's timeless. Tomorrow's timeless is not a tagline. It is the very articulation of how we operate as a brand and also the name we chose for our 3-year business plan. It captures a very potent duality, timelessness, which underpins long-term value and design integrity and a forward-looking pioneering mindset, which drives innovation and relevance.

Why is this important commercially? Because strong brands reduce volatility and maintain desirability across market cycles and relevance over time is what sustains pricing power. A brand that is only contemporary risks becoming obsolete, a brand that is only heritage risks becoming irrelevant. Our positioning allows us to operate in both dimensions. And in a category which is often driven by product features, this gives us a structural advantage. Of course, we are selling amazing products, but we are not just selling yachts. We are building a cultural and aesthetic reference point. This already enables our brand to transcend beyond the yachting category and generate the fame-like status of a brand that customers would want and love to own.

At the core of this model and one of our most important assets is our client base. You've heard about our Customer Club of Connoisseurs, which we refer to. This is not simply a customer list. It is a curated community of highly engaged, highly valuable individuals with a very strong appreciation for design, craftsmanship and innovation.

What really matters from a commercial standpoint and from your point of view, are 2 things. First, loyalty and repeat purchase, which remains structurally high, as you've heard from Ivan before. Second, predictability of demand, which reduces volatility in the business. This is a strategic asset. It allows us to grow in a measured and resilient way even across cycles because demand is not only driven by the many new clients that we are able to attract, but by existing clients evolving within the brand. This is something we actively cultivate through experiences, engagement and long-term relationships.

Our marketing efforts are concentrated on creating one-to-one platforms for relationship enforcement and upsell pathways while also following wealth patterns to allow us to capture new-to-brand customers. So ultimately, this approach is what allows us to grow in a measured and predictable way.

Now translating this into execution. This is where our owner-centric infrastructure comes into play. We are building a fully integrated ecosystem across sales, service, marketing, events and data insights. At its core is a very simple principle, one global view of every client and every yacht. This allows us to have seamless customer journeys, a consistent brand experience globally and real-time data visibility across the life cycle. This is really where brand and technology converge and allow us to deliver a high-touch experience, which is expected in our segment with the precision and scalability of a high-tech platform.

From a business standpoint, this is about increasing lifetime value per client, not just initial transaction value. And importantly, it connects our headquarters and brand representatives across our markets into a single system, which is critical for both governance and scalability. Moreover, our owner-centric approach is executed through a set of highly curated experiential platforms that directly enhance desirability and brand saliency, most importantly. These are not isolated initiatives, but coordinated sets of levers. The Connoisseurs [indiscernible], for example, redefines the purchase journey into a bespoke and immersive experience within our shipyards.

Our proprietary and affinity events participation allow us to engage with ultra-high net worth individuals in environments that are relevant to their lifestyle and their interests. Through arts and culture, particularly Casa Sanlorenzo, this marvelous space, we extend the brand into a broader cultural space, increasing its relevance beyond yachting. And through the evolution of our showrooms in our markets, we ensure the consistency of the brand experience and the proximity in each of these markets.

Ultimately, these levers allow us to engage clients in a variety of meaningful ways and expand into adjacent cultural territories by largening our addressable audience and reaching new generations of wealth. This approach overall is a strategic driver of demand generation while also targeting the right quality of demand.

Finally, beyond the product and brand, a further frontier of differentiation will increasingly be defined by the quality of the ownership experience and the long-term relationship we build with our clients. This is why we see high-end services, not as a support function, but as a strategic commercial lever. This is where our product made-to-measure approach converges with our made-to-measure client service approach.

What you see here are 4 of the key capabilities we are progressively implementing: remote monitoring, predictive maintenance, AI, virtual assistance and importantly, a structured integration of customer care with marketing and CRM to give us a single and unified perspective of our customers and their journeys with us.

So to conclude, if I summarize, our approach is very clear. We are scaling desirability and experience. Together with our other core strategic priorities, our focus on brand elevation and customer experience is how we intend to continue delivering disciplined growth over time.

Thank you for your attention. I now invite Attilio, our CFO.

Thank you, Renato, and welcome to everyone. Now considering the tomorrow's timeless action plan that were shared today with a holistic approach across all processes and people and considering the high-end positioning of the brands and ultimately, the Sanlorenzo unique business model with robust Q1 2026 result, Sanlorenzo present today a solid guidance 2026, continuing to take a measured approach and constantly monitoring the geopolitical scenario and the global context that we have, especially in this period.

In particular, the net revenue in yacht grow 4% at midpoint of the range EUR 980 million, EUR 1,020 million. EBITDA in the range EUR 180 million, EUR 192 million and EBIT margin between 18.4%, 18.8%. EBIT in the range EUR 140 million, EUR 147 million and EBIT margin between 14.2% and 14.4%. And then CapEx 2026 in the range of EUR 50 million, EUR 55 million and then around 5.2% on net revenue.

Consider that the guidance 2026 is covered 72% in terms of net revenue new yachts expected for the year, thanks to the remarkable backlog we have. Therefore, guidance provides the solidity of the business model, which allow to continue profitable growth even in a complex geopolitical environment as we have in this period.

About the outlook 2028, the group has a clear path of growth. In this case, for the top line is expected impactful and sustainable growth equal or above 6% CAGR based on the scarcity philosophy and the exclusivity of the brands as we have seen today. We remain a strong focus on the profitability for the group with EBITDA margin equal or greater than 19% by 2028 and EBIT margin equal or above 14.5%, then CapEx with a composition of 5% to 5.5% of net revenue new yacht and about 90% dedicated to develop the group in terms of new industrial capacity and new product and services.

It is important to underline that the figures do not consider upsides, of which the main ones are you can see the stabilization of the geopolitical issue where remember, there are very relevant market that could restart in the next years. The refit to expand high-end services in an anti-cyclical business and full potential of distribution in new untapped geography.

About revenues, the deployment, you can see that we have a good evolution in the 3 years business plan, improving the balancing impact in terms of geography. Americas and APAC are expected to grow faster than the other region, especially the composition is expected for America 20% and for APAC above 10%. Europe remains the main market, but with a share below 60% and EMEA below 10%, also considering the recent event.

In terms of division, Nautor Swan is expected to grow more than other division with a composition of above 10%. Then the yacht and super yacht division are flat approx 50% and 30% and Bluegame remain below 10%. So with this kind of evolution in terms of breakdown by geography and divisions, at the end of the plan, we can have a better balancing, preserving the overall mix of the group with a benefit for the business. About the Nautor Swan division, we can have a further upside in the subsequent 3 years business plan after 2028, as mentioned before by the President.

In terms of capital allocation, the group maintained a disciplined capital allocation. The priorities remain the business development and the shareholder remuneration. In particularly, the capital is allocated to new industrial capacity and product development where it is expected to dedicate around 5% of revenues, then working capital to support the penetration into new geographies and to support the direct distribution in the 3 main sites, dedicating a ceiling of about 12% on net revenue.

And then we maintain a strong balance sheet to [indiscernible] such as refit, as we have seen before and then also other opportunities on the market. The shareholder remuneration show a dividend policy in the range of 30%, 40% payout and share buyback with an approved plan up to 10% of the share capital.

So to summarize, we consider the net ROIC, that is a very important KPI, as mentioned before by the President, above 20% also for the future for the business plan. And this is strongly above the average indicator of the sector and also in line with the best practice of the market overall.

Then the Sanlorenzo Tomorrow's Timeless business plan is supported by a Q1 2026 with solid performances considering the Sanlorenzo absolute luxury positioning. And in particularly analyzing the indicators, net revenue yachts grew 4% year-on-year at EUR 222.1 million, driven by the performance of Super Yacht and Nautor Swan divisions and the good results of the Americas region.

EBITDA reached the amount of EUR 38.5 million, plus 4% year-on-year with a margin of 17.3% on net revenue yachts and then EBIT at EUR 27.9 million at 12.6% on net revenue new yachts, consistent with the previous year. And group net profit, important because grew up 5.1% year-on-year with a remarkable total amount of EUR 22.2 million and with a double-digit margin of 10.1% net revenue in yachts.

Organic investment for EUR 8.7 million, mainly related to new product development with an incidence at 3.9% on net revenue in yachts. And then the net financial position at EUR 22.9 million net cash end of March 2026 with EUR 51 million cash generation in the period from March 2025 and more than EUR 80 million if we consider dividend paid in the period.

The gross backlog reached the level of above EUR 1.2 billion and benefit of a robust Q1 2026 order collection of EUR 223 million, plus 25.4% year-on-year, also considering the not favorable seasonality in Q1. Net backlog end of March 2026 is more than EUR 1 billion with a remarkable book-to-bill of 1x. And this gives to the group a long visibility on the future result, considering the composition of EUR 725 million for 2026, covering around 72% of net revenue new yachts for as a midpoint of guidance 2026 and EUR 501 million for 2027 and beyond.

Furthermore, is very consistent in this backlog and high quality in consideration that it is sold 90% to final customer. The percentage increased in the last 3 months, you remember in December was 88%. This is thanks to the Sanlorenzo unique business model. Then after the good evolution of sales in the last month, we reached consecutive quarter of growth after Q1 2026 with EUR 223 million new orders as remembered before by the President. And especially, we can see an acceleration in Q1 2026 compared with the first quarter of the previous year 2025 and 2024. And the book-to-bill remained very high at 1x. Therefore, this we can consider is a new trend for the evolution of the business, showing again the strength of Sanlorenzo Group in our market.

So that's all for the financial results, and I leave the floor to the President to continue.

We have the most brilliant CFO in the industry. Two more minutes. Sorry, it was long, but there was a lot of things to say. It's only one page. Don't worry. He is just the summary of what we said, just go through it very quickly. Strong brand equity, owner-centric approach, the high super rich owner base, the connoisseurs, unique global direct distribution, leadership in the sweet spot, 30 to 50 meter, high-quality backlog, 90% sold to final client, best-in-class profitability.

We had something that we care a lot, how Sanlorenzo has been outperforming against luxury since the IPO. The average of this luxury company are the best. And you see that from 2019 December, our IPO, we have been always better. I think it is not wrong to say that Sanlorenzo is better than luxury.

I'd like to give you just an example, talking about wellness, longevity, we have been showing you slides, but I want to tell you an experience I had a few weeks ago. We have a customer which is taking delivery of a 50-meter and he is my age, 65, has been working very hard in life. And he told me, Max, I do this summer holiday, but then I want to buy a 75-meter say. Why? Say, I have a dream, stop working in my office, and I want to move myself on the big yachts. I want one floor, one deck only dedicated to my family. So large, beautiful cabin, toilet, walking wardrobe, jacuzzi outside, but then half of the deck, I want to dedicate to the office. So my desk, big screen, a table for 8 people meeting because they really want to run the company from the boat. I want with the 75 meter. I want to go to the Caribbean, I want to go to the Philippines, Thailand, around the world. I don't know if he will do it. He has a dream, and we are selling dream.

But for sure, I've been working very hard in my life. And you know that cortisol is killing people, and I had a lot of cortisol in my blood. So if a guy thinks to move working on the yachts, going around the world with the family, with the friends, I think that is a good way of showing wellness and longevity. So it's a fact. It's not just a slide. Thus, you have been admiring Casa Sanlorenzo. I just want to remember you that Casa Sanlorenzo has been an investment of my holding company. The family Perotti is not the Casa Sanlorenzo.

