The Italian Sea Group

Investor Presentation • May 11, 2022

PIC EHIDTTI

Q1 2022 RESULTS May-17th, 2022

The Italian Sea Group at a glance

The Italian Sea Group

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

PERINI NAVI TECTE -- ADMIRAL

FINANCIALS

Q1 2022 Major Highlights

- Strong EBITDA growth (+120.3% vs Q1 2021) to Eu 10.2 mn and an EBITDA margin equal to 14.8% (vs 13.4% in Q1 2021)

• Significant increase in Net Sales (+98.6% vs Q1 2021) to Eu 69 mn
• Order Book (Shipbuilding and Refit) to Eu 891 mn and Net Backlog (Shipbuilding and Refit) equal to Eu 573 mn with 31 yachts under construction
• Investments Eu 4 mn for the progress of the "TISG 4.0″ and "TISG 4.1" investment plans and the fine-tuning of the La Spezia and Viareggio shipyards

Q1 2022 in numbers (1/2)

Comments

• · Increase in Net Sales by 98.6% with respect to Q1 2021, related to the positive progress of Shipbuilding orders and the increase in Refit activities due to the expansion in production capacity.
• · Growth in EBITDA Margin reflects:
  • · an optimal mix between Shipbuilding and Refit activities, granting strong marginality;
  • · strict management of costs and budgets;
  • · increase in the sale prices of products, due to renown quality standards and high-end market positioning.

Q1 2022 in numbers (2/2)

Comments Order Book NFP Q1 2022 Q1 2022 Eu 891 mn Eu (53) mn 891 41 · Increase in Order Book, with 31 yachts under construction. 626 31.03.2022 31.12.2021 · Net Financial Position (NFP) reflecting: -23 · - Eu 75 mn destined to the Perini Navi acquisition; Q1 2021 Q1 2022 • - Eu 4 mn investments for the first quarter of the year; CAPEX Q1 2022 · - Eu 15 mn Net Working Capital. Eu 4 mn 4.5 · Investments for Eu 4 mn related to the progress of investment plans "TISG 4.0″ and "TISG 4.1″ and the fine-tuning of the two shipyards of Viareggio and La Spezia. Q1 2021 Q2 2022 The Italian Sea Group

Net Sales and EBITDA Evolution

Order Book Evolution

Notes: 1) Order Book is equal to the sum of all contract values related to orders in progress;

Q1 2022 - Shipbuilding

Comments

• Revenue growth driven by several factors, mainly:
  • · Sound progress of orders for motor-yachts in the higher dimensional range (over 60 mt);
  • Start of works on Perini Navi orders;
  • · Increase in sale prices due to recognised quality and highend market positioning.

Q1 2022 - Refit

• Revenue growth driven by:
  • · Activities performed on motor-yachts and sailing yachts in the higher dimensional range.
  • · Expansion in production capacity in the Viareggio and La
    Spezia shipyard, allowing for increase in order intake.

Q1 2022 CAPEX

E-MARKET

SDIR CERTIFIED

STRATEGY

Our Strategy in Action

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

Perini Navi Relaunch, with three sailing yachts already in production to be delivered between 2023 and 2024.

Picchiotti Relaunch, with a completely new fleet, still respecting the historical brand's style codes.

Enhancement of the Company's positioning in the luxury industry, also through the development of new partnership agreements with leading luxury brands.

Partnerships with leading international brokers to boost positioning and facilitate entrance in markets in which TISG sees great potential.

Expansion of production capacity in the Headquarters through investment plans "TISG 4.0" and "TISG 4.1" and fine-tuning of Perini Navi production sites in Viareggio and La Spezia

• · "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

"TISG 4.1″

• Expansion on the Chiesa Dock to expand spaces dedicated to refit activities and moorings of yachts
• 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
• · Three deliveries of sailing yachts scheduled between 2023 and 2024.

Despite the challenging scenario, TISG confirms the Guidance provided on February 22nd, when releasing preliminary FY21 results.

• · Net Sales 2022 expected to rise by c. 55% vs FY2021, driven by the progress of already existing contracts and trom a forecasted 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 (Eu 1.8 mn in the 2022-2023 period);
  • · Increase of sale prices, improving marginality and offsetting the rise in raw material costs.

E-Market
SDIR CERTIFIED

"I grandi sogni non devono mai finire"

D

Giovanni Costuntino

Founder & CEO - The Itahan 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 nor contain which relect Maragenen's current iews with respect of firencial and operational peformance of he Compon and estimates. These forward-looking 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 derelopments, fluctions in the price, and other inthopical not oplaned nother on the forwards contained here in which are new only as the dee 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 Monage of reparing the Corporals cocounting deciments, Marco Caritari, declares pursual to one holder 154 by , prograph 2 of legishire Decree no. 58 of 1998, as amended, that the disclosures included in this document results, books and accounting records.