Italian Sea S p A : Consolidated Half-Yearly Financial Report and Review Report as of June 30th 2025 and Review

CONSOLIDATED HALF-YEAR FINANCIAL REPORT AS AT 30 JUNE 2025

CONTENTS

INTRODUCTION 4

SUMMARY & GENERAL INFORMATION 5

CORPORATE AND CONTROL BODIES 6

BOARD OF DIRECTORS 6

AUDIT, RISK, SUSTAINABILITY & RELATED PARTIES COMMITTEE 7

APPOINTMENTS & REMUNERATION COMMITTEE 7

BOARD OF STATUTORY AUDITORS 7

SUPERVISORY BOARD PURSUANT TO LEGISLATIVE DECREE 231/01 7

GROUP PROFILE AND STRUCTURE 8

SHAREHOLDERS 11

BRIEF HISTORY OF THE GROUP 16

BUSINESS DEVELOPMENT 18

. 19

METHODOLOGICAL INTRODUCTION 20

RECLASSIFIED CONSOLIDATED INCOME STATEMENT 21

OPERATING REVENUES 22

CONSOLIDATED EBITDA 26

EBIT 27

NET PROFIT 27

BACKLOG 27

CONSOLIDATED RECLASSIFIED BALANCE SHEET STRUCTURE 28

CONSOLIDATED NET FINANCIAL POSITION30

ALTERNATIVE PERFORMANCE MEASURES ("NON-GAAP MEASURES")31

SIGNIFICANT EVENTS DURING THE PERIOD36

SIGNIFICANT EVENTS AFTER 30 JUNE 202537

BUSINESS OUTLOOK37

TRANSACTIONS WITH RELATED PARTIES 42

RISK MANAGEMENT43

RISKS RELATED TO THE FINANCIAL SITUATION 43

RISKS RELATED TO OPERATIONS 44

RISKS RELATED TO THE REFERENCE REGULATORY FRAMEWORK 45

OTHER INFORMATION46

CORPORATE GOVERNANCE 46

Condensed Consolidated Half-Year Financial Statements as at 30/06/2025 49

CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 202550

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 50

CONSOLIDATED INCOME STATEMENT - BY NATURE 51

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - BY NATURE 51

CONSOLIDATED CASH FLOW STATEMENT 52

STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 53

NOTES TO THE FINANCIAL STATEMENTS54

CONSOLIDATION PRINCIPLES 61

COMMENTS ON THE MAIN CONSOLIDATED ASSET ITEMS81

COMMENTS ON THE MAIN CONSOLIDATED LIABILITY ITEMS95

COMMENTS ON THE MAIN ITEMS OF THE INCOME STATEMENT101

OTHER INFORMATION112

CONSOLIDATED HALF-YEAR FINANCIAL REPORT AS AT 30 JUNE 2025

DRAFTED ACCORDING TO IAS/IFRS DATA IN THOUSANDS OF EUROS

‌INTRODUCTION

This periodic information as at 30 June 2025 was approved by the Company's Board of Directors on 8 August 2025 and has not been audited, as this is not required by current legislation. As a company listed in the Euronext STAR Milan segment, The Italian Sea Group S.p.A. is subject to the provisions of Article 2.2.3 of the Stock Exchange Rules. On the basis of these rules, the Company has prepared Periodic Financial Information as at 30 June 2025, which it makes available to the public.

This report on operations should be read in conjunction with the consolidated condensed financial statements and the relative explanatory notes.

‌SUMMARY & GENERAL INFORMATION Company name: The Italian Sea Group S.p.A. ("TISG S.p.A.") Registered Office: Viale Cristoforo Colombo, 4/BIS, 54033 Marina di Carrara, Carrara (MS) Tax Code: 00096320452 Register of Companies of Carrara No. - Economic and Administrative Index No.:

65218

‌CORPORATE AND CONTROL BODIES

‌BOARD OF DIRECTORS

The Board of Directors of TISG will be in office until the approval of the Annual Financial Statements as at 31 December 2025.

Filippo Menchelli Giovanni Costantino

Chair Chief Executive Officer

Marco Carniani Gianmaria Costantino

Deputy Chair Director

‌AUDIT, RISK, SUSTAINABILITY & RELATED PARTIES COMMITTEE

Antonella Alfonsi Chair Fulvia Tesio Standing Member Laura Angela Tadini Standing Member

‌APPOINTMENTS & REMUNERATION COMMITTEE

Fulvia Tesio Antonella Alfonsi Laura Angela Tadini

Chair

Standing Member Standing Member

‌BOARD OF STATUTORY AUDITORS

Alfredo Pascolin Chair Barbara Bortolotti Standing Auditor Felice Simbolo Standing Auditor Sofia Rampolla Alternate Auditor Roberto Scialdone Alternate Auditor

‌SUPERVISORY BOARD PURSUANT TO LEGISLATIVE DECREE 231/01

Annalisa De Vivo Chair Carlo De Luca Member

AUDITING FIRM BDO Italia S.p.A.