Thank you to all of you. Thank you for your attention. It's finished. We have a drink now?

[Operator Instructions]

Three quick questions, very, very -- just to start. The first one is about something that doesn't exist yet. And you mentioned before the refit business. And if you have understood, they require in brackets, only upfront investment. So you find a location, you buy a [indiscernible] and then it's just personnel and raw material cost. So what kind of margin do you think you can achieve if this business will start to operate?

It's a good business because there is not a lot of space to develop the business. And as you see, there is a very large demand, 4,000 yacht, super yacht above 30 meter, over 10 years is a huge market. So the EBITDA margin on refit is approximately around 20%. It can be even higher than lower. And I have to say our customer is asking to do the refit in Sanlorenzo because we have a very personal relationship with our customer, the captain, the crew, they build the boat, they go around the world. If they want to do an important refit, they love the idea to go back to the shipyard. First of all, because we know the yacht, we design it, we build it. And second, because there is a personal relationship. So this is a business that we really count a lot. We are now really committed to do it.

Remember, there was something I promised in years, but then we had COVID and then we have the war in Ukraine and then we dedicate ourselves to the core business in order to perform the guidance. But now I think that the 3-year plan will be an important upside. We did not put the numbers in the plan because until we don't have the place to work, it is not correct to do it.

But the other 2 questions are related to the brands. You stress your colleagues in charge of the brand stress. And I would like to ask a question from 2 different angles. The first one, you told me, but told me as well as the other financial community, not to me special, that Sanlorenzo will never produce a huge number of boats to preserve the exclusivity, et cetera, et cetera. So the first question is, is there a magic number that is a threshold or is a percentage of the existing fleet navigating in the world or whatever? So if this number exists or not? I can put the second question.

The other one is making a car example, until now, Sanlorenzo has worked as new Mercedes model, old Mercedes model is better, but I can buy the old one because -- but now we are in a moment of such a fast technological change, your colleague mentioned IT, et cetera, all the stuff that will come into it. Don't you think that this element will become essential for the new owners? And so the value for the first time, the value of the old ones will be perceived completely differently that has been perceived right now, until now because it's a -- suddenly becomes a no boat no longer with the same perception of value that has maintained right now?

This is very much the problem of the automotive. I start from the second and go to the first. Well, we think that when you buy a yacht, you spend a lot of money and you leave on boat, you have your family, you go around the world. And so the innovation design, the name, the service. If you take a boat, you go to the [indiscernible], you have a problem on the boat in the [indiscernible], you have S of America, which is based in Fort Lauder to take care. When I even show you the 3 major builder in the world, which are Italians, they all -- if you put all together, they all grow in volume and marginality. That means that there is a logic to buy a boat from this company because they can service the boats around the world. There is enough money there to do the research and development. The best managers are in the company.

So we think that the problem of the automotive, which probably in the future, not so far, you will rent the car or buy a car regardless to the brand. I think that this problem will probably be in yachting in 30 years, 40 years, which is the reason why we do not have Chinese building yachts, fortunately. But why Italy is 52%? I mean, Italy today is like Germany of 10 years ago in cars. BMW, Mercedes, Audi, 3 big builders, the top builders in the world in Germany because there was certain reasons. Some special reasons are in Italy to have the 3 larger shipyard leading the market.

One is Chinese property.

No, please. There is no one Chinese working in the company. The fact that the control is Chinese doesn't mean that the company is not Italian. I would say, fortunately, it is real Italian. There is no one shipyard out of Italy in that group. So I think that -- why? Because there is a reason. I mean because Italians in this business, the manufacturing, the design, the flexibility, working Saturday and Sunday, Christmas and Easter is a plus and customer knows that.

Going to the other, which is very important, we are not meaning that scarcity altogether, we cannot build more than 100 or 120. The point is that in the 3 brands, we build 70 Sanlorenzo, 25 Swan and 30 Bluegame. They are not in competition. So in one way, they are monobrand, each of them with a kind of scarcity. If you take the competition on the Bluegame, they normally build 200, 300 boats. If you take a competition, we have a man here that has been working with beneteau, how many sale beneteau, you used to build 1,000, more than 1,000. We are building 25 Swan. That means a niche market, premium price, only cream of the cream customer is the same logic of Sanlorenzo 10 years ago.

So if we sell scarcity, we build only 70 Sanlorenzo. It is very good if you have a downturn, a change of cycle, you have to sell 70 Sanlorenzo above 24 meter with a ticket of EUR 30 million is better than building 200 or 300 boats below 24 meter, it's another world. So our scarcity concept doesn't mean that we cannot buy another company building 30 or 40 boats not in competition with the existing, which is a key point in my opinion.

A couple of questions. You showed a slide before where basically the mix of revenues by type 2025, 2028 is not going to change much. So 2 questions from this slide. The first one is why are you projecting such a slow profitability improvement over time? And also in 2026, it seems that margins are not expected to expand. And second question on Swan, does that slide means that you are kind of downsizing or rightsizing your ambitions on Swan?

No. The ambition on Swan is very strong. As I said before, if the geopolitical was not such it is today, we could expect doubling the volume. Why? Because mainly the alloy Maxi Swan division itself can produce EUR 50 million. Consider that the 44 meter has a price in the market of EUR 40 million. So building 1.5 million or 1.2 boats per year is EUR 50 million, EUR 60 million. With one, we do EUR 100 million today because the service is around EUR 20 million. So if only with one new line of product where we have only 2 Dutch very high-priced competitors, you can make 50%, 60% more. You can imagine that the idea to double the volume is something absolutely affordable is absolutely a goal that we can reach.

The problem on not building this number in the plan is just a matter of being conservative because really, we have a word today with a leader, which is doing something in Venezuela and in Iran and is already expecting to do something in Cuba. If after 2 months, somebody with a different eyes design and a more yellow scheme will decide to do something in Taiwan, the rest of the world what we do. You cannot do it. So the geopolitics is such that it can go worst. And therefore, we have to consider that.

And if we show you in the last 6 years to be really loyal to our numbers, let's say, the typical under promise over deliver, we like to keep that because we consider that very solid, very good for an investor. And so we have been very prudent in our number. But also, we told you there are upside and the upside is very solid because to add back the Russian market and the Middle East market and not to have a third or fourth world around the world will be a big plus.

Like if we manage to have a new plant, we can start the refit in 6 months' time. Within 2028, we will have the profit. So the profit we expect is minor or equal to 19% but anyhow it's more than today. 2026, consider that we sold already 72% of the volume. So we do not have a lot of margin to make a better number for '26. But the idea is the '28 to be more than 19%. More than 19% is cannot be '25 for sure. But more than 19% is a standard already. So we guarantee you 19%, but with a kind of improvement. So it is very difficult to make a projection of 3 years with whatever you read every morning on the paper. We have to be very careful. We don't want to come back to you and say, sorry, we made a mistake. It's minor. I cross finger, but I hope not to do it in the future, like I didn't do it in the past.

I have another couple of questions. The first one is on the new countries you show you plan to target. Are you going direct or indirect in those?

The direct or indirect distribution is depending from the market. In Japan, we found 2 strong dealers. They bought 4 stock boats. In Australia, we opened a direct office, which is a beautiful office. Why? Because in Japan, we found a good dealer. In Australia, we didn't, and we opened our office. We had a good broker based in Singapore, and he was pleased to move to Australia. So the decision to go direct or not is depending from the opportunity.

What is important that we are unique in that distribution. So we have Sanlorenzo of America. We have -- we bought Simpson Marine for Asia Pacific. We opened with [indiscernible], which used to work with us 10 years in the company. He moves to Monaco, and we opened Sanlorenzo MED. It was an opportunity. So if we have an opportunity we are on it. If we have a good dealer, strong dealer, we go, for instance, in Italy, we have been distributing Sanlorenzo for many years. Now we have a dealer because it's a strong dealer. It's the biggest dealer of Italy. So it is nice to have the flexibility to do it or not. If you do not have Sanlorenzo MED, Sanlorenzo of America and Sanlorenzo Asia Pacific, which is Simpson Marine, you cannot do it. We have to choose a dealer that is the only solution.

And the last one on your guidance, revenues guidance, 6% plus. How much is price mix volumes? Last time we met in Milano, you were thinking about potential price increases, where we are on that?

We have a good price increase and increase of marginality in the super yacht because you probably remember since the beginning, I said in Italy, we are top of the market, but we sell our super yacht at 30% less price than the Dutch and the Germans. Now that window is reducing every year. So we do expect that our marginality will increase mainly in super yacht.

The Swan Alloy, which is, you remember, 50% -- will be probably 50% of the revenue. It is another opportunity to increase the marginality. Of course, the marginality increase today is for the bigger boats because that market is still very strong. I cannot expect to increase the marginality of Bluegame because below 24 meter, the market is struggling. But if the war stopped, also that market could be back. So the opportunity of the business is very much related to the outside decisions by geopolitics, which are not under our control. But for sure, the price element is one of the driving element of the increasing of the marginality. Saying equal to more than 19% is a message to you. That means the company is very solid, is strong, is resilient to everything. So we guarantee 19%, but 19% plus can be 20% but can be 22%, 23%, cannot be 25%. I need more time for that. But to move from 19% to 21% to 22% will totally change the result of the company. We have that opportunity.

Can I ask you, as a follow-up of Nicolo question, in your targets for EBITDA for 2028, 19% plus, does it include -- I mean, implies Swan still at 15%? Or is it different as your expectation in terms of net revenues are [indiscernible].

No. The plan is not considering the double of the volume of Swan. That is an opportunity. But we don't know if that opportunity will be in 3 years or in 5 years. I think that with what we say GGG, which is Gianguido Girotti, we have quite a good chance also because he's been working -- he used to work very hard for many, many years with 24 plants, how many brands, 9 brands. So we have a guy which is 48 years old with a lot of experience with the past of a very hard life in working. And so I do expect that we can do better, but he's not in the company yet. He is coming in June. So it is difficult for us to plan a 3 years plan without -- I think that we will have a new meeting in November after 2, 3 months that Gianguido would be in the company with a new program of his job. Today, it would not be professional to promise something without the guy inside.

Yes. A question regarding the service. So can you quantify the revenues generated by services incorporated in your 2028 guidance?

I think this is for Attilio.

In the 3 years business plan, we have considered just a little increase in terms of services. We start from around 4% last year, and we consider to reach a percentage between 5% and 6%. So this is another opportunity that we indicated, especially for refit for further upside on the business plan.

My name is Rob [indiscernible]. I'm from [indiscernible], I'm representing Belgian and Dutch investors. I have 2 questions, if I may ask. The first one is regarding industry dynamics and the luxury sector in particular. We've seen in the beginning of the presentation that the number of billionaires and high net worth individuals has been increasing a lot over the past years. And on the contrary, we see the graph at the end that the whole luxury sector is actually not performing very well over the past years. We see even the best luxury companies in the world having troubles financially while having slowing growth.

