The Italian Sea Group S.p.A. (“TISG” or the “Company”), global operator in luxury yachting with the brands Picchiotti, Admiral, Perini Navi, Tecnomar, NCA Refit, and Celi 1920, announces that the Board of Directors, during today’s meeting, has approved the Consolidated Half-Year Report as of 30th June 2024. Giovanni Costantino, Founder & CEO of The Italian Sea Group, commented: “Our positive trend continues and the first half of 2024 marks a significant increase in revenues and EBITDA, with a remarkable growth in Net Profit. The EBITDA Margin stands at 17.1%, a percentage within the range of the 2024 guidance previously communicated to the market, as for the forecasts on the other financial indicators.

We are also very proud of having received the admission to the STAR segment, an important milestone which confirms the company's compliance with stringent requirements in terms of transparency, governance, communication and economic-financial soundness, values that TISG has always pursued with determination. This milestone will allow us to strengthen our visibility in the international financial markets, as well as our commitment to shareholders and all stakeholders.’

ANALYSIS OF TISG’S ECONOMIC AND FINANCIAL MANAGEMENT CONSOLIDATED REVENUES Consolidated Revenues in the first half of 2024 amount to EUR 189.4 million, a 14.2% increase versus EUR 165.9 million recorded in the first half of 2023. Operating Revenues, equal to EUR 189.8 million (+16.8% versus the first half of 2023), are divided as such:

· Shipbuilding Revenues amount to EUR 167.1 million (+20.1% versus the first half of 2023). This result is attributable to the regular progress of the existing projects.

· Refit Revenues amount to EUR 22.6 million, in line with the same period of 2023. It is important to note that Refit revenues are subject to a certain degree of seasonality, which usually sees an acceleration in the second half of the year.

BACKLOG

 The total value of the Order Book – that is, the gross value of existing contract related to new yachts and Refit projects not yet delivered to the client – as of 30th June 2024 (Shipbuilding and Refit) amounts to EUR 1.323 billion. The total value of existing contracts for yacht not yet delivered to clients, net of revenues already recorded in the income statement (Net Backlog) as of 30th June 2024 (Shipbuilding and Refit) is equal to EUR 611.4 million.

CONSOLIDATED EBITDA

EBITDA is equal to EUR 32.4 million, with an increase of 19% versus EUR 27.3 million as of 30th June 2023, with an EBITDA Margin equal to 17.1% versus 16.4% in the previous year. The increase in operating marginality over the years in attributable to a strong focus on operating cost management, the optimal management of the mix between Shipbuilding and Refit activities, and the internalisation of high value-added production process activities, also following the recent creation of the business unit dedicated to Steelworks for Interior finishing.

CONSOLIDATED EBIT

EBIT is equal to EUR 26.8 million, growing by 23.5% versus EUR 21.7 million recorded in the same period of the previous year, with a margin on Revenues of 14.2% (versus 13.1% in the first half of 2023).

NET RESULT OF THE GROUP Net Result of the Group reached EUR 29.0 million, +113.4% versus EUR 13.6 million in the first half of 2023.

 INVESTMENTS

 Throughout the first half of 2024, TISG recorded Investments for EUR 5 million, related for the expansion of the commercial offices in the Marina di Carrara Headquarters and for the further internalisation of high value-added production process phases with the creation of the business unit dedicated to Steelworks for Interior finishing, as well as general investments on the shipyards.

NET DEBT

Net Debt, equal to EUR 33.6 million as of 30th June 2024, versus a net financial position of EUR 1.5 million at 31st December 2023, reflects:

i)                 cash out of EUR 19.6 million for dividend payment;

ii)                 investments carried out in the first half of 2024 for EUR 5 million;

iii)               proceeds for EUR 21 million from the disposal of the Viareggio shipyard. The discounted value of the fees due to the Port Authorities for the state-owned concessions of the Marina di Carrara and La Spezia shipyards and the Viareggio woodworking hub as of 30 June 2024 was equal to EUR 8.3 million, an amount that will be paid based on the duration of the relevant concessions. During the first half of the year, the production activities of the orders in progress resulted in a significant investment in working capital, for about EUR 30 million, which allowed for significant work progresses and related proceeds, which were received in the months immediately after the end of the half-year.

