Italian Sea Group files March 2 disclosure under EU market rules

The Italian Sea Group S.p.A. told investors that it has identified “significant extra‑budget costs in the execution of its projects” and has appointed KPMG to carry out an independent forensic due diligence. The company issued the disclosure from Marina di Carrara, Carrara, March 2, 2026, noting the statement is made pursuant to art. 17 of Regulation (EU) No. 596/2014 (MAR) and follows an earlier disclosure on February 27, 2026.

In the text reproduced by the company, management said a “group of individuals implemented a system designed to bypass the block on exceeding the expenses set out in the authorized budget for each project.” The press-release language adds that “the scope of the group and the identity of these individuals, currently only partially defined, are in the process of being definitively ascertained as part of the forensic due diligence.” The company preserved that formulation while also stating that the “total amount of the extra‑budget costs will be precisely determined following the completion of the forensic due diligence.”

KPMG’s engagement is narrowly described in the company release: “KPMG will conduct a forensic due diligence covering the entire management of the orders currently in progress, the internal control model and financial management.” The company set an initial timetable: “The activity is estimated to last four to six weeks for the initial preliminary phase, subsequently extending sampling over the following two months, based on the evidence that will emerge.” The release commits that “KPMG will produce a preliminary ‘red flag report’ within six weeks, to be delivered to the Board of Directors and based on a significant sample of orders.”

The disclosure flags personnel measures without naming individuals or roles. The company said that “among the individuals involved in the alleged irregularities are, among others, certain senior figures within the company, who have declared themselves to be the authors and responsible parties for actions carried out without the knowledge of the Chief Executive Officer, the Board of Directors, and the supervisory bodies.” It also stated that some of those identified have faced measures “in some cases accompanied by precautionary suspension.” The release did not provide names, job titles, exact numbers, project identifiers, currencies or monetary totals.

Beyond the forensic work, the company listed corporate actions: “Discussions with trade unions, the banking system and other stakeholders,” engagement of “financial advisors … to identify the most appropriate measures to restore the correct financial balance,” rescheduling of financial statement approval timelines within statutory deadlines, and “Reports pursuant to art. 25‑octies of Legislative Decree No. 14/2019.” The press release says the company will “keep the market duly informed of any material developments” and that the full text is available in the Investor section of the company website.

Secondary coverage framed the situation with a headline referencing “board resignations,” but the March 2 investor text contains no named resignations or supporting details. Preliminary analyses in the release note that “a significant proportion of the extra‑budget costs would appear to have already been recognised in the profit and loss account during previous financial years.” With KPMG’s red-flag report due to the board within six weeks and sampling to continue for up to two additional months, the company has signalled a tightly scheduled forensic phase that will determine both the financial hit and whether governance or stakeholder actions follow.