And I'm wondering if you believe that the last 4 to 5 years has been maybe the worst industry dynamics that you have experienced in your career or not? And if there is like maybe a structural shift going on where there is less appetite, let's say, for luxury products and how you see this evolving in the future and in the coming years if this should stabilize or improve?

Look, when we say Sanlorenzo is better than luxury, we mean that our product is very different. Of course, we are luxury because to buy a boat, you have to spend $10 million, $20 million and it's not needed. It is really something that is a reward of what you do. It's like a toy for the big guy. If you ask me what will be the future? If the ladies will buy 6, 7 or 8 or 9 Kelly from Hermes, well, I think that the future will change. The new generation is not really keen to spend the kind of money for goods, let's call it, luxury, that probably they don't need.

With the boat, we are talking about 70 yachts. We have 300,000 super rich people that can buy the 70 yachts. We do not expect a company or a family to buy 3, 4 or 5 yachts, but we do expect that more people will buy one yacht because a yacht is very nice to have. I have an experience in life. When we did through -- we went through the very big crisis in 2007, 2012, there was a lot of customers selling the boat because they could not allow them to spend so much money for the yacht.

So they went to the beaches, they went to the 5-star hotel for the summer. As soon as they could have the money back to buy a yacht, they did it. Because when you go yachting, it is very hard to change your life. The beaches are beautiful, but they're very boring. So we think that our business is much more solid than the normal, let's say, luxury. And we do expect that the concept of wellness, longevity I just explained, people are really looking to enjoy life with a family, with a friends. And thanks to the new technology with Starlink with -- also with the habit after COVID to do meetings with video conference and not flying everywhere in the world to meet people, that will be a big advantage of yachting.

For instance, we saw after COVID, the reduction of 10 years of the average age of our customer. Why? Because there is young people with more money, but also because the young people can work in the boat with the video conference. Starlink is giving you the possibility to cover the small island in Greece. And when you have a yacht, you go to the small island in Greece because it's beautiful. But 10 years ago, you could not cover the connection.

So the technology and wellbeing approach, the scarcity of our business in respect of the amount of rich people that can afford it is such that I do expect that our business will grow, would not be only Sanlorenzo, probably would be also our competitors, the Italian builder, we have an opportunity. And you can see the graph of growing of the 3 major builder in Italy has been growing in volume and marginality through COVID, war, everything. We never stop. We always there performing probably because the market is such a small market in respect of the big billionaires and ultra-high net worth individuals that we really have an opportunity.

So you have a very strong long term, very long-term track record already. So you believe that in the very long term over the coming years, maybe even decades, if we may say that there is no fundamental change in believing that you can achieve those long-term CAGRs that you've achieved in [indiscernible].

We will see probably a small change. I think that the guy that today is 30 years old when he would be 40 and 45 will be more careful in sustainability, and they will probably move a bit from the motor yacht to the Maxi sale. And that's why we bought Swan because we consider Swan the top, and we want to have Swan in our group in order to be ready for the time of this change.

I will tell you a little story. We had a customer buying a 500 Explorer, 50 meter. The guy signed a letter of intent, signed $1 million to [indiscernible] the letter of intent. After 2 weeks, he called me back and say, Max, I cannot buy the boat. Why? I had a meeting with my family. I have 2 daughters. I have a boy and the daughter and normally, the problem is coming from the daughter. And my 2 daughter don't want to go with the engine boat. And so okay, we send back the money.

And when we did the due diligence of Swan, I found the guy being the customer for the [indiscernible] 128, the 40 meter Swan. And then I ask to the Swan people saying that was a customer say, well, you know something. It's a very special guy because the boat is designed by the daughter, which is 33. And when it comes to the very north of Finland, 700 kilometers north of Helsinki, she comes with the train. She doesn't fly because if she fly, she lose the number in the telephone, which is giving for the sustainability things. So the daughter pushed the father to cancel the motor yacht to buy a sailboat. I think that in the next 10 years, that will happen more and more. We do not expect to have -- today is 95% motor yacht and 5% Maxi. Probably will be 90%, 110% or 85% or 15%, but Sanlorenzo will be ready to take that opportunity with this one, and we are now starting a new line of product.

And then a second question, if I may ask, regarding the buyback and the free cash flow conversion of the company, so more a financial question. You have stated multiple times in the past that you believe your company is undervalued, and I completely agree with it. And my answer to that would be why not starting a share repurchase program, which you now have done a couple of weeks ago, a couple of days ago, if I remember correctly.

So I will change my question, and that is, why did you do start a new buyback program right now? Is it also related to the improvement in the free cash flow conversion of the business because we've seen there has been a lot of investment in working capital, for example, the last years. Do you expect this to improve and for the free cash flow to be more in line with the net income in the coming years, so you have more cash available to do these buybacks?

We do expect an improvement. It will be a continuous small improvement. Remember, when we buy Simpson Marine, we changed from a dealer to a direct distribution. That involved less order intake because we do not have a dealer that is buying 5 boats in stock that we can book and sold boat order intake. We sell the boat to ourselves in Hong Kong. And until they don't sell the boat to the final market, we cannot consider order intake as well as the cash. When they pay the deposit is the same money because we do the consolidation.

So we have been changing the company in the last 2 years. The market was worsening because of the geopolitical situation. So the composition of the changing of our philosophy of distribution and the worsening of the market has been causing some worse situation of the cash. We think that, that will improve, but little by little.

The second point about the buyback, we have a 10% buyback possibility approved by the Board of Directors. Consider that we are very careful in our cash situation. So we like to be in comfort in related to the cash of the company. So if you see that you have an opportunity to spend a lot of money to improve the plant because we have to do refit, we have to do more and then you reduce the choice of buying back from the market. So the buying back approach is, of course, related to the value of the share. When the share goes down, we buy because we expect the share to go up. But in the meantime, it's also related to the opportunity of spending that money for an important investment. And there is an important investment that we can do in the next...

Does that include M&A as well, like in more acquisitions?

Yes. So it's something that we have to balance. We know it's an opportunity, but also we have to be very careful if there is other opportunities.

So we have 2 questions from the chat. The first one is on the planned capacity expansion for large sailing yachts, are you considering the acquisition of existing local assets or infrastructure to accelerate this growth?

We are considering acquisition of existing platform as well as we are working with the territory of [indiscernible] regarding possibility with [indiscernible]. Probably somebody of you read the newspaper, and I've been dropping the matter on the table saying in [indiscernible], there are 2 huge industry, which is yachting, the blue miles, middle blue and the defense industry, which is very strong. So we need more space, and we are asking to have this space related to the existing space. It's 120 acres in the old military Navy or [indiscernible]. There are also other opportunities. So we are working on different tables. I cannot say too much more, I'm sorry, but there are opportunities.

And the second question we have from the chat from Natasha Brilliant, UBS. Could you give a bit more detail on the first quarter order intake, maybe trends by geography or size of the yachts? What about between Sanlorenzo and Swan? Has the customer behavior changed in the first quarter?

Good order intake of plus 25% in respect of the '25 quarter is mainly related to the Luseldorf and the Miami Boat Show. So it is Europe and United States. And it is mainly to Sanlorenzo more than Bluegame and Swan. I hope that I have [indiscernible].

Michele Baldelli from BNP Paribas. I have a question on the renewal because there was a slide about the, let's say, new models to be launched in 2027, 2028. So I'm referring to that one. And I don't know how much of these models contribute to your sales. But just to have a picture of how much of your, let's say, revenues can be renewed per year, let's say, is there a single year that probably you will renew 50% of your sales into new models? So how should I think about it?

Well, when I show the picture of the new model of '25, I told you that, that was the main driving factor of a good order intake. Remember, we had 7 quarters of order -- increasing order intake. I think that one of the main reasons are the new model because of the design of the innovation that has been really taking the market. I think that with this moment, we took one piece of the market of our competitors, was not only the growing of the market.

Probably out of all the words we say today, the major element of success of Sanlorenzo has been innovation and design. That's why we are also opening the lab of innovation and design because we want to concentrate more energy and power in that matter related to the 3 brands. So I think that the success of these [indiscernible] has been quite an important boost to the order intake.

I was referring also to the slide with the time line, basically when we see, let's say, 10 years of duration of your, let's say, models. So it seems to me like in 2027, there was, let's say, there were several models between 2027 and 2028. So...

Slides I show you, somebody can -- I don't remember the -- so if you see the slide, basically, you see the -- but I think that we were speaking about the plan '26, '28. So we have been updating only the model that has been included in the 3-year plan. There are other models that come to '29, '30. But we cannot consider, gentlemen, that this presentation will be in our site. So everybody can read it 10 times, limits on the amount of things I can tell you today.

No, no. Otherwise, it was just...

Consider a guy that is buying this boat and knows that there is a new one coming next year, he stop to buy. So also in our presentation, you have to consider that there are competitors and there is a market.

I was just to understand your thoughts about [indiscernible].

See what is important that the new 88 will come in 2028, and we put on the market on 2018. So that means that the SX88 has been a fantastic success. We sold more than 80 boats, and it is still selling after 11 years. 11 years is a long time. Our competitors averagely keep the boats for 5, 6 years. So if we manage to keep in the market, the model for 11 years, that means more profitability because out of the original investment, you can make more boats with the same molds in very small [indiscernible].

But also that means that who bought the yacht 2 years ago, 3 years ago after 8, 9 years, still has the feeling that the value of the asset is there. So it's a very good strong point of selling. If you go to the secondhand market and you see the price of the car Volkswagen Golf and you compare with Peugeot, I don't like to say Fiat many times. But with Renault, Peugeot, Fiat and Ford, you see that the Volkswagen is EUR 2,000 or EUR 3,000 a more. Why? Because there is a mix of quality, the thickness of the metal, the quality of the paint, the inside.

You remember probably an advertisement that was very important for me. I learned a lot from that. There was a Volkswagen going at 150 kilometer. And there was a little rumor at the end, the rumor was the hearing of the [indiscernible] aside because Volkswagen do not have any vibration, any noise. Now if you can do that kind of advertisement, it is because the quality of Volkswagen is really superior to the competitors. That is an example of what is Sanlorenzo, solid quality. And then on top of it, you put design innovation.

So at the end, the customer is buying Sanlorenzo regardless to what is happening because if you see the growth of the [indiscernible] plan is not incredible, but we do not -- we have not to forget that in 2024, there was a downturn of the world economy. And in '25, we have been experiencing a changing of the geopolitics in our world, the NATO and the Western world. And in 2026, we have quite a heavy war.

So in the last, let's say, 30 months, the environment is not really positive and Sanlorenzo is there with increasing our volume in keeping quite strong, the best-in-class profitability, cash conversion. At the end, in 5 years, 6 years from EUR 27 million to EUR 107 million, we made 4x the increase of the net profit. So that means that the company is performing. And it's performing because there are reasons. The quality, the kind of customers, the ticket, price ticket selling mainly 70 above 24 meter. There are decision -- business decisions that are correct because of the experience of the team.

Just a quick follow-up on order intake. If you can give us some idea on what progression are you seeing in terms of order intake in the month of April, mainly after this strong performance in Q1?

