Sanlorenzo — Interim / Quarterly Report 2021

May 4, 2021

Q1 2021 RESULTS AND 2021 GUIDANCE

4 MAY 2021

SOLID LEADERSHIP IN LUXURY YACHTING

Source: Company information and Management assessment.

1. Official retail price Sanlorenzo vs. competitors based on official 2019 retail price as of August 2019.

2 . Source: Superyacht Times – August 2019.

SUPERIOR BUSINESS MODEL

~60 YACHTS PER YEAR

SOPHISTICATED CUSTOMERS, «CONNOISSEURS», «SANLORENZO CLUB», ~900 OWNERS BELONGING TO THE WORLD'S WEALTHIEST FAMILIES

RIGOROUSLY «MADE TO MEASURE»

TIMELESS DESIGN WITH THE UTMOST CARE FOR DETAILS

FLEXIBLE COST STRUCTURE, ~2,550-UNIT WORK FORCE, ~550 DIRECT¹ VS. ~2,000 INDEPENDENT SPECIALIZED ARTISANS

UNIQUE DIRECT DISTRIBUTION, BRAND REPRESENTATIVE NETWORK, MOSTLY MONOBRAND²

INDUSTRY LEADER FOR INNOVATION WITH TRADITION (40ALLOY, 52STEEL, EXPLORER, SX LINE, SL102 ASYMMETRIC)

STRONG BOND WITH ART AND DESIGN (MILAN DESIGN WEEK, ART BASEL, ARCHISTARS: DORDONI, URQUIOLA, LISSONI, PAWSON, LIAIGRE)

EXPERIENCED AND PASSIONATE MANAGEMENT TEAM (MORE THAN 25 MANAGERS WITH TOTAL COMBINED ~600 YEARS OF EXPERIENCE)

PROVEN RESILIENCE OVER THE CYCLE

Source: Company information, management assessment, consolidated annual reports and Deloitte.

• 1 Source: Deloitte Boating Market Monitor. The new boating market does not include the personal watercrafts and other small boats less than 2.5 meters. The figures consider the revised estimates of National Marine Manufacturers Association (NMMA) and adjustment in the historical exchange rate.
• 2 Based on consolidated accounts as per Italian GAAP until 2015, then according to IFRS . Fiscal year ending December 31.
• 3 Based on consolidated accounts as per Italian GAAP. Fiscal year ending August 31.
• 4 Based on consolidated accounts as per IFRS. Fiscal year ending August 31 until 2012, then ending December 31.
• 5 2006-2008 figures including Pinmar and Apremare (~€65m revenues), then disposed in 2010.

YACHTS DELIVERED IN 2020

ITALIAN YACHTING SECTOR HISTORICAL PERFORMANCE

ITALIAN YACHTING SECTOR: 2000-2019 TURNOVER

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

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

FINANCIAL HIGHLIGHTS FY 2016-2020

GROUP NET PROFIT

NET DEBT/(NET CASH) 41.4 36.3

(€M)

Q1 2021 FINANCIAL RESULTS AND 2021 GUIDANCE

STRONG GROWTH

STRONG Q1 RESULTS, PROVING ONCE AGAIN THE EFFICACY OF SANLORENZO'S BUSINESS MODEL 2021 GUIDANCE TARGETING HIGH DOUBLE-DIGIT GROWTH OF ALL METRICS

• ^◼ NET REVENUES NEW YACHTS STANDING AT €118.0M, +20.5% YOY, DRIVEN BY APAC AND THE AMERICAS
• ^◼ ADJUSTED EBITDA STANDING AT €17.3M, +28.4% YOY, 14.7% MARGIN ON NET REVENUES NEW YACHTS VERSUS 13.8% IN Q1 2020
• ^◼ GROUP NET PROFIT STANDING AT €8.3M, +39.3% YOY, 7.0% ON NET REVENUES NEW YACHTS VERSUS 6.1% IN Q1 2020
• ^◼ INVESTMENTS FOR €5.6M (4.8% ON NET REVENUES NEW YACHTS VERSUS 6.6% IN Q1 2020), OF WHICH €3.4M DEDICATED TO R&D, PRODUCT DEVELOPMENT AND SUSTAINABILITY
• ^◼ SOUND FINANCIAL POSITION, WITH €25.9M NET DEBT, A SIGNIFICANT IMPROVEMENT COMPARED TO €60.7M AS OF 31 MARCH 2020, TAKING INTO ACCOUNT BUSINESS SEASONALITY
• ^◼ BACKLOG AS OF 30 APRIL 2021 AT €632.1M, COMPARED TO €408.8M AS OF 31 DECEMBER 2020, WITH AN ORDER INTAKE OF €223.3M IN FOUR MONTHS
• ^◼ SUPPORTED BY A BACKLOG PROVIDING HIGH VISIBILITY ON FUTURE REVENUES AND BY A STRONG PRODUCT PIPELINE, SANLORENZO'S MANAGEMENT EXPECTS A HIGH DOUBLE-DIGIT GROWTH OF ALL METRICS IN 2021