FINANCIAL REPORTING

MANAGER

Marco Carniani

‌

GROUP PROFILE AND STRUCTURE

The Italian Sea Group S.p.A. ("TISG" or "Group") is a global luxury yachting player listed on the Euronext STAR Milan and active in the design, construction and refit of motor yachts and sailing yachts up to 140 metres. The Group operates in the new building market under the Admiral, Tecnomar, Perini Navi and Picchiotti brands, and is active in the large refit business under the NCA Refit brand.

In 2023, TISG acquired 100% of Celi S.r.l., a prestigious cabinetmaking company specialising in interior design, with the aim of in-housing a large part of its yacht furniture needs and offering customers the utmost customisation and flexibility.

According to the Global Order Book 2024, an international ranking compiled by the prestigious Boat International magazine, The Italian Sea Group is the leading Italian producer of superyachts over 50 metres and the second at global level.

Since it was founded in 2009, TISG has consolidated its presence in the nautical world with high-end positioning, reinforced not only by the quality and uniqueness of its products, but also by its partnerships with prestigious Italian luxury brands such as Giorgio Armani and Automobili Lamborghini.

TISG has always stood out for its ability to offer ship operators an experience of pure luxury, which is expressed in high quality workmanship, attention to detail, state-of-the-art technology and innovative design solutions.

These elements, combined with passion, know-how, professionalism, taste for beauty and art, hospitality and customer care, make the Group's philosophy absolutely unique.

Due to their size and technical and stylistic detailing, The Italian Sea Group's yachts appeal to Ultra-High-Net-Worth Individuals ("UHNWI") clientele, a highly resilient market segment.

The Italian Sea Group S.p.A.

Celi 1920 TISG Turkey

(100%) (100%)

‌SHAREHOLDERS

On 3 June 2021, the offer for the sale and subscription of the Parent Company's ordinary shares for the purpose of listing on the Mercato Telematico Azionario, organised and managed by Borsa Italiana S.p.A., now called Euronext Milan ("EXM"), was completed, and 8 June 2021 represented the first day of trading of the Parent Company's shares.

On 29 July 2024, Borsa Italiana awarded STAR status to the Parent Company's shares, admitting them to trading on the Euronext Milan STAR segment as of 6 August 2024.

Market 31.27%

Giorgio Armani S.p.A.

4.99%

GC Holding S.p.A.

53.60%

Alychlo NV 10.14%

(*) including the shares allocated directly and indirectly to Mr Marc Coucke

11 | 125

BRANDS

PICCHIOTTI

Founded in 1575, the Picchiotti brand is inextricably linked to the history of Italian and Mediterranean yachting.

This long tradition began with the construction of work boats and ocean-going sailing ships and then moved on to important military orders, making the Picchiotti brand a pioneer of the first pleasure yachts in Italy. The largest ship built by the brand, in 1982, was "Al Said" (103 metres), which was fitted out in Marina di Carrara, which was to become the headquarters of The Italian Sea Group S.p.A.

Under the Picchiotti brand, TISG has developed the semi-custom "Picchiotti Gentleman" line, a fleet of motor yachts from 24 to 55 metres inspired by the silhouettes of American yachts of the 1960s, offering timeless elegance.

ADMIRAL

The first Admiral boat, 18 metres and made entirely of wood, was created in 1966. In the mid-1970s, the first wooden (30-metre) motor-yacht was launched, an extremely avant-garde product in that period, which would lead Admiral to build the first aluminium and steel hulls in the early 1980s.

Today, Admiral is the flagship brand of The Italian Sea Group, offering ship operators around the world large yachts characterised by elegant and refined aesthetics, timeless style and the possibility of total customisation.

PERINI NAVI

The story of Perini Navi began in 1983, when founder Fabio Perini launched the prototype of a sailing yacht that could be managed safely with a small crew, thanks to the invention of an automatic sail furling system.

The iconic Perini Navi fleet boasts over 60 of the world's most admired yachts, such as the legendary 88-metre clipper "The Maltese Falcon".

Following the acquisition finalised in 2022, The Italian Sea Group delivered the first sailing catamaran under the Perini Navi brand, the 47-metre "Art Explora", one of the largest in the world. In March 2023, TISG presented to the market the new Perini Navi fleet, "Genesis", which reinterprets the iconic stylistic elements of the prestigious brand in a modern key.

