Fincantieri Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 4,40 Mrd. € | Umsatz (TTM) = 9,21 Mrd. €
Marktkapitalisierung = 4,40 Mrd. € | Umsatz erwartet = 9,46 Mrd. €
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 5,38 Mrd. € | Umsatz (TTM) = 9,21 Mrd. €
Enterprise Value = 5,38 Mrd. € | Umsatz erwartet = 9,46 Mrd. €
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Fincantieri Aktie Analyse
Analystenmeinungen
12 Analysten haben eine Fincantieri Prognose abgegeben:
Analystenmeinungen
12 Analysten haben eine Fincantieri Prognose abgegeben:
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Fincantieri — Q2 2026 Earnings Call
1. Management Discussion
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Fincantieri First Half 2026 Results Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir.
Hello. Good afternoon. Welcome to Fincantieri First Half 2026 Results Conference Call. We are pleased to report another outstanding set of results marked by strong margin expansion, record net profit and continued deleveraging driven by solid cash generation. These achievements further demonstrate the successful execution of our strategy and the group's ability to convert strong commercial momentum into sustainable and profitable growth.
We delivered a further step change in profitability with EBITDA growing 12.5% and margin reaching 7.6%. Margin expansion was mainly driven by favorable pricing dynamics and efficiency measures in cruise, higher margin on defense programs currently under construction as well as the increasing contribution of underwater. Net profit consequently rose to a record EUR 102 million, almost tripling from first half of 2025 and reaching a level close to the all-time high of EUR 117 million achieved in full year 2025.
Commercial performance remains particularly strong. Vard secured the largest contract in its history with the Royal Saudi Navy Force. Vard acquired a record order with Inkfish for a next-generation deep-sea research vessel, while new major cruise contracts extended visibility on deliveries through 2039.
In Defense, just a few days ago, the Portuguese and Italian governments announced an agreement for the acquisition of 3 FREMM EVO frigates. Our growth strategy continues to be supported by strong financial discipline with leverage ratio decreasing to 1x, significantly improving compared to the full year 2025, thanks to cash generation over the period. Looking ahead, the progress achieved in the first half fully supports the confirmation of our 2026 guidance across all targets.
Finally, we are very proud about the strategic acquisition of next Next Geosolutions, WSense, Graal Tech and Defcomm announced earlier this month. Together, these transactions mark a new phase in the group's evolution and accelerate the creation of an international fully integrated underwater champion, as I will explain in a few minutes.
Let's now turn to Page 4. Our commercial performance remains strong. Order intake reached EUR 6.1 billion in the first half of the year with a book-to-bill ratio at 1.3x. Total backlog increased 17% year-to-date, while the backlog reached EUR 43 billion. Total backlog and backlog guarantee approximately 8 and 4.7 years of work when compared with 2025 revenue.
Please note that order intake does not yet include a number of major contracts signed during the first 6 months, particularly in cruise and underwater, which are currently reflected in the soft backlog as they remain subject to financing and other customary conditions. Including this agreement, we already exceeded the approximately EUR 11 billion order intake presented at our Capital Markets Day in February. And as I discussed shortly, additional opportunities continue to progress across all our businesses.
Let's now move to Page 5. In the first 6 months of 2026, we delivered 11 units from 8 different shipyards across the group, demonstrating the strength of our industrial execution capabilities. At the same time, our order book continues to provide exceptional long-term visibility with 92 units currently in portfolio and deliveries scheduled up to 2036. Taking into account the cruise orders signed with NCLH and Princess Cruises in recent months, which are not yet affected, delivery visibility extends through 2039.
Let's now move to Page 6, and let me briefly walk you through some of the most significant commercial achievements announced during the first half of the year and in the recent weeks. In cruise, we secured orders for 9 vessels for Norwegian Cruise line, Viking Cruises, Princess Cruises and Four Season Yachts, strengthening our leadership in the sector and further extending our long-term visibility.
In defense, we continue to reinforce our positioning across strategic programs and geographies. Key developments include the initial contract under the U.S. Navy's LSM program covering the first 4 vessels and paving the way for future award of the construction contract as well as the full combat upgrade of the Italian Navy's PPA units and industrial agreements with Albania, Indonesia and Croatia, further expanding our international footprint.
More recently, the Portuguese and Italian governments announced the agreement for the acquisition of 3 FREMM EVO frigates for the Portuguese Navy. In offshore and specialized vessels, we continue to demonstrate the benefits of our diversification strategy beyond the energy offshore market. Alongside the largest single vessel order in Vard's history secured with Inkfish, we signed additional contracts in the fisheries, maritime infrastructure, and specialized vessel segments, including an advanced stern trawler for Rosund Drift and 2 multi-mission Buoy & Lighthouse maintenance vessels for Trinity House.
Finally, underwater, Vard secured the largest contract in its history with the Royal Saudi Naval Force. And only a few days ago, we signed a contract amendment with OCCAR for approximately EUR 317 million covering logistics support initiative and WASS countermeasure systems for the U212 NFS submarine program. Furthermore, we expect more underwater opportunities coming from the new acquisition announced.
Moving to Page 7. The positive tailwinds and solid performance delivered give us full confidence in our 2026 guidance trajectory. We confirm the targets for the end of the year. Revenue in the range of EUR 9.3 billion to EUR 9.4 billion, EBITDA in the range of EUR 700 million to EUR 710 million with an EBITDA margin confirmed at approximately 7.5%. Net profit in the range of EUR 140 million to EUR 180 million. And finally, net debt adjusted to EBITDA ratio at approximately 2x, which equals to 1.3x, including the capital increase completed in February 2026.
Let's turn to Page 8 for more color on the recent M&A announcement in the underwater. On July 2026, we announced the acquisition of Next Geosolutions, WSense, Defcomm, and Graal Tech, a decisive step in the creation of a fully integrated international underwater champion. Thanks to this acquisition, the group establishes the first vertically integrated underwater operator capable of delivering end-to-end solution across the entire value chain, spanning hardware, software, telecommunications, underwater platforms and services. The combination also unlocks significant commercial synergies, fosters product innovation and generates economies of scale and scope, materially accelerating the underwater strategy outlined in 2026-2030 business plan.
Moving to Page 10. Let me remind you that these acquisitions are largely financed through the ABB capital increase successfully completed in February 2026. The capital increase was approved by shareholders in 2024 and specifically conceived to support the group's inorganic growth strategy while preserving financial discipline. We successfully executed the transaction during a favorable market window before the escalating geopolitical tensions affected market conditions and demand proved exceptionally strong with the offering multiple times oversubscribed.
Today, shareholders can clearly see the rationale behind that capital increase as these proceeds are being fully deployed to create industrial value through the expansion of our underwater segment. Importantly, with the ABB proceeds only being supplemented by other available resources, the acquisitions have no impact on our 2026 leverage guidance, while strengthening the deleveraging trajectory set out in 2028 and 2030 business plan targets.
Let's turn to Page 11. The first wave of acquisitions with Remazel and WASS laid a solid foundation for the development of the underwater segment, expanding Fincantieri's presence across defense, dual-use and commercial applications, while delivering significant growth in revenue, profitability and cash generation. The second wave expands significantly the group's presence and capabilities across specialized services in marine survey, geoscience and marine construction support, proprietary unmanned underwater and surface drone technologies and wireless communication systems for the Internet of Underwater Things.
By bringing together these 8 market-leading companies, we are creating Europe's first fully integrated underwater ecosystem, a platform that can operate, connect, protect and govern the underwater domain by combining services, autonomous vehicles, sensors, communications, defense systems and strategic platforms into a single industrial capability.
Moving to Page 12. You can see the comprehensive portfolio of underwater solutions now brought together within our underwater segment. What makes this platform unique is not only the breadth of technologies offered, but also their ability to operate within a single integrated ecosystem, offering a one-stop shop proposition. By combining services, autonomous systems, sensors, communication technologies and underwater and surface platforms, we can increasingly act as a front-end service provider, orchestrating integrated end-to-end solutions tailored to our customers' operational needs. This enables us to evolve into a prime contractor in the underwater domain.
Moving to Page 13. From a financial standpoint, the underwater segment has already delivered impressive results, strongly supported by the first wave of acquisitions with WASS and Remazel providing outstanding contributions in terms of revenues and EBITDA. Building on the positive boost of the first wave, the second wave of acquisitions further enhances the segment's scale, profitability and contribution to the group's consolidated results and enables us to anticipate by 4 years the original targets for the underwater segment for 2030.
On a pro forma basis, revenue is expected to approximately EUR 1.1 billion in 2026, increasing to EUR 1.8 billion in 2030. EBITDA is expected at approximately EUR 220 million in 2026, growing to EUR 420 million in 2030. The EBITDA margin is expected to further increase from the current high double-digit marginality of the underwater segment, reaching 19.2% in 2026 and increasing up to 23% in 2030. The underwater segment is also highly profitable at group level, delivering on a pro forma basis an additional EUR 60 million of net profit in 2026 and EUR 130 million in 2030.
With this, I will hand the call over to Giuseppe for more color on financials. Please, Giuseppe.
Thank you, Pierroberto. And we move on to Page 15. Order intake stands at EUR 6.1 billion in the first half of this year. This EUR 6.1 billion mainly come from orders signed previously, but that became effective during the first 6 months of the year. But we must note that on top of that, during the first month of this year, we signed orders in excess of roughly EUR 12 billion. Those orders, of course, are not effective, but they become effective in the next 6 to 12 months, and this is a testament of the very vibrant commercial activity in our markets.
And if we move to Page 16, this commercial activity reflects very well on the total backlog, which reached almost EUR 74 billion, both soft backlog and backlog increased. Backlog is EUR 43 billion, notwithstanding, of course, the activity in the revenues we booked in the first 6 months and a soft backlog of almost EUR 31 billion. We delivered 11 units this year from 8 different shipyards.
And we move to Page 17, where we discuss revenues. Revenues reached EUR 4.58 billion in the first half, broadly in line with the first half of 2025 and marked an acceleration in the second quarter of this year. Of course, this is due to the progress of production activities related to the existing backlog, and this acceleration offsets the unfavorable comparison with the first half of last year, where we had the one-off revenue recorded for the 2 vessels for the Indonesian Navy.
Revenue grew in the cruise business by almost 15%, driven by backlog execution and some progress on ships that were acquired at better prices compared to the past. Offshore revenues grew by 22.4% compared to the same period of last year. Underwater posted a growth of almost 30%, And also Equipment, Systems and Infrastructure recorded revenues up by 16.2% at EUR 720 million, mainly driven by Mechatronics and the infrastructure business.
On Page 18, significant increase in EBITDA. We reached 7.6% EBITDA margin. Last year, we reported 6.8%, and this is a very strong increase with shipbuilding that improved materially to 7.5%, supported both by favorable pricing dynamics and efficiency initiatives that we keep undertaking throughout the course of the year and as part of our strategic business plan. And of course, please note that this margin growth comes notwithstanding the revenues, the decrease in revenues in defense. So it's quite remarkable, let me say.
Offshore EBITDA rose to EUR 40 million, confirming the growth trajectory of the business with the marginality broadly in line with the trend of recent years. We had a substantial growth of almost 30% in underwater EBITDA to EUR 60 million and a margin of 17%. And this confirms that this segment comes at a premium with respect to the other segment, the other business segments. Equipment, Systems and Infrastructure segment delivered a strong contribution to the group's profitability with EBITDA rising by 9.5% and EBITDA margin reaching 6.5%. This is all across the 3 segments that form the Equipment, Systems and Infrastructure business.
On Page 19, of course, significant growth in net profit, 3x net profit levels of the first half of last year. And this is in track with the guidance -- on track with the guidance that we gave for 2026. Net profit growth was supported by very strong operational performance that we saw on the previous pages, EUR 102 million and almost reaching the level of the full year 2025. I remind that we closed at EUR 117 million in 2025.
Again, strong operational results, coupled with the reduction of the cost of debt, and this is structural and ongoing and will further improve in the quarters to come. And of course, this is also linked to the disposal of nonstrategic joint ventures -- nonstrategic stakes in joint ventures that we had in China and a lower impact, and this is structural, again, a lower impact of asbestos-related litigation costs. Adjusted net result, excluding those extraordinary nonrecurring items was positive for EUR 113 million compared to EUR 48 million in the first half of last year.
On Page 20, net debt. Adjusted net debt strongly improved compared to the end of 2025, reaching EUR 750 million. Of course, this value includes the effect of the capital increase that we did in February 2026. Excluding this effect, adjusted net debt would be EUR 1.2 billion roughly. And again, this is as well supported by solid cash flow generation. Leverage ratio improved to 1x compared to 1.9x EBITDA compared to -- as of last year, as of end of the year 2025. And this reads 1.7x excluding the effect of the capital increase.
Net working capital negative at EUR 723 million, slightly improving compared to end of last year, and this is thanks to the decrease in work in progress and somehow higher trade receivables -- trade payables, sorry.
Now, I leave the word back to Pierroberto for his concluding remarks.
Thank you, Giuseppe. Let me now summarize our takeaways on Page 22. We delivered a strong performance in the first half of 2026, further reinforcing confidence in 2026 targets and beyond, which, as you may remember, we have raised in our Q1 2026 results. The structural improvement in profitability continues with EBITDA margin reaching 7.6% and net profit rising to a record EUR 102 million, supported by margin expansion in shipbuilding and increasing contribution of underwater.
