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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Italian Sea Group
The Italian Sea Group (TISG) investor relations material
The Italian Sea Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Preliminary, unaudited management figures as at 30 September 2026 were filed with the Florence Court under the monthly reporting obligation in the ongoing Article 44 CCII proceedings.
Operations remained loss-making, with a €58.677m net loss and negative shareholders’ equity of €435.188m at period-end.
Financial highlights
Reclassified revenue through 30 September was €71.205m; reclassified EBITDA was -€16.692m, EBIT -€29.745m, and net result -€58.677m.
The income statement by nature of expense reported total revenues of €74.331m through 30 September and EBITDA of -€51.072m, reflecting a different presentation from the management-reclassified statement.
Reclassified non-recurring items below EBITDA had an overall negative impact of ~€30m, mainly supplier invoice issues, TISG Turkey intercompany positions, and restructuring and turnaround advisory costs.
Compared with 31 August, the loss before tax increased by ~€13.8m, including ~€2.5m of EBITDA deterioration linked to lower ordinary activity, low margins, and fixed overheads.
Key financial ratios and metrics
Total assets were €220.261m at 30 September, down from €260.527m at 31 December 2025.
Shareholders’ equity was -€435.188m; cash and cash equivalents were €1.751m at 30 September.
Current liabilities totaled €532.340m, including €208.255m trade payables and €151.581m short-term financial liabilities.
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Latest events from The Italian Sea Group
- Assets and cash fell, equity stayed negative, and losses deepened amid restructuring.TISG
Trading update - 2025 saw a 27% revenue drop and deep losses, prompting urgent restructuring and capital measures.TISGQ4 2025
- Revenue and profit fell, but 2025 guidance and order book remain strong amid market challenges.TISGQ3 2025
- H1 2025 saw profit drop 58% and guidance cut, but the €1.19B order book remains strong.TISGH1 2025
- Double-digit growth, record backlog, and strong ESG drive premium yacht market leadership.TISGInvestor Presentation
- Double-digit revenue and EBITDA growth, record order book, and strong outlook confirmed.TISGQ3 2024
- Net profit more than doubled as revenues and margins hit new highs in H1 2024.TISGH1 2024
- Q1 2025 delivered revenue and EBITDA growth, robust order book, and a positive outlook.TISGQ1 2025
- Record revenues, margins, and order book support a strong outlook for 2025.TISGH2 2024
Next The Italian Sea Group earnings date
Q1 202620 Nov, 2026
The Italian Sea Group
Next The Italian Sea Group earnings date
Q1 202620 Nov, 2026
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Frequently asked questions
The Italian Sea Group S.p.A. (Ticker: TISG) is a prominent entity in the international yachting industry, renowned for its construction of luxury superyachts and megayachts. Founded with a deep-rooted heritage in Italian craftsmanship, the company prides itself on its 100% Made in Italy luxury offerings. Strategically located within the ports of Marina di Carrara, Viareggio, and La Spezia, The Italian Sea Group specializes in the design, construction, and sales services for yachts and large ships, operating through its Shipbuilding and NCA Refit business divisions. Its comprehensive capabilities encompass in-house carpentry, upholstery, steelworks, along with a dedicated team of engineers, exterior and interior designers for technical support and design, ensuring bespoke luxury and innovation in every creation. The Italian Sea Group S.p.A. is headquartered in Marina di Carrara, Italy and its shares are listed on the MTA.