The Italian Sea Group

Investor Presentation • Aug 8, 2025

The Italian Sea Group

1H 2025 RESULTS PRESENTATION 8 AUGUST 2025

BRANDS

NCA REFIT

(Revenues – Eur mn)

Unrivalled success story founded on the revamping of heritage Italian brands, focus on design and product quality, investments on production capacity, and commitment to financial growth and solidity.

EXECUTIVE SUMMARY

BUSINESS REVIEW

FINANCIAL REVIEW

The Italian Sea Group

EXECUTIVE SUMMARY

Revenues amounting to Eur 186.8 Mn, -1.4% vs 1H 2024

EBITDA amounting to Eur 30.4 Mn, -6.3% vs 1H 2024, with a Margin on Revenues of 16.3%

Order Book amounting to Eur 1.19 bn at June 30, 2025

Investments for the period amounting to Eur 1.5 Mn

Net Financial Position equal to Eur -63.2 Mn

2025 Outlook: Revenues between Eur 350-370 Mn and EBITDA Margin between 16.5-17.0%

THE BIGGEST SUPERYACHT BUILDERS WORLDWIDE (over 50 meters)

2025 RANK	COMPANY	TOTAL LENGTH (M)
1	FEADSHIP	1,525
2	THE ITALIAN SEA GROUP	1,356
3	LURSSEN	1,254
4	DAMEN YACHTING	1,002
5	BILGIN YACHTS	711
6	HEESEN YACHTS	651

* Avarage Length 50 meters +

YACHT LAUNCHES 2025

At this year's Monaco Yacht Show, The Italian Sea Group will present a never-before-seen assortment of unique projects.

MONACO YACHT SHOW

The Italian Sea Group -

Carlos in the proving

The Italian Sea Group

Carrel

Children

MONACO YACHT SHOW S

AND STATE STEET THE FEATURE FOR THE CONSTITUTION OF THE CONSTITUTION OF THE CONSTITUTION OF THE CONSTITUTION OF THE CONSTITUTION OF THE CONSTITUTION OF THE CONSTITUTION OF TH

E

The Tranas Sta Groups

FINATIAL STACKOUP

eleborsa: distribution and commercial use strictly prohibited

- The Italian Sea Group ---

and

THE ITALIAN SEA

Adhesion to UN Global Compact

Appointment of a Sustainability Committee

Publication of Non Financial Reports compliant with GRI

Reverse factoring agreements to support suppliers' liquidity

Majority of female presence in the Board of Directors (57%)

Solid Governance

Suppliers' Code of Conduct

BUSINESS REVIEW

H1 2025

H1 2024 H1 2025

SHIPBUILDING REVENUES

The Italian Sea Group

REFIT REVENUES

REVENUE EVOLUTION

(Eur mn)

KEY HIGHLIGHTS

Refit Revenue amounted to Eur 10.9 Mn (-52% vs H1 2024). This decrease is related to the increased focus on Shipbuilding activities during the period.

The Italian Sea Group

ERTIFIED . U

BREAKDOWN BY LOA & GEOGRAPHY

The slight decline in profitability is linked to the greater impact of fixed structural costs compared to the decrease in production value recorded during the period.

(Eur mn)

– –

(Eur mn)

Following the significant high-value investments finalized in past years to internalize production activities, H1 2025 recorded just some maintenance investments distributed among the different operating facilities.

QUALITY AND VISIBILITY OF THE ORDER BOOK

BACKLOG EVOLUTION (GROSS & NET)

Notes: 1) Net Backlog refers to the total value of contracts in progress related to yachts not yet delivered to the clients, net of the revenues already recorded in the income statement

The Italian Sea Group

BACKLOG BREAKDOWN BY BRAND & GEOGRAPHY

OUTLOOK 2025

The Italian Sea Group

FINANCIAL REVIEW

SUMMARY PROFIT & LOSS

SUMMARY P&L (IN EUR THOUSAND)	30/
REVENUES
RAW MATERIAL
COSTS FROM OUTSOURCED WORK
PERSONNEL COSTS
OTHER COSTS
EBITDA
% OF REVENUES
AMORTISATION, DEPRECIATION, WRITE-DOWNS AND CAPITAL TOSSES
EBIT
% OF REVENUES
NET INTEREST EXPENSES
INCOME FROM EXTRAORDINARY CHARGES
EBT
TAXATION
NET INCOME
% OF REVENUES

