Presentazione Q1 2022

▪ Total backlog with 111 units at €34.4 bn, 5.2x 2021 revenues: backlog with 93 units at €24.8 bn and soft backlog at €9.6 bn

▪ Order intake at €0.5 bn

▪ 5 ships, one cruise and two naval vessels, one SOV and one fishery successfully delivered

▪ Capex at € 53 mln to support the upgrade of Italian and US shipyards, creating further efficiencies and improving technological standards

▪ Production volumes in line with 1Q 2021 levels generated higher Shipbuilding revenues and therefore higher margins

▪ 86% of revenues from international clients


Please note that throughout the entire presentation:
1. 1Q 2021 and 1Q 2022 data are reported excluding the effect of pass-through activities
2. 1Q 2021 data have been restated following the reallocation of VARD Electro and Seonics respectively from the Shipbuilding and the Offshore & Specialized Vessels segment to the Equipment, Systems & Services segment

1. The Offshore & Specialized Vessels business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

▪ Order intake at €0.5 bn, driven mainly by the expansion of ESS and Offshore

▪ Total backlog representing 5.2x 2021 revenues


1. Total backlog is the sum of backlog and soft backlog
2. Order intake/revenues ex pass-through
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

Revenues up 17.8% YoY with positive contribution across all segments

 Shipbuilding up 6.0% YoY, mainly thanks to Naval, accounting for 22.8% of total revenues 

 Offshore & Specialized Vessels doubled, up 90 mln YoY

 Equipment, Systems & Services up 31.4% YoY mainly related to infrastructure and mechatronics business areas

86% of revenues from international clients


1. Breakdown calculated before eliminations

EBITDA margin at 7.0% mainly thanks to the positive contribution from Shipbuilding, despite the impact from increased commodities’ prices

 Shipbuilding EBITDA is up €12 mln YoY with margin at 8.3%

  Offshore EBITDA is up €5 mln YoY thanks to the effective repositioning strategy in more promising sectors

 ESS EBITDA stable despite raw materials inflation 


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

 Shipbuilding: EBITDA improvement driven by higher production volumes and operating margins

  Offshore and Specialized Vessels: increased EBITDA thanks to positive production volumes and operating margins

 ESS: production volumes fully offsetting lower margins

▪ Capex at €53 mln to support further efficiencies to address new production scenarios

▪ Upgrade of Marghera and Monfalcone shipyards along with US and Italian naval sites and further investments to improve the Group’s technological solutions

▪ Investments breakdown:
- Intangible activities for €11 mln
- Tangible activities for €42 mln

▪ Net financial position at €940 mln consistent with production volumes and reflecting net working capital dynamics

▪ Net financial position still impacted by the strategy of deferrals granted to clients (ca. €292 mln)

▪ Construction loans increased to €1,501 mln (vs €1,075 mln in FY 2021) due to production dynamics, with six cruise vessels expected to be delivered in the rest of the year

▪ No financial covenants


1. Construction loans are committed 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