The Italian Sea Group

Investor Presentation • Nov 12, 2025

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9M 2025 RESULTS PRESENTATION

12 NOVEMBER 2025

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BRANDS

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SUCCESS STORY SINCE 2009

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.

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• EXECUTIVE SUMMARY
• BUSINESS REVIEW
• FINANCIAL REVIEW

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Executive summary

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EXECUTIVE SUMMARY

9M 2025 RESULTS

Revenues amounting to Eur 262.3 Mn, -10.2% vs 9M 2024

EBITDA amounting to Eur 42.6 Mn, -15.0% vs 9M 2024, with a Margin on Revenues of 16.2%

Order Book amounting to Eur 1.15 bn at September 30, 2025

Investments for the period amounting to Eur 3 Mn

Net Financial Position equal to Eur -70.6 Mn

OUTLOOK 2025

2025 Outlook Confirmed: Revenues between Eur 350-370 Mn and EBITDA Margin between 16.5-17.0%

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MARKET OVERVIEW

Source: McKinsey ⁷

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THE BIGGEST SUPERYACHT BUILDERS WORLDWIDE (over 50 meters)

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Yacht launches 2025

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Monaco yacht show 2025

During the event we welcomed >200 brokers, >80 journalists, >40 investors and the judges of WSA ( World Superyacht Awards) and BDA ( Design and Innovation Award)

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Business review

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SUMMARY OF KEY 9M 2025 RESULTS

NET PROFIT

NET FINANCIAL POSITION

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SHIPBUILDING REVENUES

KEY HIGHLIGHTS

Shipbuilding Revenues amount to Eur 243 Mn -5.4% vs 9M 2024).

This result is mainly attributable to:

• i) regular progress of existing projects;
• ii) historical focus on large dimensions.

BREAKDOWN BY LOA AND GEOGRAPHY

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REFIT REVENUES

KEY HIGHLIGHTS

Refit Revenue amounted to Eur 12 Mn (-65.3% vs 9M 2024). This decrease is related to the increased focus on Shipbuilding

activities during the period.

REVeNUE EVOLUTION BREAKDOWN BY LOA & GEOGRAPHY

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EBITDA & CAPEX

EBITDA CAPEX

The moderate decline in profitability is mainly due to higher fixed overhead incidence, following the drop in production value, and to inflationary pressures on certain production components.

Following the significant high-value investments finalized in past years to internalize production activities, 9M 2025 recorded just some maintenance investments distributed among the different operating facilities.

EBITDA EVOLUTION 9M 2023 – 9M 2025 CAPEX EVOLUTION 9M 2023 – 9M 2025

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QUALITY AND VISIBILITY OF THE ORDER BOOK

BACKLOG EVOLUTION (GROSS & NEt ) BACKLOG BREAKDOWN BY BRAND & GEOGRAPHY

Notes: 1) Net Backlog refers to the total value of contracts in progress related to yachts not yet delivered to the clients, net of the revenues already recorded in the income statement 23

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financial REVIEW

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SUMMARY PROFIT & LOSS

Summary P&L (in Eur thousand)	30/09/2025	30/09/2024
REVENUES	262,316	292,046
Raw Material	(67,821)	(68,361)
Costs from Outsourced Work	(96,395)	(111,447)
Personnel Costs	(31,276)	(31,753)
OTHER COSTS	(24,239)	(30,382)
EBITDA	42,585	50,103
% of Revenues	16,2%	17,2%
Amortisation , depreciation, write - downs and capital losses	(6,588)	(8,021)
EBIT	35,997	42,082
% of Revenues	13,7%	14,4%
Net Interest Expenses	(6,968)	(5,056)
Income from extraordinary charges	(4,557)	16,535
EBT	24,472	53,561
Taxation	(7,867)	(15,868)
Net Income	16,605	37,693
% of Revenues	6,3%	12,9%

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Net working capital

NET WORKING CAPITAL ( in eur thousands	30/09/2025	31/12/2024
Inventories and payments on account
	14,462	10,210
Contract work in progress and advances from customers	140,579	90,913
Trade receivables	56,687	55,410
Trade payables	(100,850)	(121,877)
Other current assets and liabilities	(37,026)	(23,823)
Net Working Capital	73,852	10,833
NWC % Revenues	28.2%	2.7 %

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NET FINANCIAL POSITION

Net Cash Position (in Eur thousands)	30/0 9/2025	31/12/2024
A. Cash	60,951	37,424
B. Cash Equivalents	691	22,830
D. Liquidity (A)+(B)+(C)	61,641	60,254
E. Current financial debt (including debt instruments, but excluding the current portion of non - current financial debt)	(3)	(3)
F. Current portion of non - current financial debt	(10,000)	(11,629)
F.1 Other current financial payables	(1,215)	(980)
G. Current Financial Debt (E+F)	(11,219)	(12,612)
H. Net Financial Debt (G+D)	50,423	47,642
I. Non - current bank debt (excluding the current portion of debt instruments)	(110,706)	(48,964)
K. Trade and non - current payables	(10,673)	(11,189)
L. Non - current financial debt (I+J+K)	(121,379)	(60,152)
M. Total Financial position (H+L)	(70,597)	(12,510)

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ACHIEVEMENTS SO FAR

Gender equality

Employee training and development

Supply chain ESG mapping

Adhesion to UN Global Compact

Reverse factoring agreements to support suppliers' liquidity

Publication of Non Financial Reports compliant with GRI

Photovoltaic systems installed on production facilities

ISO 14001 Certification for Environmental Management Systems CERVED RATING AGENCY

Solid Governance

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

Appointment of a Sustainability Committee

100% residual energy deriving from renewable sources

Neutralisation of FY 2022 Scope 1 and Scope 2 emissions

Best Practice Policies and Certifications

Suppliers' Code of Conduct

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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.