FINANCIAL HIGHLIGHTS Q1 2021

118.0 97.9 Q1 2021 Q1 2020 NET REVENUES NEW YACHTS (€M) +20.5%

EBIT

ADJUSTED EBITDA

NET REVENUES NEW YACHTS

OPERATING AND NET MARGINS

	COMMENTARY	EBITDA1 ADJUSTED		EBIT
◼	EBITDA1 ADJUSTED €17.3M: +28.4% YOY AT	(€M)		+28.4%	(€M) 25		+36.1%
◼	EBITDA MARGIN NET REVENUES NEW YACHTS ON INCREASING 13.8% IN Q1 2020 TO 14.7% Q1 2021 (+0.9% FROM IN YOY), AS OF: A RESULT	25 20	13.8% 13.5	14.7% 17.3	20 15	9.0%	10.2% 12.0
	INCREASED RAMP-UP EFFICIENCY THANKS TO PROGRESSIVE ◼ OF NEW PRODUCTION CAPACITY AND HIGHER ABSORPTION OF FIXED COSTS	15 10 5			10 5	8.8
	SHIFT (YACHT IN PRODUCT MIX TOWARDS LARGER YACHTS ◼ BLUEGAME DIVISIONS) AND	0	Q1 2020	Q1 2021	0 0	Q1 2020	Q1 2021	0
◼	EBIT AT €12.0M: +36.1% YOY		PRE-TAX	PROFIT		GROUP	NET PROFIT
◼	EBIT MARGIN NET REVENUES NEW YACHTS ON INCREASING 9.0% IN Q1 2020 TO 10.2% IN Q1 2021, DESPITE FROM A 11.6% INCREASE D&A DUE CAPEX IN TO RELEVANT	(€M) 15	+42.5% 8.5%	10.0%	(€M) 15		+39.3%
◼	PRE-TAX PROFIT €11.8M: +42.5% YOY, ALSO AT THANKS TO 63.3% REDUCTION EXPENSES, PARTIALLY IN NET FINANCIAL FX GAINS DRIVEN BY	10	8.3	11.8	10	6.1% 5.9	7.0% 8.3
◼	GROUP NET PROFIT €8.3M: +39.3% YOY AT	5			5
◼	NET PROFIT MARGIN NET REVENUES NEW YACHTS ON 6.1% IN Q1 2020 TO 7.0% IN Q1 2021 INCREASING FROM	0			0 0			0
			Q1 2020	Q1 2021		Q1 2020	Q1 2021
						MARGIN	(AS % OF NET REVENUES NEW	YACHTS)
1.	Defined as EBIT + D&A, excluding non recurring items, linked to COVID-19 related expenses and non-monetary costs of the stock incentive plans.							14

CAPEX

NET WORKING CAPITAL

COMMENTARY			NET WORKING CAPITAL EVOLUTION
◼	NET WORKING CAPITAL €55.5M AT AS €66.7M 31 MARCH COMPARED TO AS OF	31 MARCH 2021, OF 2020	(€M) 300	14.3%		20%
◼	INCIDENCE LTM NET REVENUES NEW ON 14.3% IN Q1 2020, CONFIRMING COMPARED TO	YACHTS 11.6% AT EFFICIENCY	250		4.2%	11.6% 10%
◼	EVOLUTION NET WORKING CAPITAL OF BUSINESS SEASONALITY AND INCREASE IN	CONSISTENT WITH VOLUMES	200	66.7 10.0	19.3	55.5 0%
◼	INVENTORIES €83.6M, COMPARED AT TO DECEMBER 2020 AND €79.5M AS OF	€82.2M 31 AS OF 31 MARCH 2020	150 100	75.7	66.8	70.9 -10%
FINISHED €29.6M, COMPARED €31.0M 31 PRODUCTS AT TO AT ◼ DECEMBER 2020, INCLUDING €18.8M TRADE-IN YACHTS ALREADY SOLD AT THE CLOSE OF THE PERIOD FOR DELIVERY IN THE		50	79.5	82.2	83.6 -20%
	FOLLOWING MONTHS BREAKDOWN INVENTORIES OF AS OF	31 MARCH 2021	0 -50	23.5 -122.1	17.2 -137.2	19.1 -30% -108.1 -40%
	€6.8M 8.1%	RAW MATERIALS AND CONSUMABLES	-100 -150		-9.7	-10.0 -50%
	€29.6M 35.4% €47.2M 56.4%	WORK IN PROGRESS AND SEMI-FINISHED PRODUCTS FINISHED PRODUCTS	OTHERS INVENTORIES TRADE	31-MAR-20 RECEIVABLES	31-DEC-20 NET TRADE NWC AS	31-MAR-21 ASSETS/(LIABILITIES) CONTRACT PAYABLES % OF LTM NET REVENUES NEW YACHTS

