The Italian Sea Group

Investor Presentation • Nov 16, 2022

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The Italian Sea Group at a glance

The Italian Sea Group

Note: 1) Ranking based on 2021 Order Book (source: Boat
International, Global Order Book 2021)

PERINI NAVI TECNO PIC CHICT TI -- ADMIRAL NCA REFIT

SHIPBUILDING

Design, production, and sale of super-yachts and mega-yachts up to over 100 mt LOA.

• · Admiral focus on yachts over 50 mt
• · Tecnomar speedy motoryachts from 37 to 50 mt
• · Tecnomar for Lamborghini 63 motor yachts in collaboration with Automobili Lamborghini (c. 20 mt)
• · Perini Navi sailing yachts over 55 mt

REFIT

Started in 2015, NCA Refit is the business unit dedicated to the refit and ordinary and extraordinary maintenance of sailing and motor yachts from 60 mt to 150 mt.

TOTAL REVENUES 9M 2022 BREAKDOWN

Shipbuilding

87%

The Company intenalises the most valuedding activities of the supply chain in order to improve cost efficiency and have a higher control on quality.

The Italian Sea Group

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FINANCIALS

9M 2022 - Highlights

Total Revenues to 210.3 million Euros, growing by +64.6% vs 9M 2021

Significant EBITDA increase to 33 million Euros, growing by +89.7% vs 9M 2021, with an EBITDA Margin equal to 15.7%

Order Book (Shipbuilding and Refit) to 983 million Euros and Net Backlog (Shipbuilding and Refit) to 566 million Euros

Investments to ]] million Euros in the first nine months of 2022, of which 4 million Euros invested in the third quarter of 2022

9M 2022 in numbers (1/2)

Comments

• · +64.6% increase in Total Revenues vs 9M 2021, due to the progress of Shipbuilding projects and the increase in Refit activities due to the expansion in production capacity.
• · Increase in EBITDA Margin:
  • · An optimal mix between Shipbuilding and Refit activities
  • · Strict management of fixed costs and control over the respect of budgets for projects in progress
  • · Increase in product sale prices, due to renown quality standards and high-end market positioning.

9M 2022 in numbers (2/2)

Comments

• · Increase in Order Book as at 30 September 2022, with 35 yachts under construction, including 16 Tecnomar for Lamborghini 63
• · Net Financial Debt reflecting:
  • Eu 75 million for the Perini Navi acquisition
  • · Eu ] ] million of Investments in the first nine months of 2022
  • • Eu 9.8 mn of Dividend Paid
  • · + Eu 8.8 mn of Cash Generation in the first nine months of 2022
• · Investments for Eu 11 million related to the completion of "TISG 4.0" and "TISG 4.1" investment plans and progress of works on the Viareggio and La Spezia shipyards, as well as the modernisation and energy efficiency of all facilities.

Note: 1) According to IAS/IFRS accounting principles, Net Financial Debt
includes the current value of fees due to the Port Authorities for the state concessions of the shipyards in Marina di Carrara, Viareggio and La
Spezio, equal to 6.8 million Euros at 30 September 2022, amount which will be paid throughout the duration of the related concess

The Italian Sea Group

• ADMIRAL ( PERINI NAVI NCA REFIT Total Revenues Evolution

EBITDA Evolution

Order Book Evolution

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The Company exclusively produces once the order, with advance payments of the work progress not refundable to defauling customers. In addition, the Company does not accept trade-ins, further minimising warehouse risk.

ORDER TYPE	ADVANCE PAYMENTS (% OF PURCHASE PRICE)
	Payment of 11/12 milestones, each worth c. 10% of purchase price
Over 50 mt LOA	Sale contract Keel laying signature	90% hull completion	Hull and superstructure assembled and completed at 90%	Engine on board	90% fairing	Partitioning of crew area	Partitioning of guest area (Owner)	50% interior completion	Launch	Delivery
Up to 50 mt LOA	Downpayment ા રેજે	Mid Payment 35%			Mid Payment 35%				Deilvery । २०१
Tecnomar for Lamborghini 63	Downpayment 25%			Mid Payment 25%		Mid Payment 25%			Delivery 25%

·

• Only up to 40% of the advance payments are covered by bank and insurance granted by The Italian Sea Group

9M 2022 - Shipbuilding

• Growth in Shipbuilding Revenues driven by:
  • Progress of motor yacht and sailing yacht projects under construction
  • · Increase in product sale prices due to recognised quality and high-end market positioning.

Revenue Breakdown by geography - Shipbuilding

9M 2022 - Refit

• Growth in Refit revenues driven by:
  • · Increase in production capacity through investment plans;
  • · Availability of production spaces in the La Spezia and Viareggio Shipyards.