At the same time, our growth is highly sustainable with solid cash generation driving continuing deleveraging. Commercial momentum remains strong with an impressive total backlog, solid order intake and contracts signed year-to-date already reaching the fiscal year or the full year order intake target, while providing visibility through 2039. And more is to come as we expect new major defense orders to be signed in the coming weeks.
Finally, the acquisitions announced in July mark a decisive step in the evolution of our underwater segment, accelerating the creation of an integrated international champion, bringing together market-leading assets, providing end-to-end solutions in defense, dual use and commercial sectors. These transactions are largely financed through the capital increase completed in February 2026, thus preserving group's financial discipline. That we are now open to take your questions.
[Operator Instructions] The first question is from Antonio Gianfrancesco of Intermonte.
2. Question Answer
Congratulations for a very strong release. Two questions from my side. The first one is on the SAFE program, because I wanted to ask about this program also given the recent comments from the Italian government on requesting almost, I think, EUR 15 billion under this framework. I was wondering whether this could actually accelerate the formalization of specific Navy programs such as DDX or already in the second half of this year.
And second question is on the guidance, because you're already at 7.6% EBITDA margin in the first half of this year and the profit is already quite advanced versus the full year target. So I was wondering what is the main prudence embedded in the second half of the year? And what you would need to see to consider another guidance revision in coming months?
So first question on the SAFE. On the second question, I will leave the floor to Giuseppe. So SAFE, I think that the trajectory of Italian government expenditure on defense is independent from the SAFE adoption. So I strongly believe that it is already expected for the 2026 and in particular, 2027. And again, SAFE has to do on the way you want to finance this, if you want to have access to a measure that is financially convenient in terms of cost of money and in terms of maturity or not. So my position is that the trajectory is there and will be there.
With specific respect to the orders we are targeting for 2026, which are the ones that we have been somehow pursuing and we have more than once shared with the market. Those orders are not necessarily linked with the government decision to take or not this financial instrument. So it is important. It is very important. There is a lot of debate. But at the end of the day, it has not changed very much what is happening for us in 2026. And for the years to come, the increase in expenditure is clear, expected, confirmed by the government in several occasions on a national, I would say, scene and in the international scene.
Giuseppe, on the EBITDA, why we are so prudent?
No. I mean, yes, the results in the first quarter -- in the first half were very good. As I said before, you must appreciate the level and the way we reach those results, again, with the revenue growth improves and still waiting for the order acquisition in the defense business. So defense still has to kick in and contribute to further increases in marginality. And that is why those results are even more remarkable in my opinion.
As with the possible update of the guidance, stay tuned. But at the moment, the guidance is what we said and we confirmed is for roughly EUR 700 million to EUR 710 million. EBITDA with a margin of 7.5%, period.
Let me also add that in a business like ours, a semester or a quarter are like photograms of a movie. So the biorhythm of our business, it's a biorhythm whereby such a, I would say, small window, it is not changing the story, and we rather like to see the progression going on with the biorhythm of our business. And in this respect, we are very satisfied because we have been constantly growing every indicator since, I would say, end of 2022. So this progression is the way you should look at our number. Don't look at the photogram. I understand we have because we are -- that's our language. But again, let's look at the movie rather than looking at the photogram.
The next question is from Emanuele Gallazzi of Equita.
I think 2 questions from my side. The first one is still on the Naval business. We have seen the agreement in Croatia, in Albania. Can you comment a little bit more on this opportunity and the potential time line? And in addition, if you can also provide an update on the commercial opportunity with the U.S. Navy.
The second one is on the cruise because it seems to me that looking at your results, the momentum is building in the cruise sector with a very solid performance in the second quarter, specifically in terms of profitability. Can you discuss a little bit more on the trend you see on the cruise sector and generally speaking, on the mood of your client?
Very good, very good. Again, Croatia, please consider that when you have to secure a target of orders, you participate to a number of opportunities that are higher vis-a-vis your ultimate target. So I don't want to go again in the issue of Norway, in the issue of Poland, as if every tender we participate, then the market is waiting for us to take 100% hit rate. And therefore, if then we are not 100% hit rate, we have a problem in the commercial pipeline.
So please let me be a little bit, I would say, boring in saying that in the business of securing large orders, if you want to secure x orders, you have to bid for Epsilon orders. And the difference between X and Epsilon is not an issue, it's not a defeat, it's not a bad news, is the way you manage businesses.
So having said that, Croatia is a huge opportunity. It's the Adriatic Sea. You know how much we are strong in the Adriatic Sea. It goes without saying. It is the, I would say, extended Friuli-Venezia Giulia space. We have common routes. We have a lot of similarities. We have already a lot of synergies with that part of the sea with the other side of the same sea. So there is a lot to do in Croatia. We are addressing that opportunity with a lot of emphasis. But again, don't take me that we are going to have EUR 30 billion order intake because I don't have EUR 30 billion of orders between Muggiano, Riva and Castellammare. So Croatia, it's a good opportunity. They are building kind of light corvettes, and it is something that is going to be mature throughout 2027.
Albania is a different story. Albania is an expansion of our construction footprint. So we wanted to create in Albania a kind of additional shipyard with the government of Albania building the shipyard with Fincantieri and local knowledgeable parties managing the shipyard in order to build their smaller vessels, serving not only the very, I would say, light Navy ships, but also ships for other kind of constituencies such as coast guard or such as police when working at sea and things like that.
So that is the strategy for that shipyard, which is a market that is growing a lot, which is a market that is made of high number of ships, different from the huge ships we are accustomed to build in our historical shipyards. So in the Albania expansion, there is a lot of strategy. But on top of the strategy, there is also the, I would say, simultaneous opportunity to pursue an order from the Albanian Navy, which will be, by the way, channeled to the joint venture -- to the Albanian joint venture. So it's the ideal way to break the ice and to have this new, I would say, revamped shipyard starting production and delivering the first ships with the idea of then replicating the same kind of small ships for other navies in other nations. So Albania, it's a different story.
Your third point on U.S.A. U.S.A. is in the process of accelerating its golden fleet program. As we have specified several times, we are intrinsic. We are integral part of the U.S. revitalization of shipbuilding. The tangible evidence is the award of the LSM program, which is, again, a numerous one in terms of units and Fincantieri is selected and already at work. It is not all about LSM. So the shipyard will be included in other -- in the launch of other programs, in this orchestration that the U.S. administration is envisaging in order to take advantage of the few experienced shipyard in U.S.
Your fourth point on trends with respect to cruise. Cruise is apparently unstoppable in terms of growth. This is driven by the value for money proposition, i.e., the comparison between the cost of an equivalent holiday onshore vis-a-vis offshore. So if you look at what happened to the cost of tickets, cost of hotels, cost of restaurants, cost of accommodation at large, onshore vis-a-vis offshore, you understand why cruise is so attractive. And if you consider that the addressable market for cruise liners for cruise operators is the tourism at large. So their idea is to increase the penetration of cruise over the -- overall, I would say, basket of holiday spenders, holiday money spenders, I would say. So there is a lot to do. Conceptually, they can grow a lot because they can move from the market made of 40, 45 kind of passengers per year, cruises per year all the way to the billions of tourists all over the world. So conceptually, the penetration can be higher and higher in this addressable market.
Then the second trend in the cruise industry is not only this value for money arbitrage, but also the segmentation. So in order to better address the market, typically, you cut it into slices, and you associate with each segment a specific offering. So this is the second macro trend. So in order to convince the incremental tourist to become a cruiser, typically, what you do, you segment. And in this respect, Fincantieri, it's a fantastic partner because we can be one-stop shop for the several brands of each big player.
So if you have your brand for luxury, your brand for upper premium, premium, contemporaries and basic, we can cover all to all -- end-to-end all your needs because we have a system of shipyards rather than a shipyard and every shipyard participating to the system can be the best -- can fit at the best with the specific size of the ship.
So for example, we build in Ancona, super luxurious ship. Then we can build in Monfalcone super large ship, then we can build in Marghera, medium to big ships or medium ships in Trieste. So basically, we can accommodate all the brands. So this is what is happening in the cruise.
I think there is a third phenomenon, which is the substitution effect. So the cruise business has been very successful in the last 30 years. But you need to substitute your ships as soon as kind of obsolescence is taking place, but also technological substitution and new regulations. So the demand for new cruise ships is not only driven by the increase in the market share, but also is driven by the substitution because you need to substitute older ships with newer ships, considering the regulation, but also considering the kind of look and feel.
If you are accustomed to build a ship that is modern, that is attractive, that is full of entertainment, then you don't want to be on an older one with less of it and again, with the kind of old generation. So what we are also experiencing is the substitution effect.
The next question is from Marco Vitale of Mediobanca.
First one is on Naval business with revenues still on declining trajectory in the second quarter. The question is excluding the impact from the Constellation class cancellation, how is the underlying business progressing? And when should we expect the segment return to growth?
Second question is more high level on the underwater. How do you view your positioning in the segment after your deal and also taking into account the evolving competition after the several transactions that has been announced within the segment. Would you still targeting further M&A to strengthen [indiscernible] you're happy with that at the moment?
So on the defense, unfortunately or fortunately, the answer is very obvious. So you will see revenues after orders. It's difficult to see revenues before orders. I would say it's unlawful. So in order to have revenues, you have before to have orders. So we are working in order to have the, I would say, materialization of orders in the very short term. And so I would say you will see the rollout of revenues accordingly.
So as you know, we are expecting EUR 5 billion. There are, I would say, very visible signals that this EUR 5 billion are there starting from Portugal and not only from Portugal. The DDX is there, the LSS is there, the Clara Ship is there. So there are a number of opportunities that were, I would say, here and there disclosed.
And again, once those orders will be there, revenues will be there. So next year, for sure, you will see the acceleration in the revenues as a consequent effect to the acceleration in orders.
On your second question, the underwater positioning and evolving competition, our positioning in the underwater, it is something that we have -- that we tried to explain very clearly during the dedicated presentation on July 6. So basically, the positioning is to create a platform that is a platform that can cover all the needs with proprietary technologies and at the same time, being also able to provide services so to be a kind of prime contractor in the underwater able to provide kind of underwater as a service.
So you don't need to buy drones, you don't need to buy command and control. You don't need to buy telecommunications. You don't need to train your personnel. You don't need to hire people. I can do it for you because I am a service integrator. I'm a player that can do it for you and addressing your needs. So this is unique.
There is no one on the market that can offer underwater as a service, ranging from defense to the dual use and to commercial services. This is the, I would say, highest distinctiveness we can provide.
In terms of evolving competition, the competition is very clear in terms of proprietary technologies. So take, for example, the underwater drones or the surface drones or the command and control of drones at sea in general. So obviously, there is competition, but this competition is somehow regulated by the national content. So everyone wants drones, but everyone wants to have drones that are under my full control without black boxes. Without black boxes that can be switched off from far .
So this is the key understanding for certain critical technologies, not for everyone, obviously, not for every technology. But for the key technologies, the competition is not driven by the price, but it's driven by the, I would say, freedom of use and full control of these solutions.
So this is not a normal business. This is a business that is managing a level of interest that is calling for technological sovereignty. Obviously, you have to couple technological sovereignty with the competitiveness because nobody wants to throw money out of the window, but it's not a matter of I will buy something from far. I would like to buy something from near. This is what we are experiencing.
And Italy is a very expert and knowledgeable place, having expert and knowledgeable industrial base that can validate technology and then can sell it to other countries that are compatible with our geopolitical platform. This is exactly what we have been doing.
On your additional question for additional M&A, if I don't go wrong, I believe that we made very clear that the M&A waves, we have we have executed are driven by make-or-buy strategy, whereby we had very clear, which were the technologies that we wanted to address that we wanted to cover. And we were very explicit on which are the source of distinctiveness in this portfolio of technologies.
We believe that our make-or-buy strategy and the relevant M&A campaigns are done, are executed. Obviously, we remain opportunistically ready to pursue any other selective opportunities in case we get along, in case we get across. But again, this strategy was very clear, was very well planned in advance, and it is now executed with this second campaign of M&A initiatives.
The next question is from Tommaso Castello of Jefferies.
I have 3 questions. The first is a follow-up on shipbuilding, and it is around the profitability, whether you expect marginality to keep at the same level throughout the remainder of the year despite a weaker defense mix.
The second is on the drivers of margin pressure on the Offshore and the Equipment Systems & Solutions divisions.
And then the third one is a reminder on the CapEx guidance for the year.
So the first point is on shipbuilding profitability. Shipbuilding profitability is -- has been planned with the revenue mix you are seeing today. So obviously, because, again, revenues in our business is very, very, I would say, easy to plan because they depend on the order intake.
So we are very clear the mix in the revenues of 2026 because they were dependent on the mix of orders of 2025. So the answer is yes. So we can obviously confirm guidance for the remaining part of 2026, and we don't have any issue related to the revenue mix.
On your second question is about margin pressure on Offshore and Equipment service. We don't have any special concern. The margins in our Offshore business is driven by the level of saturation of shipyards and is driven by the contribution of the Vietnam production chain vis-a-vis the Romanian production chain. So it is expected. It is a business that we know very well. And I think that the numbers are stable and can only improve. So we don't see any issue or pressure downward.
On your third point, CapEx outlook for 2026, we didn't give a guidance on CapEx. They are implicitly considered in the net financial position and in the net financial position to EBITDA projections. We don't have anything special to mention in that respect.
The CapEx for 2026 are driven by the maintenance CapEx we have been expecting and projecting plus certain specific improvement in, for example, Monfalcone shipyard, where we are in the process of finalizing the installation of the largest ever crane, which will be so important in 2027 and beyond for the construction of -- for the more efficient and effective construction of the largest cruise ships ever. So I don't see nothing more to signal.