16

NET FINANCIAL POSITION AND LIQUIDITY

ORDER BACKLOG AS OF 31 MARCH 2021

ORDER BACKLOG EVOLUTION AS OF 30 APRIL 2021

COMMENTARY

NEW SX112 PRESENTED AT GENOA BOAT SHOW IN OCTOBER 2020

ORDER BACKLOG EVOLUTION

MARKET UPDATE STRONG REBOUND OF THE LUXURY SECTOR

MARKET UPDATE THE YACHTING INDUSTRY IS EXPERIENCING A STRONG MOMENTUM LIKEWISE THE LUXURY SECTOR

FOCUS ON NEW MODELS – 2021 MULTIPLE LEVERS FOR PROFITABLE GROWTH

FIVE NEW MODELS TO BE LAUNCHED AT CANNES YACHTING FESTIVAL IN SEPTEMBER 2021, AN UNPRECEDENTED EFFORT MADE POSSIBLE THANKS TO THE DEVELOPMENT AND PRODUCTION WORK CARRIED OUT DURING THE MOST DIFFICULT MOMENTS OF THE PANDEMIC

SL90 ASYMMETRIC AND RESTYLING OF SL106A (YACHT DIVISION) BG72 (BLUEGAME DIVISION)

FOCUS ON NEW RANGES – 2022 MULTIPLE LEVERS FOR PROFITABLE GROWTH

THREE NEW PRODUCT RANGES TO BE LAUNCHED IN 2022, ENTERING NEW MARKET SECTORS, ALL OFFERING NOVEL AND CROSS-SEGMENT FEATURES, HIGHLY INSPIRED BY SUSTAINABILITY PRINCIPLES

SP ("SMART PERFORMANCE") – YACHT DIVISION

X-SPACE – SUPERYACHT DIVISION

BGM (BLUEGAME MULTI-HULL) – BLUEGAME

A STUNNING MOTORYACHT WHICH INCIDENTALLY HAS TWO HULLS.

PLEASE BE PATIENT…

2021 GUIDANCE HIGH DOUBLE-DIGIT GROWTH OF ALL METRICS

◼	IN MARKET, SANLORENZO THIS GROWING IS EXPECTED TO CAPITALISE ON THE STRENGTHS OF ITS BUSINESS MODEL:	(€M AND % OF NET REVENUES NEW YACHTS) MARGIN AS	2019 ACTUAL	2020 ACTUAL	2021 GUIDANCE
	SOLID YACHTING, WITH LEADERSHIP IN LUXURY A ◼ POWERFUL BRAND EQUITY YACHTS QUANTITIES, STRICTLY BUILT IN LIMITED ◼ MEASURE, ADDRESSED MADE TO TO A	NET REVENUES NEW YACHTS	455.9	457.7	530 – 540 ~+17% YoY ~85% COVERED BY CURRENT BACKLOG
	SOPHISTICATED AND LOYAL CLIENTELE UNIQUE DISTRIBUTION THROUGH HIGHLY SELECTIVE ◼	ADJUSTED EBITDA	66.0	70.6	86 – 88 ~+23% YoY
	BRAND REPRESENTATIVES FOCUS VALUE-ADDED ON PHASES ALLOWING FOR A ◼	ADJUSTED EBITDA MARGIN	14.5%	15.4%	16.2% – 16.3% ~+85bps YoY
◼	FLEXIBLE COST STRUCTURE SANLORENZO'S MANAGEMENT EXPECTS A HIGH DOUBLE-DIGIT 2021, GROWTH OF ALL METRICS IN	GROUP NET PROFIT	27.0	34.5	43 – 44 ~+26% YoY
	BY: SUPPORTED BACKLOG PROVIDING HIGH VISIBILITY ON FUTURE ◼	INVESTMENTS	51.4	30.8	42 – 44 ~+40% YoY
	REVENUES: ~85% OF NET REVENUES EXPECTED NEW YACHTS, ~90% COVERED BY FINAL CLIENTS	NET CASH	(9.1)	3.8	14 – 16 ~+11