9M 2022 CAPEX

FY 2022 Guidance

• · Total Revenues 2022 expected to grow by 55% vs FY2021, driven by the progress of already existing contracts and from an expected increase in demand for yachts in the higher dimensional range
• EBITDA Margin is expected to reach 15.5% in 2022, driven by:
  • · Increase in production capacity due to the advancement of investment plans "TISG 4.0″ and "TISG 4.1″, as well as the speedy start-up of the Viareggio and La Spezia shipyards with a limited amount of investments;
  • · Increase of sale prices, improving marginality and offsetting the rise in raw material costs

STRATEGY

Strategy Evolution

Focus on larger dimensions for vessels, up to over 100 mt LOA, granting better backlog coverage and higher visibility.

Maximisation of production capacity through serial production projects Gentleman Picchiotti and Admiral Panorama, always in a perspective of production on sold yachts and no risk of inventory.

Engineering and restyling of the Perini Navi fleet with a dedicated technical team and collaboration with industry "archistars".

Strengthening of the Company's high-end positioning, also through the development of partnership agreements with leading luxury brands such as Automobili Lamborghini and Giorgio Armani.

ESG - Energy efficiency of production sites in Marina di Carrara, Viareggio, and La Spezia through the installation of photovoltaic plants on all sheds.

ESG - Focus on the growth of young employees, with the start-up of "The Italian Sea Group Young Award" and the reprise of training courses in the TISG Academy.

Serial Production Projects

The Italian Sea Group approaches serial yacht production, maintaining its high-end positioning through the usage of noble materials such as steel and aluminium.

Entrance in this segment has been favoured by:

• · increase in production capacity through the investment plan and the acquisition of the two new production sites;
• · Integration of new employees, allowing the company to increase its product offering without involving the engineering capacity dedicated to custom made large yachts.

In line with the Company's commercial strategy, production will be started only after the signing of a sale contract with clients

TISG produces only after the product is sold, and without tradeins.

The project, in collaboration with EDP Energia Italia, consists in the installation of a photovoltaic plans on 4 sheds and is developed in two sections, with all works being completed within the end of 2022.

Number of panels	5,375
Surface covered	22,000 mg
Yearly production capacity	2,571 MWh 25% of the shipyard's energetic consumption
Yearly CO2 Reduction (in tons)	1,208

The first section of the project is already operational since June 15th, 2022.

The Italian Sea Group

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• · "TISG 4.0″ Investment plan approved in early 2020 for Eu 38 mn to expand production capacity by 40%, with Eu 9 mn to be invested in 2022
• "TISG 4.1" Investment plan approved on November 4th, 2021 for Eu 14 mn inside the Marina di Carrara shipyard, with Eu 10 mn to be invested in 2022

"TISG 4.0"

• New shed with the capacity to accommodate up to two 80 mt yachts [completed]
• New dry dock with a maximum capacity of 5 yachts between 60 and 70 mt and vessels up to 140 mt [completed]
• • New shed on the old dry dock, with capacity up to two 90 mt yachts [completed]

"TISG 4.1″

• Expansion on the Chiesa Dock to expand spaces dedicated to refit activities and moorings of yachts [completed]
• New shed next to the old dock, with capacity of 4 yachts from 75 = 80mt

New spaces dedicated to (i) warehouse, (ii) painting and (iii) upholstery

- ••

Perini Navi Acquisition - Viareggio Production Facilities

VIAREGGIO

Viareggio is where the Perini Navi headquarters are located and where nearly all of the Perini Navi sailing yachts are built.

• · Production facilities dedicated to sailing yacht production and Gentleman Picchiotti
• Three deliveries of sailing yachts scheduled between 2023 and • 2024.

The Italian Sea Group completed the acquisition of 100% of TISG Turkey Yat Tersanecilik Anonim Sirketi ("TISG Turkey") shares from GC Holding S.p.A. for a price of Eu 150,000.

This operation will allow the Company to:

• · consolidate the entire production process, granting a more integrated and quality-oriented management of the operations;
• · favour the investment strategy directly from TISG to TISG Turkey with a view to further business growth.

e-market

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APPENDIX

"ESG" (Environmental, Social & Governance) - 360° Approach Sustainability

The Italian Sea Group's sustainable approach is broad and transversal, embracing all areas of the Company.

"ESG" (Environmental, Social & Governance) - 360° Approach Sustainability

The Italian Sea Group's sustainable approach is broad and transversal, embracing all areas of the Company.