STRATEGIC OUTLOOK

2024 – 2025 In light of the results for the first half of 2024, the Company reaffirms the 2024 Guidance already communicated to the market, which forecasts Revenues between EUR 400 and 420 million and an EBITDA Margin between 17.0% and 17.5%.

 RELEVANT EVENTS AFTER 30TH JUNE 2024 ADMISSION TO THE STAR SEGMENT OF EURONEXT MILAN

On 29 July 2024 Borsa Italiana attributed to TISG’s ordinary shares the STAR qualification, effective from 6 August 2024. This operation will allow the Group to strengthen its visibility in international financial markets and confirms the compliance with strict requirements in terms of transparency, governance, shareholder communication and economic-financial solidity.

 RESOLUTIONS OF THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETINGS

As per the press release distributed the same day, on 1 July 2024 the Shareholders' Meeting, convened in ordinary and extraordinary session, met under the chairmanship of Ms. Simona Del Re and approved the following:

“Long Term Incentive Plan 2027-2029” The Shareholders'

Meeting approved the incentive plan called “Long Term Incentive Plan 2027-2029” (the “Plan”) in favour of executive directors, general managers, executives with strategic responsibilities and/or employees with permanent employment contracts of the Company and any of its subsidiaries. The Shareholders' Meeting also approved the proposal to increase the share capital with the exclusion of option rights pursuant to Article 2441, paragraphs 5, 6 and 8 of the Italian Civil Code, for a maximum nominal amount of Euro 795,000 plus any share premium, to service the Plan.

Report on the Remuneration Policy and Compensation Paid, First Section The Shareholders'

Meeting, pursuant to Article 123-ter of the Consolidated Law on Financial Intermediation, approved the Report on Remuneration Policy and Remuneration Paid, first section (the “Remuneration Policy”), pursuant to Article 123-ter, paragraph 3-ter, TUF with a binding resolution. The Remuneration Policy includes, among others, (i) the new Stock Option Plan and (ii) a change in the remuneration of the members of the Board of Directors.

 Authorisation to purchase and dispose of company shares

The Shareholders’ Meeting resolved - subject to revocation of the resolution passed by the Ordinary Shareholders’ Meeting on 27 April 2023 – (i) to authorise the Board of Directors to the purchase and disposal of treasury shares in the manner deemed most appropriate in the interest of the Company and in compliance with applicable regulations, under the conditions and in the manner all indicated in the resolution.

Confirmation of the appointment of the new member and Chairman of the Board of Directors The Shareholders' Meeting confirmed the appointment of Ms. Simona Del Re, who was co-opted pursuant to Article 2386 c.c. by the Board of Directors last 9 June, with a term of office until the expiry of the mandate conferred to the members of the Board of Directors currently in office. The Shareholders' Meeting also resolved to appoint Ms. Del Re as Chairwoman of the Board of Directors.

Proposed Amendments to the Company Statute

The Extraordinary Shareholders’ Meeting approved the proposal to amend some articles of the Company Bylaws to, inter alia, introduce the increased voting rights and to make the institution of the Designated Representative applicable to the Company, as well as to formally review the numbering of all articles and the Company’s Bylaws.

CREDIT RATING AND ESG RATING

In July 2024, the rating agency Cerved Rating Agency S.p.A. (‘Cerved’) confirmed TISG's A2.2 credit rating, further demonstrating the economic-financial solidity of the Company, which ranks among the highest performance levels.

The Group also obtained from Cerved an ESG rating equal to A, up from the previous BBB rating, thus standing above the median of the reference sector. The rating upgrade was determined, among other reasons, by the achievement of the objectives of the three-year ESG Plan, which includes the effective containment of environmental impacts, sustainable supply chain management, and employee growth and training.