The Italian Sea Group

Investor Presentation • Mar 14, 2025

The Italian Sea Group

FY 2024 RESULTS PRESENTATION

14 MARCH 2024

BRANDS

The Italian Sea Group

NCA REFIT

(Revenues – Eur mn)

Unrivalled success story founded on the revamping of heritage Italian brands, focus on design and product quality, investments on production capacity, and commitment to financial growth and solidity.

MARKET INSIGHT

EXECUTIVE SUMMARY

BUSINESS REVIEW

FINANCIAL REVIEW

The Italian Sea Group

MARKET INSIGHT

FONTE: KNIGHT FRANK 2024

Fonte: superyacht times 2023

GLOBAL NEW YACHT BUILT 32.4 \$ BLN

GLOBAL YACHT CHARTERING 7.74 \$ BLN

Charter yachts grew steadly to ~20-25% of total market becoming an important "add-on" Expected double digit growth to open the yachting market to a wider customer base

Opportunity to attract customers who charter the yacht before buying it and to satisfy the needs of a type of customer interested in the experience and not in owning the yacht.

Main drivers in luxury purchases:

EXECUTIVE SUMMARY

• Revenues amounting to Eur 404 Mn, + 11.0% vs FY 2023
• EBITDA amounting to Eur 70.3 Mn, + 13.5% vs FY 2023, with a Margin
• Order Book amounting to Eur 1.24 bn at December 31, 2024
  -
  -
  -

on Revenues of 17.4% Investments for the period amounting to Eur 9 Mn Net Financial Position equal to Eur -12.5 Mn Dividend equal to Eur 13 Mn ( Eur 0.245/Sh)

2025 Outlook: Revenues between Eur 410 – 430 Mn and EBITDA Margin

between 17.5 – 18.0%

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

Source: Factset. Last updated on 03/03/2025 (data is rebased)

TISG shares have over-performed against some major luxury players from the IPO 8 June 2021

TISG

From 8 June 2021 to 3 March 2025: impressive share price performance, well above the reference FTSE ITALIA STAR Index and other leading industry players

Source: Factset. Updated on 03/03/2025 (data is rebased)

THE BIGGEST SUPERYACHT BUILDERS WORLDWIDE (over 50 meters)

2025 RANK	COMPANY	TOTAL LENGTH (M)
1	FEADSHIP	1,525
2	THE ITALIAN SEA GROUP	1,356
3	LURSSEN	1,254
4	DAMEN YACHTING	1,002
5	BILGIN YACHTS	711
6	HEESEN YACHTS	651

* Avarage Length 50 meters +

YACHT LAUNCHES IN 2024

The Italian Sea Group

YACHT LAUNCHES 2025

• Admiral by Giorgio Armani - 72m. Unique in the world for the elegance and sinuosity of its design
• Admiral 78m Innovation and elegance
• Admiral 55m Comfortable and elegant design
• Perini Navi 60m Classic yet original and strongly design-
• Picchiotti Gentlemen - 24m Vintage Flavour

oriented line

MONACO YACHT SHOW

The Italian Sea Group -

් ක්‍රියා පිහිටා විශ්වාස පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි පිහිටි ප

The Italian Sea Group =

MONACO YACHT SHOW S

AND STEET FOR FOR THE FOR

17:53

The Transas Sta Groups

FIFATALY STACKOUP

eleborsa: distribution and commercial use strictly prohibited

THE ITALIAN SEA GROUP -

and

MONACO YACHTSHOW

The Italian Sea Group

Exclusive event attended by the yachting world's 60

most influential brokers from all over the world.

The two-day event took place at the company's Marina di Carrara headquarters and was an exclusive opportunity for industry professionals to explore The Italian Sea Group in depth, from its business strategy to the distinctive range of Brands in its portfolio and innovative manufacturing solutions.

Adhesion to UN Global Compact

Appointment of a Sustainability Committee

Publication of Non Financial Reports compliant with GRI

Reverse factoring agreements to support suppliers' liquidity

Majority of female presence in the Board of Directors (57%)

Solid Governance

Suppliers' Code of Conduct

BUSINESS REVIEW

SUMMARY OF KEY FY 2024 RESULTS

The Italian Sea Group

-

REFIT REVENUES

REVENUE EVOLUTION

(Eur mn)

KEY HIGHLIGHTS

26 yachts refitted in 2024 from top international brands

The Italian Sea Group

. J

ertified

BREAKDOWN BY LOA & GEOGRAPHY

Profitability increase due to:

• (i) focus on operating cost management;
• (ii) good management of the Shipbuilding/Refit production mix;
• (iii) key supply chain activities internalization, like the recent launch of the Interior Steelworks business unit.

