Executive summary

Revenues up by 28% and EBITDA +65%, Backlog at €36 bn, 2021 guidance fully confirmed



(1) Excluding the effect of pass-through activities



(1) Excluding the effect of pass-through activities




FY 2021 guidance fully confirmed with revenues expected to reach +25-30% YoY and EBITDA margin over 7%

Total backlog with 110 units at €36.0 bn, 6.9x 2020 revenues: backlog with 92 units at €26.6 bn and soft backlog at €9.4 bn

Order intake at €2.3 bn

Record-high production volumes with 12.3 mln production hours at Italian sites, +34% YoY

13 ships successfully delivered from 10 different shipyards, of which 3 cruise ships delivered in July

Operating cash flow more than compensates Capex needs, also after €350 mln repayment of construction loans

COVID-19 managed effectively

Business update

Positive business operating performance across all segments


Sound operating performance with 4 units delivered in 3Q:
Valiant Lady, the second of four ships ordered by Virgin Voyages
  - MSC Seashore, the largest cruise ship ever built in Italy
  - Rotterdam, third unit of the class for Holland America Line
  - Le Commandant Charcot, electric hybrid exploration vessel propelled with LNG, for the French shipowner Ponant


Program for the Qatari Ministry of Defence:
- launch of the third corvette «Al Khor»
- delivery in October of the first corvette of the «Al Zubarah» class

Program for the Italian Navy

Program for the US Navy: LCS 23 «Cooperstown» delivered, 10th unit of the class

MoU with Navantia to boost collaboration in the naval and maritime fields within the European Defence framework


• Confirmed VARD positioning in the offshore wind sector, with 8 SOVs in the portfolio, of which 4 ordered this quarter, out of 18 overall units ordered worldwide, becoming market leader


Infrastructure: launch of construction activities for the new MSC Cruise terminal at PortMiami

Fincantieri NexTech: finalized the acquisition of IDS group, which operates in the realization of high-tech products in both civil and defence fields

Sustainable strategy

Tireless effort to become a model of excellence

Green Finance

Group’s first trade finance credit line to support the construction of custom-built green cable layer for a Van Oord vessel to operate in offshore wind farms with low gas emissions


MoU with ENI to develop decarbonization projects in the fields of energy, transports, and circular economy

Green Hydrogen

Agreement with Enel Green Power Italia for the production, supply, management and use of green hydrogen for port areas and long-range maritime transport

ESG Awards

• Range “Advanced” and #1 among its peers in 2021
• Score A- and Leader score (A) in the Supplier Engagement Rating survey(1) – 2021 Under Review
• Score of 85/100 and #2 out of 512 companies evaluated
• Under Review


(1) Rating related to the engagement of the supply chain on sustainability and climate change topics

Hydrogen-Powered Ships

• MoU with MSC and SNAM for a feasibility study to design and build the first oceangoing hydrogen-powered cruise ship

New orders

New orders across all segments amount to € 2.3 bn




Expected Delivery


FFG-62 frigate

US Navy

Beyond 2025


Somnio Superyachts



 Offshore & Specialized Vessels

3 Service Operation Vessels

North Star Renewables


2 Service Operation Vessels(1)

Rem Offshore


2 Service Operation Vessels(1)

Norwind Offshore



(1) Ordered in Q3

Main deliveries

13 ships successfully delivered from 10 different shipyards in 3 different continents






LSS “Vulcano”

Italian Navy

Muggiano (ITA)

Viking Venus

Viking Cruises

Ancona (ITA)

Hanseatic Spirit

Hapag-Lloyd Cruises

Langsten (NOR)

LCS21 USS Minneapolis St. Paul

US Navy

Wisconsin (USA)



Riva Trigoso (ITA)

Valiant Lady(2)

Virgin Voyages

Sestri Ponente (ITA)

MSC Seashore(2)

MSC Cruises

Monfalcone (ITA)


Holland America Line

Marghera (ITA)

Le Commandant Charcot(2)


Søviknes (NOR)

LCS23 USS Cooperstown(2)

US Navy

Wisconsin (USA)


 Offshore & Specialized Vessels

Cruise ship “Coral Geographer” (3)

Coral Expeditions

Vung Tau (VNM)

Fishing Vessel


Vung Tau (VNM)

Leonardo da Vinci(2)


Brattvag (NOR)

(2) Delivered in Q3
(3) For reasons connected to the organizational responsibility of VARD yards split between Cruise and Offshore, “Coral Geographer” for Coral Expeditions delivered in Q1 2021 is included in the Offshore & Specialized Vessels deliveries

Backlog deployment

Well-balanced visibility both in Cruise and Naval, 4 new orders in Offshore and Specialized Vessels in 3Q

(1) Articulated Tug Barge (ATB) is an articulated unit consisting of a barge and a tug, thus being counted as two vessels in one unit
(2) The Offshore & Specialized Vessels business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

9M 2021


units delivered


new units


ships in backlog


ships including soft backlog


Order intake and backlog

Solid order intake and hefty soft backlog

No orders cancellation

Sizeable order intake at € 2.3 bn, thanks to the positive impact of Offshore & Special Vessels and ESS

Soft backlog includes the agreement of Fincantieri as prime contractor for the supply of 6 frigates to the Indonesian Navy

Total backlog represents 6.9x 2020 revenues

(1) Total backlog is the sum of backlog and soft backlog
(2) Order intake/revenues
(3) Soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order backlog


