Navantia and Fincantieri make progress towards EPC outlining the priorities of their joint venture

Navantia and Fincantieri have signed a Heads of Agreement at Euronaval in Paris establishing an incorporated joint venture for the respective national European Patrol Corvette (EPC) programmes and related export opportunities.

The signing represents a further step in the cooperation between the Spanish and Italian shipbuilders following the Memorandum of Understanding signed on 13 February 2026. The Heads of Agreement records the principal understandings reached by the parties and provides a framework to guide the negotiation of the definitive joint venture documentation.

The joint venture will be at the heart of the EPC programme, taking overall responsibility for their development and acting as the contracting entity for the related contracts. It will bring together the key industrial and commercial activities required to deliver the programmes, ranging from the coordination of functional design engineering activities and the procurement of common ship elements to co-production models, lifecycle support and export opportunities, while promoting greater commonality across the vessels’ platform.

Navantia and Fincantieri will each hold a 50 per cent stake in the joint venture. The new company is intended to operate as a fully functioning business with sufficient resources to carry out its activities, rather than as a mere coordination office. Navantia and Fincantieri also intend to welcome additional European partners to the joint venture, such as Naval Group, who is considering joining, bringing their respective national EPC shipbuilding programmes within its scope.

This agreement reflects the two companies’ shared ambition to further strengthen industrial cooperation around the European Patrol Corvette and to establish a solid framework for the programme’s future development and commercial opportunities.

The EPC programme is a flagship European naval initiative aimed at strengthening cooperation among European navies, Member States and industry. Through the joint venture, Navantia and Fincantieri seek to contribute to greater product commonality, industrial efficiency, interoperability and competitiveness in the European defence naval sector, while supporting Europe’s ambition to reinforce its naval industrial base.

Commenting the signing of the Heads of Agreement, Ricardo Domínguez García-Baquero, Chairman and CEO of Navantia, said:

“This step towards a joint venture that will contribute to the progress of the EPC programme reflects our shared ambition to build stronger, more integrated European naval and defence industrial capabilities. By joining forces with Fincantieri, we are building a practical and ambitious model of European cooperation that will deliver greater value for our navies and industries, while also reinforcing Europe’s strategic autonomy and defence.”

Pierroberto Folgiero, CEO and Managing Director of Fincantieri, said:

“The EPC programme represents a strategic opportunity to turn European cooperation into greater industrial scale and global competitiveness. Through this joint venture, Fincantieri and Navantia are establishing a common industrial platform that can serve national programmes, foster greater integration across the European naval industry and strengthen our ability to address international markets. We believe this model can make a concrete contribution to a stronger, less fragmented and more competitive European naval industrial base.”

The joint venture will strengthen the long-term cooperation between Navantia and Fincantieri and provides a common framework to support the European Patrol Corvette programme, future shipbuilding opportunities and the competitiveness of Europe’s naval industrial base.