Outlook (Financial)
EXPECTED BUSINESS DEVELOPMENT AND 2025 GUIDANCE
The strong performance recorded in the first three months of 2025 confirms growth prospects in our core sectors, supported by:
- - Positive macrotrends in the cruise ship market
- - The expected increase in defense spending
- - Growing demand for offshore energy resources, with attractive business opportunities in both the wind and Oil & Gas sectors
- - New development opportunities offered by the underwater domain
In the cruise ship sector, we continue to pursue a strategy aimed at gradually filling available shipyard slots in the medium to long term, and maintaining a stable revenue level, which also allows us to limit fluctuations in working capital requirements.
On the defense front, we are consolidating the Group’s strategic positioning in high-potential geographic areas, such as the Middle East—with the MAESTRAL joint venture announced in 2024 with the EDGE Group and the opening of our branch in Saudi Arabia—and the Indo-Pacific region.
We are also ready to seize further opportunities in the underwater segment thanks to the new Underwater Technology Hub, which integrates the submarine business, IDS – Ingegneria Dei Sistemi solutions, and the high-tech products of our recently acquired subsidiaries, WASS Submarine Systems and Remazel Engineering.
In the Offshore segment, both the wind and offshore Oil & Gas markets continue their growth trend, with strong demand for specialized units such as SOV/CSOV (Service Operation Vessel/Commissioning Service Operation Vessel)—a market in which, thanks to our subsidiary VARD, we are leaders with a share equal to one third of the global order book.3
3 Excluding the Chinese market
We intend to continue the implementation of the 2023–2027 industrial plan in 2025, focusing on:
- - The creation of a distinctive portfolio of technologies, products, and services in the underwater sector, meeting customer needs in both defense and civil domains.
- - Increased operational efficiency, with particular focus on supply chain performance and the industrialization of robotics and automation solutions (robots, digital twin, logistics); entry into a new class of cruise ships (over 200,000 gross tons) enabled by planned investments at the Monfalcone shipyard.
- - Introduction of advanced digital technologies, such as artificial intelligence, to optimize engineering and procurement.
- - Development of a technology platform enabling onboard functionalities through advanced digital products and services.
- - Further strengthening of Orizzonte Sistemi Navali’s system integrator expertise in the naval sector. - Implementation of systems for the decarbonization of the maritime sector (integration of hydrogen storage and utilization systems onboard).
| Exceeding 2024 targets and 2025 guidance | |||
|---|---|---|---|
| Item | Guidance FY 2024 | FY 2024 Results | Guidance 2025 |
| Revenues | > €8 billion | €8.13 billion | ~ €9 billion |
| EBITDA margin | ~ 6% | 6.3% | > 7% |
| Leverage ratio (NFP/EBITDA) | 4.5x – 5.0x4 | 3.3x5 (2.5x excl. rights issue) | In line with 2024, significantly improved compared to the 2025 target in the Industrial Plan (between 4.5x and 5.5x) |
| Net result | One year ahead of plan | €27 million | Net profit |
4 Increased from the 2024 guidance of 6.0–7.0x (2023–2027 Strategic Plan), further revised in FY23 to 5.5–6.5x, in 1H24 to 4.5–5.5x, and in 9M24 to 4.5–5.0x
5 Leverage ratio (NFP/EBITDA) including the effect of reclassifying a financial receivable from a shipowner to current.