In this moment, we see a reduction of activity because of the war, consider that the performance of the first quarter is mainly related to January and February, which has been very good because it's been better than '24 and '25. March, of course, with the war coming was a kind of more relaxed month. April, there was some movement. So people is starting to talk about yacht again. We have to see what happened. And this is one of the reasons why the 2026 guidance has been pretty much careful. You see can be $180, which will be not a fantastic result, can be [indiscernible] or maybe a little more, which will be, in my opinion, a very good result. Here, we try to keep a fork, which is considering what happened for the war. Is the war going until September or December? The oil will go to $150. That will mean inflation in America means increase of interest. America is very much -- has a very huge debt. So if the interest rate goes up, there are problems. So all these variables are not in our hands.

So when we sit down with the team of these people and decide this number, you have to consider that, first, we want to be solid. We want to be good in giving you numbers. We want to show you that Sanlorenzo is a very honest and good company. Then if we can do better, we'll be more than happy in 6 months' time, come and say, look, we will outperform the number, we will do better. But we will not -- we do not like the idea to come and say we'll be less. The situation today can really change.

We have no more questions.

So now we can go to doing something.

Good evening, ladies and gentlemen. Thank you for participating to our full year 2025 results. Here today, we have on the floor, Mr. Massimo Perotti, our Executive Chairman; Attilio Bruzzese, Chief Financial Officer; Cesare Perotti, Corporate Integration and Strategic Projects Manager; Pier Francesco Acquaviva, Chief Corporate Officer; and myself, Head of IR, Finance and M&A.

We go through some key highlights. I leave the floor right away to Mr. Perotti. Thank you for your participation again.

Good evening. Thanks for coming.

I will go quickly through this page because it's the same page we saw together in the middle of January, which is summarizing the result of 2025, which we are proud of. You can see there is an increase of revenue, 3.2%. We have an important order intake growth from 2024, which is plus 16% equal to EUR 130 million.

The EBITDA margin is solid, 18.8%. It is slightly lower than 19% of 2024 due to the consolidation for the full year of Swan -- Nautor Swan, and we have a nice EUR 34 million net cash flow generation. On the left side, we confirm sixth consecutive quarter of order intake growth. The new model introduced since September at the Cannes Monaco General Show has been very successful. And in the last 3 months, we have a new dealer, new brand representative in Brazil, Mexico, Australia and Japan, markets -- quite large market with history in yachting.

On the right side, we confirm with Nautor Swan is -- we got profitable -- we get profitability in the first year of the integration with Sanlorenzo. And it was, I would say, not easy, not is expected but not easy because 2025 has been quite a difficult year for the sale boat business. In spite of that, we have completed a turnaround of the company and got back the profit in Nautor Swan since many years. Simpson Marine is considered fully integrated. 2024 was not an easy year with low market in Asia Pacific. 2025 is coming back quite strong, and we are enjoying the integration and the distribution service platform in the whole area.

Moving to the next page, I'd like to remember to all of you our important business model point, which is volume, scarcity, high price advantage, boosted by innovation and upselling. We are leader in the 30 to 50-meter market, which is a sweet spot, combining low client cyclicality with project margin control.

We have solid and high-quality backlog, 88% sold to final clients. The super rich [indiscernible] customer are highly loyal to the brand, clients stronger fundamental needs, well-being and unique experience driving purchase decision. And at the end, last but not least, unique global direct distribution network. This is an important point because, it give us the possibility to control the client decision to follow our clients directly, not only with the Made-to-Measure product, but also with tailor-made service.

On the right side of the page, you see above superior visibility through the cycle, best-in-class return on capital. And below, it is nice to represent you that since day 1 our IPO December 2019, we have been outperforming the average of the luxury brand. You see at the end of the page, we have been considering Brunello Cucinelli, Romance, Ferrari, Louis Vuitton, Kering, Ferragamo, Moncler, Prada Burberry's watch, Porsche, Martin, Richmond, [indiscernible]. As an average, you see that the curve in the years -- in the last 6 years is showing that Sanlorenzo business model works better than the average of luxury.

Now I'm pleased to give the floor to Attilio, which is quickly showing the numbers, which most of you already knows, and then we go to the Q&A.

Perfect. Thank you, Massimo, and welcome to everyone. So as usual, we can start from the highlights. The solid performances of the full year 2025, considering the Sanlorenzo absolute luxury positioning, confirm exactly the preliminary result of 2025 at all levels, achieving a progressive integration of Nautor Swan and Simpson Marine. And then in particular, analyzing indicators, net revenue new yachts grew 3.2% at EUR 960.4 million, driven by the performance of the Super Yacht and Nautor Swan divisions and good result of the Americas and APAC region.

EBITDA reached the amount of EUR 180.6 million with 18.8% margin on net revenue new yachts, and EBIT EUR 139.9 million at 14.6% on net revenue new yachts with limited delusion considering the consolidation of Nautor Swan. The group net profit grew up 4.2% with a remarkable total amount of EUR 107.4 million, double-digit margin, 11.2%. Organic investments are EUR 42.2 million, mainly related to the increase of production capacity and product development with an incidence on net revenue new yachts of 5%.

And then the net financial position, net cash of EUR 20.1 million end of the year, also considering the payment of the dividend, almost EUR 35 million and extraordinary acquisition. Therefore, we can confirm that the guidance 2025 met at all levels, is fully reached for the top line and more important also above to the 2025 in terms of profitability, we are more than expected for the margins, EBITDA at 18.6% compared with 18.7% of the guidance and as well EBIT 14.6% compared with 14.5% indicated in the last guidance.

And more important, as before indicated, the group net profit exceed the guidance. About the top line, you can see more in detail the good performance of Super Yacht division, plus 0.5% year-on-year in evidence also the excellent performance of Nautor Swan acceleration Q4 2025, with the support of the [indiscernible] line and confirming the good integration process. And then the result of the division that decreased 5.4% of the full year 2025 year-on-year, but recovering plus 8.2% in Q4 year-on-year.

Then the Bluegame recorded EUR 85.5 million, minus 7.4% year-on-year, successful navigating the headwinds in the segment below 24 meters and giving priority to profitability over volumes. About the breakdown by geography, the group had a strong growth in the Americas region, plus 35.5% after the expansion in the new market, in particularly Brazil and Mexico. And Americas is just 3% in terms of revenue linked to the U.S. customer for yachts below 30 meters. APAC turns positive, plus 5.1% year-on-year after the entrance of the new market as Japan and West Australia through the Simpson Marine strategic platform.

Europe remains solid, plus 3.1% and blast the global mix. EMEA region characterized by lumpiness, given the low volumes and high average ticket decreased 28% full year 2025, but in the -- time is increasing in Q4 2025. It is important to remember that Middle East including Africa is about 7.5% revenue new yachts. So the exposure to the area is not very relevant also considering that there is customer use the yacht especially in the Med. About the profitability, we have already seen the evolution at the different levels. So we have reached the planned trajectory. Just we can remember the bottom line and the grew up of the group net profit, plus 4.2%, also considering fiscal benefit that more than offset the higher financial expenses after the cash out 2024 for acquisition.

About backlog, we've reached the total amount of almost EUR 2 billion, and we benefit of a robust full year order intake of EUR 943 million, plus 16% year-on-year. Therefore, was positive the market dynamic in Q4, considering the order intake of EUR 253 million with a double-digit growth of plus 10.1% year-on-year. Net backlog is more than EUR 1 billion. And this a very long visibility on the future result of the group, considering the composition of EUR 618 million for 2026 and more than EUR 380 million for 2027 and beyond.

Furthermore, backlog is very consistent and high quality considering that is sold 88% to final customer. And this is the specific point of our business model. Also consistent are the waiting list, especially for above 30 meters and with sole delivery up to 2027, 2028 and 2029 for the Sanlorenzo [indiscernible] division and also for Nautor Swan, you can see 2028 is the point in terms of scheduled deliveries.

Perfect. If we analyze more in detail the trend of the order intake, you can see that from Q3 2024 to Q4 2025, we reached the sixth consecutive quarter of growth in order intake. So this is a proven trend. And this is linked to the strong positioning of the brand. So the order intake is consistently growing. And in the last Q4 2025 increased, as mentioned, and more than 10% year-on-year. About CapEx, you can see that we reached 42 -- EUR 48.2 million end of the year at constant perimeter, 89% related to the expansion of the group and then particularly EUR 22.6 million for the new industrial and distribution capacity and EUR 20.4 million for new product development.

In this case, the incidence of the net revenue new yachts decreased to 5%. About the net working capital and cash generation, the evolution of the net financial position end of December 2025 highlights net cash of EUR 20.1 million after dividend payment, EUR 34.8 million, organic CapEx, EUR 48.2 million and extraordinary acquisition for EUR 1.2 million. The cash generation in Q4 was EUR 34.1 million and benefited by the net working capital decrease, well supported by the order intake of the last quarter, particularly in the regions, Americas and APAC where the group is direct.

In particular, the net working capital end of December 2025 was EUR 99.8 million positive, approx 10% of net revenue new yacht after the peak of around EUR 120 million during 2025. And this evolution was especially linked to the distribution, as already mentioned before and also to the support to new distributor appointed especially end of 2025, in particular in the Americas and APAC region.

Therefore, during the 2025, after the peak of net working capital, we have seen stabilization. And then going to the end of the year 2025, we can see the start of a progressive reabsorption thanks to the evolution of the order intake and considering that Q2 generally benefit from seasonality because in that period, we have deliveries in Europe.

Perfect. We have completed the financial result, and I leave the floor to Ivan for the next session.

Yes. Thank you, Attilio. [Operator Instructions] I believe Natasha Brilliant from UBS. I believe we saw raised hand.

Just a couple from me. On the Middle East, I realize the exposure is quite low. Can you give us any color on any change in trading in the last week? Any change in mood in the Middle East, but perhaps also in the U.S. or other regions as well? Just anything you can talk about? And then secondly, I thought you might be giving guidance today, but I just wondered why not and whether we'll get it in April.

Well, the situation of the last week has been stable. I mean, no reaction. People is waiting to see. It has been communicated from the U.S. President that there should be a quick war, and everybody, I think, is waiting to see. One week is really a small time. So we do not have a particular feeling. No many -- no serious question, no panic to our customers. everything is stable with kind of wait and see what is happening.

Consider there is aside of this situation, there is quite a good positive fact for us, which is the dollar-euro value. As you remember, the dollar-euro was around 120, 121 and today is down to 115, 116. It is 5 points, which is relevant for the U.S. -- not only for the U.S., but for all Americas, which is related to dollar, South America, Central America, but also the Far East. The Hong Kong dollar and the Singapore dollar is connected to the U.S. dollar. So at the end, we have 5 more points in the competition in the most important areas, which we do expect a growth for 2026, which is the Americas, mainly Brazil, Mexico on top of U.S. and Asia Pacific with the new 2 new important market, which is Japan and Australia.

Regarding the guidance, well, as you know, we decided to present to you the 3-year plan 2026, 2028 in the occasion of the starting of the biannual Biennale di [indiscernible] Venice. So you will be invited in Casa Sanlorenzo in Venice on the 8th, which is a Friday. Start today is starting [indiscernible]. And so considering we will introduce the 3-year plan, we thought to corrected to give you the guidance of 2026 on the same day that we will give you the 3-year plan because the guidance will be the first of the 3-year plan. That is the reason.

