9M 2026 results approved

9M 2026 RESULTS APPROVED

SOLID COMMERCIAL PERFORMANCE CONTINUES, WITH A RECORD BACKLOG OF APPROXIMATELY EURO 44.7 BILLION AND A TOTAL BACKLOG OF EURO 72.6 BILLION; VISIBILITY ON DELIVERIES THROUGH 2039

9M 2026 EBITDA GROWS BY 10.9% TO EURO 511 MILLION, WITH MARGIN IMPROVING FURTHER TO 7.7% (APPROXIMATELY +0.8 P.P. COMPARED WITH 9M 2025); NEW 2026 EBITDA GUIDANCE BETWEEN EURO 715 AND 725 MILLION (PREVIOUS GUIDANCE BETWEEN EURO 700 AND 710 MILLION)

CONTRACT SIGNED FOR TWO DDX DESTROYERS FOR THE ITALIAN NAVY, WITH A TOTAL VALUE FOR FINCANTIERI OF APPROXIMATELY EURO 1.8 BILLION AND CONTRIBUTION TO GROUP REVENUE EXPECTED AS EARLY AS 2027

ADJUSTED NET DEBT / EBITDA LTM RATIO IMPROVES SIGNIFICANTLY TO 1.0x (1.7x EXCLUDING THE PROCEEDS FROM THE CAPITAL INCREASE), COMPARED WITH 1.9x AS AT 31 DECEMBER 2025; NEW 2026 LEVERAGE GUIDANCE IMPROVED TO 1.0x (1.7x EXCLUDING THE PROCEEDS FROM FEBRUARY CAPITAL INCREASE), FROM THE PREVIOUS GUIDANCE OF 1,3x (2,0x EXCLUDING THE PROCEEDS FROM THE CAPITAL INCREASE)

FINCANTIERI JOINS FORCES WITH POSTE ITALIANE AND TIM TO BUILD ITALY'S NATIONAL PHYSICAL AI VALUE CHAIN 

FINANCIAL RESULTS

9M 2026 EBITDA increases by 10.9% to euro 511 million (euro 461 million in 9M 2025), mainly driven by a 0.8 percentage point increase in Shipbuilding EBITDA margin and strong organic growth in Underwater

EBITDA margin expands to 7.7%, further improving from 7.6% in 1H 2026 and significantly above the 6.9% recorded in 9M 2025

9M 2026 revenue at euro 6,605 million (euro 6,725 million in 9M 2025), supported by growth in the commercial businesses and Underwater; in Defense, the YoY comparison reflects the one-off benefit in 9M 2025 from the order for two PPA/MPCS vessels for the Indonesian Navy, as well as the reshaping of U.S. Navy programs, with orders expected to be awarded in the coming months

Adjusted net debt at euro 730 million, further improving from euro 756 million in 1H 2026 and materially better than euro 1,311 million recorded at year-end 2025. The leverage ratio (Adjusted net debt / EBITDA LTM) decreases to 1.0x from 1.9x as at 31 December 2025. The improvement reflects cash generation during the period and the capital increase completed in February 2026. Excluding the benefit from the capital increase, intended to fund the M&A transactions announced in July 2026, adjusted net debt still improves to euro 1,208 million, with a leverage ratio of 1.7x

COMMERCIAL PERFORMANCE

Backlog reaches a record euro 44.7 billion, up 8.8% compared with year-end 2025; total backlog grows 14.9% to euro 72.6 billion (euro 63.2 billion at year-end 2025), approximately 7.9 times 2025 revenue

Order intake at euro 9.7 billion (euro 16.0 billion in 9M 2025), representing approximately 88% of the annual target of around euro 11 billion envisaged in the 2026-2030 Business Plan; the intake does not include major new contracts signed in 9M 2026, for a total value of euro 12.3 billion, which have yet to become effective as at 30 September 2026

Order secured for two DDX destroyers for the Italian Navy, with a total value for Fincantieri of approximately euro 1.8 billion (including euro 800 million in options), with progressive conversion into revenue expected as early as 2027

19 units delivered from 10 shipyards and 90 units in the order book, with deliveries scheduled through 2036 (extending to 2039 including the Princess Cruises order signed in April 2026 and subject to financing)

2026 Guidance         

Fincantieri upgrades its 2026 guidance for EBITDA and Adjusted net debt / EBITDA ratio and confirms the other targets communicated with the 1Q 2026 results release:

• Revenue at approximately euro 9.3-9.4 billion
• EBITDA raised to euro 715-725 million (from previous “euro 700-710 million”)
• Net profit of euro 140-180 million
• Adjusted net debt / EBITDA ratio improved to approximately 1.7x (1.0x including the capital increase completed in February 2026) from the previous guidance of approximately 2.0x (1.3x including the capital increase completed in February 2026)

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Trieste, 12 November 2026 – The Board of Directors of Fincantieri S.p.A. ("Fincantieri" or the "Company"), chaired by Biagio Mazzotta, approved the nine months financial information as of 30 September 2026.

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

“Our performance in the first nine months of 2026 confirms the acceleration in Fincantieri’s profitability, supported by structural demand across our reference markets and increasingly solid industrial and financial fundamentals. Total backlog reached 72.6 billion euro, nearly eight times 2025 revenues, with a long-term industrial visibility that is unique in the sector. Our solid positioning is supported by a further improvement in profitability, with the EBITDA margin reaching 7.7%, allowing us to revise the full-year guidance upwards. This demonstrates our ability to translate strong demand into increasingly profitable growth”.

Folgiero concluded: “Looking beyond our nine-month performance, what stands out is Fincantieri’s positioning at the intersection of some of the most significant global investment cycles, from the strengthening of naval defense and the development of the underwater domain to the growing demand for new cruise ships. Our industrial leadership, technological expertise and scale across all these markets offer us growth potential that extends well beyond our current order book. We have the capabilities to capture these opportunities, generate further growth and continue expanding Fincantieri’s role in the high-value and high complexity global markets. With the new strategic partnership launched with Poste Italiane and TIM, we are also taking a further step in the Group’s industrial transformation, laying the foundations for Italy’s first end-to-end national Physical AI value chain, combining the excellence of our manufacturing heritage with the latest advances in artificial intelligence, thus strengthening the country’s competitiveness and technological sovereignty”.