#112 MAY 2023 - ISMO PARIS SANLORENZO CORPORATE PRESENTATION SANLORENZO#2Milan Design Week - LA MACCHINA IMPOSSIBILE (2023)#3Contents 1. Market strategy for a sustainable long-term growth path 2. Q1 2023 results update#4Content 1. Market strategy for a sustainable long-term growth path 2. Q1 2023 results update#5The Maison Sanlorenzo business model THE EPITOME OF «QUITE LUXURY>> Limited number of units per year for each Rigorously «Made to Measure>> product line Timeless pieces in close liaison with art and design HOLISTIC AND SUSTAINABLE VALUE CHAIN MANAGEMENT Trailblazing industry innovation while preserving heritage Loyal and sophisticated customers, the «Sanlorenzo Club>> Unique direct distribution network Ecosystem of thousands of specialised local artisans Sustainability at the heart of the R&D strategy 5#6DETAILS ON BUSINESS PLAN DRIVERS New models launch - innovation maintaining recognition 2023-2025 growth driven by 10 new models launch and 9 existing ones updated, maintaining product scarcity by model and range, as well as the immediate recognisability of a Sanlorenzo 1958 CANTIERI SAN LORENZO 1 updated Yacht 1995 6 11 10 new models Superyacht 26 13 36 17 9 updated 7 8 Bluegame 2010 4 updated 4 updated 6#7DETAILS ON BUSINESS PLAN DRIVERS Expanding addressable client base, in terms of size and typology Constant global Increase in UHNWIs, geographic opportunities and the ability to meet new customer needs such as "Work-from-Yacht", underpin the yachting market growth Number of UHNWIS¹ Individuals with net worth above $50m 149,890 128,200 +24k p.a. 264,200 Average age of Sanlorenzo Superyacht buyers 385,000 ~56 years 48 years Previous³ Current4 Average days spent on board Based on discussions with clients ~60 days ~120 days 2013 2017 2021 2026E Previous Current 1. 2 3 4 2. Source: The state of the art of the global yachting market - Deloitte and Confindustria Nautica, April 2023; Deloitte Boating Market Monitor, May 2019 Source: Credit Suisse Global Wealth Report 2022 3. Based on the contracts for the sale of superyachts signed between 2016 and 2020 4. Based on the contracts for the sale of superyachts signed in 2021 and H1 2022 Many more lifestyles are represented in today's superyachts, attracting new UHNWIS to the roster of yacht owners¹ Number of Chinese UHNWIs expected to almost double in the next 5 years² 2021-22 charters' boom saw many clients approach yachting for the first time New technologies for connectivity, significantly extending time on board 7#8DETAILS ON BUSINESS PLAN DRIVERS Supply growth has been significant but overall constrained Robust growth of supply in recent years has still not matched the growth rate of the addressable customer base, generating an overall scarcity effect in the industry Number of yachts >24m built each year Of which 47.6% built in Italy 1 x% Estimated current penetration of yachting into UHNWI population² 830 807 821 754 760 773 735 734 692 3% 1,024 1,203 2.5% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Largely untapped client base, penetration rate below 3% On average, supply has grown historically by 51 yachts p.a.³, compared to a growth of approx. 26k UHNWIs p.a.³ 1. 2. Source: Global Order Book 2023 - BOAT International, December 2022. The Global Order Book counts all projects over 24 metres length overall on order or in build signed with a minimum 10% deposit received, on 1 September each year Source: The state of the art of the global yachting market - Deloitte and Confindustria Nautica, April 2023 3. Note: supply average growth calculated over the 2013-2023 timespan, while number of UHNWIS average growth calculated over the 2013-2021 timespan 8#9DETAILS ON BUSINESS PLAN DRIVERS Acquisition of Simpson Marine reinforcing direct distribution With 12 sales showrooms and 10 service points, and a long-standing reputation in the region, Simpson Marine will provide extensive direct coverage of China and South-East Asia Shanghai W CHINA Shenzhen Taipei Hong Kong Penghu Kaohsiung higher profitability Sanya enhanced value proposition Pattaya PHILIPPINES (coming soon) cross selling in high-end services VIETNAM Phuket (coming soon) MALAYSIA Port Dickson SINGAPORE INDONESIA Jakarta Bali SANLORENZO SANLOR 6#10SUSTAINABILITY IS NOT AN OPTION Marginal impact of yachting... Shipping represents ~3% of global greenhouse gas (GHG) emissions equivalent to the total CO2 emissions of Germany¹. Yachting represents 0.2% of shipping emissions² HFO-equivalent fuel consumption (k/tonnes) 20181 Container Bulk carrier Oil tanker 63,906 54,359 Overall incidence of yachting on global GHG emissions equals approx. 