Sanlorenzo — Earnings Release 2020

Feb 23, 2021

FY 2020 PRELIMINARY CONSOLIDATED RESULTS

23 FEBRUARY 2021

PROVEN RESILIENCE

• STRONG 2020 RESULTS PROVING ONCE AGAIN THE RESILIENCE OF SANLORENZO BUSINESS MODEL, DESPITE THE IMPACT OF COVID-19 AND THE LOCKDOWN IN SPRING
• OUTLOOK CONFIRMED FOR NET REVENUES NEW YACHTS, STANDING AT €457.7M, SUBSTANTIALLY STABLE COMPARED WITH 2019
• ADJUSTED EBITDA EXCEEDING OUTLOOK, STANDING AT €70.6M1, REPRESENTING A 15.4% MARGIN ON NET REVENUES NEW YACHTS VERSUS 14.5% IN 2019
• INVESTMENTS FOR €30.8M (6.7% OF NET REVENUES NEW YACHTS VERSUS 11.3% IN 2019), WITH ADDED FOCUS ON NEW PRODUCT DEVELOPMENT, INCLUDING 4 NEW MODELS LAUNCHED IN 2020
• SOLID FINANCIAL STANDING, WITH €3.8M NET CASH POSITION AS OF 31 DECEMBER 2020 FROM €5.1M NET DEBT AS OF 30 SEPTEMBER 2020
• STRONG REBOUND IN BACKLOG, WITH €196.3M ORDER INTAKE IN Q4 AS A RESULT OF MARKET RECOVERY AND THE COMMERCIAL INITIATIVES UNDERTAKEN BY THE GROUP

• BACKLOG2 AS OF 31 DECEMBER 2020 AT €408.8M

• 1. Defined as EBIT + D&A, excluding non recurring items. FY 2020 non recurring items of €1.4m, linked to COVID-19 related expenses and non-monetary costs of the stock incentive plans.

• 2. Conventionally cleared from the Net Revenues New Yachts generated during the year.

2021 GLOBAL ORDER BOOK SANLORENZO THE WORLD'S LEADING SINGLE-BRAND SHIPYARD

TOP 20 SHIPYARDS BY LENGTH

"SANLORENZO SITS IN SECOND PLACE, BOTH IN NUMBER OF PROJECTS AND COMBINED LENGTH. THIS ITALIAN YARD'S PROJECTS ARE BIGGER ON AVERAGE THAN LAST YEAR, THANKS TO THE 23 PROJECTS IN ITS SUPERYACHT DIVISION."

– GLOBAL ORDER BOOK 2021

,,,,,,,,,,,,,,,,,,,,,,,,,,,,
021 ANK	COMPANY	TOTAL LENGTH (M)	NUMBER OF PROJECTS	AVERAGE LENGTH (M)	NUMBER OF PROJECTS 2020	2020 RANK
	Azimut-Benetti	3,521	100	35.2	101
$\overline{2}$	Sanlorenzo	3,089	86	35.9	87
3	Feadship	1,162	17	68.4	16	$\Delta$
4	Ocean Alexander	1,119	35	32.0	31
5	Lürssen	1,049	9	116.6	9
6	Damen Yachting	1,028	15	68.5	14	6
	Horizon	721	25	28.8	24	$\circ$
8	Overmarine	692	16	43.3	12	10
9	The Italian Sea Group	688	12	57.3	5	NEW ENTRY
10 °	Heesen Yachts	626	11	56.9	13	8
11	Oceanco	566	5	113.2		15
12	Bilgin Yachts	499		71.3	5	13

ITALY IS NUMBER #1 IN YACHTS >24M WITH ITS YACHT MANUFACTURERS HOLDING HALF OF THE GLOBAL ORDERS.

Source: Boat International.

FY 2020 FINANCIAL HIGHLIGHTS

ADJUSTED EBITDA

NET REVENUES NEW YACHTS AND ADJUSTED EBITDA QUARTERLY EVOLUTION

NET REVENUES NEW YACHTS

ADJUSTED EBITDA

1. Defined as EBIT + D&A, excluding non recurring items. FY 2020 non recurring items of €1.4m, linked to COVID-19 related expenses and non-monetary costs of the stock incentive plans. FY 2019 non recurring items of €6.1m, entirely referred to IPO expenses.