The next question is from Gabriele Gambarova of Intesa Sanpaolo.
Just a couple. One is on the medium landing ship program in the U.S. You mentioned it, Pierroberto, but I was wondering if you could give me some more color. I think the numbers are really big. There was this, let's say, recent announcement from the prime contractor, you will be awarded four ships. So if you could, let's say, give me some more color on this, even considering that somewhere I've seen -- I've read that some -- possibly the government accountability office hypothesized that the constellation -- the remaining part of the constellation program might be terminated. So I was wondering if, for instance, the your yard on Lake Michigan could become, let's say, could focus on a single program that is the LSM, for instance.
And the second question regards the P&L. There were EUR 26 million of financial income from investments in the first half. I was wondering if it was possible to have some more information on this specific item.
Thank you for your question. On the LSM -- on the LMS, I think it's the continuation of the story we have been describing. So the program is a very large one. It is expected, if I don't go wrong, to be more than 30, something like 35, 36. 2 shipyards have been identified ourselves and another one. It's a kind of fast-track program because they want to build many of those ships and 4 are in the process of being formalized 4 ships.
And in the meantime, in order to cut corners, we received a kind of preorder in order to start placing designing and placing orders for the long lead items. So the procurement of those components whose construction lead time are long, and therefore, you need to start producing as early as possible in order to avoid then extra time. So the willingness to go is, I would say, witnessed by the award of the -- this preorder.
On your second point, Constellation-class, I think there is still a lot of reasoning in U.S. about which is the right strategy for frigates. So there are a lot of school of thoughts. Someone is even starting to think that Constellation Plants would have been a good option if you want my what I'm hearing here and there.
There is then another school of thought regarding -- with respect to which it's better to start from an existing platform, even if this platform has to be redesigned in order to be a combatant ship. So meaning you need to be -- you need to add anti-warfare measures. You have to transform kind of coast guard cutter into a heavy combatant ship. So there are multiple school of thoughts.
We are obviously available to contribute to this debate upon request. But again, Constellation -- sorry, golden fleet is not all about LSM and Constellation-class. So there is a large number of different programs that are going to be launched. And again, the U.S. administration made no secret that they want to enlarge accelerate and involve the few reliable shipyards in U.S.
So I think as we have been saying since 2, 3 years, the good news is that U.S. is revitalizing shipbuilding. And the good news is that Fincantieri is being in U.S. since 20 years with 3 shipyards plus 1, and with a long-lasting expertise with the supply chain and the U.S. engineering setups.
On your third point, which is the financial investments, I will leave the floor to Giuseppe.
Yes, Pierroberto. As I said before, EUR 26 million were a capital gain from the disposal of our minority stake in the joint venture we had in China. It was fully disclosed also in the MD&A of the 6 months results.
The next question is from Sriram Krishnan from Deutsche Bank.
Can you hear me well?
Yes. Please go ahead.
All right. Great. So I have just 2 questions. The first one is with regards to order. Now you have, I know disclosed quite a lot, and they have firmed up around EUR 6 billion. So what I'm interested is on some of the major orders, which are still yet to come in, which includes the Portugal 4 ships from the LSM and DDX. Can you give us an approximate what's the order size, which you're talking about for these 3, 4 programs. So that's part one of that question.
And as a follow-up, can you also give us an update on where we stand with regards to the EUR 5 billion of order commitment? How much of that EUR 5 billion has been disclosed or firmed up? So that's the first question.
And the second question is with regard to the net debt leverage. So you have provided that the leverage would be 2x by end of 2026. And I believe that's based on the first tranche of cash outflow with regards to the M&A of EUR 600 million. Just wondering what would the leverage number be if you include the second tranche, where you need to pay out another EUR 300 million, EUR 400 million, I suppose, for the public tender offer for next year? What would be that after that is done? Those are the 2 questions.
So on the EUR 5 billion order intake in the defense that we have been expecting for 2026, we are not announcing anything yet. So it is expected to come. What is already visible, so it's not been announced, but very visible is the announcement made by our government with respect to 3 frigates to Portugal. So not included in the backlog, not disclosed yet, but so on top.
And in terms of what is inside the EUR 5 million -- the EUR 5 billion, the first information is at your disposal, i.e., 3 frigates from Portugal. Then there are a number of expected orders from the Italian Navy, which obviously, we are not in the position and in the condition to disclose.
But the DDX is the destroyer is there, and it's written in the public documents of the Minister of Defense. And the same is with respect to other kind of ships under negotiation with the Navy.
So again, [ 5 ] is a number that can include or better. I can make 5 only including the ships I'm just hinting here with you. Giuseppe?
On net debt, yes, we reiterated the guidance of net debt levels of 2x EBITDA at the end of the year, and we reiterated the guidance when we did the press conference on M&A. And this is directionally, of course, linked to also the timing of the closing of deals as we are waiting for complete the antitrust clearance and the Golden Power clearance. But directionally, yes, we reiterated that 2x EBITDA over EBITDA by the end of the year.
The next question is from Lorenzo Di Patrizi of Bank of America.
So the first one would be on Offshore. So you say in the release that the market will now normalize after a period of strong growth. Can you elaborate more on the reasons behind this? I thought, for example, the expected oil and gas market pickup could have helped there.
And then second question on the -- on NextGeo. So I saw you had an announcement recently that the owners will transfer some of their stakes to you. So what does this mean for the phasing of the stake that we -- of your stake of next year that we should expect for the end of this year and next year, when will you reach 100%? And then separately, what growth for this business should we expect for the next few years?
So first question on kind of outlook of the Offshore business. The Offshore business is mainly driven by, I would say, several different underlying sectors because you have the wind, you have the oil and gas, you have the cable layers and then you have others kind of ship, others, meaning rollers, research vessels and things like that.
So -- there was a peak 2, 3 years ago, driven by wind farms. Then wind farms had a kind of slowdown. And this slowdown is being more than compensated by what is happening in the oil and gas. So I believe that this is the first macro trend that we have to acknowledge, i.e., the kind of ships are quite similar, in particular, for the SOVs and CSOVs, so support and service and construction and support. So are more or less similar if you compare oil and gas with wind.
And again, this is quite visible. So I'm sure you are aware that there is a large wave of expected investments in the offshore oil and gas for several reasons, including the fact that we need more energy and there are some gaps due to recent years slowing down investment in oil and gas offshore.
With respect to cable layers, the business of connectors is so evident is growing. There are other listed companies that can give you more visibility on that respect. What I can tell you is that it is not all about electric connectors. There is a lot to do in the fiber optic connectors, in the telecom connectors. So we are experiencing a lot of focus on the telecom. And again, the demand for cable layers is obviously a direct function of what is happening and how much this connectors business is building up.
Let me also add that there is a lot of demand also because the maintenance of underwater cables is proving to be another priority that was underestimated in the past. So in a world that is so much dependent on those cables, the current capacity and capability to serve and to maintain is lower than needed.
So we are also having a lot of solicitation, a lot of requests also for ships that are, again, connected with underwater cables, but also with the kind of hybrid ability, not only to lay cables, but also to repair cables.
On the other possible specialized vessels, I think the recent backlog is very evident. So we are having a huge contract for research vessels. Again, research vessels, it's another testament of what is suffering in the underwater. So those research vessels are able to map seabeds, interact with the seabeds in view of, for example, seabed mining, so going for surveys or other kind of missions that are propaedeutic to new businesses and new opportunities.
And also the business of trawlers is going to be interesting to Vard because they have an extensive experience and a very satisfied set of clients that are showing up periodically. So that's why we believe that there is nothing bad to be expected from the offshore business. And we believe that conversely, it can be only upward given the order intake, given the saturation of shipyard we are expecting. And again, given the contribution of Vietnam to the blended marginality of Vard.
Your additional question is on NextGeo. On all the acquisitions, we adopted an approach according to which we want to guarantee continuity to the managerial, I would say, endeavor by means of involving shareholders managers because they are shareholders managers in the new phase. So basically, we wanted managers owning shares reinvesting in the new phase in the new company.
And that's what I did, which means 2 things, which means that the company will take benefit of this continuation of activity of this management team that did fantastically because NextGeo was a company built from scratch something like 10 years ago, capitalizing on the past experience of the key managers and then they [ list it a ] couple of years ago. And again, I think they did a fantastic job. That's why we are so happy to have them on board, not only as managers, but also our shareholders.
With respect to your question on when it would be 100% owned by us, we gave extensive details in the press release issued something like a couple of days ago. So you will find there all the details. It's a traditional scheme whereby there are targets and there are put and call options. So no rocket science.
What is really important for you is to appreciate that there is a big alignment of interest between the new shareholders, the manager shareholders and the management targets, which is what you need to do when you are managing such a valuable asset such as NextGeo made of references, but made of also human capital that is remarkable.
By the way, what I'm saying applies identically on the other acquisitions. So it is the same for WSense, which is a very beautiful scale-up company. It is the same for Graal Tech, which is made of a very, very smart and experienced team of managers, and it is the same with respect to Defcomm, which is truly ahead of the market in terms of naval surface drones.
Gentlemen, there are no more questions registered at this time.
Thank you very much.
Thank you very much for your time and your interest. Thank you.
Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.
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Fincantieri — Q2 2026 Earnings Call
Fincantieri — Q2 2026 Earnings Call
Starkes H1: Margenausweitung, Rekord-Nettogewinn und gezielte M&A schaffen ein wachsendes Unterwassersegment bei gleichzeitiger Entschuldung.
📊 Quartal auf einen Blick
- Umsatz: €4,58 Mrd (H1 2026, in etwa auf Vorjahresniveau; Q2 beschleunigt)
- EBITDA: €≈348–349 Mio (EBITDA = Earnings Before Interest, Taxes, Depreciation, Amortization), +12,5% YoY; Marge 7,6% (+0,8 Prozentpunkte)
- Nettogewinn: €102 Mio (fast 3x H1 2025; nahe Jahreshoch 2025)
- Orderlage: Order Intake H1 €6,1 Mrd; firm backlog €43 Mrd, total inkl. soft backlog ≈€74 Mrd (sichtbarkeit bis 2039)
- Verschuldung: Adjusted Net Debt €750 Mio inkl. Kapitalmaßnahme (exkl. Effekt ~€1,2 Mrd); Leverage verbessert auf ~1x
🎯 Was das Management sagt
- Margenmotoren: Bessere Preise, Effizienzprogramme in Kreuzfahrt, höher margige Verteidigungsprojekte und steigender Beitrag des Unterwassersegments
- Unterwasser-Strategie: Akquisitionen (Next Geosolutions, WSense, Graal Tech, Defcomm) sollen eine vertikal integrierte Plattform schaffen – End-to-end Hardware, Software, Telekommunikation, Plattformen und Services
- Kommerzielle Stärke: Große neue Cruise- und Vard-Aufträge (inkl. Royal Saudi Navy, Inkfish); portugiesisch‑ital. FREMM angekündigt; EUR5 Mrd Verteidigungsorders für 2026 erwartet
🔭 Ausblick & Guidance
- Guidance: Umsatz €9,3–9,4 Mrd; EBITDA €700–710 Mio (Marge ≈7,5%); Nettogewinn €140–180 Mio; Net‑Debt/EBITDA Ziel ≈2x (entspricht ~1,3x inkl. Kapitalerhöhung)
- Upside & Zeitplan: Management bestätigt Guidance, sieht weiteres Aufwärtspotenzial durch Verteidigungsaufträge, aber Revisionen bleiben vorsichtig
- Risiken: Teile des Order Intake noch „soft“ (finanzierungs‑/Bedingungs‑Risiken), regulatorische Freigaben (Golden Power/Antitrust) und Timing der Verteidigungsaufträge
❓ Fragen der Analysten
- Verteidigungsorders: Häufige Nachfrage zu Portugal (3 FREMM), DDX, LSM und dem Gesamteffekt von ~€5 Mrd; Management: Aufträge erwartet, aber viele Details noch nicht formell angekündigt
- Margen-Persistenz: Analysten fragten nach H2‑Prudenz; Management bestätigt Guidance, erklärt H1 als „Fotogramm“ des längeren Trends und bleibt zurückhaltend bei vorgezogenen Upgrades
- M&A & Bilanzwirkung: Fragen zu Integrationsrisiken, weiteren Zukäufen und zu Auswirkung weiterer Zahlungen auf Leverage; Management: M&A-Welle weitgehend geplant, Finanzierung durch Kapitalerhöhung, 2026‑Leverageziel bekräftigt, Timing bleibt entscheidend
⚡ Bottom Line
- Fazit: Fincantieri liefert ein profitables Halbjahr mit deutlich verbesserten Margen, starker Auftragslage und schneller Entschuldung; das neue, größer aufgestellte Unterwassersegment ist der wichtigste Wachstums‑ und Margenhebel, kurzfristiger Upside hängt von der raschen Konvertierung großer Verteidigungsaufträge und dem erfolgreichen Integrationsverlauf der Zukäufe ab.
Fincantieri — Q1 2026 Earnings Call
1. Management Discussion
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Fincantieri First Quarter 2026 Results Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir.
Apologies for the technical issue. We will start again. So, we are pleased to present another strong set of results, which further demonstrate Fincantieri's ability to capitalize on favorable macro trends while maintaining financial discipline and ensuring consistent execution of its backlog. This strong momentum builds upon a remarkable 2025 and provides a solid foundation to support the group's growth strategy. We achieved a solid revenue performance despite the unfavorable comparison with a particularly strong Q1 2025, which benefited from the order for 2 PPA units for the Indonesia Navy.
