The Italian Sea Group (TISG) Investor Presentation summary

Financial performance and outlook

• Q1 2024 revenues reached €95.6 million, up 12.2% year-over-year, with EBITDA at €16.1 million and a margin of 16.8%.

• Order book stood at €1,344 million as of March 31, 2024.

• 2024 guidance confirmed: revenues between €400–420 million and EBITDA margin of 17–17.5%; 2025 outlook: revenues €430–450 million, EBITDA margin 18–18.5%.

• Net financial debt at €25 million, reflecting the extension of a state concession to 2072.

• Investments for Q1 2024 totaled €2 million.

Growth strategy and market positioning

• Revenue CAGR of 21.6% (2009–2023) and 45.6% (2020–2023), driven by acquisitions, partnerships, and brand revamps.

• Ambition to exceed €500 million in revenues, with a focus on mega and giga yachts.

• Positioned at the top of the luxury pyramid, alongside leading global luxury brands.

• Stock performance (+62.5%) outpaced most luxury peers over the last year.

• Commercial approach emphasizes risk elimination, favorable working capital, and locked-in margins via advance payments.

Operations, facilities, and supply chain

• Major shipbuilding and refit facilities in Marina di Carrara (state concession to 2072), La Spezia, and Viareggio.

• Expansion projects include new offices, virtual rooms, and a woodworking hub.

• Acquisition of Celi 1920 in April 2023, with €5.6 million invested in capacity and projected €14 million revenues for 2024.

• Celi expected to cover up to 70% of group woodworking needs and expand into luxury furniture.

• Turkish partnerships provide capacity for up to 13 vessels up to 100m, across 7 shipyards.