Data, documents and Financial highlights

2025 RESULTS
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DATA SHEET
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MAIN DATA
LAST UPDATE
25/03/26
FINANCIAL STATEMENTS & PRESENTATIONS
ECONOMIC DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Revenue and income eur/mln 9,194 8,128 7,651 7,440 6,911 5,879 5,849 5,416 5,020
EBITDA eur/mln 681 509 397 221 495 314 320 421 341
EBITDA margin percentage 7.4% 6.3% 5.2% 3% 7.2% 5.3% 5.5% 7.8% 6.8%
EBIT eur/mln 368 246 162 (10) 289 148 153 285 221
EBIT margin percentage 4.0% 3.0% 2.1% -0.1% 4.3% 2.5% 2.6% 5.3% 4.4%
Adjusted profit/(loss) for the year eur/mln 143 57 (7) (108) 92 (42) (71) 114 91
Extraordinary and non-recurring income and (expenses) eur/mln (37) (39) (61) (238) (90) (258) (67) (51) (49)
Profit/(loss) for the year eur/mln 117 27 (53) (324) 22 (245) (148) 69 53
Group share of profit/(loss) for the year eur/mln 123 33 (53) (309) 22 (240) (141) 72 57
FINANCIAL DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Net invested capital eur/mln 2,859 2,126 2,705 3,118 3,118 3,118 3,118 1,747 1,623
Equity eur/mln 987 845 434 587 834 777 1,050 1,253 1,309
Net fdebt eur/mln (1,872) (1,281) (2,271) (2,531) (2,531)  (1,062)  (736)  (494)  (314)
OTHER INDICATORS 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Order intake eur/mln 20,331 15,355 6,600 5,328 3,343 4,526 8,692 8,617 8,554
Order book eur/mln 54,849 43,522 34,629 34,591 36,339 36,770 37,127 32,743 28,482
Total backlog eur/mln 63,195 51,178 34,772 34,326 35,519 35,681 32,690 33,824 26,153
Backlog eur/mln 41,095 30,978 23,072 23,826 25,819 27,781 28,590 25,524 22,053
Soft backlog eur/mln 22,100 20,200 11,700 10,500 9,700 7,900 4,100 8,300 4,100
Capital expenditure eur/mln 389 263 258 295 358 309 279 161 163
Net cash flow of the period eur/mln (166) (68) 201 (672) (50) 901 (296) 402 65
Employees at the end of the period number 24,370 22,588 21,215 20,792 20,774 20,150 19,823 19,274 19,545
Vessels delivered number 24 20 26 19 19 19 26 35 25
01 - Shipbuilding
ECONOMIC DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Revenue and income eur/mln 6,592 5,990 6,129 6,373 5,903 5,226 5,145 4,678 4,267
EBITDA eur/mln 451 396 367 340 467 285 368 395 270
EBITDA margin percentage 6.8% 6.6% 6.0% 5.3% 7.9% 5.4% 7.2% 8.5% 6.3%
02 - Offshore & Specialized Vessels
ECONOMIC DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Revenue and income eur/mln 1,356 1,371 1,070 751 456 389 327 623 676
EBITDA eur/mln 72 67 52 22 10 (5) (99) (13) 41
EBITDA margin percentage 5.3% 4.9% 4.9% 2.9% 2.1% -1.3% -30.4% -2.1% 6.1%
03 - Underwater
ECONOMIC DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Revenue and income eur/mln 667
EBITDA eur/mln 117
EBITDA margin percentage 17.6%
04 - Equipment, Systems & Infrastructure
ECONOMIC DATA 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 31.12.2018 31.12.2017
Revenue and income eur/mln 1,320 1,498 1,100 916 1,404 937 899 651 558
EBITDA eur/mln 109 103 24 (96) 61 76 90 73 64
EBITDA margin percentage 8.2% 6.9% 2.2% -10.5% 4.4% 8.1% 10.0% 11.2% 11.5%
FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL RESULTS FY 2025
REVENUES
AND INCOME
€9,194 million +13.1% compared to 2024 (€8,128 million)
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Monochromatic bar chart with four categories, bars labeled 3,385 M, 843 M, 681 M, 274 M, with textual annotations and numerical details for data contextualization.
EBITDA
€681 million +33.9% compared to 2024, with EBITDA margin at 7.4% (vs 6.3% in 2024)
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Monochromatic horizontal bar chart with four distinct data points, bars labeled 218 M (largest), 32 M, 47 M, 46 M, white text on a black background for maximum clarity.
NET
DEBT
€1,311 million
(Net debt adjusted/EBITDA 1.9x)

Net debt adjusted at €1,311 million (€1,872 million excluding non-current financial receivables), compared to €1,668 million of year-end 2024 (excluding the temporary benefit from the capital increase completed in July 2024 and non-current financial receivables for 94 million euro).

