2025 Financial Results Approved

• NET PROFIT AT 117 MILLION EURO, BEST RESULT EVER, FOUR TIMES HIGHER THAN 2024
• REVENUE AND EBITDA INCREASE 13% AND 34% RESPECTIVELY, WITH EBITDA MARGIN GROWING TO 7.4% (6.3% IN 2024)
• NEW RECORD HIGH ORDER INTAKE OF EURO 20.3 BILLION, +32% COMPARED TO FY 2024 PREVIOUS BEST
• ALL-TIME HIGH TOTAL BACKLOG OF UERO 63.2 BILLION IN  2025, WITH NEW CONTRACTS SIGNED AT THE BEGINNING OF 2026 EXTENDING BACKLOG VISIBILITY UP TO 2037
• DELEVERAGING CONTINUES, FURTHER IMPROVING ON THE 2025 GUIDANCE PROVIDED AT THE FEBRUARY CMD
• NEW 2026-2030 BUSINESS PLAN MARKING A FURTHER DECISIVE STEP FORWARD IN THE GROUP’S GROWTH PATH
• EURO 500 MILLION CAPITAL INCREASE SUCCESSFULLY COMPLETED via ACCELERATED BOOKBUILDING

FINANCIAL RESULTS

• Net profit of euro 117 million (euro 27 million in 2024), the highest in Fincantieri’s history; adjusted net profit, net of extraordinary or non-recurring items, stands at euro 143 million (euro 57 million in 2024)
• Revenue grows 13.1% to euro 9,194 million (euro 8,128 million in 2024)
• EBITDA reaches euro 681 million, increasing by 33.9% compared to 2024 (euro 509 million)
• EBITDA margin at 7.4%, up significantly from 6.3% recorded in 2024
• Net debt adjusted[1] at euro 1,311 million (euro 1,872 million excluding non-current financial receivables), compared to euro 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 euro 94 million). 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)

COMMERCIAL PERFORMANCE

• Total backlog of euro 63.2 billion, equal to 6.9 times 2025 revenue
• Order intake amounts to euro 20.3 billion, further improving by 32.4% compared to the record level reached in 2024 (euro 15.4 billion), driven by 42.0% growth in Shipbuilding
• Book-to-bill at 2.2x, confirming solid commercial development across all business segments
• 24 vessels delivered in 2025 and 97 vessels in order book; with deliveries scheduled up to 2037, including the order for NCLH signed in February 2026

Guidance 2026         

Fincantieri confirms the targets provided during the Capital Markets Day of 12 February 2026:

• ­   Revenue at euro 9.2-9.3 billion
• ­   EBITDA of approximately euro 700 million
• ­   EBITDA margin at approximately 7.5%
• ­   Net profit higher than in 2025
• ­   Net debt adjusted/EBITDA ratio at approximately 2.0x (1.3x including the capital increase completed in February 2026)

2026-2030 BUSINESS PLAN

With the 2026–2030 Business Plan, approved on 16 December 2025 and presented at the Capital Markets Day held on 12 February 2026, Fincantieri capitalizes on the opportunities offered by the growth macrotrend in all its businesses, adapting the Group’s strength and production flexibility to meet the expected acceleration in demand in the coming years. Through divisional, transversal and inorganic initiatives, the Group aims to strengthen its global footprint, enhance production efficiency and further develop its portfolio of highly technological solutions, supported by targeted investments and a reconfiguration of its system of shipyards to increase its capacity and enhance profitability.

CAPITAL INCREASE RESERVED TO QUALIFIED AND/OR INSTITUTIONAL INVESTORS

On 18 February 2026, Fincantieri announced the successful completion of a capital increase by means of an accelerated bookbuild procedure, with the placement of n. 32,588,445 ordinary shares for a total amount of approximately euro 500 million. The placement, reserved for qualified and/or institutional investors, was met with a very positive response, with a book multiple times oversubscribed. The transaction allows the Company to further enhance its financial flexibility and provides optionality and acceleration in the implementation of its strategy and Business Plan. It also broadens the Company’s institutional shareholder base and the liquidity of the stock by increasing the free float to approximately 36% of the share capital.

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Rome, 25 March 2026 – The Board of Directors of Fincantieri S.p.A. ("Fincantieri" or the "Company"), chaired by Mr. Biagio Mazzotta, has approved the draft financial statements of the parent company at 31 December 2025 and the Consolidated financial statements at 31 December 2025[2].

Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, said:

"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.”

Folgiero concluded: “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.”

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DISCLAIMER

The forward-looking statements and data and information must be considered "forward-looking statements" and therefore, not based on mere historical facts, they have by their nature a component of riskiness and uncertainty, since they also depend on the occurrence of future events and developments beyond the control of the Company. The final data may therefore vary substantially with respect to the forecasts. The data and forecast information refer to the information available at the date of their dissemination; in this regard, Fincantieri S.p.A. reserves the right to communicate any changes to the information and forecast data within the terms and in the manner provided for by current legislation.

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The results for the 2025 financial year will be presented to the financial community during a conference call to be held on 25 March 2026, at 16.00 CET.