NOTES:

^◼ ASSUMING NO MATERIAL IMPACTS FROM ADDITIONAL RESTRICTIONS ASSOCIATED WITH THE COVID-19 PANDEMIC

^◼ EXCLUDING THE CONTRIBUTION FROM BUSINESS COMBINATIONS, SUCH AS THE POTENTIAL ACQUISITION OF PERINI NAVI

^◼ REFER TO NOTES IN THE APPENDIX REGARDING FORWARD-LOOKING STATEMENTS

^◼ PROGRESSIVE IMPLEMENTATION OF NEW PRODUCTION CAPACITY AND GRADUAL INCREASE IN PRICES OF NEW ORDERS DRIVING GROWTH IN

^◼ ROBUST PIPELINE OF NEW PRODUCT RANGES, ALSO IN NEW SEGMENTS, EXPECTED TO BOOST GROWTH

PROFITABILITY

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, REJECTED BY THE COURT ON 30 APRIL 2021
• ^◼ SANLORENZO AND FERRETTI GROUP ESTABLISHED 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)

SUSTAINABILITY AND 2020 NON-FINANCIAL STATEMENT

2020 NON-FINANCIAL STATEMENT SUSTAINABILITY AS A FUNDAMENTAL PILLAR OF SANLORENZO'S STRATEGY

OVERVIEW OF 2020 NON-FINANCIAL STATEMENT

• ^◼ FIRST YEAR OF COMPREHENSIVE REPORTING ON ENVIRONMENTAL, SOCIAL AND GOVERNANCE MATTERS RELATED TO SANLORENZO S.P.A. AND PREPARED IN ACCORDANCE WITH GRI STANDARDS
• ^◼ STARTING POINT OF A PATH AIMED AT PROGRESSIVELY CONSOLIDATING A BUSINESS MODEL CAPABLE OF GENERATING SHARED VALUE FOR STAKEHOLDERS IN THE LONG TERM, WITH AN INCREASING AWARENESS OF THE MOST RELEVANT SUSTAINABILITY ISSUES THAT THE NAUTICAL SECTOR FACE IN THE NEXT YEARS

ENVIRONMENTAL TOPICS	SOCIAL TOPICS	ECONOMIC TOPICS
ENERGY CONSUMPTION	HEALTH AND SAFETY PREVENTION	SUPPLY CHAIN MANAGEMENT
PRESERVATION OF MARINE HABITAT AND BIODIVERSITY	HUMAN RESOURCES MANAGEMENT	SUSTAINABILITY GOVERNANCE
AIR EMISSIONS	EXCLUSIVE RELATIONSHIP WITH THE CUSTOMER	RESEARCH DEVELOPMENT AND
WASTE MANAGEMENT
WATER RESOURCE MANAGEMENT	PROMOTION TERRITORY; AND DEVELOPMENT OF THE RELATIONSHIP WITH LOCAL COMMUNITY	FIGHT AGAINST CORRUPTION
SUSTAINABLE YACHT DESIGN

MATERIAL TOPICS

OUR OBJECTIVE IS TO SERVE AS AN EXAMPLE IN THE INDUSTRY AND PROMOTE A "RESPONSIBLE DEVELOPMENT" CULTURE TO BE SHARED NOT ONLY ACROSS OUR GROUP, BUT ALSO OUTSIDE THE COMPANY, ACTING TO RAISE THE AWARENESS THROUGHOUT THE WHOLE VALUE CHAIN

