FY 2020 RESULTS STAR CONFERENCE 2021 – SPRING EDITION

23 MARCH 2021

INTRODUCTION TO SANLORENZO

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

~50 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, ~2,500-UNIT WORK FORCE, ~500 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, LIAGRE)

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

Source: Company filings. 1. As of 2020 YE. Group headcount as of 31 December 2020 equal to 513. 2 . Companies distributing Sanlorenzo's products with mono-brand approach even in co-presence of other third –party yachts.

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

, , , , , , , , , , , , , , , , , , , ,
21 NK	COMPANY	TOTAL LENGTH (M)	NUMBER OF PROJECTS	AVERAGE LENGTH (M)	NUMBER OF PROJECTS 2020	2020 RANK
	Azimut-Benetti	3,521	100	35.2	101
$\mathbf{2}$	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 RESULTS SOLID GROWTH AND STEADY RESILIENCE

PROVEN RESILIENCE

STRONG 2020 RESULTS PROVING ONCE AGAIN THE RESILIENCE AND EFFICACY OF SANLORENZO BUSINESS MODEL, DESPITE THE IMPACT OF COVID-19 AND THE LOCKDOWN IN SPRING

NET REVENUES NEW YACHTS, STANDING AT €457.7M, SUBSTANTIALLY STABLE COMPARED WITH 2019, DRIVEN BY APAC AND THE AMERICAS
ADJUSTED EBITDA STANDING AT €70.6M1, 15.4% MARGIN ON NET REVENUES NEW YACHTS VERSUS 14.5% IN 2019
GROUP NET PROFIT AT €34.5M, +27.7% VERSUS 2019, 7.5% ON NET REVENUES NEW YACHTS VERSUS 5.9% IN 2019
INVESTMENTS FOR €30.8M (6.7% ON NET REVENUES NEW YACHTS VERSUS 11.3% IN 2019), WITH ADDED FOCUS ON NEW PRODUCTS
SOLID FINANCIAL STANDING, WITH €3.8M NET CASH AS OF 31 DECEMBER 2020 FROM €5.1M NET DEBT AS OF 30 SEPTEMBER 2020
BACKLOG AS OF 15 MARCH 2021 AT €527.6M, COMPARED TO €408.8M AS OF 31 DECEMBER 2020²WITH A STRONG REBOUND STARTED FROM Q4 2020
GROWTH EXPECTATIONS FOR 2021, SUPPORTED BY MARKET DYNAMICS AND THE LAUNCH OF 5 NEW MODELS DURING THE YEAR

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.

FINANCIAL HIGHLIGHTS FY 2016-2020

GROUP NET PROFIT

FINANCIAL HIGHLIGHTS FY 2020

NET REVENUES NEW YACHTS

EBIT

ADJUSTED EBITDA

GROUP NET PROFIT

(€M)

31-DEC-20

-3.8

-€12.9M

NET REVENUES NEW YACHTS

OPERATING AND NET MARGINS

COMMENTARY		EBITDA1 ADJUSTED			EBIT
	EBITDA1 ADJUSTED €70.6M: +7.0% VERSUS FY 2019, AT EXCEEDING OUTLOOK	(€M) 100		+7.0% 15.4%	(€M) 80		+13.8% 10.7%
	NET REVENUES NEW YACHTS EBITDA MARGIN ON INCREASING 14.5% IN 2019 TO 15.4% 2020 (+0.9%) FROM IN COVID-19, AS OF: NOTWITHSTANDING THE IMPACT OF A RESULT	80 60	14.5% 66.0	70.6	60	9.5% 43.1	49.0
	STEADY SELLING PRICES AND SHIFT IN PRODUCT MIX TOWARDS (YACHT BLUEGAME DIVISIONS) LARGER YACHTS AND	40			40 20
	INCREASED EFFICIENCY THANKS TO A FULLY OPERATIONAL NEW PRODUCTION CAPACITY AND HIGHER ABSORPTION OF FIXED COSTS	20 0	FY 2019	FY 2020	0 0	FY 2019	FY 2020
	EBIT AT €49.0M: +13.8% VERSUS FY 2019		PRE-TAX	PROFIT		GROUP	NET PROFIT
	EBIT MARGIN NET REVENUES NEW YACHTS ON INCREASING 9.5% IN 2019 TO 10.7% IN 2020, DESPITE 19.8% FROM A D&A DUE CAPEX INCREASE IN TO RELEVANT	(€M) 80	+23.8%	10.2%	(€M) 50		+27.7% 7.5%
	€46.9M: +23.8% VERSUS FY 2019, THANKS PRE-TAX PROFIT AT TO 58.6% REDUCTION IN NET FINANCIAL EXPENSES	60	8.3%	46.9	40 30	5.9% 27.0	34.5
	GROUP NET PROFIT €34.5M: +27.7% VERSUS FY 2019 AT	40	37.9		20
	NET PROFIT MARGIN NET REVENUES NEW YACHTS ON 5.9% IN 2019 TO 7.5% IN 2020 INCREASING FROM	20			10
	20192 EARNINGS SHARE: €1.00, COMPARED €0.84 IN PER TO	0	FY 2019	FY 2020	0 0	FY 2019	FY 2020