Revenue visibility for the rest of the year and beyond is very clear, supported by the group's significant long-term backlog. We delivered a further material improvement in EBITDA margin of approximately 1 percentage point year-on-year, reaching 7.4% in Q1 2026, reflecting a remarkable increase in profitability across all segments and the strong commitment on operational efficiency, cost discipline and execution excellence.
On the commercial front, we achieved a new record high total backlog at over EUR 74 billion, with the new contracts further extending the visibility on deliveries up to 2039. The value of the contract signed in the first 4 months of the year already exceeded the 2026 annual target of approximately EUR 11 billion envisaged in 2026-2030 business plan.
Our deleveraging path continues with net debt adjusted EBITDA last 12 months ratio increasing to 1.1x -- significantly improving compared to the full year 2025, supported by cash generation over the period and by the EUR 15 million (sic) [ EUR 500 million ] capital increase completed in February 2026. On top of this robust set of results, fully confident on the group's growth trajectory, we are raising our 2026 guidance.
Let's turn now to Page 4. Going deeper into our commercial performance, we achieved another strong set of results in the first quarter 2026, with a book-to-bill at 1.6x and an all-time high total backlog of EUR 74.2 billion, increasing by 17.4%, compared to the end of 2025 and guaranteeing approximately 8.1 years of work. The backlog in Q1 2026 reached EUR 42.7 billion. The new significant orders announced in the first quarter of the year, which I mentioned before, are included in the soft backlog and will feed into the order intake and backlog as they become effective in the coming months.
Let's now move to Page 5 to have a look at our order book and deliveries. In the first 3 months of 2026, we delivered 5 units: 2 cruise, 3 offshore vessels from 5 different shipyards. This is an impressive result, also considering that this year, we expect to deliver a record of 8 cruise vessels. In April, we also delivered the first multi-purpose support vessel, Tritone, to the Italian Navy following an extensive upgrade program on the original Vard offshore ship. The vessel is designed to ensure maximum operation of versatility with specific reference to the underwater domain. As we speak, we have a full slate of deliveries scheduled for the medium, long term, offering a clear and profound visibility up to 2036 with 94 units in order book. Considering the new order for 3 cruises ships for Princess Cruises signed in April 2026, we have extended the visibility up to 2039.
Let's now move to Page 6 for an overview of our commercial performance. In the first months of 2026, we signed important contracts exceeding the target set for the full year, confirming the group's impressive commercial momentum. As mentioned, these are still subject to financial and other typical conditions, therefore, not yet reflected in the order book, but with a clear visibility in their conversion into hard backlog. We confirm our leadership in the construction of increasingly advanced and sustainable cruise ships with new orders signed for 3 new LNG-powered Voyager class vessels for Princess Cruises in addition to the contract signed in the first quarter of 2026 with Viking for -- NCLH for 5 cruise ships.
We continue to strengthen our position in the U.S. with an important contract covering materials and engineering for the first 4 units under the 35 ship Medium Landing Ship program. This step precedes a future award of construction contracts and represents an important step in the evolution of our long-standing partnership with U.S. Navy.
Last but not least, in the Underwater business. In February, we signed the largest order ever for WASS for the supply of lightweight torpedoes for the Royal Saudi Naval Force, not yet included in the backlog. In addition, we signed 2 key strategic agreements for the production of a new class of high-speed, multi-mission Unmanned Surface Vessel developed by Saildrone, marking a concrete step forward in Fincantieri's industrial strategy to integrate and manage solution into its defense portfolio. And the strategic agreement with KAYO to establish a joint venture in deconstruction and maintenance of Naval assets in Albania. Also pursuing commercial opportunity for smaller Naval vessels in international markets, in which Fincantieri will act as prime contractor, opening up new geographical markets, new product lines and expanding our production.
The strong commercial momentum supports our balanced strategy, which maximizes the value growth opportunities intrinsic in all of our business segments. In Cruise, we continue to benefit from our profound backlog, which gives us very long-term visibility and enables us to tie in our supply chain for the long haul. This impressive backlog is also significantly derisked, thanks to a very high proportion of sister ships and only 7 prototypes in our order book.
The full saturation of our shipyard capacity optimizes our fixed costs and increases our margins. The margin growth in Cruise is clearly visible in the overall results of the first quarter 2026. We are also seeing a positive evolution on prices with revenue per gross ton increasing by more than 20% between 2026 and 2030, as well as an improvement in payment conditions and recent contracts.
In defense, market backdrop remains extremely supportive. As we have mentioned recently, we expect approximately EUR 5 billion new orders in the coming months, also supported by the progressive allocation of the safe funding facility. More broadly, we continue to see structural growth in naval defense also in the medium, long term with a macro trend, which is decoupled for the new -- from the news flow on ongoing conflicts.
The current tension on energy supply and prices has sparked a demand for energy security, in particular, in Europe, which provides significant opportunities in offshore, both for wind and oil and gas. It also promotes the strategic importance of developing regional value chains, additional growth opportunity for Vard are emerging in defense, including the evolution of the Vard-like mothership concept, as I mentioned, and the Nordic defense programs as well as in commercial segments such as cable-layers and next-generation icebreakers.
Finally, in underwater, rising geopolitical tensions and the growing need to protect critical energy and communication infrastructure are accelerating demand for advanced subsea solutions, threat mitigation technologies and nonconventional capabilities in high value-added premium margin market. There are also significant opportunities in commercial applications in underwater telecommunications, deep-sea mining, energy at sea, and aquaculture, which we intend to capture.
This positive outlook, coupled with the solid performance delivered in Q1 gives us full confidence in our trajectory and enables us to raise our 2026 guidance. We expect revenue in a range of EUR 9.3 billion to EUR 9.4 billion; EBITDA in the range of EUR 700 million to EUR 710 million; with an EBITDA margin confirmed at approximately 7.5%. Net profit in the range of EUR 140 million to EUR 180 million. And finally, net debt adjusted EBITDA ratio at approximately 2x, which equals to 1.3x including the capital increase completed in February 2026.
Turning to Page 9 for more color on nonorganic growth plans. As we communicated, the EUR 500 million capital increase that we successfully completed last February is intended to support our selective inorganic growth strategy through M&A opportunities, in particular, in relation to unconventional underwater solutions, where we see significant space to expand our position and in technologies that will enable us to accelerate our product and process innovation.
The underlying funding strategy is consistent with the one we applied for the acquisition of WASS, where the capital raise was used to fund the acquisition of the division. Such track record in M&A in recent deals like Remazel and WASS is strong in light of the growth profile of these companies that have been highly accretive to the group's performance. We are currently looking at a number of potential targets, and of course, we will update you in the upcoming months.
Now I will hand the call over to Giuseppe, who will discuss our financial results for the first quarter of 2026 in more detail. Please, Giuseppe.
Thank you, Pierroberto. I'm on Page 11 right now. Good afternoon, everybody. For the first 3 months of 2026, order intake stands at a solid EUR 3.4 billion not fully comparable to the extraordinary record level we had in the first quarter 2025, that level included the 4 NCL Jumbo cruise ships, but nonetheless, significantly higher than the average Q1 order intake over the last 5 years.
As Pierroberto mentioned before, we also signed several major contracts in the first months of 2026, i.e., up to now for a value of over EUR 12 billion. and these are reflected in the soft backlog are still subject to financing and other typical terms and conditions of the sector. And of course, they will feed into the order book and backlog in the coming months.
Again, on the first quarter, the book-to-bill ratio stands at 1.6x, reflecting the sustained growth in Fincantieri's commercial pipeline, supported by strong demand across all core business segments. Shipbuilding order intake landed at EUR 3.2 billion with 2 AIDA cruise ships contracts becoming effective and Underwater, and Equipment, Systems and Infrastructure order intake increased by 24% and 62%, respectively, compared to the first quarter of 2025.
On Page 12. Our total backlog, reaches yet another all-time high at EUR 74.2 billion, increasing 17.4% compared to year-end 2025 and this is driven by strong growth in the soft backlog, thanks to the new contracts signed and solid order intake. In detail, backlog grew to EUR 42.7 billion from EUR 41.1 billion in the first quarter of 2025 and soft backlog increased to EUR 31.5 billion compared to EUR 22.1 billion as of the end of the first quarter of last year. We delivered 5 units from 5 different shipyards, 2 for cruise and 3 from offshore.
On financials on Page 13. Revenues reached EUR 2.1 billion in the first quarter of 2026, and this is compared to EUR 2.376 billion in the prior year period. Of course, the year-on-year comparison is skewed as Q1 2025 was particularly strong, benefiting from the order of the 2 PPAs for the Indonesian Navy that Pierroberto mentioned before. Excluding this effect, revenue in the first quarter of 2026 recorded an increase of 6% year-on-year.
In particular, Cruise revenues grew by almost 17%, driven by backlog execution, and the progress of construction programs already acquired. The year-on-year decrease in Defense is mainly due to the positive contribution from the sale of the 2 PPA that I mentioned before, this is in the first quarter of 2025, but it also reflects the impact on 2026 revenues of the redefinition of the Constellation program for the U.S. Navy announced in November 2025, which leads to a shift forward in revenues expected in the United States. Of course, those revenues are linked to the new contracts expected to be finalized during the year, including the order for 4 units under the Medium Landing Ship program you already saw first order being acquired by Fincantieri in the U.S. in the recent months.
Offshore revenues reached EUR 360 million, up by a little over 12% compared to the same period of 2025 and the underwater segment posted a very strong increase in revenues, up 43.3% year-on-year, driven by the consolidation of WASS Submarine Systems and of course, it's solid performance, and the accelerated advancement progress of the U212NFS submarine program for the Italian Navy.
Last but not least, Equipment, Systems and Infrastructure segment also recorded continued growth with revenues up almost 9% to EUR 309 million, mainly driven by the Mechatronics segment and the Infrastructure segment, respectively, 24.6% and 7.1%.
On Page 14, EBITDA, remarkable margin increased to 7.4% from 6.5% reported in the same period of the year before. And this, of course, more than compensates the effect of the Indonesian Navy order on the first quarter of 2025. In detail, shipbuilding EBITDA margin increased significantly to 7.5% versus 6.8% in the first quarter of 2025, mainly supported by the Cruise segment, and this is due to better pricing dynamics and efficiency initiatives and maximization of the operating leverage. Offshore and underwater EBITDA both increased reaching margins of 5% and 17.1%, respectively, showcasing the growth trajectory of both businesses.
The Equipment, Systems and Infrastructure segment delivered a strong contribution to the group's profitability with EBITDA rising by 40.2% and EBITDA margin reaching 6.4%, 1.5 percentage point higher than the 4.9% in the first quarter of 2025. Main drivers are a significant contribution from the electronics and digital products, plus 155%. The Infrastructure segment, plus 27% and a double-digit profitability in the Mechatronics segment at 10.7%. Deleveraging accelerating, thanks to cash generation on Page 15, as at March 31, 2026, as we said before, adjusted net debt strongly improved compared to the end of 2025, reaching EUR 771 million versus EUR 1.3 billion at the end of fiscal year 2025. This value includes noncurrent financial receivables as well as the effect of the capital increase of February 2026.
Excluding the effect of the capital increase adjusted net debt improved to EUR 1.3 billion, almost supported by cash generation and over the period. Leverage ratio improved to 1.1x compared to 1.9x recorded as of year-end. And of course, the 1.1x is 1.8x, excluding the effect of the capital increase. Net working capital is negative at EUR 705 million, slightly decreasing compared to the end of last year, where it was negative at EUR 634 million. We did increase in construction contracts and client advances, EUR 206 million, partially compensated by an increase in trade receivables and a decrease in trade payables.
With that, I will now hand the call back to Pierroberto for his concluding remarks.
Thank you, Giuseppe. Let me now summarize our key takeaways on Page 17. We reported solid financial performance in the first quarter of 2026, with a strong margin improvement driven by the positive contribution from all our business segments. Commercial performance marks a new milestone with a new record total backlog and new contracts signed, providing profound visibility beyond the next 10 years. Thus, securing a clear and structural operating leverage for the years to come.
Our strategic defense business best positions us to capitalize on an acceleration in demand driven by the current geopolitical scenario with the near-term opportunity pipeline of approximately EUR 5 billion expected in the coming months. The strong set of results achieved allowed us to raise our full year guidance reinforcing our commitment to the growth trajectory envisaged in the new 2026-2030 business plan.
Finally, the successful completion of the capital increase in February 2026 demonstrates strong market confidence while providing additional firepower to pursue our strategy of selective M&A.
With that, we are now open to take your questions.
[Operator Instructions] First question is from Antonio Gianfrancesco, Intermonte.
2. Question Answer
I have two. The first one, because looking at broader picture, the group today benefits from a very large total backlog, stronger execution in cruise, with margins providing particularly accretive even in a phase where the defense contribution is temporarily lower. But the point is -- my point is exactly on this because just coming back for a moment on the defense order pipeline? Because at the Capital Markets Day, you indicated around EUR 5 billion of potential order over 6 months. And now you are reiterating this target on upcoming months. So my impression is that visibility on some of these opportunities remain very high especially on domestic programs and U.S. I think the main variable is more related to timing than to the existence of the demand. So I was wondering how we should think about the risk that most of this order intake slips beyond the original 6-month window and whether, let's say, a delay in the award of contracts could represent a risk for the achievement of the 2028 plan targets.
The second question is on the offshore segment. We have seen a softer performance in first quarter in terms of order intake. So can you help us better understand how you see the outlook evolving from there, in particular, which geographies and end markets are you currently monitoring more closely for new opportunities. And what could drive a reacceleration of the ongoing business going forward?
