SANLORENZO (+) : Good Q1 and CMD 2026-28 targets increase visibility

Research evidence excerpt

SANLORENZO (+) : Good Q1 and CMD 2026-28 targets increase visibility

EQUITIES

CONSUMER GOODS

SANLORENZO OUTPERFORMPRICE* EUR34.6  TARGET PRICE EUR41 (UPSIDE 19%) TARGETunchangedPRICE nonEPSmaterial26e EPS 4%27e

Good Q1 and CMD 2026-28 targets increase visibility

Supportive Q1 results11 MAY 2026

Securities Research Report In Q1 26 SL reported a book to bill close to 1x (+25% yoy for the order intake), sales/EBITDA/EBIT

Production time: 05:56* (London time) up +4% mirroring stable margins and driven by good growth in Americas and from Nautor Swan

Research Analysts & Publishing Entities and Super Yachts products. Net cash stood stable at EUR23m (vs EUR20m in FY25). The portion

Michele Baldelli, CFA of the backlog covering this fiscal year increased by c. +3% yoy.

BNP Paribas SA

(+39) 02 8963 1744

michele.baldelli@bnpparibas.com 2026 guidance points to steady growth, accelerating by 2028e

After having grown 3% sales of new yachts in 2025, the company expects 2% to 6% growth in

2026e (EUR980-1020m, BNPPe EUR989m) with EBITDA to stay in the EUR180m-EUR192m

range (18.4%-18.8% range guided for margins, BNPP EUR183m). EBIT is expected at

EUR140/147m (14.2%-14.4% range, BNPPe EUR141m) with capex at EUR50m/55m. By 2028e

SL expect a sales CAGR of 6% (BNPP 5.5%e), which likely implies some acceleration in 2027-

28e. EBITDA margin is expected to stay or exceed 19% on sales of new yachts (BNPPe 19% in

2028e) while EBIT to stay or exceed 14.5% on sales of new yachts (BNPP 14.5%e).

Capex/revenues should stay between 5% and 5.5% (BNPP 5.3% on average in 2026-28e). Most of

the growth should come from the price/mix in our view given that the strategy of the company is to

increase the size/tonnage of the yachts sold. To accommodate this the company plans to increase