TECNOMAR

Introduced to the market in 1987, the Tecnomar brand is specialised in building fast motor yachts up to 50 metres.

The brand's main characteristics include innovative design, modern lines, sportiness and high performance; each model is a design challenge that balances elegance and bold aesthetics, enhanced by the use of innovative technologies and materials.

One example is the 43-metre motor yacht "This Is It", with its futuristic outline and state-of-the-art interior, which was one of the most popular models at the Monaco Yacht Show 2023.

NCA REFIT

NCA Refit boasts an absolute specialisation in the refit and repair of both motor and sailing super-yachts and mega-yachts backed by the skills and expertise of a team of highly qualified engineers, architects and technicians as well as a comprehensive offer of exclusive services reserved for crews.

Strategically situated in Marina di Carrara and La Spezia, with a total area of more than 130,000 square metres, the brand's state-of-the-art facilities have unique features that make NCA Refit one of the most important refit hubs in the Mediterranean.

CELI 1920

Since its foundation in 1920, experience, craftsmanship and technology have made Celi an international benchmark in the design and building of top-quality furniture.

Aside from in precision cabinetmaking, Celi has developed rigorous construction methods over time and uses advanced production technologies, while retaining all of the values and qualities of "handmade" products.

Throughout its prestigious history, the Celi brand has assisted internationally renowned architects in the development of large and prestigious works, including Renzo Piano's Auditorium Parco della Musica in Rome.

‌BRIEF HISTORY OF THE GROUP

The Italian Sea Group's story began in 2009, when GC Holding S.p.A., a company owned by the entrepreneur Giovanni Costantino, acquired 100% of Tecnomar S.p.A. In November 2011, the Group acquired the Admiral brand, thus expanding its offer with a view to entering the large yachts market.

Rapid growth in the number of contracts and the increase in the size of orders on the books highlighted the need to invest in a larger production site with direct access to the sea. This is why, in 2012, GC Holding S.p.A. acquired 100% of Nuovi Cantieri Apuania S.p.A. (now The Italian Sea Group S.p.A.), which produces commercial and cruise ships at the Marina di Carrara shipyard.

The production site in Marina di Carrara, currently the TISG headquarters, has been active since 1942, and even then had state-of-the-art facilities to produce medium and large tonnage ships. In 1973, after two decades of investments in upgrading the facilities, the shipyard was further expanded with the construction of a dock 200 metres long and 35 metres wide.

The acquisition of the shipyard made it possible to keep employment levels unchanged and relaunch a company with a recent past as a leading player in the large shipbuilding industry, while expanding production capacity and

retaining valuable specialised know-how in the reference segment.

This was followed by major investments in the renovation and expansion of the registered office, the organisation of areas dedicated to new production, the construction of a steel workshop and an upholstery unit, and the expansion of areas dedicated to refit activities, which began in 2015.

Starting in 2020, investment plans ("TISG 4.0" and "TISG 4.1") were

resolved on, aiming to further increase the shipyard's production capacity.

To date, the Marina di Carrara shipyard covers an area of approximately 110,000 square metres and boasts an absolutely strategic position, particularly for refitting activities.

Overlooking the Mediterranean, at a short distance from famous Italian tourism and recreational destinations -and therefore a preferred stopover for yachts in the summer season - the shipyard is equipped with state-of-the-art facilities and recreational spaces for crews that, combined with the management's expertise and the quality of its services, allow the Group to represent an important reference point for ship operators and captains from all over the world.

The headquarters are equipped with:

(i) two dry docks, of 200 metres and 147 metres respectively; (ii) 7 outfitting hangars, covered by photovoltaic panels; (iii) a floating dock with a lifting capacity of up to 3,300 tonnes.

In 2021, the Company went public, and 8 June marked the start of trading of TISG's shares on the Euronext Milan, a regulated market managed by Borsa Italiana S.p.A.

On 22 December 2021, through its wholly-owned subsidiary New Sail S.r.l. (later merged by incorporation into the Parent Company), it acquired Perini Navi S.p.A. at the bankruptcy auction called by the Court of Lucca, for Euro 80 million.

The acquisition included the real estate assets of the shipyards in Viareggio and La Spezia, a real estate assets in Pisa, the Perini Navi and Picchiotti trademarks, patents, the shareholding in Perini Navi USA Inc. (a company that was closed in 2024) and existing legal relationships with employees and third parties.

In 2023, TISG sold the Perini Navi office building and, in June 2024, finalised the sale of the shipyard, both located in Viareggio.