0.006%, but... 37,045 Liquified gas tanker 19,965 Chemical tanker 17,450 General cargo 12,731 CUSTOMER DEMAND Cruise 6,985 Vehicle 6,878 Ferry-RoPax 4,295 Refrigerated bulk 3,818 Ro-Ro 3,675 TWIN PRESSURE Miscellaneous - fishing 2,957 Services - tug 2,140 Offshore 1,747 Service other 1,131 Yacht 553 Ferry-pax only Other liquids tankers 545 EMISSION 214 REGULATION Miscellaneous - other 177 1. 2. Sources: All at sea, methanol and shipping - Longspur Research, January 2022; European Commission https://ec.europa.eu/research-and-innovation/en/horizon-magazine/emissions-free-sailing-full-steam-ahead-ocean-going-shipping Source: Fourth edition greenhouse gas study 2020 - International Maritime Organization (IMO), 2021 10#11SUSTAINABILITY IS NOT AN OPTION ...yet the moment to act is now Regulatory and technological framework is constantly evolving. The latest regulatory agenda has already been revised in December 2022 Units: GHG emissions¹ 2008 as base year Emission pathway in line with IMO's GHG strategy Business as usual emissions Emission gap Peak as soon as possible Intensity: 40% reduction Revision in 2023: 100% decarbonisation by Tota % reduction Intensity: 2050? 2020 2030 Zero emissions as soon as possible within this century 2040 2050 within 2100 Dec 2022 agenda: reduction of the total annual GHG emissions from international shipping by at least 50% by 2050 compared to 2008 New decision point in July 2023, possible 100% decarbonisation target by 2050 Long-term strategy focused on zero-carbon fuels development 2008 Total: refers to the absolute amount of GHG emissions from international shipping 1. Source: DNV, 20 December 2022 2. Carbon intensity defined as CO2 emissions per transport work 11#12SUSTAINABILITY IS NOT AN OPTION Sustainability at the heart of Sanlorenzo R&D Sanlorenzo is the first player of the international yachting arena to develop zero emission, carbon neutral solutions - supported by exclusive agreements with major global players 2X ATEX DOSING CABINET METHANOL TANK REDUNDANT FANS WATER TANK AUX BASE CABINET 4X CABINETS FOR MFC MODULES SIEMENS energy Exclusive agreement signed in August 2021 for the joint development of solutions for the integration of fuel cells in 24-80 meter yachts CONDENSER UNIT NITROGEN BOTTLE SANLORENZO SIEMENS energy mtu A Rolls-Royce solution EODev mtu A Rolls-Royce solution B VOL VO PENT A Exclusive agreement signed in August 2022 which will allow the integration of a MTU innovative internal combustion system, powered by methanol, with Siemens Energy's methanol powered fuel cell systems 12#13SUSTAINABILITY IS NOT AN OPTION - Road to 2030 – traiblasing the yachting industry green transition Bluegame- unconstrained by the MAYA principle - as "innovation feeder" to the main Sanlorenzo brand in the Road to 2030 < 24 metres > 40 metres HYDROGEN TANKS BATTERIES FUEL CELLS ELECTRIC MOTOR 2023 - BGH Sea trial 2024-BGH America's Cup Tender to American Magic (America's Cup) 2024-50Steel 1st ever superyacht equipped with Siemens fuel cells for hotellerie (in use most of time) BLUEGAHE 2026 BGM65HH 1st ever motor-yacht powered by fuel cells Volvo hybrid engine o Zero emission at low speed o High speed in diesel mode Zero emission at anchor 2028-SY Explorer 1st ever CARBON NEUTRAL superyacht 13#14INDUSTRIAL AND FINANCIAL OPINION LEADERS ARE SUPPORTIVE Global industrial behemoths are investing in the same direction Over 150 players within the maritime, energy infrastructure, and finance sectors signing on to the Global Maritime Forum 'getting to zero' coalition; top players investing in e-methanol means faster infrastructure development Freight ship owner market share Based on TEU, as of April 26th, 20231 Zim 2% Other Yang Ming 16% MSC Marine Transport Corp 18% 3% 47% of global freight ship share represented by Top 3 players MAERSK 8 container ships running on e-methanol ordered In the Fall 2021 