Remuneration

The new Long-Term Incentive Plan 2025–2027, approved by the Shareholders’ Meeting on 14 May 2025, includes both economic-financial performance objectives (EBITDA) and indicators linked to share performance (Total Shareholder Return), as well as a Sustainability metric. The latter is tied to the achievement of the targets set out in the Company’s Sustainability Plan for the relevant period. For the first cycle (2025–2027), the threshold level corresponds to the attainment of 75% of the Plan’s objectives, while overperformance is recognised upon achieving 100% of the targets.

The LTI Plan is not exclusively aimed at top management. In fact, other key personnel identified for incentive and retention purposes may also benefit, including those up to two hierarchical levels below the Chief Executive Officer.

The Plan’s structure and the definition of its performance targets are the result of a benchmarking analysis carried out with the support of a leading consultancy firm, with the aim of aligning the Plan’s design with market best practices.

To foster a culture of sustainability, we have also integrated a sustainability indicator into the short-term variable remuneration system (MBO).

In 2025, the sustainability objective assigned to the Chief Executive Officer and General Manager is structured around specific Group-level targets covering the three strategic areas:

• Environmental: Climate Change

• Social: Health and Safety in the Workplace

• Governance: Sustainable Supply Chain

In cotninuity with previous years, in 2025 the sustainability objective has been assigned to 100% of the Italian employees eligible for MBO.

For our blue- and white-collar employees, remuneration is defined in accordance with the provisions of national collective labour agreements and corporate supplementary agreements, while remaining consistently competitive with respect to labour market standards. The remuneration package is composed of a fixed and a variable component. Specifically:

• the fixed component remunerates the role, particularly the responsibilities it entails, taking into account factors such as professional experience, the quality of the contribution made to achieving business results, and the level of excellence in performing assigned tasks. In all cases, the fixed component is designed to be sufficient to remunerate work performance even in the absence or partial disbursement of the variable components;

• the variable component is linked to predetermined and measurable Group and individual performance targets, and rewards results achieved over both the short and the long term. This component is structured to focus employees’ attention and efforts on the achievement of strategic goals.

The pay ratio between the Chief Executive Officer and the Group’s median employee stands at 65.6. This figure allows for an estimated annual salary of approximately €37,233 for the median employee.

Remuneration is based on principles of fairness and equal treatment: salaries are consistently determined on the basis of shared assumptions and uniform evaluation criteria, with the aim of preventing phenomena such as the gender pay gap.

Furthermore, as a tangible demonstration of our commitment to sustainability, we have introduced incentive mechanisms for employees who deliver results in this area. Specifically:

• In line with the Sustainability Plan, sustainability objectives have been incorporated into the short-term variable remuneration system (MBO) for eligible employees. These objectives, aligned with those assigned to the Chief Executive Officer and the General Manager, represent a variable share of between 15% and 20% of the total bonus weight;

• In 2022, we introduced the Sustainability Bonus, an initiative launched during the renewal of the Supplemental Corporate Agreement. The Bonus is linked to five sustainability indicators—energy consumption, water withdrawal, waste generation, and emissions of volatile organic compounds—and is addressed to all white- and blue-collar employees of Fincantieri S.p.A., Cetena, Isotta Fraschini Motori, and Orizzonte Sistemi Navali.