HALF-YEARLY
FINANCIAL
REPORT
AS AT 30 JUNE 2026
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 1 CONTENTS
SANLORENZO GROUP .................................. ................................................... ................................................... ..............................................2 Corporate data .................................... ................................................... ................................................... ................................................... ...................................... 2 Corporate bodies .................................. ................................................... ................................................... ................................................... ................................... 2 Group structure ................................... ................................................... ................................................... ................................................... ...................................... 4 Group activities .................................. ................................................... ................................................... ................................................... ........................................ 6 Strategy and business model ....................... ................................................... ................................................... ................................................... .................. 14
REPORT ON OPERATIONS .............................. ................................................... ................................................... ....................................... 19 Introduction ...................................... ................................................... ................................................... ................................................... ...........................................19 Main alternative performance indicators ........... ................................................... ................................................... ................................................... ......19 Financial highlights .............................. ................................................... ................................................... ................................................... ................................... 21 Backlog performance ............................... ................................................... ................................................... ................................................... ......................... 22 Consolidated economic results ..................... ................................................... ................................................... ................................................... .............. 23 Consolidated statement of financial position ...... ................................................... ................................................... ................................................... . 27 Human resources ................................... ................................................... ................................................... ................................................... .............................. 33 Responsible development ........................... ................................................... ................................................... ................................................... ................... 34 Sanlorenzo on the stock exchange .................. ................................................... ................................................... ................................................... ........ 39 Main risks and uncertainties to which the Group is exposed ........................................... ................................................... ............................... 41 Intra-group transactions and transactions with rela ted parties ....................................... ................................................... ............................ 42 Atypical and/or unusual transactions .............. ................................................... ................................................... ................................................... ........ 42 Other information ................................. ................................................... ................................................... ................................................... ................................. 42 Significant events occurring during the period .... ................................................... ................................................... ................................................ 43 Business outlook .................................. ................................................... ................................................... ................................................... ................................. 45
CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL STATEM ENTS AS AT 30 JUNE 2026 ................... 49
Condensed consolidated statement of financial posit ion ............................................... ................................................... ................................. 49 Consolidated statement of profit and loss and other comprehensive income ............................. ................................................... ....... 51 Consolidated statement of changes in equity ....... ................................................... ................................................... ............................................... 53 Consolidated statement of cash flows .............. ................................................... ................................................... ................................................... ..... 54
NOTES TO THE CONDENSED HALF-YEARLY CONSOLIDATED FIN ANCIAL STATEMENTS................................. 57
Basis of preparation .............................. ................................................... ................................................... ................................................... ............................... 57 Performance for the period ........................ ................................................... ................................................... ................................................... ......................61 Assets ............................................ ................................................... ................................................... ................................................... ............................................... 67 Equity and liabilities ............................ ................................................... ................................................... ................................................... ...................................74 Financial instruments – Fair values and risk manage ment .............................................. ................................................... ............................... 82 Composition of the Group .......................... ................................................... ................................................... ................................................... ..................... 85 Other information ................................. ................................................... ................................................... ................................................... ................................. 87
CERTIFICATION OF THE CONDENSED CONSOLIDATED HALF-YE ARLY FINANCIAL STATEMENTS
PURSUANT TO ARTICLE 81-TER OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999 AND SUBSEQUENT
AMENDMENTS AND ADDITIONS .......................... ................................................... ................................................... ..............................92
INDEPENDENT AUDITORS' REPORT ON THE LIMITED AUDIT O F THE CONDENSED CONSOLIDATED
HALF-YEARLY FINANCIAL STATEMENTS AS AT 30 JUNE 2026 .................................................. ....................................... 93
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 2 SANLORENZO GROUP
CORPORATE DATA
SANLORENZO S.P.A.
Share capital as at 30 June 2026: Euro 35,714,409, fully paid-in 1 Tax code and registration number at the Chamber of Commerce 00142240464
VAT 01109160117
Registered office in via Armezzone 3, 19031 Ameglia (SP)
www.sanlorenzoyacht.com
CORPORATE BODIES
BOARD OF DIRECTORS 2 Massimo Perotti Chairman and Chief Executive Officer Paolo Olivieri Director and Deputy Chair Tommaso Vincenzi Executive Managing Director Carla Demaria Executive Managing Director Cecilia Maria Perotti Director Cesare Perotti Executive Director Silvia Merlo Director Leonardo Ferragamo Director and Deputy Chair Licia Mattioli Independent Director and Lead Independent Director Leonardo Luca Etro Independent Director Francesca Culasso Independent Director Marco Francesco Mazzù Independent Director CONTROL, RISKS AND SUSTAINABILITY COMMITTEE Leonardo Luca Etro Chair Silvia Merlo Francesca Culasso REMUNERATION COMMITTEE Leonardo Luca Etro Chair Silvia Merlo Francesca Culasso NOMINATION COMMITTEE Licia Mattioli Chair Paolo Olivieri Marco Francesco Mazzù RELATED PARTY TRANSACTIONS COMMITTEE Licia Mattioli Chair Leonardo Luca Etro Francesca Culasso 1 On 21 April 2020, the Extraordinary Shareholders' Meeting approved a divisible share capital increase, excluding the pre-emptive rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, of a maximum nominal value of Euro 884,615, to be executed no later than 30 June 2029, through the issue of a maximum of 884,615 ordinary shares destined exclusively and irrevocably to service the 2020 Stock Option Plan, approved by the Ordinary Shareholders' Meeting on the same occasion. As at 30 June 2026, this capital increase had been partially subscribed for a total of no. 793,920 shares. 2 Appointed by the Ordinary Shareholders' Meeting on 29 April 2025; it will remain in office until the date of the Shareholders' Meeting called to approve the separate financial statements as at 31 December 2027.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 3 BOARD OF STATUTORY AUDITORS 3 Enrico Fossa Chairman and Statutory Auditor Mario Matteo Busso Standing Auditor Margherita Spaini Standing Auditor Luca Trabattoni Alternate Auditor Maria Cristina Ramenzoni Alternate Auditor INDEPENDENT AUDITING FIRM 4 BDO Audit Services S.r.l. MANAGER CHARGED WITH PREPARING THE COMPANY'S FINANCIAL REPORTS Attilio Bruzzese 3 Appointed by the Ordinary Shareholders' Meeting on 29 April 2025; it will remain in office until the date of the Shareholders' Meeting called to approve the separate financial statements as at 31 December 2027. 4 Engagement granted by the Ordinary Shareholders’ Meeting on 23 September 2019 to BDO Italia S.p.A. for a nine-year term from 2019 to 2027, subsequently assigned by the latter to BDO Audit Services S.r.l. with effect from 1 January 2026.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 4 GROUP STRUCTURE
COMPANY ORGANISATION CHART AS AT 30 JUNE 2026
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 5 COMPOSITION OF THE GROUP AS AT 30 JUNE 2026 Company name Registered office Sanlorenzo S.p.A. - Parent Company Ameglia (SP) – Italy Subsidiaries Bluegame S.r.l. 5 Ameglia (SP) – Italy I.C.Y. S.r.l. Adro (BS) – Italy AF Arturo Foresti S.r.l. Tavernola Bergamasca (BG) – Italy Equinoxe S.r.l. Turin (TO) – Italy Sanlorenzo Arbatax S.r.l. Tortolì (OG) – Italy Duerre S.r.l. Vicopisano (PI) – Italy Sea Energy S.r.l. Viareggio (LU) – Italy Polo Nautico Viareggio S.r.l. Viareggio (LU) – Italy Sanlorenzo Baleari SL Puerto Portals, Mallorca – Spain Sanlorenzo Côte d'Azur S.A.S. Cannes – France Sanlorenzo Monaco S.A.M. Monte-Carlo – Principality of Monaco Sanlorenzo of the Americas LLC Fort Lauderdale (FL) – USA Fortune Yacht LLC Fort Lauderdale (FL) – USA Nautor Swan S.r.l. La Spezia (SP) – Italy Clubswan Racing S.r.l. La Spezia (SP) – Italy Mediterranean Yacht Management Sarl Monte-Carlo – Principality of Monaco Nautor Swan Global Service Italy S.r.l. Scarlino (GR) – Italy Oy Nautor AB Jakobstad/Pietarsaari – Finland Nautor Swan Global Service SL Badalona (Barcelona) – Spain Nautor Swan Global Service UK Ltd Sarisbury Green (Southampton) – UK Nautor Swan Global Service USA LLC Newport (RI) – USA Nautor Swan Global Service Pacific PTY Ltd Brisbane (Queensland) – Australia Simpson Marine Limited Hong Kong - Hong Kong Simpson Marine (SEA) Pte Ltd Singapore - Republic of Singapore Simpson Marine Sdn. Bhd. Kuala Lumpur – Malaysia Simpson Marine (Thailand) Co. Ltd Phuket – Thailand Simpson Marine (Shenzhen) Co. Ltd Shenzhen - People's Republic of China Simpson Marine (Sanya) Co. Ltd Sanya (Hainan) - People's Republic of China PT Simpson Marine Indonesia Jakarta – Indonesia Simpson Marine Australia Pty Ltd Toronto (New South Wales) – Australia Associates Carpensalda Yacht Division S.r.l. Pisa (PI) – Italy Sa.La. S.r.l. Viareggio (LU) – Italy Batbranschens Teknologicentrum BTC AB Jakobstad/Pietarsaari – Finland Branch Simpson Marine Limited – Taipei Branch Taipei – Taiwan Simpson Marine Shenzhen Co. Ltd – Sanya Branch Sanya (Hainan) - People's Republic of China 5 On 19 June 2026, the merger of PN Sviluppo S.r.l. into Bluegame S.r.l. with accounting and tax retroactive effect from 1 January 2026, became legally effective.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 6 GROUP ACTIVITIES The Group is a global operator leader in the luxury yachting industry, specialised in the design, prod uction and sale of made-to-measure yachts, superyachts, sp ort utility yachts and sailing yachts which are fit ted out and customised according to the needs and desir es of exclusive customers.
The Group offers the following main product ranges:
• Yacht: composite motor yachts of a length between 2 4 metres and 41 metres, with the Sanlorenzo
brand;
• Superyacht: aluminium and steel motor superyachts w ith a length between 44 metres and 74 metres, with the Sanlorenzo brand;
• Bluegame: composite motor sport utility yachts betw een 13 metres and 26 metres long, with the
Bluegame brand;
• Nautor Swan: carbon fibre, composite and aluminium sailing yachts and composite motor yachts, between 13 and 44 metres long, with the Swan brand.
The sale of yachts is carried out both directly (th rough Sanlorenzo, other Group companies or intermediaries) and through brand representatives, each of which operates in one or more assigned regional zones.
The Group also offers an exclusive range of service s dedicated only to Sanlorenzo, Bluegame and Swan customers, including training at the Sanlorenzo Aca demy for crew members, as well as maintenance, restyling and refitting, in addition to charter ser vices.
In the first half of 2026, the Group further streng thened its international positioning through a comprehensive strategy that integrates commercial d evelopment, brand evolution and cultural leadership , also characterised by participation in the main boa t shows of the period. At the start of the year, participation in the Boot Düsseldorf represented a strategic moment for visibility in the European mar ket, the Group's main market, where Sanlorenzo, Bluegame and Nautor Swan respectively presented the SD90 yacht, the BGX83 model in World Première and t he new Swan 51 in an electric version, all solution s that confirm the constant drive for innovation of t he Group's brands. Subsequently, the presence at th e Miami International Boat Show, with one of the most significant exhibitions in recent years and a representative fleet of the SL and SX lines, furthe r consolidated the positioning of Sanlorenzo in the American market, while the strengthening of the dir ect presence in key markets was achieved with the opening of the first showroom in London, in the May fair district, a global luxury hub. Participation i n the Palma de Mallorca Boat Show was also very important , where Bluegame presented the new BGF45 model for the first time.
The half-year also saw, for Nautor Swan, the start of the American circuit with the first two events i n Pensacola, participation as a partner in the Rolex China Sea Race and the presence of a fleet of six S wans at the Saint Barths Bucket Regatta, which marked th e racing debut of the Swan 128.
At the same time, the European circuit opened in th e Mediterranean with 35 Swans in Bonifacio, the hea rt of the ClubSwan season.
Sanlorenzo also significantly developed its brand p ositioning with the launch of the strategic platfor m Tomorrow's Timeless, accompanied by a new visual id entity, an evolved client experience and an international multi-channel campaign, while Bluegam e reconfirmed its partnership with the Blue Marine Foundation.
On the cultural front, participation in Milan Desig n Week with the UN_Material installation and the presentation of the WAVES exhibition at Casa Sanlor enzo on the occasion of the Venice Biennale confirm the evolution of the Sanlorenzo brand as a key play er on the international creative scene, while 2026 marks the tenth anniversary of Sanlorenzo Arts, celebrate d through the largest annual programme ever, structured around Casa Sanlorenzo and a calendar of initiatives spanning art, design and sustainabilit y. As part of the initiatives dedicated to this theme, th e presence of Sanlorenzo at the Venice Climate Week helped strengthen the positioning of Sanlorenzo as an authoritative voice in the transformation proces ses affecting the nautical supply chain. Through the Ve nice Call for Maritime Action, the brand called for a concrete discussion between institutional and indus trial stakeholders, highlighting the need to align technological evolution with the infrastructure and policies that must support its implementation.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 7 The awards obtained during the period attest to the soundness of this strategy. Nautor Swan received t he World Superyacht Award from Boat International in t he Sailing Yachts 30-39.9 metres category for BeCool , the first unit of the Swan 128, an international award that celebrates the shipyard's quality, innovation and vision; Bluegame, on the other h.and , was Highly Commended at the Motorboat Awards in the “Sportscruisers over 45ft” category and won the “Production Motor Boat” category at the Foiling Awards.
At the same time, on the product front, the present ation of the second 74Steel Virtuosity highlights t he continuous drive of Sanlorenzo for innovation and a high level of customisation, through unprecedented design and architectural solutions developed as par t of an advanced co-creation process with the owner .
Nautor Swan, on the other hand, started constructio n of the Swan Alloy 44, launched the second unit of the Swan 128 – equipped with a dual-energy propulsi on system – launched the new Swan 73 and launched the new Swan 80 (the entry-level model in the Maxi range), confirming the constant path of innovation and expansion of the product range.
With reference to Bluegame, in order to offer an ex clusive experience to its customers and prospects, the "Bluegame Open House" event was organised at the po rt of Rapallo on the last weekend of May, during which the entire range was exhibited, with the new flagship BGX83 leading the fleet. All the boats wer e made available for private visits and sea trials, o ffering an important opportunity to meet, learn mor e about and engage with the brand.
In June, Nautor Swan also celebrated the 60th anniv ersary of the Pietarsaari shipyard together with employees and local authorities. The celebrations r epresented an important opportunity to highlight th e history, values and heritage of the brand and were accompanied by the return to the water of Tarantell a, the first vessel built by the shipyard. On this occ asion, the boat began its celebratory journey to th e Mediterranean, where it will take part in some of t he most prestigious international sailing events, i ncluding the Gotland Runt, which ended with excellent result s at the end of June, testifying to the brand's tra dition, excellence and identity.
The strengthening of the community continued throug h a busy calendar of international events, includin g the Swan Porto Rotondo Challenge, the Swan Porto Ra fael Challenge, the Swan Heritage Reunion and the US legs of the Swan Nations League. These event s have helped to consolidate the brand's presence in the North American market and strengthen its rel ationship with yacht owners, sailors and sailing enthusiasts.
At the same time, the Rolex Swan Cup exceeded 160 r egistered yachts, recording a record level of entri es ahead of the 60th anniversary celebration edition. This result confirms the brand's growing internatio nal recognition, the strength of the Swan community and the shipyard's ability to continue to attract owne rs from the main reference markets.
Overall, these initiatives highlight an integrated growth model that combines commercial expansion, geographical coverage, product innovation and cultu ral enhancement of the brand, contributing to the consolidation of the Group's leadership in the top- of-the-range segments of yachting and high-
performance sailing.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 8 THE PRODUCT RANGES
Yachts
SL Line
The SL Line is the historic Sanlorenzo range and in cludes flybridge, planing and on-board motor yacht models with living quarters on two and a half decks for layouts with master cabin on the main deck and on two decks with master cabin on the lower deck. Star ting in 2018, thanks to an idea from designer Chris Bangle, Sanlorenzo introduced and patented the asym metrical configuration, revolutionising the canonic al layout of a yacht in favour of additional interior space and direct contact with the sea.
The SL Line includes five models with lengths rangi ng from 24 to 38 metres.
SD Line
The SD Line, introduced in 2007, perfectly compleme nts the historic SL Line. Inspired by the transatla ntic liners of the 1930s, includes shuttle-type yacht mo dels, with semi-displacement hull that does not ris e up above the surface of the water while sailing, which allow great autonomy to reach even the most distan t destinations. With the launch of the new SD118 pres ented at the Cannes Yachting Festival in 2021, Sanlorenzo has introduced also in the semi-displace ment models the asymmetric configuration, previousl y proposed on the SL Line.
The SD Line includes four models ranging from 28 to 40 metres in length, including the SD132, the Grou p's first composite yacht that is 40 metres in length, which completed the range in 2025.
SX Line
The SX Line, introduced in 2017, covers a new and t ransversal market segment which expands the offerin g of composite yachts. The SX Line includes crossover type yacht models, a type that combines elements of the flybridge segment with typical features of t he Explorer Line, and is characterised by semi-plan ing speeds (around twenty-two knots), in between that o f the SL and SD Lines.
The SX Line includes four models with lengths rangi ng from 24 to 37 metres.
SP Line
The SP Line, introduced in 2022 with the first SP11 0 model, sees Sanlorenzo's entry into the sport cou pé segment with a highly innovative offer enabling the achievement of high performance, and in particular speeds of up to 40 knots, with the use of low envir onmental impact technologies.
The SP Line includes two models with lengths rangin g from 28 to 33 metres.
SHE Line
The SHE (Sanlorenzo Heritage) Line is a special one -off project, developed with Zuccon International Project and Lissoni & Partners, which reinterprets the elegance of the large yachts of the 60s in a contemporary way. The model introduces for the firs t time in the fleet an innovative hybrid propulsion system that allows navigation in full electric mode , confirming the brand's constant research on innov ation and environmental sustainability.
Superyacht
Alloy Line
This is the Superyacht Division's historic product line, introduced in 2007 with the delivery of the f irst 40Alloy model. It currently includes a model of 44 meters in length with hull and superstructure entir ely in aluminium, characterised by a modern design with fa st displacement hull and cutting edge technology.
The Alloy Line includes one model with a length of 44 metres.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 9 Steel Line The Steel Line, introduced by Sanlorenzo in 2010, r epresents the classic line of Superyacht Division a nd includes five yacht models with length from 50 to 7 4 metres, displacement hull made of steel - an extr emely rigid and robust material - and aluminium superstru cture laid out over 5/6 decks.
The Steel Line includes five models with lengths ra nging from 50 to 74 metres.
Explorer Line
The Explorer Line, which Sanlorenzo introduced in 2 015 starting with first model, the 500 Explorer, in cludes yachts with steel displacement hull and aluminium s uperstructure and length of 47 metres. It is characterised by features inspired by the big explo ration boats, the large living spaces on-board and high performance in terms of autonomy and sea-keeping.
The Explorer Line includes one model with a length of 47 metres.
X-Space Line
The X-Space Line was introduced in 2023 with the fi rst 44-metre 44 X-Space model. The new metal range features large volumes, ample space on board, flexi bility and high autonomy.
The X-Space Line includes two models with lengths r anging from 44 to 50 metres.
Bluegame
BG Line
The BG Line (yachts embodying the brand’s DNA), int roduced in 2018 with the BG42 model conceived as tender or chase boat, includes "walk-around" boats, with a cockpit and steering gear located centrally in a raised position, surrounded by a walkway protected by a high bulwark. Over time, the range has been progressively expanded until the launch in 2021 of the 72-foot model and the 54-foot model in 2022, wh ich combine the features of open and flybridge boats.
The BG Line currently includes three models with le ngths ranging from 13 to 23 metres: BG42, BG54 and BG74. A fourth intermediate model, the BG64, will b e presented at the Cannes Yachting Festival in 2026 .
BGX Line
The BGX Line was introduced in 2019 to combine the distinctive elements of the BG Line with the crossover concept with a new space distribution and a high performance hull designed by American naval architect Louis T. Codega.
The BGX Line includes three models with lengths ran ging from 19 to 26 metres: BGX63, BGX73 and the new BGX83, the flagship of the range, which was pre sented at the Düsseldorf Show 2026.
BGM Line
The BGM Line (23 metres long) was launched on the m arket in 2024 with the BGM75 model, the first luxur y multihull of the Sanlorenzo Group, with very distin ctive characteristics, which did not fit into an ex isting market segment, but inaugurated a completely new on e, not only for the group but for the entire nautic al world. Equipped with two synchronised stabilisers, BGM75 combines design and elegance with excellent performance and high sailing comfort.
BGF Line
From the concept of the BGH-HSV, the BGF45 is born, integrating a foil-assisted system between its two hulls, enhancing speed and efficiency while still m aintaining stability and ease of manoeuvre.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 10 Nautor Swan
Swan Line
The Swan line represents the true DNA of Nautor Swa n, combining heritage, craftsmanship, quality, reliability and innovation, with products character ised by elegant and timeless lines that have made t he brand an icon in the sailing world. The boats are b uilt to withstand the rigours of the sea, with high -
performance hulls that guarantee both comfort and c ompetitiveness during regattas.
The Swan Line includes five models with lengths ran ging from 15 to 22 metres.
SwanMaxi Line
The SwanMaxi Line, whose history dates back to 1970 , offers the ultimate expression of seaworthiness i n all conditions combined with elegance, comfort, per formance, style and modernity.
The SwanMaxi Line includes five models with lengths ranging from 24 to 40 metres.
Alloy Line
The Swan Alloy Line, anticipated in 2025, marks the shipyard's strategic entry into the metal sailing superyacht segment. Developed in collaboration with Malcolm McKeon Yacht Design, this line combines the brand's sailing soul with the strength and flex ibility of aluminium, offering yachts designed for unlimited ocean sailing and maximum comfort without compromis ing on performance.
The Swan Alloy Line includes a 44-metre model.
SwanScape Line
A new range of bluewater yachts. The first model wi ll be a 24-metre yacht developed with the Judel/Vro lijk studio, offering a modern reinterpretation of large -volume yachts designed for offshore cruising.
ClubSwan Line
The ClubSwan Line is the high-performance line of N autor Swan, offering a conceptual vision with a str ong emphasis on the values of speed, technology and com petitive sailing potential.
The ClubSwan Line includes four models with lengths ranging from 8 to 15 metres.
SwanShadow Line
The SwanShadow line extends the range of boats that the shipyard offers its customers, perfectly in li ne with the fundamental elements of the brand's DNA: p erformance, quality, elegance. The three models mar k the completion of the Nautor Swan portfolio and pro duct line with three multi-purpose motor yacht concepts to meet the needs of Nautor customers.
The SwanShadow Line includes the 13-metre Shadow an d OverShadow models and the 23-metre Arrow.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 11 SERVICES The Group offers an exclusive range of dedicated hi gh-end services to only Sanlorenzo, Bluegame and Swan clients, such as a monobrand charter programme (Sanlorenzo Charter Fleet), maintenance, restyling and refitting services (Sanlorenzo Timeless) and st aff and crew training at the Sanlorenzo Academy.
Sanlorenzo Charter Fleet The programme Sanlorenzo Charter Fleet offers exclu sive benefits for both charterers and owners,
including:
• guaranteeing a boat and crew meeting the highest st andards;
• possibility of replacing the yacht if the chosen ve ssel is unavailable;
• comprehensive consulting service covering legal, ad ministrative and management aspects;
• offering the Sanlorenzo experience worldwide, with SLCF expanding into the Americas, APAC and the Middle East.