Maersk. Increased to 12 in January 2022 Joins a €10bn project in Nov. 2022, partially financed with EU recovery fund, to produce up to 2 million tonnes of e-methanol a year in Spain by 2030 HMM Co Ltd 3% Ocean STENA (shipping) - PROMAN (world's largest producer of methanol) Maersk 15% ○ 3 methanol dual-fuel tankers launched, 5 to be delivered by 2023 Network Express 6% CMA CGM Evergreen Line 6% Hapag- Lloyd Group 13% 7% COSCO Group 11% 84% of global freight ship share represented by Top 10 players 1. Source: Alphaliner, https://alphaliner.axsmarine.com/PublicTop100/ 2. Source: All at sea, methanol and shipping - Longspur Research, January 2022 MITSUI WATERFRONT SHIPPING (Methanex Group) Joint effort to advance the commercialisation of renewable methanol as a viable marine fuel. Methanex has 30 vessels in operation NORVEGIAN CRUISE LINES plans to adapt its newbuilds to methanol as their primary fuel 14#15INDUSTRIAL AND FINANCIAL OPINION LEADERS ARE SUPPORTIVE Financial system and customer demands are encouraging Over 150 players within the maritime, energy infrastructure, and finance sectors signing on to the Global Maritime Forum 'getting to zero' coalition 08/30/2022 12:05:48 [BN] Bloomberg News Bill Gates-led Fund Backs Methanol as Green Shipping Fuel Methanol could help giant cargo vessels that power world trade cut climate-warming emissions. By Will Mathis and Akshat Rathi The Danish startup Blue World Technologies has just raised €37 million ($36.9 million) from investors including Breakthrough Energy Ventures, which is backed by Bill Gates, to help it scale up production of a new system that could power large ships using methanol. Major consumer goods shippers signing The Cargo Owners Zero Emission Vessel Initiative¹ AMAZON UNILEVER IKEA INDITEX MICHELIN BROOKS RUNNING In November 2021, Maersk successfully placed an inaugural 10-year €500m green bond to fund the delivery of the recent placed order for 8 large container ships to run on e- methanol. The transaction was met with great positivity by investors and was seven times oversubscribed with a final order book value of €3.7 billion PATAGONIA 1. Source: All at sea, methanol and shipping - Longspur Research, January 2022 FROG BIKES TCHIBO 15#16SECURING THE EXECUTION OF THE INDUSTRIAL STRATEGY Equity investments in strategic supply chain players Disciplined investments in vertical integration of key manufacturing processes through partnerships and minority equity stakes in strategic suppliers Gained majority in May 2023 CARPENSALDA YACHT DIVISION- DUERRE SEA ENERGY YACHT ELECTRICAL SYSTEMS Activity Metal carpentry Furnishings Stake 48% 66% Electrical system 49% Secure procurement of key materials and making Add new production capacity Increase agility and flexibility in manufacturing processes Ensure direct quality control over production Extend Sanlorenzo's sustainable standards to the supply chain ARBATAX Composite parts 100% 16#17SECURING THE EXECUTION OF THE INDUSTRIAL STRATEGY Increasing production capacity to support revenue growth Organic Capex roadmap to enhance capacity, targeting optimal balance between efficiency and new orders' delivery time. Infrastructure Capex on top, to support high-end services development strategy Production capacity 2022 of ~100K square meters, currently 79% utilized 25% planned production capacity expansion in the 2023-2025 timeframe along with optimization of current industrial facilities to target ~ 85% utilization by the end of 2025, factoring in next years' growth ~20% upside industrial capacity (on properties already owned) providing flexibility to support further potential volumes uptake 79% Industrial Capacity Utilization +25% Capacity ~85% Industrial Capacity Utilization +20% Capacity upside 2022A 2025E Upside 17#18SECURING THE EXECUTION OF THE INDUSTRIAL STRATEGY High-end services under development Infrastructure Capex on top, to support high-end services development strategy, ultimately increasing client loyalty and strengthening further the brand positioning Equinoxe post-acquisition development undergoing Sanlorenzo Charter Fleet, the first monobrand charter fleet globally Crew training through Sanlorenzo Academy Tailor-made leasing/financing and insurance package Maintenance, refit and