2020 NON-FINANCIAL STATEMENT - ENVIRONMENT SUSTAINABILITY AS A FUNDAMENTAL PILLAR OF SANLORENZO'S STRATEGY

	…2019	2020	2021 AND BEYOND
ENERGY CONSUMPTION	USE OF GREEN ENERGY THANKS TO THE ◼ INSTALLATION OF PHOTOVOLTAIC PANELS IN D2 SHIPYARD AMEGLIA THE NEW IN	INSTALLATION THERMO-STRIP OF THE HEATING ◼ MASSA SYSTEM IN THE SHIPYARD	5-YEAR INVESTMENT PLAN FOR THE ◼ INSTALLATION OF SOLAR PANELS IN ALL OTHER SHIPYARDS
PRESERVATION OF MARINE HABITAT AND BIODIVERSITY	USE «ANTIFOULDING OF PAINTS AND ◼ TREATMENTS» NOT DAMAGING MARINE BIOLOGICAL HABITAT	PARTNERSHIP WATER REVOLUTION WITH THE ◼ FOUNDATION INVOLVEMENT «YACHT IN THE ◼ ENVIRONMENTAL TRANSPARENCY INDEX (YETI)» PROJECT	COLLABORATION WATER REVOLUTION WITH ◼ FOUNDATION FOR THE REDUCTION OF UNDERWATER NOISE
AIR EMISSIONS	«INFUSION TECHNIQUE» FOR THE ◼ SEMI-FINISHED PRODUCTION OF PRODUCTS IN COMPOSITE	LAUNCH «LIFE CYCLE OF THE FIRST ◼ ASSESSMENT (LCA)» STUDY	IMPLEMENTATION LCA ACTIVITIES OF WITH A ◼ «FROM GRAVE» APPROACH CRADLE TO FOR DIFFERENT LINES OF PRODUCTIONS
WASTE MANAGEMENT	ENVIRONMENTAL MANAGEMENT SYSTEM ◼ ISO 14001:2015 PROVIDED BY AMEGLIA CERTIFICATION IN SHIPYARD	INSTALLATION OF A DISTILLER TO REDUCE THE ◼ AMOUNT OF ACETONE HANDLED AS WASTE IN LA SPEZIA SHIPYARD ISO 14001:2015 CERTIFICATION LA FOR ◼ SPEZIA MASSA AND SHIPYARDS	COMPLETION ISO OF THE CURRENT ◼ SYSTEM: ISO 14001:2015 CERTIFICATION VIAREGGIO ISO FOR SHIPYARD AND 50001:2018 («ENERGY MANAGEMENT SYSTEM») FOR ALL THE SHIPYARDS
WATER RESOURCE MANAGEMENT	PRELIMINARY ACTIVITIES FOR THE CONNECTION ◼ TO THE MUNICIPAL SEWER FOR THE DISCHARGE LA SPEZIA OF CIVIL WASTE AT SHIPYARD	ISO 14001:2015 CERTIFICATION LA FOR ◼ SPEZIA MASSA AND SHIPYARDS	CONNECTION TO THE PUBLIC SEWER FOR THE ◼ LA SPEZIA DISCHARGE OF CIVIL WASTE AT SHIPYARD
SUSTAINABLE YACHT DESIGN	INSERTION «SANDWICH» PANELS OF TO ◼ REPLACE PART OF THE FIBERGLASS IN THE MONOLITHIC LAMINATION PROCESS SELECTION OF THE SOURCE OF MATERIALS ◼ (SUCH TEAK), FURNITURE AS AND FLYWOOD (CERTIFIED «FORMALDEHYDE-FREE») AS	PRELIMINARY «DESIGN STUDY OF FOR ◼ DISASSEMBLY» AND «DESIGN RENEWAL» FOR	FORMAL «DESIGN APPROACH TO FOR ◼ DISASSEMBLY» THROUGH THE DRAFT OF A «SUSTAINABLE MANUAL» AIMED DESIGN AT FORMALISING THE RULES AND CRITERIA TO BE FOLLOWED IN THE DESIGN PHASE

2020 NON-FINANCIAL STATEMENT – WORKPLACE, MARKETPLACE AND LOCAL COMMUNITY SUSTAINABILITY AS A FUNDAMENTAL PILLAR OF SANLORENZO'S STRATEGY