Sanlorenzo Timeless
Sanlorenzo Timeless is the range of services dedica ted to preserve the value and the "timeless" charac ter of Sanlorenzo yachts, adapting them to contemporary styles and tastes and modernising the equipment on board. In particular, the services offered to sh ipowners are as follows:
• Refit - replace or upgrade on-board instrumentation and equipment through the use of the latest technology, improving safety and functionality;
• Restyle - renew the design of yachts through target ed interventions on furnishings, replacement of materials and upholstery and design from scratch of spaces and structures, with attention to the search for solutions with reduced environmental imp act;
• Lifetime Care - constant care and maintenance (ordi nary and extraordinary) of the yacht through rigorous checks, services, tests, coupons and certi fications.
Sanlorenzo Academy
Training is one of the main tools through which San lorenzo supports the growth of its people and accompanies the development of the skills required by the reference context. The Sanlorenzo Academy is part of this context, and over the years it has progressively established itself as a benchmark for professional development, the dissemination of corp orate culture and the enhancement of professional skills. The initiatives promoted by the Academy are developed through activities aimed both outside an d within the organisation, alongside dedicated course s for the staff of contractors.
In its external dimension, the Sanlorenzo Academy i s a strategic tool to encourage the entry of new professionals into the nautical sector and strength en the dialogue between school, training and busine ss.
Through training courses developed based on specifi c business needs, students and recent graduates have the opportunity to acquire technical skills an d gain first-hand knowledge of the operational and production realities that define the Sanlorenzo wor ld. The value of the initiative is further enhanced by the contribution of company professionals, who share ex periences and knowledge gained in the various areas of the organisation. The interest and participation recorded over the years confirm the role of the Ac ademy as a tool for guidance, training and talent develop ment.
In its internal dimension, the Academy is the main tool through which the company supports the professional development and continuous development of its people. The Learning Plan continues to be structured in five training pillars: Managerial, Ex ecutive Programmes, Cultural Identity, Crew and Tec hnical, with the aim of meeting the needs of the different company populations. In 2026, Sanlorenzo aims to exceed 14,000 hours of training provided, confirmin g the growing focus on developing skills and strengthening the professionalism of the company's workforce.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 12 In this context, during 2026, training took on a ce ntral role in supporting the corporate transformati on programme linked to the introduction of the new ERP management system, one of the main ongoing innovation projects, which is progressively involvi ng the various corporate functions and which, over time, will affect the entire corporate population. To acc ompany this process, dedicated training sessions, classroom sessions, coaching activities and operati onal support sessions were held, for a total of mor e than 8,000 hours of training provided on the subjec t. The initiative promoted the adoption of new work processes and tools, underlining the strategic role of training in supporting organisational change an d the evolution of corporate operating models.
Initiatives to support cultural integration envisag ed in the Corporate Supplementary Contract are also continuing, and are now an integral part of the act ivities aimed at promoting inclusion, participation and dialogue at the sites.
These include cultural mediation desks and Italian language courses for foreign workers in contracting companies, tools that over time have helped to faci litate communication and strengthen integration between the different communities present at the pr oduction sites.
At the same time, attention continues to be paid to health and safety issues through the Safety Pause programme, which provides opportunities for awarene ss-raising and discussion dedicated to prevention and the protection of people in the workplace. Init iatives are also planned for 2026 to consolidate th e dissemination of the safety culture and promote inc reasing awareness of prevention issues.
In this context, the Sanlorenzo Academy continues t o represent a benchmark for skills development and support for organisational evolution processes. The initiatives implemented contribute to supporting t he company's growth and consolidating the knowledge an d professional skills necessary to face the challenges of the sector and support future develop ment paths.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 13 THE PRODUCTION SITES
Sites
Production activities are carried out primarily at four sites within about 50 kilometres radius, withi n the nautical district sandwiched between the Apuan Alps and the Tyrrhenian Sea, between the northern Tuscan coast and the Ligurian east-side coast:
• Ameglia (SP), on the banks of the river Magra, dedi cated to the outfitting of Sanlorenzo composite yachts of less than 100 feet in length (Yacht Divis ion) and Bluegame yachts;
• La Spezia, dedicated to the outfitting of metal sup eryachts (Superyacht Division);
• Massa, dedicated to the production of semi-finished products in composite materials for outfitting in the Ameglia and Viareggio plants (Yacht Division) a nd to the development of new models of the Yacht
Division;
• Viareggio (LU), dedicated to the outfitting of Sanl orenzo composite yachts longer than 100 feet (Yacht Division) and some models of metal superyachts (Sup eryacht Division).
Other production sites In 2022, Sanlorenzo S.p.A. acquired, inter alia: (i ) an industrial building in the Canale dei Navicell i area of Pisa, intended for the Superyacht Division, (ii) an industrial building and a yard intended for garagi ng activities in the area of the Darsena di Viareggio and (iii) an industrial building adjacent to the Sa nlorenzo shipyards within the Polo Nautico complex in Viareg gio, while Bluegame acquired a majority stake in th e company I.C.Y. S.r.l., its historical partner opera ting in Cologne (BS).
In July 2023, the Court of Lanusei (NU) formally as signed by transfer decree the ownership of an indus trial building located in Tortolì (NU) of about 16,000 sq uare metres to the subsidiary Sanlorenzo Arbatax S. r.l.
In September 2023, Sanlorenzo S.p.A. purchased, as part of an approved composition with creditors, a warehouse adjacent to the Massa plant of approximat ely 3,000 square metres.
As of August 2024, following the acquisition of the Nautor Swan Group, the Group will also boast production sites in the city of Jakobstad in Finlan d.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 14 STRATEGY AND BUSINESS MODEL Sanlorenzo is the only player in the luxury motor-y acht sector to compete in a number of segments with a single brand, with a high-end positioning represent ing one of the main distinguishing factors of the Company.
The business model involves building a limited numb er of boats per year, increasing volumes by launchi ng new lines and models without inflating existing one s, taking care of every detail in the spirit of hau te couture.
The uniqueness of the product, the constant innovat ion of the yacht design, in keeping with the Sanlor enzo tradition, the loyalty of customers, the collaborat ions with world-renowned designers, the communicati on and strong liaison with art and culture have given to the Group a strong foothold in the luxury yachti ng industry, where the Sanlorenzo brand is recognised as the epitome of excellence and exclusivity.
Sanlorenzo is positioned in a specific ecosystem wh ere the most refined and sophisticated craftsman sk ills have been handed down for generations. Supply chain relationships are long-standing, and include thousands of artisan businesses, mostly located in the Upper Tyrrhenian Sea nautical district, which w ork directly at the Group's shipyards on a daily basis.
At the same time, Sanlorenzo personnel focus on the phases with higher value added, linked to direct interaction with the customer and aimed at defining new innovative and sustainable products, brand enhancement and quality control, while maintaining a high degree of production flexibility.
"Made to measure" Maison Sanlorenzo is characterised by a rigorously tailor-made approach. Sanlorenzo's customer journey begins with full customer involvement in the initia l stages of yacht design, establishing a close pers onal relationship with each owner. The high degree of cu stomisation of the interior and exterior fittings a nd technological equipment, not just of yachts longer than 40 metres, but also those between 24 and 40 metres, is a distinctive trait of Sanlorenzo in the global luxury sailing landscape. This characterist ic is based on the Company's philosophy of guaranteeing its cus tomers with a "made to measure" yacht, also in the smaller models.
The consequent strong prevalence of sales to end cu stomers compared with stock sales to brand representatives means that the Group has greater vi sibility and planning of expected revenues, based o n contractual forecasts and expected production progr ess for each order, benefits for working capital li nked to a more favourable collection profile and a consi derably more limited risk profile.
"Connoisseur" customers
The "made to measure" approach and the quality of t he product have allowed the Company to attract over the years an exclusive and sophisticated clientèle composed mainly of the category of connoisseurs, achieving over time a high degree of loyalty of San lorenzo owners.
Customers belong to the social class of the Ultra H igh Net Worth Individuals (UHNWI), characterised by rates of yachting penetration among the lowest in t he luxury segment and therefore, strong unexpressed demand potential. This factor, combined with the ex pansion of demand resulting from the steady increas e in the number and wealth of UHNWI, especially in No rth America and APAC, represents an ample opportunity for growth, aided by the emotional natu re of buying a yacht. The expansion of clientèle is also accompanied by a significant increase in the propen sity to purchase, driven by a renewed search for quality of life in freedom and safety, all needs th at a yacht can satisfy. The new connectivity techno logies furthermore allow work to be carried out on board a nd extend the time the owner can spend on board, thus increasing the attractiveness to younger clien tèle.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 15 Production excellence and flexibility The Group's yachts are created with attention to ev ery detail, in order to maximise quality and comfor t for the customer.
The high quality of the features is also guaranteed by long-standing relationships with highly-skilled local craftsmen employed in the production process. The G roup relies on a network of thousands of specialist contractors, part of an ecosystem of artisan busine sses with a long history, largely located on the co ast of the Tyrrhenian Sea between La Spezia and Viareggio, a genuine district of nautical excellence.
Thanks to this business structure, unique in the na utical sector, the Group can offer the flexible exe cution needed to keep the "made to measure, hand-made, wel l-made" promise for every one of its yachts. The marked outsourcing of the production process, which translates into a wide flexibility of production c osts, has allowed the Group a strong resilience even duri ng unfavourable economic times.
In 2022, the Group undertook a key production chain verticalisation strategy, through partnerships and minority investments in strategic suppliers aimed a t guaranteeing the supply of strategic materials an d processes, increasing production capacity, increasi ng the agility and flexibility of production proces ses, maintaining strict quality control and extending th e Sanlorenzo Group's standards of responsibility an d sustainability to the supply chain. Investments in key suppliers such as Duerre S.r.l., an artisan man ufacturer of top-quality furniture, Carpensalda Yacht Divisio n S.r.l., active in metal carpentry, its subsidiary Sa.La. S.r.l., active in the moulding of metal sheets and Sea Ener gy S.r.l., active in the design, production and ins tallation of marine electrical and electronic equipment, I.C. Y. S.r.l. And AF Arturo Foresti S.r.l., long-standi ng partners of Bluegame, are part of this program for strengthe ning the strategic supply chains.
Design and sustainable technological innovation of yachts The strength of the product is the result of the Gr oup’s ability to create yachts that stand out for t heir iconic and timeless design and that embody the outcome of a customer-focused customisation process. The yacht range is also broad and diversified in terms of size, materials used, and the distinctive featur es of the various lines, designed to meet the needs of a high ly sophisticated clientele. Thanks to continuous investments in research and development, the fleet demonstrates a high degree of innovation which, combined with an iconic and timeless nautical desig n, makes every yacht produced by the Group immediately recognisable at sea.
Confirming its ongoing commitment to innovation and digital transformation, the Group obtained the world’s first “Digital Yachting” certification from RINA. This certification aims to optimise yacht pe rformance, safety and user experience through advanced technol ogies, developing intuitive monitoring and supervision solutions that make the status of the v essel accessible both locally and remotely, thereby minimising unforeseen events and maximising perform ance.
Together with innovation, sustainability is at the heart of the development of the new models, set out in an ambitious programme that sees, for the first time i n the nautical sector, the application of technolog ies focused on the marine use of hydrogen-powered Fuel Cells, which will permit the progressive reduction of the environmental impact until achieving neutral ity, the true answer to demand for sustainability i n the yachting sector.
In synergy with the inherently sustainable sailing yachts of the Nautor Swan brand, the Group is creat ing a new high value-added market segment. The brand’s of fering is expanding with new ranges designed to meet the diverse needs of owners, combining sailing performance with luxury comfort. This strategy is further strengthened by new commercial alliances, s uch as the partnership with Edmiston for the sale o f the Swan Alloy line announced in March 2025, which has already resulted in the sale of the first unit.
At the same time, the experience gained with foilin g tenders for the 37th America’s Cup enabled the transfer of the most advanced technology to the ser ies production market with the launch of the new Bluegame BGF45. The first model of the new BGF (Blu egame Foiling) range, this 45-foot foil-assisted multihull reduces consumption by up to 30% and ensu res stable and comfortable cruising above 30 knots, consolidating the brand’s role as a technological p ioneer.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 16 With great concreteness and cutting-edge research a nd development capabilities, the Sanlorenzo Group thus continues to demonstrate its role as a pioneer in the Green-Tech transformation of the global yac hting industry.
Collaborations with world-renowned designers and ar chitects Sanlorenzo maintains close collaborations with worl d-renowned designers and architects both for the creation of the external lines of its yachts and fo r the layout and furnishing of the exteriors and in teriors. For the design of the external lines of its yachts, the Group relies on a single design firm, currently th e Zuccon International Project studio, in order to ensure un iformity and preserve its distinctive features. For the layout and furnishing of the exteriors and interiors, the Group has maintained for over ten years strong partnerships with world-renowned architects and des igners, who participate in the creation of the firs t model of each line and make their expertise and pro fessionalism available to owners in building their yachts. Among these collaborations are those with P iero Lissoni, Rodolfo Dordoni, Patricia Urquiola, Antonio Citterio and Patricia Viel, John Pawson and Christian Liaigre.
The Group’s design and engineering excellence conti nue to receive the highest international recognitio n from sector operators, owners and the specialised p ress.
Communication with a new language and connection wi th art and culture Sanlorenzo has developed an experiential communicat ion and marketing strategy, focused on manufacturing exclusivity, high quality, design and elegance of the yachts, combined with the exclusiv ity of the relationship with the customer, the central focus of a totally personalised and engaging experi ence.
Among the most important initiatives developed in c ollaboration with Piero Lissoni are the launch of t he Almanac – volumes created specifically by various a rtists to narrate the themes that most characterise Sanlorenzo and gifted each year-end to Sanlorenzo o wners – and the Log Books presenting the Group, the renewal of the set-up of its stands at the worl d’s leading boat shows, and the organisation, at Sanlorenzo’s shipyards, of events known as “Élite D ays”. The vibrant cross-contamination with the worl d of interior design and architecture has gradually l ed the shipyard to explore more extensively the wor ld of art, to which it has been linked through collaborat ions with leading galleries and cultural institutio ns, such as the exclusive agreement with Art Basel for Miami , Paris and Basel, and the staging of exhibitions w ithin the context of major events such as Milan Design We ek. The journey of approaching the world of art and culture culminated with the inauguration, on 3 June 2025, of Casa Sanlorenzo in Venice. Opened on the occasion of the first edition of the Venice Climate Week and within the framework of the Architecture Biennale, this permanent venue represents a cultura l and artistic laboratory for the Maison. Restored by Piero Lissoni with the studio Lissoni & Partners, t he vocation of Casa Sanlorenzo is to be a centre fo r art and culture, research and experimentation, where ar tists can explore new forms of expression and where the dialogue between art, design, culture and socie ty becomes a driver of change.
In 2026 Sanlorenzo celebrated ten years of cultural commitment with a broad and structured programme, also marking the first full year of activity of Cas a Sanlorenzo. The calendar opened in April with par ticipation in Milan Design Week, where the brand presented UN_ Material, a new installation by Piero Lissoni as pa rt of the INTERNI MATERIAE exhibition-event. The work, inspired by the SHE (Sanlorenzo Heritage) project, explored the invisible dimension of design through a sequence of cross-sections of the yacht, transfor ming its geometry into a perceptual and architectural ex perience. From 6 May to 19 July, Casa Sanlorenzo hosted Waves, the first exhibition produced by Sanl orenzo Arts, presented during the Venice Biennale d'Arte. Curated by Sergio Risaliti and Cristiano Se ganfreddo, with the scientific contribution of astrophysicist Ersilia Vaudo Scarpetta, the group e xhibition brought together masters such as Calder, Fontana, Melotti and Cragg together with contempora ry voices of Andreoni and Safa, exploring the wave as universal principle of transformation between ar t, science and the culture of the sea. From 3 to 8 June, the brand participated in the second edition of the Venice Climate Week, of which it is a Founding Par tner, reopening Casa Sanlorenzo to interdisciplinary dial ogue on climate, water and resilience. In this cont ext, Massimo Perotti presented the Venice Call for Marit ime Action, an appeal to European institutions and major ports to accelerate the development of infras tructure dedicated to green methanol, a key element
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 17 for the energy transition of the nautical sector. I n September, Casa Sanlorenzo will host Homo Faber i n Città, a project by the Michelangelo Foundation wit h three installations: Ca' Riflesso, curated by Art emest, dedicated to the craftsmanship of the Venetians and the people of the Veneto region; Fiat Lux, present ed by De Mains De Maîtres Luxembourg, brings together over sixty works that explore Luxembourg craftsmanship; finally, The Integrity of Materials is an installation curated by Artemest that celebra tes the expertise of Sanlorenzo through four objects made b y Venetian artisans. The programme will conclude with the solo exhibition of photographer Roselena R amistella, from 12 October to 24 November, commissioned by Sanlorenzo and dedicated to life in Italy's small and remote islands, portrayed away f rom the tourist season through an intimate and document ary visual language.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 18
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 19 REPORT ON OPERATIONS
INTRODUCTION
This report on operations must be read together wit h the consolidated financial statements and the associated notes to the condensed consolidated half -yearly financial statements as at 30 June 2026, integral parts of this Half-Yearly Financial Report .
MAIN ALTERNATIVE PERFORMANCE INDICATORS
In order to allow a better evaluation of its operat ing performance, Sanlorenzo Group uses some alterna tive performance indicators.
The indicators represented are not identified as ac counting measures by the IFRS and, therefore, must not be considered alternative measures to those pro vided by the financial statements for assessing the Group’s economic performance and the relevant finan cial position. The Group believes that the financia l information reported below is an important addition al parameter for evaluating its performance, allowi ng its economic and financial performance to be monito red in more detail. Since these financial data do n ot constitute measures that can be determined through the reference accounting standards for the preparation of the consolidated financial statement s, the method applied for the associated calculatio n may not be consistent with the one adopted by other groups and, therefore these data may not be comparable with those presented by said groups.
These alternative performance indicators, calculate d in compliance with the Guidelines on Alternative Performance Indicators issued by ESMA/2015/1415 and adopted by Consob in its communication no.
92543 of 3 December 2015, refer solely to the perfo rmance of the period forming the object of this fin ancial report and the periods being compared and not to th e Group’s expected performance.
The following table shows the definitions of the AP Is relevant to the Group and the relative items in the financial statements adopted.
BACKLOG It is calculated as the sum of the value of the ord ers and sales contracts signed with customers or brand representatives rela ting to yachts for delivery or delivered in the current financial year or for delivery in subsequent financial years. For each per iod, the value of the orders and contracts included in the backlog refers to the relative shar e of the residual value from 1 January of the year in question until the deliver y date. The backlog related to the revenues acquired during the year is convent ion ally cleared on 31 December. NET REVENUE NEW YACHTS They are calculated as the algebraic sum of revenues from contracts with customers relating to the sale of new yachts (accounted for over time with the “cost-to-cost” method) and pre-owned yachts, net of selling expenses related to commissions and trade-in costs of pre-owned boats. EBITDA It is the Operating result (EBIT) before amortisation/depreciation. EBITDA MARGIN Indicates the ratio of EBITDA to Net Revenue New Yachts; ADJUSTED EBITDA It is the Operating result (EBIT) before amortisation/depreciation adjusted for non-recurring items. ADJUSTED EBITDA MARGIN It is the ratio of Adjusted EBITDA to Net Revenue New Yachts. NET FIXED CAPITAL It is calculated as the sum of goodwill, intangible assets, property, plant and equipment and net deferred tax assets, net of the corresponding non-current provisions.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 20 NET WORKING CAPITAL It is calculated as the sum of trade receivables, c ontract assets, inventories and other current assets, net of trade payables, co ntract liabilities, provisions for current risks and charges and other current lia bilities. NET TRADE WORKING CAPITAL It is calculated as the sum of trade receivables, contract assets and inventories, net of trade payables and contract liabilities. NET INVESTED CAPITAL It is calculated as the sum of net fixed capital and net working capital. INVESTMENTS They refer to increases in property, plant and equipment and intangible assets, net of the carrying amount of related disposals. NET FINANCIAL POSITION It is calculated on the basis of guidelines issued by ESMA and reported in ESMA document 32-382-1138 of 4 March 2021 (Consob Warning Notice no. 5/21 for Consob Communication DEM/6064293, 28 July 2006), as the sum of liquidity (including cash equivalents an d other current financial assets), net of current and non-current financial liabilities, including the fair value of hedging derivatives. If positive, it indicates a net cash position.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 21 FINANCIAL HIGHLIGHTS 6
6 For a description of the methods of calculating the indicators presented, please refer to the followin g paragraph "Main alternative performance indicators".
