The Italian Sea Group

Investor Presentation • May 10, 2023

FINANCIAL RESULTS AT 31 MARCH 2023 10 MAY 2023

The Italian Sea Group

PIC SEMIRAL

The Italian Sea Group S.p.A. is a global operator in luxury yachting, the first builder in the world for yachts over 50 metres1. TISG was listed in the Milan Stock Exchange in June 2021.

The Italian Sea Group

BRANDS
	- ADMIRAL Customised motor-yachts above 50mt.
	echomar Speedy motor-yachts from 37mt to 50mt.
	PERINI NAVI Large sailing yachts from 47mt.
	Gentleman Yachts from 24mt to 55mt.
NCA REFIT	Refit and maintenance of motor and sailing yachts, with a focus on yachts over 60mt.
PARTNERSHIPS
	Limited edition speedy motor-yachts inspired by the Lamborghini Siàn FKP 37.
GIORGIO ARMANI	Motor-yachts designed in collaboration with designer Giorgio Armani.

STOCK PERFORMANCE FROM IPO (8 JUNE 2021)

Note: 1) Ranking base on 2022 yacht sales (source: Boat International, Global Order Book 2022).

SUMMARY OF THE RESULTS

Executive Summary

1Q 2023 Results

• Revenues for Eu 85mn, +23% vs 1Q 2022
• EBITDA for Eu 13.8mn, +35% vs 1Q 2022, with an EBITDA Margin of 16.2%
• Order Book (Shipbuilding and Refit) for Eu 1 097mn, with 33 yachts under construction

Resolution of the Annual General Meeting - 27 April 2023

• Renewal of the Board of Directors and Board of Statutory Auditors
• Approval of the Stock Option Plan and Buyback Plan
• Approval of the distribution of a dividend of Eu 0.272 per share

Strategic Outlook 2023 - 2024

• Revenues for Eu 350 265mn in 2023 / Eu 400 420mn in 2024
• EBITDA Margin between 16 16.5% in 2023 / 17 17.5% in 2024

First Quarter Highlights

ADMIRAL / ARMANI 72 UNVEIL

February 1 1th, 2023

An event involving owners, brokers, authorities, celebrities, and press, where Mr. Giovanni Costantino, Founder & CEO of The Italian Sea Group, mapped out the course for the future of Italian yachting, explaining the crucial moments of TISG's success story, its excellences and the objectives for its brands.

A laser mapping show unveiled the mega yacht and lett the stage to Giorgio Armani's Spring/Summer 2023 collection, ending with a traditional greeting from the designer.

LAUNCH OF THE NEW PERINI NAVI FLEET: "GENESIS"

March 15th, 2023

In March 2023, TISG presented the new Perini Navi fleet, having the objective to create a line of vessels with the characteristic and iconic Perini Navi elements revised in a modern fashion, aiming for large spaces, brightness, and comfort during sailing. There three lines of vessels of 48, 56, and 77 metres.

The fleet, called «Genesis», attests Perini Navi's ultra-high-level positioning as global player for large sailing yachts.

Snapshot of Key Results

1Q 2023

13.8

1Q 2023

1Q 2023

-8.3

-11.3

1Q 2023

1Q 2023

1Q 2022

· +23% increase in Revenues due to the regular progress of the Shipbuilding and Refit activities, with an increase in order intake.

· Increase in marginality over time is mainly attributable to ever-improving cost management and budget control, internalisation of key supply chain activities, and an optimal mix between the Shipbuilding and Refit divisions.

Comments

• · Investments for the period are mainly related to the completion of the «TISG 4.0» and «TISG 4.1» investment plans, and the progress of the works in La Spezia («TISG 4.2»).
• · Eu -11.3mn recorded on 31 December 2022.

The Italian Sea Group boasts an Order Book in excess of one billion Euros, with a surge in orders from North America, the Middle East and Asia.

ORDER BOOK COMPOSITION

• · Growth in demand from Americas and APAC region (from a total of 37% in FY 2020 to 64% in 1Q 2023).
• · Growth in the Order Book with visibility up to 2027 .

Shipbuilding & Refit - Revenues

SHIPBUILDING KEVENUE EVOLUTION / 1Q 2021 - 1Q 2023

SHIPBUILDING REVENUES BY LOA, BRAND, AND GEOGRAPHY

REFIT REVENUE EVOLUTION / 1Q 2021 - 1Q 2023

REFIT REVENUES BY LOA AND GEOGRAPHY

STRATEGY HIGHLIGHTS

TISG's commercial approach and contract structure aim at limiting risks with respect to inventory, achieve favourable working capital, and lock in expected margins.

ORDER-BASED APPROACH & BESTIN-CLASS CONTROL SYSTEMS				No risk of
트	No speculative production	No penalties for delays or quality remarks		unsold
	Irade-ins are not accepted	No litigations with clients		inventory nor write-offs
FAVOURABLE ADVANCEPAYMENTS CONTRACT STRUCTURE
ORDER TYPE
	Payment of 1 / 12 milestones, each worth c. 10% of purchase price
From 30 to over 50 mt LOA	Sale contract Instalment #2 Instalment #1 signature	Instalment #4 Instalment #5 Instalment #6	Instalment #7 Delivery	Favourable working capital
Tecnomar for Lamborghini 63	Downpayment Mid Payment 20% 30%	Mid Payment 30%	Delivery 20%	management
CAREFUL COST MANAGEMENT
Approx. 75-80% of direct costs (raw materials, engine, etc.) are contractualised at contract signature. · The remaining 20-25% are kept as Variations to Contract, and may lead to a revision of the pricing.				Lock-in of profitability from order to completion

Growing and Unpenetrated Customer Base

EMARKET SDIR

CERTIFIEI

Strong opportunity due to an unpenetrated customer base, deriving from an exponential increase in the global number of UHNWls in the past three years.

MAIN DRIVERS

• Superyachts above 30mt grew +3% from 2010 to 2021, where worth above \$50mn grew at 11% CAGR, leading to a decline in the penetration rate (c. 2%).
• · UHNWIs are expected to increase at a CAGR of 8% from 2021 to 2026E (+118k).
• · The growth is largely driven by North America (6% CAGR, +45k) and APAC (12% CAGR, +48k).

Sources: Credit Suisse, Global Wealth Report 2022; SuperYacht Times, The State of Yachting THE ITALIAN SEA GROUP 2022.

Internalisation of Key Supply Chain Activities

TISG internalises specific phases of the production cycle which require impeccable craftmanship, in order to maintain control on the quality, the timing, and the costs of these activities in support of marginality and customer satistaction.

ESG Roadmap

EMARKET SDIR CERTIFIED D

TISG has a clear roadmap to drive Sustainability with the objectives of creating long-term value for all Stakeholders and establishing itself as a benchmark for the shipbuilding sector.

Strategy and Strategic Outlook

Disclaimer

This document has been presced by The Malling of the "Compan") for use duing meetings with investors and financial one is soley for infornation purposes. The presentation does not contine a recomment the Compony, Inis presentation doss not contain on offer to sell a ca solicition of any offer to 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 coutoned not oplace under related ing stotained herein, which are made only as of the de 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 reproauced 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.