May be Oriana?

Oriana Cardani, Intesa Sanpaolo. Thank you for taking my three questions. The first one is on the Middle East. You said that it accounted for around 7.5% of your revenues. Can you also provide the share of the order intake generated in Middle East in 2025 and the net backlog to be delivered this year in Middle East? My second question is on the production cost on ongoing projects. Can you confirm that all project costs are in line with the original budget? And what impact the current increase in energy cost may have? And the third question is on current trade. If you can provide comments, quantitative comments and new feeling for the order intakes in this quarter?

I start for the second and the third question, and I leave to Attilio to look at the numbers to reply to your first one. Regarding the oil situation, the energy higher cost is 0 impact to our customer. You can imagine a customer buying a boat of 10 million or 20 million is not really looking as a problem if the gas oil, the fuel of the boat is increasing in price. Regarding the economy, as you know, there will be part of the economy, which will have advantages and part of the economy, which will have less positive effect.

I would say that mainly the price of the oil is impacting, the middle class not the super rich. So probably we will not have any impact in our customer base, the ultra net worth individual. Regarding the situation of the order intake, as I said, it's only 1 week, 10 days, so we do not have any special feeling. What is important that there is absolutely 0 panic, no question, no phone call or mail from our customer, worrying about the boat in order to take delivery or whatever.

Everything is silent. I think people is watching the situation. And we do not expect any impact. Of course, if the war will have a long term or spreading to many other countries, then it's a different situation. But I think that for the first 10 days, we do not have any bad feeling of this to our business. Regarding the quantity, I leave the floor to...

Oriana, about the level of order intake related to the Middle East, consider that we had in 2025 order intake of EMEA that is around 10%. But if we consider just only the Middle East, we are close to 8%, then consistent with the number we have seen for revenues, 7.5%.

Oriana, I think one last piece of reply. Probably the oil increase in price could inject some inflation. And I like you to remember that there is a little equation to our business. Consider that if we sell a boat for EUR 100, EUR 60 are mainly the direct cost and EUR 40 are represented by the overhead profit, et cetera. The 60% so EUR 60 related to direct cost is more or less 60% workforce work hour and 40% material. So if we have an increase of inflation, that counts on the 40% of the 60% of the price of selling, which is 24%.

So if we increase the price for 3% because of inflation, we will have back less than 1% of extra cost. Therefore, normally in the inflation period, we managed to increase the fork between direct cost and price. So we have a positive effect. This has been already proven in 2022, 2023 in the past year. So even in case of an inflation, of course, not to be a giant inflation because then there will be a disaster in the economy.

But if we say, it's not a disaster in economy, but there is a bit of inflation, I think that will not have impact in 2026 for sure and probably most of the 2027. Remember that more than 30% of the volume for the revenue of 2027 is already sold, 88% to final client. We have a backlog of more than EUR 300 million related to 2027. So it is -- we are at the beginning of '26. So that is quite a nice place to be.

I believe we have no more questions. Mr. Perotti, if you like to do a closing remark, and then we can close the call.

Well, first of all, we thank you very much for your continuous following us. We will have the next appointment for the shareholder meeting, which is 24th of April. And then all of you are invited to Casa Sanlorenzo in Venice for the 8th of May, where we will be pleased to present to you our 3-year plan, will be very interesting, the development of Nautor Swan and the expectation we have for the next 3 years. That's it. I don't think we have more things to say. Thank you, again for your time. Regards. Have a good night. Have a good evening.

Good evening, ladies and gentlemen. Welcome to our full year 2025 preliminary results. On Sanlorenzo, we have on the line Massimo Perotti, Executive Chairman; Attilio Bruzzese, the Chief Financial Officer; Pier Francesco Acquaviva Chief Corporate Officer; and myself, Head of Investor Relations. I leave the floor for the presentation to start to our Chairman, Massimo Perotti.

Good evening to everybody. Thank you for being in contact with us. I'd like to start the floor with the first chart, which is not just starting with numbers, but trying to understand what happened in 2025. And we are very pleased to confirm to you the numbers that we are very proud of, consider '25 was not an easy year, probably coming from '24 with expectation from the European Union election in June '24 and the American new President for November '24.

People were expecting '25 grow with a return to normality after the war in Palestine and the war in Ukraine. Unfortunately, as everybody knows, 2025 started with some, I would say, disruptive situation, mainly in the Western world, the tariff, et cetera, et cetera. I'm not going to summarize what happened, but all this situation was giving to the market a kind of uncertainty. And the uncertainty was reflected in the market. So we are pleased to confirm to you and to show you again the resiliency, power and strength of Sanlorenzo.

You see on the left, we can confirm with the number of 2025, sixth consecutive quarter of order intake growth. We can confirm the successful new models introduced in the market from the Cannes show is written below SD132, SX120, SL110A, BGX83 recently introduced to the Dusseldorf Show in January '26. The New Swan 128, which is the largest ever built 40--meter Maxi and there's 151. Thanks to the very successful new model launch, we got quite a good Q4 for 2025, which is giving back an extremely extraordinary good plus 16% of order intake in respect of 2024 order intake.

We confirm a remarkable 18.8% EBITDA margin, considering that 2025 has been the first year of consolidation of Swan. And at the end, plus EUR 34 million in net cash flow generation in Q4. We have quite improve and increase our strength in the market by appointing new brand representatives in Brazil and Mexico and have a new office -- we opened a new offer in Australia and the new dealer in Japan.

Nautor Swan, as I said, the integration is done. We are working hard, and we have already the first year with a profit after year of losses, as you know. So I promised to you that we will -- with the group with the strength of the group and the push of Sanlorenzo. We could do quite a good result in Nautor Swan in spite of 2025, which has been really very dry in order -- new order for the sale boat business.

Simpson at the end, last but not least, Simpson Marine has been fully integrated. You see in the number of the growth of the APAC region, the APAC market, we can confirm that both distribution service platform is integrated in the group and is leveraged our strength worldwide. I'm very pleased to confirm this number. I'm very pleased to show you the resiliency of our company and I will like to give back the floor to [ Ivan ] because the second slide, I think, is quite interesting for all of you.

Thank you, with pleasure. Our 2025 growth continues to consistently outperform the luxury sector. By setting 2019, top line to 100 emerges clearly that our business model resiliency allows to grow even amid the context of uncertainty has experienced both in 2020 during the COVID pandemic. And in the last year, the generally softer luxury market. The reason is linked to 3 fundamental factors. First of all, we have no exposure to aspirational clients with the customer base made strictly of ultra-high net worth individuals.

Just as important, the drivers behind the purchase decision of our customers are fundamentally different. They're meeting their need for well-being and longevity, seeking unique experiences and making the most out of their scares free time. Finally, the competitive advantage of our business model based on a product for [ true ] connoisseur yachtsmen, volume scarcity, high price point, even at the entry level ensures a superior stability of the underlying demand over time. For the presentation of the preliminary financial figures.

Thank you, Ivan, and welcome to everyone. We'll continue the expansion of the Sanlorenzo Group into the full year 2025 result achieving a progressive integration of Nautor Swan and Simpson Marine. The solid performances of the full year 2025 are in line with the guidance for the top line and also more than expected for profitability, considering the Sanlorenzo absolute luxury positioning.

And then, in particular, analyzing the indicators, net revenue will just grow 3.2% year-on-year at EUR 960.4 million driven by the performance of the Superyacht Nautor Swan division and good results of the Americas and APAC region. EBITDA reached the amount of EUR 180.6 million plus 2.4% year-on-year with 18.8% margin on net revenue in New Yachts. EBITDA EUR 139.9 million, increased 0.4% year-on-year at 14.6% net revenue in New Yachts with a limited dilution from consolidation of Nautor Swan first full year.

And the group net profit grew up 4.2% year-on-year with a remarkable total amount of EUR 107.4 million with a double-digit growth of 11.2% of net revenue in New Yachts. Organic investment for EUR 48.2 million mainly related to the increase in production capacity and new model developments with reduction of [indiscernible] year-on-year on net revenue New Yachts to 5%. And then the net financial position at EUR 20.1 million net cash end of December 2025 after dividends paid for EUR 34.8 million, and EUR 1.2 million of extraordinary acquisition.

Therefore, the guidance 2025 met at all levels in fact, is fully reached the top line target, showing a [indiscernible] growth of 3.2% year-on-year. And more important, the full year 2025 result in terms of profitability are just more than expected for margin with EBITDA at [ 18.2% ] compared to the target of 18.7% and EBIT at 14.6% compared with the target of 14.5%.

And with an overperformance in the bottom line with the group net result at EUR 107 million plus 4.2% exceed the guidance, while CapEx at EUR 48.2 million are in target range. Now we can analyze a figure more in detail. starting from the top line. In this case, we had a good performance of the Superior division, plus 0.5% year-on-year, where the [indiscernible] Steel line excellent performance of Nautor Swan division, which accelerates plus 45.1% year-on-year with the support of the Maxi line and confirming the strong progression on the integration process we are doing.

And then the result of the Yacht division that decreased 5.4% in full year 2025 year-on-year, but recovering plus 8.2% in Q4 year-on-year, also considering the larger units kicked into production in the last quarter 2025. Bluegame recorded EUR 85.5 million, minus 7.4% year-on-year successfully navigating the headwinds in this segment below 24 meters. And about the breakdown by geography, the group had a strong growth in Americas region, you can see 35.5% year-on-year after the expansion in the new market, Brazil and Mexico and APAC region turns positive, plus 5.1% year-on-year after the entrance in the Japan and West Australia market through the Simpson Marine strategic platform.

European remain solid, plus 1.3% year-on-year, showing in Q4 a shift to a more balanced global mix. And the EMEA region characterized by lumpiness given the low unit and at the same time, high average ticket market decreased 28% in the full year 2025, but in the meantime, increased 100% in Q4 2024 year-on-year.

Now the profitability expansion follows the planned trajectory. In fact, the EBITDA margin grew by 2.5% and reached a margin of 18.8%, net revenue new yards, stable year-on-year even after this 1 first full year consolidation. The rigorous focus on gross margin increased that benefit on price and mix effect allowed to Sanlorenzo [indiscernible] expand margins. The EBIT increased 0.4% year-on-year considering the higher incidence of net revenue in New Yachts for Nautor Swan due to the smaller scale production and legacy investment before acquisition.

And finally, the group net profit grew up 4.2% at 11.2% on net revenue New Yachts with positive effect of tax benefit more than offsetting the higher financial expenses after cash out for 2024 acquisition. The gross backlog reached a level of almost EUR 2 billion and benefit of robust full year order intake of EUR 943 million, plus 16% year-on-year. Therefore, the positive market dynamic in Q4 is important considering the order intake of EUR 253 million with a double-digit growth of 10.1% year-on-year.

Net backlog end of 2025 is more than EUR 1 billion and give to the group a long visibility on the future result, considering the composition of EUR 618 million for 2026 plus EUR 384 million for 2027 and beyond. Furthermore, backlog is consistent and high quality in consideration that it is sold 88% to final customers thanks to the unique Sanlorenzo business model.