restyling services through Sanlorenzo Timeless 开 HIGH-END SERVICES EQUINOXE YACHTS 18#192023 and 3-years guidance confirmed €m 2019 2020 2021 Margin as % of Net Revenues New Yachts Actual Actual Actual 2022 Actual 2023 Guidance 20255 Outlook Net Revenues New Yachts 1 455.9 457.7 YOY GROWTH % +0.4% 585.9 +28.0% 740.7 +26.4% 810-830 +11% HIGH SINGLE-DIGIT Revenue CAGR '23-'25 EBITDA 2 66.0 70.6 95.5 130.2 150-155 YOY GROWTH % +7.0% +35.3% +36.3% +17% EBITDA Margin 2 14.5% 15.4% 16.3% 17.6% YOY GROWTH % +0.9% +0.9% +1.3% 18.5%-18.7% +1.0% ≥19.5% Group Net Profit 27.0 34.5 51.0 74.2 84-86 YOY GROWTH % +27.7% +47.8% +45.5% +15% Capex 3 51.4 YOY GROWTH % 30.8 -40.1% 49.2 50.0 48-50 +59.7% +1.6% -2% 95-105 Cumulated '24-'25 Guidance based on organic Capex, Net Cash Position 4 (9.1) 3.8 39.0 100.3 CASH GENERATION +12.9 +35.2 +61.3 118-128 +18-28 185-205 excluding M&A 100+ cash generation opportunities 1. 2. Calculated as the sum of revenues from the sale of new yachts (recognised over time with the cost-to-cost method) and pre-owned boats, net of commissions and trade-in costs of pre-owned boats. The figures from 2019 to 2022 refer to Adjusted EBITDA; the figures from 2023 to 2025 refer to reported EBITDA, which differed from Adjusted EBITDA for less than 0.5% 3. and Equinoxe S.r.l.. சம் 4. Increases in property, plant and equipment and intangible assets, net of the carrying amount of related disposals, at constant perimeter. FY 2022 reported figure €59.0m, including the consolidation of Polo Nautico Viareggio S.r.I., I.C.Y. S.r.l. Calculated in accordance with ESMA document 32-382-1138, 4 March 2021. A positive figure indicates a net cash position. 5. For the guidance range, annual growth is calculated on the average figure. 19#20ON-TOP OPPORTUNITIES Maintenance & Refit services as upside to business plan High potential, anti-cyclical activities consistently expanding along with the growing and aging global fleet, and potentially becoming a captive business Fleet development Global yacht fleet 30mt+ Global Motor Yachts Fleet Breakdown by age 14% 15% 14% 15% 21% 27% 13% 17% 16% 15% 15% +5.3% 18% 23% 21% 20% 19% 24% 19% 13% 17% 1986-2022 15% 19% 14% CAGR 8% 36% 32% 36% 34% 25% 23% 1986 1987 1988 1989 1990 1991 1,169 1992 1,238 1993 1,305 1994 1,370 1995 1,492 1996 1,485 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: The State of Yachting 2023, SuperYacht Times 2022 30-40mt Pre 2003 40-50mt 2003-2007 50-60mt 60-80mt 2008-2012 A growing market number of refittings for 40mt+ yachts, 2017-2021 80mt+ Total 2013-2017 +16.4% 2017-2021 CAGR 2018-2022 20 20#21Content 1. Market strategy for a sustainable long-term growth path 2. Q1 2023 results update#22Q1 2023 CONSOLIDATED RESULTS Key financial highlights - another quarter of solid results Continued revenue growth, steadily achieving new records • Order intake normalising, yet backlog hitting new highs ⚫ Clear visibility on future growth reinstated Supportive pricing dynamics driving further margin expansion • Mostly expansionary capex to support the next wave of growth Net cash position keeps increasing, providing optionality value 2023 and 3-years guidance confirmed 22#23Q1 2022 Q1 2023 Q1 2022 Q1 2023 Key financial highlights - another quarter of solid results Net Revenues New Yachts¹ / (€m) EBITDA (Єm and % on Net Revenues New Yachts) 164.4 Q1 2022 25.7 15.8% +11.8% +21.2% 183.7 Q1 2023 31.2 17.0% EBIT/ (Єm and % on Net Revenues New Yachts) 19.8 12.1% Q1 2022 +22.0% 24.2 13.2% Q1 2023 Group net profit / (Єm and % on Net Revenues New Yachts) 14.0 8.5% +23.0% 17.2 9.4% Investments2 / (Єm and % on Net Revenues New Yachts) Net financial position³/ (€m) Q1 2022 6.3 3.9% 31-Dec-22 100.3 -5.1% +€7.8m Q1 2023 6.0 3.3% 31-Mar-23 108.1 1. Calculated as the sum of revenues from contracts with customers relating to new yachts (recognised over time with the cost-to-cost method) net of commissions. In accordance with IFRS standards, revenue calculation includes the difference between the value contractually attributed to the pre-owned boats traded in and their relative fair value 2. Increases in property, plant and equipment and intangible assets with a finite useful life, net of the carrying amount of related disposals (sale of office building in Massa for a net