The move: Fincantieri’s board, chaired by Biagio Mazzotta, approved the interim financial results as of March 31, 2026, confirming the growth trajectory outlined in the group’s 2026-2030 business plan.
- The headline figure is total workload, which rose to a record €74.2 billion, up 17.4% from the end of 2025. The backlog reached €42.7 billion, giving the group delivery visibility through 2039.
- In the first months of the year, Fincantieri also secured contracts already exceeding the full-year target of around €11 billion set out in its industrial plan.
Why it matters: The quarter presents a mixed but ultimately positive picture. Revenues came in at €2.135 billion, down from €2.376 billion in the same period of 2025, but the comparison is distorted by the Indonesian naval order booked in early 2025.
- More significant is the improvement in margins: EBITDA rose to €159 million from €154 million, while the EBITDA margin increased from 6.5% to 7.4%.
- That suggests the group is not only expanding its commercial base, but also improving the quality of its earnings.
Strategic convergence. The quarter also highlights the breadth of Fincantieri’s industrial platform. The group delivered five ships from five shipyards and now has 94 vessels in its orderbook.
- Growth continued across cruise, underwater, offshore and ESI, while the defence segment was affected by the difficult comparison with the first quarter of 2025.
- This matters because it shows a degree of balance between civilian production and strategic business lines, with implications that extend well beyond the shipyards themselves and into the wider industrial supply chain.
The bigger picture: Financially, the group’s position also improved sharply.
- Adjusted net debt fell to €771 million from €1.311 billion at the end of 2025, supported by cash generation and the roughly €500 million capital increase completed in February. The adjusted net debt-to-EBITDA ratio dropped to 1.1x.
- Taken together, the numbers reinforce Fincantieri’s position not just as a shipbuilder, but as a broader industrial player in maritime technologies, naval systems and strategic sea-related capabilities.
What it signals: On the back of the quarter’s results and strong order visibility, Fincantieri raised its 2026 guidance.
- Revenues are now expected at €9.3-9.4 billion, EBITDA at €700-710 million, with a margin of around 7.5%, while net profit is projected at €140-180 million.
- The signal to the market is clear: Fincantieri enters 2026 with strong commercial momentum, firmer margins and a more credible long-term growth profile.