PRODUCTON SITES

• Energy efficiency project of the instalation of probrohais systems on all sheds on a surace of 22,000 squires and a total production capcity of 2,571 MWh/year, equivalent to 25% of the total energy consumption of the construction site
• Conversion of the company fleet with electric hybrid drive cars and installation of 22kw electric columns
• Reduction of plastic consumption and use of recycled paper in offices
• Acroced recogning and wase nangener system occis, with individual disposol islands catagued by material and ight internal control in he storge phase carried out by the Company's quality department
• Organization of a Committee delication of sustainable issues within the compony's projects, with incentives for Management linked b sustinable KPIs

"GREEN" YACHTS

SUSTAINABILITY

SUSTAINABILITY

• Use of sustainable materials for ship construction, from steel and aluminium hulls (100% recyclable) to synthetic teak
• · The Company is working on sustainon of the reduction of the emisions of own products: majority of the veses under construction ore equiped with dieselection propulsion systems, and TISG's R&D department, in collaised entities, is carrying out studies related to allernative propulsions (e.g. I yaragen
• Partnership opportunities with major companies in the field of electric propulsion
• The consolidation in the soling yoch repearly of sustandle increase for the Company in terms of realition of enisions, the inpenentation of battery packages that allow the ship to operate for approximately 8 hours in «total green»

THE ITALIAN SEA GROUP

"ESG" (Environmental, Social & Governance) - 360° Approach Sustainability

The Italian Sea Group's sustainable approach is broad and transversal, embracing all areas of the Company.

8 SUSTAINABILITY TRAINING I westment in confinuing of enployees to the develow hrough he TSG Academy, a project in coloborcion with the best failan Universites or he Faculties of Naval Engineering and Yacht Design • Periodic motivational coaching courses, to stimulate the well being of employees in working and private ine, a staining to 360 ਪ PLACE OF WORK AND SAFETY SUSTAINABILITY X State of the of the maximum comor of enployees during vors, with spaces dedicated to the workforce such as the Village, a location inside he shipyard that provides services such as Gournet Restaurant, Gym and SPA, which transform the a real « naulical boutique » · Investments in sanitisation and air purification systems, bringing the impact of COVID-19 infections on employees close zero Employee insurance: the Company has open of order and grade, a life insurance of serious importance, both at work and in everydy life. In the event of death, an employee receives 5 times their salary RAL and in the case of a serious accident, 6 times their salary RAL 5 DEVELOPMENT AND GROWTH Ca SUSTAINABILITY Shong female epresentation within the Company con with the Top and Middle Management on in Corporate Govenance (2,3 of the Indepencent Directors of the Board of Directors and 1/3 of the Board of Stabtory Auditors are women), with a strong emplasis on equal pay • Large investment in the training of a young worktorce (25 - 40 years) with great growth opportunities for young people

THE ITALIAN SEA GROUP

(

SUSTAINABILITY

SUSTAINABILITY

"ESG" (Environmental, Social & Governance) - 360° Approach Sustainability

The Italian Sea Group's sustainable approach is broad and transversal, embracing all areas of the Company.

SUPPORT TO SUPPLIERS

• Agreenent with UniCedit Eccoring for the support and I local companies that ore part of the production chain. The agreement provides a celling of Eus 2 m, hus giving them the possibility to finance their working capital thanks to a simple and immediate access to liquidity
• the CCO of the Company is Pesident of the Naviral Confinal Tuscany this allows to TSG to be present in the territory and o facilitate all the parties involved in the section of the local nautical
• Organization of periodic meetings of technical discussion and Top Management, held at the TISG Academy

ACTIVITIES FOR THE LOCAL COMMUNITY

• Job creation for small local businesses, such as suppliers and subcontractors
• Training, through the TISG Academy, of the graduates of the Universities of La Spezia and Genoa
• Strong presence on the territory through the sponsorship of infrastructure and services to support the community
• In May 2020, The Italian Sea Group donated Eu 25,000 to the municipality of Carrara as a contribution to the emergency COVID-19

THE ITALIAN SEA GROUP

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"I grandi sogni non devono mai finire"

Giovanni Costantino

Founder & CEO - The Italian Sea Group

Disclaimer

This counter has been prepred by The Mailing See during meetings with investings with investors and inancial and is sole/ of information purposes. This presentation regarding he seurties of the Conpany Inis presentation doss not contain an ofer lo sell a a colutition of any offer o buy any securities issued by TISG.

This presentation may contain for alled Nanagement's current views with respect of financial ond operational performance of he Compon and estimates. These forwardlooking statements are based on TISG's current expectations about future events.

Because hese forwards on estigation iss and uncertaintes, coto a formance may differ mainbly fon three experience in or implial by these stateners due to ony wires of different from of writch ac beyond the doiling of TSG to control or estimal of the national of the natred developments, fluctuations in the price, and one contre reliance on the forward contained hean, which are note only as of the dre of his presentation. TSG des not unerole any policiy release any updates or revisions to revisions to relect events or circumstrances offer he date of this presentation.

Figures or doselve and in percentages are calcul data. Sone of the differences found in his presentation and use to coming of the vales expessed 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 Monoger in Charge of reporting documents, Marco Corniani, declares pusual to online effects charitice 1546's, prograph 2 of legishire Decree no. 58 of 1998, as amended, that the disclosures included in this document results, books and accounting records.