On your first question, I'm sure that when we say 6 months, you understand that we are saying in the very short term, then you have to finalize contracts. There are a number of fulfillments. So I would be very, I would say, uncomfortable with someone that is counting the seconds, the days. And -- so on your first question, I believe it's a no-brainer. If we are saying that there are EUR 5 billion of discussions that are close to the finalization, it means that there are name and surnames that we have disclosed. As far as the Italian Navy is concerned, so we made explicit reference to the DDX, the Destroyer to the LSS, which are the logistics ships. We made disclosure on [indiscernible]. So all offers that are on the table and in the process of being, I would say, finalized. And again, only these three, if you know the metrics, and if you are knowledgeable about the short-term and long-term Ministry of Defense expenditure, you will know that it's not. There's no risk there. It's a matter of finalizing paperwork.
Again, then I don't want to cut a long story too short. Obviously, the relevant financing has to be there in order for the public administration to execute, but it's written in the public document here and there. The rest has to do with negotiations with foreign navies with respect to which, for obvious reasons, we are being as confidential as possible. Again, these kind of discussions are equally triggered by the availability and accessibility of SAFE, which is this big financial measure made available by the European Union. So again, also in that respect, everything is going, and so we don't have any special information to share, which means to deviate from the expectation of EUR 5 billion in the very short term.
So having said that, we believe that revenues, full year revenues for 2026 are solid. In fact, we have not only reiterated the guidance on revenues, but we have also a little bit fine-tuned upward. So again, the comparison with last year -- first quarter last year, is driven not only by Indonesia but by a peculiar contract being the sale of a ship with a specific accounting treatment being a sale of the ship. So it's, I would say, comparing 2 quarters that are not comparable in terms of the way revenues are recognized in a sale of an existing ship vis-a-vis revenues recognition according to the work in progress accounting mechanism.
So on the order side, we feel confident. On the revenue side, we feel confident. A little bit of color on offshore, which was your second question. The offshore market is a market in which there are multiple kind of ships that can subsidize each other. That is the world of the energy, which is divided into 2 legs, the wind farms and the oil and gas. And what we experience regularly is that if by chance the wind is slowing a little bit down, the oil and gas will compensate a little bit up because it's very clear that the world needs energy. Either you produce electrons or you produce energy from hydrocarbons, no way to stay where you are. And so it is impellent to grow.
So sometimes one leg is working more. The other time, the other leg is working more. Yes, today, investment decisions in energy matters is inevitably hindered or I would say, affected or influenced by the war, the conflict, the energy, I would say, sense of urgence. But on top of it, it is very important to say that there are other kind of specialized vessels in which Vard is very versatile. So on top of addressing as usual, wind and oil and gas at sea, wind and oil and gas infrastructure at sea, they are addressing also cable-layers. A lot of special vessels for underwater research which is something that is remarkably interesting more and more on top of icebreakers and on top of positioning Vard on the specific demand of Norwegian Navy, which is opening a new cycle made of relevant investment plan for defense on top of the large combatant ships, there are many, I would say, medium and smaller naval ships. And also, in that respect, Vard is exposed to a very large and very interesting opportunity.
So the general comment on our offshore business is that the combination of these multiple specialized vessels, including, for example, ships for fisheries, which is another kind of ship in which Vard is very active in these days. So the portfolio of products and the overall demand for this kind of critical ships is there and Vard is very strong, very well referenced and very well positioned, all in all.
Next question is from Marco Vitale, Mediobanca.
Couple from my side. The first one is on still on the defense business pipeline. Looking at the, say, medium term, we noted that when you elaborated your financial targets for 2030, still there was the belief that your domestic market that Italy was supposed to increase defense spending to, say, 2.8% of GDP by 2028. And sorry, 2.5% by 2028, while now we are witnessing still unclear messages from current government on whether this will happen or not. So the question is, looking at the, say, domestic business, is there something that there could be some potential risk conceived for your medium-term pipeline coming from a lower or slower ramp-up in defense expenditure from the Italian government. That was the first question.
Second one is on the, say, Cruise business. We noted a strong acceleration in profitability. The key question is whether this pace of margin expansion is something that you see sustainable to also going forward, specifically for the cruise business, or whether this was somewhat aided by finding some, say, favorable timing for specific milestones or other one-off aspects?
Thank you very much. Let me start from the second question and then get back to the first. The answer is that the improvement in margins in the cruise is the result of a series of actions and, I would say, interventions, organizational measures that we have constantly and consistently pursued over the last 3, 4 years. So it is not the case. It is not a one-off, it is there to stay because it is the result of a process of reinforcement, which is on multiple domains and which is remarkably, I would say "invasive." So I don't see any reason why this is not projected and projectable for the way forward.
In particular, if you consider that this dynamic is on the cost side, so on the operations. Then there is also the dynamic on the revenue side, meaning on the momentum we are experiencing with respect to the prices to the set of prices. So the combination of the 2 effects. So optimization on cost and enhancement of price revenues, the combination of the 2 effects make us very positive for the future of cruise. So we want to get out of that image, whereby cruise is not satisfactory. And it needs the support of defense in order to become satisfactory. So we don't like the image of that -- this kind of image for the profitability of Fincantieri.
Having said that, we want to overweight defense revenues in our blend. This is the core of the strategy. So we are very happy that the engine of Cruise is working very well. And this is from the very beginning, our primary target, but the big piece of news is to see defense revenues gaining traction and gaining pace. So this is what we are working for. This is the big job we have been doing to position the company everywhere in the world. And this is what we are eager to show up and demonstrate first of all, to financial stakeholders. Your question on Italian budget for defense, it's understandable. Let me say that programs -- so investment programs of the armed forces are not something that can go zig-zag. So when you launch a program, you launch a program. So it's very difficult to imagine an armed force that is preparing everything and then not finalized and pursue.
So it's a matter of fact. I believe that the contingent situation is not expected to affect the ability to transform this long time prepared engineered new ships for the Navy into real water. So that's my point of view. Again, I think that more in general, Navy expenditure in Italy is the one that is converting more into local value chain, supply chain and local GDP. So when we build the ship, the -- I would say, 80% at least of this order is translated into supply chain benefits and value chain benefits for our nation. So that's why I strongly believe that this feature of the Navy make the comparison with similar expenditure very, very, very advantageous for us. So we will continue to address those opportunities, and we're looking forward to sharing with you the achieved target.
Next question is from Emanuele Gallazzi, Equita.
I have three questions. The first one, clearly, you provided a lot of details, useful details on the naval business. Just looking at the underwater segment. Can you give us a sense of the current commercial pipeline for this division? The second one is on the cost side. If you can just touch on what you are experiencing on the cost side in the current environment, I'm clearly referring to the steel and logistic. And the third one, you mentioned the opportunity related to the Spectre project in the U.S. I was wondering if you see other, let's call them partnerships for advanced unmanned vessels.
Thank you for your question. So commercial pipeline on underwater. The underwater business is made of, I would say, three different legs. One leg is the traditional underwater submarines. So traditional underwater vessels. The demand for this is very evident. It's everywhere. We are again, pursuing those opportunities in multiple geographies. I think this in itself is a very good market to be addressed and very good, I would say, engine for the division.
And there is a second engine, which is the one related to innovative vessels, such as smaller submarines and/or drones of 9 meters and 3 meters which is something we are very active. We have validated, as you may know, underwater drones with an integrated solution, including acoustic barriers and command and control systems, I would say, containerized command and control systems. Then we continue to work with the Navy and with international navies for those known conventional solutions. So large AUV and smaller submarines. So submarines in the region of 800 tons vis-a-vis the traditional one of 1,600. We experienced a lot of interest for this lighter kind of vessels, and we are very focused on that.
Then there is a third leg, which is the lag of the commercial world. And in the commercial world, we see a lot of opportunity in the civilian commercial space, we are pursuing with Prysmian, with the alliance with Prysmian that led to the joint acquisition of a very, I would say, strong and well referenced company for the underwater telecom equipment as well as partnership with Sparkle and partnership with other key players in the space of the underwater. I think also this third leg is expected to gain pace. We see a lot of interest in the market. Basically, we are collaborating with everyone. We would like to show some very good achievement and order intake also in this space soon. So this is the update on the commercial pipeline in the underwater again, ranging from submarines to, I would say, innovative and to nonmilitary solutions. Then your question was on the cost side.
Yes.
Yes. On the cost side, we are not experiencing negative consequences on us, simply because we have, first of all, in place very, I would say, successful hedging policies and hedging contracts, for example, for steel, for gasoline, which is something we consume when we go for tests, sea tests, sea trials. And basically also on the interest rates, we can be, I would say, fully shielded from the outside pressure. So let me say, in the short term, we don't experience issues, neither logistic bottlenecks.
On the logistics side, please consider that the vast majority of our procurement is in a regional value chain. So it's in the short distance from our shipyard and inside Italy apart from big components such engines that are produced elsewhere, but for sure, not the Middle East or not in region where we need Middle East. So let me say, as far as the short term is concerned, we don't see big issues for Fincantieri due to cost inflation and/or logistic bottlenecks.
On Spectre, so on our activity on surface rows. Let me say that we have a lot of activity going on, obviously. So surface drones are the primary instruments for increasing the projection and the deployment of naval power and in particular, also in integration with existing ships, existing platforms.
So we are very active at any level in terms of partnership in the surface drones. Obviously, Europe and U.S. are very different in the sense that in Europe, what we call surface drones are basically smaller. So the doctrine by this side of the Atlantic is to have them for patrolling, for intelligence. The trend of today is to make them "offensive" so properly armed. By the other side of the ocean, by the other side of the Atlantic, there is even a more aggressive doctrine according to which they believe in very large drones. So they are thinking of drones that can be missile launchers.
U.S. vision for the future is to have many, many, many platforms as unmanned as possible, able to be equipped with VLS, which are the launchers and to represent a kind of big deterrent in case of deploying such a fleet, basically many, many, many drones of even very long size. They are thinking of drones of 100, 120 meters, let's say, 2,000, 3,000 displacing tons. So something that in Europe, we are not yet accustomed to elaborate. Fincantieri enjoys the possibility to play in those 2 different theaters to get accustomed with those different theories and doctrines. So that's why we are so focused because we are also more than happy to cross-fertilize the two shores of the Atlantic in order to make available the best.
Next question is from Gabriele Gambarova, Intesa Sanpaolo.
Yes. I've got three. The first one is on the fiscal year '26 guidance for net profit, EUR 140 million, EUR 180 million. I was wondering if this target refers to the reported, let's say, net profit, so after exceptionals or is adjusted, so it's before? And if I may, I mean, the range is pretty wide. So I was wondering what can make the difference between the EUR 140 million and EUR 180 million, if there is any particular moving part?
The second question is on naval. I saw that the first quarter was pretty weak in terms of top line estimated a minus 29% year-over-year considering, let's say, the one-off in Q1 2025. I was wondering if is it possible to understand when there will be, let's say, a recovery, thanks to the new programs you got, I mean, should we see further slowdown in the coming quarters? Or is it possible that maybe from Q2, Q3 or Q4, that will be flattening and then a recovery. And the third one is on underwater. In this case, the performance was exceptionally strong, plus 43% in terms of top line. I was wondering, I mean, you said that specifically submarines recovered very strongly.
Even here, I was wondering what could happen in the coming quarters because it seems to me that, let's say, the guidance for 2026 in terms of submarines was pretty, let's say, was high single-digit growth. And instead, I was wondering if we could see something more than this?
Let me answer then on the below EBITDA dynamics, I will leave the floor to Giuseppe. But on your -- on the revenues on 2026, the fact that we have reiterated the guidance should be the answer to your question. So otherwise, would have been, I would say, at least awkward, if not [indiscernible], to increase -- to confirm and increase the guidance. So again, the beauty of, when you work in our business, the beauty when we work with projects is that projects are driven by the production schedule. So revenues are not what you sell, our revenues are what you produce. So typically, there could be issues, there could be, obviously, some issues along the way. But typically, when you are in the current year, you tend to know what's your production curve.
And so what is your revenue recognition mechanism for the months to come. So if your answer is that if we will increase revenues on a yearly basis, and so go beyond the current phasing experienced in the first quarter. The answer is absolutely yes. And this is the reason why we have reiterated the guidance and even a little bit uplift. Then on the below EBITDA mechanism and dynamics. I will leave the floor to Giuseppe and then get back.
Yes. So on the first part of your question, it refers to net result after extraordinary nonrecurring items first. And of course, the range is linked to the, let me say, realization of some upsides that we expect throughout the year. Let me put it this way. And you also asked about naval revenues recovery, I guess Pierroberto, if you...
Yes, it was on the phasing of the results when we could see.
Also in the underwater again, revenues are consequent to the production curves. So no way to zig zag. It is the trajectory of our ongoing projects, and we don't see issues why the current trajectory is not expectable for the future to come.
Next question is from Lorenzo Di Patrizi, Bank of America.
So first on -- so on the guidance raise, can you give just more details on what prompted this? Is there a division program, in particular to call out. Then on your leverage ratio, so it has improved significantly from the full year what drove this improvement? And what does this mean for the trajectory for the full year and to 2030. Am I correct that the 1x target in 2030 is still excluding the capital increase?
Yes. Let's start with the second question. Yes, you are correct. The guidance we gave on leverage ratios as of 2030 excludes capital increase, the proceeds of the capital increase as we gave those targets before the ABB and of course, without factoring the ABB in the targets. It goes the same for this year. I mean, withstanding the fact that we report, of course, net debt levels, including the proceeds -- net of the proceeds of the capital increase, we are still guiding forward to without the proceeds of the capital increase. That is the, let me say, communication approach that we have chosen.
