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    <labelArc xlink:type="arc" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="label_sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodStart" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" priority="100" />
    <labelArc xlink:type="arc" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="label_sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodEnd" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" priority="100" />
    <label xlink:label="label_sanlorenzo_sanlorenzoEquityInvestmentsAndOtherNonCurrentAssets_Standard" id="sanlorenzo_sanlorenzoEquityInvestmentsAndOtherNonCurrentAssets_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Partecipazioni e altre attività non correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullNoncurrentAssets_Total" id="sanlorenzo_ifrs-fullNoncurrentAssets_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale attività non correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCurrentAssets_Total" id="sanlorenzo_ifrs-fullCurrentAssets_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale attività correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullAssets_Total" id="sanlorenzo_ifrs-fullAssets_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">TOTALE ATTIVITÀ</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoOtherReservesAndRetainedEarnings_Standard" id="sanlorenzo_sanlorenzoOtherReservesAndRetainedEarnings_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altre riserve e utili portati a nuovo</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoProfitLossForThePeriod_Standard" id="sanlorenzo_sanlorenzoProfitLossForThePeriod_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile/(perdita) del periodo</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullEquityAttributableToOwnersOfParent_Total" id="sanlorenzo_ifrs-fullEquityAttributableToOwnersOfParent_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Patrimonio netto attribuibile agli azionisti della controllante</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullEquity_Total" id="sanlorenzo_ifrs-fullEquity_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">TOTALE PATRIMONIO NETTO</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullNoncurrentFinancialLiabilities_Total" id="sanlorenzo_ifrs-fullNoncurrentFinancialLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Passività finanziarie non correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullNoncurrentLiabilities_Total" id="sanlorenzo_ifrs-fullNoncurrentLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale passività non correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCurrentFinancialLiabilities_Total" id="sanlorenzo_ifrs-fullCurrentFinancialLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Passività finanziarie correnti inclusi strumenti derivati</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCurrentLiabilities_Total" id="sanlorenzo_ifrs-fullCurrentLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale passività correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullLiabilities_Total" id="sanlorenzo_ifrs-fullLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">TOTALE PASSIVITÀ</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullEquityAndLiabilities_Total" id="sanlorenzo_ifrs-fullEquityAndLiabilities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">TOTALE PATRIMONIO NETTO E PASSIVITÀ</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullRevenue_Total" id="sanlorenzo_ifrs-fullRevenue_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Ricavi netti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullRevenueAndOperatingIncome_Total" id="sanlorenzo_ifrs-fullRevenueAndOperatingIncome_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale ricavi e proventi netti</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoOutsourcing_Standard" id="sanlorenzo_sanlorenzoOutsourcing_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Costi per lavorazioni esterne</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoProvisionsForRiskAndCharges_Standard" id="sanlorenzo_sanlorenzoProvisionsForRiskAndCharges_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Stanziamenti a fondi per rischi e oneri</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullOperatingExpense_Total" id="sanlorenzo_ifrs-fullOperatingExpense_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale costi operativi</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoProfitLossFromOperatingActivitiesBeforeAmortisationAndDepreciation_Standard" id="sanlorenzo_sanlorenzoProfitLossFromOperatingActivitiesBeforeAmortisationAndDepreciation_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato operativo prima degli ammortamenti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullDepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_Total" id="sanlorenzo_ifrs-fullDepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Ammortamenti e svalutazioni delle immobilizzazioni</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullProfitLossFromOperatingActivities_Total" id="sanlorenzo_ifrs-fullProfitLossFromOperatingActivities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Risultato operativo</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullFinanceIncomeCost_Total" id="sanlorenzo_ifrs-fullFinanceIncomeCost_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Proventi/(Oneri) finanziari netti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_Total" id="sanlorenzo_ifrs-fullShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Quota di utili/(perdite) di imprese collegate valutate con il metodo del patrimonio netto</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullProfitLossBeforeTax_Total" id="sanlorenzo_ifrs-fullProfitLossBeforeTax_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Risultato prima delle