The Board of Directors of Fincantieri S.p.A. (“Fincantieri” or the “Company”), chaired by Biagio Mazzotta, has approved the interim financial information as of March 31, 2025.
In the first quarter of 2025, Fincantieri posts a substantial increase in profitability, with EBITDA up 54% compared to Q1 2024, reaching euro 154 million, and an EBITDA margin of 6.5%, significantly improving compared to the 5.7% recorded as of March 31, 2024. The growth in margins is particularly notable in Shipbuilding, driven by the defense sector and the initiatives implemented by the Group to enhance operational efficiency in the cruise business. A substantial contribution also comes from the newly established Underwater segment, with EBITDA margin at 17%, demonstrating the high profitability of the underwater sector.
Revenues grow to euro 2,376 million, up by 35% compared to March 31, 2024, with excellent performances in all the Group’s business sectors.
Order intake accelerates to euro 11.7 billion in the first three months of 2025, the strongest ever quarterly performance, with an extraordinary growth compared to Q1 2024 (euro 0.5 billion); the order intake in Q1 2025 is equal to approximately 76% of the entire record value achieved in 2024, with a book-to-bill (new orders/revenues) at 4.9x. This growth is mainly driven by the Shipbuilding segment, with the effectiveness of the contract with the Indonesian Ministry of Defense for the sale of two MPCS/PPA units, as well as the contracts effectiveness with Norwegian Cruise Line Holdings (NCLH) for four jumbo cruise ships and with Viking Cruises for four cruise ships.
As of March 31, 2025, backlog rises to euro 40.3 billion, up 30% vs FY 2024, with 102 units in portfolio and deliveries scheduled up to 2036. The soft backlog[2] stands at euro 17.3 billion, for a total backlog of euro 57.6 billion, the highest value ever recorded by Fincantieri, equivalent to 7.1 times 2024 revenues.
Net debt stands at euro 1,608 million at the end of the first quarter 2025, marginally better than the year end 2024 figure of euro 1,668 million, excluding the temporary effect of the rights issue to fund the acquisition of WASS Submarine Systems completed at the beginning of 2025 (euro 1,281 million including the rights issue effect). Net debt to EBITDA (Last Twelve Months) ratio is equal to 2.9 times in Q1 2025, notably improving compared to FY 2024.
Opportunities and strategic developments
- Launch of the new Underwater segment: the new Underwater segment represents the center of excellence for the underwater domain and a strategic driver for innovation in the defense and civilian sectors. The segment integrates cutting-edge solutions, including U212 NFS (Near Future Submarine) for the Italian Navy and products of WASS and Remazel. WASS Submarine Systems, consolidated within the Group at the beginning of 2025, is active in the development of underwater acoustic technologies and advanced weapons systems, with applications in defense and critical infrastructure protection. Remazel Engineering, acquired in February 2024, is a leader in design and supply of high-complexity top-side equipment for the subsea and marine energy industries, with an established international presence. The Segment will lead the development of the national supply chain in the underwater domain, promoting industrial and technological synergies, essential for security and deterrence needs arising from the evolving geopolitical scenarios.
- New Agreements Signed in Asia and Middle East: Fincantieri accelerates its expansion in Asia thanks to an Industrial Cooperation Agreement with thyssenkrupp Marine Systems, signed on April 16, 2025, which extends the 20-year partnership between the two groups to include joint export projects. Through this agreement, Fincantieri aims to support the modernization program of the Philippine Navy through the supply of U212 NFS submarines, designed to ensure technological excellence and stealth capability, strengthening the Group’s positioning in a highly strategic region. Fincantieri also consolidates its presence in the Middle East through a major new operation. On February 17, 2025, MAESTRAL, a joint venture (JV) between Fincantieri and EDGE based in Abu Dhabi, acquired a five-year contract, worth approximately euro 500 million, a major “In-Service Support Strategic Partnership Project” for the entire UAE Navy fleet. The JV will serve as the industrial strategic partner, ensuring high operational, logistical, and technological standards. The agreement represents a significant step forward in the Group’s growth in the area and strengthens the synergy with EDGE Group, enhancing the combined expertise of the respective shipyards.
- Cruise and Offshore backlog continues to grow: the backlog increases further in the first quarter of 2025, extending visibility up to 2036, further consolidating the Group’s leadership in the cruise and offshore businesses. Norwegian Cruise Line’s order for four new vessels – the largest ever built for the brand, with a gross tonnage of about 226,000 tons – confirms Fincantieri’s ability to offer cutting-edge technologies and high-energy-efficient solutions. The customer portfolio has also been enriched with new brands, such as AIDA Cruises and Marella Cruises (Carnival Group and TUI Group, respectively), for which Fincantieri will build, for the first time, new-generation cruise ships, characterized by a strong orientation toward environmental sustainability. In the Offshore business, the Group reaffirms its excellent positioning thanks to the subsidiary VARD, with the signing of a contract with Dong Fang Offshore for the supply of a subsea operations ship, including an option for additional ships. The ability to offer tailor-made and technologically advanced solutions is thus confirmed as a distinctive capability of Fincantieri in all market segments.
- New step toward the net-zero revolution in the cruise industry: on April 8, 2025, Fincantieri announced the construction of the world’s first hydrogen-powered cruise ship. The “Viking Libra,” with delivery scheduled to the Viking Group within 2026, will feature first-of-a-kind solutions to load and store hydrogen directly onboard, developed by Fincantieri’s subsidiary Isotta Fraschini Motori (IFM), that will allow the vessel to access even the most environmentally sensitive areas. The ship marks a turning point in the decarbonization of the industry, confirming the Group’s role as a pioneer in the integration of revolutionary technologies and a promoter of the large-scale adoption of hydrogen in the maritime sector.
- Accelerating digital transformation in cruise and defense sectors and port facilities: on April 10, 2025, the Group announced the launch of the joint venture Fincantieri Ingenium (70% owned by Fincantieri NexTech, a subsidiary of Fincantieri Group, and 30% by Accenture). The JV will play a key role in executing the strategy outlined in Fincantieri’s Business Plan and among the first strategic initiatives of the JV is the development of Navis Sapiens, a digital ecosystem designed for next-generation ships and the upgrade of existing fleets, which is expected to be installed on the first ship by the end of 2025.