Okay. On your first question on any detail on what prompted the guidance? Well, but let me put it this way from -- we definitely upgraded the guidance with respect to revenues and of course, we qualified quantitatively the guidance on net debt increasing it. As you remember, we gave a qualitative guidance on -- sorry, on net result levels. We simply said that net result of 2026 was going to be higher than 2025. Of course, now we are saying what range, in what range this result will fall and it will be definitely higher than what we expected. This is the sense of what we said.
Next question is from Sriram Krishnan, Deutsche Bank.
So I have two or three quick questions, if I may, please. So the first one is on the U.S. With regards to the LSM contract, I believe that the manager for that particular program is still not appointed. But just trying to understand, post the appointment of that manager, is that purely from an operational management point of view? Or is the manager has the ability to appoint more shipyards for manufacturing these 35 ships? That's the first question.
The second one is on Norway. It's a pretty simple one. So I believe, I think, in the last month or so, there was -- the ship design contract was awarded by Norway. Just trying to understand from the time line perspective, when do we expect the ship design to be frozen and when the actual construction contract to fruit -- come to fruition, is it 2027, 2028? And then finally, on the M&A in underwater. It's clear that you are focusing on underwater. Just trying to understand, are you focusing more from a technical capability, which boosts you the technical capability or more from an expansion of market access point of view?
So on your first question, the LSM in United States. I would say that the good news is that the Navy, the procurement office decided to move forward on assigning Marinette, Fincantieri USA with a new class of ship. They have indicated, which is the overall number of ships they would like to build, which is more than 35 and that they have indicated 2 shipyards as the 2 shipyards to be specialized on these kind of ships, that they have clarified the first 4 were assigned to Fincantieri USA and that on these 4 order -- on this order for 4, they wanted to jump start with the award of initial contract for ordering the long lead items.
So those procurement items, which need a long time to be fabricated and produced. So this is the news flow and this is very good for Marinette because this is the living evidence that the agreement achieved in end of November 2025 was strong and solid. Your question is either they want to use more shipyards on top of Bollinger and Fincantieri. I have no specific information to add to what was public I'm not aware of something like this. I believe that we will be very happy as a beginning to build the first 4. And we believe that good performance is calling for good business and additional orders. So let me say, I don't have any specific extra information or official information received in that respect. And what I believe is that let's start well because if we start well the rest will be natural.
On your second question, if I understand correctly, you would like to have some color about Norway, the defense program in Norway. Basically, the status is the following: there is a large budget to be managed. And this large budget is expected to be managed in a way that can compensate also local shipbuilding for not having been extensively involved in the frigate program. So at the end of the day, the frigate program was assigned, was awarded to U.K. along with an agreement, a G2G, government-to-government agreement to military -- to provide military support to Norway in case of Russian invasion. So it was more a geopolitical deal than an industrial deal.
But as a result, as a second wave, our understanding is that also in Norway, there is interest to use this naval expenditure in order to revitalize the local shipbuilding and the local value chain at large. In the last months, there were the initial steps in terms of identifying the design firm. So it's more on the design phase. Obviously, we are more interested in being the constructor. So we are there for the large award that not necessarily interested in the small one in terms of design package. Also in order to avoid any possible conflict of interest because from time to time, if you are the designer, you can be somehow penalized to be the builder. So we have very good experience in design of Coast Guard ships, for example, and we in Norway, already built over there. And on top of it, we can also contribute some very good expertise from Italy, by the way. But again, the way we are participating to this program is to be there for the large contract rather than from the design one.
On your third question is about underwater. If the M&A we are looking at is more characterized by technologies or characterized by market share, I would say both. I would say both. So we believe that we want to create a positioning that is technology-driven, and technologies will be, for sure, a key recipe a key ingredient in this recipe, but we want also to accelerate the adoption of new technologies and the business model. So we are looking at a number of transactions and those shares that will be positive in either ways.
Next question is from Michele Baldelli, BNP Paribas.
I have a couple of questions. The first one relates to the M&A given your leverage has improved materially. If you can remind us what are the targets? What is the likelihood in the short term to see any of those and what kind of, let's say, products or segments you are targeting that could be interesting for you.
The second question relates then to the last answer that you gave. If you can remind us about this pipeline of projects in Europe in the naval part of your business. If any of this, let's say, potential award has gone? Or if new, let's say, tenders are now visible. And if you can, let's say, give us this more color?
Thank you very much on your second question. We are when we mentioned in the, I would say, short-term targets in Europe, we were making reference to opportunities that we've been following and pursuing since quite a long time. So in our business, there is no way to be hunter. It's a business for farmers, so you need to cultivate. And then you have to cultivate a lot in order to have your -- with the right level of probability to have your order intake achieved. So no way to be fast track are all opportunities that we've been pursuing. Unfortunately, we prefer not to disclose for a number of reasons, but are there and there and I would say also on the market.
On your second question is more color on the M&A opportunities in the underwater if I understand correctly. And in general, again, we try to be as colorful as possible when saying that we are looking at acquisitions of technologies, so on the vertical. And also acquisition of key components of the product strategy we have in mind, business development strategy we have in mind. So we have envisaged a make-or-buy strategy, which is very clear, which means that there are certain technological bricks that we want to internalize, i.e., we want to own. And there are other bricks that we want to have access to by means of alliances, commercial alliances. So depending on this make or buy strategy that we have presented in the Underwater Day last year, we are constantly and consistently pursuing a number of opportunity in that respect. Again, another possible color is that we are looking at naval, but we are not obsessed by naval. So you know our idea of underwater is that it's an underwater economy that, yes, can leverage on defense for for validation, but then has to be opened also to adjacent applications.
So civilian clients, such as the energy sector, the telecom sector, the mining sector and the rest of the adjacencies in the underwater. So we don't want to disclose that much because it would jeopardize the success of these negotiations. But we will be more than happy and I would say in the short term to get back to you with the right level of disclosure.
Next question is from Andrea Belloli, Banca Akros.
Just one follow-up from my side. And sorry for coming back from cost inflation. I understood that in the short term, inflation is not an issue for you, but I was wondering how you cover or how are you covered from potential cost fluctuation in the long term now that you have announced contract with deliveries up to 2039.
Well, Giuseppe speaking here. As we book revenues and margin with the cost-to-cost accounting principle, if there are long term -- I mean if there are deteriorations in future costs, we should have to factor them in the whole life products -- of the projects and therefore, on the quarterly financial statements. When we say that we are not -- as of now, we are not experiencing deteriorations from costs, especially in steel and commodities, it means that we are covered beyond the or timeframe that extends to 2026.
I'll give you an example. As Pierroberto mentioned before, we buy gas oil for sea trials for ships. And we buy it and hedge it i.e., whenever we have a cruise contract signed and effective, we hedge right away the needs that we have for gas oil, even if this gas oil will be purchased 4 years down the road. Am I clear enough?
Gentlemen, there are no more questions registered at this time.
Thank you. Thank you, everyone. Thank you for attending.
Thank you, bye.
Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.
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Fincantieri — Q1 2026 Earnings Call
Solide Q1‑Resultate: Rekord‑Backlog, Margenverbesserung und Anhebung der Jahres‑Guidance bei klaren Risiken durch Timing und Soft‑Backlog.
Ergebniscall Q1 2026: Management hebt Guidance an, betont Defense‑Pipeline, Underwater‑M&A und operative Effizienz.
📊 Quartal auf einen Blick
- Umsatz: €2,1 Mrd. (Q1 2025: €2,376 Mrd.; bereinigt um Einmaleffekte +6% YoY).
- EBITDA‑Marge: 7,4% (vs. 6,5% in Q1 2025; +≈1 Prozentpunkt YoY).
- Backlog: €74,2 Mrd. (+17,4% vs Ende 2025) ≈8,1 Jahre Arbeit.
- Order Intake: €3,4 Mrd.; Book‑to‑Bill 1,6x.
- Verschuldung: Adjusted Net Debt €771 Mio.; Leverage 1,1x (inkl. Kapitalerhöhung deutlich verbessert).
🎯 Was das Management sagt
- Guidance‑Anhebung: Management erhöht 2026‑Prognosen nach starkem Q1‑Momentum.
- Strategischer Fokus: Ausbau Defense‑Geschäft, selektive M&A im Bereich Underwater‑Technologien und Cross‑fertilisation US/EU.
- Operative Priorität: Kosten‑Disziplin, Effizienzprogramme und bessere Preisgestaltung treiben Margen.
🔭 Ausblick & Guidance
- 2026 Guidance: Umsatz €9,3–9,4 Mrd.; EBITDA €700–710 Mio.; EBITDA‑Marge ≈7,5%; Nettogewinn €140–180 Mio.
- Leverage‑Ziel: Erwartetes Adjusted Net Debt/EBITDA ≈2,0x (1,3x inkl. Kapitalerhöhung); kurzfristig aber bereits deutlich besser.
- Risiken: Soft‑Backlog unter Vorbehalt (Finanzierung/Vertragsbedingungen), Timing von Defense‑Awards kann Phasing und Umsätze beeinflussen.
❓ Fragen der Analysten
- Defense‑Pipeline: Wiederholte Nachfrage nach dem EUR‑5 Mrd. Pipeline‑Ziel; Management betont hohe Wahrscheinlichkeit, warnt aber vor Timing‑Faktoren.
- Cruise‑Margen: Analysten fragten nach Nachhaltigkeit der Margen; Management sieht strukturelle Kost‑ und Preisverbesserungen, keine Einmaleffekte.
- Underwater & M&A: Nachfrage zu M&A‑Zielen (Technologie vs. Marktzugang); Management zielt auf beides und will gezielt Technologien integrieren.
⚡ Bottom Line
- Aktienrelevanz: Positiv: starke Commercial‑Momentum, Rekord‑Backlog, Margenanstieg und bessere Bilanz ermöglichen Wachstum und M&A. Auffällig bleibt die Abhängigkeit vom Timing der Defense‑Awards und der erfolgreichen Konversion des Soft‑Backlogs; Execution‑Risiken und Vertragsbedingungen sind die wichtigsten Monitor‑Punkte.
Fincantieri — Q4 2025 Earnings Call
1. Management Discussion
Good afternoon. This is the chorus call conference operator. Welcome, and thank you for joining the Fincantieri Full Year 2025 Results Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir.
Good afternoon, ladies and gentlemen, and welcome to Fincantieri's Full Year 2025 Results Call. We are proud to share with you the outstanding results achieved in 2025, which highlights Fincantieri's ability to capture the opportunities offered by the favorable macro trends in our markets, while maintaining financial discipline and ensuring flawless execution of our backlog.
In 2025, we delivered tangible progress in the implementation of our strategy, exceeding expectations and creating significant value for all our stakeholders. This provides an exceptionally strong foundation on which to build the group's growth trajectory set out in the new 2026-2030 business plan.
We achieved a double-digit revenue and EBITDA growth a strong margin expansion supported by continued efficiency initiatives and a profitable business mix, leading to the highest net profit in our industry at EUR 117 million, more than 4x higher than 2024.
We also recorded a new all-time high in both order intake and total backlog, confirming the strength of our commercial positioning and remarkable growth potential.
On the financial front, the group continues to make rapid progress in its deleveraging path with net debt-to-EBITDA up to 2.7x ahead of 2025 guidance provided last February at the Capital Markets Day.
And there is more to come with new cruise and underwater orders already secured in early 2026 and a robust defense pipeline expected to translate into major contracts in the coming months.
We also recently completed a rights issue of EUR 500 million via an accelerated book building process that allows us to further enhance our financial flexibility and provides optionality to support our selective inorganic growth strategy, also through M&A opportunities as well as to bring forward our deleveraging targets.
It is worth noting that this capital increase was approved by the EGM in June 2024, in conjunction with the approval of the EUR 400 million rights issue completed in July 2024. And it's also to be noted that the free float as a result is now up 36%.
Let's move to Page 4 for a summary of the financial and commercial highlights of the year. In 2025, we exceeded all targets set out in our guidance, further revised at the Capital Market Day, demonstrating the group's ability to deliver on its commitments and consistently outperform expectations.
Revenues increased by 13% year-on-year, reaching approximately EUR 9.2 billion, supported by strong market tailwinds in the Shipbuilding segment and by the rapid expansion of the Underwater business.
EBITDA margin grew significantly to 7.4% vis-a-vis 6.3% at the end of 2024. This increase is the result of the structural evolution of cruise into a profitable and cash-generative business and by the increasing contribution of defense and Underwater to revenue mix.
The net debt EBITDA ratio improved to 2.7x, well ahead of the guidance provided at the end of 2024 and better than the revised guidance provided in February 2026.
Finally, net profit reached the record level of EUR 117 million, demonstrating the remarkable turnaround achieved over the past three years and confirming the structural growth and profitability of the group.
These results confirm the remarkable turnaround achieved by the group over the past three years, okay? Our revenues between 2022 and 2025 grew with a compounded average growth rate of 7.3% while our EBITDA increased by 3x over the same period. Our net income is now structurally positive. Lastly, our deleveraging process has been impressive, reaching 2.7x with further significant reduction projected going forward.
Turning to Page 6. We delivered an outstanding commercial performance in 2025 with a record high order intake at EUR 20.3 billion and the book-to-bill equal to 2.2x compared to 1.9x in 2024, underscoring the strong demand in our core businesses, especially in building which posted an impressive 42% year-on-year growth.