1,364.6 1,439.3 1,498.9 30 June 2024 30 June 2025 30 June 2026 Order backlog / (€m) 415.1 454.1 471.3
H1 2024 H1 2025 H1 2026
Net Revenue New Yachts / (€m) 74.2 80.5 83.5
H1 2024 H1 2025 H1 2026
EBITDA / (€m)
58.0 59.9 62.2
H1 2024 H1 2025 H1 2026
EBIT / (€m)
43.6 46.6 49.1
H1 2024 H1 2025 H1 2026
Group net profit / (€m)
20.5
16.2 18.0
H1 2024 H1 2025 H1 2026
Organic investments / (€m)
86.6 99.8
86.5
30 June 2025 31 December 2025 30 June 2026 Net working capital / (€m) -8.3 20.1 49.4 30 June 2025 31 December 2025 30 June 2026 Net financial position / (€m)
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 22 BACKLOG PERFORMANCE (€’000) 30 June Change 2026 2025 2026 vs. 2025 2026 vs. 2025% Order backlog 1,498,897 1,439,300 59,597 +4.1% of which current year 831,736 771,112 60,624 +7.9% of which subsequent years 667,161 668,188 (1,027) -0.2% Net Revenue New Yachts for the period 471,333 454,123 17,210 +3.8% Net backlog 1,027,564 985,177 42,387 +4.3% of which current year 360,403 316,989 43,414 +13.7% of which subsequent years 667,161 668,188 (1,027) -0.2% Order backlog as at 30 June 2026 was Euro 1,498,897 thousand, an increase of Euro 59,597 thousand compared to Euro 1,439,300 thousand as at 30 June 2025. A high level of visibility on future revenues is confirmed both for FY 2026, with a backlog of Euro 831,736 thousand and a coverage level as at 30 June 2026 of the mid-point of the Guidance 2026 Net Revenue New Yachts equal to 83%, and for subsequent years, with an overall backlog of Euro 667,161 thousand. The level of visibility on future revenues is further strengthened by the high quality of the backlog, 89% of which has already been sold to final clients. (€ 000) Backlog Change (order intake) 1 January 7 31 March 30 June Q1 Q2 Total H1 Backlog 2026 1,002,470 1,225,689 1,498,897 223,219 273,208 496,427 of which current year 618,103 724,679 831,736 106,576 107,057 213,633 of which subsequent years 384,367 501,010 667,161 116,643 166,151 282,794 Backlog 2025 1,019,763 1,197,814 1,439,300 178,051 241,486 419,537 of which current year 623,069 699,662 771,112 76,593 71,450 148,043 of which subsequent years 396,694 498,152 668,188 101,458 170,036 271,494 Order Intake for the first six months of 2026 amounted to Euro 496,427 thousand, showing an increase of (+18.3%) compared to Euro 419,537 thousand for the first six months of 2025. Order intake is therefore up for the eighth consecutive quarter, reaching a particularly satisfactory level in the context of the current market situation and the global context. 7 Opening the reference year with the net backlog as at 31 December of the previous year.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 23 CONSOLIDATED ECONOMIC RESULTS
RECLASSIFIED INCOME STATEMENT
(€’000) Six months ended 30 June Change 2026 % Net Revenue New Yachts 2025 % Net Revenue New Yachts 2026 vs. 2025 2026 vs. 2025% Net Revenue New Yachts 471,333 100.0% 454,123 100.0% 17,210 +3.8% Net revenues for maintenance and other services 31,295 6.6% 21,376 4.7% 9,919 +46.4% Other income 12,711 2.7% 11,741 2.6% 970 +8.3% Operating costs (430,589) (91.4)% (405,956) (89.4)% (24,633) +6.1% Adjusted EBITDA 84,750 18.0% 81,284 17.9% 3,466 +4.3% Non-recurring costs (1,258) (0.3)% (739) (0.2)% (519) +70.2% EBITDA 83,492 17.7% 80,545 17.7% 2,947 +3.7% Amortisation/depreciation (21,280) (4.5)% (20,687) (4.6)% (593) +2.9% EBIT 62,212 13.2% 59,858 13.2% 2,354 +3.9% Net financial income/(expense) (944) (0.2)% (1,949) (0.4)% 1,005 -51.6% Adjustments to financial assets 488 0.1% (338) (0.1)% 826 -244.4% Pre -tax profit 61,756 13.1% 57,571 12.7% 4,185 +7.3% Income taxes (11,056) (2.3)% (10,356) (2.3)% (700) +6.8% Net profit 50,700 10.8% 47,215 10.4% 3,485 +7.4% Net (profit)/loss attributable to non-controlling interests 8 (1,572) (0.3)% (587) (0.1)% (985) +167.8% Group net profit 49,128 10.4% 46,628 10.3% 2,500 +5.4% NET REVENUE NEW YACHTS (€’000) Six months ended 30 June Change 2026 2025 2026 vs. 2025 2026 vs. 2025% Revenues from the sale of boats 522,233 490,926 31,307 +6.4% Selling expenses (50,900) (36,803) (14,097) +38.3% Net Revenue New Yachts 471,333 454,123 17,210 +3.8% Net Revenue New Yachts in the first half of 2026 were Euro 471,333 thousand, a 3.8% increase on the Euro 454,123 thousand recorded in the same period of 2025, led by the excellent performance of the Superyacht Division. 8 (Profit)/loss.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 24 Net Revenue New Yachts by division (€ 000) Six months ended 30 June Change 2026 % of total 2025 % of total 2026 vs. 2025 2026 vs. 2025% Yacht Division 232,772 49.4% 225,832 49.7% 6,940 +3.1% Superyacht Division 154,070 32.7% 137,127 30.2% 16,943 +12.4% Bluegame Division 43,588 9.2% 43,635 9.6% (47) -0.1% Nautor Swan Division 40,903 8.7% 47,529 10.5% (6,626) -13.9% Net Revenue New Yachts 471,333 100.0% 454,123 100.0% 17,210 +3.8% The Yacht Division generated Net Revenue New Yachts of Euro 232,772 thousand, equal to 49.4% of the total, up 3.1% compared to the same period of the previous year. The Superyacht Division generated New Net Revenue of Euro 154,070 thousand, equal to 32.7% of the total, up 12.4% compared to the same period of the previous year. supported by dynamic demand despite extended waiting lists for available delivery slots. The Bluegame Division recorded New Net Revenue of Euro 43,588 thousand, accounting for 9.2% of the total. The result remains solid and in line with that of the previous year within a more challenging market context, particularly in the segment below 24 metres. The Nautor Swan Division recorded Net Revenue New Yachts of Euro 40,903 thousand in the first six months of 2026, equal to 8.7% of the total , down 13.9% compared to the previous year due to the trend in the sailing boat market, especially in the segment below 24 metres covered by the Swan Line. Net Revenue New Yachts by geographical area (€’000) Six months ended 30 June Change 2026 % of total 2025 % of total 2026 vs. 2025 2026 vs. 2025% Europe 222,635 47.2% 267,099 58.8% (44,464) -16.6% Americas 129,048 27.4% 95,327 21.0% 33,721 +35.4% APAC 73,858 15.7% 54,382 12.0% 19,476 +35.8% MEA 45,792 9.7% 37,315 8.2% 8,477 +22.7% Net Revenue New Yachts 471,333 100.0% 454,123 100.0% 17,210 +3.8% Europe is confirmed as the Group’s main market, accounting for 47.2% of the total, with Net Revenue New Yachts of Euro 222,635 thousand (of which Euro 52,025 thousand generated in Italy), down 16.6% compared to the figure of the previous year. The Americas generated Net Revenue New Yachts of Euro 129,048 thousand, accounting for 27.4% of the total, up 35.4% compared to the first six months of 2025, supported by further penetration into new markets in Central and South America. The APAC area recorded Net Revenue New Yachts of Euro 73,858 thousand, accounting for 15.7% of the total, up by 35.8% compared to the first six months of 2025 thanks to the structural advantage deriving from the Simpson Marine direct distribution platform, which ensures greater control of the relation with the end customer, as well as the possibility of extending the presence in new markets in the area. The MEA area recorded Net Revenue New Yachts of Euro 45,792 thousand, accounting for 9.7% of the total, up 22.7% compared to the first six months of 2025.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 25 OPERATING RESULTS (€’000) Six months ended 30 June Change 2026 % Net Revenue New Yachts 2025 % Net Revenue New Yachts 2026 vs. 2025 2026 vs. 2025% EBIT 62,212 13.2% 59,858 13.2% 2,354 +3.9% + Amortisation/depreciation 21,280 4.5% 20,687 4.6% 593 +2.9% EBITDA 83,492 17.7% 80,545 17.7% 2,947 +3.7% + Non-recurring costs 1,258 0.3% 739 0.2% 519 +70.2% Adjusted EBITDA 84,750 18.0% 81,284 17.9% 3,466 +4.3% EBITDA stood at Euro 83,492 thousand, up by 3.7% on the first six months of 2025, with an incidence of 17.7% on Net Revenue New Yachts, reflecting the Group’s pricing power, the success of the models launched and its operational efficiency. Depreciation and amortisation, amounting to Euro 21,280 thousand, increased by 2.9% compared to the first six months of 2025, in line with the investments made and the Group's growth. EBIT was equal to Euro 62,212 thousand, up by 3.9% on the first six months of 2025, with an incidence of 13.2% on Net Revenue New Yachts.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 26 NET PROFIT (€’000) Six months ended 30 June Change 2026 % Net Revenue New Yachts 2025 % Net Revenue New Yachts 2026 vs. 2025 2026 vs. 2025% EBIT 62,212 13.2% 59,858 13.2% 2,354 +3.9% Net financial income/(expense) (944) (0.2)% (1,949) (0.4)% 1,005 -51.6% Adjustments to financial assets 488 0.1% (338) (0.1)% 826 -244.4% Pre -tax profit 61,756 13.1% 57,571 12.7% 4,185 +7.3% Income taxes (11,056) (2.3)% (10,356) (2.3)% (700) +6.8% Net profit 50,700 10.8% 47,215 10.4% 3,485 +7.4% Net (profit)/loss attributable to non -controlling interests 9 (1,572) (0.3)% (587) (0.1)% (985) +167.8% Group net profit 49,128 10.4% 46,628 10.3% 2,500 +5.4% Net financial expenses amounted to Euro 944 thousand, an improvement due to higher cash flow compared to the first half of the previous year. Profit before tax for the period amounted to Euro 61,756 thousand, an increase of Euro 4,185 thousand compared to the first six months of 2025 with an incidence on Net Revenue New Yachts of 13.1%, versus 12.7% in the same period of 2025. Income taxes, calculated as management’s best estimate, were equal to Euro 11,056 thousand, against Euro 10,356 thousand in the first six months of 2025. The effective tax rate of 17.9% reflects the recognition of a portion of the patent box tax benefit measured using the same criteria as in the comparative period. The Group net profit for the period amounted to Euro 49,128 thousand, with an increase of Euro 2,500 thousand compared to the same period of 2025, with an impact on revenues in line with expectations. 9 (Profit)/loss.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 27 CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
BALANCE SHEET RECLASSIFIED ACCORDING TO SOURCES AND
USES
(€’000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 USES Net fixed capital 401,772 404,016 371,343 (2,244) 30,429 Net working capital 86,466 99,793 86,633 (13,327) (167) Net invested capital 488,238 503,809 457,976 (15,571) 30,262 SOURCES Equity 537,606 523,907 449,662 13,699 87,944 (Net financial position) (49,368) (20,098) 8,314 (29,270) (57,682) Total sources 488,238 503,809 457,976 (15,571) 30,262 NET FIXED CAPITAL AND INVESTMENTS Net fixed capital (€’000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 Goodwill 70,521 69,635 69,267 886 1,254 Other intangible assets 116,765 117,957 110,756 (1,192) 6,009 Property, plant and equipment 221,623 222,572 217,477 (949) 4,146 Equity investments and other non-current assets 28,065 27,963 12,678 102 15,387 Net deferred tax assets 5,982 7,435 9,265 (1,453) (3,283) Other non-current liabilities (32,355) (32,355) (32,355) - - Non-current employee benefits (3,481) (3,773) (3,674) 292 193 Non-current provisions for risks and charges (5,348) (5,418) (12,071) 70 6,723 Net fixed capital 401,772 404,016 371,343 (2,244) 30,429 Net fixed capital as at 30 June 2026 amounted to Euro 401,772 thousand, a decrease of Euro 2,244 thousand compared to year-end 2025, and an increase of Euro 30,429 thousand compared to 30 June 2025.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 28 Investments (€’000) Six months ended 30 June Change 2026 2025 2026 vs. 2025 2026 vs. 2025% Land and buildings 1,155 752 403 +53.6% Industrial equipment 4,799 1,920 2,879 +149.9% Plant and equipment 1,602 761 841 +110.5% Other assets 1,928 4,061 (2,133) -52.5% Intangible assets in progress 3,277 3,193 84 +2.6% Total changes in property, plant and equipment 12,761 10,687 2,074 +19.4% Concessions, licences, trademarks and similar rights 416 253 163 +64.4% Other fixed assets - - - - Development costs 2,412 2,745 (333) -12.1% Intangible assets in progress 2,444 2,531 (87) -3.4% Total changes in intangible assets 5,272 5,529 (257) -4.6% Total investments on a like -for -like basis 18,033 16,216 1,817 +11.2% Changes in the scope of consolidation 2,237 807 1,430 +177.2% Net investments in the period 20,270 17,023 3,247 +19.1% On a like-for-like consolidation basis, investments made during the first six months of 2026 totalled Euro 18,033 thousand, up 11.2% compared to the same period of the previous year, representing 3.8% of Net Revenue New Yachts. Organic net investments relate for 87% to the development of new models and product ranges, as well as to the expansion of production and distribution capacity. The line “Changes in the scope of consolidation” refers to the acquisition of the business unit from Mast Italia S.r.l. The following table shows the breakdown of investments by destination. (€’000) Six months ended 30 June Change 2026 2025 2026 vs. 2025 2026 vs. 2025% R&D, product development and production of models and moulds 10,976 7,429 3,547 +47.7% Increase in production/distribution capacity 4,689 6,960 (2,271) -32.6% Recurring industrial investments for equipment and facilities 1,251 1,070 181 +16.9% Other investments 1,117 757 360 +47.6% Total investments on a like -for -like basis 18,033 16,216 1,817 +11.2% R&D, product development and production of models and moulds - - - - Increase in production/distribution capacity 2,237 807 1,430 +177.2% Recurring industrial investments for equipment and facilities - - - - Other investments - - - - Total changes in the scope of consolidation 2,237 807 1,430 +177.2% R&D, product development and production of models and moulds 10,976 7,429 3,547 +47.7% Increase in production/distribution capacity 6,926 7,767 (841) -10.8% Recurring industrial investments for equipment and facilities 1,251 1,070 181 +16.9% Other investments 1,117 757 360 +47.6% Net investments in the period 20,270 17,023 3,247 +19.1%
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 29 NET WORKING CAPITAL (€’000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 Inventories 181,235 178,293 186,716 2,942 (5,481) Trade receivables 31,534 36,978 37,122 (5,444) (5,588) Contract assets 324,415 294,831 282,753 29,584 41,662 Trade payables (256,203) (293,066) (280,912) 36,863 24,709 Contract liabilities (178,109) (130,356) (145,882) (47,753) (32,227) Other current assets 63,909 96,780 85,559 (32,871) (21,650) Current provisions for risks and charges (19,125) (17,638) (13,836) (1,487) (5,289) Other current liabilities (61,190) (66,029) (64,887) 4,839 3,697 Net working capital 86,466 99,793 86,633 (13,327) (167) Net working capital as at 30 June 2026 was positive at Euro 86,466 thousand, compared to a positive Euro 99,793 thousand as at 31 December 2025 and Euro 86,633 thousand as at 30 June 2025. On a like-for-like basis, net working capital remains stable despite a growth in business volumes, an expansion of the direct distribution network and an extension of initiatives to support the supply chain. (€ 000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 Inventories 181,235 178,293 186,716 2,942 (5,481) Trade receivables 31,534 36,978 37,122 (5,444) (5,588) Contract assets 324,415 294,831 282,753 29,584 41,662 Trade payables (256,203) (293,066) (280,912) 36,863 24,709 Contract liabilities (178,109) (130,356) (145,882) (47,753) (32,227) Net trade working capital 102,872 86,680 79,797 16,192 23,075 Trade net working capital as at 30 June 2026 amounted to Euro 102,872 thousand, compared to Euro 86,680 thousand as at 31 December 2025 and Euro 79,797 thousand as at 30 June 2025. (€’000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 Raw materials and consumables 17,952 17,952 19,607 - (1,655) Work in progress and semi-finished products 126,908 109,862 124,734 17,046 2,174 Finished products 36,375 50,479 42,375 (14,104) (6,000) Inventories 181,235 178,293 186,716 2,942 (5,481) Inventories at 30 June 2026 were equal to Euro 181,235 thousand, up by Euro 2,942 thousand compared to 31 December 2025 and down by Euro 5,481 thousand compared to 30 June 2025. Work in progress and semi-finished products refer to those orders whose contract with the customer has not yet been finalized at the close of the period. The value of these inventories is in line with that at 30 June 2025 and reflects the production ramp-up aimed at shortening the delivery times available on the most requested models, as well as the allocation of production slots to direct distribution hubs previously contracted to external distributors. Inventories of finished products as at 30 June 2026 were Euro 36,375 thousand, a decrease of Euro 14,104 thousand compared to 31 December 2025. They refer to pre-owned boats in the amount of Euro 35,550 thousand and new boats on delivery in the amount of Euro 825 thousand. Pre-owned boats include yachts
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 30 already sold at the closing date of the period and to be delivered in the following months for a value of Euro 17,263 thousand in line with their stock evaluation as at 30 June 2026.
NET FINANCIAL POSITION
(€’000) 30 June 31 December 30 June Change 2026 2025 2025 30 June 2026 vs. 31 December 2025 30 June 2026 vs. 30 June 2025 A Cash 170,624 149,056 138,366 21,568 32,258 B Cash equivalents - - - - - C Other current financial assets 32,769 39,121 65,690 (6,352) (32,921) D Liquidity (A + B + C) 203,393 188,177 204,056 15,216 (663) E Current financial debt (23,302) (29,894) (59,145) 6,592 35,843 F Current portion of non-current financial debt (34,136) (34,884) (40,483) 748 6,347 G Current financial indebtedness (E + F) (57,438) (64,778) (99,628) 7,340 42,190 H Net current financial indebtedness (G + D) 145,955 123,399 104,428 22,556 41,527 I Non-current financial debt (96,587) (103,301) (112,742) 6,714 16,155 J Debt instruments - - - - - K Non-current trade and other payables - - - - - L Non -current financial indebtedness (I + J + K) (96,587) (103,301) (112,742) 6,714 16,155 M Total financial indebtedness (H+L) 49,368 20,098 (8,314) 29,270 57,682 The net financial position of the Group as at 30 June 2026 shows a net cash equal to Euro 49,368 thousand compared to a net cash equal to Euro 20,098 thousand at 31 December 2025 and a net debt of Euro 8,314 thousand at 30 June 2025. The evolution of the net financial position in the first six months of 2026 shows cash generation due to the excellent operating cash flow of Euro 96,515 thousand, partially offset by investments of Euro 18,033 thousand, broadly in line with the first half of 2025. Cash and cash equivalents as at 30 June 2026 amounted to Euro 170,624 thousand, an increase of Euro 21,568 thousand compared to 31 December 2025, and of Euro 32,258 thousand compared to 30 June 2025. As at 30 June 2026, the Group held Euro 32,769 thousand in other current financial assets, mainly relating to liquidity investments aimed at optimising financial income and expenses. In addition, the Group has access to bank credit facilities to meet cash requirements amounting to Euro 195,844 thousand, of which Euro 166,962 thousand were undrawn as at the reporting date. Among financial debt, lease liabilities, included pursuant to IFRS 16, amounted to Euro 26,384 thousand, of which Euro 20,579 thousand were non-current and Euro 5,805 thousand were current.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 31 Reclassified consolidated statement of cash flows (€’000) 30 June 2026 30 June 2025 Change EBITDA 83,492 80,545 2,947 Taxes paid (4,388) (1,972) (2,416) Changes in inventories (2,942) (60,217) 57,275 Change in net contract assets and liabilities 18,169 13,841 4,328 Change in trade receivables and advances to suppliers 15,813 (10,911) 26,724 Change in trade payables (36,863) (4,799) (32,064) Change in provisions and other assets and liabilities 23,234 7,075 16,159 Operating cash flow 96,515 23,562 72,953 Change in non-current assets (investments) (18,033) (16,216) (1,817) Interest received 1,702 1,230 472 Other changes 19 (1,106) 1,125 Free cash flow 80,203 7,470 72,733 Interest and financial charges (2,144) (2,625) 481 Capital increase and other changes in equity (160) (3,403) 3,243 Change in fixed assets (new scope) (1,600) (860) (740) Change in net financial debt (new scope) - (99) 99 Dividends paid (36,975) (34,706) (2,269) Change in LT funds and other cash flows (10,054) (3,170) (6,884) Change in net financial position 29,270 (37,393) 66,663 Net financial position at the beginning of the period 20,098 29,079 (8,981) Net financial position at the end of the period 49,368 (8,314) 57,682 EQUITY (€’000) 30 June 2026 31 December 2025 Share capital 35,714 35,640 Reserves 445,734 375,080 Group profit 49,128 107,421 Group equity 530,576 518,141 Equity attributable to non-controlling interests 7,030 5,766 Equity 537,606 523,907 The Parent Company's share capital as at 30 June 2026 amounts to Euro 35,714 thousand, fully paid-in, and is composed of 35,714,409 ordinary shares. Share capital increased by 74,213 shares compared to 31 December 2025, due to the subscription of the capital increase to service the 2020 Stock Option Plan. On 21 April 2020, the Extraordinary Shareholders' Meeting of Sanlorenzo had in fact approved a divisible share capital increase, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, of a maximum nominal value of Euro 884,615, to be executed no later than 30 June 2029, through the issue of a maximum number of 884,615 ordinary shares destined exclusively and irrevocably to service the 2020 Stock Option Plan. As at 30 June 2026, this capital increase had been partially subscribed for 793,920 shares. On 24 April 2026, the Ordinary Shareholders' Meeting approved a new authorisation to purchase and dispose of the Company's treasury shares, pursuant to Articles 2357 and 2357-ter of the Civil Code and Article 132 of the Consolidated Law on Finance (TUF), simultaneously revoking the previous authorisation approved by the Ordinary Shareholders' Meeting of 29 April 2025 , in order to provide the Company with a sole meeting authorisation .
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 32 The authorisation was granted for the purchase, in one or more tranches, of ordinary shares, up to a maximum of 3,565,394 shares, corresponding to 10% o f the share capital, for a period of 12 months and 6 days from the date of the relevant authorising reso lution by the Meeting, and therefore until 30 April 2027.
The authorisation to dispose of treasury shares has been resolved without time limits.
As at 30 June 2026, the Company held no. 272,794 tr easury shares, equal to 0.76% of the subscribed and paid-in share capital.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 33 HUMAN RESOURCES 30 June 2026 31 December 2025 Change Units % of total Units % of total 2026 vs. 2025 2026 vs. 2025% Sanlorenzo S.p.A. 741 44.6% 763 46.1% (22) -2.9% Bluegame S.r.l. 70 4.2% 73 4.4% (3) -4.1% I.C.Y. S.r.l. 43 2.6% 49 3.0% (6) -12.2% AF Arturo Foresti S.r.l. 19 1.1% 19 1.1% - - Equinoxe S.r.l. 7 0.4% 7 0.4% - - Sanlorenzo Arbatax S.r.l. 6 0.4% 6 0.4% - - Duerre S.r.l. 154 9.3% 153 9.2% 1 +0.7% Sea Energy S.r.l. 80 4.8% 83 5.0% (3) -3.6% Polo Nautico Viareggio S.r.l. 15 0.9% 15 0.9% - - Sanlorenzo of the Americas LLC 11 0.7% 8 0.5% 3 +37.5% Sanlorenzo Baleari SL 3 0.2% 3 0.2% - - Sanlorenzo Côte d'Azur SAS 2 0.1% 1 0.1% 1 +100.0% Sanlorenzo Monaco SAM 4 0.2% 3 0.2% 1 +33.3% Mediterranean Yacht Management SARL 2 0.1% 2 0.1% - - Gruppo Nautor Swan 435 26.2% 400 24.2% 35 +8.8% Gruppo Simpson Marine 71 4.3% 70 4.2% 1 +1.4% Group employees 1,663 100% 1,655 100% 8 +0.5% As at 30 June 2026, the Group employed a total of 1,663 employees, of which 44.6% at the Parent Company, an increase of 8 individual or 0.5% compared to 31 December 2025. 30 June 2026 31 December 2025 Change Units % of total Units % of total 2026 vs. 2025 2026 vs. 2025% Managers 66 4.0% 64 3.9% 2 +3.1% White collars 1,009 60.7% 1,017 61.4% (8) -0.8% Blue collars 588 35.4% 574 34.7% 14 +2.4% Group employees 1,663 100% 1,655 100% 8 +0.5% At category level, blue-collar workers recorded the largest increase during the period, with an addition of 14 employees compared to 31 December 2025. 30 June 2026 31 December 2025 Change Units % of total Units % of total 2026 vs. 2025 2026 vs. 2025% Italy 1,175 70.7% 1,200 72.5% (25) -2.1% Rest of Europe 405 24.4% 376 22.7% 29 +7.7% United States 12 0.7% 9 0.6% 3 +33.3% APAC 71 4.2% 70 4.2% 1 +1.4% Group employees 1,663 100% 1,655 100% 8 +0.5% The distribution by geographic area shows the largest number of employees located in Italy, accounting for 70.7% of the Group's total as at 30 June 2026.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 34 RESPONSIBLE DEVELOPMENT For Sanlorenzo, sustainability implies responsible development and the constant search for a balance between the need to be economically efficient and t he sense of social and environmental responsibility in the pursuit of company objectives. The Group is inc reasingly committed to mitigating, eventually eliminating, the negative effects of its operations , while increasing the positive effects, for the be nefit of all its stakeholders.
Within this framework, with reference to the provis ions of Legislative Decree 6 September 2024 No. 125 , which implemented EU Directive No. 2022/2464, the G roup has complied with the adjustment to the Corporate Sustainability Reporting Directive (CSRD) for annual sustainability reporting, prepared in accordance with the European Sustainability Reporti ng Standards (ESRS) on the fully consolidated Group perimeter as at 31 December 2025. In the process of defining the content and information to be reporte d, all the relevant players along the value chain were taken into account, both upstream (supply chain) a nd downstream (mainly yacht owners). To identify the m aterial topics for the Group, the Dual Materiality process allowed for the identification of significa nt impacts, risks, and opportunities (IRO) relevant to business operations and the value chain. As part of its commitment to an increasingly structured appro ach to sustainability, the Sanlorenzo Group continues t o operate through its fundamental pillars, which represent the true foundations for the responsible development of the Group, and enabling pillars, whi ch make the identified improvements feasible. With the progressive integration of sustainability into the company's strategy and operations, responsible deve lopment has become a central part of the day-to-
day activities of various corporate figures. At the executive level, ultimate responsibility for susta inability decisions lies with the Board of Directors, which d elegates competence in this area to the Control, Ri sk and Sustainability Committee. At the operational le vel, in January 2025, the Sustainability Manager wa s appointed and is tasked with overseeing the Group-l evel ESG strategies as well as coordinating and collaborating with the Sustainability function. The activities of the Sustainability Task Force contin ue, confirming the schedule of meetings planned for Jan uary 2026. The main areas on which the Group focuses its ESG activities are summarised below. Fo r more details, please refer to the 2025 Annual Financial Report, available on the Company's websit e (www.sanlorenzoyacht.com) in the section “Brand”
- “Investors” – “Financial Results and Documents”.
