Capital Markets Day 2026

•   2030 revenues at ~€12.5 bn (+40% vs 2025), 2026-2030 revenue CAGR of 8%

•   2030 EBITDA at ~€1.25 bn (+90% vs 2025) with margin at ~10%; Net profit ~€500 mln in 2030

•   Structural deleveraging: Net debt/EBITDA ~1.0x at the end of the Plan

•   Over €50 bn in order intake, with Defense orders already expected in 2026

•    2025 EBITDA margin guidance increased to 7.4%; 2025 Net profit guidance updated to €110 mln; 2025 total backlog at ~€60 bn

Four strategic pillars supporting the Plan’s execution

The Plan is structured around four pillars: increase in production capacity (capacity boost), productivity increase, strengthening of ongoing strategic projects and growth in adjacencies. Divisional, transversal and inorganic initiatives are aimed at reinforcing the Group’s competitive positioning and structurally improving margins and returns on capital.

Doubling of Defense production capacity in the Italian shipyards

Fincantieri plans to increase the production capacity of its Italian shipyards in response to the strong growth in demand in the Defense segment. New contracts are expected as early as 2026.

Reconfiguration of the system of shipyards production at the global level

The Plan provides for the reallocation of part of the cruise sections’ workload to Romania and the reorganization of the Offshore and Specialized Vessels segment, with expansion in Vietnam, supporting operations efficiency and enhancing profitability.

Underwater segment growth and development of high-value-added solutions

The Group aims to further expand its Underwater business through the development of unconventional solutions, the strengthening of synergies with the Defense segment and evaluating selective inorganic growth opportunities in this strategically critical, highly technological market.

Self-funded investment plan and deleveraging acceleration

The industrial investments in the period 2026-2030 of approximately euro 1.9 billion, including euro 250 million related to a potential doubling of offshore production in Vietnam, will be fully funded through operating cash flows, enabling an acceleration of deleveraging and supporting the assessment of the initiation of a dividend policy, subject to the Board of Directors’ approval, starting from 2028, based on 2027 financial results.

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Profound visibility on the business, total backlog worth approximately euro 60 billion with deliveries up to 2036 and secular macrotrends allow Fincantieri to set out its ambitions, considering the following potential to 2035:

• Revenues doubling to approx. euro 18 billion by 2035, with 2030-2035 CAGR of 7%
• 2035 EBITDA margin at approx. 13% (euro 2.3 billion)
• 2035 Net profit margin at approx. 7.5% (euro 1.35 billion)
• Full deleveraging achieved and net cash position from 2032

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2025 guidance

2025 EBITDA margin guidance revised upwards to 7.4%, 2025 revenues guidance confirmed at approximately euro 9 billion, 2025 Net debt / EBITDA ratio at 2.8x (2.0x including non-current financial receivables in Net debt) in line with 2.7-3.0x guidance, 2025 Net profit guidance updated to euro 110 million. Total backlog at approximately euro 60 billion.

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Excluding any currently unforeseeable events, the following results are expected over the Plan horizon:

Milan, 12 February 2026 – Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, presents in detail the 2026-2030 Business Plan.

Pierroberto Folgiero said: “The 2026–2030 Business Plan marks a further step forward in Fincantieri’s growth path, underscoring the strength of the strategic vision implemented over the past three years, combined with an increase in production capacity to address strong demand macro trends, demonstrating the ability to generate highly sustainable long-term value. Building on the record total backlog of approximately 60 billion euro already secured, providing long-term visibility, we expect over 50 billion euro in new orders over the period, revenues growing at an average annual rate of 8% and net profit at approximately 500 million euro in 2030, driven by an increase of 40% in revenues and 90% in EBITDA compared to 2025. All of this is underpinned by an increasingly solid financial structure and strong cash generation, suitable both to fully fund the investments aimed at increasing the production capacity and to pursue the financial discipline and deleveraging objectives. The Defense segment plays a central role in our strategy: the expected increase in demand, together with the doubling of production capacity across our Italian shipyards, will enable us to further strengthen our positioning within the major national and international programs.

Alongside this, the accelerated expansion of the Underwater segment, driven by the development of the unconventional product portfolio, the technological growth of the Offshore business and the profitability of the Cruise business – supported by a growing commercial pipeline, both in terms of quantity and quality, with improving margins and new orders expected already in the coming months, which will extend the visibility of the backlog beyond 2036 – represent the key pillars and synergies on which we are building our future.

Our strategy is articulated on four main pillars: increase in the production capacity, productivity increase, the continuation of strategic projects focused on the evolution of products and construction processes and growth in adjacencies, supported by fully self-funded investments worth approximately 1.9 billion euro, which include 250 million euro related to the potential doubling of Offshore production capacity in Vietnam, subject to an acceleration of Offshore orders, through a new shipyard.

Fincantieri thus confirms its role as a key player in the transformation of the global shipbuilding industry, which is increasingly relevant from a geopolitical perspective, continuing to invest in technology, digitalization and industrial capacity to secure long-term leadership in higher value-added segments and profound long-term growth for the Group”.

For the complete press release, please download here