Fincantieri (FCT) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached €102 million, nearly tripling year-over-year, driven by improved margins, operational efficiency, and strong performance in Cruise and Underwater segments.

• EBITDA rose 12.5% to €350 million, with margin improving to 7.6% from 6.8% in H1 2025.

• Revenue remained stable at €4.58 billion, with acceleration in Q2 2026 and robust commercial momentum.

• Total backlog increased 17% to €73.9 billion, providing visibility through 2039, with order intake at €6.1 billion.

• Strategic acquisitions in the Underwater segment created a fully integrated international leader, enhancing end-to-end solutions and financial accretion.

Financial highlights

• Revenue: €4,580 million (flat YoY); EBITDA: €350 million (+12.5% YoY), margin 7.6%.

• Net profit: €102 million (vs. €35 million in H1 2025); adjusted net profit: €113 million (vs. €48 million).

• Order intake: €6.1 billion; book-to-bill ratio 1.3x.

• Total backlog: €73.9 billion (+17% vs FY 2025), covering 8 years of work visibility.

• Net debt adjusted: €756 million (vs. €1,311 million at FY 2025); leverage ratio improved to 1.0x.

Outlook and guidance

• 2026 guidance confirmed: revenue €9.3–9.4 billion, EBITDA €700–710 million (~7.5% margin), net profit €140–180 million.

• Net debt adjusted/EBITDA expected at 2.0x (1.3x including capital increase).

• Strong backlog and new contracts provide full coverage of 2026 revenue targets.

• No material impact expected from geopolitical tensions in 2026 due to hedging.

• Guidance excludes impact of Underwater acquisitions announced in July 2026.