Commitment to the product Sanlorenzo is committed to studying and adopting so lutions, both technological and technical, that can reduce the impacts of its products on the environme nt and on the marine ecosystem. The pursuit of innovation is constant, increasingly oriented – thr ough investments in research and development – towards the study of ways of building and using yac hts with a lower environmental impact. The Group's sustainable innovation strategy consists of two mai n types of initiatives.
Solutions for reducing on-board emissions The Group's activities are focused on the developme nt and adoption of solutions for reducing emissions generated on board, allowing not only greater safet y at sea, but especially a significant reduction in greenhouse gas (GHG) emissions.
Continuing the strategy of developing methanol prop ulsion technologies, thanks to the partnership with MAN announced in January 2025, the first Sanlorenzo superyacht with bi-fuel green methanol propulsion will be built, which will allow for a reduction in emissions at sea by up to 70%; the first unit is ex pected to be launched by 2030.
Hydrogen as a propulsion system remains at the core of research and development activities, especially within the Bluegame BU. The experience gained with foiling tenders for the 37th America’s Cup enabled the transfer of the most advanced technology to the series production market with the launch of the ne w Bluegame BGF45. The first model of the new BGF (Blu egame Foiling) range, this 45-foot foil-assisted
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 35 multihull reduces consumption by up to 30% and ensu res stable and comfortable cruising above 30 knots, consolidating the brand’s role as a technological p ioneer.
In synergy with the sailing yachts of the Nautor Sw an brand, the Group has entered a high value-added market segment, expanding its product portfolio in the luxury yachting sector. The brand offering is expanding with new ranges designed to meet the dive rse needs of owners, combining sailing performance with luxury comfort. This strategy is further stren gthened by new commercial alliances, such as the partnership with Edmiston for the sale of the Swan Alloy line announced in March 2025, which has alrea dy resulted in the sale of the first unit.
Introduction and continuous research into sustainab le and eco-compatible
materials
In the context of materials, the Group has undertak en significant initiatives to improve the impact of boats, beginning with an in-depth analysis of the entire l ife cycle. The comprehensive calculation of all Sco pe 3 emissions, which represent indirect emissions assoc iated with, for example, suppliers, transport and t he use of products, has been improved, with the aim of defining a structured pathway for reducing indirec t emissions, by integrating sustainability criteria d irectly into the design and selection of materials.
Another key step is the start of construction of th e first prototype of the SHE model, launched in Jul y 2026.
The project is inspired by the iconic lines of 1960 s Italian yachting and embodies the Sanlorenzo philosophy of craftsmanship, attention to detail an d innovation. In fact, SHE will be the first line t o introduce innovative composite elements, such as resins formu lated with styrene made from 100% biological sources, recycled PET and alternative fibres to gla ss and carbon, and an IPS hybrid propulsion system developed in collaboration with Volvo Penta, a dual -fuel solution that allows silent navigation in ele ctric mode, intelligent consumption and sustainable perfo rmance.
The Group has also initiated research and testing a ctivities for the introduction of alternative mater ials with a lower environmental impact. In particular, for Bl uegame, natural panels (linen, jute, cotton) and th e use of recycled carbon for the production of moulds are be ing tested. In addition to that, the standardisatio n of crew furniture was planned and, in the case of Sanl orenzo Superyacht, a study of the Finite Element Method (FEM) was carried out in order to reduce the purchase of metal carpentry materials. Moreover, the R&D function is overseeing the coordination of Sanlorenzo, Bluegame, and Nautor Swan for a plan to introduce alternative materials across all producti on companies.
Commitment to the production process Within the Production Processes pillar, the commitm ent has been consolidated to measuring and managing the direct and indirect impacts connected with operating activities.
At the beginning of 2026, the comprehensive calcula tion of Scope 1 and 2 emissions was updated for all the Group companies, obtaining a detailed and up-to -date picture of our environmental impact. At the same time, the methodologies and means of calculati ng these emissions have been explored, to ensure the highest accuracy and compliance with internatio nal best practices. These in-depth studies have enabled the Group to draw up a Sustainability Plan that includes, among other things, specific targets for reducing Scope 1 and Scope 2 (market-based) greenho use gas emissions, committing to reduce emissions by 42% by 2030 compared to the 2024 basel ine, equal to 9,121 tCO₂eq, defined on a homogeneous scope that includes all subsidiaries. T he Group also intends to evaluate, in the medium te rm, the extension of the targets to Scope 3 emissions, with a view to defining a more comprehensive transi tion plan along the value chain.
An actual step in this direction was the total elim ination of Scope 2 market-based emissions for the companies Sanlorenzo S.p.A., Bluegame S.r.l. and Oy Nautor, thanks to a mix of self-produced energy an d the purchase of Guarantees of Origin for the whole of 2025, aimed at supporting the use of renewable energy.
Therefore, the project to expand the photovoltaic p lants at the Sanlorenzo sites continues, as part of the company plan to exploit the surfaces and coverings of the warehouses for the production of renewable energy.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 36 Among the other decarbonisation levers identified, the Group is continuing its strategy of replacing t he traditional diesel used for sea trials of vessels w ith fuels produced from raw materials of biologic o rigin, such as HVO.
These strategies will be extended to the other Comp anies with a view to pursuing the objectives that t he Group has formalised and set itself in the Sustaina bility Plan.
Commitment to the supply chain In the Supply Chain pillar, Dynamic Discounting pro grams continue through the partner Findynamic, and engagement with our strategic suppliers is facilita ted through the Open-es platform. Additionally, the commitment has been intensified to building increas ingly responsible and transparent relations with ou r partners.
In 2025, the Group adopted a Human Rights Policy, s trengthening its commitment along the value chain in line with the UN Guiding Principles, the ILO con ventions and the OECD Guidelines. The policy includ es respect for fundamental rights, the prevention of d iscrimination, child and forced labour, and the pro tection of freedom of association and collective bargaining . The active involvement of suppliers in this proce ss will be vital to render the entire value chain more sust ainable, aligning with Sanlorenzo's vision.
Commitment to people In the social sphere, the commitment to People is a lways reflected in the Corporate Supplementary Contract of Sanlorenzo, Bluegame and, as of 2025, N autor Swan, which rests on three fundamental pillar s:
Innovation, Sustainability and Inclusion. The agree ment, which runs from 2023 to 2026, covers the following main topics:
• the creation of a new model of innovative cultural integration;
• the corporate welfare programme (SLPeople.care);
• a redefinition of the performance-based bonus param eters, now including ESG and incentives for individual and collective behavioural and cultural safety training.
The management of the workforce is supported by a s tructured framework of policies and instruments, applicable to the entire Group and consistent with the main international standards on human rights an d labour, including the United Nations Guiding Princi ples on Business and Human Rights, the Internationa l Labour Organisation (ILO) Conventions and the OECD Guidelines. In particular, two Group-level policies were drawn up and published during 2025:
• HR Policy: defines the strategic guidelines through which the Sanlorenzo Group intends to manage, develop and enhance its human capital.
• Human Rights Policy: expresses the Group's commitme nt to the protection and promotion of human rights, recognised as universal, fundamental and in dispensable.
The involvement of the workforce is ensured through structured tools for dialogue and discussion, including periodic meetings with the HR department and ongoing relations with trade union representatives. To complement these instruments, a new employee listening desk, "Your HR Time", was formalised in 2025. It is managed by HR Business Pa rtners and operates on a weekly rotating basis at a ll company locations.
In support of a shared culture, two training sessio ns were also organised, the Sustainability Snippets , brief meetings intended to disseminate knowledge and enco urage informed and active participation within the organisation on sustainability topics.
Governance, Transparency and Collaboration Following the publication of the 2025 annual report , the Group immediately started working on initiati ves and projects that will further improve the 2026 rep ort. Among these, of significant importance was the launch of the project to integrate a digital platfo rm for ESG reporting, in order to pursue continuous improvement and greater transparency of sustainabil ity processes.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 37 The Group, acknowledging the importance of strong S ustainability Governance, continues its path to engage all the companies within the Group, aiming t o promote a shared and pervasive culture and convey the Sanlorenzo strategy.
Awards, partnerships and ESG ratings In terms of collaborations, the Group boasts severa l, both on social and environmental topics.
In particular, we highlight the activities carried out by the Sanlorenzo Foundation and the continued support for the Water Revolution Foundation. In addition to these, it is worth mentioning that Sanlorenzo, sin ce 2022, has been a founding partner of the Venice Wor ld Capital of Sustainability Foundation, a reality aimed at integrating sustainability topics into all aspec ts of life in the city of Venice.
Finally, the Sanlorenzo Group undergoes assessments and evaluations by leading ESG rating agencies.
The current situation is as follows:
• S&P Global: a score of 39/100 was obtained for 2026 , with an improvement of 1 point compared to 2025 (CSA score as at 31/07/2026);
• MSCI: the A rating has been confirmed in line with the 2025 results, stable in the top industry catego ry (Leisure) at 34%;
• Sustainalytics: in December 2024, Sustainalytics re vised the sector definition parameters for certain entities, moving Sanlorenzo from Consumer Durables to Machinery. As a result, the score was adjusted from 8.8 (Negligible risk) in December 202 4 to 29.2 (Medium Risk) in June 2026. The Group thus ranks 195th out of 562 in the industry (Machin ery);
• ISS ESG: the C score is maintained as for 2025, pos itioning itself in the 4th decile (top 40%) of the sector (Leisure).
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 38
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 39 SANLORENZO ON THE STOCK EXCHANGE
Share performance
On 10 December 2019, the trading of the Company’s s hares on the Euronext STAR Milan organised and managed by Borsa Italiana S.p.A. began. The initial offer price was Euro 16.00 per share.
The following table and chart show the share perfor mance in the first half of 2026.
€ Date IPO price 16.00 10 December 2019 Minimum closing price 28.55 19 March 2026 Maximum closing price 39.24 14 May 2026 Closing price 35.80 30 June 2026 Number of shares 35,714,409 30 June 2026 Capitalisation 1,278,575,842 30 June 2026 On 30 June 2026, the closing price of the share was Euro 35.80 and market capitalisation was Euro 1,279 million. Since the beginning of the year, Sanlorenzo shares have outperformed the FTSE Italia STAR index by 23.37%. 20 25 30 35 40 45 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Sanlorenzo S.p.A. FTSE Italia Star
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 40 Shareholding structure Significant equity investments in the Company's sha re capital, according to the communications issued pursuant to Article 120 of Italian Legislative Decr ee no. 58/1998 (Italian Consolidated Law on Finance ) and other information in the Company's possession, are detailed below.
On 16 March 2026, Holding Happy Life S.r.l. transfe rred to Ocean S.r.l., already the holder of 1,940,0 00 Sanlorenzo shares, a further 17,902,553 Sanlorenzo shares, of which 17,267,553 shares with increased voting and 635,000 without increased voting. As a r esult of the transfer, Ocean S.r.l. became the owne r of 55.56% of the share capital of Sanlorenzo as at 30 June 2026, corresponding to 67.56% of the voting rights. At the same time, Holding Happy Life S.r.l. became the controlling shareholder of Ocean S.r.l. , holding a 90.22% stake in the share capital.
In light of the above, as at 30 June 2026, the tota l number of ordinary shares with increased voting w as 19,217,105 shares, result unchanged compared to 31 December 2025.
Shareholder No. of ordinary shares Voting rights % share capital % voting rights Ocean S.r.l. (Massimo Perotti) 19,842,553 37,110,106 55.56% 67.56% Holding Happy Life S.r.l. (Massimo Perotti) 1,983,552 3,932,104 5.55% 7.16% Treasury shares 272,794 272,794 0.76% - Market 13,615,510 13,616,510 38.12% 25.28% TOTAL 35,714,409 54,931,514 100.0% 100.0% Update: 30 June 2026
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 41 MAIN RISKS AND UNCERTAINTIES TO WHICH THE
GROUP IS EXPOSED
The Group’s activities are exposed to a series of r isks and uncertainties that may impact its financia l position, operating results, and cash flows, which are summarily presented below.
Taking into account the current geopolitical and ma croeconomic context, the Group has carried out the appropriate assessments and, as at the date of prep aration of this half-yearly report, there are no significant updates to the assessments already set out in the Annual Financial Report as at 31 Decembe r 2025, to which reference is made for further detail s on the risks to which the Group is exposed.
Market and operating risks The Group is exposed to risks linked to the general or specific macroeconomic scenario of the sector i n which it conducts business, operational risks conne cted to relations with suppliers, contractors and b rand representatives, uncertainties linked to extraordin ary events that may trigger interruptions in the ac tivities of production shipyards and risks related to the ev olution of the reference regulatory framework.
Financial risks
The Group is exposed to credit risk deriving from c ommercial transactions, liquidity risk and risks li nked to disputes and tax assessments. Furthermore, the Grou p is exposed to fluctuations in interest rates on i ts variable rate debt instruments and fluctuations in exchange rates, primarily on sales of yachts in US dollars, and hedges such exposures with derivative instrumen ts.
Climate risks
The Group is exposed to potential climate risks and implements a series of measures to strategically a nd preventively consider these risks; national and int ernational regulatory developments are regularly monitored in order to be able to respond in a timel y manner to new legislative requirements, and the G roup constantly adapts its product offering to the deman ds and needs of its clients.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 42 INTRA-GROUP TRANSACTIONS AND TRANSACTIONS
WITH RELATED PARTIES
The Company's Board of Directors adopted the "Proce dure for transactions with related parties", most recently updated by resolution passed on 14 March 2 024, in compliance with the "Regulation on Transactions with related parties" approved by Cons ob with Resolution no. 22144 of 22 December 2021.
The above procedure can be found on the Company's w ebsite (www.sanlorenzoyacht.com), in the "Corporate Governance" section.
It should be noted that transactions with related p arties, including therein intra-group transactions, do not qualify as either atypical or unusual, as they fall under the normal course of business of Group compa nies.
Said transactions were made at arm's length in cons ideration of the features of goods and services provided.
In the Notes to the condensed consolidated half-yea rly financial statements, the Company provides the information required pursuant to Article 154-ter of Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance – TUF) as indicated in Consob Regulation no. 17221 of 12 March 2010.
ATYPICAL AND/OR UNUSUAL TRANSACTIONS
Pursuant to Consob Communication no. DEM/6064293 of 28 July 2006, it should be noted that no atypical and/or unusual transactions were entered i nto, as defined in the Communication itself.
OTHER INFORMATION
The Company is not subject to management and coordi nation activities pursuant to Articles 2497 et seq.
of the Italian Civil Code, as the presumption set f orth in Article 2497-sexies of the Italian Civil Co de does not apply.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 43 SIGNIFICANT EVENTS OCCURRING DURING THE
PERIOD
Change in shareholding structure through Ocean On 16 March 2026, the majority shareholder, Holding Happy Life (“HHL”), which is wholly owned by the Perotti family and controlled by Cav. Lav. Massimo Perotti, transferred to Ocean S.r.l. (“Ocean”), alr eady holder of 5.441% of the Sanlorenzo share capital (1 ,940,000 Sanlorenzo shares), more than half of the Sanlorenzo share capital (17,902,553 Sanlorenzo sha res, of which 17,267,553 have increased voting righ ts and 635,000 do not). As a result of the transfer, O cean became the holder of 55.653% of the Sanlorenzo share capital, equivalent to 67.631% of the voting rights in Sanlorenzo (19,842,553 Sanlorenzo shares, including 17,267,553 shares with increased voting r ights). HHL thus became the controlling shareholder of Ocean, holding 90.223% of the share capital. Theref ore, HHL controls a total of 61.118% of the Sanlore nzo share capital and 74.734% of its voting rights, bot h directly and indirectly, as it continues to direc tly hold the remaining 1,948,552 Sanlorenzo shares with mult iple voting rights, representing 5.465% of the shar e capital.
There is no change in the ultimate controlling shar eholder of Sanlorenzo, which remains Cav. Lav. Mass imo Perotti, who will therefore continue to be the pers on holding a controlling interest in Sanlorenzo.
Acquisition of a business unit from Mast Italia S.r .l.
On 1 April 2026, Sanlorenzo S.p.A. acquired a busin ess unit from Mast Italia S.r.l., mainly comprising an industrial building located in Viareggio near the C ompany's shipyards, as well as plant and equipment and a 1.26% shareholding in the company Polo Nautico Vi areggio S.r.l., for a total amount of about Euro 2. 1 million. As a result of the aforementioned transact ion, the Sanlorenzo shareholding in Polo Nautico is currently 54.26%.
These acquisitions made it possible to increase the production capacity serving the Yacht Division, consolidating Sanlorenzo's presence within the Polo Nautico Viareggio S.r.l. complex, a company that w as originally set up in the legal form of a limited li ability consortium, whose mission it has maintained , continuing to provide services mainly to its shareholders.
Approval of the plan for the merger by incorporatio n of PN Sviluppo S.r.l. into Bluegame S.r.l.
On 15 April 2026, the Boards of Directors of PN Svi luppo S.r.l. and Bluegame S.r.l. approved the plan for the merger of PN Sviluppo S.r.l. into Bluegame S.r. l., accounting and tax effective retroactively to 1 January 2026, with the aim of simplifying and streamlining the structure. On 29 April 2026, the Shareholders' Meetings of both companies approved the aforementio ned merger by incorporation, which was subsequently formalized by the execution of the mer ger deed on 10 June 2026.
Ordinary and Extraordinary Shareholders' Meeting On 24 April 2026, the Ordinary and Extraordinary Sh areholders' Meeting of Sanlorenzo S.p.A. was held o n first call, adopting the following main resolutions .
In the ordinary session, the Shareholders' Meeting:
• approved the annual financial statements as at 31 D ecember 2025 and the proposal for the allocation of profit which made provision, inter alia, for the distribution of a dividend of Euro 1.05 per share, with payment as of 20 May 2026;
• approved the "First part" of the Remuneration Repor t, concerning the remuneration policy for the members of the administrative bodies, general manag ers and managers with strategic responsibilities, and expressed a favourable opinion on the "Second p art" of the report;
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 44 • approved the “Performance Shares Plan 2026”;
• approved the “Second Simpson Marine Plan”;
• revoked the authorisation for the share buy-back re solved by the Ordinary Shareholders’ Meeting of 29 April 2025 and approved the authorisation to pur chase and dispose of treasury shares.
The Consolidated Financial Statements and the Conso lidated Sustainability Report for the year 2025, contained in the Annual Report 2025, were also pres ented to the Meeting.
Sanlorenzo announces the signing of a strategic par tnership with BYD Energy
Storage
On 29 June 2026, Sanlorenzo announced the signing o f a strategic partnership with BYD Energy Storage, a global leader in energy storage technologies, to accelerate the development of next-generation sustainable yachting solutions. The partnership ini tiates a long-term strategic collaboration, with an ongoing research and development programme dedicate d to assessing how advanced energy storage technologies can foster a new generation of quieter , lower-impact and more intelligently managed yacht s.
The collaboration sees BYD Energy Storage as the Sa nlorenzo Technology Supplier and Official Battery Supplier, reinforcing the Road to 2030 path and con firming the company's commitment to driving sustainable innovation in the luxury yachting secto r.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 45 BUSINESS OUTLOOK The Sanlorenzo Group closes the first half of 2026, confirming the resilience of its business model an d its ability to continue on a path of sustainable growth , while preserving margin quality and maintaining disciplined capital allocation, even amid a complex macroeconomic and geopolitical environment. Net Revenue New Yachts amounted to €471.3 million, up 3 .8% compared to H1 2025. EBITDA stood at €83.5 million (+3.7%), with a broadly stable margin of 17 .7%, while Group Net Profit reached €49.1 million ( +5.4%), representing 10.4% of Net Revenue New Yachts. The N et Financial Position as of 30 June 2026 was positive at €49.4 million, confirming the Group’s f inancial strength.
Continued commercial momentum is evidenced by Order Intake of €496.4 million in H1 2026, up 18.3% compared to the corresponding period of the previou s year. Q2 Order Intake grew by 13.1% compared to Q2 2025, marking the eighth consecutive quarter of year-on-year growth. Order Backlog as of 30 June 2026 stood at approximately €1,499 million, 89% of which was already sold to final clients. Of this am ount, €832 million relates to 2026, representing 83% of t he mid-point of the 2026 Guidance range for Net Revenue New Yachts, while €667 million relates to s ubsequent years. Net Backlog, amounting to approximately €1,028 million, therefore continues t o provide strong visibility on future revenues and support the orderly planning of production slots, r emaining above pre-Covid levels.
Geographically, growth was supported by three of th e Group’s four main regions. The Americas recorded Net Revenue New Yachts of €129.0 million, up 35.4%, bringing the region’s contribution to the revenue mix back to 27.4%. APAC grew by 35.8% to €73.9 million, while MEA increased by 22.7% to €45.8 million.
Against a particularly high comparison base in H1 2 025, Europe declined by 16.6% to €222.6 million, wh ile remaining the Group’s main market and accounting fo r 47.2% of Net Revenue New Yachts. The greater diversification of the geographic mix confirms the Group’s ability to capture growth opportunities bot h in its established markets and in regions where yachti ng penetration among the UHNWI population remains lower.
At divisional level, the strongest performance was delivered by the Superyacht Division, which grew by 12.4% to €154.1 million, confirming that demand for larger yachts remains particularly resilient. The Yacht Division recorded Net Revenue New Yachts of €232.8 million, up 3.1%, while Bluegame remained broadly stable at €43.6 million. The Nautor Swan Division c ontributed €40.9 million, compared to €47.5 million in H1 2025, while continuing to advance its integratio n, product development and commercial strengthening initiatives in line with the Business Plan.
On the strategic front, execution of the 2026–2028 Business Plan, “Tomorrow’s Timeless”, continues, bu ilt on measured growth, value over volume and preservat ion of brand exclusivity. New product development across the motor and sailing divisions, continued i mprovements in operating efficiency and the strengthening of the direct distribution network ar e the main drivers of future growth. In particular, the Group’s distribution platforms – Simpson Marine in APAC, Sanlorenzo of the Americas and the Sanlorenzo MED network – continue to provide a strategic advan tage, both in terms of the quality of the experienc e offered to final clients and the greater control th ey provide over sales and after-sales activities.
In light of the first-half results, the strong Orde r Intake performance and the high level of coverage provided by the order book, the Group confirms its 2026 Guid ance, with Net Revenue New Yachts expected to range from €980 million to €1,020 million, EBITDA f rom €180 million to €192 million, EBIT from €140 mi llion to €147 million, and Group Net Profit from €108 mil lion to €114 million. The Group also confirms its 2 028 Business Plan targets, which call for Net Revenue N ew Yachts to grow at a CAGR of at least 6%, an EBITDA margin of at least 19.0% and an EBIT margin of at least 14.5%. These targets were set on the ba sis of an organic growth scenario and exclude any poten tial contribution from inorganic growth transaction s.
The Group continues to assess such opportunities wi th discipline and selectivity, and they therefore represent potential upside to the stated targets.
