Fincantieri orders soar which in the first quarter of 2025 also marks a strong increase in revenues and margins. The company also announced the launch of the new operating segment of underwater which according to CEO Pierroberto Folgiero “represents a fundamental step in the industrial evolution of the group”.
Despite the good results, at Piazza Affari the title, which has doubled its price in the last six months, is down more than 5% to 11,60 euros.
Fincantieri's first quarter: EBITDA +53,5%, orders boom
In the first quarter of 2025, Fincantieri's revenues jumped 34,5% at 2,376 billion. Strong growth also for EBITDA, up 53,5% to 154 million (+53,5%), equal to a margin on revenues of 6,5% from 5,7% a year ago "thanks in particular to the increase in revenues in the defense sector, the operational efficiency measures in the cruise ship business and the contribution of WASS Submarine Systems (consolidated at the beginning of 2025)," explains the company in a note.
For Fincantieri, the January-March period represents the ““best quarter ever” for new orders acquired, equal to 11,7 billion euros, a strong increase compared to the first quarter of 2024 (0,5 billion) and corresponding to 76% of the already record orders for the whole of 2024.
Il portfolio thus increases by 30% to 40,3 billion of euros compared to December 2024 “with a total workload (including the soft backlog) at a record level of 57,6 billion, approximately 7,1 times the revenues achieved during 2024. In the first quarter, four ships were delivered while 102 units are in the portfolio with deliveries scheduled up to 2036.
Targets confirmed expected for 2025 and released in March.
As of March 31rd the net financial position also improves, negative for 1,608 billion compared to 1,668 billion in December, excluding the temporary benefit deriving from the capital increase completed in July 2024 and aimed at the acquisition of Wass (1,281 billion including this effect). The debt ratio (therefore between net financial position/ebitda) is equal to 2,9 (3,3 times in December).
Speaking of the individual business areas, in the first quarter the revenues of the shipbuilding rose by 39,5% to 1,828 billion euros, those of theoffshore increase by 6,7% to 319 million and those of systems, components and infrastructures by 13,9% to 301 million.
Fincantieri launches the “underwater” segment
Fincantieri has also launched a new operating segment, “underwater”, which includes WASS Submarine Systems (acquired by Leonardo and consolidated at the beginning of 2025), the submarine business (including the U212 NFS programme for the Italian Navy, previously included in the Shipbuilding segment), the subsidiary Remazel Engineering (previously in the Mechanical Systems and Components Hub) and the “Unmanned Systems & Underwater” business line of the subsidiary IDS (previously part of the Electronics and Digital Products Hub).
As of March 31, the “Underwater” segment counts revenues of 95 million, with an ebitda of 16 million and an ebitda margin of 17%. Orders acquired amount to 84 million at the end of the first quarter of 2025.
“The launch of the new Underwater segment represents a step fundamental in industrial evolution of the group. We have entered a strategic domain of extremely high technological complexity, where the ability to integrate advanced systems and develop dual-use solutions will be crucial for European competitiveness and national security. This positioning further strengthens our role as a technological enabler in the context of defense and critical submarine infrastructures”. This is the comment of CEO Pierroberto Folgiero. Regarding the results of the first quarter, the manager explained that “they are the result of a long-term strategic vision, based on rigorous financial discipline, solid industrial governance and a strong ability to transform innovation into buildable solutions: the increase in revenues in the Defense sector and the consolidation of our three souls – cruise, military and offshore – testify to the effectiveness of the integrated model we have given ourselves”.