On 11 May 2026, the Board of Directors of Fincantieri S.p.A. (“Fincantieri” or the “Company”), chaired by Biagio Mazzotta, approved the interim financial information as at 31 March 2026.
On May 11, Fincantieri reported revenue of €2.135 billion, a 10.1% decrease year-on-year (€2.376 billion); EBITDA reached €159 million, an increase year-on-year (€154 million), indicating a significant improvement in the group’s profitability; EBITDA margin reached 7.4%, an increase of 0.9 percentage points year-on-year (6.5%).
Fincantieri’s strong performance continues in the first three months of 2026, with revenue increasing across the Cruise, Underwater, Offshore and ESI sectors. Defense revenue decreases year-on-year due to the unfavorable comparison with a particularly strong 1Q 2025, which benefited from the order for two PPA/MPCS units for the Indonesian Navy.
Overall, revenue amounts to euro 2,135 million, compared to euro 2,376 million in 1Q 2025, with performance over the rest of the year expected to be supported by the progressive advancement of production activities related to the existing backlog. EBITDA grows year-on-year to euro 159 million, reflecting a remarkable increase in profitability across all segments, which more than compensates the benefit from the order from the Indonesian Navy contract in 1Q 2025. EBITDA margin reaches 7.4%, increasing significantly by almost 1 percentage point compared to 31 March 2025.
Shipbuilding revenue stands at euro 1,537 million (-16.0% compared to 1Q 2025), with EBITDA at euro 115 million (-8.1%). In more detail, the cruise business displays a significant increase in revenue to euro 1,220 million (+16.8% compared to 31 March 2025) and a strong expansion in profitability. Defense revenue amounts to euro 297 million, compared to euro 770 million in 1Q 2025, reflecting the positive contribution from the Indonesian Navy order in the first three months of 2025, and the impact of the Constellation program’s reshaping on 2026 revenue. The latter will be compensated by revenues expected in subsequent years, reflecting the timing of new U.S. orders to be finalized in the coming months. Shipbuilding EBITDA margin grows to 7.5%, up by 0.6 p.p. compared to 31 March 2025, also supported by the strong performance of the Cruise business.
Growth continues in the Offshore and Specialized Vessels segment, with revenue reaching euro 360 million (+12.1%) and EBITDA growing by 13.1% to euro 18 million, leading to an EBITDA margin of 5.0% (4.9% in 1Q 2025).
The Underwater segment records a strong acceleration in both revenue and EBITDA, reaching euro 135 million and euro 23 million respectively, up by 43.3% and 44.0% versus 1Q 2025. EBITDA margin stands at 17.1% in 1Q 2026 (17.0% in the same period of 2025), contributing markedly to the Group’s overall profitability.
Equipment, Systems and Infrastructure also records continued growth, with revenue up by 8.9% to euro 309 million (euro 283 million in 1Q 2025), driven in particular by the Mechanical Systems and Components (+24.6%) and by the Infrastructure clusters (+7.1%). Segment EBITDA increases significantly to euro 20 million, up by 40.2% year-on-year, with an EBITDA margin of 6.4% (4.9% in 1Q 2025), mainly supported by the performance of the Electronics and Digital Products and of the Infrastructure clusters, with EBITDA margins of 5.6% and 6.1% respectively (2.2% and 5.1% in 1Q 2025).
Commercial performance in 1Q 2026 confirms the growth trend across all segments, with total backlog reaching an all-time high at euro 74.2 billion, equal to 8.1 times 2025 revenue. Backlog stands at euro 42.7 billion, up by 3.9% compared to 31 December 2025, with 94 units in the order book and deliveries scheduled until 2036 (2039 including the order from Princess Cruises signed in April 2026). Soft backlog[2] increases to euro 31.5 billion.
In the first three months of 2026, new orders totaling euro 3.4 billion were finalized. These reflect contracts that became effective during the period and were converted from soft backlog into backlog, and exclude contracts signed during the period that are still subject to financing, which are therefore not yet effective.
Current visibility on signed contracts, including both soft backlog and orders signed since the beginning of the year, already provides full coverage of the 2026 target of approximately euro 11 billion communicated at Capital Markets Day in February 2026, further strengthening the Group’s business depth and growth profile.
Net debt adjusted stands at euro 771 million at the end of 1Q 2026, strongly improving compared to FY 2025 (euro 1,311 million), with a leverage ratio (net debt adjusted / EBITDA LTM) of 1.1x, significantly better than 1.9x as at 31 December 2025. Excluding the benefit from the euro 500 million capital increase completed in February 2026, net debt adjusted improves to euro 1,249 million, with a leverage ratio of 1.8x, supported by cash generation over the period.