In 2022, The Italian Sea Group completed the acquisition of 100% of the shares of TISG Turkey Yat Tersanecilik Anonim Sirketi ("TISG Turkey"), a company through which TISG controls and supervises the hull and superstructure carpentry activities it carries out in Turkey.

This transaction allowed the Group to consolidate the entire production process, ensuring even more integrated operations management.

With a view to continuously in-housing key production chain activities - which also includes the acquisition of CELI in

2023 - in June 2024 at its Marina di Carrara site TISG inaugurated a new business unit dedicated to steelworks for interior finishes, an activity with very high added value.

On 29 July 2024, Borsa Italiana awarded STAR status to the Company's shares, admitting them to trading on the Euronext Milan STAR segment as of 6 August 2024.

‌BUSINESS DEVELOPMENT

Over the years, the Group has strengthened its presence in the international yachting market by establishing major partnerships with leading yachting brokers worldwide.

In fact, the Group's business strategy is based on balanced distribution in the various geographical areas, with a significant expansion of the Americas over the last two years and the aim of further consolidating its presence in Asia and the Middle East.

The expansive product range, along with the ability to meet all customer demands, have made TISG a point of reference in luxury boating.

While maintaining its focus on full-custom yachts, the Group has developed some new semi-custom designs so as to maximise the significant production capacity currently available without impacting design capacity. These projects include the Panorama line and the Admiral 50 line as well as the Admiral Quaranta project, the first unit of which was sold in the second quarter of 2024.

The entry into this new market segment will allow TISG to attract a new segment of customers who want to reduce the lead time for their yacht.

As far as production capacity is concerned, following the completion of investments in the Marina di Carrara, La Spezia and Celi sites, TISG does not expect to make any further significant investments, with the exception of some work to expand the sales offices in Marina di Carrara ("TISG New Era" Project).

Over the years, the Group has consolidated its strategy of in-housing the most value-added supply chain activities in order to improve margins and have greater control over quality and timing. In June 2024, a new business unit dedicated to interior steel finishings was inaugurated at the Marina di Carrara headquarters. This internalisation process can now be considered successfully completed, and the group remains attentive and proactive in evaluating any new opportunities.

‌METHODOLOGICAL INTRODUCTION

The periodic financial information as at 30 June 2025 provides as comparative data the balances of the consolidated financial statements of TISG as at 31 December 2024 as regards the Balance Sheet; for the Income Statement, it shows the periodic financial information of the Group as at 30 June 2024.

‌RECLASSIFIED CONSOLIDATED INCOME STATEMENT

TREND OF ECONOMIC INDICATORS | 2024 - 2025

in thousands of Euros

32,446

29,013

30,415

26,835

25,559

12,172

2024 2025

EBITDA EBIT Risultato d'esercizio

‌OPERATING REVENUES

Operating revenues of Euro 183,488 thousand as at 30 June 2025 decreased by 3% from Euro 189,825 thousand in the same period of 2024.

This item is split between the Shipbuilding and Refit divisions as follows:

6%

Shipbuilding

Refit

94%

SHIPBUILDING

Revenues from the Shipbuilding division amounted to Euro 172,606 thousand as at 30 June 2025, up 3% from Euro 167,160 thousand in the first half of 2024.

in thousands of Euros

SHIPBUILDING REVENUES 2022 - 2025

167,160 172,606

139,471

112,139

H1 2022 H1 2023 H1 2024 H1 2025

The breakdown of Shipbuilding revenues as at 30 June 2025 is as follows:

SHIPBUILDING REVENUES BY BRAND

1H 2024

8%

6%

SHIPBUILDING REVENUES BY BRAND 1H 2025

6%

5%

2%

86%

87%

Perini Navi Tecnomar for Lamborghini Admiral Perini Navi Tecnomar for Lamborghini Tecnomar Admiral

SHIPBUILDING REVENUES BY GEOGRAPHICAL AREA

1H 2024

SHIPBUILDING REVENUES BY

GEOGRAPHICAL AREA

1H 2025

35%

35%

52%

48%

13%

17%

AMERICHE APAC EUROPA

AMERICHE APAC EUROPA

SHIPBUILDING REVENUES BY LENGTH

1H 2024

SHIPBUILDING REVENUES BY

LENGTH 1H 2025

8% 5%

8%

84%

<20 METRI DAI 30 AI 50 METRI >50 METRI

82%

13%

<30 METRI DAI 30 AI 50 METRI >50 METRI

REFIT

Revenues from the Refit division amounted to a total of Euro 10,882 thousand as at 30 June 2025, down 52% from Euro 22,665 thousand in the first half of 2024. This decline is linked to the greater focus on Shipbuilding activities during the period.

