TISG Reaffirms Industrial Continuity: Full Operations Expected in June as Yacht Projects Advance

Less than a week after officially acknowledging losses that reduced its share capital below the legal threshold and announcing the launch of a restructuring plan, The Italian Sea Group has returned to the market with a communication focused on its industrial activities.

The Marina di Carrara-based group announced that shipyard operations will be progressively intensified, with the objective of reaching full operational capacity during the first ten days of June. According to the company, this represents a tangible sign of industrial continuity and operational stability, not only for TISG itself but also for the network of suppliers and subcontractors that form an essential part of its production chain. The update comes at a particularly delicate moment for the group. On May 21, the Board of Directors disclosed that reviews carried out during the preparation of the new business plan and financial restructuring measures had revealed losses significant enough to compromise the company’s capital structure, making it necessary to initiate the procedures provided for under Article 2447 of the Italian Civil Code and to define a financial and capital rebalancing plan.

In the latest update, however, the focus shifts to the progress of ongoing projects. The first hull of the new Admiral Panorama 50-metre series has recently completed sea trials, with delivery scheduled for the first days of July. The second unit of the series, featuring hybrid propulsion, is expected to be launched in early July and delivered in September. Construction is also progressing on the Tecnomar for Lamborghini 101, currently in the final stages of structural work at the group’s Turkish facilities. The yacht is expected to arrive in Italy by mid-June for final outfitting activities. As for the larger custom projects, the 82-metre and 85-metre yachts acquired at the end of 2025 are currently in the executive design phase. According to the construction schedule released by the company, keel laying will take place between July and September at the group’s Turkish facilities. Construction is also continuing on an additional 88-metre yacht, which is expected to be transferred to Italy in October for completion.

TISG also emphasized that activities within its refit division have never been interrupted and continue to operate normally. Likewise, Celi 1920 remains fully active, supporting both shipbuilding programs and the yard’s broader production activities.

On the commercial front, the group confirmed its participation in the upcoming Monaco Yacht Show 2026, scheduled for September, which it considers a strategic opportunity to engage with owners, brokers and international stakeholders across the superyacht industry.

In the final section of the statement, the company reiterated that the capital rebalancing process will be pursued through the strategic initiatives already identified and that cash management and financial operations continue to be closely monitored within the framework of safeguarding business continuity. The message forms part of the broader restructuring process launched in recent weeks, which management continues to regard as achievable.

Yesterday, the group also announced the convening of its Ordinary Shareholders’ Meeting for July 22, 2026. The notice of meeting, information regarding the company’s share capital and the proxy voting documentation have been made available to shareholders. While procedural in nature, the meeting represents one of the next significant corporate milestones in the process initiated by management to address the financial situation disclosed earlier this month.

Another issue that remains unresolved concerns the possible disposal of non-core assets. In its May 21 communication, The Italian Sea Group had indicated that the enhancement and potential sale of certain assets could form part of the measures supporting the company’s capital rebalancing plan. However, the latest statement provides no further details on this matter. Over recent days, several media outlets have speculated that the group’s La Spezia facility, known in the industry as the Picchiotti shipyard and formerly the Beconcini yard, could be among the assets potentially involved. These rumours continue to circulate within both the yachting and financial communities, but no official confirmation has been provided by the company. The latest communication contains no reference to potential disposals and offers no indication of which assets, if any, could ultimately be included in the rebalancing process.

In closing, Giovanni Costantino reaffirmed the full viability of the restructuring plan developed with the support of external advisors and responded to recent criticism from certain trade union organizations, arguing that the complexity of the situation requires assessments based on the company’s actual operating and financial conditions.

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