imposte</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullProfitLoss_Total" id="sanlorenzo_ifrs-fullProfitLoss_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">UTILE/(PERDITA) DELL’ESERCIZIO</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_Total" id="sanlorenzo_ifrs-fullOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_Total" id="sanlorenzo_ifrs-fullOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Totale</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullOtherComprehensiveIncome_Total" id="sanlorenzo_ifrs-fullOtherComprehensiveIncome_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Altre componenti del conto economico complessivo dell’esercizio, al netto dell’effetto fiscale</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullComprehensiveIncome_Total" id="sanlorenzo_ifrs-fullComprehensiveIncome_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">RISULTATO NETTO COMPLESSIVO DELL’ESERCIZIO</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullBasicEarningsLossPerShare_Total" id="sanlorenzo_ifrs-fullBasicEarningsLossPerShare_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Risultato netto di Gruppo per azione</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullDilutedEarningsLossPerShare_Total" id="sanlorenzo_ifrs-fullDilutedEarningsLossPerShare_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Risultato netto di Gruppo per azione diluito</label>
    <label xlink:label="label_sanlorenzo_OtherReservesAndRetainedEarningsMember" id="sanlorenzo_OtherReservesAndRetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altre riserve e utili portati a nuovo</label>
    <label xlink:label="label_sanlorenzo_RisultatoDelPeriodoMember" id="sanlorenzo_RisultatoDelPeriodoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato del periodo</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullEquity_PeriodEnd" id="sanlorenzo_ifrs-fullEquity_PeriodEnd" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="it">Valore al 31 dicembre 2019</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoIASTransitionEffect_Standard" id="sanlorenzo_sanlorenzoIASTransitionEffect_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Effetto della transizione agli IAS</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoAdjustmentsForDecreaseIncreaseInContractAssets_Standard" id="sanlorenzo_sanlorenzoAdjustmentsForDecreaseIncreaseInContractAssets_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Variazioni di attività derivanti da contratto</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoAdjustmentsForDecreaseIncreaseInContractLiabilities_Standard" id="sanlorenzo_sanlorenzoAdjustmentsForDecreaseIncreaseInContractLiabilities_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Variazioni di passività derivanti da contratto</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoAdjustmentsForIncreaseDecreaseInProvisionsForRisksAndChargesAndEmployeeBenefitLiabilities_Standard" id="sanlorenzo_sanlorenzoAdjustmentsForIncreaseDecreaseInProvisionsForRisksAndChargesAndEmployeeBenefitLiabilities_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Fondi rischi ed oneri e fondi relativi al personale</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashFlowsFromUsedInOperations_Total" id="sanlorenzo_ifrs-fullCashFlowsFromUsedInOperations_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide generate dall’attività operativa</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashFlowsFromUsedInOperatingActivities_Total" id="sanlorenzo_ifrs-fullCashFlowsFromUsedInOperatingActivities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide nette generate dall’attività operativa</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoVariazioneAltrePartecipazioniEAltreAttivitaNonCorrenti_Standard" id="sanlorenzo_sanlorenzoVariazioneAltrePartecipazioniEAltreAttivitaNonCorrenti_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Variazione altre partecipazioni e altre attività non correnti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashFlowsFromUsedInInvestingActivities_Total" id="sanlorenzo_ifrs-fullCashFlowsFromUsedInInvestingActivities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide nette assorbite dall’attività di investimento</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoVariazioniDiAltreAttivitaFinanziarieEPassivitaFinanziarieInclusiStrumentiDerivati_Standard" id="sanlorenzo_sanlorenzoVariazioniDiAltreAttivitaFinanziarieEPassivitaFinanziarieInclusiStrumentiDerivati_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Variazioni di altre attività finanziarie e passività finanziarie inclusi strumenti derivati</label>
    <label xlink:label="label_sanlorenzo_sanlorenzoOtherChangesInEquity_Standard" id="sanlorenzo_sanlorenzoOtherChangesInEquity_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altre variazioni di patrimonio netto</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashFlowsFromUsedInFinancingActivities_Total" id="sanlorenzo_ifrs-fullCashFlowsFromUsedInFinancingActivities_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide nette generate/(assorbite) dall’attività di finanziamento</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullIncreaseDecreaseInCashAndCashEquivalents_Total" id="sanlorenzo_ifrs-fullIncreaseDecreaseInCashAndCashEquivalents_Total" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="it">(Decremento)/Incremento netto delle disponibilità liquide e mezzi equivalenti</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodStart" id="sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodStart" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide e mezzi equivalenti al 1° gennaio</label>
    <label xlink:label="label_sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodEnd" id="sanlorenzo_ifrs-fullCashAndCashEquivalents_PeriodEnd" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="it">Disponibilità liquide e mezzi equivalenti al 31 dicembre</label>
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