2. Calculated as ratio of Group Net Income (as reported) to average number of shares (34,500,000 in 2020 and 32,250,000 in 2019).

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 WORKING CAPITAL

NET FINANCIAL POSITION AND LIQUIDITY

ORDER BACKLOG 2020 QUARTERLY EVOLUTION

ORDER BACKLOG EVOLUTION

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

2. Compared to €328.8m related to 2020 out of €444.3m total backlog as of 31 December 2019.

ORDER BACKLOG EVOLUTION FROM 31 DECEMBER 2020

1. Compared to €305.1m related to 2021 out of €408.8m total backlog as of 31 December 2020.

MARKET UPDATE YACHTING INDUSTRY IS POSITIONED FOR GROWTH

FOCUS ON NEW MODELS – 2021 MULTIPLE LEVERS FOR PROFITABLE GROWTH

SD118 (YACHT DIVISION) SL120 ASYMMETRIC (YACHT DIVISION)

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

FOCUS ON NEW RANGES – FROM 2022 MULTIPLE LEVERS FOR PROFITABLE GROWTH

BGM NEW LINE (BLUEGAME)

A STUNNING MOTORYACHT WHICH INCIDENTALLY HAS TWO HULLS.

PLEASE BE PATIENT…

SP110 OPEN COUPE' NEW LINE (YACHT DIVISION) X-SPACE NEW LINE (SUPERYACHT DIVISION)

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 FOR CRADLE TO 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) PROVIDED BY MANAGEMENT SYSTEM UNI EN ISO 45001:2018 STANDARD INFUSION TECHNIQUE  EXTENSIVE TRAINING COURSES 	INSTALLATION SYSTEM» TO «EXTRACTION 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 MBO ESG OBJECTIVES OF IN THE  SYSTEM
PROMOTION AND DEVELOPMENT OF THE TERRITORY	CONTRIBUTION TO THE CONSTRUCTION OF THE  MAGRA «DEFENSE EMBANKMENT» 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 THROUGH CREWS 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 IN COMPLIANCE SELECTION PROCESS  SANLORENZO'S HEALTH, WITH THE LAW AND SAFETY AND ENVIRONMENTAL REQUIREMENTS STRICT OVER THE CORRECT AND TIMELY CONTROLS  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 FUNCTION AUDIT	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 TO POTENTIAL APPROACH  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

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, WITH COURT HEARING SCHEDULED 0N 16 APRIL 2021
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

