Fincantieri (FCT) Q3 2026 earnings summary

Executive summary

• 9M 2026 EBITDA rose 10.9% to €511m and margin expanded 0.8 percentage points to 7.7%; adjusted net debt fell to €730m.

• Record total backlog reached €72.6bn, equivalent to 7.9x FY 2025 revenue; strong execution and profitability supported higher FY 2026 EBITDA guidance.

Financial highlights

• Revenue was €6,605m, down 1.8% from €6,725m in 9M 2025; the comparison reflects a one-off Indonesian naval contract and 2026 contract reshaping.

• EBITDA rose to €511m from €461m; margin expanded to 7.7% from 6.9%.

• Net profit guidance remains €140m–€180m for FY 2026.

• Net working capital was negative €711m versus negative €634m at FY 2025.

Outlook and guidance

• FY 2026 revenue guidance remains €9.3bn–€9.4bn, with results expected at the lower end mainly due to timing and reshaping of U.S. Navy programs.

• EBITDA guidance increased to €715m–€725m from €700m–€710m; adjusted net debt/EBITDA guidance improved to 1.0x including the February capital increase, or 1.7x excluding it.

• DDX destroyers are expected to contribute revenue from 2027; the first and second ships are scheduled for delivery in 2033 and 2035.

• Underwater acquisitions are expected to close in early 2027; acquisition contributions are excluded from FY 2026 leverage guidance.