And with the sold deliveries up to 2027, 2028, and 2029, respectively, for Bluegame, Yacht, Superyacht division and also the Swan division, the sole delivery are up to 2028. So consistent are waiting list, especially for yachts above 30 meters. About the order intake trend after the normalization of the market, the group from Q3 2024 to Q4 2025 reached the sixth consecutive quarter of growth in order intake. So this is a proven trend a strong performance considering the positioning of the brand and confirming how Sanlorenzo is resilient to the cycle even in a time of uncertainty like this and how Sanlorenzo is absolute luxury and not exposed to aspirational customers.

So the order intake is consistently growing. And in the last Q4 increased 10.1% year-on-year. The net backlog end of 2025 is more than EUR 1 billion. So we have around a full year of revenues still to book and already contracted. Continuing the organic investment program that reached the amount of EUR 48.2 million end of December 2025 at consistent perimeter -- constant perimeter. About 89% related to expansion, new production and distribution capacity, EUR 22.6 million. Acquisition and new acquisition consider that we had additional EUR 1.2 million in 2025, of which EUR 0.8 million referred to Arturo Foresti acquisition, a supplier for the production of electrical system and EUR 0.4 million refer to Mediterranean Yacht management acquisition in Monaco in-house brokerage company to support the distribution of Nautor Swan.

The incidence of organic CapEx on net revenue New Yachts decreased to 5%. Now the evolution of the net financial position end of December 2025 highlights a net cash of EUR 20.1 million after a dividend payment of EUR 34.8 million, organic CapEx of EUR 48.2 million and extraordinary acquisition of EUR 1.2 million. The net cash generation in Q4 2025 was EUR 34.1 million and benefited by the net working capital decrease after the peak reached during the 2025 well supported by order intake in particularly in the region Americas and APAC, where the group has a direct distribution.

The total impact of IFRS 16 debt was EUR 28 million in December 2025 versus EUR 25.5 million of December 2024. Well, we have analyzed the financial result, and I leave the floor to Ivan to continue with the business update.

Thank you, Attilio. So very quickly on the most important concepts. Here, we come from 2025 where we have launched represented some very important models, which have collected very exceptional feedback from the market, both in terms of contracts signed, order intake and commercial pipeline, particularly not worthy are the 3 models of the Yacht division, which are all above 30 meters. The SL110A, which features the symmetric design, the SX120, which is the current flagship of the cross-over a range of very iconic invented by Sanlorenzo and the SD132, which is the largest composite model delivered today above 40 meters length where we enjoy virtually no competition. Also for 2026, we have in the pocket a very exciting pipeline of new models. We just started in Dusseldorf with the presentation of the BGX83, which is the flagship of Bluegame to continue then with 4 new models for Sanlorenzo across both Yacht and Superyacht division, with, again, a focus on the large composite segment.

In the case of Nautor Swan, we are not just talking about new models but we are talking about completely new product lines, which bring additional market segments to the business additive to the current revenues. In 1 case, we have this one alloy, which will be revealed the first model so the large segment units made of metal effectively Superyacht of the Sailing segment and later on, an unveil of the Bluewater line, SWANSCAPE, dedicated to those customers that prefer comfort over mere performance for long extended cruising.

Speaking of new lines, we remind that Sanlorenzo also presented back in October, the Sanlorenzo Heritage, which draws effectively into our deepest DNA back to 1958 and projects it into the future. Going to the next slide. We see the other core part central to our development strategy. So the geographic expansion the new American quarter in Fort Lauderdale at Pier Sixty-Six was just opened. And along we did, which will be central for further penetration into the American market, where we have a massive opportunity. We just come from signing 2 important partnerships with new brand representatives in Mexico and in Brazil, which are very strategic markets, which so far, we have covered from abroad. And from now on, we will cover with a local commercial presence.

In terms of completely new geographies, we have entered recently Japan with a stronger brand representative and Australia with our direct network of Simpson Marine, which can be leveraged across the region. We now open the Q&A session. So we invite you to either use the Zoom tool to raise your hand or to leave your question in the chat. We will try to address as many questions as possible.

I see a question in the chat from Jackson. Could we get commentary on 2026 outlook, given no guidance was given?

Yes, [ Jackson ], pleased to reply to you. Consider that we had the Dusseldorf show on the 20th of January. And today, in the meantime, we are talking to you. There is the Miami show going on. The starting of January, middle of February business is showing a better order intake of both January '25 and January '24. So we have a feeling that the starting of the New Year, 2026 is good, and we do expect an improvement in volume of all 4, I would say, business Yacht, Superyacht, Bluegame and Swan. So it is a confirmation that the market is more active since the first months of the year, which normally is not easy. In January, February, people are still thinking to go skiing more than going boating.

I see a raised hand from Niccolo Storer.

The first one is about Q4 intake. If I put together 2 things. One, that your, let's say, comments about the American season back at Q3 results presentation were quite downbeat. And I also see that let's say, the share of backlog to final clients has declined by 2 percentage points from Q3 to Q4 is kind of suggesting me that you had to sell to dealers to get to the plus 10% order intake in Q4. So if you can comment a bit on that. And so on the quality of the Q4 order collection? Second question, already answered about Dusseldorf and Miami. And so my other question is about intake by brand, in particular, Sanlorenzo perimeter versus Swan, you suggested that an intake in 2025 was quite weakish. Can you maybe spend a few numbers, quantifying how good was Sanlorenzo [indiscernible] and Swan.

Look, I do reply the first question. I didn't understand the second. So if somebody on the floor in La Spezia can reply is good. For the first question, Storer, we are really now picking to small things. I mean, we are close to EUR 1 billion. Therefore, 2% of EUR 1 billion is EUR 20 million is almost nothing. So by counting the difference between 90% of direct sales. So 88% is really something difficult to evaluate. The reason of the EUR 20 million stock boat to dealer is because we appointed 2 important new dealer in the last quarter of '25, which is a guy in Mexico and a new guy in Brazil. These 2 new brand representative. They are external is outside dealer working directly with Sanlorenzo America, which is our company representing Sanlorenzo in the Americas. And those 2 dealers, they just bought EUR 10 million each of stock boat because when you are appointed exclusive dealers, you have to -- you must buy stock boat in order to be appointed exclusive dealers. So this is the only reason. What is really important that we have 16% higher order intake in 2025 in respect of 2024. And this is much more important then that very little reduction from 90% to 88%. Consider that 90% or 88% direct contract is why above any other company worldwide. So this is the main characteristic of our business model, the quality of the backlog nobody else has. The second question, I didn't understand. So maybe Ivan or Attilio can reply.

Yes. About Niccolo, the order intake, especially for 1 versus the rest of the group. You can consider that we collected around EUR 90 million in the full year 2025. And this is especially for this one line compared with 2024, where we collected especially new orders for the Maxi alloy. This is the total amount for 2025.

A question in the chat from [indiscernible]. Can you please share some update on the chartering service for clients to use the unit for some time agreed. So an update on charter?

Yes. Charter has been plan. I mean we do not have an increase in the charter business and no decrease was in line with '24, which is showing that '25 has been not an easy year in the market due to the uncertainty, the geopolitical uncertainty I was talking before. Charter for us is within the high-end service with refit and other characteristic, which is something that will be deployed and developed during the description of the new 3 years plan that will be done in May in the meeting of the 8th of May here in Venice. The logic of developing the charter business between Hong Kong for Lauderdale, Monaco and Equinox headquarters, which is in Torino, Milano.

You know that we like the idea to have a win-win situation from the side of adding some profit to our business, but mainly to connect with new customers. They are willing to charter the Sanlorenzo fleet in Charter. And when they use our boat year-after-year, they get acquainted. They appreciate the quality of Sanlorenzo. And at the end, they buy a new boat. So the win-win situation is coming some service, some profit, some business, but mainly to show and to expand the contact of our boats to new customer base to expand the customer -- potential customer to buy new boats in the future consider that Swan has a fantastic company called [ MIM ] in Monaco. They work since 20 years, 15 years in developing the Swan charter fleet around the world. And that experience has been also very positive to acquire new customer from Swan as well as we are trying to do with Sanlorenzo business.

We see a raised hand from Natasha Brilliant from UBS.

A few questions. Firstly, just on pricing dynamics. If you can just help us think about pricing as we look forward into 2026. Sorry if I missed it, but just if you can help us on CapEx and working capital for this year, what we should think about that? And then just coming back to your -- or the comments about the new brand ambassadors in South America, and you've talked about new presence in Asia anything more you can share about the pipeline for this year in terms of that sort of geographic expansion piece would be very helpful.

Thank you, Natasha. I start from the end. We think that both Asia, APAC market and South America will be a growing market for 2026 for both Yacht and Superyacht division. Regarding pricing, it is too early to confirm aggressivity in the pricing. We would like to see what will be the result of Q1 '26. In case Q1 '26 will be good as from the first month generally, then for the Q2 and Q3, we will try to increase a bit our price in order to take the best advantage for the Cannes, Monaco, Genova September shows 2026. But today, I cannot confirm to you because I think our way of management is always very conservative, very -- how I can say in English now, I missed the word, very conservative. I mean, we do declare numbers and things when we have a real confirmation from the market. So we prefer not to anticipate something that we are not sure of. The first quarter of '26, I think, will give us good sign in order to maybe increase the profitability versus prices. For the CapEx and working capital, I will leave the word and the floor to Attilio.

Yes. Yes, Massimo. For the CapEx consider that the level will reach this year around EUR 50 million could be considered as a number also for 2026. But in any case, we will be more precise in the next meeting, we will have -- about the net working capital, consider that we believe that we reached the peak during the 2025. And if we can exclude the seasonality, we can consider a progressive absorption of the net working capital, especially starting from H2 2026 and consequence semester for the beginning of 2026.

In any case, we consider good level of net working capital close in the range between 3% and 8% for the future because this could be a good lever to manage the business after that we have the introduction of the direct distribution, especially for Simpson Marine in the APAC region, Sanlorenzo Med and the expansion in U.S.

We have one more question from [indiscernible]. With deliveries being sold up to 2029, any plans to extend the manufacturing output for years to come?

Yes, we have a plan in our La Spezia shipyard. We have the right from the local authority to refill the existing water side, water cost for 10,000 square meter to produce extra 10,000 square meter in the harbor of La Spezia where we are going to produce -- to build a new plant of 6,000 square meter. The new plant will be splitted between the Superyacht production and the big Maxi alloy Swan. You know that we have a new division coming starting from a 44-meter already sold and in production. We are starting to produce and design a new 50 meter. And the range of the aluminum Maxi Swan will go up to 60 meter.

The smaller 44-meter will be built with a 50-meter will be built in Viareggio. We will bring back to Viareggio the Maxi business. And the boat above 50-meter, let's say, 58-meter and bigger will be built in La Spezia. Because in Viareggio, there is not enough [ deep ] in the water to produce larger boat -- boat larger than 50-meter in the Maxi line. So the expansion will be done in Viareggio before the 2029.

I believe we have no more questions. So I leave it to the Chairman for final remarks.

Thank you for participating to the conference. We apologize we get late this Friday evening. But I have to say that in my heart, in my mind, the result of 2025 just explained and presented by Attilio, is confirming the fundamentals of Sanlorenzo. We think that is a message to you to the investor. We think that the today value of our competitors Ferretti Group, [indiscernible] for the acquisition of MarineMax in America is showing that the investor, the shareholders inside of those 2 companies are believing in the business. They trust the business is growing.