	…2019	2020	2021 AND BEYOND
HEALTH AND SAFETY PREVENTION	OCCUPATIONAL HEALTH AND SAFETY ◼ (OHSMS) MANAGEMENT SYSTEM PROVIDED BY UNI EN ISO 45001:2018 STANDARD INFUSION TECHNIQUE ◼ EXTENSIVE TRAINING COURSES ◼	INSTALLATION «EXTRACTION SYSTEM» TO OF AN ◼ AVOID DISPERSION OF STYRENE EMISSIONS IN THE MASSA AIR AT SHIPYARD	TO BE DEFINED ◼
HUMAN RESOURCES MANAGEMENT	SANLORENZO'S «WELFARE MODEL» ◼ INCENTIVE TO PARTICIPATION IN TRAINING ◼ CISITA COURSES OFFERED BY NUMEROUS RECRUITING, CHANNELS FOR ◼ INCLUDING PARTICIPATION AT ORIENTATION DAYS OF VARIOUS UNIVERSITIES EMPLOYEE DEVELOPMENT PATHS ◼ WELCOME KIT FOR NEW HIRES ◼	IMPLEMENTATION «CONSTRUCTIVE LISTENING» OF ◼ PRAXI INITIATIVES WITH MENTORING PROGRAM FOR NEW HIRES ◼ UPGRADE «MANAGEMENT OF BY OBJECTIVES ◼ (MBO)» POLICIES NEW SECOND LEVEL EMPLOYMENT AGREEMENT ◼ WITH IMPROVED CONDITIONS «QUALITATIVE ASSESSMENT» OF TURNOVER ◼ THROUGH EXIT INTERVIEWS	IMPLEMENTATION OF A STRUCTURED SYSTEM FOR ◼ PERFORMANCE EVALUATION OPENING «HR INFORMATION DESK» IN OF A ALL ◼ THE SHIPYARDS PROGRAM FOR SOCIAL ASSISTANCE AND ◼ PSYCHOLOGICAL SUPPORT FOR EMPLOYEES INTRODUCTION ESG OBJECTIVES MBO OF IN THE ◼ SYSTEM
PROMOTION AND DEVELOPMENT OF THE TERRITORY	CONTRIBUTION TO THE CONSTRUCTION OF THE ◼ «DEFENSE EMBANKMENT» MAGRA ON THE RIVER EVENTS «LERICI PEA» IN PARTNERSHIP WITH THE ◼ ASSOCIATION	EVENTS «LERICI PEA» IN PARTNERSHIP WITH THE ◼ (E.G. «LERICI PEA – GOLFO ASSOCIATION DEI POETI», «CAREER AWARD» TO RUSSIAN THE OL'GA ALEKSANDROVNA SEDAKOVA) POETESS	ADDITIONAL MAGRA INTERVENTION ON THE ◼ (AMEGLIA SHIPYARD) RIVERSIDE ENLARGEMENT TELLARA – ON THE LAND GROWTH ◼ SANLORENZO OPPORTUNITY FOR WITH POSITIVE IMPACT ON THE TERRITORY
EXCLUSIVE RELATIONSHIP WITH THE CUSTOMER	SYSTEMATIC – INVOLVEMENT OF CUSTOMERS ◼ DIALOGUE, ELITE DAYS THROUGH CONTINUOUS ART, AND INITIATIVES IN CONNECTION WITH CULTURE AND DESIGN ACCESS «SANLORENZO TIMELESS» SERVICE TO ◼ «WOSA YACHT SURVEYOR AND INSTALLATION OF (WYSR)» APPLICATION ON EACH YACHT TRAINING COURSES TO SERVICE POINTS AND ◼ SANLORENZO ACADEMY CREWS THROUGH DELIVERY «QUALITY BOOKLETS» TO OF CLIENTS ◼	FIRST «HIGH STEP FOR THE IMPLEMENTATION OF ◼ END SERVICES» PACKAGES IN COLLABORATION «HILL ROBINSON» FOR WITH RECRUITING AND TRAINING OF CREWS FOR THE HIGHEST STANDARDS SERVICE, SAFETY IN TERMS OF AND LEISURE ON BOARD	TRAINING BRAND REPRESENTATIVES COURSES TO ◼ IMPLEMENTATION OF FURTHER INNOVATIVE ◼ (E.G. SMART REMOTE ASSISTANCE SOLUTIONS HELMET) COMPLETION «HIGH-END SERVICES» OFFER: OF ◼ SANLORENZO FLEET, CREWS CHARTER RECRUITED HILL ROBINSON, EVOLUTION AND TRAINED BY OF «SANLORENZO TIMELESS» SERVICE

2020 NON-FINANCIAL STATEMENT – R&D, SUPPLY CHAIN AND SUSTAINABILITY GOVERNANCE SUSTAINABILITY AS A FUNDAMENTAL PILLAR OF SANLORENZO'S STRATEGY

