Fincantieri raise the periscope on new frontier of shipbuilding: the underwater. With four strategic acquisitions, the group led by Pierroberto Folgiero aims to build an international underwater champion, an increasingly crucial sector for security, energy, critical infrastructure, and defense. The agreements concern Next Geosolutions, WSense, Graal Tech and Defcomm, companies that bring expertise in marine geosciences, underwater communications, autonomous drones, and offshore services.
An industrial turning point that the the market immediately rewardedAt Piazza Affari, Fincantieri jumps above 12 euros, up 12%, supported by expectations of an operation destined to strengthen the group's technological profile and anticipate the objectives of the 2026-2030 industrial plan.
Fincantieri creates a hub of eight companies in the underwater sector
The acquired companies will enter in Fincantieri's underwater hub, which will become a reality composed of eight companies, integrated along the entire value chain. The goal is develop end-to-end solutions ranging from hardware to software, from telecommunications to underwater vehicles, up to the provision of specialized services.
Next Geosolutions, listed on Euronext Growth Milan, operates in marine surveys and geosciences, as well as offshore construction support services. WSense, Graal Tech, and Defcomm are high-tech Italian scale-ups, specializing in underwater communications and the Internet of Underwater Things, autonomous underwater drones, and autonomous surface drones, respectively. The new hub's structure includes an international presence in Italy, the United Kingdom, the Netherlands, Norway, and the United Arab Emirates, with approximately 1.500 professionalsThe acquisitions follow the integration of Wass in 2025 and Remazel in 2024, forming part of Fincantieri's plan to strengthen its underwater segment.
Initial outlay of €600 million and takeover bid for NextGeo
The operation involves a initial outlay of approximately 600 million eurosThe most relevant part concerns Next Geosolutions, of which Fincantieri will acquire 52,60% from MarnaviThe group is also in an advanced stage of negotiations with top management, who will be able to sell a portion of their shares and reinvest in the company's capital. NextGeo is valued at €780 million for 100% of the capital, corresponding to €16,25 per share, an amount that may be reduced if the company distributes a dividend. Once a majority stake is acquired, Fincantieri will launch a takeover bid on the entire capital, aimed at delisting.
The execution of the contract remains subject to certain conditions precedent, including approval from the Antitrust Authority and Golden Power. Upon completion, Fincantieri will also sign a shareholders' agreement with the shareholders who will reinvest, establishing progressive exit mechanisms linked to the approval of the 2027, 2028, and 2029 financial statements through put and call options.
The acquisitions will be financed with resources raised through the €500 million capital increase completed in February 2026, supplemented by other available group sources. Fincantieri emphasizes that the transaction will not have an impact on the 2026 guidance relating to financial leverage, while it should improve the targets for the ratio between net financial position and EBITDA for 2028 and 2030.
Underwater revenues over 1,1 billion as early as 2026
Strengthening in diving also has a significant impact on the group's numbersIn 2025, the underwater segment recorded revenues of €667 million, equal to 6,7% of Fincantieri's portfolio revenues. With the new acquisitions, pro forma 2026 revenues are expected to exceed €1,1 billion, with an EBITDA of approximately €220 million. This brings Fincantieri's underwater revenue and EBITDA targets for 2030, set in the 2026-2030 industrial plan, forward by four years. The acquisitions also contribute over €60 million to the group's 2026 pro forma profit.
According to the estimates indicated by the group, Scuba diving revenues will reach 1,4 billion euros in 2028 and will rise to 1,8 billion in 2030. Margins are also expected to grow, with a pro-forma underwater EBITDA margin of 19,2% in 2026, 21% in 2028, and 23% in 2030. The contribution of acquisitions to the group's net profit is expected to reach approximately 130 million euros by 2030.
Fincantieri also highlights that the operation should generate an increase in EBITDA and net profit by 13% and 40%, respectively, compared to the 2026 targets of the industrial plan. The expected impact on earnings per share is an increase of 30% by 2028 and 20% by 2030.
Folgiero, CEO of Fincantieri: "A historic industrial transformation"
The industrial heart of the operation is the dual-use nature of the technologies involvedThe skills integrated into the new hub will be used in both the defense and civil markets, from the protection of critical underwater infrastructure to maritime security and offshore services. Fincantieri thus strengthens its position industrial model increasingly oriented towards services and the integration of complex solutions, expanding its role from a technology and platform provider to an operator capable of overseeing the entire underwater value chain.
“Today's operation represents a historic industrial transformation for Fincantieri, which creates an international champion of the Underwater, thanks to the complete integration along the value chain of technologies, skills and operational capabilities" commented Pier Roberto Folgiero, CEO Fincantieri. “These acquisitions also allow us to accelerate the implementation of the Industrial Plan, significantly strengthening profitability and enhancing a rapidly expanding market, where the dual-use component is destined to become increasingly relevant. We have also chosen to enhance industrial continuity of the acquired companies, maintaining the existing management teams, because we believe that skills and execution are an essential element of the Group's growth."
