Fincantieri Achieves its Best Ever Order Intake and Quarterly Results
Italian shipbuilding group Fincantieri reported its best ever financial results with a strong long-term outlook as it also achieved its best ever quarterly order intake. The results demonstrate the corporate strategy, which is expanding the technical nature and future orientation as the group expands its work in defense and launches its new “Underwater” segment focusing on submarines and naval systems.
Revenues across the group were up by 35 percent to nearly €2.4 billion and contributing to a strong increase in earnings to €154 million (EBITDA) during the first quarter. The company reported all segments contributed, but especially shipbuilding which was up 53 percent. They also reported strong margin improvements due to growth in the defense segment, improvements in efficiency in cruise, and the first contribution from WASS Submarine Systems, which was acquired and consolidated at the beginning of 2025.
“The first quarter of 2025 marks the best results in our history,” highlighted Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri. “The increase in revenues in the defense segment and the consolidation of our three dimensions - cruise, defense, and offshore - confirm the effectiveness of our integrated business model. We will continue to pursue our goals for 2025 with determination and beyond, actively contributing to the reindustrialization of the country and the strengthening of the European manufacturing system.”
The group highlights its long-term outlook as it booked orders valued at €11.7 billion, which it highlights was approximately three-quarters of the total booked in 2024. The total backlog is up 30 percent with 102 units on order. Among the orders this quarter was finalizing orders from Norwegian Cruise Line, Viking, and a new contract with the Indonesian Ministry of Defense. With growth in both the cruise and offshore orders, they highlight visibility up to 2036 from the orderbook.
The group is expanding its technical operations and focus on defense and complex systems. In addition to the launch of a new reporting segment from Underwater systems, they extended a 20-year partnership with Germany’s TKMS (Thyssenkrupp Marine Systems), which includes a modernization program of submarines for the Philippines’ Navy.
“We will continue to pursue our goals for 2025 with determination and beyond, actively contributing to the reindustrialization of the country and the strengthening of the European manufacturing system,” said Folgiero. “Fincantieri is today a future-proof laboratory of heavy industry, a champion of Made in Italy ingenuity, committed to generating employment, competitiveness, and sustainable innovation along the entire value chain.”
Reaffirming its forecast for 2025, management pointed to the favorable macroeconomic trends in the cruise segment, the expected rise in defense spending, and the increasing demand for offshore energy. They said it created compelling business opportunities in both the wind and Oil & Gas segments, in part served by its Vard subsidiary, as well as the new opportunities in the underwater domain.