	…2019	2020	2021 AND BEYOND
RESEARCH AND DEVELOPMENT	DEVELOPMENT DIESEL/ELECTRIC OF HYBRID AND ◼ PROPULSIVE SOLUTIONS IN PARTNERSHIP WITH MAJOR PLAYERS RESEARCH FOR THE INTRODUCTION OF ◼ (E.G. TO SUSTAINABLE ALTERNATIVE MATERIALS TEAK)	RESEARCH FOR THE IMPLEMENTATION OF ◼ NOX SOLUTIONS TO REDUCE EMISSIONS DUE TO ENGINE COMBUSTION STUDY ON THE IMPACT OF THE HYBRID SYSTEM IN ◼ WEIGHT, COST, SAFETY TERMS OF AND SPACE ON BOARD	PARTNERSHIP UNIVERSITY PISA WITH THE OF FOR ◼ THE STUDY OF ALTERNATIVE OR COMPLEMENTARY SOLUTIONS TO SELECTIVE CATALYTIC REDUCTION DESIGN «ZERO AND IMPLEMENTATION OF ◼ EMISSIONS» SOLUTIONS AT ANCHOR FOR SOME MODELS
SUPPLY CHAIN MANAGEMENT	TRAINING TO SUPPLIERS AND CONTRACTORS WITH ◼ SANLORENZO ACADEMY STRUCTURED SELECTION PROCESS IN COMPLIANCE ◼ SANLORENZO'S HEALTH, WITH THE LAW AND SAFETY AND ENVIRONMENTAL REQUIREMENTS STRICT CONTROLS OVER THE CORRECT AND TIMELY ◼ PAYMENT OF WAGES AND CONTRIBUTIONS BY SUPPLIERS AND COMPLIANCE WITH ACCIDENT PREVENTION REGULATION AND STANDARDS	CONTINUOUS MONITORING ACTIVITIES ◼ PARTICIPATION «TABLE TO THE FOR THE ◼ PREVENTION AND FIGHT AGAINST ILLEGAL HIRING» SET CONFINDUSTRIA NAUTICA UP BY UPDATE OF THE GENERAL TERMS AND CONDITIONS ◼ OF THE CONTRACTS WITH STRICTER REQUIREMENTS REGARDING PAYMENT OF SOCIAL CONTRIBUTIONS SUPPLY CHAIN FINANCE SOLUTIONS WITH PRIMARY ◼ FINANCIAL INSTITUTIONS	IMPOSITION OF CHARGES AND STRICTER ◼ OBLIGATIONS ON SUPPLIERS AND CONTRACTORS REGARDING COMPLIANCE WITH LABOUR REGULATION AND PREVENTION OF ACCIDENTS STRENGTHENING OF THE TRAINING ACTIVITIES ◼ SANLORENZO ACADEMY THROUGH EXTENSION OF SUPPLY CHAIN FINANCE SOLUTIONS ◼
SUSTAINABILITY GOVERNANCE	ESTABLISHMENT CONTROL, RISK OF THE AND ◼ SUSTAINABILITY COMMITTEE AND FORMAL INTEGRATION OF SUSTAINABILITY IN THE GOVERNANCE STRUCTURE AND PROCESSES ESTABLISHMENT OF INTERNAL CONTROL AND RISK ◼ (SCIGR) AND MANAGEMENT SYSTEM INTERNAL AUDIT FUNCTION	NEW ORGANISATIONAL STRUCTURE WITH ◼ MANAGEMENT FIGURES DEDICATED TO SUSTAINABILITY SUSTAINABILITY REPORTING TO THE OFFICER COMPLETION «RISK CONTROL MATRIX» OF ◼	IMPROVEMENT OF THE QUANTITATIVE DATA ◼ NON-FINANCIAL COLLECTION SYSTEM FOR REPORTING
FIGHT AGAINST CORRUPTION	STRUCTURED APPROACH TO POTENTIAL ◼ RISK: MODEL D.LGS. CORRUPTIVE PURSUANT TO 231/01; CODE ETHICS, WHISTLEBLOWING OF PROCEDURE, OFAC COMPLIANCE POLICY AUDIT INTERNAL AUDIT ACTIVITIES BY ◼	ADOPTION CODE CONDUCT GROUP OF AT LEVEL ◼ ADOPTION ANTITRUST OF COMPLIANCE PROGRAM ◼ AUDIT INTERNAL AUDIT ACTIVITIES BY ◼	CONTINUOUS MONITORING AND UPDATING OF THE ◼ COMPANY'S PROCEDURES