As a result, total backlog reached an all-time high of EUR 63.2 billion, equivalent to approximately 6.9 years of work based on full year 2025 revenues, ensuring strong visibility on the future growth.
Let's now move to Page 7 to have a look at our order book. 2025 was also marked by the flawless backlog execution with 24 units delivered. We have a full slate of deliveries scheduled through 2036, with visibility further extended to 2037 thanks to the already mentioned order by Norwegian Cruise Line secured in early 2026.
As of year-end 2025, our backlog includes 97 units, 36 in cruise, with the first two jumbo ships scheduled for delivery in 2029 and 2030, 20 in defense, five in underwater and 36 in offshore and specialized vessels, providing solid and long-term visibility for the years ahead.
Let's move to Page 8 for an overview of the commercial opportunities ahead. The current macro trend offered significant growth opportunities in all of our business segments, which are actively monitoring as we speak. Of more than 500 commercial opportunities, we have looked at, we have selected a number of these to pursue through our participation in tender processes for an amount of approximately EUR 32.5 billion.
In the past months, we have already successfully secured a number of orders, including important orders from NCL, Crystal, Viking and TUI in Cruise, orders in naval from the Italian Navy and ordering offshores for four vessels from Ocean Infinity and the largest order ever for WASS, for Torpedoes from the Saudi Navy.
As I mentioned in our Capital Market Day, we also see short-term opportunities in naval in the coming months for approximately EUR 5 billion from the Italian Navy, the DDX, EPC call 2, LSS3 from export countries for frigates, from service contracts for the Middle East countries and from new programs from the United States Navy.
Notably, last month, the United States Navy issued a request for proposal for a vessel construction manager to oversee the construction of the new medium lending ship class, identified Fincantieri Marinette our USA subsidiary as one of the two shipyards to be awarded for the construction with initial allocation of four vessels.
Moving to our outlook for 2026, we confirm the guidance provided during the Capital Market Day with revenues in the range of EUR 9.2 billion to EUR 9.3 billion, EBITDA of approximately EUR 700 million with an EBITDA margin of around 7.5%.
Adjusted net debt to EBITDA ratio at approximately 2x, which equates to 1.3x, including the capital increase completed in February 2026. Finally, net profit is expected to be higher than in 2025.
Turning on Slide 10. Let me provide some color on the recent capital increase via ABB we successfully completed in February. As we communicated, the EUR 500 million capital increase is intended to further enhance our financial flexibility and provides optionality to support our selective inorganic growth strategy. Also through M&A opportunities, in particular in relation to unconventional underwater solution, where we see significant opportunities to expand our position. We are looking at the selective number of potential targets, which we will update you on the coming months. Now I will hand over the call to Giuseppe, who will discuss 2025 financial results in more details. Please Giuseppe.
Thank you, Pierroberto. Let's move on, on Page 11, where we can comment order intake. Again, like we said before, EUR 20.3 billion, all-time high with a growth of over 32%. And a book-to-bill ratio well above revenues, 2.2x. This reflects the sustained growth in Fincantieri commercial pipeline that is supported across all segments by strong demand.
Shipbuilding among these segments continued to deliver strong order intake reaching almost EUR 18 billion, up 42% compared to last year. Of course, these very strong order intake brings another -- a record total backlog at $63.2 billion, and I'm moving on Page 13, that covers almost 7x 2025 revenues and these results confirms the impressive growth trend already seen in 2024 and further increases long-term visibility of the business.
Backlog grew by almost 33% to EUR 41.1 billion, up from EUR 31 billion in 2024. And we also have a very strong soft backlog that increased to EUR 22.1 billion compared to EUR 20.2 billion of 2024. We delivered 24 units from 11 different shipyards, 5 for cruise, 7 for defense and 12 for offshore.
On Page 14, financials. Revenues reached almost EUR 9.2 billion, up 13.1% year-on-year with a strong contribution from shipbuilding that posted a 15.1% growth compared to 2024 within shipbuilding. Cruise revenues grew by 12.5% year-on-year. With production levels characterized by capacity saturation on the current shipyard footprint and reflecting the significant backlog acquired.
Also, the Defense segment recorded a 20.7% increase year-on-year, partly driven by the finalization on the first quarter of 2025 of the contract for the sale of two PPA units to the Indonesian Ministry of Defense. Those two units were both delivered in the second half of the year.
The underwater segment posted as well a sharp increase in revenues, up 88.2% and this comes from the consolidation of WASS submarine systems from January 2025, but also from the very strong performance of Remazel engineering that had a revenue growth of 25% year-on-year. And together with the accelerated advancement of the U212NFS submarine program for the Italian Navy.
As with the offshore and specialized vessels and the Equipment Systems & Infrastructure segments, they both were substantially in line with 2024.
On the following page, EBITDA. Well, at the group level rose sharply by almost 34% year-on-year to EUR 681 million with the margin up to 7.4% from 6.3% reported in 2024. Shipbuilding EBITDA grew by 29.3% to EUR 451 million with an EBITDA margin of 6.8%, up 0.8 percentage points compared to last year, this comes thanks to very favorable pricing dynamics. And improving efficiency in the cruise business. As a whole, the cruise business has improved also in terms of net working capital, thanks to the better payment terms. And of course, on top of it, there is the increasing contribution of the Defense business.
The underwater, as expected, I would say, delivered an EBITDA of EUR 117 million with the margin of 17.6%. And this confirms the sector's premium profitability that we discussed on the Underwater Day in May. The offshore specialized vessel EBITDA reached EUR 72 million with an EBITDA margin growing to 5.3%, consolidating its positive path to margin improvement.
The Equipment, Systems and Infrastructure segment delivered a strong contribution to the group's profitability. With EBITDA rising by 33% and EBITDA margin reaching 8.2% versus 6.1% in 2024. Drivers of this growth are, in particular, a significant contribution by the mechatronic business and higher margins in the Electronics and Digital Product cluster. And of course, last, but not least, the infrastructure cluster improved as well.
On the following page, net profit for a record level, EUR 117 million the highest ever recorded by Fincantieri and over 4x the results we reached in 2024. This record result reflects the material growth in EBITDA partially offset by the increase in D&A, but this is mainly driven by the purchase price allocation following the acquisition of WASS Submarine Systems completed in Q1 2025. Of course, the effect will diminish throughout the years on this.
EBIT increased to EUR 368 million from EUR 246 million in 2024. And last, but not least, thanks to our very strong financial discipline. The group benefited from a reduction in financial expenses. And this, of course, comes partly from the lower average debt recorded during the year. And also a positive contribution was provided by the decrease in the asbestos-related litigation cost, which declined for the third consecutive year.
On the following page, the leverage impact and debt maturity profile at the end of 2025, adjusted net debt amounts to roughly EUR 1.3 billion. And of course, in order to ensure full comparability with 2024, these figures -- this figure includes noncurrent financial receivables, notably the loan granted to Virgin Cruises previously included in 2024 net debt and reclassified as noncurrent following the maturity extension agreed in December. Excluding these current -- these noncurrent financial receivable, net debt stands at EUR 1.8 billion roughly.
Leverage ratio, net debt over EBITDA improved to 2.7x significantly lower than the 3.3x recorded as of year-end 2024 and further improving on the 2025 guidance provided in the Capital Markets Day, which was 2.8x. The leverage ratio, including noncurrent financial receivables stands at 1.9x EBITDA.
As we have previously mentioned, we have generated in 2025 significant cash flow from operations, which, excluding the cash outflow for the purchase of WASS in early 2025, translates into a free cash flow generation of more than EUR 250 million.
We have a very well distributed debt maturity profile with no significant long-term debt maturities until 2028, and we can rely on a solid capital structure with no covenants roughly 90% fixed rate liabilities, this is obtained through derivatives.
Furthermore, the senior unsecured Schuldschein placement for EUR 395 million completed in July 2025, contributed to extending our maturity profile and reducing our average interest rate. After that, I will now hand the call back to Pierroberto for his closing remarks. Thank you.
Thank you, Giuseppe. Let me now summarize our key takeaways on Page 18. During 2025, we have delivered record commercial and financial results with net profit, order intake and total backlog reaching an all-time high. These results provide a strong foundation for the years ahead in the execution of our 2026-2030 business plan.
Margins further improved year-on-year, thanks to the structural evolution of Cruise into a profitable and cash-generative business and to the higher contribution of Defense and Underwater to the revenue mix. We benefit from an impressive backlog visibility further extended to 2037. This supports our margin profile through working capital optimization, capacity saturation and improved procurement efficiency.
The current global geopolitical environment offers substantial growth in defense, which we expect to translate into new significant orders in the coming months. We are consolidating our position as the leading orchestrator in the underwater domain, expanding both our product offering and business development capabilities also through targeted acquisitions and strategic partnerships. The successful completion of the capital increase last February demonstrates strong market confidence, while providing additional financial flexibility and optionality to pursue the selective M&A strategy.
We are only at the beginning of a secular growth trends, and we are ready to capture this opportunity. With that, we are now open to take your questions.
[Operator Instructions] The first question is from Antonio Gianfrancesco of Intermonte.
2. Question Answer
I have two. The first one is on the year-to-date Cruise orders from Norwegian and Viking. Could you give us some indications on the margin profile of these new contracts compared to the current backlog? And more broadly, even on Cruise business.
At Capital Markets Day in February, you indicated the profitability for the Shipbuilding division at 7% for 2026. Could you give us an indication about the evolution of the profitability in the Cruise segment for the coming years?
The second one is on the recently announced memorandum of understanding with Navantia on European Patrol Corvette program. Could you please help us to better understand how you see this translating into actual order intake. And in particular, I was wondering if you consider this memorandum of understanding as one of the key building block behind the EUR 5 billion defense pipeline in six months, you indicated at the Capital Markets Day.
Thank you for your questions. Cruise orders, NCL and Viking, we are not accustomed to disclose precise margins. We would rather prefer to let you appreciate what is behind this pickup in the percentage margin in this profitability.
So basically, as we have been saying and doing and pursuing the Cruise business is going in the direction of saturation, saturation, meaning perfect "absorption of fixed cost" on the one hand, on the other hand, long-term visibility and backlog provides for long-term partnership with supply chain and vendors. So we can achieve, I would say, optimization in the terms and condition pricing, for example, of what we can achieve from supply chain.
So the more we go in that direction, the more we see a reinforcement of profitability in the cruise, which is also benefiting from an additional dynamics on the revenue side on the pricing side. So on the cost side, saturation and procurement optimization. On the revenue side, there are positive developments in terms of pricing.
So the scarcity effect is allowing us to increase our bargaining power with ship owners and somehow improve our negotiate position.
Let me also add that there is a third dynamic in Cruise, which is not again related to the cost, which is not related to the revenues, but it's related to the risk profile. So the beauty of this long queue of order intake has to do with the fact that our not prototype ships but are repetitive ships. So many of the latest announcements, many of the latest awards are repetitive of an existing ship repetitive version of an existing ship, which is a terrific sorts of derisking. And conversely, it increases the possibility to convert contingencies accrued into extra margins at the right moment.
So there is a series of concurrent effects that are driving our expectation of Cruise better and better. Let me add the fourth information which has to do with terms and conditions, payment terms and conditions. So we are also succeeding in improving to the maximum possible extent payment conditions in the direction of improving the working capital dynamics accordingly.
Which dynamics is, as you may know, already improved by the stabilization of volumes, which is the prerequisite in order not to absorb working capital.
So no precise answer. Sorry for that. For commercial regions, for strategic reasons, but as many site information as possible in order for you to appreciate what is behind this enhancement in profitability.
Similarly, we believe that the Cruise for the years to come, which was your second question, will continue to improve margins. So the multiple engines I was describing before are expected to gain pace, gain traction, change gear and give us more and more satisfaction in the years to come. So we are definitely convinced that this, I would say, environment is truly healthy for Fincantieri Cruise division.
On your second question about Spain about EPC about Navantia, I think it's a very important step, it is not an MOU only. It is beginning of a new, I would say phase in the European cooperation, the EPC program, which is a Corvette is in the process of moving to the second phase, which is the second call from EDF, from European Defense Fund, which is the relevant entity that is supporting with specific grants the development of this European Corvette.
Italy and Spain and France are already there. Other nations are expressing interest namely Romania, namely Greece. So it is expected to be, let me say, kind of higher WASS of the sea, which will be remarkably powerful for European demand, but at the right moment also for exports out of Europe.
So it's a way to align requirements among different navies with the aim of optimizing costs, the absorption of nonrecurring costs and creating an interchangeable interoperable platform that could be very competitive also at export level.
Your question is if the ship is going to be ordered tomorrow morning, which is not the case because the EPC program is going from the initial engineering to the engineering for construction step. What is very important is that all the nations are expected or the founding nations, namely Italy, Spain and France, are expected to soon express their commitment to order their number of ships to this new entity.
So very soon, we are going to move this platform from a paperwork to a construction exercise, with commitments, which, by definition, will be for many units with commitments coming from the founders, from the founding nations. I think that's it.
The next question is from Marco Vitale of Mediobanca.
The first one is on the outlook. If you would provide us some source to say indications in terms of what you expect by divisions. We noted that you say, sales target implies a flattish revenue trend. And I was wondering if you could add some few details on what are the key, say, underlying dynamics across business lines for year 2026 outlook.
The next question on the, say, new U.S. program, the LSM that you mentioning, if you could do, we had read some, say, few articles. If you could add some say, details on the potential timing in terms of both order collection and also P&L impact that you expect from the new program.