book value of €2.1m in Q1 2022) 3. Calculated in accordance with ESMA document 32-382-1138, 4 March 2021. A positive figure indicates a net cash position. IFRS 16 liabilities accounting for €8.7m as of 31 March 2023 and €7.8m as of 31 December 2022 23 23#24Continued revenue growth after previous year's boom Net Revenues New Yachts at €183.7m, +11.8% YoY and ca. +88% vs Q1 2020 Sound first quarter performance by Superyacht and Bluegame divisions, +41.4% and +38.9% YoY respectively Strong YoY revenues increase in Europe (+50.3%) and MEA (+96.4%) more than offsetting relatively weak quarterly revenues in the Americas (-43.7%) and APAC (-15.8%) Yacht Division substantially in line with Q1.22 and with the production trend forecasted for the year YoY comparison / (€m) 97.9 Q1 2020 +20.5% 118.0 Q1 2021 +39.3% 164.4 Q1 2022 Breakdown by division +11.8% 183.7 Breakdown by geography Q1 2023 63.9% Yacht Division €117.4m 25.3% Superyacht Division €46.4m 10.8% Bluegame Division €19.9m 64.9% Europe €119.2m 16.6% Americas €30.5m 11.0% APAC €20.1m 7.6% MEA €13.9m Net Revenues New Yachts are calculated as the sum of revenues from contracts with customers relating to new yachts (recognised over time with the cost-to-cost method) net of commissions. In accordance with IFRS standards, revenue calculation includes the difference between the value contractually attributed to the pre-owned boats traded in and their relative fair value. 24#25Order intake normalising, yet backlog hitting new highs Backlog surpassing the €1.2b milestone as of end of March 2023, consolidating previous year's record Order backlog composition / (€m) YoY comparison / (€m) Approx. €170m order intake in Q1 2023 (vs approx. €262m in Q1 2022), a physiologic normalisation mainly given by: Return to typical seasonality, after an exceptional 2022 Record stock of backlog, ~92% covered by final clients, which increased significantly the waiting list/delivery times Normalisation in the "Americas" with high interest rates biting and consumers being cautious at the moment given the macro context 2023 share of backlog confirms YE guidance 1,070 170 1,240 696 543 553 >2x +5.2% 1,240 1,178 Yacht Division deliveries up to 2025, and Superyacht Division's up to 2026 Longer delivery times support pricing Backlog 31-Dec-22 Order intake Q1 2023 Backlog 31-Mar-23 Of which 2023 Of which 2024 and beyond Backlog 31-Mar-21 Backlog 31-Mar-22 31-Mar-23 Backlog Backlog is calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current year or for delivery in subsequent years. For each year, the value of the orders and contracts included in the backlog refers to the relative share of the residual value from 1 January of the current year until the delivery date. Backlog relating to yachts delivered during the year is conventionally cleared on 31 December. 25#26Clear visibility on future growth reinstated Share of backlog for y+2 and beyond slightly decreasing, yet still significant given interest rates level March 31st backlog historical evolution / (€m) LTM Net backlog cover/ (Net Backlog/LTM Net Revenues New Yachts) 31 March backlog composition / (% of total) 553 1,240 1,178 0.9x 1.6x 1.4x 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-21 31-Mar-22 31-Mar-23 Average 1.3x Average 25.9% 38.8% 46.7% 43.8% 74.1% 61.2% 53.3% 56.2% 31-Mar-21 31-Mar-22 31-Mar-23 Beyond following year (y+2 and subsequent) Following year (y+1) Backlog is calculated as the sum of the value of all orders and sales contracts signed with customers or brand representatives relating to yachts for delivery or delivered in the current year or for delivery in subsequent years. For each year, the value of the orders and contracts included in the backlog refers to the relative share of the residual value from 1 January of the current year until the delivery date. Backlog relating to yachts delivered during the year is conventionally cleared on 31 December. For LTM Net backlog cover, backlog as of 31 March is cleared of Q1 Net Revenues New Yachts, and is divided but LTM Net Revenues New Yachts 26#27High quality of backlog, not just size Well balanced backlog, 92% sold to final clients, with sold deliveries up to 2026 Backlog by division / (€m) Timing of Up to scheduled 2025 deliveries > 30 mt