STRONG HERITAGE IN LINE WITH ITS LOYAL CUSTOMERS

APPENDIX

FINANCIAL HIGHLIGHTS FY 2020

NET REVENUES NEW YACHTS

EBIT

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€'000) Three months ended 31 March					Change
	2021	% Net Revenues New Yachts	2020	% Net Revenues New Yachts	2021 vs. 2020	2021 vs. 2020%
Net Revenues New Yachts	118,011	100,0%	97,945	100.0%	20,066	+20.5%
Net revenues from pre-owned boats, maintenance and other services	22,074	18.7%	208	0.2%	21,866	+10,512.5%
Other income	895	0.8%	1,133	1.2%	(238)	-21.0%
Operating costs	(123,671)	(104.8)%	(85,807)	(87.6)%	(37,864)	+44.1%
Adjusted EBITDA	17,309	14.7%	13,479	13.8%	3,830	+28.4%
Non-recurring costs	(252)	(0.2)%	(135)	(0.1)%	(117)	+86.7%
EBITDA	17,057	14.5%	13,344	13.6%	3,713	+27.8%
Depreciation and amortisation	(5,024)	(4.3)%	(4,500)	(4.6)%	(524)	+11.6%
EBIT	12,033	10.2%	8,844	9.0%	3,189	+36.1%
Net financial expense	(209)	(0.2)%	(570)	(0.6)%	361	-63.3%
Adjustments to financial assets	4	0.0%	29	0.0%	(25)	-86.2%
Pre-tax profit	11,828	10.0%	8,303	8.5%	3,525	+42.5%
Income taxes	(3,586)	(3.0)%	(2,526)	(2.6)%	(1,060)	+42.0%
Net profit	8,242	7.0%	5,777	5.9%	2,465	+42.7%
Net (profit)/loss attributable to non-controlling interests	18	0.0%	154	0.2%	(136)	-88.3%
Group net profit	8,260	7.0%	5,931	6.1%	2,329	+39.3%

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€'000)	31 March	31 December	31 March	Change
	2021	2020	2020	31 March 2021 vs 31 December 2020	31 March 2021 vs 31 March 2020
USES
Goodwill	8,667	8,667	8,667	-	-
Intangible assets with a finite useful life	41,227	36,434	35,683	4,793	5,544
Property, plant and equipment	111,801	112,491	104,214	(690)	7,587
Other equity investments and other non-current assets	416	412	408	4	8
Net deferred tax assets	6,193	6,538	3,102	(345)	3,091
Non-current employee benefits	(899)	(845)	(818)	(54)	(81)
Non-current provisions for risks and charges	(1,256)	(1,389)	(898)	133	(358)
Net fixed capital	166,149	162,308	150,358	3,841	15,791
Inventories	83,627	82,214	79,541	1,413	4,086
Trade receivables	19,113	17,233	23,465	1,880	(4,352)
Contract assets	122,033	112,938	98,790	9,095	23,243
Trade payables	(108,108)	(137,238)	(122,070)	29,130	13,962
Contract liabilities	(51,156)	(46,156)	(23,115)	(5,000)	(28,041)
Other current assets	34,196	30,434	44,182	3,762	(9,986)
Current provisions for risks and charges	(12,421)	(12,679)	(10,271)	258	(2,150)
Other current liabilities	(31,813)	(27,492)	(23,872)	(4,321)	(7,941)
Net working capital	55,471	19,254	66,650	36,217	(11,179)
NET INVESTED CAPITAL	221,620	181,562	217,008	40,058	4,612

SOURCES
Net financial position	25,878	(3,829)	60,712	29,707	(34,834)
Equity	195,742	185,391	156,296	10,351	39,446
TOTAL SOURCES	221,620	181,562	217,008	40,058	4,612

CONSOLIDATED CASH FLOW STATEMENT AND NET FINANCIAL POSITION

RECLASSIFIED CASH FLOW STATEMENT NET FINANCIAL POSITION

(€'000)	31 March 2021	31 March 2020
EBITDA	17,057	13,344
Taxes paid	-	(79)
Changes in inventories	(1,413)	(17,230)
Change in net contract assets and liabilities	(4,095)	(7,228)
Change in trade receivables and payments on account to suppliers	(101)	(4,476)
Change in trade payables	(29,131)	(30,119)
Change in provisions and other assets and liabilities	(4,801)	1,432
Operating cash flow	(22,484)	(44.356)
Change in non-current assets (Capex)	(5,641)	(6,430)
Business acquisitions and other changes	656	-
Free cash flow	(27,469)	(50,786)
Net financial expense	(272)	(541)
Other changes in Shareholders' Equity	(1,966)	(322)
Change in net financial position	(29,707)	(51,649)
Beginning net financial position	(3,829)	9,063
Ending net financial position	25,878	60,712

(€'000) 31 March 2021 31 December 2020 31 March 2020 Cash and cash equivalents (65,665) (94,359) (63,341) Other liquid assets - - - Securities held for trading - - - Cash (65,665) (94,359) (63,341) Current financial receivables (1) (647) (160) Current bank payables 6,616 218 55,046 Current portion of debt 26,225 25,572 17,428 Other current financial payables 2,628 2,642 1,777 Current financial debt 35,469 28,432 74,251 Net current financial debt (30,197) (66,574) 10,750 Non-current bank payables 53,869 57,932 48,243 Bonds issued - - - Other non-current payables 2,206 4,813 1,719 Non-current financial debt 56,075 62,745 49,962 Net financial position 25,878 (3,829) 60,712

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.

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.