The Italian Sea Group

Investor Presentation • May 12, 2025

The Italian Sea Group

Q1 2025 RESULTS PRESENTATION

MAY 12™ 2025

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.

4

FINANCIAL SUMMARY

BUSINESS REVIEW

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Revenues amounting to Eur 96.8 Mn, + 1% vs Q1 2024

EBITDA amounting to Eur 16.7 Mn, + 4% vs Q1 2024, with a Margin on Revenues of 17.3%

Order Book amounting to Eur 1.22 bn at March 31, 2025

Investments for the period amounting to Eur 0.5 Mn

Net Financial Position equal to Eur -33 Mn

2025 Outlook confirmed: Revenues between Eur 410 – 430 Mn and EBITDA Margin between 17.5 – 18.0%

Care to details leads to a record profitability for a full custom player

Note: figure as at 31/12/2024

Partnership launched in 2020 Partnership launched in 2019

Our partnerships continue to generate value with projects unique in the world for style and performance

Perini Navi projects managed or under management by TISG

Due to the current slow down of Big Sailing Yachts ( > 40 meters ) Perini is leveraging its global brand with a new line of motor yachts

Our sailing yachts delivered and under construction:

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 2025

At this year's Monaco Yacht Show, The Italian Sea Group will present a never-before-seen assortment of unique projects.

MONACO YACHT SHOW

THE ITALIAN SEA GROUP

a managar and comments of the comments of the comments of the comments of the comments of the comments of the comments of the comments of the contribution of the contribution

The Italian Sea Group -

60 meters

20 meters

Adhesion to UN Global Compact

Appointment of a Sustainability Committee

Publication of Sustainability Statement compliant with CSRD

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 Q1 2025 RESULTS

SHIPBUILDING REVENUES

REFIT REVENUES

The Italian Sea Group

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.

TISG completed in 2024 the launch of the Interior Steelworks Business Units, thus enlarging the activities carried out in-house.

CAPEX are now mainly related to maintenance.

(Eur mn)

– –

(Eur mn)

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

yearly dividendDistribution of 40-60% of Net Profit as

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)

31/03/2

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

025	31/03/2024
96,848	95,575
(24,654)	(24,424)
(34,382)	(35,191)
(11,466)	(9,337)
(9,615)	(10,530)
16,731	16,094
17,3%	16,8%
(2,418)	(2,538)
14,312	13,556
14,8%	14,2%
(1,922)	(1,151)
(181)	(510)
12,209	11,895
(3,666)	(3,569)
8,543	8,327
8.8%	8.7%

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

emarket sdir storage
CERTIFIED

1/03/2025 31/12/2024
11,993	10,210
141,463	90,913
53,015	55,410
(130,956)	(121,877)
(34,190)	(23,823)
41,324	10,833
3.0%	2.5%
34.9%	44+010
13.1%	13.7%
-32.3%	-30.1%
-8.4%	-5.9%
10.2%	2.7%

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 D 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

	31/03/2025 31/12/2024
	18,471	37,424
	18,842	22,830
	37,313	60.254
I)	(3)	(3)
	(11,635)	(11,629)
	(1,219)	(980)
	(12,857)	(12,612)
	24,456	47,642
EBT	(47,176)	(48,964)
	(10,652)	(11,189)
	(57,828)	(60,152)
	(33,373)	(12,510)

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.