More broadly, the Group continues to benefit from t he competitive advantage afforded by its business model: high-end positioning, controlled scarcity, t he uniqueness of its made-to-measure offering, sele ctive distribution and strong links to design and sustain able innovation. Bringing together the Sanlorenzo, Bluegame and Nautor Swan brands, each with its own exclusive and non-overlapping identity, further
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 46 consolidates the Group as a unique global yachting hub and supports its ability to sustain its growth trajectory over the long term.
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SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 48
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 49 CONDENSED HALF-YEARLY CONSOLIDATED
FINANCIAL STATEMENTS AS AT 30 JUNE 2026
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
(€’000) Notes 30 June 2026 31 December 2025 ASSETS Non -current assets Property, plant and equipment 17 221,623 222,572 Goodwill 18 70,521 69,635 Other intangible assets 19 116,765 117,957 Equity investments and other non-current assets 20, 37, 38 28,065 27,963 of which equity investments measured using the equity method 13,148 12,693 Net deferred tax assets 15 5,982 7,435 Total non -current assets 442,956 445,562 Current assets Inventories 21 181,235 178,293 Contract assets 22 324,415 294,831 Other financial assets, including derivatives 26 32,769 39,121 Trade receivables 23 31,534 36,978 Other current assets 24 63,909 96,780 Cash and cash equivalents 25 170,624 149,056 Total current assets 804,486 795,059 TOTAL ASSETS 1,247,442 1,240,621
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 50 (€’000) Notes 30 June 2026 31 December 2025 EQUITY AND LIABILITIES EQUITY Share capital 27 35,714 35,640 Share premium 27 105,406 104,181 Other reserves 27 340,328 270,899 Profit/(loss) for the period 49,128 107,421 Equity attributable to the owners of the Parent Company 530,576 518,141 Equity attributable to non-controlling interests 27 7,030 5,766 TOTAL EQUITY 537,606 523,907 Non -current liabilities Non-current financial liabilities 28 96,587 103,301 Other non-current liabilities 31 32,355 32,355 Non-current employee benefits 32 3,481 3,773 Non-current provisions for risks and charges 33 5,348 5,418 Total non -current liabilities 137,771 144,847 Current liabilities Current financial liabilities, including derivatives 28 57,438 64,778 Current provisions for risks and charges 33 19,125 17,638 Trade payables 29 256,203 293,066 Contract liabilities 22 178,109 130,356 Other current liabilities 30 56,423 61,335 Other current tax liabilities 15 2,449 2,696 Net current tax liabilities 15 2,318 1,998 Total current liabilities 572,065 571,867 TOTAL LIABILITIES 709,836 716,714 TOTAL EQUITY AND LIABILITIES 1,247,442 1,240,621
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 51 CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
(€’000) Notes 30 June 2026 30 June 2025 Revenues 9 553,528 512,302 Selling expenses 9 (50,900) (36,803) Net revenues 502,628 475,499 Other income 10 12,711 11,741 TOTAL NET REVENUE AND INCOME 515,339 487,240 Increases in internal work 11 1,752 1,690 Costs for raw materials, consumables and finished products 11 (146,039) (172,596) Outsourcing 11 (171,851) (169,129) Change in inventories of work in progress, semi-finished and finished products 11, 21 19,721 57,246 Other service costs 11 (55,478) (53,154) Personnel expenses 11 (60,201) (58,793) Other operating costs 11 (10,738) (5,230) Accruals to provisions for risks and charges 11, 33 (9,013) (6,729) Total operating costs (431,847) (406,695) OPERATING RESULT BEFORE AMORTISATION AND DEPRECIATION 83,492 80,545 Amortisation, depreciation and impairment losses of fixed assets 12, 17, 19 (21,280) (20,687) OPERATING RESULT 62,212 59,858 Financial income 13 1,915 1,320 Financial expense 13 (2,859) (3,269) Net financial income/(expense) (944) (1,949) Income/(expenses) from equity investments 14 481 (465) Adjustments to financial assets 14 7 127 PRE -TAX PROFIT 61,756 57,571 Income taxes 15 (11,056) (10,356) PROFIT/(LOSS) FOR THE PERIOD 50,700 47,215 Attributable to: Shareholders of the Parent Company 49,128 46,628 Non-controlling interests 1,572 587
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 52 (€’000) 30 June 2026 30 June 2025 OTHER COMPREHENSIVE INCOME Other comprehensive income that will not be subsequently reclassified to net profit Actuarial change in accruals for employee benefits (44) (72) Income taxes relating to actuarial changes in provisions for employee benefits 12 20 Total (32) (52) Other comprehensive income which will be subsequently reclassified to net profit Changes in the cash flow hedge reserve (1,181) 4,785 Income taxes related to changes in the cash flow hedge reserve 283 (1,148) Change in the translation reserve 160 55 Total (738) 3,692 Total other comprehensive income for the year, net of tax effect (770) 3,640 COMPREHENSIVE NET PROFIT FOR THE PERIOD 49,930 50,855 Attributable to: Shareholders of the Parent Company 48,358 50,268 Non-controlling interests 1,572 587 (in €) 30 June 2026 30 June 2025 Profit for the period attributable to the shareholders of the Parent Company 49,127,719 46,628,267 Average number of shares for basic earnings per share 35,383,753 35,015,268 Basic earnings per share 1.39 1.33 (in €) 30 June 2026 30 June 2025 Profit for the period attributable to the shareholders of the Parent Company 49,127,719 46,628,267 Average number of shares for diluted earnings per share 35,669,110 35,482,669 Diluted earnings per share 1.38 1.31
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 53 CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
(€’000) Share capital Capital Share premium Other reserves Profit for the period Equity Total Group equity Total equity
attributable to
non -controlling
interest Total equity Value as at 31 December 2024 35,542 102,569 194,911 103,121 436,143 4,617 440,760 Allocation of profit for the year - - 103,121 (103,121) - - - Dividends distributed - - (34,706) - (34,706) - (34,706) Treasury share sale/(buy-back) - - (11,110) - (11,110) - (11,110) Stock option exercise 64 1,045 (95) - 1,014 - 1,014 Other changes - - 3,163 - 3,163 (314) 2,849 Profit for the period Equity - - - 46,628 46,628 587 47,215 Other comprehensive income - - 3,640 - 3,640 - 3,640 Value as at 30 June 2025 35,606 103,614 258,924 46,628 444,772 4,890 449,662 Value as at 31 December 2025 35,640 104,181 270,899 107,421 518,141 5,766 523,907 Allocation of profit for the year - - 107,421 (107,421) - - - Dividends distributed - - (36,975) - (36,975) - (36,975) Share buy-back - - (238) - (238) - (238) Stock option exercise 74 1,225 (112) - 1,187 - 1,187 Other changes - - 103 - 103 (308) (205) Profit for the period Equity - - - 49,128 49,128 1,572 50,700 Other comprehensive income - - (770) - (770) - (770) Value as at 30 June 2026 35,714 105,406 340,328 49,128 530,576 7,030 537,606
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 54 CONSOLIDATED STATEMENT OF CASH FLOWS (€’000) Notes 30 June 2026 30 June 2025 CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 50,700 47,215 Adjustments for: Depreciation of property, plant and equipment 12, 17 14,957 14,736 Amortisation of intangible assets 12, 19 6,323 5,951 Impairment of intangible assets 18, 19 - - Adjustments to financial assets (other equity investments) 14 (488) 338 Net financial expense/(income) 13 944 1,949 Gain on sale of property, plant and equipment 17 - - Impairment losses on trade receivables 23 - - Income taxes 15 11,056 10,356 Changes in: Inventories 21 (2,942) (60,217) Contract assets 22 (29,584) (18,107) Trade receivables 23 5,444 (10,133) Other current assets 24 32,478 7,762 Trade payables 29 (36,863) (4,799) Contract liabilities 22 47,753 31,948 Other current liabilities 30 (10,054) (3,170) Accruals for risks and charges and employee benefits 32, 33 1,125 (1,465) Cash flow generated/(absorbed) by operating activities 90,849 22,364 Income taxes paid 15 (4,388) (1,972) Net cash flow generated/(absorbed) by operating activities 86,461 20,392 CASH FLOWS FROM INVESTMENT ACTIVITIES Interest received 13 1,702 1,230 Proceeds from sale of property, plant and equipment 17 19 60 Proceeds from disposal of intangible assets 19 - - Change in other equity investments and other non-current assets 20, 37, 38 - - Acquisition of subsidiaries, associates or business units 17, 19, 20 (1,600) (512) Acquisition of property, plant and equipment 17 (12,761) (10,687) Purchase of intangible assets 19 (5,272) (5,529) Net cash flow generated/(absorbed) by investment activities (17,912) (15,438) CASH FLOWS FROM FINANCING ACTIVITIES Financial interests and expense paid 13 (2,144) (2,625) Proceeds from the issue of share capital 27 1,299 1,109 Proceeds from loans/bank advances 28 23,374 84,491 Repayment of loans/bank advances 28 (35,316) (26,085) Changes in other financial assets and liabilities including derivatives 26, 28, 34 6,413 (20,866) New financial leases 28 1,764 4,867 Repayment of financial leases 28 (3,937) (3,908) Assumption of new loans 28 - - Other changes in equity 27 (1,221) 6,598 Treasury share sale/(buy-back) 27 (238) (11,110) Dividends paid 27 (36,975) (34,706) Net cash flow generated/(absorbed) by financing activities (46,981) (2,235)
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 55 (€’000) Notes 30 June 2026 30 June 2025 NET CHANGE IN CASH AND CASH EQUIVALENTS 21,568 2,719 Cash and cash equivalents at the beginning of the period 149,056 135,647 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 170,624 138,366
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 56
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 57 NOTES TO THE CONDENSED HALF-YEARLY
CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PREPARATION
1. Reporting entity Sanlorenzo S.p.A. (the "Company") is based in Italy . Its registered office is in Via Armezzone 3, Ameg lia in La Spezia. The consolidated financial statements in clude the financial statements of the Company and i ts subsidiaries (collectively the “Group”).
The Group is active in the design, building and sal e of boats and pleasure boats in fibreglass, steel and aluminium together with all other materials. It als o provides maintenance and charter services in gene ral, as well as services relating to these activities.
2. Basis of preparation These condensed half-yearly consolidated financial statements as at 30 June 2026 were drafted in compliance with the provisions of Article 154-ter o f Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) as amended, and in co mpliance with IAS 34 - Interim financial reporting.
They do not include all information required for co mplete financial statements in compliance with IFRS and must be read in conjunction with the annual consoli dated financial statements of the Group as at 31 December 2025 (the "last annual financial statement s") published on the website of the Company (www.sanlorenzoyacht.com, "Investors/Financial resu lts and documents" section). Selected notes were therefore included to explain significant events an d transactions to ensure an understanding of the changes in the Group's financial position and trend s with respect to the last annual financial stateme nts.
These condensed consolidated half-yearly financial statements have been prepared in accordance with the International Financial Reporting Standards (IF RS) issued by the International Accounting Standard s Board and endorsed by the European Union, including all interpretations of the International Financial Reporting Interpretations Committee (IFRIC), previo usly known as the Standing Interpretations Committe e (SIC). The accounting principles and criteria adopt ed for the preparation of these financial statement s are consistent with those used for the preparation of t he last annual financial statements to which refere nce should be made for more details.
These condensed half-yearly consolidated financial statements were prepared on the basis of the accounting positions of the Parent Company and its subsidiaries, adjusted accordingly to ensure they conform to the IFRS.
These condensed consolidated half-yearly financial statements include the consolidated statement of financial position, consolidated statement of profi t and loss for the period and the other comprehensi ve income, consolidated statement of cash flows and co nsolidated statement of changes in equity for the period between 1 January and 30 June 2026.
Among the options allowed by IAS 1, the Group elect ed to present its assets and liabilities as current or non-current and its income statement classifying co sts by nature. The statement of cash flows is prepa red using the indirect method.
Based on the provisions of Consob resolution no. 15 519 of 27 July 2006, the effects of transactions wi th related parties, since they are not significant in terms of understanding the financial position, prof it and loss and cash flows of the company and/or the group, are not indicated by individual item but are shown in the special statement in Note 42 "Related parties".
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 58 3. Functional and presentation currency These condensed consolidated half-yearly financial statements are presented in Euro, which is the functional currency of the Parent Company. Unless o therwise indicated, all amounts expressed in Euro have been rounded to the nearest thousand.
4. Basis of measurement These condensed consolidated half-yearly financial statements were prepared by applying the historical cost method, with the exception of derivatives, whi ch are measured at fair value as required by IFRS 9 – Financial Instruments and equity investments measur ed at equity method. Regarding the going concern assumption, the Directors have verified that there are no material uncertainties (as defined in IAS 1 paragraph 25) and have prepared these financial st atements based on that assumption 5. Use of judgements and estimates Preparation of the these condensed half-yearly cons olidated financial statements requires the Board of Directors to apply accounting principles and method ologies that, in certain circumstances, are based o n complex and subjective estimates and assessments dr awn from historical experience and assumptions that are in turn are considered to be reasonable an d realistic according to the relevant circumstances . The application of these estimates and assumptions affe cts the amounts reported in the financial statement s, such as the statement of financial position, the st atement of profit or loss and other comprehensive i ncome, the statement of cash flows, as well as the disclos ures provided.
Taking into account the current geopolitical and ma croeconomic context, these judgements and estimates have been reviewed in light of the inform ation currently available and, as at the date of preparation of this half-yearly report, there have been no significant changes compared to those alrea dy considered in the 2025 Annual Financial Report, to which reference should be made for a description of the main areas requiring the use of judgements and estimates.
The items most influenced by the valuations and est imates of the Directors and for which a change in t he circumstances underlying the assumptions applied co uld have a significant impact on the interim financ ial statements are summarised below.
Valuations
The management decisions that have the most signifi cant effects on the amounts recognised in the financial statements concern:
• revenue recognition: whether revenues from contract s are recognised over time or at a point in time;
• investments accounted for using the equity method: to establish whether the Group exercises significant influence over an investee company and to recognize the financial statement impacts arising from their valuation;
• consolidation: whether the Group has de facto contr ol over an investee.
A number of the Group's accounting standards and di sclosures require the measurement of fair values, for both financial and non-financial assets and lia bilities.
In measuring the fair value of an asset or liabilit y, the Group uses observable market data insofar as possible. Fair values are allocated to different hi erarchical levels on the basis of the input data us ed in the valuation techniques, as illustrated below:
• Level 1: quoted prices (unadjusted) in active marke ts for identical assets or liabilities;
• Level 2: input data other than Level 1 quoted price s, which are observable for the asset or liability, either directly (prices) or indirectly (price derivatives) ;
• Level 3: input data related to the asset or liabili ty that is not based on observable market data is u sed.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 59 Assumptions and estimation uncertainties Information about assumptions and estimation uncert ainties that have a significant risk of resulting i n a material adjustment to the carrying amounts of asse ts and liabilities in the next year concerns:
• revenue recognition;
• valuation of defined benefit obligations: main actu arial assumptions;
• recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forwar d can be utilised;
• impairment test of intangible assets and goodwill: key assumptions underlying recoverable amounts, including the recoverability of development costs;
• recognition and measurement of provisions and conti ngencies: key assumptions about the likelihood and magnitude of an outflow of resources;
• measurement of the loss allowance for trade receiva bles and contract assets; key assumptions used to determine the expected credit losses.
6. References to accounting standards applied In preparing these condensed half-yearly consolidat ed financial statements, the same accounting standards and policies have been applied as those a dopted in the preparation of the last annual financ ial statements, to which reference is made for a detail ed illustration, with the exception of the followin g with regard to amendments and interpretations to the acc ounting standards applicable with effect from 1 January 2026, which however did not have any signif icant effects on the consolidated Half-yearly Finan cial Report.
Accounting standards, amendments and interpretation s applied as of 1 January 2026 Reference accounting standard Effective date Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures) 1 January 2026 Contracts related to electricity dependent on natural sources (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures) 1 January 2026 The changes listed above, issued by the IASB and effective as of 1 January 2026, had no impact on the Group's condensed half-yearly consolidated financial statements IFRS and IFRIC accounting standards, amendments and interpretations published but not yet adopted in advance and for which assessments are currently being performed on any impacts Reference accounting standard Effective date IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 The Group is currently assessing the effect of these new accounting standards and amendments. IFRS 18 Presentation and Disclosure of Financial Statements, which was issued by the IASB in April 2024, and endorsed by the EU on 16 February 2026 through the publication of Regulation (EU) 2026/338, replaces IAS 1 and will result in significant changes to IFRS Accounting Standards, including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 60 Estimates and Errors ). Although IFRS 18 will not affect the recognition and measurement of items in the consolidated financial statements, it is expected t o have a significant effect on the presentation of certain items and related disclosures. These changes includ e the classification of subtotals in the statement of financial position, the aggregation/disaggregation and labelling of information, and disclosures on performance measures. IFRS 18 will come into force for financial years beginning on or after 1 January 2027, with retroactive application as required by t he standard itself.
7. Operating segments For the purposes of segment reporting prepared in a ccordance with IFRS 8 - Operating Segments, the Sanlorenzo Group identifies a single operating sect or on the basis of the management reports periodica lly examined by the highest operational decision-making level (Chief Operating Decision Maker - CODM), for the purpose of resource allocation and performance evaluation.
The Group offers the following main product ranges:
• Yacht: motor yachts in composite material between 2 4 and 41 metres long, • Superyacht: aluminium and steel motor yachts betwee n 44 and 74 metres long, • Bluegame: composite motor sport utility yachts betw een 13 and 26 metres long, • Nautor Swan: sailing yachts, in carbon fibre and co mposite, and composite motor yachts, between 13 and 44 metres long.
Although the Group has four distinct product ranges , the allocation of production, infrastructure and commercial resources is centralised, in line with t he Group’s overall strategies aimed at maximising r esults and optimising production capacity.
All product ranges are characterised by a substanti ally unitary business model, based on build-to-orde r production, the shared use of industrial and infras tructure networks, the integration of design and construction activities, the sharing of the commerc ial network, and consistent commercial policies in terms of market positioning. The Group operates in a very high-end segment, with limited volumes, highly sophisticated international customers and premium p ricing.
In light of the characteristics of the business mod el, the methods of centralised allocation of resour ces, the integration of infrastructures and production proce sses, as well as the structure of the information a ctually used by the Chief Operating Decision Maker, the Gro up identifies a single operating sector for the purposes of the disclosure required by IFRS 8.
8. Seasonality
The Group's results are influenced by some seasonal phenomena typical of the yachting sector in which the Group carries on business.
The Group sells its yachts principally to end custo mers and brand representatives, which act as distributors, and, to a lesser extent, consigns the m to stock as part of the minimum purchase commitme nts set forth contractually for each representative bra nd. Contracts for the sale of bespoke yachts to end customers are signed mainly in spring and autumn, p eriods in which the major boat shows in which the Group companies participate are also concentrated.
Deliveries of yachts are concentrated in the April- July period, especially in European countries, whil e deliveries of yachts in the APAC and Americas marke ts are distributed throughout the year.
The concentration of the collection of orders and d eliveries in European countries in given periods of the year, against the constant flow of payments to Grou p suppliers and contractors, has an impact on liqui dity, normally higher between April and July and less so in the first quarter of the year, the period in whi ch financial debt (comprised of short-term loans or co ntract advances) is higher as a result of the lower flow of collections. As a result, the individual interim financial and economic results may not contribute uniformly to the formation of the results achieved by the Gro up in the course of the year.
There were no significant effects relating to seaso nal phenomena on revenues.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 61 PERFORMANCE FOR THE PERIOD 9. Revenues and selling expenses (€’000) 30 June 2026 30 June 2025 Change Revenues from contracts with customers 553,528 512,302 41,226 Selling expenses (50,900) (36,803) (14,097) Net revenues 502,628 475,499 27,129 Revenues from contracts with customers Revenues from contracts with customers, which relate to the sale of boats, new and pre-owned, and the provision of services, are shown in the above table gross and net of the related selling expenses related to commissions and the costs of collecting and handling pre-owned boats traded in. During the period to 30 June 2026 revenues before marketing costs amounted to Euro 553,528 thousand, an increase of Euro 41,226 thousand compared to Euro 512,302 thousand in the first half of 2025. A breakdown of revenues from contracts with customers by type is as follows. (€’000) 30 June 2026 30 June 2025 Change Revenues from the sale of new yachts 493,448 475,360 18,088 Revenues from the sale of pre-owned boats 25,629 15,067 10,562 Revenues from maintenance and other services 34,451 21,875 12,576 Revenues from contracts with customers 553,528 512,302 41,226 Revenues from the sale of new yachts came to Euro 493,448 thousand as at 30 June 2026, up by Euro 18,088 compared to 30 June 2025. Revenues from the sale of pre-owned boats as at 30 June 2026 was equal to Euro 25,629 thousand, up Euro 10,562 thousand compared with 30 June 2025. Revenues for maintenance services, parts sales for all types of boats and other services amounted to Euro 34,451 thousand as at 30 June 2026, up by Euro 12,576 thousand compared to 30 June 2025. These transactions, managed in specific orders received from customers, represent obligations other than the sale of yachts. A breakdown of revenues from contracts with customers by product range is provided below. (€’000) 30 June 2026 30 June 2025 Change Yacht 270,498 254,297 16,201 Superyacht 180,745 150,552 30,193 Bluegame 45,017 47,949 (2,932) Nautor Swan 57,268 59,504 (2,236) Revenues from contracts with customers 553,528 512,302 41,226
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 62 The next table provides a breakdown of the revenues from contracts with customers by geographical area according to nationality of the owner customer.