The Italian Sea Group

emarket sdir scorage
CERTIFIED

)/06/2025	30/06/2024
186,804	189,449
(46,708)	(45,336)
(70,249)	(68,532)
(22,394)	(21,358)
(17,037)	(21,776)
30,415	32,446
16.3%	17.1%
(4,856)	(5,611)
25,559	26,835
13.7%	14.2%
(3,880)	(3,127)
(4,427)	17,089
17,252	40,797
(5,081)	(11,783)
12,172	29,013
6.5%	15.3%

NET WORKING CAPITAL

NET WORKING CAPITAL IN EUR THOUSANDS

30

INVENTORIES AND PAYMENTS ON ACCOUNT

CONTRACT WORK IN PROGRESS AND ADVANCES FROM CUSTOMERS

TRADE RECEIVABLES

TRADE PAYABLES

OTHER CURRENT ASSETS AND LIABILITIES

NET WORKING CAPITAL

INVENTORIES AND PAYMENTS ON ACCOUNT

CONTRACT WORK IN PROGRESS AND ADVANCES FROM CUSTOMERS

TRADE RECEIVABLES

TRADE PAYABLES

OTHER CURRENT ASSETS AND LIABILITIES

NWC % Revenues

The Italian Sea Group

0/06/2025 31/12/2024
13,808	10,210
154,312	90,913
48,129	55,410
(128,491)	(121,877)
(24,185)	(23,823)
63,574	10,833
7.4%	2.5%
82.6%	22.5%
25.8%	13.7%
-68.8%	-30.1%
-12.9%	-5.9%
34.0%	2.7%

NET FINANCIAL POSITION

NET CASH POSITION (IN EUR THOUSANDS)

A. CASH

B. CASH EQUIVALENTS

D. LIQUIDITY (A)+(B)+(C)

E. CURRENT FINANCIAL DEBT (INCLUDING DEBT INSTRUMENTS, BUT EXCLUDING THE CURRENT PORTION OF NON-CURRENT FINANCIAL DEB

F. CURRENT PORTION OF NON-CURRENT FINANCIAL DEBT

F.1 OTHER CURRENT FINANCIAL PAYABLES

G. CURRENT FINANCIAL DEBT (E+F)

H. NET FINANCIAL DEBT (G+D)

I. NON-CURRENT BANK DEBT (EXCLUDING THE CURRENT PORTION OF I INSTRUMENTS)

K. TRADE AND NON-CURRENT PAYABLES

L. NON-CURRENT FINANCIAL DEBT (I+J+K)

M. TOTAL FINANCIAL POSITION (H+L)

The Italian Sea Group

	31/12/2025	31/12/2024
	71,140	37,424
	691	22,830
	O
	71,830	60,254
3T)	(3)	(3)
	(23,172)	(11,629)
	(976)	(980)
	(24,151)	(12,612)
	47,680	47,642
DEBT	(99,782)	(48,964)
	0
	(11,135)	(11,189)
	(110,917)	(60,152)
	(63,238)	(12,510)

THE ITALIAN SEA GROUP

Disclaimer

This document has been prepared by The Italian Sea Group S.p.A. ("TISG" or the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by TISG.

This presentation may contain forward looking statements which reflect Management's current views with respect to future events and financial and operational performance of the Company and estimates. These forward-looking statements are based on TISG's current expectations and projections about future events.

Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of TISG to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. TISG does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company.

The Manager in Charge of preparing the Corporate accounting documents, Marco Carniani, declares pursuant to and to the effects of article 154-bis, paragraph 2 of Legislative Decree no. 58 of 1998, as amended, that the disclosures included in this document correspond to document results, books and accounting records.