Fincantieri (FCT) Q2 2025 earnings summary

Executive summary

• Revenues rose 24.3% year-over-year to €4,576 million in H1 2025, with EBITDA up 45.3% to €311 million and margin at 6.8% (vs 5.8% in H1 2024); net profit reached €35 million, marking a return to profitability.

• Order intake surged to €14.7 billion, nearly doubling YoY, driving a record backlog of €57.7 billion (7.1x 2024 revenues), with 100 ships in the order book and deliveries scheduled through 2036.

• Leverage ratio improved to 2.7x, ahead of plan and 2027 target, reflecting effective financial discipline.

• 2025 guidance reaffirmed for revenues (~€9 billion), EBITDA margin (>7%), and positive net result.

• Strategic initiatives advanced in underwater technology, digital transformation, and sustainability.

Financial highlights

• Shipbuilding revenue grew 26.3% YoY to €3,355 million, with cruise at €2,130 million and defense at €1,184 million.

• Offshore and Specialized Vessels revenue rose 10.4% YoY to €643 million, EBITDA margin 4.9%.

• Underwater segment revenue surged 82.9% YoY to €274 million, EBITDA margin at 17.0%.

• Equipment, Systems & Infrastructure revenue up 9.8% YoY to €661 million, EBITDA margin 6.9%.

• Adjusted net profit reached €48 million, compared to a €10 million loss in 1H 2024.

Outlook and guidance

• 2025 revenue expected at approximately €9 billion, EBITDA margin above 7%, and positive net result.

• Leverage ratio guidance improved to 2.7x–3.0x for year-end 2025.

• Strong commercial pipeline of €23 billion, with high visibility on deliveries through 2036.