DIVISIONS)

CAPEX

1. Previously occupied by virtue of a lease agreement with Immobiliare FIPA S.r.l.

CAPEX NEW INDUSTRIAL CAPACITY

EXPANSION OF AMEGLIA D2 SHIPYARD

NEW D2 SHIPYARD

• 10.000 SQM DEDICATED TO THE OUTFITTING OF YACHTS BETWEEN 76 AND 100 FEET
• 24 OUTFITTING STATIONS IN A COMB LAYOUT
• MORE EFFICIENT LOGISTICS WITH "ISLAND TYPE" OUTFITTING STATIONS AND APPROX. 30% REDUCTION IN LEAD TIMES THANKS TO THE ADOPTION OF THE "OPEN HULL" PROCESS
• PRODUCTION CAPACITY UP TO 45 YACHTS PER YEAR

AMEGLIA SHIPYARD EXPANSION PROJECT – KEY FIGURES

• TOTAL AREA FROM 75,000 SQM TO 135,000 SQM
• TOTAL AREA DEDICATED TO PRODUCTION FROM 15,000 SQM TO 25,000 SQM
• TOTAL AREA DEDICATED TO BUILDINGS AND OFFICES FROM 1,200 SQM TO 2,700 SQM

ACQUISITION OF MASSA SHIPYARD

• ACQUISITION OF THE SHIPYARD IN MASSA ALREADY OCCUPIED BY VIRTUE OF A LEASE AGREEMENT WITH THE PREVIOUS OWNER IMMOBILIARE FIPA S.R.L.
• TWO BUILDINGS FOR A TOTAL OF 19,000 SQM, ALREADY ALMOST FULLY REVAMPED
• DEDICATED TO THE LAMINATION OF FIBERGLASS AND THE PRODUCTION OF SEMI-FINISHED COMPONENTS (HULL, DECK AND SUPERSTRUCTURE) TO BE TRANSFERRED TO AMEGLIA AND VIAREGGIO FOR THE SUBSEQUENT PRODUCTION PHASES

CAPEX R&D AND PRODUCT DEVELOPMENT: NEW MODELS INTRODUCED IN 2020

PROTOTYPE 44ALLOY PROTOTYPE 62STEEL

NEW SX112 PRESENTED AT GENOA BOAT SHOW NEW BGX60 PRESENTED AT GENOA BOAT SHOW

NET FINANCIAL POSITION AND LIQUIDITY

ORDER BACKLOG QUARTERLY EVOLUTION

ORDER BACKLOG COMPOSITION

MARKET UPDATE YACHTING INDUSTRY IS POSITIONED FOR GROWTH

MARKET UPDATE (CONTINUED) YACHTING INDUSTRY IS POSITIONED FOR GROWTH

FOCUS ON NEW PROJECTS MULTIPLE LEVERS FOR PROFITABLE GROWTH

X-SPACE NEW LINE (SUPERYACHT DIVISION) BGM NEW LINE (BLUEGAME)

A STUNNING MOTORYACHT WHICH INCIDENTALLY HAS TWO HULLS. PLEASE BE PATIENT…

UPDATE ON PERINI NAVI

• PERINI NAVI DECLARED BANKRUPT ON 29 JANUARY 2021
• DEBTOR-IN-POSSESSION STATUS (ITALIAN "ESERCIZIO PROVVISORIO") WITH NEXT COURT HEARING SCHEDULED ON 22 JUNE 2021 AND BIDDING PROCEDURE TO BE OPENED IN THE COMING MONTHS
• FENIX S.R.L. (PREVIOUS OWNER OF PERINI NAVI) FILED AN APPEAL AGAINST THE BANKRUPTCY
• SANLORENZO AND FERRETTI GROUP ANNOUNCED THE CREATION OF A 50-50 JOINT VENTURE TO TAKE OVER PERINI NAVI, ALSO PRELIMINARILY THROUGH A BUSINESS BRANCH LEASE

