The Italian Sea Group

Investor Presentation • Apr 4, 2022

The Italian Sea Group

PICCHILOTTI

PERINI NAVI TECHOMAS INCA REFIT

INTERMONTE ROADSHOW MILAN — APRIL 4TH, 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 TECHE PICCHIOTTI -- 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.

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

E-Market
SDIR

2021 Highlights

Market Outlook

Increase by 9.3% of the global number of Ultra High Net Worth 9.3% | Individuals (UHNWI) in 2021, led by the US, where the number of UHNWls has increased by 13%1

Increase by 10.5% in the demand for yachts over 45 mt, which represent the Company's focus segment2

10.5%

The sailing yacht market has recorded its record numbers since 2018, with 18.6% The sailing yacht market has recorded its record number
18.6% an increase of 18.6% with respect to the previous year?

The Italian Sea Group

Sources: 11 The Wealth Report 2022, Knight Frank;

2) Gobal Order Book 2021, Boal.htemational

NCA REFIT

FINANCIALS

Key Figures 2021 Exceeding the Guidance

Drivers

• · Net Sales of Eu 186 mn (+0.3% vs FY2020) driven by: 1) an increase in new contracts, especially for the higher dimensement of orders in progress; (iii) the positive increase in sales related to Tecnomar for Lamborghini 63
• · EBITDA of Eu 28 mn (+ 00% vs F2020) driven by: (j) an increase in sale prices, partially reducing the price gap with Northern European competition; [i] cost efficiency due to in house investments in fraduction capacity; [ii] bw impat of raw materials price increase in he sale price of vessels

Order Book Evolution

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

Order Book Evolution

The Italian Sea Group

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

← ADMIRAL PERINI NAVI PICCHIOTTI NCA REFIT 10

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)
Over 50 mt LOA	Payment of 11/12 milestones, each worth c. 10% of purchase price
	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

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Net Result and Dividend Proposal

• Net Result 2021 has increased by 163% vs FY2020, going from Eu 6.2 mn to Eu 16.3 mn
• · The dividend proposal that the Company will submit to the Shareholders' Meeting on April 29th will be of a dividend for Eu 0.185 per share, amounting to a total Eu 9.8 mn

2022 Guidance

• · Net Sales 2022 rising by c. 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 (Eu 1.8 mn in the 2022-2023 period);
  • · Increase of sale prices, improving marginality and offsetting the rise in raw material costs

Net Sales 2022 Guidance

E-Market
SDIR CERTIFIEL

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.

Expansion of production capacity in the Headquarters through investment plans "TISG 4.0″ and "TISG 4.1″

Start up of Perini Navi production sites in Viareggio and La Spezia, with Eu 1.8 mn of investments in the 2022-2023 time period.

Relaunch of heritage brands Perini Navi and Picchiotti through dedicated advertising campaigns and exclusive events.

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

Externalisation of less strategic phases of the supply chain in specialised European shipyards.

• · "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

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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
• · Set up of a historical Museum dedicated to the Perini Navi brand heritage

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

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

"I grandi sogni non devono mai finire"

Giovanni Costantino

Founder & CEO - The Itahan Sea Group

THE ITALIAN SEA GROUP

APPENDIX

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

E-MARKET SDIR

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

PRODUCTON SITES

ਾ ਜਾਣ

• Energy efficiency project of the installion of photovoltaic systems on all sheas on a surface of 22,000 sqm, for 5,375 panel and a total production copocity 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
• Across recycling and waste nangement systems with individual sectors dirided by moterial, and ight internal contros in the strage phose 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

• · Use of sustainable materials, trom steel and aluminium hulls (100% recyclable) to synthetic teak
• · The Company is working on sustant of the enissions of is own products: majority of the vesses under construction are 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 leading companies in the electric propulsion industry
• · The consolidation in the soling yoch septembly of sustandble development of the Company in the Company in the inplementation of battery packages that allow the ship to operate for approximately 8 hours in «total green»

The Italian Sea Group

SUSTAINABILITY

SUSTAINABILITY

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

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

3 SUSTAINABILITY TRAINING · Investment in continuous taning of employees or the may the TSC Academy, a project in coldorotion with the best their Faculties of Naval Engineering and Yacht Design · Periodic motivational coaching, to stimulate the wellbeing of employees in working and private life, ensuring a ਪ PLACE OF WORK AND SAFETY SUSTAINABILITY X State-sthear tocilities for the maximum confing hours, with spaces dedicated to the workforce like he 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 and grace, a lite insurance or accidents of serios incorance, oth at work and in everyday 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 EMPLOYEE OPPORTUNITIES Ca SUSTAINABILITY Shong female epresentation within the Company (c. 20% in the Top and Niddle Management in Corporate (2/3 of the Independent Directors of the Board of Directors and 1/3 of the Board of Statutory Auditors are women), with a strong emploass on equal pay belven genders • Large investment in the training of a young worktorce (25 - 40 years) with great growth opportunities for young people THE ITALIAN SEA GROUP

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

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

SUPPORT TO SUPPLIERS

• Agreement with Unicedit Factoring of the support of the are part of the suppy chain. The agreement provides a celling of Eu 5 mg, hus giving them the possibility to finance their working capital thanks to simple and immediate access to liquidity
• The Company's CO is President of the Navita Tuscary this allows to TSG is be pesent in the decision of development of the territory and o facilitate all the stakeholders involved in the local yachting industry
• Organization of periodic meetings of rechnical discussion and updates between suppliers 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

SUSTAINABILITY

SUSTAINABILITY

Disclaimer

This counter has been prepred by The Mailing Sea Company") for use during meetings 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 relect Nanagement's current views with respect of financial ond cerational performance of he Compon and estimates. These forward-looking statements are based on TISG's current expectations and projections about future events.

Because hese forwardly of the sand uncertaintes, coto Intreseals or performance may differ mainting for three statements due to ony wires of different from of writch ac beyond the doiling of TSG to control or estimal of the national of the natret developments, fluctuations in the price, and one contre letince on the forward contained hean, which are note only as of he dre of his presentation. TSG des not unerole any policiy release any updates or revisions to revisions to relect events or circumstrances ofter he date of this presentation.

Figures or doselve and in percentages are calcul data. Sone of the differences found in his presentation and des to combing of the vales expessed in millions of Euro. This document may not be reproauced or distributed, in whole or in part by any person other than the Company.

The Manage in Charge of reparing the Coponarity Marco Comici), declares provant to and to the ellection of the 154 by prograph 2 of legistifies beceenc. 58 of 1998, as amended, that the disclosures included in this document results, books and accounting records.