And I think that at the end, the result of 2025 from Sanlorenzo is a very positive sign as well. So probably, we have been suffering some re-rating of our share in the market in 2024 and 2025. And we hope that you agree with me -- you agree with us that the confirmation of the guidance of 2025, the increase of 60% of the order intake in a geopolitical environment, which is not positive in 2025, started already in 2024 is the confirmation that this business is positive and has quite a good future. I thank you for your attention. See you soon. Bye-bye.

Thank you.

Good morning, good day to everybody. Good afternoon to everybody. Thank you for being here with us. I think I will pass the floor to Attilio Bruzzese, our CFO, who will introduce the semester, the H1 '25 numbers. Thank you, Attilio.

Perfect. Thank you, Massimo, and welcome to everyone. As usual, we can start from the highlights where we can analyze so the first [ half also ] that shows Sanlorenzo Group is continuing the part of expansion with a growth in line with our guidance 2025, thanks to the unique business model, moving beyond and worldwide economy situation and the global uncertainty and monitoring constantly the evolution, of course. So we can analyze figures starting from the revenue in New Yachts, grown 9.4% year-on-year at EUR 454.1 million. Again, led by the strong performance of the Superyacht Division and the contribution from Nautor Swan, great result of Americas and Europe regions.

EBITDA increased 8.5% year-on-year at EUR 80.5 million. And EBITDA margin is 17.7% with a not relevant dilution from the consolidation of Nautor Swan. EBIT at EUR 59.9 million, increased 3.2% year-on-year, considering also the incidence of Nautor Swan consolidation and related investments. And the group net profit grew up 7% year-on-year with a total amount of EUR 46.6 million, with a double-digit margin, 10.3% for net revenue in New Yachts.

Then organic investment at EUR 16.2 million, especially related to new industrial capacity and new product development with a reduced incidence of net revenue New Yachts at 3.6% compared to 4.9% to the previous year. And then the net financial position at EUR 8.3 million net debt end of June 2025, with a cash generation of EUR 19.8 million from last March after dividends paid for EUR 34.7 million and Q2 buyback program of EUR 7.4 million. And taking [ advance ] of the delivery season provided in Q2, especially in Europe.

Now we can analyze figures more in detail, starting from the top line, which continues with a sustainable growth at 9.4% year-on-year. At net revenue, New Yachts level. And this evolution is consistent with the 2025 guidance. Superyacht Divisions performance remained strong, plus 10.2%, driven by the [indiscernible] lines, also considering the innovative contents and represent approx 30% of the total revenues.

And then yacht division generated about 15% of the total revenue down compared the previous H1 2024, minus 6.6%, mainly related to the market segment below 100 feet and with good resilience in the larger models above 30 meters.

Bluegame generated EUR 43.6 million revenues, minus 10.9% year-on-year, confirming strong resilience in a particularly changing segment of the market of yachts below 24 meters. Thanks to the distinctive brand and well-recognized positioning has been able to limit the slowdown and preserve profitability despite aggressive pricing policy in the market segment.

Then Nautor Swan Division reported net revenue new yachts of EUR 47.5 million, in line with the expectation and with the planned integration and business development process. In terms of breakdown by geography, you can see Americas region growth of plus 38.6% year-on-year. The increase is mainly related to the previous year order intake and benefit from a particularly favorable comparison effect compared to the first half 2024. Americas is 21% of total revenue, which is less than 6% linked to U.S. customers, and below 4% related to yachts up to 30 meters, the segment of products more affected by tariff.

Europe shows a solid performance and grew up 15.4% year-on-year, considering the wide loyal and resilient customer club. And the APAC region recorded a slight increase, plus 5.8%, showing first positive signals of dynamism. While Middle East decreased particularly minus 41.3%, in region of solid delivery concentrated in Q4 2024. Then in terms of profitability, the EBITDA grew up 8.5% year-on-year and reached the 17.7% on net revenue New Yachts, considering the marginality continued expansion ex-Swan and the not relevant margin dilution, about 20 basis points after consolidation impact for the full H1 2025 of Nautor Swan.

We can remember that the consolidation started in August 2024. Excluding this effect, remain a steady increase in operation -- operating profitability demonstrating the group ability to continue to increase in average sales price, especially for a more favorable mix with larger yachts and executing successful projects. The EBIT increased 3.2% year-on-year. And EBIT margin decreased at 13.2%, considering the higher D&A incidents of Nautor Swan due to smaller scale and legacy investments. Group net profit grew up 7%, 10.3% on net revenue New Yachts with a positive effect of tax benefit provided by Italian tax authority and despite higher financial costs from acquisition financing.

Now about the backlog, the evolution of the top line, we know is driven by the solid backlog that reached the level of over EUR 1.4 million last June 2025, that confirms a dynamic market for the group, especially in the segment above 30 meters, and very significant order intake of H1 2025 at EUR 420 million plus 30% compared with the first half 2024 and Q2 2025, order intake was EUR 242 million, with a strong increase of order collection plus 56% year-on-year compared with the order intake of EUR 155 million of H1 2024.

Furthermore, backlog is very consistent and high quality in consideration that it is sold 93% to final customer was 89% in the previous Q1 2025, thanks to the unique Sanlorenzo business model. The solid backlog gives to the group extraordinary visibility for the future in terms of the result. With a portion of EUR 771 million related to 2025, representing around 78% coverage of net revenue in New Yachts of the midpoint guidance 2025, consistent with the coverage of 83% in the first half of 2024.

And in addition, EUR 668 million related to 2025, 2026 and beyond. So analyzing more in detail, the backlog by division, waiting list are well filled in all business units. And with sold delivery up to 2026 for Bluegame and 2028 and 2029, respectively, for yacht and Superyacht Division. And also for Nautor Swan Division, the sold delivery are now up to 2028.

All divisions have a high percentage of yachts sold to final customers, 100% for Superyacht and for Swan Division, 85% for Yacht Division and 62% for Bluegame Division, remarkable indicator considering the market segment below 24 meters.

Again about the backlog, the net backlog almost EUR 1 billion end of June 2025 after the normalization phase of the order intake, the visibility level remain high and is not particularly affected by current cyclicality in the market segment below 24 meters. In fact, after the recessional post-pandemic phase, the historical net backlog quarterly evolution shows for June 2025, coverage of 1 time the expected full year 2025 revenues. This level is in line with June 2024 coverage, one time as well and above the normal pre-COVID coverage level in the range between 0.8, 0.9x.

About CapEx, continue the organic investment program that reached an amount of EUR 16.2 million end of June 2025, 89% related to the expansion of the group in new industrial capacity, EUR 7 million; and product development, EUR 7.4 million dedicated to all divisions.

The incidence of organic CapEx on net revenue in New Yachts is decreased to 3.6%, was 4.9% in H1 2024. Overall net investment are EUR 17 million, considering change of perimeter of EUR 0.8 million. You referred to Arturo Foresti acquisition to support the production in electrical systems. Now about the net financial position, the evolution on the net working capital and net financial position, we know our strictly linked particularly the net working capital end of June 2025 was EUR 86.6 million positive especially considering the inventory buildup due to the recent implementation of direct distribution in APAC region and to the expansion of the direct distribution in Europe with Sanlorenzo [indiscernible] and Americas.

In any case, the net working capital shows partially the absorption after Q1 2025 of EUR 33 million despite the low market dynamics for products below 24 meters and for a lower impact for products below 30 meters. Therefore, the net debt end of June 2025 of EUR 8.3 million reflects a direct distribution expansion affecting the net working capital, as indicated before, and in addition, extraordinary cash out of EUR 11.1 million related to the backup -- buyback story program of which EUR 7.4 million in Q2 and to the acquisition of 60% Arturo Foresti strategic supplier for electrical systems for EUR 0.8 million [ dynamics ].

So the net financial position before the extraordinary cash-out for buyback and Arturo Foresti acquisition was EUR 3.6 million net cash. The reported net debt end of June 2025 includes also IFRS 16 liability for EUR 26.5 million.

Then considering the solid H1 2025 result we have just seen and given the high visibility for the backlog, the 2025 guidance is confirmed without change. So it's confirmed once again the resiliency of Sanlorenzo business model and the strength of the brand even in a global environmental characterized by trade tariff uncertainty and different macroeconomic pressure that, of course, and in any case, we will monitor it constantly. So that's all for the financial result, and I leave the floor to Massimo to continue with the business update.

Well, I think we have shortly some message related to the next week. Next week, there will be the [ Cannes ] boat show [indiscernible] the season of the boat show for '26. We have 3 fantastic new model, the SL110 with the asymmetric design, the SX120 and the biggest boatbuilder in the yacht division, which is the SD, Semi-Displacement, 132.

And on top of the Sanlorenzo new product, we will introduce the Bluegame F, which is foil 45. This is a totally new line from Bluegame. It will be in the future 3 model, 35, 45 and 55. They are characterized by the multihull design with foil from the experience we had in 2024 for the construction of the tender of the America's Cup.

Swan is introducing to the market, the 51 performance cruising, as you can see in the picture is the beauty. And later on in end of September in Monaco, we will introduce the 40 meter, the max is 128 in carbon fiber, the first unit has been delivered in July, and will be at the Monaco show. So we think it's a very exciting product -- new product introduction with a lot of innovation, design, style, beauty, which is really a strong point from the group in order to gain sales in September in Europe and in October in America with the Fort Lauderdale boat show.

Next, here we have the last image of the new division that we are starting, which is the Swan Alloy 44 will be a new line of Maxi in aluminum. The boat will be built in [indiscernible] superstructure to the top-quality Dutch supplier and then will be the kit of alloy -- aluminum will be moved down to Viareggio, Italy, in order to do the fitting out. So, this is a completely new [indiscernible], is a completely new business in relation to Nautor Swan, which we think will add an extra 50%, 60% of business for the next 3-year plan.

The first unit is sold. We do consider the market of the large Maxi growing. And we do expect a lot of business and a lot of help in turning the Nautor Swan company to a higher profitability as we already declared and promised to you. As you know, probably from the press, the third of June, we have been launching Casa Sanlorenzo in Venice, which is a hub for culture and art related to Sanlorenzo Group. You see some pictures, the house is exactly in front of the [ Basilica [indiscernible] in Venice.

And Monday, the first, we had the christening of the first event, which is a breathtaking picture taken by Fabrizio Ferri using actors and actress. The launching was in the same week of the festival, the cinema, the film festival in Venice. So Fabrizio Ferri with the collaboration of a very important and known actors and actress is taking picture of them covered by the plastic that has been taken from the ocean and is a testimony of the risk for the ocean to die.

And it is quite an interesting cultural [ hars ] event, which is connected -- strongly connected to sustainability. It's connected to the [indiscernible], which is, of course, the fluid where our product goes with our customers. We very much like the project because it is in a totally black room and the picture, as you can see here, are very emotional and you really got the feeling that we have to do something important for the future of your share. We like that starting on the 1st of September because on the same days, as you all know, there was the 27 country, let's call them not western countries, representing 5 billions of people and 1/3 of the product of the world.

