PROJECT NAUTICUS · INVESTOR VIEW

Investment Overview

Project NAUTICUS is a four-vessel ultra-luxury yacht cruise platform, combining staged construction and progressive financing with a clear path from vessel delivery and operational ramp-up to a stabilized, scalable fleet operation.

Base Case

Target fleet4 vessels12-month delivery cadence

Stabilized revenue€608.8mY18 fleet revenue

Stabilized EBITDA€462.7m76.0% EBITDA margin

Required new equity€156.9mBeyond existing €20.0m

FINANCIAL TRAJECTORY

Fleet ramp-up and deleveraging

Annual model outputs from the first construction quarter through full debt amortisation.

Revenue EBITDA Closing debt

Illustrative terminal equity value€4.16bn

Illustrative equity MOIC23.54x

Approx. annualized equity return15.4%

Indicative outputs only. No interim distributions are assumed; timing is simplified and is not an investment-case IRR.