2023-2025 Business Plan

2023-2025: SOLID GROWTH PROFILE 2023-2025 solid growth profile focused on margin expansion and cash generation €m Margin as % of Net Revenues 2019 2020 2021 2022 New Yachts Actual Actual Actual Actual 2023 Guidance 20255 Outlook Net Revenues New Yachts 1 455.9 457.7 585.9 YOY GROWTH % +0.4% +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 95-105 +59.7% +1.6% Net Cash Position 4 (9.1) 3.8 39.0 100.3 CASH GENERATION +12.9 +35.2 +61.3 -2% 118-128 +18-28 Cumulated '24-'25 185-205 100+ cash generation 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. 1. 2. The figures from 2019 to 2022 refer to Adjusted EBITDA; the figures from 2023 to 2025 refer to reported EBITDA, which deferred from Adjusted EBITDA for less than 0.5% 3. 4. 5. 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. and Equinoxe S.r.l.. Calculated in accordance with ESMA document 32-382-1138, 4 March 2021. A positive figure indicates a net cash position. For the guidance range, annual growth is calculated on the average figure. © 2023 SAN LORENZO S.P.A. 61

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