Fincantieri, one of the world’s largest shipbuilding groups, has released its latest quarterly report. As of September 30, 2026, the group’s total order backlog stands at approximately €72.6 billion (approximately $80.274 billion at current exchange rates), with delivery dates extending as far as 2039—reflecting continued, robust commercial performance.
Overall Performance: Slight Decline in Revenue, Accelerated Earnings Growth
On November 12, Fincantieri released its financial report for the first three quarters of 2026. During this period (ending September 30, 2026), the company recorded revenue of €6.605 billion (approximately $7.303 billion), a slight decrease of 1.8% compared to the same period in the previous year (€6.725 billion). EBITDA reached €511 million, an increase of 10.9% year-on-year (from €461 million), with an EBITDA margin of 7.7%—an improvement of 0.8 percentage points over the previous year’s 6.9%.
By business segment, Fincantieri’s shipbuilding division generated revenue of €4.556 billion, down 6.7% from the previous year (€4.885 billion). The division’s EBITDA reached €335 million, up 5.9% year-on-year (from €316 million), with an EBITDA margin of 7.3%—an increase of 0.8 percentage points from 6.5%. Within this segment, revenue from cruise ships stood at €3.477 billion, an increase of 9.1% year-on-year; revenue from the defense sector was €1.039 billion, a decline of 36.8%; and revenue from the ship outfitting/interior business (serving third-party clients) totaled €40 million, a decrease of 25.9% year-on-year.
Fincantieri stated that the improvement in the profitability of its shipbuilding business is driven by stronger performance in the cruise and naval segments, with the cruise sector achieving structural growth in both profitability and cash flow, supported by robust market expansion.
The Offshore & Specialized Vessels segment generated revenue of €1.124 billion, an 8% increase from the previous year (€1.041 billion). EBITDA reached €61 million, up 8% year-on-year (from €57 million), with an EBITDA margin of 5.4%, remaining stable compared to the prior year.
The Subsea Equipment segment recorded revenue of €531 million, a 37.6% year-on-year increase (from €386 million). EBITDA stood at €93 million, up 40.1% from the previous year (€67 million). The EBITDA margin was 17.6%—the highest among all segments—compared to 17.3% in the same period last year.
The Equipment Systems & Infrastructure segment achieved revenue of €1.037 billion, an 11.9% increase year-on-year (from €927 million). EBITDA reached €70 million (up from €68 million the previous year), with an EBITDA margin of 6.7%.
Value of new orders received decreased year-on-year
Regarding orders, Fincantieri secured €9.693 billion in new orders during the first three quarters of 2026—a 39.5% decrease compared to the same period in the previous year (€16.020 billion). This figure represents approximately 88% of the annual target of €11 billion set out in the company’s 2026–2030 business plan.
As of September 30, 2026, the value of new orders signed by Fincantieri stood at €9.693 billion, accounting for about 88% of its €11 billion annual target, with a book-to-bill ratio (new orders divided by revenue) of 1.5x.
Broken down by segment, new orders amounted to €7.322 billion for Shipbuilding, €1.21 billion for Offshore & Specialized Vessels, €565 million for Underwater Systems, and €968 million for Equipment, Systems & Infrastructure. These figures exclude contracts that have been signed but had not yet become effective during the reporting period.
In the cruise sector, six cruise ship orders became effective for Fincantieri during the first three quarters of 2026. These include one new vessel for Regent Seven Seas Cruises (part of Norwegian Cruise Line Holdings), one for Crystal Cruises, two for AIDA Cruises (part of Carnival Corporation & plc), and two for Viking.
Orders for 90 new vessels, with delivery dates extending as far as 2039
As of September 30, 2026, Fincantieri’s total order book stood at approximately €72.6 billion—comprising €44.7 billion in firm orders and €27.9 billion in “soft backlog”—a figure equivalent to 7.9 times its 2025 revenue. The order book encompasses 90 new vessels with delivery dates extending through 2036; when including the order for Princess Cruises—signed in April 2026 but not yet effective—the delivery horizon stretches as far as 2039.
It is worth noting that cruise ship contracts account for a significant portion of Fincantieri’s €27.9 billion order book; the conversion of these agreements into firm orders is contingent upon the finalization of financing arrangements. The group considers it highly likely that these cruise ship construction agreements will become firm orders, though the exact timing remains uncertain.
Regarding vessel deliveries, Fincantieri delivered a total of 19 new ships during the first three quarters: 6 cruise ships, 11 offshore and specialized vessels (comprising 9 CSOVs, 1 fishing vessel, and 1 cable-laying vessel), 1 multi-purpose combat ship, and 1 platform supply vessel.
Driven by robust commercial performance over the first three quarters, Fincantieri has raised its guidance for 2026 regarding EBITDA and the adjusted net debt/EBITDA ratio. The EBITDA forecast has been increased from a range of €700–710 million to €715–725 million. The adjusted net debt/EBITDA ratio is now expected to improve to approximately 1.7x (or 1.0x when accounting for the capital increase completed in February 2026), compared to the previous estimate of approximately 2.0x (or 1.3x including the capital increase). The guidance for revenue remains unchanged at €9.3–9.4 billion, and the forecast for net profit remains at €140–180 million.