(€ 000) 30 June 2026 30 June 2025 Change Italy 74,495 74,647 (152) Europe (other countries) 197,383 235,503 (38,120) Americas 146,430 103,593 42,837 APAC 87,050 60,507 26,543 MEA 48,170 38,052 10,118 Revenues from contracts with customers 553,528 512,302 41,226 Revenues are measured based on the consideration specified in the contract with the customer. In particular, the sale of new boats complies with the requirements for the fulfilment of the performance obligation over the period of time of construction of the boat (“over time”); therefore, the related revenues are recognised based on the progress of the orders and the progress made is measured with the cost-to-cost method. Revenues relating to the sale of pre-owned boats, based on generally established contractual characteristics, are recognised at a given moment in time ("at a point in time"). Revenues related to maintenance, sales of spare parts and provision of services activities are managed through spot orders from the client and are recognised at a point in time basis. Selling expenses (€’000) 30 June 2026 30 June 2025 Change Commissions (25,271) (21,736) (3,535) Collection and handling costs for pre-owned boats (25,629) (15,067) (10,562) Selling expenses (50,900) (36,803) (14,097) Boat selling expenses include commissions and the costs of collecting, handling and selling pre-owned boats taken in trade-in. Commissions, which refer to costs incurred by the Group for brokerage activities performed by dealers and agents, amounted to Euro 25,271 thousand and increased by Euro 3,535 thousand compared to 30 June 2025. Costs for the collection and management of pre-owned boats amounted to Euro 25,629 thousand, an increase of Euro 10,562 thousand compared to Euro 15,067 thousand for the period ended 30 June 2025. 10. Other income (€’000) 30 June 2026 30 June 2025 Change Gains on disposals of assets 12 98 (86) Other revenue 12,699 11,643 1,056 Other income 12,711 11,741 970 Other income in the first half of 2026 amounted to Euro 12,711 thousand, an increase of Euro 970 thousand compared to Euro 11,741 thousand in the same period of the previous year. Other revenues mainly include income for services and chargebacks to suppliers and contributions deriving from tax facilitations such as the R&D credit and the bonus for investment in capital goods under Laws no. 160 of 2019 and no. 178 of 2020.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 63 11. Operating costs (€’000) 30 June 2026 30 June 2025 Change Increases in internal work (1,752) (1,690) (62) Costs for raw materials, consumables and finished products 146,039 172,596 (26,557) Outsourcing 171,851 169,129 2,722 Other service costs 55,478 53,154 2,324 Change inventories of work in progress, semi -finished and finished products (19,721) (57,246) 37,525 Personnel expenses 60,201 58,793 1,408 Other operating costs 10,738 5,230 5,508 Accruals to provisions and impairment losses 9,013 6,729 2,284 Operating costs 431,847 406,695 25,152 Operating costs amounted to Euro 431,847 thousand and Euro 406,695 thousand as at 30 June 2026 and 30 June 2025, respectively. The work performed by the Company and capitalised refers to the costs of the personnel involved in the development of new boats, which are capitalised under the item development expenditure in relation to intangible assets. Raw materials, consumables and finished products are presented net of returns, discounts, allowances and bonuses. Outsourcing chiefly related to naval carpentry services, turnkey furnishings for yachts and superyachts, electrical and plumbing work and the fitting of the boat’s interior and exterior. Other service costs mostly comprise costs for consulting services, transport costs, the Board of Directors’ and Statutory Auditors’ fees, travel expenses and cleaning and maintenance costs. The change in inventories of work in progress, semi-finished and finished products was Euro (19,721) thousand and Euro (57,246) thousand respectively as at 30 June 2026 and 30 June 2025. Work in progress refers to orders of less or more than one year duration for which the contract with the customer was not yet finalised by the end of the period. Labor costs totaled 60,201 thousand euros and, compared to the figure as of June 30, 2025, increased by 1,408 thousands euros. The following table shows the breakdown of personnel by classification as of June 30, 2026: 30 June 2026 30 June 2025 Change Managers 66 62 4 White collars 1,009 1,022 (13) Blue collars 588 578 10 Total employees 1,663 1,662 1 The average by qualification is shown below: 30 June 2026 30 June 2025 Change Managers 65 63 2 White collars 1,015 1,019 (4) Blue collars 582 570 12 Total employees 1,662 1,652 10
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 64 A breakdown of personnel expenses is as follows:
(€’000) 30 June 2026 30 June 2025 Change Salaries and wages 45,225 44,532 693 Social security contributions 13,145 12,365 780 Post-employment benefits 1,831 1,896 (65) Total personnel expense 60,201 58,793 1,408 Other operating costs mostly related to advertising for Euro 2,334 thousand and Euro 2,203 thousand as at 30 June 2026 and 30 June 2025, respectively, and to other sundry costs for Euro 8,404 thousand and Euro 3,027 thousand as at 30 June 2026 and 30 June 2025, respectively. As at 30 June 2026, the accruals to provisions and impairment losses predominantly pertain to order completion activities. 12. Amortisation, depreciation and impairment losses of fixed assets (€’000) 30 June 2026 30 June 2025 Change Amortisation of intangible assets 6,323 5,951 372 Depreciation of property, plant and equipment 14,957 14,736 221 Amortisation/depreciation 21,280 20,687 593 Amortisation, depreciation and impairment losses of fixed assets amounted to Euro 21,280 thousand and Euro 20,687 thousand respectively as at 30 June 2026 and 30 June 2025. The increase, equal to Euro 593 thousand, is mainly related to the investments made during the period. As at 30 June 2026, amortisation of intangible assets was equal to Euro 6,323 thousand and mainly consisted of amortisation of development costs for Euro 4,962 thousand, amortisation of the rights to use the Viareggio warehouses for Euro 282 thousand and amortisation of software applications for Euro 860 thousand. As at 30 June 2026, depreciation stood at Euro 14,957 thousand and was related to depreciation of industrial and commercial equipment for Euro 5,984 thousand, land rights and buildings for Euro 2,766 thousand, other assets for Euro 4,117 thousand, and plant and equipment for Euro 2,090 thousand. 13. Net financial income/(expense) (€ 000) 30 June 2026 30 June 2025 Change Financial income 1,915 1,320 595 Financial expense (2,859) (3,269) 410 Net financial income/(expense) (944) (1,949) 1,005 Net financial expenses amounted to Euro 944 thousand as at 30 June 2026 with an improvement of Euro 1,005 thousand compared to 30 June 2025. Financial income amounted to Euro 1,915 thousand and derived mainly from the investment of available liquidity. Please refer to Note 35 "Cash management" for more information on the investments made by the Parent Company. (€’000) 30 June 2026 30 June 2025 Change Interest income - third parties and credit institutions 702 205 497 Interest income on loans to associated companies - 5 (5) Income from financial investments 1,213 1,110 103 Financial income 1,915 1,320 595
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 65 Financial expense amounted to Euro 2,859 thousand, the breakdown of which is shown in the table below.
(€’000) 30 June 2026 30 June 2025 Change Interest expense - banks (1,744) (2,336) 592 Interest expense - third parties (387) (356) (31) Interest expense on lease liabilities (410) (367) (43) Other financial expense (137) (347) 210 Foreign exchange rate gains/(losses) (181) 137 (318) Financial expense (2,859) (3,269) 410 14. Net profit from equity investments and adjustments to financial assets (€’000) 30 June 2026 30 June 2025 Change Income/(expenses) from equity investments 481 (465) 946 Adjustments to financial assets 7 127 (120) Net profit from equity investments and adjustments to financial assets 488 (338) 826 Net income from equity investments, totalling Euro 481 thousand, mainly include the valuation at equity of the associated company Carpensalda Yacht Division S.r.l. For more details and information on investments in associated companies, please refer to note 38 "Associated companies" in these financial statements. Adjustments to financial assets include the recognition of the fair value of financial instruments mainly held by the Parent Company as part of its interest and exchange rate risk management strategy. 15. Income taxes (€’000) 30 June 2026 30 June 2025 Change Current taxes 18,800 9,278 9,522 Taxes relative to prior years (9,127) 2,211 (11,338) Deferred tax assets and liabilities 1,383 (1,133) 2,516 Income taxes 11,056 10,356 700 As at 30 June 2026, income taxes stood at Euro 11,056 thousand, up by Euro 700 thousand over the same period of the previous year. This item consists mainly of current taxes, equal to Euro 18,800 thousand, taxes for prior years, equal to Euro (9,127) thousand, and the decrease in deferred tax assets and liabilities taken to the income statement, equal to Euro 1,383 thousand. Income taxes reflect the recognition of a portion of the patent box tax benefit. Current tax assets and liabilities (€’000) 30 June 2026 31 December 2025 Change Current tax assets 34,224 36,869 (2,645) Current tax liabilities (28,785) (24,760) (4,025) Net assets/(liabilities) for current taxes 5,439 12,109 (6,670) Net current tax assets and liabilities amounted to Euro 5,439 thousand and Euro 12,109 thousand as at 30 June 2026 and 31 December 2025, respectively. They consist mainly of IRES and IRAP, in the period under consideration the Company reclassified the tax advances.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 66 Net deferred tax assets (€’000) 30 June 2026 31 December 2025 Change Net deferred tax assets 5,982 7,435 (1,453) The balance shows the difference between deferred tax assets and deferred tax liabilities arising over the years. Net deferred tax assets were equal to Euro 5,982 thousand as at 30 June 2026 and Euro 7,435 thousand as at 31 December 2025. The main temporary differences that have produced deferred tax assets regard the provisions for risks and charges. Deferred tax assets are recognised when the management believes that they will be recovered through future taxable earnings on the basis of company plans. Deferred tax liabilities relate to temporary differences for the current year and previous years to be paid in subsequent years in line with applicable tax regulations. 16. Earnings per share The calculation of the earnings per share in the half-years ended 30 June 2026 and 2025 is indicated in the following table and is based on the ratio between the profit attributable to the shareholders of the Parent Company and the average number of ordinary shares for each period, net of portfolio treasury shares, equal to 272,794 as at 30 June 2026 and 759,226 as at 30 June 2025. Diluted earnings per share are substantially in line with basic earnings per share, as the dilutive effects of the 2020 Stock Option Plan were not significant as at 30 June 2026. (in €) 30 June 2026 30 June 2025 Profit for the year attributable to the shareholders of the Parent Company 49,127,719 46,628,267 Average number of shares for basic earnings per share 35,383,753 35,015,268 Basic earnings per share 1.39 1.33 (in €) 30 June 2026 30 June 2025 Profit for the year attributable to the shareholders of the Parent Company 49,127,719 46,628,267 Average number of shares for diluted earnings per share 35,669,110 35,482,669 Diluted earnings per share 1.38 1.31
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 67 ASSETS 17. Property, plant and equipment Property, plant and equipment amounted to Euro 221, 623 thousand and Euro 222,572 thousand as at 30 June 2026 and 31 December 2025, respectively.
(€’000) Land and
buildings Industrial
equipment Plant and equipment Other assets Intangible assets in progress Total Historical cost 174,543 128,734 39,938 58,388 11,185 412,788 Accumulated amortisation, depreciation and impairment losses (57,736) (82,440) (19,618) (30,422) - (190,216) Net carrying amount as at 31 December 2025 116,807 46,294 20,320 27,966 11,185 222,572 Changes: Additions 1,155 4,799 1,602 1,928 3,277 12,761 Disposals (26) - (32) (150) (131) (339) Change due to BU acquisition 1,341 7 3 - - 1,351 Reclassifications 87 4,538 225 91 (4,735) 206 Depreciation/amortisation (2,766) (5,984) (2,090) (4,117) - (14,957) Utilisation of accrued amortisation 9 - 23 28 - 60 Fund reclassifications and other changes (386) 114 - 241 - (31) Historical cost 177,100 138,078 41,736 60,257 9,596 426,767 Accumulated amortisation, depreciation and impairment losses (60,879) (88,310) (21,685) (34,270) - (205,144) Net carrying amount as at 30 June 2026 116,221 49,768 20,051 25,987 9,596 221,623 As at 30 June 2026, property, plant and equipment included: • Land and buildings equal to Euro 116,221 thousand: these mostly refer to the Parent Company’s buildings located at the production facilities in Ameglia (SP), Massa (MS), Viareggio (LU) and La Spezia (SP); • Industrial equipment equal to Euro 49,768 thousand: refers mostly to technical instrumentation, mainly owned by the Parent Company and the companies of the Nautor Swan Group, for scaffolding, for the handling and extraction of fiberglass moulds and for the creation of moulds. • Plants and machinery equal to Euro 20,051 thousand: they are mainly owned by the Parent Company and for the most part they relate to fire-fighting, electrical, hydraulic and suction systems. • Other assets amounting to Euro 25,987 thousand, mainly consisting of motor vehicles and internal vehicles, electronic machines and furniture and fixtures. • Fixed assets in progress equal to Euro 9,596 thousand: mainly refer to the Parent Company and the companies of the Nautor Swan Group and mainly include the costs incurred for the creation of new models and moulds. As at 30 June 2026, additions to property, plant and equipment were equal to Euro 12,761 thousand and refer to fixed assets in progress for Euro 3,277 thousand, industrial equipment for Euro 4,799 thousand, buildings for Euro 1,155 thousand, other assets for Euro 1,928 thousand and plants for Euro 1,602 thousand. As at 30 June 2026, disposals were equal to Euro 339 thousand, net of accrued depreciation equal to Euro 60 thousand, mainly concerned the other assets of the Parent Company. Depreciation as at 30 June 2026 was Euro 14,957 thousand, Euro 221 thousand higher compared to 30 June 2025, mostly as a result of the investments made during the period and previous years. The line " Change due to BU acquisition " in the table shows the increase in property, plant and equipment resulting from the acquisition of the BU from Mast Italia S.r.l.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 68 18. Goodwill Goodwill is recognised in the consolidated financia l statements at the date of acquisition of the cont rol of a business pursuant to IFRS 3 and is the aggregate of the consideration transferred to acquire a busin ess or a business unit and the algebraic sum of the fai r values, assigned at the acquisition date, to the identifiable assets and liabilities acquired that c omposed such business or business unit.
After its initial recognition, goodwill is valued a t cost net of accumulated impairment.
As of 30 June 2026, goodwill amounted to Euro 70,52 1 thousand, an increase of Euro 886 thousand compared to 31 December 2025 , related to the acquisition of the BU from Mast It alia S.r.l. which further strengthened the Group’s production capacity.
As it has an indefinite useful life, goodwill is no t amortised but is tested for impairment at least once a year unless s ome indications of impairment based on external and internal sources of information identified by the G roup makes it necessary to test it for impairment a lso during preparation of the interim reports.
As required by IAS 36, paragraph 12, as at the date of the condensed interim financial statements, the Group assessed, based on information from external and internal sources, the possible presence of indicators of impairment of assets, also taking int o account the current geopolitical and macroeconomi c context. In this context, the economic-financial re sults for the first half of 2026 were considered, w hich are consistent and in line both with the assumptions us ed in the three-year projections prepared solely fo r the purposes of the 2025 Impairment Test and with those underlying the 2026-2028 business plan, as well as the absence of external events such as to signif icantly affect the reference markets.
Therefore, no indicators of impairment emerged that would require conducting an impairment test as at 30 June 2026 on the value of goodwill, trademarks, and other tangible and intangible assets allocated to the identified Cash Generating Unit.
19. Other intangible assets Other intangible assets, which include assets with a definite and infinite useful life, stood at Euro 116,765 thousand as at 30 June 2026 and Euro 117,957 thousa nd as at 31 December 2025.
(€’000) Concessions,
licences,
trademarks and
similar rights Other fixed assets Development costs Fixed assets in progress Total Historical cost 75,633 291 96,929 13,545 186,398 Accumulated amortisation, depreciation and impairment losses (14,626) (274) (53,541) - (68,441) Net carrying amount as at 31 December 2025 61,007 17 43,388 13,545 117,957 Changes: Additions 416 - 2,412 2,444 5,272 Disposals (7) - - (256) (263) Reclassifications 3,107 - 4,545 (7,858) (206) Depreciation/amortisation (1,358) (3) (4,962) - (6,323) Utilisation of accrued amortisation 7 - - - 7 Fund reclassifications and other changes 336 - (15) - 321 Historical cost 79,149 291 103,886 7,875 191,201 Accumulated amortisation, depreciation and impairment losses (15,641) (277) (58,518) - (74,436) Net carrying amount as at 30 June 2026 63,508 14 45,368 7,875 116,765 (€’000) 30 June 2026 31 December 2025 Change Goodwill 70,521 69,635 886
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 69 As at 30 June 2026, other intangible assets include :
• Concessions, licences and trademarks and similar ri ghts amounting to Euro 63,508 thousand: mainly related to the Parent Company as well as to the rec ognition of the effect of the PPA on the Group's financial statements. More specifically, the item m ainly consists of the recognition of the Swan trademark for Euro 34,760 thousand and the Simpson trademark for Euro 6,064 thousand following the price allocation process, as well as the conces sion acquired together with the former Cantieri San Marco business unit in 2018 for Euro 2,539 thousand , two mooring rights acquired by the Parent Company until 2067 in “Porto Mirabello”, a port fac ility in La Spezia, for Euro 1,553 thousand net, th e right of use for the buildings in Viareggio for Eur o 7,770 thousand acquired with the demerger of Polo Nautico Viareggio S.r.l. in previous years, softwar e for Euro 4,694 thousand and various rights for Eu ro 2,023 thousand.
• Other fixed assets equal to Euro 14 thousand.
• Development costs, equal to Euro 45,368 thousand: t hey mainly comprise costs for the development and design of new boats incurred by the Parent Comp any, Bluegame, and the Nautor Swan Group companies.
• Assets under development equal to Euro 7,875 thousa nd, mostly consisting of development costs for the design and study of new boat models.
Recoverability of development costs As at 30 June 2026 and 31 December 2025, intangible assets include projects to develop new boats and innovative fibreglass, steel and aluminium solution s for medium to large boats in the amount of Euro 4 5,368 thousand and Euro 43,388 thousand, respectively.
Planning and design costs are generally amortised a t 12.5%, having an average duration of 8 years, tak ing into account the useful life of each element.
Projects normally take between one to three years t o develop (roughly 18 months for fibreglass boats) and the group usually recognises the related costs over this period. The design stage ends with the buildi ng of the prototype and the model is definitive for sale on the market (new boat design). However, the Group may incur design costs after this if it decides to improve the boat, restyle it or if the customer req uests customisation (Boat Design in Production). Designs obviously have to reflect market trends and conside r competitors' strategies. Due to difficulties in ide ntifying the right moment for a new product to go t o market, the Group defines its specific strategy in this res pect each year.
Based on the business plan, which considers sales f orecasts, company management deems that the development costs recognised as at 30 June 2026 is recoverable.
20. Equity investments and other non-current assets (€’000) 30 June 2026 31 December 2025 Change Investments in associated companies measured at equity 13,148 12,693 455 Equity investments in other companies 36 36 - Other non-current assets 14,841 15,186 (345) Other financial instruments 40 48 (8) Equity investments and other non -current assets 28,065 27,963 102 Details of changes in equity investments and other non-current assets in the first half of 2026 are provided in the table below:
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 70 (€’000) Equity
investments
in associated
companies Equity
investments
in other
companies Other non -
current assets Other financial instruments Total Value as at 1 January 2026 12,693 36 15,186 48 27,963 Changes: Valuation with the equity method 481 - - - 481 Other changes (26) - (345) (8) (379) Value as at 30 June 2026 13,148 36 14,841 40 28,065 Equity investments in associated companies measured with the equity method amounted to Euro 13,148 thousand and Euro 12,693 thousand as at 30 June 2026 and 31 December 2025, respectively. The item Valuation with the equity method refers to the pro-rata net result for the year of the companies valued using the equity method for a total amount of Euro 481 thousand relating mainly to the results achieved by Carpensalda Yacht Division S.r.l. and Sa.La. S.r.l. Equity investments in other companies, equal to Euro 36 thousand, related to investments that are fairly negligible in companies and consortia. Other non-current assets mainly refer to tax credits relating to R&D and the Development Contract that can be used in the coming years. 21. Inventories (€’000) 30 June 2026 31 December 2025 Change Raw materials and consumables 19,102 19,122 (20) Work in progress and semi-finished products 126,908 109,862 17,046 Finished products 38,320 53,546 (15,226) Allowance for inventory write-down (3,095) (4,237) 1,142 Inventories 181,235 178,293 2,942 Inventories amounted to Euro 181,235 thousand, an increase of Euro 2,942 thousand compared to 31 December 2025 due to the increase in volumes and, to a lesser extent, the seasonality of the sector. Inventories of raw materials and consumables include the materials necessary to build the boats. Work in progress and semi-finished products relate to the boat construction contracts that have not been finalised with the customer before the end of the reporting period. The finished products comprise traded-in boats, which are recognised at cost when the group receives them and the value of which is adjusted at the end of each year to the presumed realisable value through the recognition of the relative allowance for write-down, and new boats on delivery. During the valuation process of pre-owned boats, the Group relies on various elements such as the analysis of the specific characteristics of the pre-owned boats, the valuations carried out at the time of their purchase including age, current market trend, the uniqueness of each boat and of each trade negotiation, as well as the sales already concluded in the subsequent period. The project “Perpetual by Sanlorenzo”, designed to diversify and qualify the pre-owned boats of the Group compared with the competition, provides for each boat that is part of the programme to be valued, managed and reconditioned by the Group's personnel in order to guarantee the efficacy of the boats' machinery and instruments. The allowance for inventory write-down, including finished products and raw materials, recorded a net decrease of Euro 1,142 thousand, linked primarily to the adjustment of inventories to the estimated realisable value.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 71 (€ 000) Balance Allowance for inventory write -down as at 31 December 2025 4,237 Allocations 1,945 Utilisations (3,087) Allowance for inventory write -down as at 30 June 2026 3,095 22. Contract assets and liabilities Contract assets refer to ongoing contracts measured using the cost-to-cost method as the contract terms have already been finalised with the customer. They are recognised as assets net of the related contract liabilities when, based on a case-by-base analysis, the gross value of the work performed at the reporting date is higher than the advances received from customers. Conversely, if the progress payments are greater than the related contract assets, the difference is recognised as a contract liability. Net contract assets are as follows: (€’000) 30 June 2026 31 December 2025 Change Contract assets (gross) 871,498 1,013,615 (142,117) Advances received from customers (547,083) (718,784) 171,701 Contract assets (net) 324,415 294,831 29,584 The net balance of contract assets as at 30 June 2026 includes a negative amount of Euro 293 thousand relating to the fair value measurement of currency hedges on contracts denominated in US dollars; as at 31 December 2025, this amount was positive for Euro 1,317 thousand. Net contract liabilities are as follows: (€’000) 30 June 2026 31 December 2025 Change Payables for work to be carried out 15,198 12,490 2,708 Total advances received from customers 709,994 836,650 (126,656) Advances deducted from contract assets (547,083) (718,784) 171,701 Contract liabilities (net) 178,109 130,356 47,753 Contract liabilities for work to be performed relate to unsatisfied or partially unsatisfied performance obligations referring to all boats (both with original expected duration within 1 year and more) and are expected to be recognised in accordance with production timing related to yacht (between 7 and 16 months on average) and superyacht (between 24 and 46 months on average). The item had a net balance of Euro 178,109 thousand and Euro 130,356 thousand as at 30 June 2026 and 31 December 2025, respectively. 23. Trade receivables (€’000) 30 June 2026 31 December 2025 Change Receivables from customers 32,991 38,884 (5,893) Trade receivables from associates 25 - 25 Trade receivables from parent 14 - 14 Loss allowance (1,496) (1,906) 410 Trade receivables 31,534 36,978 (5,444) Trade receivables amounted to Euro 31,534 thousand and Euro 36,978 thousand as at 30 June 2026 and 31 December 2025, respectively, marking a reduction of Euro 5,444 thousand.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 72 Receivables are presented net of the loss allowance allocated over the years to provide for credit-imp aired receivables that are still recognised pending the c ompletion of the related court-approved creditors' settlement procedure or out-of-court recovery proce edings. It is believed that the loss allowance is appropriate to cope with the risk of potential non- collection of past due receivables.