And so we think that to testimony in a cultural event in Casa Sanlorenzo, our care and attention to the plastic in the sea, it was a kind of a nice sign, a nice showing that the western country still has a lot to do and a lot of say in this world. We like that, and we've got a quite important help from the journalists that were attending the launching of this event. The event will be on until the 23 of November, for 2.5 months. The 23 of November will be the last day of the B&L of architecture, and then we will hand this first event. So anybody moving or passing through Venice, we will be kindly invited to see.

Last messages, as you know, I bought the company in 2005. So 2025 was the 20th anniversary. And considering the acquisition of Nautor Swan and Simpson Marine during 2024, we thought that was nice to make a party dedicated to our employee. We had more than 1,000 employees coming from all over the world in present to Florence for this event. It was a kind of attempt to integrate the people from Finland, the people from Hong Kong, Singapore, Malaysia, Vietnam, the people that has joined our group 1 year ago. it was quite a big success, and we are pretty happy -- much happy of the event and the result and the comment of our employees.

Two words about the sustainability commitment. As you remember, our road to 2030, we just summarize quickly. In 2021, we started the strategic collaboration with Siemens, with MTU, MAN, et cetera. Then we launched the first 50-meter equipped with methanol hydrogen fuel cell system. Probably most of you have been on board and saw the functioning of that equipment. The same here in 2024, there was the tender of the American Magic, American Cup on hydrogen foil up to 50 knots of speed. So we did all that as promised.

And then the next -- example, the next step was the bi-fuel engine yachts is a 50-meter X-Space. On this matter, we are moving the project forward from 2027, '28 to 2029, '30 because we do think that recently in the last 6 months, the Western world has been reducing the effort and the push towards sustainability. So the boat and the technology is there, is already on paper. We have the agreement with MAN Engine, they produced already the bi-fuel engine. The problem, in our opinion, will be in delaying the logistics and the distribution of the green methanol.

And therefore, we think that is wise to postpone 18, 24 months, the project to the 29, 30 years, which is a moment where probably we will have a better distribution of methanol and our customer will enjoy the possibility to use this new very sustainable yachts.

Top Employer Italy 2025, we got the certification. It is the first company in our sector to become certified top employer. We think that this will attract and retain the best talent from the yachting industry and behind. We have been investing 15,000 hours for reskilling and upskilling our people. Remember that 2/3 of the Sanlorenzo people are on the Gen Z and Millennials section, so pretty much young.

I think is the end product, just summarizing that we extend and diversify the product range. There is a lot of innovation, a lot of technology. Just to remember the 50-meter with the hidden engine room. We moved the engine room to the under lower deck, opening a lot of more space to the use of the customers. The network, we completed, the direct distribution with Sanlorenzo MED and the new office opening. And by the 30th of October, we will do the christening on the new office in Pier 66 in Fort Lauderdale for Sanlorenzo America.

And from the side of Asia Pacific, as you saw from the presentation of Attilio, the market in Asia Pacific is growing again after a 6 months stop in 2024, for the top employees, the people we already said and on the brand situation, the brand work towards Sanlorenzo has won Bluegame and never stop. And I would say that we like the idea to have invested in the marketing opportunity for the 20 years anniversary dedicated to our employee in order to try to have all the new people joining the group to meet each other in Italy.

And of course, the day after that party, they came in the ship [ here ]. So they had the opportunity to see Sanlorenzo and Bluegame very close. They came physically on board of our yacht, on board of our shipyard. That's it. I think we give you the floor for Q&A, and we are all available for reply.

Oriana Cardani, Intesa Sanpaolo. The first one regards the order intake -- the very good order intake in the second quarter. Can you give us the split between Swan and Sanlorenzo and tell us the weight of APAC and America in this order intake?

My second question is on the European boat show -- boat shows. Can you give us a feeling for these events considering the new models, considering the context of the trading environment? Did you think is it possible to exceed last year's results in terms of order intake? And [ therefore ] question is on the evolution on net debt. Do you believe that in the third quarter -- that the third quarter could close with net debt slightly positive -- sorry, net cash slightly positive.

Thank you very much. I reply to your second question. And then I leave the first and the third question to Attilio even so that they can also search the perfect number -- the right number to tell you. Well, regarding the boat show, this, I think, is very important. It is of course, unknown what will be the boat show result in the next 3 weeks. What I can say that the last week of August and the first week of September has been pretty much good. There is a lot of contacts with our customers. There is a lot of appointment already organized for the boat show next week.

I spoke with some of the competitors, and they have the same feeling. The feeling is that probably this is -- it's not sure, of course, but probably the feeling of uncertainty, which we have been unfortunately leaving and feeling for the first and second quarter of 2025 due to the new geopolitical situation. Probably, as always, the human being is getting used to good things and to bad things. So it is -- the feeling we have from the last week of August and the first week of September in preparation of the boat show is that people is not considering the uncertainty coming from the geopolitic as much as they used to do before summer.

It seems that we are adapting to the new world situation. If that is true, and I don't know yet, I can tell you in 3 weeks' time. But if that is true, we do expect quite a positive boat show. I cannot say better than last year because last year was particularly good. But as you can see, we have almost a 30% increase in order intake in respect of the H1 '24. That means that H1 '24 was pretty down.

So probably the third quarter, so the September boat show of '24 was extremely good because probably the first semester was not that good. Remember, always, when you evaluate our company, we built 70 Sanlorenzo. 70 Sanlorenzo splitted by 4 quarters means 18 boats. So you can understand that out of 18 boats, if 2 or 3 boats will move from 1 quarter to the other is really changing a lot, but doesn't mean anything.

I mean, for us to get an order on the 30th of September or the 5th of October doesn't change anything. But from your point of view, it seems that it's giving you a lot of messages. It's not like that. When a company is building 70 yachts for EUR 800 million, which is approximately EUR 12 million on average price, 2, 3 yachts more or less is really not a question.

I remember you to take that in consideration because that will help you to have a better and more precise feeling and perception of the company. I hope that I managed to reply to you. Then I give the floor to the CFO regarding the order intake numbers.

Yes. Oriana, consider that the order intake H1 2025 of EUR 420 million is composed for EUR 373 million for the Sanlorenzo perimeter and for around EUR 47 million for Swan. So the increase we have just seen in order intake at the group level of around 30% is more than 15% if we consider the perimeter Sanlorenzo before Swan acquisition. Then about the debt evolution, Oriana, no, we do not consider to have a reabsorption of the net working capital in Q3 2025 as anticipated also last video conference, we indicated that considering the uncertainty for both geopolitical and tariff issues, it will be necessary to have H2 2025 and also probably H1 2026.

We are monitoring the situation, considering the issue just mentioned. We are considering also the feedback that we can receive from the boat shows end of September in Europe and in October from U.S. And then we consider this kind of evolution for the next two, H2 2025, H1 2026. And in any case, we have to consider that we expanded the direct distribution. And then we have to consider to have the good volumes to have a good distribution, especially in APAC region, in a part of Europe and in U.S.

[Operator Instructions] Michael, please go ahead with a question.

[Technical Difficulty]

Michael, you are still there. We don't hear anything. Can you...

Sorry, can you hear me?

Yes, now we can hear you.

Yes. Sorry about that. I was muted. Yes, it's [ Michael Niowski ] from [ Roche Capital ]. Congrats on a very good quarter. Two questions for me. The first one, which is linked to the net debt question that was just asked, is on working capital. Can you give us a sense of where working capital is going to end up at the end of 2025? Will it go back into negative territory as it does most of the years?

And the second question is on the buybacks. Can you give us an update here? I mean the share price is starting to come back a bit, but it's still trading on what I think is very low valuation. Hence, the appeal of buying back shares. Can you give us an update on your thoughts here?

I will say that we cannot say if the net working capital will go back to negative because it is part of many components of numbers. But please kindly ask you to remember that buying Sanlorenzo -- sorry, Simpson Marine in Asia Pacific and going direct, we enjoy the profit of the company in the EBITDA, but the total amount of boat purchased by the ex dealer, today part of the consolidation, is not helping regarding the net working capital, the net financial position because the boat can be considered sold only when they are sold to the final customer at the end of the process.

When Simpson Marine was a dealer, owned by Mr. Mike Simpson, we were selling the boat in stock to them, and we could book that as a sales, we could get the deposit and so forth. So what I'm saying, when you evaluate the net working capital, the net financial position after the 2 acquisitions of Swan and Simpson Marine, please always consider that there is a different perimeter, there is a different way of doing business. The same is happening to the Sanlorenzo MED. We have been canceling a dealer in France. And we decided to go direct opening the new office in Cannes. We go direct with a new office in Palma for Spain and in Monaco.

So every time we do that step, we improve and increase the EBITDA, the profitability, but then we make a step back in respect of the cash, in respect of the net working capital and so forth. So this is something that will -- we ask you to make an effort to compare apple with apple. Otherwise, it is difficult to compare today picture, which is showing in our screen with the picture of 2023 before the 2 acquisitions. This is always quite important to take in consideration, remember. [indiscernible] is asking about...

About the buyback program, of course, we're monitoring the situation, also considering the fundamental numbers result that we have seen today. And we can -- after the monitoring, checking and define if necessary to have more intervents on the market, buying new share. But we are thinking that in this situation with this result we have just seen, we can have a good evolution of the share.

[ Ivan, ] do you have anything to add?

Yes. Just a reminder that we have authorized up to 10% of the share capital in the buyback. And we agree with you, Michael, that the current price is still an opportunity, definitely. So we are going to continue, meaning that on top of the dividend policy, and you've seen in May, in the last quarter, we have distributed around EUR 35 million, which is EUR 1 per share, any excess cash, we keep thinking that the best way to allocate it is definitely share buyback.

If I may add something regarding the valuation, you see from the guidance -- you see from the guidance, when we did the IPO, there was EUR 27 million of net profit. And the value of the company at the IPO was December '19, everybody knows was not the best period for the IPO. We had 14x the net profit. Then after 5 important years through COVID, through the war, you can see that we double -- more than double the net revenue, but we make 4x the net profit.

And today, the value of the stock is approximately 10.5 to 11x the net profit. So we do really think that the company is underestimated in this moment because we have been very solid in delivering the numbers we have been promising. We did it for 5 and next probably 6 years for 2025 through any possible problems like COVID in 2020, the war in Ukraine and in Gaza in 2023 and '24, the geopolitic problem for the first semester of '25. So please consider that. This is something that in our view, it's something that we should expect in the future some better multiple related to the net profit or whatever related to the EBITDA margin or the EBITDA as well.

It appears we have no more questions. So I leave it to you, Mr. Perotti, for closing remarks.

I think we wait 30 seconds, if there is anybody thinking to any question. Then what I have to say that I'm very happy that there are not many questions because that means that we gave you the number you were expecting or hoping that the summary of Attilio was very complete. And thank you very much. I know from our people here that there are 94 people in connection, which I think is the highest number since I remember our meetings. So thank you very much for the presence, for the attendance and see you very soon for the next quarter.

Whoever is coming to the boat shows, can Genoa, Monaco, please come and we take a coffee and we may explain you something more in more detail. Shout to everybody.

Thank you.