Fincantieri accelerates in the first quarter and raises the bar to 2026. In just four months the Italian naval engineering group has concluded contracts for a value exceeding 11 billion euros, already beyond the target indicated for the whole year in the 2026-2030 Industrial Plan. A start that strengthens visibility on the future and pushes the company to revise the guidance upwards, with a workload that rose to a new record of 74,2 billion, from 63,2 billion at the end of 2025.
It is a mass of orders and opportunities equal to approximately 8,1 times last year's revenue, capable of extending the industrial horizon to 2039, considering the agreement signed in April with Princess Cruises. The backlog stands at €42,7 billion, up 3,9% compared to the end of 2025, while the soft backlog reaches €31,5 billion. In the first quarter alone the orders acquired amount to to 3,4 billion, not including contracts already signed but not yet effective. The result is a pvegetable leaf that gives depth to the group's routeFincantieri has 94 ships in its order book and 5 units delivered from 5 yards in the first three months of the year, with a pipeline that remains supported by cruise, defense, and high-tech activities.
Declining revenues but stronger margins
On the income statement, the quarter shows a comparison conditioned by an extraordinary effect of 2025. revenues stand at at 2,135 billion euros, compared to 2,376 billion in the first quarter of last year, when the figure benefited from the effectiveness of the order for two PPA/MPCS units destined for the Indonesian Navy.
La revenue decline, equal to 10,1%, does not however slow down profitability.EBITDA rises to 159 million from 154 million in the first quarter of 2025, while the EBITDA margin The margin increased to 7,4% from 6,5%, an improvement of 0,9 percentage points. According to the company, the increase in margins is reflected in all operating segments and more than offsets the loss of the benefit from the Indonesian order in the comparative period.
Revenues are falling in Shipbuilding alone to 1,537 billion, but the business cruise runs to 1,220 billion, up 16,8%, supported by the backlog and the progress of construction programs. Defense, on the other hand, fell to 297 million from 770 million in the first quarter of 2025, precisely due to the comparison with the Indonesia effect and the redefinition of the Constellation program in the United States. The segment margin nevertheless rose to 7,5% from 6,8%.
Cruise and underwater change pace
The sector snapshot confirms a multi-speed Fincantieri, but with areas experiencing strong acceleration.Offshore and Special Vessels Grows of 12,1% to 360 million in revenues, with EBITDA at 18 million and a margin of 5%. Underwater segment recorded the most evident leap, with revenues of 135 million, up 43,3%, and EBITDA of 23 million, up 44%. marginality remains high, at 17,1%, confirming the strategic weight of diving in the group's industrial profile.
The Systems, Components and Infrastructures shows a positive trend. Revenues rose 8,9% to 309 million, while EBITDA increased 40,2% to 20 million, with a margin of 6,4% from 4,9% the previous year. improvement is driven in particular from the Electronics and Digital Products Hub and the Infrastructure Hub, both of which are showing strong recovery in profitability. In the cruiseIn addition to the contract with Carnival Corporation for two ships for AIDA Cruises, the group has finalized new agreements with Viking and NCLH, subject to financing. In April, an agreement was also signed with Princess Cruises for three new Voyager-class ships, powered by LNG and scheduled for delivery in 2035, 2038, and 2039.
Debt retreats after capital increase
La adjusted net financial position It has debt of 771 million euros, a sharp decline compared to the 1,311 billion at the end of 2025. The ratio between adjusted NFP and EBITDA for the last twelve months thus drops to 1,1 times, compared to 1,9 times at 31 December 2025.
The data benefits from the cash generation of the period and the capital increase of approximately €500 million concluded in February. Even excluding the effect of the transaction, the adjusted NFP would still improve to €1,249 billion, with leverage equal to 1,8 times, below the 2026 guidance indicated at 2 times. For the group, thecapital increase It also represents a lever to accelerate the external growth plan, with a focus on unconventional Underwater and innovative technologies to expand the product portfolio and make processes more efficient.
Higher guidance and more ambitious targets
In light of the quarterly results and increased visibility on the portfolio, Fincantieri raises its estimates for 2026Revenue is now expected to be between $9,3 billion and $9,4 billion, compared to the previous guidance of $9,2 billion and $9,3 billion. EBITDA is expected to be between $700 million and $710 million, compared to the previous estimate of around $700 million, with an expected margin of around 7,5%. More precise information is also available. the indication of net profit, now expected between 140 and 180 million, while previously the company limited itself to indicating a result higher than that of 2025. On the financial front, the adjusted NFP to EBITDA ratio is expected at 2 times, or 1,3 times including the capital increase completed in February.
The CEO Pier Roberto Folgiero speaks of a quarter that confirms "the coherence and strength of the Group's growth path" and underlines the new workload record, equal to 74,2 billion, with visibility until 2039. The CEO also highlights the improvement in profitability and financial position, in addition to the fact that the contracts concluded in the first months of the year have already exceeded the 2026 target of 11 billion.
The route passes through the United States, defense and new technologies
Il industrial framework of the next few months remains focused onthe three main directionsIn the cruise segment, Fincantieri aims to benefit from program progress, favorable pricing dynamics, operational efficiencies, and improved payment terms. In the defense segment, the group expects to finalize orders worth approximately €5 billion, including programs for the Italian Navy and developments in the United States.
In the US, the subsidiary Fincantieri Marine Group In April, it was awarded the first U.S. Navy contract under the Medium Landing Ship program, with an initial value of approximately $30 million, covering materials and engineering for the first four vessels. The program can expand to up to 35 ships, and construction is scheduled to begin in the fourth quarter of 2026.
Still in the United States, Fincantieri to build “Spectre”, a new class of unmanned surface vessels developed by Saildrone. This is a step forward that pushes the group beyond traditional shipbuilding, toward becoming an industrial integrator of autonomous and highly complex naval systems.