Up to 2026 88% 100% final 595 546 clients final clients 275 46% 346 63% 200 37% 320 54% Yacht Superyacht < 30mt > 1,000 GT < 500 GT Up to 2024 49% final clients 99 Bluegame B 27#28Supportive pricing dynamics driving further margin expansion EBITDA margin at 17.0%, further 130bps expansion YoY supported by product scarcity value and brand equity EBITDA / EBIT/ Group net profit/ Strong backlog and limited supply providing headroom for tactful ASP increase strategy (Єm and margin % on Net Revenues New Yachts) (Єm and margin % on Net Revenues New Yachts) (Єm and margin % on Net Revenues New Yachts) Overall cost inflation cooling down EBIT margin +110bps YoY, thus margin expansion at EBITDA level substantially translating into the bottom operating margin, notwithstanding the significant growth Capex undertaken during previous year Net profit margin +90bps, even considering a higher effective tax rate in the first quarter, at 28.1% (approx. +50bps) and a negative contribution from equity- accounted associates (-€257k) +50.7% +21.2% 17.0% 15.7% 14.5% 31.2 17.1 25.7 +64.7% +22.0% 13.2% 12.1% 24.2 10.2% 19.8 12.0 +69.3% +23.0% 9.4% 8.5% 7.0% 17.2 14.0 8.3 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023 28#29Mostly expansionary capex to support the next wave of growth Net capex at €6.0m, 3.3% on Net Revenues New Yachts, of which only €0.4m recurring Capex at €6.0m, of which ~47% related to further expansion of industrial production capacity ~40% related to new product development and sustainability projects for green methanol application YoY comparison / (Єm and % of the total for the period) 4.8% 3.9% 3.3% 6.3 6.0 in new models 5.6 0.5 (8.0%) 0.3 (5.7%) Other investments Broadly consistent amount of 1.1 (19.4%) capex over time translates into a 2.4 (39.9%) 3.2 (50.0%) R&D and product development decreasing incidence on revenues, as investments are 0.4 (7.2%) I Recurring industrial spread over a larger base 3.4 (61.0%) 0.7 (10.5%) Overall capex progressing in line with guidance New industrial capacity 2.8 (47.3%) 0.5 (8.6%) 2.0 (31.5%) 0.6 (11.0%) Capex as % of Net Revenues New Yachts Q1 2021 Q1 2022 Q1 2023 29 Investments refer to increases in property, plant and equipment and intangible assets with a finite useful life, net of the carrying amount of related disposals#30Net cash position keeps increasing, providing optionality value Significant improvement in financial position reaching €108.1m net cash, even considering business seasonality usually affecting first quarter and ~€8m net working capital normalization effect Efficient Negative Net working capital (-€28.6m), +€8.0m compared to 2022 YE and - €16.4m YoY, progressively normalising after the 2022 above- average increase in volumes and collection of advances, yet confirming the NWC-light nature of the business model Limited finished products inventory at €17.6m, out of Net working capital/ (€m) -12.5 €69.8m of total inventory mostly related to raw materials and semi-finished products €152.9m cash on hand and -28.6 -37.0 Net Cash position/ (€m) 54.5 108.1 100.3 €60.2m current financial 31-Mar-22 31-Dec-22 31-Mar-23 31-Mar-22 31-Dec-22 31-Mar-23 investments, resulting into €213.2m liquidity available, as well as €120.4m undrawn credit lines Note: Net Financial Position calculated in accordance with ESMA document 32-382-1138, 4 March 2021 30#31APPENDIX#32Reclassified consolidated income statement (€'000) Three months ended 31 March Change % Net Revenues 2023 2022 New Yachts % Net Revenues New Yachts 2023 vs. 2022 2023 vs. 2022% Net Revenues New Yachts 183,726 100.0% 164,389 100.0% 19,337 11.8% Net revenues from pre-owned boats, maintenance and other services 2,489 1.4% 1,189 0.7% 1,300 109.3% Other income 2,549 1.4% 1,536 0.9% 1,013 66.0% Operating costs (157,508) (85.7%) (141,220) (85.9%) (16,288) 11.5% Adjusted EBITDA Non-recurring costs EBITDA Depreciation and amortisation EBIT Net financial expense Net result of equity investments Pre-tax profit 31,256 17.0% 25,894 15.8% 5,362 20.7% (97) 0.0% (189) (0.1)% 92 (48.7%) 31,159 17.0% 25,705 15.7% 5,454 21.2% (6,984) (3.8%) (5,889) (3.6%) (1,095) 18.6% 24,175 13.2% 19,816 12.1% 4,359 22.0% 76 0.0% (205) (0.1%) 281 n.m. (294) (0.2%) 28 (322) n.m. 23,957 13.0% 19,639 12.0% 4,318 22.0% Income