Presentazione FY 2021

• Solid financial results with revenues up 28.3% YoY, EBITDA at €495 mln up 57% YoY (EBITDA margin at 7.4%)

• Back to profitability with net result adjusted at €92 mln (€-42 mln in 2020) and net profit at € 22 mln (€-245 mln in 2020)

• Best-in-class execution, the ability to create production efficiencies and the sound funding capacity enabled us to preserve the delivery schedule, a sizeable backlog and maintain a solid financial performance, notwithstanding the pandemic and price increases

• A fully-fledged technological platform, able to create synergies across businesses, leveraging upon a unique and wide set of competences, strong engineering & well proven system integration capabilities, a diversified product portfolio and a loyal client base

• Improved ESG ratings confirming our commitment to a sustainable business: A- by CDP; Advanced by Vigeo, and 1st among peers in the Mechanical Components and Equipment sector; Score of 87/100 by Gaia; Score of 58/100 by Standard and Poor’s; Sustainalytics positioned Fincantieri in the “Low Risk” range

▪ Positive operating cash flow at €594 mln (vs €-14 mln in 2020), after the repayment of €268 mln of construction loans, more than compensating Capex needs

▪ Total backlog with 115 units at €35.5 bn, 5.3x 2021 revenues: backlog with 91 units at €25.8 bn and soft backlog at €9.7 bn

▪ Order intake at €3.3 bn

▪ Strong production volumes with 16.4 mln production hours at Italian sites, +24.5% YoY

▪ 19 ships successfully delivered from 12 different shipyards

▪ Capex at €358 mln to support shipyards upgrade, digital and innovative solutions and increase production efficiencies

Please note that throughout the entire presentation:
1. FY2020 and FY2021 data are reported excluding the effect of pass-through activities
2. FY 2019 and FY2020 data have been restated following the reallocation of VARD Electro and Seaonics respectively from the Shipbuilding and the Offshore & Specialized Vessels segments to the Equipment, Systems & Services segment

1. Number of Injuries/hours worked * 1 million

1. For reasons connected to the organizational responsibility of VARD yards split between Cruise and Offshore, Coral Geographer and Island Escape are included in the Offshore & Specialized Vessels deliveries
2. Ordered in Q4

1. For reasons connected to the organizational responsibility of VARD yards split between Cruise and Offshore, Coral Geographer and Island Escape are included in the Offshore & Specialized Vessels deliveries
2. The Offshore & Specialized Vessels business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

▪ Sizeable order intake at €3.3 bn, thanks to the expansion of ESS, and despite the reduction in cruise

▪ Soft backlog includes the agreement of Fincantieri as prime contractor for the supply of 6 frigates to the Indonesian Navy

▪ Total backlog represents 5.3x 2021 revenues

1. Total backlog is the sum of backlog and soft backlog
2. Order intake/revenues ex pass-through
3. Soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order backlog

Revenues excluding pass-through activities are up 28.3% YoY thanks to record-high production volumes in the FY 2021 (16.4 mln production hours)

 Shipbuilding up 27.1% YoY thanks to the programmed production ramp-up, with an increased contribution of Naval at 23.0% of total revenues

 Offshore & Specialized Vessels up 23.7% YoY

 Equipment, Systems & Services up 27.7% YoY mainly related to services and mechatronics business areas

87% of revenues from international clients

1. Breakdown calculated before eliminations

EBITDA margin at 7.4% mainly thanks to the positive contribution from Shipbuilding, despite the impact from increased commodities’ prices

 Shipbuilding EBITDA is up €194 mln YoY with margin at 8.3%

 Offshore EBITDA is up €13 mln YoY thanks to the effective repositioning strategy in more promising sectors

 ESS EBITDA is down €25 mln YoY due to rawmaterials inflation and lower Infrastructure margins

1. EBITDA is a Non-GAAP Financial Measure. The Company defines EBITDA as profit/(loss) for the period before (i) income taxes, (ii) share of profit/(loss) from equity investments, (iii) income/expense from investments, (iv) finance costs, (v) finance income, (vi) depreciation and amortization (vii) expenses for corporate restructuring, (viii) accruals to provision and cost of legal services for asbestos claims, (ix) other non recurring items

 Shipbuilding: EBITDA improvement driven by higher production volumes and improved operating margin

 Offshore and Specialized Vessels: increased EBITDA thanks to higher operating margins

 ESS: negative effect due to lower margins

Net result for 2021 at €22 mln, thanks to the revamp of productivity and improved margins, notwithstanding:

▪ €55 mln asbestos-related litigations
▪ €30 mln COVID-19 related costs

1. Net result before extraordinary and non-recurring items

▪ Capex up 10% vs FY 2020 to support shipyards upgrade and further efficiencies to address new production scenarios

▪ Investments breakdown as follows:
- Intangible activities for €48 mln
- Tangible activities for €310 mln

▪ Investments breakdown per category:
- Capacity increase for €163 mln
- Safety and maintenance for €92 mln
- Efficiency improvements for €52 mln
- IT, digitalization and advanced robotics for €31 mln

▪ Net financial position up €203 mln Y/Y thanks to an improved net working capital with lower reliance on construction loans

▪ Net financial position still impacted by the strategy of deferrals granted to clients (ca. €195 mln)

▪ Adequate liquidity position thanks to 6 cruise ships delivered in 2H

▪ Positive operating cash flow at €594 mln, after the repayment of €268 mln of construction loans, more than compensating Capex needs (€358 mln)

▪ No financial covenants

1. Construction loans are committed working capital financing facilities, treated as part of Net working capital, not in Net debt, as they are not general purpose loans and can be a source of financing only in connection with ship contracts

1. CLIA - State of the Cruise Industry 2022 report
2. Jane’s - Global Defence Budget , February 2022

MACRO ASSUMPTIONS
• Raising uncertainties due to geopolitical and macroeconomic tensions, whose impacts still hard to estimate
• Gradual ease of Covid 19 restrictions

EXPECTED FINANCIAL PERFORMANCE FOR 2022
Assuming no further relevant deterioration in the geopolitical and global health situation:
• Long term growth and profitability ensured by a fully preserved and highly diversified backlog and by a positive contribution from all businesses
• Sound revenues growth expected to increase, exceeding 2021 levels
• Solid marginality despite the surge in commodities and energy prices
• Competitive positioning further improved by important Capex program up and running, accelerating production efficiencies and innovative solutions in technology
• FY2022 net debt in line with FY2020 levels
• Well-proven capacity to face unforeseen events thanks to wide-ranging business enhancement initiatives, already in place and embedded in the company culture

SEGMENTS OVERVIEW
• Shipbuilding: hefty backlog with six cruise ships to be delivered from Italian yards, a luxury-niche unit from VARD Cruise, seven naval vessels from Italian shipyards and a commercial unit from US yards. Deliveries up to 2029
• Offshore and Specialized Vessels: continues to expand thanks to the diversification strategy into new geographical and market areas, with eight deliveries in 2022
• ESS: strong focus on backlog execution, consolidating our competitive advantage, to seize further opportunities in captive and non-captive businesses