Changes in the loss allowance in the first half of 2026 are as follows:
(€’000) Balance Loss allowance as at 31 December 2025 1,906 Uses (486) Allocations 81 Other changes (5) Loss allowance as at 30 June 2026 1,496 A breakdown of trade receivables by geographical area is as follows: (€’000) 30 June 2026 31 December 2025 Change Italy 8,195 7,216 979 Europe (other countries) 15,908 19,758 (3,850) Americas 3,649 3,478 171 APAC 8,415 4,078 4,337 MEA (4,633) 2,448 (7,081) Trade receivables 31,534 36,978 (5,444) A breakdown of receivables from customers is as follows: (€’000) 30 June 2026 Not past due Overdue for (dd) 0-365 366 -730 >730 Receivables from customers 26,624 2,683 438 1,333 Loss allowance (166) (224) (183) (923) Receivables for customers to be invoiced 1,952 - - - Trade receivables 28,410 2,459 255 410 24. Other current assets (€’000) 30 June 2026 31 December 2025 Change Advances to suppliers 23,531 34,098 (10,567) Other receivables 8,477 7,827 650 Other tax assets 15,975 33,950 (17,975) Costs to obtain the contracts 7,515 10,120 (2,605) Accrued income and prepaid expenses 8,411 10,785 (2,374) Other receivables and other current assets 63,909 96,780 (32,871) Other current assets amounted to Euro 63,909 thousand and Euro 96,780 thousand as at 30 June 2026 and 31 December 2025, respectively. All receivables in this category are considered collectible and therefore no impairment has been made on them.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 73 25. Cash and cash equivalents (€’000) 30 June 2026 31 December 2025 Change Bank and postal current accounts 170,530 148,983 21,547 Cash on hand 94 73 21 Cash and cash equivalents 170,624 149,056 21,568 Cash and cash equivalents amounted to Euro 170,624 thousand and Euro 149,056 thousand as at 30 June 2026 and 31 December 2025, respectively. For further information on the change in cash and cash equivalents, reference should be made to the statement of cash flows. 26. Other financial assets, including derivatives (€’000) 30 June 2026 31 December 2025 Change Financial receivables from associated companies 4,350 4,405 (55) Derivatives 551 1,525 (974) Other financial instruments 27,430 31,960 (4,530) Other financial receivables 438 1,231 (793) Other financial assets 32,769 39,121 (6,352) Derivatives amounted to Euro 551 thousand and Euro 1,525 thousand as at 30 June 2026 and 31 December 2025 respectively. They include currency hedges (EUR/USD) and interest rate hedges with a positive fair value (Mark to Market Value) at the end of the reporting period. The Group uses derivatives to hedge against the risk of fluctuations in the US dollar for its sales in that currency and the risks that interest rates on its floating-rate loans and borrowings may increase. For further details please refer to notes 34 to 36 "Derivatives” and “Financial risk management" in these financial statements. Other financial instruments include listed bonds of investment-grade issuers with a market value of Euro 27,430 thousand, used by the Company to invest excess cash. For further details, please refer to note 35 "Cash management" in these financial statements.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 74 EQUITY AND LIABILITIES 27. Share capital and reserves
Group equity
The next table provides a breakdown of the Group’s equity:
(€’000) Share
capital
capital Share premium Other reserves Profit for the period Equity Group equity Equity
attributable to
non -controlling
interests Total equity Value as at 31 December 2025 35,640 104,181 270,899 107,421 518,141 5,766 523,907 Allocation of profit for the year - - 107,421 (107,421) - - - Dividends distributed - - (36,975) - (36,975) - (36,975) Treasury share sale - - - - - - - Share buy-back - - (238) - (238) - (238) Stock option exercise 74 1,225 (112) - 1,187 - 1,187 Other changes - - 103 - 103 (308) (205) Profit for the period Equity - - - 49,128 49,128 1,572 50,700 Other comprehensive income - - (770) - (770) - (770) Value as at 30 June 2026 35,714 105,406 340,328 49,128 530,576 7,030 537,606 The following table shows details of Other reserves: (€’000) Legal reserve Extraordinary reserve Consolidation reserve Stock option reserve Treasury shares reserve Cash flow hedge reserve Reserve FTA/OCI Profit from previous years and other reserves Total Value as at 31 December 2025 7,109 240,040 22,292 3,834 (5,920) 474 (222) 3,292 270,899 Allocation of profit for the year 20 90,365 - - - - - 17,036 107,421 Dividends distributed - (36,975) - - - - - - (36,975) Treasury share sale - - - - - - - - - Share buy-back - - - - (238) - - - (238) Stock option exercise - - - (112) - - - - (112) Other changes - - 7 1,169 - (113) 51 (1,011) 103 Other comprehensive income - - - - - (898) (32) 160 (770) Value as at 30 June 2026 7,129 293,430 22,299 4,891 (6,158) (537) (203) 19,477 340,328 Share capital and share premium Ordinary shares As at 30 June 2026, the share capital, fully paid-up and subscribed, amounted to Euro 35,714 thousand and comprised 35,714,409 ordinary shares. Share capital increased by 74,213 shares compared to 31 December 2025, due to the subscription of the capital increase to service the 2020 Stock Option Plan. On 21 April 2020, the Extraordinary Shareholders' Meeting of Sanlorenzo had in fact approved a divisible share capital increase, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, of a maximum nominal value of Euro 884,615, to be executed no later than 30 June 2029, through the issue of a maximum number of 884,615 ordinary shares destined exclusively and irrevocably to service
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 75 the 2020 Stock Option Plan. As at 30 June 2026, thi s capital increase had been partially subscribed fo r 793,920 shares.
On 9 February 2024, the Company launched a treasury share buy-back program based on the authorisation resolution by the Ordinary Shareholde rs' Meeting of 12 December 2023, a plan which concluded on 12 June 2025. On 29 April 2025, the Or dinary Shareholders' Meeting approved a new share buy-back programme, which began on 13 June 2025.
On 24 April 2026, the Ordinary Shareholders' Meetin g approved a new authorisation to purchase and dispose of the Company's treasury shares, pursuant to Articles 2357 and 2357-ter of the Civil Code and Article 132 of the Consolidated Law on Finance (TUF ), simultaneously revoking the previous authorisati on approved by the Ordinary Shareholders' Meeting of 2 9 April 2025, in order to provide the Company with a sole meeting authorisation.
The authorisation was granted for the purchase, in one or more tranches, of ordinary shares, up to a maximum of 3,565,394 shares, corresponding to 10% o f the share capital, for a period of 12 months and 6 days from the date of the relevant authorising reso lution by the Meeting, and therefore until 30 April 2027.
The authorisation to dispose of treasury shares has been resolved without time limits.
As at 30 June 2026, the Company held no. 272,794 tr easury shares, equal to 0.76% of the subscribed and paid-in share capital.
Share premium
The share premium reserve includes the amount of Eu ro 105,406 thousand, resulting from the capital increase transactions carried out by shareholders i n the 2011 and 2013 financial years, from its parti al use in the 2014 financial year for the free increase in the share capital of the Parent Company, from the decrease of Euro 19,539 thousand due to the impact of the reverse merger with WindCo, the capital increase connected to the IPO transaction completed in 2019 equal to Euro 65,160 thousand net of placement commissions, from the cumulative increase as of 30 June 2026 of Euro 13,100 thousand for the exercise of the options relating to the Stock O ption Plan, of which Euro 1,225 thousand in the fir st half of 2026, and from the increase of Euro 15,757 thous and for the payment in shares of one third of 60% o f the shares at the First Closing for the purchase of the Nautor Swan Group.
Other reserves
(€’000) 30 June 2026 31 December 2025 Change Legal reserve 7,129 7,109 20 Extraordinary reserve 293,430 240,040 53,390 Consolidation reserve 22,299 22,292 7 Stock option reserve 4,891 3,834 1,057 Reserve for treasury shares in portfolio (6,158) (5,920) (238) Cash flow hedge reserve (537) 474 (1,011) Reserve FTA/OCI (203) (222) 19 Reserve from offsetting of exchange differences/CTA (263) 812 (1,075) Post-merger reserve 49 49 - Merger surplus 107 107 - Profit from previous years 19,584 2,324 17,260 Other reserves 340,328 270,899 69,429 The item comprises: • Legal reserve, which includes the allocation carried out by the Parent Company of Euro 7,129 thousand according to the provisions of the Italian Civil Code; • Extraordinary reserve relating to the Parent Company of Euro 293,430 thousand and Euro 240,040 thousand as at 30 June 2026 and 31 December 2025, respectively. The increase is due to the allocation of 2025 profit, net of dividends distributed to shareholders;
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 76 • Consolidation reserve, amounting to 22,299 thousand euros as of June 30, 2026. This reserve has changed compared to the previous fiscal year due to the increase in the equity investment in Polo Nautico Viareggio S.r.l. resulting from the acquisi tion of the business unit from Mast Italia S.r.l.
• the Stock option reserve, recognised for a positive value of Euro 4,891 thousand, expresses the value of the option, recognised on a straight-line basis over the period between the grant date and the vesting date. The aforementioned reserve refers to the 2020 Stock Option Plan reserved for executive directors and key employees of Sanlorenzo and its s ubsidiaries. For further details, please refer to n ote 41 "Share-based payments" in these financial statem ents;
• the negative Reserve for treasury shares in portfol io of Euro (6,158) thousand relates to 272,794
treasury shares;
• Cash flow hedge reserve, relating to the Parent Com pany, was Euro (537) thousand as at 30 June 2026 and Euro 474 thousand as at 31 December 2025;
• the Reserve FTA/OCI, which was affected by the tran sition of the financial statements to IFRS, in the amount of Euro (203) thousand as at 30 June 2026 an d Euro (222) as at 31 December 2025;
• the Reserve from offsetting of exchange differences for Euro (263) thousand and Euro 812 thousand as at 30 June 2026 and 31 December 2025, respective ly. The reserve was established in 2019 to reflect the exchange differences relating to the co nversion into euro of the financial statements of foreign currency companies belonging to the Group a nd the exchange differences arising from intra-
group eliminations;
• the Post-merger reserve of the Parent Company with capital contributions from the shareholders for Euro 49 thousand;
• the merger surplus of Euro 107 thousand as at both 30 June 2026 and 31 December 2025 relates to the Parent Company and was formed following the mer ger by incorporation with Eureka Imbarcazioni S.r.l. carried out in 2012 and the merger by incorp oration with PN VSY S.r.l. carried out in 2022;
• Profit from previous years of Euro 19,584 thousand as at 30 June 2026 relate to the operating results of prior periods that were not allocated to the res erves described above and other minor adjustments.
Equity attributable to non -controlling interests The change in equity attributable to non-controllin g interests is primarily due to the results of oper ations.
The item stood at Euro 7,030 thousand as at 30 June 2026 and Euro 5,766 thousand as at 31 December 202 5 .
Dividends
The Sanlorenzo Ordinary Shareholders' Meeting of 24 April 2026 approved, inter alia, the distribution of a dividend of Euro 1.05 per share, with payment as of 20 May 2026. In the first half of 2026, dividends were paid in the total amount of Euro 36,975 thousand.
28. Financial liabilities (€’000) 30 June 2026 31 December 2025 Change Bank loans and borrowings (beyond 12 months) 76,010 80,883 (4,873) Other loans and borrowings – IFRS 16 (beyond 12 months) 20,577 22,418 (1,841) Non -current financial liabilities 96,587 103,301 (6,714) Short-term bank loans and borrowings (within 12 months) 49,917 58,213 (8,296) of which bank loans 31,502 34,207 (2,705) of which bank advances 16,175 20,538 (4,363) of which other short-term financial liabilities 2,240 3,468 (1,228) Other short-term loans and borrowings – IFRS 16 5,805 6,138 (333) Hedging derivative liabilities 1,716 427 1,289 Current financial liabilities 57,438 64,778 (7,340) Financial liabilities 154,025 168,079 (14,054)
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 77 The breakdown of financial debt by maturity date is shown in the table below:
(€’000) 30 June 2026 31 December 2025 Change Within 1 year 57,438 64,778 (7,340) From 1 to 5 years 91,220 97,056 (5,836) Over 5 years 5,367 6,245 (878) Total 154,025 168,079 (14,054) A breakdown of the changes in financial liabilities is provided below: (€’000) Financial liabilities as at 31 December 2025 168,079 Changes in fair value of derivatives 1,289 New loans / bank advances 23,374 Loan repayments/bank advances (35,316) Changes in other short-term financial liabilities (1,228) New lease finance (IFRS 16) 1,764 Repayment of lease finance (IFRS 16) (3,937) Financial liabilities as at 30 June 2026 154,025 The breakdown of the Group's net financial debt as at 30 June 2026 compared to as at 31 December 2025 is reported below. For details, see the Report on Operations. (€’000) 30 June 2026 31 December 2025 A Cash 170,624 149,056 B Cash equivalents - - C Other current financial assets 32,769 39,121 D Liquidity (A + B + C) 203,393 188,177 E Current financial debt (23,302) (29,894) F Current portion of non-current financial debt (34,136) (34,884) G Current financial indebtedness (E + F) (57,438) (64,778) H Net current financial indebtedness (G + D) 145,955 123,399 I Non-current financial debt (96,587) (103,301) J Debt instruments - - K Non-current trade and other payables - - L Non -current financial indebtedness (I + J + K) (96,587) (103,301) M Total financial indebtedness (H+L) 49,368 20,098 As in previous years, the Group was required to comply with some financial parameters (covenants) on loans to be calculated, on an annual basis, in the consolidated financial statements of Sanlorenzo S.p.A. As at 30 June 2026 these parameters were complied with and are expected to remain so as at 31 December 2026. 29. Trade payables (€’000) 30 June 2026 31 December 2025 Change Payables to suppliers 254,881 290,332 (35,451) Payables to associated companies 1,322 2,727 (1,405) Payables to holding company - 7 (7)
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 78 Trade payables 256,203 293,066 (36,863) A breakdown of payables to suppliers between current and non-current is provided in the following table: (€’000) 30 June 2026 31 December 2025 Change Payables to suppliers 254,881 290,332 (35,451) of which current 254,881 290,332 (35,451) Payables to suppliers 254,881 290,332 (35,451) The breakdown of payables to suppliers by geographical area is as follows: (€’000) 30 June 2026 31 December 2025 Change Italy 222,585 247,536 (24,951) Europe (other countries) 21,475 28,501 (7,026) Americas 3,928 7,733 (3,805) APAC 1,303 1,457 (154) MEA 5,590 5,105 485 Payables to suppliers 254,881 290,332 (35,451) 30. Other current liabilities (€’000) 30 June 2026 31 December 2025 Change Social security contributions 5,070 4,074 996 Other liabilities 24,345 25,433 (1,088) Accrued expenses and deferred income 27,008 31,828 (4,820) Other current liabilities 56,423 61,335 (4,912) Social security contributions refer to the position as at 30 June 2026 and primarily include exposures to INPS, INAIL and Previndai (Italian social security institutions) for contributions due on wages and salaries, equal to Euro 5,070 thousand as at 30 June 2026 and to Euro 4,074 thousand as at 31 December 2025. Other liabilities amounted to Euro 24,345 thousand and Euro 25,433 thousand as at 30 June 2026 and 31 December 2025, respectively. The most significant item relates to the Parent Company and consists of payables to personnel. Accrued expenses and deferred income amounted to Euro 27,008 thousand as at 30 June 2026. Deferred income mainly refers to suspended revenues relating to margins on sales of boats and commissions due, which accrue according to the progress of work on the construction of boats. 31. Other non-current liabilities (€’000) 30 June 2026 31 December 2025 Change Other non-current liabilities 32,355 32,355 - Other non -current liabilities 32,355 32,355 - Other non-current liabilities refer to the Parent Company and include the recognition of the payable of Euro 32,355 thousand for the 40% share to be paid to Sawa S.r.l. with sole shareholder at the Second Closing (April 2028), arising from the acquisition of the Nautor Swan Group, completed in August 2024.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 79 32. Non-current employee benefits Post-employment benefits are recognised by the Grou p’s Italian companies, in line with reference natio nal legislation. They include benefits accrued by emplo yees at the reporting date, net of advances receive d or sums transferred to the Italian pension funds Pr evindai, Gomma Plastica, Cometa or other pension fu nds or the INPS treasury fund.
Post-employment benefits amounted to Euro 3,481 tho usand as at 30 June 2026. In the first half of 2026 , adjustments were made in terms of discounting.
33. Provisions for risks and charges (€’000) Provision for disputes Provision for warranties Provision for risks on pre -owned
boats Contract
completion
provision Total Amount as at 31 December 2025 5,874 12,639 3,370 1,173 23,056 Allocations 35 3,152 1,897 - 5,084 Uses/Releases (1,298) (33) (2,382) - (3,713) Other changes/reclassifications - 46 - - 46 Amount as at 30 June 2026 4,611 15,804 2,885 1,173 24,473 Provisions for risks and charges include the following items: • Provision for disputes: this provision was set up to cover risks linked to litigation or potential civil and tax liabilities, primarily abroad. The amount of the provision as at 30 June 2026 of Euro 4,611 thousand mainly refers to the allocation made as a precautionary measure by the Group. The line Uses/Releases is mainly related to use of provision for closing of litigation. • Provision for warranties: item quantified based on the best estimate to date of the possible costs that will be incurred for repairs under warranty on yachts already sold at the end of the period and for which revenues have therefore been booked. The item stood at Euro 15,804 thousand as at 30 June 2026 and Euro 12,639 thousand as at 31 December 2025. The warranty period is two years for new boats and one year for pre-owned boats. • Provisions for risks on pre-owned boats: as at 30 June 2026, it amounted to Euro 2,885 thousand net of utilisations and accruals made during the period and refers to the commitment to retrieving pre-owned boats on new boats. The decrease is attributable to the completion of the withdrawal of the aforementioned pre-owned boats. • Contract completion provision: this amounted to Euro 1,173 thousand and it relates to management’s best estimate of the medium- to long-term costs to be incurred for the completion of the vessels. • A breakdown of the provision for warranties between its current and non-current portions is as follows: (€’000) 30 June 2026 31 December 2025 Change Provision for warranties 15,804 12,639 3,165 of which current 13,586 10,351 3,235 of which non-current 2,218 2,288 (70) Provision for warranties 15,804 12,639 3,165 The main proceedings and inspections involving the Parent Company and some Group companies are described below.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 80 Administrative, in -court and arbitration proceedings Administrative, in -court and arbitration proceedings in which Sanloren zo Group is involved At the approval date of these consolidated financia l statements, the Group is involved in legal procee dings as part of its normal business activities. They cou ld lead to fines or compensation for damage having to be paid. As far as the Group is aware, these legal pro ceedings are normal given the Group's operations an d size and the risks inherent in its business. Specif ically, at the approval date of these consolidated financial statements, neither the holding company Sanlorenzo S.p.A nor the other Group's companies are involved in legal proceedings that could have a significant adverse effect. However, it cannot be excluded that their outcome could negatively affect the Group's financi al position, financial performance and cash flows i n the future. Assisted by its legal advisors, the Group h as set up a provision for the possible liabilities that could arise from the proceedings in its consolidated fina ncial statements as it deems that a negative outcom e is possible or remote. However, the Group cannot exclu de that it may be required to disburse amounts in t he future should the outcome of the proceedings not be in its favour. Except as indicated below, as at th e date of approval of these consolidated financial stateme nts, there are no pending legal or arbitration disp utes that may have, or have had in the recent past, sign ificant repercussions on the financial situation or profitability of the Group.
Tax proceedings
With regard to the Parent Company, as already descr ibed in the Financial Report for the previous finan cial year, with reference to the deed of recovery of the Research and Development tax credit relating to th e 2015 tax year, amounting to €266 thousand, the matt er ended on 11 November 2025 with the ruling of the First Instance Tax Court of Genoa, with which the a forementioned Court took note of the waiver of the dispute by the Italian Revenue Agency - D.R.E. Ligu ria following the annulment in self-protection of t he deed of recovery. This matter can therefore be cons idered concluded.
In December 2025, the Parent Company was notified o f an assessment notice relating to IMU for the Municipality of Viareggio in the amount of €6.8 tho usand plus penalties and interest, in relation to w hich discussions were initiated with the tax office of t he Municipality of Viareggio in order to reduce the aforementioned deed. Pending the settlement of the matter, the tax litigation process has been initiat ed as a precautionary measure, in respect of which no hea ring has been scheduled to date.
Finally, the Parent Company was notified of assessm ent notices for the waste tax by the Municipality o f Viareggio for the years 2016, 2018 and 2019 for a t otal amount of approximately Euro 253.4 thousand, including penalties and interest. In relation to th e aforementioned notices of assessment, the Parent Company has taken action with the competent authori ties.
With reference to the subsidiary Bluegame, it shoul d be noted that at the end of September 2024, the Italian Revenue Agency – Provincial Directorate of La Spezia (hereinafter also the Office) carried out a targeted access for the 2021 tax period, concerning the correct use of the ceiling formed in previous years and the achievement of the VAT credit. At the end o f March 2025, the Office notified a specific Inspec tion Report in which it found as the only substantial vi olation the incorrect application of Article 7-bis of Presidential Decree 633/1972, with the consequent n on-application of VAT in relation to the sale of a boat.
At the beginning of June 2025, the Office consequen tly notified the Draft Act, in which it fully incor porated the content of the aforementioned Inspection Report . In response to this Draft Act, the Company, throu gh its legal representatives, notified the Office in S eptember 2025 of specific counter-arguments, in rel ation to which no response has been given by the Office t o date. With the support of its advisors, the Compa ny decided not to set up a specific provision for risk s in its financial statements. Except as indicated below, no tax disputes are pending at the date of approval of these financial statements.
With regard to the subsidiary Nautor Swan, it shoul d be noted that on 15 April 2026, the Financial Pol ice, Economic and Financial Police Unit of La Spezia (he reinafter also the “Operational Unit”), carried out a targeted access aimed at i) the tax audit for the t ax periods 2024, 2025 and 2026 - at the date of acc ess
- for the purposes of direct taxes and value added tax, ii) the audit of the tax credit relating to re search, development and innovation activities for the train ing years 2020, 2021 and 2022, as well as the audit of the amounts indicated in the RU section of the 2025 SC Income form referring to the tax period 2024, a nd
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 81 iii) the tax audit for customs purposes for the tax periods 2024, 2025 and 2026 - at the date of acces s -.
To date, the aforementioned tax audit is still in p rogress.
With reference to the subsidiary Duerre, it should be noted that during 2025 the Italian Revenue Agenc y – Provincial Directorate of Pisa carried out a target ed access mainly referring to the Tax Credit for Re search and Development activities indicated in the RU tabl es of the Unico SC tax returns submitted by the sam e Company for the tax years 2015 to 2019, used as an offset in the years 2018 to 2020. An audit was also initiated for the year 2020 in relation to VAT. In relation to what has been described and to the tax risk, originally valued at approximately Euro 750,000, a specific provision was established, part of which referred to a receivable from the shareholding stru cture present at the relevant date. At the conclusi on of the audit activities and following discussions with the auditors, Duerre settled the matter by i) repa ying the Tax Credit for Research and Development activities and ii) settling the VAT relating to the 2020 tax p eriod by assessment with acceptance.
Administrative proceedings
At the date of approval of these consolidated finan cial statements, the Group is not involved in signi ficant administrative proceedings.
To the date of these consolidated financial stateme nts, the Parent Company is a party to other legal proceedings involving immaterial amounts but for wh ich it could be found liable and, hence, required t o pay settlements and possible legal costs.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 82 FINANCIAL INSTRUMENTS – FAIR VALUES AND
RISK MANAGEMENT
34. Derivatives
The Group uses derivatives to hedge against the ris k of fluctuations in exchange and interest rates. A s at 30 June 2026, the Group had the following derivativ es in its portfolio:
• forward agreements relating to sales of US dollar a nd Euro for a notional total of Euro 113,325 thousa nd taken out by the Parent Company and Bluegame S.r.l. and designated as hedges of the amounts received in US dollars by the subsidiary Sanlorenzo of the Americas LLC;
• interest rate swaps and interest rate caps for a no tional total of Euro 4,638 thousand taken out by th e Group and designated as instruments hedging interes t rates on floating rate medium/long-term loans.
As the derivatives used by the Group are based on o bservable market data, their valuation takes place at fair value level 2. The following table shows the f air value of financial instruments at the end of ea ch period.
(€’000) 30 June 2026 31 December 2025 Change Derivative assets Currency hedges 358 1,278 (920) Interest rate hedges 193 247 (54) Total assets 551 1,525 (974) Derivative liabilities Interest rate hedges (1,716) (427) (1,289) Total liabilities (1,716) (427) (1,289) At the end of each period, the Group determines whether there have been any transfers between the different "levels" of the fair value hierarchy by re-assessing their classification (if the inputs used to measure the fair value of an asset or liability are classified in the different levels of the fair value hierarchy, the entire valuation is placed in the same level of the hierarchy as the lowest level input that is significant to the entire valuation). In this regard, it should be noted that there were no transfers between the "levels" of the fair value hierarchy in the first half of 2026. 35. Cash management In view of the cash generation at the operational level and the resulting significant cash held, the Group implemented a cash management and investment strategy. As at 30 June 2026, the Group had the following financial instruments in its portfolio: • time deposits for Euro 10,000 thousand, included in cash and measured at fair value level 1; • listed bonds and certificates of “investment-grade” issuers with a market value of Euro 25,522 thousand, measured at fair value level 1; • insurance policies for Euro 100 thousand. Given the characteristics of these financial instruments and the management purposes pursued, their fair value is recognised in profit/(loss) for the year (FVTPL).
