Fincantieri (FCT) Q2 2025 earnings summary

Executive summary

• Revenues rose 24.3% year-over-year to €4,576 million in 1H 2025, with EBITDA up 45.3% to €311 million and net profit at €35 million, marking a strong return to profitability.

• Order intake reached €14.7 billion, driving the total backlog to a record €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 the 2027 target, reflecting effective financial discipline and operational efficiency.

• All business segments contributed to growth, with notable margin expansion and improved financial metrics.

• 2025 guidance reaffirmed for revenues around €9 billion, EBITDA margin above 7%, and positive net result.

Financial highlights

• EBITDA margin increased to 6.8% from 5.8% in H1 2024, with EBIT at €156 million (3.4% margin).

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

• Net debt reduced to €1.61 billion, with net debt/EBITDA at 2.7x, and cash and cash equivalents at €505 million.

• Book-to-bill ratio at 3.2x, with backlog covering 7.1 years of 2024 revenues.

• Technical capital expenditure reached €101 million, up from €70 million in 1H 2024.

Outlook and guidance

• 2025 revenue guidance confirmed at approximately €9 billion, with EBITDA margin projected above 7%.

• Leverage ratio guidance improved to 2.7x–3.0x, with positive net income confirmed for 2025.

• Strong commercial pipeline of €23 billion, with robust order visibility through 2036.