Earnings release
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1 PRESS RELEASE THE ITALIAN SEA GROUP S.P.A. REPORT ON THE COMPANY’S ASSETS, FINANCIAL POSITION AND RESULTS OF OPERATIONS AS AT 31 JULY 2026 FILED PURSUANT TO ARTICLE 44, PARAGRAPH 1, LETTER C) OF THE ITALIAN CCII Preliminary management figures, unaudited Marina di Carrara, Carrara, September 4 2026 – The Italian Sea Group S.p.A. (“TISG” or the “Company”) announces that it filed with the electronic docket of the proceedings pending before the Court of Florence, Fifth Civil Division (Case No. 222/2026), the report on its assets, financial position and results of operations as at 3 1 July 2026. The report was filed in compliance with the monthly reporting obligation imposed by the Court’s order dated 3 July 2026 pursuant to Article 44, paragraph 1, letter c), of CCII, following the petition filed by the Company on 1 July 2026. The report has been prepared in accordance with IFRS and is preliminary and management-based in nature. The figures as at 31 July 2026 are compared with the provisional figures as at 30 June 2026 and with 31 December 2025. SITUAZIONE PATRIMONIALE – FINANZIARIA TISG SpA Euro thousand 31/07/2026 30/06/2026 31/12/2025 ASSETS NON CURRENT ASSETS Brands 12,671 12,675 12,698 Other intangible assets 220 236 336 Land and buildings 147,023 148,947 146,897 Plants, machinery, equipment, and investment in progress 20,955 21,250 26,028 Other tangible assets 860 876 977 Right of Use 8,970 7,587 8,311 Equity investments 377 377 377 Other non-current assets 1,346 1,288 2,399 Deferred tax assets 0 0 0 Total non-current assets 192,422 193,236 198,022 CURRENT ASSETS Cash and Cash Equivalents 5,277 2,631 15,906 Trade receivables 16,281 16,616 21,860 Other receivables 5,192 5,726 1,245 Assets from contract work in progress 0 1,308 1,234 Inventories 9,390 11,351 20,159 Other current assets 4,933 5,034 2,101 Total current assets 41,074 42,666 62,505 TOTAL ASSETS 233,496 235,902 260,527
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2 Euro thousand 31/07/2026 30/06/2026 31/12/2025 LIABILITIES AND SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY Share capital 26,500 26,500 26,500 Share premium reserve 45,431 45,431 45,431 Other reserves and retained earnings (448,442) (448,442) (290,668) Profit (loss) for the year (25,591) (15,814) (157,773) Total Shareholders’ Equity (402,102) (392,325) (376,510) NON-CURRENT LIABILITIES Provisions for risks and charges 70,981 71,386 81,034 Deferred tax liabilities 17,102 16,425 16,123 Provisions for employee benefits 686 590 600 Long-term financial liabilities 34,448 34,528 10,177 Other non-current liabilities 0 0 0 Total non-current liabilities 123,217 122,928 107,934 CURRENT LIABILITIES Trade payables 188,210 180,488 180,787 Other payables 32,282 30,938 37,199 Short-term financial Liabilities 150,086 149,446 136,787 Liabilities from contract work in progress 134,969 137,635 166,616 Other current liabilities 6,834 6,791 7,715 Total current liabilities 512,381 505,298 529,104 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 233,496 235,902 260,527 TISG S.P.A. – INCOME STATEMENT BY NATURE OF EXPENSE In EUR thousands 31/07/2026 30/06/2026 Operating Revenues 64,120 57,943 Other Revenues and income 13,926 13,468 Commissions (200) (200) Total Revenues 77,846 71,211 Costs for Raw Material (17,469) (14,003) Costs for outsourced work (15,328) (13,105) Technical services and consultancy (26,715) (23,278) Other costs for services (6,138) (5,476) Personnel Costs (18,168) (16,012) Other operating costs (19,496) (17,312) Total Operating Costs (103,315) (89,184) EBITDA (25,469) (17,973) D&A (8,210) (7,338) EBIT (33,679) (25,312) Financial Income 3 3 Financial Charges (5,915) (5,181) Earnings Before Taxes (39,590) (30,489) Taxes for the period 13,999 14,675 Net Income (Loss) (25,591) (15,814) The management reclassified income statement presented below reports, below EBITDA, extraordinary income and expense items amounting to an overall net expense of Euro 12 million, mainly relating to the effects of agreements entered into with suppliers as part of the negotiated settlement procedure and to costs accrued and expected to be incurred in connection with the Company’s restructuring.