taxes (6,741) (3.6%) (5,413) (3.3%) (1,328) 24.5% Net profit 17,216 9.4% 14,226 8.7% 2,990 21.0% Net (profit)/loss attributable to non-controlling interests (8) (0.0%) (241) (0.2%) 233 n.m. Group net profit 17,208 9.4% 13,985 8.5% 3,223 23.0% 32#33(€'000) Reclassified consolidated balance sheet 31 March 31 December 31 March Change 31 March 2023 vs. 2023 2022 2022 31 December 2022 31 March 2023 vs. 31 March 2022 USES Goodwill 10,756 10,756 8,667 2,089 Intangible assets with a finite useful life 51,665 51,374 45,513 291 6,152 Property, plant and equipment 157,453 158,710 135,181 (1,257) 22,272 Equity investments and non-current assets 13,818 11,426 10,915 2,392 2,903 Net deferred tax assets 6,224 5,495 5,597 729 627 Non-current employee benefits (1,385) (1,109) (1,313) (276) (72) Non-current provision for risks and charges (9,697) (9,944) (1,484) 247 (8,213) Net fixed capital 228,834 226,708 203,076 2,126 25,758 Inventories 69,834 53,444 73,609 16,390 (3,775) Trade receivables 20,406 21,784 4,988 (1,378) 15,418 Contract assets 180,108 168,635 121,876 11,473 58,232 Trade payables (175,189) (155,979) (98,689) (19,210) (76,500) Contract liabilities (132,718) (132,369) (129,293) (349) (3,425) Other current assets. 65,428 60,388 51,008 5,040 14,420 Current provisions for risks and charges (7,195) (8,039) (12,230) 844 5,035 Other current liabilities (49,228) (44,828) (23,808) (4,400) (25,420) Net working capital (28,554) (36,964) (12,539) 8,410 (16,015) Net invested capital 200,280 189,744 190,537 10,536 9,743 SOURCES Equity (Net financial position) Total sources 308,393 290,081 245,057 18,312 63,336 (108,113) (100,337) (54,520) (7,776) 200,280 189,744 190,537 10,536 (53,593) 9,743 33#34(€'000) Net financial position and reclassified cash flow statement 31 31 March 31 March (€'000) December 2023 2022 2022 31 March 2023 2022 Change EBITDA 31,159 25,705 5,454 Cash Cash equivalents 152,945 146,317 151,037 Taxes paid (7,653) 7,653 Other current financial assets Liquidity 60,228 55,459 213,173 201,776 Changes in inventories (16,390) (5,340) (11,050) 1,643 152,680 Change in net contract assets and liabilities (11,124) 21,663 (32,787) Current financial debt Current portion of non-current financial debt Current financial indebtedness (36,609) (11,007) (3,012) (22,223) (41,173) (29,076) (58,832) (52,180) (32,088) Change in trade receivables and advances to suppliers Change in trade payables (1,569) 12,204 (13,773) 19,210 (21,436) 40,646 Change in provisions and other assets and liabilities. Operating cash flow (6,009) 5,522 (11,531) 15,277 30,665 (15,388) Net current financial indebtedness 154,341 149,596 120,592 Change in non-current assets (investments) Business acquisitions and other changes Free cash flow (6,021) (6,342) 321 1,926 (3,682) 5,608 11,182 20,641 (9,459) Non-current financial debt Debt instruments (46,228) (49,259) (66,072) Interest and financial charges (352) (216) (136) Non-current trade and other payables Non-current financial indebtedness Other financial cash flows and changes in equity Change in net financial position (3,054) (4,911) 1,857 7,776 15,514 (7,738) (46,228) (49,259) (66,072) Net financial position 108,113 100,337 54,520 Net financial position at the beginning of the period Net financial position at the end of the period 100,337 39,006 61,331 108,113 54,520 53,593 34#35Alternative performance indicators: definitions Net Revenues New Yachts EBITDA Adjusted EBITDA Net Revenues New Yachts are calculated as the sum of revenues from the sale of new yachts (recognised over time with the cost-to-cost method) and pre-owned boats, net of commissions and trade-in costs of pre-owned boats. EBITDA is calculated by adding amortisation/depreciation expenses to operating profit/loss. EBITDA margin is calculated on Net Revenues New Yachts. Adjusted EBITDA is calculated by adding amortisation/depreciation expenses to operating profit/loss, excluding minor non recurring items. Adjusted EBITDA margin is calculated on Net Revenues New Yachts. Investments refer to increases in property, plant and equipment and intangible assets, net of the carrying amount of related disposals. Investments or capex Net working capital Net cash position Net working capital is calculated as the sum of trade receivables, contract assets, inventories and other current assets, net of trade payables, contract liabilities, provisions for current risks and charges and other current liabilities. Net financial position 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 and other current financial assets), net of current and non-current financial indebtedness, including the fair value of hedging derivatives. If positive, it indicates a net cash position. 