NET REVENUES NEW YACHTS AND ADJUSTED EBITDA QUARTERLY EVOLUTION

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€'000)		Year ended 31 December	Change
	2020	% Net Revenues New Yachts	2019	% Net Revenues New Yachts	2020 vs. 2019	2020 vs. 2019%
Net Revenues New Yachts	457,703	100.0%	455,935	100.0%	1,768	+0.4%
Net revenues from pre-owned boats, maintenance and other services	69,765	15.2%	50,309	11.0%	19,456	+38.7%
Other income	5,728	1.3%	3,445	0.8%	2,283	+66.3%
Operating costs	(462,561)	(101.1)%	(443,671)	(97.3)%	(18,890)	+4.3%
Adjusted EBITDA	70,635	15.4%	66,018	14.5%	4,617	+7.0%
Non-recurring costs	(1,399)	(0.3)%	(6,054)	(1.3)%	4,655	-76.9%
EBITDA	69,236	15.1%	59,964	13.2%	9,272	+15.5%
Depreciation and amortisation	(20,208)	(4.4)%	(16,868)	(3.7)%	(3,340)	+19.8%
EBIT	49,028	10.7%	43,096	9.5%	5,932	+13.8%
Net financial expense	(2,174)	(0.5)%	(5,251)	(1.2)%	3,077	-58.6%
Adjustments to financial assets	34	0.0%	32	0.0%	2	+6.3%
Pre-tax profit	46,888	10.2%	37,877	8.3%	9,011	+23.8%
Income taxes	(12,480)	(2.7)%	(11,059)	(2.4)%	(1,421)	+12.8%
Net profit	34,408	7.5%	26,818	5.9%	7,590	+28.3%
Net (profit)/loss attributable to non-controlling interests	100	0.0%	212	0.0%	(112)	-52.8%
Group net profit	34,508	7.5%	27,030	5.9%	7,478	+27.7%

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€'000)	31 December	31 December	Change
	2020	2019	2020 vs. 2019	2020 vs. 2019%
USES
Goodwill	8,667	8,667	-	-
Intangible assets with a finite useful life	36,434	35,404	1,030	+2.9%
Property, plant and equipment	112,491	102,598	9,893	+9.6%
Other equity investments and other non-current assets	412	379	33	+8.7%
Net deferred tax assets	6,538	3,008	3,530	+117.4%
Non-current employee benefits	(845)	(796)	(49)	+6.2%
Non-current provisions for risks and charges	(1,389)	(913)	(476)	+52.1%
Net fixed capital	162,308	148,347	13,961	+9.4%
Inventories	82,214	62,311	19,903	+31.9%
Trade receivables	17,233	20,269	(3,036)	-15.0%
Contract assets	112,938	87,889	25,049	+28.5%
Trade payables	(137,238)	(152,189)	14,951	-9.8%
Contract liabilities	(46,156)	(19,442)	(26,714)	+137.4%
Other current assets	30,434	46,007	(15,573)	-33.8%
Current provisions for risks and charges	(12,679)	(9,299)	(3,380)	+36.3%
Other current liabilities	(27,492)	(23,999)	(3,493)	+14.6%
Net working capital	19,254	11,547	7,707	+66.7%
NET INVESTED CAPITAL	181,562	159,894	21,668	+13.6%

SOURCES
Net financial position	(3,829)	9,063	(12,892)	-142.2%
Equity	185,391	150,831	34,560	+22.9%
TOTAL SOURCES	181,562	159,894	21,668	+13.6%

CONSOLIDATED CASH FLOW STATEMENT AND NET FINANCIAL POSITION

RECLASSIFIED CASH FLOW STATEMENT NET FINANCIAL POSITION

(€'000)	31 December 2020	31 December 2019
EBITDA	69,236	59,964
Taxes paid	(11,288)	(8,788)
Changes in inventories	(19,903)	(22,988)
Change in net contract assets and liabilities	1,665	(26,610)
Change in trade receivables and payments on account to suppliers	1,648	8,689
Change in trade payables	(14,951)	38,870
Change in provisions and other assets and liabilities	19,592	4,051
Operating cash flow	45,999	53,187
Change in non-current assets (Capex)	(30,821)	(51,447)
Business acquisitions and other changes	(251)	201
Free cash flow	14,926	1,941
Net financial expense	(2,187)	(5,292)
Other changes in Shareholders' Equity	152	17,251
Change in net financial position	12,892	13,900
Beginning net financial position	9,063	22,963
Ending net financial position	(3,829)	9,063

(€'000)	31 December 2020	31 December 2019
Cash and cash equivalents	(94,359)	(60,186)
Other liquid assets	-	-
Securities held for trading	-	-
Cash	(94,359)	(60,186)
Current financial receivables	(647)	(6,654)

Current bank payables	218	370
Current portion of debt	25,572	17,394
Other current financial payables	2,642	1,530
Current financial debt	28,432	19,294
Net current financial debt	(66,574)	(47,546)

Non-current bank payables	57,932	54,706
Bonds issued	-	-
Other non-current payables	4,813	1,903
Non-current financial debt	62,745	56,609
Net financial position	(3,829)	9,063

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.