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3 TISG S.P.A. – MANAGEMENT RECLASSIFIED INCOME STATEMENT In EUR thousands 31/07/2026 30/06/2026 Operating Revenues 64,120 57,943 Other Revenues and income 3,681 3,414 Commissions (200) (200) Total Revenues 67,602 61,157 Costs for Raw Material (17,469) (14,003) Costs for outsourced work (15,328) (13,105) Technical services and consultancy (20,700) (17,927) Other costs for services (6,176) (5,513) Personnel Costs (18,168) (16,012) Other operating costs (3,014) (2,930) EBITDA (13,253) (8,333) D&A (8,444) (7,472) EBIT (21,696) (15,805) Financial Income / (Charges) (5,911) (5,178) Non-recurring income and expenses (11,982) (9,506) EBT (39,590) (30,488) Taxes for the period 13,999 14,675 Net Result (25,591) (15,814) It should be noted that, as at 30 June 2026, all amounts due to banks in respect of long - term loans were reclassified as current financial liabilities, in accordance with International Financial Reporting Standards, following the non-payment of instalments and in light of the ongoing moratorium and standstill arrangements. The loss for the period was affected by tax income of approximately Euro 1 4 million recognised following the filing of amended IRES and IRAP tax returns for the 2024 financial year DISCLAIMER – DATA UNAUDITED The following matters should be noted: • the data set out above are preliminary management figures prepared solely for the purposes of the periodic reporting required to be filed in connection with the proceedings pursuant to Article 44 of the Italian Crisis and Insolvency Code. Such data have not been subject to a statutory audit or a limited review by the independent auditors; • with reference to the comparative figures, the financial information as at 31 December 2025 is currently subject to statutory audit and approval by the Shareholders’ Meeting, while the preliminary financial information as at 30 June 2026 is still being finalised. It should be noted that the figures to be disclosed in the interim financial report may differ, including materially, from those set out above, as they remain subject to adjustments, additions and reclassifications following completion of the ongoing review and verification procedures. This is also due to the inherent complexity of the estimates
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4 relating, among other matters, to work in progress, impairment testing, provisions for risks and charges, and tax and social security liabilities; • this announcement does not constitute, nor does it replace, the annual financial statements, the half -year financial report or any other financial disclosure subject to approval or audit under the applicable laws and regulations; • the data are being disclosed solely as a result of the obligation to file the report imposed by the order of the Court of Florence dated 3 July 2026 pursuant to Article 44, paragraph 1, letter c), of the Italian Crisis and Insolvency Code, the consequent f iling of the report with the Companies Register as required under the same provision, and in order to ensure equal access to information by the market pursuant to Article 17 of Regulation (EU) No. 596/2014. In the absence of such obligation, the Company would not have disclosed unaudited interim financial information prior to the publication of the half-year financial report in accordance with the financial calendar disclosed to the market. The press release is available in the Investor section of the Company’s website https://investor.theitalianseagroup.com/en/press-releases/. This document is an English translation from Italian. The Italian original shall prevail in case of differences in interpretation and/or factual errors * * * The Manager responsible for preparing the Company’s financial reports, Mr Fabio Zanobini, declares, pursuant to Article 154 -bis, paragraph 2, of the TUF, that the information contained in this press release corresponds to the documented results, books and accounting records. * * *
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5 The Italian Sea Group is a global operator in luxury yachting, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 metres. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renowned for elegant and prestigious yachts, Tecnomar, known for its sporty features, cutting -edge design and high performance, Perini Navi, excellence in the design and construction of large sailing yachts, and Picchiotti, historical brand in the Italian yachting industry featuring classic and elegant lines. The Company also has a business unit named NCA Refit that manages the maintenance and refit services for yachts over 60 metres. In line with its strategic positioning, The Italian Sea Group has partnered with important Italian luxury brands like Automobili Lamborghini – to design and produce “Tecnomar for Lamborghini 63”, a limited -edition motor yacht featuring extraordinary performance and quality beyond limits. According to the Global Order Book 2024, international ranking by Boat International, The Italian Sea Group is the first Italian superyacht builder for yachts over 50 metres. For further information: Image Building Tel. +39 02 89011300 / +39 06 68392100 E-mail: theitalianseagroup@imagebuilding.it Investor Relations The Italian Sea Group Tel. +39 0585 5062 E-mail: investor.relations@theitalianseagroup.com