35#36STRONG AND RESILIENT GROWTH PATH Proven resilience over the cycle Sustained revenue growth: +9.2% CAGR from 2008 to 2022, +16.4% CAGR since 2015 Stable EBITDA margin throughout the cycle and never a single year of operating loss during the crisis of the nautical sector: 10.3% average EBITDA margin during 2008-2014 period Stable revenues and increase in operating margins during the Covid-19 pandemic 10.5% 7.0% 5.6% 11.5% 9.1% 8.8% 13.0% 10.5% 9.9% 9.5% 8.8% 13.5% 12.5% 11.6% 231 219 220 222 208 198 196 181 169 158 327 17.6% 16.3% 15.4% 14.5% 741 456 458 586 130 125 107 96 66 71 57 38 23 29 30 17 17 15 17 21 21 29 6 6 9 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Revenues (€m) EBITDA (€m) EBITDA Margin (% of revenues) Revenues presented as Value of Production according to Italian GAAP until 2015 and Net Revenues New Yachts according to IFRS from 2016 onwards. 36#37STRONG AND RESILIENT GROWTH PATH Undisputed winner in luxury yachting Value of Production (rebased to 100) 2008-2014 global boating market¹ decrease: -41% +5% -36% -69% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1. Source: Company information, management assessment, consolidated annual reports and Deloitte Boating Market Monitor 2019. Source: Deloitte Boating Market Monitor. 2. 3. Based on consolidated accounts as per Italian GAAP until 2015, then according to IFRS. Financial year ending 31 December. Based on consolidated accounts as per Italian GAAP. Financial year ending 31 August. 4. Based on consolidated accounts as per IFRS. Financial year ending 31 August until 2012, then ending 31 December. 5. 2006-2008 figures including Pinmar and Apremare (~€65m revenues), then disposed in 2010. SANLORENZO 2006-2021 growth: +514%, more than >6x² Above market growth paired with distinctive resilience across industry cycles testimony of Sanlorenzo superior business model, even during the Covid-19 pandemic, also thanks to: Large proportion of direct sales to final customers, with limited "sell-in/sell-out" risk from dealers and more favourable working capital dynamics Flexible cost structure due to production activities carried out by third-party contractors Ferretti Group 2006-2021 growth: +18%4,5 Azimut | Benetti 2006-2021 growth: +14%³ 37#38Sanlorenzo Custom Line 90 Sunseeker ATTRACTIVE MARKET DYNAMICS AND POSITIONING Top builder, in the sweet spot of the market First brand delivering 30-40mt yachts Cumulative 2009-2019 deliveries, as per early October 2019 The Super Yacht Times, November 2019 World's leading monobrand shipyard 2023 Global Order Book - Top shipyards by lenght¹ BOAT International, December 2022 73 69 Azimut Yachts 55 Westport Yachts 45 2023 COMPANY RANK TOTAL LENGTH (M) NUMBER OF PROJECTS AVERAGE LENGHT (M) NUMBER OF 2022 PROJECTS 2022 RANK 1 Azimut Benetti 5,991 168 35.7 128 1 2 Sanlorenzo 4,577 128 35.8 117 2 3 Ocean Alexander 2,382 73 32.6 47 3 4 Feadship* 1,672 N/A N/A N/A 4 5 Princess Yachts 1,588 63 25.2 N/A N/A 6 Sunseeker 1,443 53 27.2 N/A N/A 7 Lürssen* 1,233 11 112.1 9 5 8 The Italian Sea Group 1,149 21 54.7 12 8 44 9 Damen Yachting 1,022 15 68.1 13 7 10 Overmarine 1,017 25 40.7 24 6 11 Horizon 825 29 28.4 24 9 12 Palumbo 768 18 42.7 12 15 13 Benetti Baglietto 749 16 46.8 14 10 14 Viking Yachts* 681 26 26.2 22 13 15 Heesen Yachts 634 11 57.6 11 11 The Global Order Book counts all projects over 24 metres length overall on order or in build signed with a minimum 10% deposit received, on 1 September each year. According to BOAT International research, Ferretti Group should appear in the third place. However, the company, as in previous years, declined to share precise order book data. 1. * data partially shared by the shipyard. 38#39Empty#40Notice 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. Contacts www.sanlorenzoyacht.com [email protected] 40 40