The Italian Sea Group

Investor Presentation • May 15, 2024

THE ITALIAN SEA GROUP

Q1 2024 FINANCIAL RESULTS

MAY 15TH, 2024

The Italian Sea Group

EXECUTIVE SUMMARY

BUSINESS REVIEW

2

| EMARKET

EXECUTIVE SUMMARY

Revenues amounting to Eu 95.6 mn, +12.2% vs Q1 2023 EBITDA amounting to Eu 16.1 mn, +16.6% vs Q1 2023, with a Margin on Revenues of 16.8% Order Book amounting to Eu 1,344 mn at March 31 st , 2024 Investments for the period amounting to Eu 2 mn Net Financial Debt equal to Eu 25 mn following the actualisation of the state concession to 2072

2024 Guidance Confirmed: Revenues between Eu 400 – 420 mn and EBITDA Margin between 17 – 17.5%

2025 Strategic Outlook: Revenues between Eu 430 – 450 mn and EBITDA Margin between 18 – 18.5%

FLOATING MASTERPIECES

PICCHIOTTI
SINCE ISINCE ISS

NCA REFIT

TECNOMAT

The Italian Sea Group

PERINI NAVI

POSITIONED AT THE TOP OF THE LUXURY PYRAMID

Luxury pyramid

Life's better at the top

Source: GAM as of March 2024.

The views are the manager and are sulject b chancial instuments are provided for illustrative purposes only and stall not be considered as a direct offening, investment recommendation or investments of heir respective owners and are used for illustrative pupposes and should not be construel or sponsorship of GM.

The Italian Sea Group

| EMARKET

Source: Factset. Updated on 14/05/2024.

| EMARKET

BUSINESS REVIEW

SUMMARY OF KEY Q1 2024 RESULTS

The Italian Sea Group

EMARKET

yachts not yet delivered to the clients, net of the revenues already recorded in the income statement

Resilient client base (UHNWI), cash-buyers who do not require any financing to purchase the products. Strict commercial policy with no trade-ins or sale of used boats, eliminating inventory risk.

The increase in marginality over time is attributable to:

• (i) Strong attention to operating cost management
• (ii) Improved efficiency of production processes
• (iii) Benefits coming from the expansion in production capacity with mix between Shipbuilding and Refit
• (iv) Internalisation of key supply chain activities
• (v) Increase in sale prices due to improved brand awareness
• (vi) Economies of scale

During the first quarter of 2024, the Company carried out Investments

• (i) The completion of the works for the enhancement of Celi 1920 facilities
• (ii) Activities related to the «TISG NEW ERA» project for the extension of commercial offices
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• (iii) Expansion of the Upholstery and Steelworks Business Units in the Marina di Carrara Headquarters

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• Eu 400 – 420mn in 2024
• Eu 430 – 450mn in 2025
• 17 – 17.5% in 2024
• 18 – 18.5% in 2025
• Distribution of 40-60% of Net Profit as yearly dividend

*Subject to temporary impacts from M&A and Capex strategy

Neutral level of leverage subject to a cap of 1.5x LTM EBITDA

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.