Company carried out Investments related to:

(i) the extension of commercial offices in the Marina di Carrara Headquarters; (ii) launch of the Interior Steelworks Business Units.

– –

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

OUTLOOK 2025

Eur 410 – 430mn in 2025

17.5 — 18.0% in 2025

Distribution of 40-60% of Net Profit as yearly dividend

Maximun 1.5x LTM EBITDA

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

The Italian Sea Group

FINANCIAL SUMMARY

SUMMARY PROFIT & LOSS

SUMMARY P&L (IN EUR THOUSAND)

31/12/2

REVENUES

RAW MATERIAL

COSTS FROM OUTSOURCED WORK

PERSONNEL COSTS

OTHER COSTS

EBITDA

% OF REVENUES

AMORTISATION, DEPRECIATION, WRITE-DOWNS AND CAPITAL TOSSES

EBIT

% OF REVENUES

NET INTEREST EXPENSES

INCOME FROM EXTRAORDINARY CHARGES

EBT

TAXATION

NET INCOME

% OF REVENUES

The Italian Sea Group

emarket sdir storage
CERTIFIED

024	31/12/2023
404,436	364,458
(96,064)	(79,342)
(154,182)	(147,906)
(43,915)	(38,649)
(39,928)	(36,581)
70,347	61,979
17.4%	17.0%
(12,641)	(11,518)
57,706	50,461
14.27%	13.85%
(7,731)	(5,527)
8,794	308
58,769	45,242
(24,875)	(8,331)
33,894	36,911
8.4%	10.1%

NET WORKING CAPITAL

NET WORKING CAPITAL IN EUR THOUSANDS

INVENTORIES AND PAYMENTS ON ACCOUNT

CONTRACT WORK IN PROGRESS AND ADVANCES FROM CUSTOMERS

TRADE RECEIVABLES

TRADE PAYABLES

OTHER CURRENT ASSETS AND LIABILITIES

NET WORKING CAPITAL

INVENTORIES AND PAYMENTS ON ACCOUNT

CONTRACT WORK IN PROGRESS AND ADVANCES FROM CUSTOMERS

TRADE RECEIVABLES

TRADE PAYABLES

OTHER CURRENT ASSETS AND LIABILITIES

NWC % Revenues

The Italian Sea Group

1/12/2024 31/12/2023
10,210	10,897
90,913	50,508
55,410	24,007
(121,877)	(90,568)
(23,823)	(26,867)
10,833	(32,024)
2.5%	3.0%
42.5%	13.9%
13.7%	6.6%
-30.1%	-24.9%
-5.9%	-7.4%
2.7%	-8.8%

NET FINANCIAL POSITION

NET CASH POSITION (IN EUR THOUSANDS)

A. CASH

B. CASH EQUIVALENTS

D. LIQUIDITY (A)+(B)+(C)

E. CURRENT FINANCIAL DEBT (INCLUDING DEBT INSTRUMENTS, BUT EXCLUDING THE CURRENT PORTION OF NON-CURRENT FINANCIAL DEB

F. CURRENT PORTION OF NON-CURRENT FINANCIAL DEBT

F.1 OTHER CURRENT FINANCIAL PAYABLES

G. CURRENT FINANCIAL DEBT (E+F)

H. NET FINANCIAL DEBT (G+D)

I. NON-CURRENT BANK DEBT (EXCLUDING THE CURRENT PORTION OF I INSTRUMENTS)

K. TRADE AND NON-CURRENT PAYABLES

L. NON-CURRENT FINANCIAL DEBT (I+J+K)

M. TOTAL FINANCIAL POSITION (H+L)

The Italian Sea Group

emarket sdir storage
CERTIFIED

	31/12/2024 31/12/2023
	37,424	29,897
	22,830	46,516
	60.254	76,413
T)	(3)	(2)
	(11,629)	(11,661)
	(980)	(1,111)
	(12,612)	(12,774)
	47,642	63,638
DEBT	(48,964)	(54,591)
	(11,189)	(7,460)
	(60.152)	(62,051)
	(12,510)	1,587

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.