REFIT REVENUES 2022-2025

in thousands of Euros

23,137 23,030 22,665

10,882

H1 2022 H1 2023 H1 2024 H1 2025

The breakdown of Refit revenues as at 30 June 2025 is as follows:

REFIT REVENUES BY GEOGRAPHICAL AREA 1H 2024

23%

23%

54%

AMERICHE APAC EUROPA

REFIT REVENUES BY GEOGRAPHICAL AREA 1H 2025

6% 2%

92%

AMERICHE APAC EUROPA

REFIT REVENUES BY LENGTH 1H 2024

12%

REFIT REVENUES BY LENGTH 1H 2025

1%

20%

40%

21%

55%

24%

27%

Under 30 METRI 30 - 50 METRI

50 - 70 METRI 70 + METRI

Under 30 METRI 30 - 50 METRI

50 - 70 METRI 70 + METRI

‌CONSOLIDATED EBITDA

Consolidated EBITDA as at 30 June 2025 was Euro 30,415 thousand, down 6% from EBITDA as at 30 June 2024 of Euro 32,446 thousand, with an EBITDA margin of 16.3% (vs. 17.1% recorded in the first half of 2024).

The slight decline in profitability is attributable to the higher impact of fixed structural costs, due to the decrease in production value recorded during the period.

300.000 25%

250.000

200.000

150.000

15.0% 16.0%

17.1% 16.3%

20%

15%

10%

100.000

50.000

133,618

113,710

165,903

138,645

189,449

157,003

186,804

156,388

5%

- 0%

H1 2022 H1 2023 H1 2024 H1 2025

Ricavi Totali Costi Operativi Ebitda Margin

It is important to remember that, in accordance with its sales strategy, the Group generally does not accept trade-ins, thus eliminating inventory risk and risks deriving from the sale of used yachts.

EBITDA corresponds to the net result adjusted by financial management, taxes, amortisation and depreciation of fixed assets, as well as non-recurring components.

The EBITDA thus defined represents the indicator used by the Group to monitor and assess its operating performance; since it is not defined as an accounting measure within the scope of the International Accounting Standards, it should not be considered an alternative measure for assessing the performance of operating results.

Since the composition of EBITDA is not defined by the reference accounting standards, the calculation criterion applied by the Group may not be the same as the one adopted by other entities, and therefore may not be comparable.

‌EBIT

EBIT as at 30 June 2025 amounted to Euro 25,559 thousand - a decrease of 5% compared to the amount recorded in the previous half-year of Euro 26,835 thousand - with an EBITDA margin of 13.7% against amortisation, depreciation, write-downs, provisions and capital losses which amounted to Euro 4,856 thousand as at 30 June 2025.

‌NET PROFIT

The Group's Net Result as at 30 June 2025 was Euro 12.2 million, a reduction of 58.0% compared to Euro 29 million as at 30 June 2024. The 2024 result was

influenced by the capital gain relating to the sale of the Viareggio Shipyard finalised last year.

‌BACKLOG

The development of TISG's business is linked to the visibility and quality of its order book ("Gross Backlog") and the resulting Net Backlog, i.e. the value of contracts for existing orders net of works progress ("WIP") already paid by the customer.

As at 30 June 2025, the Group's Gross Backlog (Shipbuilding, Refit and CELI) amounted to Euro 1,190,934 thousand.

The Group's Net Backlog (Shipbuilding, Refit and CELI) amounts to Euro 362,326 thousand.

‌CONSOLIDATED RECLASSIFIED BALANCE SHEET STRUCTURE

There was a decrease in consolidated Net fixed capital as at 30 June 2025 compared to 31 December 2024, mainly due to a reduction in the net book value of tangible assets due to depreciation for the period and a reduction in deferred tax assets.

During the first half of 2025, the Group made investments of Euro 1.53 million, mainly relating to extraordinary maintenance activities on the barge, ongoing investments for the in-housing of some high value-added phases of the production process and general shipyard investments.

The increase in Net Working Capital is due in particular: to an increase in contract works in progress by virtue of normal dynamics of production progress and the invoicing of the interim payment certificates and an increase in the item Inventories and payments on account following the capitalisation of costs

incurred in the first half of 2025 for the construction of hulls for orders for which sales negotiations are at an advanced stage.

The change in shareholders' equity, as described in more detail in the explanatory notes, is mainly due to the Profit (Loss) for the financial year resulting from the condensed consolidated half-year financial statements as at

30 June 2025 in the amount of Euro 12,172 thousand and the increase in retained earnings following the resolution of the Ordinary Shareholders' Meeting that approved the financial statements as at 31 December 2024 on 22 April 2025.