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 83 (€’000) 30 June 2026 31 December 2025 Change Restricted time deposits 10,000 - 10,000 Listed bonds and certificates 25,522 20,515 5,007 Insurance policies 100 10,000 (9,900) Investment funds 138 120 18 Total cash invested 35,760 30,635 5,125 36. Financial Risk Management Credit risk Credit risk represents the Group's exposure to potential losses that may arise from a counterparty's failure to meet its obligations. It is noted that, given the type of products sold by the Group, no specific credit risk is identified; this assessment is supported by the strict rule, contractually formalised, that requires payments to be executed on or before the delivery of the boat and the related transfer of ownership. The yacht sale contracts also provide for the Company's right to withdraw from the contract in the event of non-payment of any sum due within the established terms, with the consequent withholding by the Company of any amount collected, refunding to the defaulting party the amounts paid by the latter with the proceeds from the resale of the yacht to a new purchaser, net of expenses, interest and an amount for loss of earnings. Regarding the residual services related to the sale of spare parts or the provision of assistance services not covered by the warranty, which are, however, negligible to the Group business, the Group has a prevention and monitoring system, using external sources and internal systems that allow preventive controls on customers' reliability and solvency. Provisions are also made for doubtful or non-performing positions pending the conclusion of the related legal proceedings or out-of-court recovery attempts. The Group believes that the loss allowance is appropriate to cope with the risk of potential non-collection of past due receivables. For further details, please refer to the note "Trade receivables" in these financial statements. Liquidity risk Liquidity risk is represented by the possibility that a Group company or the Group may find itself in the position of not being able to meet its payment commitments, whether foreseen or unforeseen, due to a lack of financial resources, thus jeopardizing day-to-day operations or the financial position of the individual company or the Group. Liquidity risk may arise from any difficulty in obtaining timely funding to support operating activities and may manifest itself in the inability to obtain the necessary resources on economic terms. Cash flows, funding requirements and liquidity are under the control of the Parent Company, with the aim of ensuring effective management of financial resources. The Group has dealt with liquidity risk by reinvesting cash flows from operations, in addition to obtaining substantial lines of credit with a number of banks, the total amount of which is deemed more than sufficient to meet its financial requirements, also taking into account the effects of the seasonal nature of the sector on cash flows. The concentration of the collection of orders and deliveries in specific periods of the year, against the constant flow of payments to Group suppliers and contractors, has in fact, an impact on liquidity, normally higher between April and July and less so in the first quarter of the year, the period in which short-term financial debt may be higher as a result of the lower flow of collections. The Group therefore performs careful financial planning in order to reduce liquidity risk and has acquired significant bank credit facilities, whose use is planned on the basis of financial requirements. As at 30 June 2026, the Group has bank credit lines to meet liquidity needs of Euro 195,844 thousand 10 , of which Euro 166,962 thousand not used, in addition to Euro 170,624 thousand of cash and against a total gross debt of Euro 154,025 thousand (including lease liabilities and the fair value of derivatives). 10 Not including lines of credit for reverse factoring and confirming.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 84 In view of its significant cash position, the Group has also implemented a prudent, diversified cash management strategy, favouring capital-protected or guaranteed products and financial instruments with counterparties of primary standing.
Exposure to interest rate fluctuation The Group is exposed to changes in interest rates o n its medium-long term floating rate debt instrumen ts, entirely referring to the €zone. The management of interest rate risk is consistent with established p ractice over time aimed at reducing the risk of volatility in interest rates and achieving an optimal mix betw een variable and fixed rates in the structure of loans, thereby mediating fluctuations in market interest rates in order to pursue, at the same time, the objective of minimising financial expense.
The Group manages the risk of interest rate fluctua tions through the use of derivative hedging instrum ents, such as interest rate swaps or interest rate caps w ith financial counterparties of primary standing.
As at 30 June 2026, the Group has 1 interest rate s waps in place for a total notional amount of Euro 4 ,638 thousand, against bank debt at floating rates of Eu ro 84,746 thousand.
Exposure to exchange rate fluctuations The geographical distribution of Group commercial a ctivities entails exposure to transaction and translation exchange rate risk.
Transaction risk arises from primarily commercial t ransactions carried out by individual companies in currencies other than their functional currency, as a result of fluctuations in exchange rates between the time at which the relationship originates and the t ime at which the transaction is completed (collection/payment).
In terms of revenues, the € is the most commonly us ed invoicing currency for the sale of yachts. The residual cases of sales of yachts in other currenci es exclusively concern contracts signed by the subsidiary Sanlorenzo of the Americas denominated i n US dollars.
The Group manages the risks of changes in foreign e xchange rates on US dollar sales through its foreig n currency sales pricing policy and through the use o f derivatives. In particular, when setting the sale price in foreign currency, the Group, starting from its o wn margin objectives in €, usually applies the exch ange rate in force on the date of stipulation of the con tract and start of construction of the boat, increa sed by the financial component (cost of carry) connected w ith the expected timing of receipts from the sale. On these maturities, the Group carries out hedging ope rations through derivatives, typically forwards or other types of forward sale with financial counterparties of primary standing, implementing a policy of hedg ing only transactional exchange rate risk, thus derivin g from existing commercial transactions and future contractual commitments. As at 30 June 2026, Sanlor enzo had forward contracts for the sale of US dolla rs relating to collections to be received for a total notional amount of Euro 96,440 thousand.
As far as costs are concerned, as production is car ried out in Italy with Italian suppliers and contra ctors, costs in currencies other than the € are residual a nd sporadic, and therefore no hedging operations ar e carried out.
The translation risk concerns the conversion into € of the assets and liabilities of Sanlorenzo of the Americas, which is the only subsidiary with a funct ional currency other than the €, for the preparatio n of the consolidated financial statements. This exposur e, which is monitored at the end of each accounting period, is limited, also in view of the fact that a ssets are offset by liabilities in the same currenc y. Therefore, at this stage, it has been decided not to adopt spe cific hedging policies for this exposure.
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 85 COMPOSITION OF THE GROUP
37. Subsidiaries
These condensed half-yearly consolidated financial statements were prepared on the basis of the accounting positions of the Parent Company and its subsidiaries, adjusted accordingly to ensure they conform to the IFRS.
Subsidiaries are entities controlled by the Group—t hat is, entities over which the Group has control, meaning the Group is exposed to, or has rights to, variable returns from its involvement with the enti ty and has the ability to affect those returns through its power over the entity. The consolidation criteria adopted in the preparation of the condensed consolidated ha lf-yearly financial statements are the same as thos e adopted in the last annual financial statements.
These condensed consolidated half-yearly financial statements include Sanlorenzo S.p.A. (Parent Company), twelve companies directly controlled by S anlorenzo S.p.A. and eighteen indirectly controlled companies. Compared to the situation as of 31 Decem ber 2025, the only differences relate to the merger of PN Sviluppo S.r.l. into Bluegame S.r.l. and the acquisition of an additional 1.26% share in Polo Na utico Viareggio S.r.l.
The following table provides information, as at 30 June 2026, concerning the name, registered office, currency, share capital and percentage of ownership held directly and indirectly by the Parent Company .
Company name Registered office Currency Share capital Percentage of ownership (currency unit) Direct Indirect Bluegame S.r.l. Ameglia (SP) - Italy € 100,000 100.00% - I.C.Y. S.r.l.* Adro (BS) – Italy € 100,000 - 60.00% AF Arturo Foresti S.r.l.* Tavernola Bergamasca (BG) – Italy € 10,000 - 60.00% Equinoxe S.r.l. Turin (TO) – Italy € 184,536 100.00% - Sanlorenzo Arbatax S.r.l. Tortolì (OG) – Italy € 10,000 100.00% - Duerre S.r.l. Vicopisano (PI) – Italy € 1,000,000 66.00% - Sea Energy S.r.l. Viareggio (LU) – Italy € 25,000 65.00% - Polo Nautico Viareggio S.r.l. Viareggio (LU) – Italy € 667,400 54.26% - Sanlorenzo Baleari SL Puerto Portals, Mallorca – Spain € 500,000 75.00% - Sanlorenzo Côte d'Azur S.A.S. Cannes – France € 1,000 75.00% - Sanlorenzo Monaco S.A.M. Monte-Carlo – Principality of Monaco € 150,000 74.70% - Sanlorenzo of the Americas LLC Fort Lauderdale (FL) – USA USD 2,000,000 99.90% 0.10% Fortune Yacht LLC ** Fort Lauderdale (FL) – USA USD 1,000 - 100.00% Nautor Swan S.r.l. La Spezia (SP) – Italy € 6,500,000 100.00% - Clubswan Racing S.r.l. *** La Spezia (SP) – Italy € 30,000 - 55.00% Nautor Swan Global Service Italy S.r.l. ***** Scarlino (GR) – Italy € 50,000 - 100.00% Oy Nautor AB*** Jakobstad/Pietarsaari – Finland € 1,230,000 - 100.00% Nautor Swan Global Service SL**** Badalona (Barcelona) – Spain € 147,308 - 52.48% Nautor Swan Global Service UK Ltd***** Sarisbury Green (Southampton) – United Kingdom British Pound Sterling 100 - 100.00% Nautor Swan Global Service USA LLC***** Newport (RI) – USA USD 0 - 100.00% Nautor Swan Global Service Pacific PTY Ltd***** Brisbane (Queensland) – Australia Australian dollars 100 - 100.00% Mediterranean Yacht Management Sarl ******** Monte-Carlo – Principato di Monaco Euro 3.750 - 51,25% Simpson Marine Limited Hong Kong - Hong Kong Hong Kong dollar 11,444,500 85.00% -
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 86 Simpson Marine (SEA) Pte Ltd****** Singapore - Republic of Singapore Singapore dollar 100,000 - 100.00% Simpson Marine Sdn. Bhd.****** Kuala Lumpur - Malaysia Malaysian Ringgit 200,000 - 99.99% Simpson Marine (Thailand) Co.
Ltd****** Phuket - Thailand Thai baht 180,000 - 99.98% Simpson Marine (Shenzhen) Co.
Ltd****** Shenzhen - People's Republic of China Chinese renminbi 2,000,000 - 100.00% Simpson Marine (Sanya) Co. Ltd****** Sanya (Hainan) - People's Republic of China Chinese renminbi 1,000,000 - 100.00% PT Simpson Marine Indonesia******* Jakarta - Indonesia Indonesian rupee 100,000 - 99.00% Simpson Marine Australia Pty Ltd****** Toronto (New South Wales) – Australia Australian dollars 1,000 - 100.00%
* Via Bluegame S.r.l. ** Via Sanlorenzo of the Americas LLC *** Via Nautor Swan S.r.l. **** Via Oy Nautor AB ***** Via Nautor Swan Global Service SL ****** Via Simpson Marine Limited ******* Via Simpson Marine (SEA) Pte Ltd ******** Via Nautor Swan S.r.l. e Sanlorenzo Monaco S.A.M. 38. Associates Investments in associated companies, as provided for in IAS 28, are those in which the Group exercises significant influence; these investments are initially recognised at acquisition cost and are subsequently measured using the equity method, i.e. by increasing or decreasing the cost on the basis of post-acquisition changes in the Group's share of the associated company's net assets. Any goodwill pertaining to the associated company is included in the carrying amount of the investment and is not subject to amortisation or impairment testing. Following the application of the equity method, if there are indications that the investment has suffered an impairment loss, the Group determines the amount of the impairment as the difference between the recoverable amount and the carrying amount of the investment. As at 30 June 2026, the Parent Company holds the following equity investments in associates, which are reported in the financial statements drawn up according to the equity method. Company name Registered office Currency Share capital Percentage of ownership (currency unit) Direct Indirect Carpensalda Yacht Division S.r.l. Pisa (PI) – Italy € 8,000,000 48.00% - Sa.La. S.r.l.* Viareggio (LU) – Italy € 50,000 - 48.00% Batbranschens Teknologicentrum BTC AB** Jakobstad/Pietarsaari – Finland € 67,275 - 37.50% * Via Carpensalda Yacht Division S.r.l. ** Via OY Nautor AB
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 87 OTHER INFORMATION
39. Commitments
The most significant contractual commitments entere d into with third parties as at 30 June 2026 amount to Euro 1,059 thousand and refer to sureties relate d to government concessions and other guarantees issued to public administrations.
40. Contingent liabilities Legal proceedings are ongoing for events related to the group's normal business activities. They inclu de two tax disputes and some civil proceedings mostly with customers.
The Company’s directors do not believe that any of these proceedings involve a risk of a significant c ash outlay or may give rise to significant liabilities in excess of the allocations already made. They wil l evaluate any negative developments that cannot currently be foreseen or calculated, which may arise as a result of internal analyses or the ongoing judicial investiga tions and may then make a provision.
For further details, reference should be made to no te 33 "Provisions for risks and charges" of these financial statements.
41. Share-based payments On 21 April 2020, the Shareholders' Meeting of Sanl orenzo S.p.A. approved the "2020 Stock Option Plan" reserved to the executive directors, general manage rs, managers with strategic responsibilities and employees with a permanent employment contract and qualification as at least an office worker of Sanlorenzo S.p.A. and its directly or indirectly co ntrolled subsidiaries.
The Stock Option Plan 2020 provides for the free as signment to each of the beneficiaries of options th at grant the right to subscribe ordinary shares of San lorenzo S.p.A. to be issued in execution of the sha re capital increase planned to service the plan, at a ratio of 1 share for each 1 option, at a price set at Euro 16.00 per share. The vesting period of the options is four years, in compliance with the minimum avera ge vesting period of two years provided for by the reg ulations.
Performance goals are determined by one or more of the following parameters: (i) Consolidated EBITDA as at 31 December of the relevant year; (ii) Consol idated Net Financial Position as at 31 December of the relevant year; and (iii) personal objectives establ ished due to the beneficiary's role and function.
The maximum total number of ordinary shares of Sanl orenzo S.p.A., which can be assigned to the beneficiaries for the implementation of the plan, i s equal to 884,615 ordinary shares, i.e. all the sh ares that can be issued in execution of the capital increase. As at 30 June 2026, a total of 84,539 options have been granted and not exercised.
42. Related parties Business and financial relationships with related p arties are governed under market conditions, taking into account the characteristics of the goods and servic es provided.
Transactions with related parties deemed relevant p ursuant to the “Procedure on related-party transactions” adopted by the Group, available on th e Company’s website (www.sanlorenzoyacht.com) under the “Corporate Governance” section, are descr ibed below.
Business transactions and balances with consolidate d companies were eliminated on consolidation and, therefore, are not commented upon.
In the first half of 2026, transactions with relate d parties in place regard primarily commercial and financial transactions carried out under market conditions, a s listed below .
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 88 Holding Happy Life S.r.l.
On 16 January 2026, the Sanlorenzo Board of Directo rs, subject to the favourable opinion of the Relate d-
Party Transactions Committee on 12 January 2026, ap proved the sale of the first unit of the new line o f aluminium maxi sailing yachts, the 44 Alloy Nautor Swan sailing yacht ("Yacht"), between Nautor Swan S rl and Massimo Perotti, or to a company related to him . The Yacht in question is the prototype of the fir st model of the new line of aluminium maxi sailing yac hts, which will be produced in Italy at the Sanlore nzo shipyards, using a technology not yet adopted by Na utor Swan. On 29 June 2026, Nautor Swan Srl and Holding Happy Life S.r.l. signed the relevant contr act.
Massimo Perotti
On 3 September 2026, the Sanlorenzo Board of Direct ors, after obtaining the positive opinion of the Related-Party Transactions Committee on 1 September 2026, approved the sale of the first unit of the n ew SHE (Sanlorenzo Heritage) line between Sanlorenzo S pA and Massimo Perotti, or to a company related to him. The SHE line is a special one-off project, dev eloped with Zuccon International Project and Lisson i & Partners, which reinterprets the elegance of the la rge yachts of the 60s in a contemporary way. The mo del introduces for the first time in the fleet an innov ative hybrid propulsion system that allows navigati on in full electric mode, confirming the brand's constant rese arch on innovation and environmental sustainability .
Cesare Perotti
Son of the Chairman and Chief Executive Officer Mas simo Perotti, member of Sanlorenzo Board of Directors and brother of the director Cecilia Maria Perotti, Cesare Perotti was hired by the subsidiar y Bluegame S.r.l. with an apprenticeship contract, tr ansaction examined by the Board of Directors on 9 November 2020. In 2023, he was hired by Sanlorenzo S.p.A. as Yacht Sales Manager and in 2025 he moved to the Corporate General Management as Corpor ate Integration and Strategic Project Manager.
The tables below provide details on transactions wi th related parties as at 30 June 2026 impacting the income statement as well as the balance sheet.
(€’000) Net revenues and income Other service costs Personnel expenses Holding Happy Life S.r.l. 8,723 (85) - Directors, statutory auditors and managers with strategic responsibilities 4,441 - (5,755) Total related parties 13,164 (85) (5,755) Total consolidated financial statements 515,339 (55,478) (60,201) Incidence % 2.6% 0.2% 9.6% (€’000) Contract assets Trade receivables Contract liabilities Other current liabilities Holding Happy Life S.r.l. - 14 4,588 - Directors, statutory auditors and managers with strategic responsibilities 3,891 - - 1,674 Total related parties 3,891 14 4,588 1,674 Total consolidated financial statements 324,415 31,534 178,109 56,423 Incidence % 1.2% - 2.6% 3.0%
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 89 Remuneration paid by the Group The remuneration paid by the Group to the members o f the Board of Directors, the members of the Board of Statutory Auditors and the Managers with strateg ic responsibilities during the six months ended 30 June 2026 is detailed below.
(€’000) 30 June 2026 Emoluments 3,947 Remuneration for participation in committees 22 Total remuneration paid to the Board of Directors 3,969 (€’000) 30 June 2026 Total remuneration paid to the Board of Statutory Auditors (excluding statutory increases) 66 Total remuneration paid to the Board of Statutory Auditors 66 (€’000) 30 June 2026 Total remuneration paid to the Managers with strategic responsibilities 1,721 of which gross annual salary 523 of which bonus 260 of which Fair Value of the 2024-2028 LTI plan 627 43. Significant events after the close of the period Expression of interest and offer for the acquisition of the entire business complex of The Italian Sea Group On 27 July 2026, Sanlorenzo announced that Riccardo Cima, acting for and on behalf of the promoters of Polo Nautico Carrara S.r.l. (“PNC”), a company to be incorporated under Italian law, had submitted an expression of interest accompanied by an offer supported by security (the “Offer”) for the acquisition of the entire business undertaking of The Italian Sea Group S.p.A. (“TISG”). The Offer also includes an undertaking to participate in any competitive sale process that may be launched for the disposal of the business undertaking. PNC will operate on a consortium basis and is being promoted with the aim of safeguarding employment levels, facilitating the resumption of industrial operations, supporting the supply chain and ensuring that the sites and facilities required for shipyard activities, including refitting, haul-out and launching operations, remain in the local area. In this context, Sanlorenzo has confirmed its interest in taking a minority stake in PNC and has issued a letter of patronage, for an amount of up to 10% of the purchase price, in support of PNC’s participation in the competitive sale process. The perimeter covered by the Offer comprises TISG’s entire business undertaking, excluding debts and receivables. Any continuation and completion of the ongoing shipbuilding contracts will be subject to direct negotiations with the respective yacht owners. Subsequently, in August 2026, TISG announced the launch of a competitive process aimed at identifying potential investors. The effectiveness of the Offer is subject, inter alia, to the satisfactory outcome of a full due diligence review and the satisfaction of the additional conditions set out in the Offer. The Offer does not bind TISG or the competent bodies of the proceedings. Dissolution of the company Simpson Marine (Sanya) Co. LTD On 31 July 2026, in line with the rationalisation process of the Simpson Marine Group undertaken in previous years, the company Simpson Marine (Sanya) Co. LTD was formally dissolved.
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SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 91
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 92 CERTIFICATION OF THE CONDENSED
CONSOLIDATED HALF-YEARLY FINANCIAL
STATEMENTS PURSUANT TO ARTICLE 81-TER
OF CONSOB REGULATION NO. 11971 OF 14 MAY
1999 AND SUBSEQUENT AMENDMENTS AND
ADDITIONS
1. The undersigned, Massimo Perotti, in his capacity a s the Chairman of the Board of Directors and Chief Executive Officer and Attilio Bruzzese, in his capa city as the Manager charged with preparing the company's financial reports of Sanlorenzo S.p.A., c onfirm, also taking into account the provisions of Article 154-bis, paragraphs 3 and 4, of Italian Leg islative Decree no. 58 of 24 February 1998:
• the adequacy in terms of the characteristics of the Company and • the actual application of the administrative and ac counting procedures for the preparation of the condensed consolidated half-yearly financial st atements for the first half of 2026.
2. From the application of the administrative and acco unting procedures for the preparation of the condensed consolidated half-yearly financial statem ents as at 30 June 2026, no significant facts need to be reported.
3. It is hereby also stated that:
3.1 The condensed consolidated half-yearly financia l statements:
a) have been prepared in compliance with the intern ational accounting standards endorsed by the European Union pursuant to Regulation (EC) No 1606/ 2002 of the European Parliament and the Council of 19 July 2002;
b) correspond to the accounting books and records;
c) provide a true and fair representation of the eq uity, economic and financial situation of the issue r and the whole of the companies included in the scop e of consolidation.
3.2 The interim report on operations includes a rel iable analysis of references to important events th at occurred in the first six months of the financial y ear and their impact on the condensed consolidated half-yearly financial statements, together with a d escription of the main risks and uncertainties for the remaining six months of the financial year. The int erim report on operations also includes a reliable analysis of information on material transactions wi th related parties.
Ameglia, 03 September 2026
Cav. Massimo Perotti Chair of the Board of Directors and Chief Executive Officer
Attilio Bruzzese
Manager charged with preparing the company’s financial reports
SANLORENZO S.P.A.
Half-Yearly Financial Report as at 30 June 2026 93 INDEPENDENT AUDITORS' REPORT ON THE
LIMITED AUDIT OF THE CONDENSED
CONSOLIDATED HALF-YEARLY FINANCIAL
STATEMENTS AS AT 30 JUNE 2026
GSN/LSV/lgs - RC104142026AS0590
SANLORENZO S.P.A.
Interim condensed consolidated financial statements as of 30 June 2026 Review report on the interim condensed consolidated financial statements
This report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
Tel: + 39 02 58.20.10 www.bdo.it Viale Abruzzi, 94
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BDO Audit Services S.r.l.
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Pag. 1 di 1 Review report on the interim condensed consolidated financial statements
To the Shareholders of Sanlorenzo S.p.A.
Introdu ction
We have reviewed the half -yearly condensed consolidated financial statements, which comprise the consolidated statement of financial position , the consolidated statement of profit and loss and other comprehensive income , the consolidated statement of changes in equity and the consolidated statement of cash flows for the six-month period then ended, and the related explanatory notes of Sanlorenzo S.p.A. and subsidiaries (the “Sanlorenzo Group”) as of 30 June 2026 . The Directors are responsible for the preparation of the half -yearly condensed consolidated financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the Internationa l Accounting Standards Board and adopted by the European Union. Our responsibility is to express a conclusion on the half -yearly condensed consolidated financial statements based on our review.
Scope of Review We conducted our review in accordance with the criteria recommended by the Italian Regulatory Commission for Companies and the Stock Exchange (“Consob”) for the review of the half -yearly financial statements under Resolution n° 10867 of July 31, 1997. A re view of half -yearly condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scop e than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, w e do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the half -yearly condensed consolidated financial statements of the Sanlorenzo Group as of 30 June 2026 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union.
Milan , 4 September 2026
BDO Audit Services S.r.l.
Signed in the original by
Giuseppe Santambrogio
Partner
This report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
Sanlorenzo S.p.A.
Headquarters
Cantieri Navali di Ameglia Via Armezzone, 3 19031 Ameglia (Sp), Italy t +39 0187 6181 Cantieri Navali di Viareggio Via Luigi Salvatori, 58 55049 Viareggio (Lu), Italy t +39 0584 38071
www.sanlorenzoyacht.com
investor.relations@sanlorenzoyacht.comCantieri Navali di La Spezia Viale San Bartolomeo, 362 19126 La Spezia (Sp), Italy t +39 0187 545700Executive Offices