Revenue growth in line with 2021 guidance, with positive contribution across all segments

Revenues excluding pass-through activities are up 28.3% YoY thanks to record-high production volumes in the 9M 2021 (12.3 mln production  hours)

 Shipbuilding up 28.5% YoY thanks to the programmed production ramp-up

 Offshore & Specialized Vessels up 15.3% YoY

 Equipment, Systems & Services up 29.1% YoY mainly related to the complete accommodation business area


88% of revenues from international clients

(1) Breakdown calculated before eliminations




Remarkable increase in volumes and margins

EBITDA margin at 7.3% excluding pass-through activities mainly thanks to the positive contribution from Shipbuilding despite the impact  from increased steel prices

 Shipbuilding EBITDA is up €112 mln YoY with margin at 7.6%


 Offshore EBITDA is up €6 mln YoY thanks to the effective repositioning strategy in more promising sectors


 ESS EBITDA is up €15 mln YoY despite the lower Ship Repair and Conversion margins


(1) EBITDA is a Non-GAAP Financial Measure. The Company defines EBITDA as profit/(loss) for the period before (i) income taxes, (ii) share of profit/(loss) from equity investments, (iii) income/expense from investments, (iv) finance costs, (v) finance income, (vi) depreciation and amortization (vii) expenses for corporate restructuring, (viii) accruals to provision and cost of legal services for asbestos claims, (ix) other non recurring items 

EBITDA growth

Better operating margin thanks to higher production volumes and improved margins

 Shipbuilding: EBITDA improvement driven by higher production volumes and improved operating margin

 Offshore and Specialized Vessels: increased EBITDA thanks to higher operating margins

 ESS: positive effect brought about by higher production volumes and better margins


Significant investments creating further efficiencies in engineering and production scenarios

• Capex up 50% vs 9M 2020 to support shipyards upgrade and further efficiencies to address new productive scenarios

• Investments breakdown as follows:
- Intangible activities for €33 mln, in line with 9M 2020
- Tangible activities for €225 mln

Solid coverage of industrial fixed costs structure, allowing greater cash generation and progressive deleveraging

Net working capital and net financial position

NFP in line with expectations with 2 cruise units to be delivered in 4Q

NWC negative at €398 mln, - € 196 mln vs FY 2020, mainly due to the deliveries in the period

Net debt at €1,059 mln in line with FY 2020 and FY 2021 expectations

NFP still affected by the strategy of deferrals granted to clients (€ 298 mln), with cash-in to occur in 4Q and in 2022

Operating cash flow more than compensates the Capex needs, allowing also €350 mln repayment of construction loans

(1) Construction loans are comlnitted working capital financing facilities, treated as part of Net working capital, not in Net debt, as they are not general purpose loans and can be a source of financing only in connection with ship contracts




Update on cruise

Around 57% of the global fleet in service with 65 brands already operating by the end of October

CRUISE RESTART • The Conditional Sailing Order will expire in January 2022; After January 15, CDC will transition to a voluntary program in coordination with cruise ship operators
Pent up demand reflected in strong bookings for 2022, even though uncertainty related to the Delta variant persists
Occupancy levels vary across and within the main operators’ brands, constantly improving quarter by quarter
Carnival: occupancy in the third quarter of 2021 was 54%, growing consistently from 39% in June to 59% in August
FINANCIAL MARKETS RESPONSE Carnival: Successful closing of private offering of secured notes(1) of $2.3 bn at 4% due 2028, replacing existing debt of $2.0 bn at 11.5% due 2023 (savings up to $135 mln interest/year)
TUI Group has announced further strengthening of its balance sheet via fully underwritten €1.1 bn capital increase. The Company intends to use the net proceeds of the offering to reduce interest costs and net debt by reducing current drawings, in line with the Group’s goal to rapidly repay government loans
FORECASTS • The big 3 cruise groups should have roughly 65-80% of their capacity back in operation by the end of 2021
Carnival: about 65%(2) of total operating capacity back in service by year-end, with full fleet sailing at the end of the first half 2022(3)
Booking trends for 2022 are in line with 2019 levels; for some operators even higher, with no reduction on ticket prices


(1) First-Priority Senior Secured Notes
(2) Carnival Corporation on Pace to Restart Over 50% of Fleet Capacity by October (
(3) Carnival 3Q 2021 Business Update (3Q 2021 Business Update - Final PDF (1).pdf (

Business outlook

Confirmed FY 2021 guidance

Expected Financial Performance in 2021

Revenues +25%-30% YoY and EBITDA margin over 7.0% despite the surge in commodity and energy prices
FY 2021 net debt to be in line with FY 2020 levels

Medium to Long Term Expectations

Backlog preservation with production activities at full speed, thanks to the solid coverage of industrial fixed costs structure, allowing greater cash generation and progressive deleveraging
• Increased commodity prices mitigated by the positive effect of planning and design processes’ revision, by the important Capex plan in both production and technology and by human capital investments

Focus on ESG

• Development of technological solutions able to satisfy clients’ needs, while reducing emissions and raising energy efficiencies
• Promotion of growth, enhancement and training of human capital, with a particular focus on highly motivated people, in particular youth, able to spread an inclusive and  innovative company culture
Reduction of COand other pollutant emissions in order to fight against climate change also by purchasing energy from renewable sources