Fincantieri (FCT) Q4 2025 earnings summary

Executive summary

• Revenues reached €9.2 billion in 2025, up 13.1% year-over-year, with EBITDA up 33.9% to €681 million and net profit at a record €117 million, over four times higher than 2024, driven by operational efficiency and a profitable business mix.

• Record order intake of €20.3 billion (+32.4% YoY) and total backlog at €63.2 billion, providing visibility up to 2037.

• All guidance and business plan targets were achieved or exceeded, with significant deleveraging and margin expansion.

• Strategic focus on cruise, defense, and underwater segments, with continued efficiency and business mix improvements.

• €500 million capital increase completed, enhancing financial flexibility and supporting selective M&A and Underwater segment development.

Financial highlights

• EBITDA margin improved to 7.4% from 6.3% in 2024; EBITDA up 34% to €681 million.

• Adjusted net profit (excluding extraordinary items) was €143 million, up from €57 million in 2024.

• Net profit reached a record €117 million, confirming a structural turnaround.

• Order intake hit €20.3 billion (+32%), with a book-to-bill ratio of 2.2x; backlog at €63.2 billion, covering nearly 7 years of revenues.

• Senior unsecured Schuldschein placement for €395 million completed, extending debt maturity and lowering average interest rate.

Outlook and guidance

• 2026 guidance: revenues €9.2–9.3 billion, EBITDA ~€700 million, EBITDA margin ~7.5%, net profit expected higher than 2025.

• Net debt/EBITDA expected at ~2x (1.3x including capital increase); net profit to exceed 2025.

• 2026–2030 plan targets €12.5 billion revenue, 10% EBITDA margin, €500 million net profit, and leverage ratio ~1.0x by 2030.

• Strong commercial pipeline of €32.5 billion, with ~€5 billion in short-term naval orders expected.

• Robust defense pipeline and new cruise/underwater orders expected to drive further growth.