"Maltese Falcon", 88 metres yacht, first owner: Tom Perkins

SITUATION UPDATE RATIONALE BEHIND A POTENTIAL COMBINATION

• BRAND AFFINITY
• SANLORENZO AND PERINI NAVI BOTH EXCEL IN PURSUING QUALITY AND DESIGN AS WELL AS MANUFACTURING KNOW-HOW
• COMPLEMENTARY PRODUCT OFFERING (NO OVERLAP) CATERING TO THE SAME SOPHISTICATED CUSTOMER BASE
• POTENTIAL TO UNLOCK RELEVANT INDUSTRIAL SYNERGIES
• THE PERINI NAVI SAILING YACHTS EXPRESS THE MAXIMUM POSSIBLE SUSTAINABILITY, AND THE SYNERGIES REPRESENT FOR SANLORENZO A GREAT OPPORTUNITY TO ACCELERATE ITS RESPONSIBLE DEVELOPMENT PATH UNDERTAKEN WITH THE 2020 NON FINANCIAL STATEMENT

RATIONALE BEHIND THE JOINT VENTURE WITH FERRETTI GROUP

• JOIN FORCES (MANAGEMENT CAPABILITIES AND FINANCIAL RESOURCES) OF TWO MAJOR PLAYERS IN THE YACHTING INDUSTRY TO RESCUE THE COMPANY
• FOSTER A QUICKER RECOVERY OF PRODUCTION THROUGH THE PROPOSED BUSINESS BRANCH LEASE AND MAINTAIN EMPLOYMENT LEVELS
• PAVE THE WAY TO FURTHER POTENTIAL COOPERATION INITIATIVES (I.E. R&D)

STRONG HERITAGE APPENDIX YOUR VISION, OUR CRAFT

IN LINE WITH

ITS LOYAL CUSTOMERS

YACHTS DELIVERED IN 2020

NOTICE TO RECIPIENT

This presentation is being provided to you solely for your information and it may not be reproduced or redistributed to any other person.

The information contained in this presentation, which has been prepared by Sanlorenzo S.p.A. (the "Company") and its consolidated subsidiaries (together, the "Group") and it is under the responsibility of the Company, does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The information and opinions contained in this document are provided as at the date of the presentation and are subject to change. Neither the Company nor the Group are under any obligation to update or keep current the information contained in this presentation.

The director in charge of preparing the corporate accounting documents, Attilio Bruzzese, declares that pursuant to and for the purposes of article 154-bis, paragraph 2 of Italian Legislative Decree no. 58 of 1998, the accounting information contained in this document corresponds to company documents, ledgers and accounting records. Preliminary consolidated results are not subject to audit.

Forward-Looking Statements: this document may include projections and other "forward-looking" statements within the meaning of applicable securities laws. In particular, all statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general economic conditions, expected expenditures, cost-savings, synergies and financial results, are forward-looking statements. Consequently, any statements contained herein that are not statements of historical fact are forward-looking statements.

Forward-looking statements are based on assumptions and current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Accordingly, actual events or results or actual performance of the Company or the Group may differ significantly, positively or negatively, from those reflected or contemplated in such forward-looking statements made herein. The Group expressly disclaims any duty, undertaking or obligation to update publicly or release any revisions to any of the information, opinions or forward looking statements contained in this document to reflect any events or circumstances occurring after the date of the presentation of this document. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements.

Any reference to past performance or trends or activities of the Company shall not be taken as a representation or indication that such performance, trend or activity will continue in the future.

This presentation contains alternative performance indicators that are not recognized by IFRS. Different companies and analysts may calculate these non-IFRS measures differently, so making comparisons among companies on this basis should be done very carefully. These non-IFRS measures have limitations as analytical tools, are not measures of performance or financial condition under IFRS and should not be considered in isolation or construed as substitutes for operating profit or net profit as an indicator of our operations in accordance with IFRS.