To participate in the conference, it will be necessary to connect in the following ways:

Access to the audio webcast service through the following link.

Diamond Pass: access with pre-registration and personal PIN to the following link.

Telephone connection via operator:

Italy +39 028020911

United Kingdom +44 1212818004

United States +1 7187058796

Hong Kong +852 58080984 then dial *0

Browser HD Audio Connection

The presentation slides will be made available on the web page www.fincantieri.com, Investor Relations section.

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Fincantieri is one of the world's largest shipbuilding groups, the only player active in all high complexity marine industry sectors. The Group is a leader in the construction of cruise ships, naval and offshore vessels, and stands out for its extensive experience in the development of underwater solutions, thanks to its integrated industrial structure capable of managing and coordinating all activities related to the commercial, defense, and dual-use sectors.

It holds a strong presence in key markets also thanks to the internalization of high value-added, distinctive technologies; it is also a leader in sustainable innovation and in the digital transformation of the shipbuilding sector. The company is active in the field of mechatronics, electronics, and digital naval systems, as well as in cybersecurity, artificial intelligence, and marine interiors solutions. It also offers a wide range of after-sales services, including logistic support and fleet assistance.

With over 230 years of history and more than 7,000 ships built, Fincantieri is a global player with a production network of 18 shipyards worldwide and over 24,000 employees; It maintains its know-how, expertise and management centers in Italy, where it directly employs approximately 13,000 workers and creates around 90,000 indirect jobs.

 www.fincantieri.com

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ALTERNATIVE PERFORMANCE MEASURES

Fincantieri’s management reviews the performance of the Group and its business segments, also using certain measures not envisaged by IFRS. In particular, EBITDA, in the configuration monitored by the Group, is used as the main earnings indicator, as it enables the Group’s underlying marginality to be assessed without the impact of volatility associated with non-recurring items or extraordinary items outside the ordinary course of business (see the reclassified consolidated income statement given in the section commenting on the Group’s economic and financial results); the EBITDA configuration adopted by the Group might not be consistent with the configurations adopted by other companies. As required by Consob Communication no. 0092543 of 3 December 2015 which implements the ESMA Guidelines on Alternative Performance Measures (document no. ESMA/2015/1415), the components of each of these measures are described below:

EBITDA: this is equal to pre-tax earnings, before financial income and expenses, before income and expenses from investments and before depreciation, amortization and impairment, as reported in the financial statements, adjusted to exclude the following items: provisions for costs and legal expenses associated with asbestos-litigation; costs relating to reorganization plans and other non-recurring personnel costs; other extraordinary income and expenses.

EBIT: this is equal to EBITDA after deducting recurring depreciation, amortization and impairment of a recurring nature (this excludes impairment of goodwill, other intangible assets and property, plant and equipment recognized as a result of impairment tests or after specific considerations on the recoverability of individual assets).

Adjusted profit/(loss) for the period: this is equal to profit/(loss) for the period before adjustments for non-recurring items or those outside the ordinary course of business, which are reported before the related tax effect.

Net fixed capital: this reports the fixed assets used in ordinary operations and includes the following items: “Intangible assets”, “Rights of use”, “Property, plant and equipment”, “Investments”, “Non-current financial assets” and “Other assets” (including the fair value of derivatives classified in “Non-current Financial assets”) net of Employee benefits.

Net working capital: this is equal to capital employed in ordinary operations which includes “Inventories and advances”, “Construction contracts and client advances”, “Trade receivables”, “Trade payables”, “Other provisions for risks and charges” and “Other current assets and liabilities” (including “Income tax assets”, “Income tax liabilities”, “Deferred tax assets” and “Deferred tax liabilities”, as well as the fair value of derivatives classified in “Current financial assets”).

Net invested capital: this is calculated as the sum of Net fixed capital, Net working capital and Assets held for sale.

Net debt, in accordance with ESMA guidelines, includes: Net current cash/(debt): cash and cash equivalents, current financial assets, current financial payables and current portion of medium/long-term loans; Net non-current cash/(debt): non-current bank debt and other non-current financial payables.

Net debt adjusted includes: Net current cash/(debt): cash and cash equivalents, current financial assets, current financial payables and current portion of medium/long-term loans; Net non-current cash/(debt): non-current bank debt, other non-current financial payables and non-current financial receivables.

Net debt / EBITDA: this is calculated as the ratio between the Net debt and EBITDA (on a 12-month basis, 1 January – 31 December).

Revenue and income: this is equal to the sum of Operating revenue and Other revenue and income.

Provisions: these refer to increases in the Provisions for risks and charges, and impairment of Trade receivables and Other non-current and current assets.

FINCANTIERI

[1] As at 31 December 2024, net debt included a significant receivable, which, following a renegotiation in December 2025, was reclassified as a non-current financial receivable, and therefore no longer included in net debt under the ESMA definition. For better comparability, in presenting the financial results as of 31 December 2025, it was deemed appropriate to also include, as an alternative performance measure, the net debt adjusted, which specifically includes non-current financial receivables

[2]Prepared in accordance with International Financial Reporting Standards (IFRS)