The leverage ratio (Net debt/EBITDA) stands at 2.7x (1.9x Net debt adjusted/EBITDA), further improving on the 2025 guidance provided at the Capital Markets Day held in February 2026 (2.8x Net debt/EBITDA and 2.0x Net debt adjusted/EBITDA) 
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: "Improving Debt per Euro" graph showing debt performance over time, points labeled November 1st, 2024 (4,484 Million), December 2nd, 2024 (4,000 Million), January 1st, 2025 (1,844 Million), white grid and diagonal lines to highlight data progression.
NET RESULT
ADJUSTED
€143 million Positive for €143 million, further improving compared to 2024 result (positive for €57 million)
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Financial chart showing the performance of adjusted results, upward trend, labeled axes and numerical values, “48 MILLION EURO” highlighted in the text.
NET
RESULT
€117 million Best result ever, four times higher than 2024 (positive for €27 million)
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: "Result for the Period" financial graph showing a growth trend from 27 million euros to 36 million euros, black background, white and grey text, highlighted numerical values.
FINANCIAL HIGHLIGHTS
OPERATING PERFORMANCE
ORDER
INTAKE
€20.3 billion Record order intake at €20.3 billion, with book-to-bill at 2.2x
Fincantieri | FInvestor Relations - Data, Documents and Financial Highlights: Monochromatic bar chart on the distribution of investments by sector: shipbuilding (14.0 billion euros), offshore and special vessels, underwater, systems/components/infrastructure; Italian labels, clean and minimalist design, highlighted numerical values.
TOTAL
BACKLOG
€63.2 billion Equal to 6.9 times 2025 revenues
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Monochromatic bar chart with five columns of different heights, numerical values “35.1”, “1.8”, “2.7”, “3.0”, “44.9” on each bar, additional text “15.8 average per week” on the right, minimalist design focused on data representation.
VESSELS
DELIVERED
24 VESSELS DELIVERED from 11 shipyards
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Three stylized ship icons enclosed in circles on a black background, numerical labels “3 ounces”, “1 ounce” and “9 ounces”, minimalist and modern design with emphasis on simplicity and clarity.
ORDER
BOOK
97 SHIPS IN ORDERBOOK Visibility up to 2037, including NCLH order signed in February 2026
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Stylized drawing of a large cruise ship in light blue wireframe on a blue background, schematic and essential representation.
Fincantieri | Investor Relations - Data, Documents and Financial Highlights: Manager Pierroberto Folgiero in a dark blue suit, white shirt, and patterned tie, standing with arms crossed, silver watch on his wrist, minimal and professional white background.

"We are very pleased with the record results achieved in 2025 in economic, financial and commercial terms, even in a complex global environment. The double-digit increase in revenue and EBITDA, with the highest net profit in our history and further deleveraging, demonstrate the strength of an industrial footprint that combines resilience with the ability to seize opportunities in global markets. The year marked a significant progress across all business segments, both in operational and commercial terms. The 97 vessels currently in our order book and a backlog visibility extended up to 2037 ensure extremely robust operational prospects for our shipyards, structurally strengthening our competitive positioning and that of our supply chain, particularly in the Cruise segment. We are preparing to capture further growth in demand in the Defense sector, by doubling the production capacity of Italian shipyards, thereby strengthening Fincantieri’s role in the maritime security and industrial sovereignty. At the same time, in the underwater sector, we are accelerating our growth thanks to state-of-the-art underwater technologies, our ability to integrate the entire supply chain, and a network of strategic partnerships. This enables us to provide a distinctive offering to the market and act as the orchestrator of an integrated ecosystem in a crucial domain for the protection of critical infrastructure and for the most innovative offshore applications.” 

 

“The new 2026-2030 Business Plan capitalizes on the markets macro-trends where we operate, by redesigning our shipbuilding operations to increase capacity and efficiency, while developing increasingly advanced solutions: we are entering a phase of evolution that deeply integrates the digital, maritime, and underwater dimensions. This trajectory strengthens the Group’s global profile and consolidates Fincantieri as a leading industrial platform for the maritime security technologies and blue economy of the future.” 

Full speed ahead!

Pierroberto Folgiero,
Chief Executive Officer and General Manager of Fincantieri

  1. Please note that the net financial position monitored by the Group has been modified, aligning it with the ESMA definition, resulting in the restatement of the corresponding comparative data. Consequently, the value of Net Invested Capital has been redefined.
  2. Comparative data have been restated to reflect the reallocation of Vard Electro and Seonics from the Shipbuilding and Offshore & Specialized Vessels segments, respectively, to the Systems, Components and Services segment.
  3. 2019 comparative data have been restated to reflect the reallocation of Vard Electro’s activities from the Offshore & Specialized Vessels segment to the Shipbuilding segment.
  4. 2018 comparative data have been restated to reflect the discontinued operations of the small shipbuilding business for the fishery and aquaculture sectors and the disposal of the Aukra shipyard.
  5. 2017 comparative data have been restated following the redefinition of the Shipbuilding and Offshore operating segments.
  6. Net result before gains (income) and charges (expenses) unrelated to ordinary activities and non-recurring items.
  7. Sum of backlog and soft backlog.
  8. Comparative data have been restated to reflect the reallocation of the Service business and the Interiors Hub (renamed “Ship Interiors”) from the Systems, Components and Services segment (renamed “Systems, Components and Infrastructures”) to the Shipbuilding segment.
  9. Soft backlog corresponds to the value of contractual options and letters of intent in force, as well as contracts under advanced negotiation, not yet reflected in the order backlog. Starting in 2024, Naval Italy programs included in the Multi-Year Defense Program Document are represented; Fincantieri refers to this document in its financial reporting to ensure transparency in communications on the potential impacts on future order and revenue levels.
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