The Italian Sea Group (TISG) Q3 2026 earnings summary

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.