Last question is about, say, more general in terms of supply chain and discussion with the main cruise operator. We noted that the current, say, rise in geopolitical conflicts are also triggering as a side effect, lower tourist volumes for Cruises. I was wondering if -- I mean, if you share any insight in terms of the discussion you had with the main cruise operators could reassure your long-term business pipeline that you have with them?
First question about 2026 outlook. Our business is very beautiful because it depends on the backlog. So 2026 revenues are not going to be disclosed by Fincantieri but will be self-disclosed by the deployment of the backlog existing at the end of 2025. So it's -- that's the beauty of being a project-driven company.
So with respect to 2026, we have the production curves coming from the backlog we have already secured. And 2026 will be the year in which in terms of expectations, we expect a "kick in" of the defense order intake, which we experienced in 2025, as we experienced in 2025, it's a process of finalization and materialization, which is a little bit bureaucratic, but it is there, it is there. So that's what we -- that's why we expect 2026 to be so visible in terms of order intake. And obviously, it will become revenues accordingly as you deploy a few, I would say, project backlog for the future.
So there's nothing weird. There is nothing unclear. It is, I would say, very visible and very -- it's the schedule. It's a schedule of production. And again, 2026 will be, at the same time, very interesting for the rest of the profit and loss. So I believe is already clear that our percentage margin is in the process of improving and also the net result as we have already appreciated 2025 versus 2024, our net profit is showing signs of, I would say, vitality. So I wouldn't call it flattish, revenues, my point, revenue is vanity. It's much more important that you look at what is happening at margins what is happening at the bottom line. And at the same time, what is happening in terms of order intake, which is the most interesting part of my answer.
Moving to the geopolitical part of your question. Yes, we are aware that when you talk -- when you discuss, when you elaborate, about tourism, the concept of war, the concept of instability is, I would say, typical case of concern, but never happened. So people continue to travel obviously, not exactly in the overheated place. So obviously, if you have a resort in an overheated place. It is not going to be fully-booked, but the tourism can somehow adjust, I would say, trajectory, itinerary in a way that is smart enough to find beautiful places to go and cruise. So that's my overall elaboration about your point.
Practically, we are not experiencing any negative feeling from the side of ship owners. Conversely, we continue to see a lot of energy, a lot of interest in occupying future slots for the sake of a long-term growth.
Let me also add that we are securing orders in the Cruise business, which is the "Touristic" business all the way to 2037. So we strongly believe that from that time on the situation will be stabilized.
U.S. On U.S., we received as the rest of the market very positively. The announcement of the U.S. Navy procurement with respect to the expected awards of the LSM series of ships to Fincantieri Marinette as one of the two, I would say, dedicated nominated shipbuilders.
The process of transforming this announcement into an order is, I would say, expected to be very fast in the very short term. So let me say discussions are happening while we speak.
Again, we don't rely in the short term on U.S. for volumes. So the agreement we achieved with U.S. is an agreement whereby we are kept harmless. So for the time being, it is not a business of volumes. So we don't look for volumes there. We don't need volumes there.
Having said that, the agreement has multiple legs, one of the legs is the allocation and award of new classes of ships to the shipyard. And the agreement was achieved in the end of 2025, and we are receiving this communication from the Navy so early and so quickly. So let me say, we are very positive with respect to U.S. to U.S. We are very happy that we have created a new baseline, clearing all possible risks of the past. We don't need volumes. We need to procure the already achieved agreement translates with the velocity that we are experiencing together, but that's what we want to see. So we are very positive. And to cut the long story short, we believe that the contractualization is going to happen very, very soon.
The next question is from Emanuele Gallazzi of Equita.
I have three questions. The first one is a follow-up on the geopolitical topic. Very clear, your explanation on the ship owner side. I was wondering if you can discuss also on your cost side, which dynamics are you, let's say, seen on your input cost.
The second one is on the capital increase or the M&A. You clearly mentioned that you are looking at some opportunity. If you can just discuss a little bit more on your strategy, if anything has changed post the -- or with the capital increase? And should we have to expect say, a big deal? Or are you looking more at small and selective deals adding technologies or know-how to your portfolio?
And the last one is on WASS. We have seen two important orders coming from India and Saudi. Can you discuss more on deals? And have you seen an acceleration in the last month of, let's say, negotiation or tenders for WASS and generally speaking, for the whole underwater business.
Thank you very much for your question. On your first question, we are in full control of the variables, of the economic variables that can be affected by the geopolitical issues or the famous geopolitical issue in the sense that the energy prices of Fincantieri are fixed for 2026. The same more or less is with gas procurement -- with gas oil procurement. So with respect to energy, we have the coverage in place for 2026 in order not to receive any, I would say, negative impacts.
When it comes -- if we move to steel prices, it is the same in the sense that we have already fixed procurement costs, prices for approximately 90% of the quantities. So once again, we are in good shape. So energy and steel are the two major components with respect to which we are covered with respect to which we are continuing to monitor the situation.
On your second question on M&A, we are very active. We have many dossier in our hands. We have very clear ideas of what we are looking for. Because we have been testing and shaping the market for this acceleration in the underwater in the last couple of years, all kind of transactions. There are different possible transactions. For sure, we are calling it, naming it selective M&A, meaning that we don't want to -- we are not looking for transformational M&A. So it is not something that is going to change the face of the company, but it's something that will sizably visibly accelerate the expansion in the underwater.
So it has to do with the key technological blocks of the underwater, for example, propulsion systems. It has to do with another key component which is the electronics of the underwater. So any kind of software from command and control to telecommunications. And it has to do also with access to markets, including nondefense markets and business models.
So we strongly believe that we can put on the table a lot of new technologies, and we are thinking in terms of M&A in order to envisage how to transform as quickly as possible those technology into integrated technologies, so our technology integrated with other technologies and how to accelerate the commercial reach in the direction of clients, not necessarily only on the defense side.
So we will get back to you, but we are working hard in that respect. So we have a large business development and M&A team, which is being working and preparing since many months. And now that we have the capital increase ammunitions we will be more than happy to translate all this preparation into execution.
On your third question, WASS is doing fantastically as Remazel is doing fantastically. So we are immensely happy of both acquisitions. Both companies are doing better than expected in any respect and are perfectly fitting with the rest of the group, creating synergies on the one hand, and expanding markets and giving access to adjacent market to Fincantieri commercial proposition.
With respect to WASS, India and Saudi are very emblematic, are very indicative of the first and most evident item of the defense procurement in a moment like this. i.e., ammunitions. So the world realized that in the last years, many submarines or many naval assets were built, but with very limited, I would say, ammunition warehouses. So the defense expenditure is, first of all, an exercise of replenishment of warehouses. And in this respect, torpedoes are very clear and very evident.
We are doing more than that. So we are evolving the product, thinking of how to adapt this kind of product to the world of drones. For example, in this respect, I think that WASS is ahead of the other competitors. So WASS is already able to supply drones with very light torpedoes, which is the new generation of surface drones.
So yes, you want them to perform intelligence, surveillance and reconnaissance. That's the way military people call the first task of water drones underwater surface -- sorry, surface drones. But at the end of the day, you need also to go to a second phase, the second step, which is the step where the drone is also armed in order to be able to react on top of detecting the threat. This is what is happening also.
So let me say WASS is remarkably centered, remarkably focused in this dynamic and then is working on the ad agencies. So what to do on sonars, how to be very effective on certain kind of sonar applications such as demining, which will be another priority, unfortunately enough, of the world.
So it's going very well, and we are very happy with WASS. We are working also in order to expand the production capacity of WASS. So capacity boost is the title of the book for the new Fincantieri business plan and is consistently in a coherent way also the name of the book in WASS. So we are working in order to expand capacity because it's having a lot of demand that we need to increase capacity accordingly.
The next question is from Gabriele Gambarova of Intesa Sanpaolo.
Just three from my side. The first one is on the SAFE program, the European Safe program, the EUR 150 billion program. I was wondering if you have any update on this program because it seems to me that this is a little bit in delay. This is my personal perception, but I don't know if you have any insight on this?
The second demand. Then the second question is again on naval. I saw a slowdown in the top line in the fourth quarter 2025. I know that the backlog is very healthy. So I was wondering if you could give me some more detail on this trend we saw at the end of 2025, if there is an explanation, particular explanation.
The second question, this is for naval. The second question regards the reverse factoring. I saw that it grew by EUR 200 million in 2025 to EUR 850 million. So I was wondering what could we assume for 2026, what is embedded in your guidance basically. And the last one regards M&A and the infrastructure. I saw that the business is doing very well is recovering after we closed the Miami, let's say, job order. I was wondering if you consider, if it's something that you would, let's say, assume to sell this business, which is doing well, but I think it's not core business.
Very good. Thank you. On the SAFE program, let me disagree with you. Or partially agree with you in the Anglo-Saxon way, in the sense that SAFE is expected to be a fast track process, you know that there is a gate expected for June 2026. And we see all the horses running according to the race. So we don't see a delay. And again, it's for sure, a big rush because June is tomorrow morning. But all the, I would say condition precedents, condition precedent for SAFE to be activated on time out there. So I don't see your point.
Again, it's a program that is asking nations to finalize a huge amount of contracts in a very limited time frame. So it is very difficult that you do it in advance. So the deadline is June.
On the naval, again, all the production curves driving the revenue recognition not going according to expectations. So this is absolutely physiological. We have to consider that there is a change in the revenue curve of U.S., which is, for sure, to be considered when looking at last part of 2025 and 2026.
Again, on the Naval, the point will not be the revenue level as rather the materialization of all the orders that we are expecting. On the factoring, I will leave the floor to Giuseppe, but let me remain with the microphone for an extra minute for infrastructure.
So the infrastructure business is a source of satisfaction because of the turnaround we have achieved as a management team. So I think we did very well finalizing the bad experience in Miami, digesting all the tails and at the same time, preserving our reputation delivering impeccably what we had to deliver. So it's a sign of industrial strength, resilience, reliability, which is not obvious at all.
The infrastructure business is, therefore, getting rid of Miami tails and therefore, expressing evidencing good margins, thanks to the discipline, thanks to the quality of our people.
Let me say that the infrastructure business or at least a good part of it is proving to be, I would say, functional to Fincantieri strategy when it comes to naval basis, when it comes to protection of ports. So Fincantieri Infrastructure is a reality in marine works. And in the era of defense, in the era of expansion of defense infrastructure and in the era of expansion of protection of critical infrastructure to have a group of people that can take care of those jobs as a kind of end-to-end offering is proving to be interesting and successful.
So let me say, at least a big part of Fincantieri infrastructure is leaving a second life in a sense, helping defense business of Fincantieri with an end-to-end offering. And at the same time, being the entry point of, for example, Fincantieri Underwater when it comes to protection of ports and protection of key marine and maritime infrastructure.
So obviously, we retain all options opened. So we will leave also without Fincantieri infrastructure. It's not a best [indiscernible] component of Fincantieri business model. But as of today, we are very happy of having Fincantieri infrastructure in our group, because we are exploring and pursuing very interesting business model, whereby we integrate end-to-end the ship in the naval base, in terms of infrastructure works and we use them to enter the business of infrastructure protection with Fincantieri NexTech technologies, for example, on ports.
On the factoring question, I leave the ground to Giuseppe.
But it's very high. It's very simple. You can easily expect the same amount and the same levels we've reached in 2025. So this factoring is something that we put. It's something that helps our suppliers to finance themselves within their net working capital requirements. We expect to -- we factor in the same levels as of 2025.
The next question is from Lorenzo Di Patrizi of Bank of America.
So the first one on Navis Sapiens. So you delivered your first vessel in February. Could you give us more color on the margin difference versus similar past vessels and what we should expect from the Navis Sapiens program in the next one, two years?
And then secondly, so on the naval pipeline, actually on the pipeline in general, so you gave this figure EUR 32.5 billion. Can you give us more color on the pipeline outside of the EUR 5 billion in Naval. And also, for example, I'm thinking of India, in particular, is there an update there? And could you give us more details on what the country has in store in the next few years in terms of investments that you could benefit from?
Thank you very much for your question. But let me say, Navis Sapiens is a transformational product. So the piece of news is that there is a ship sailing today where we speak which is having on board this new brain, which is a combination of new hardware and new software that is being validated by a ship owner in real life, in regular life.
So this is the big news. This is the breaking news. Its transformational in the sense that it gives distinctiveness to Fincantieri offering simply because thanks to this new "instrument", the ship owner will benefit from improvement in the behavior of the ship and therefore, in the cost profile of the ship.
So the first effect is that we are positioning Fincantieri product in a different way. So when you buy a Fincantieri ship, you will always buy a ship with a brain, then it will be up to you to leverage on this, and it will be up to you to install over the air, all the new applications, for example, for optimizing roots and consumptions or for optimizing maintenance and other key activities in terms of OpEx and costs.
So consider it as a strategic step, which is, let me say, prolong in the future, way ahead in the future, the distinctiveness of Fincantieri product. Then obviously, it represents itself a product for our NexTech which is the technological pole inside Fincantieri organization. You know that we have created a joint venture with Accenture 70/30, which is practically writing the codes of this new system, which is made of a data platform according to the latest architecture laid upon our own automation systems. So in NexTech, we have a company that is taking care of automation system, and this company is now having on top of the layer of the automation system, this platform system.
And the business model of NexTech will be to host on this platform as many third-party products as possible on top of selling internally produced internally developed applications to be sold to the ship owners on the platform.
So it's a new concept. But the beauty of the story is that this concept is being adopted by one client. And it is on the air and is working very well. And we have in our business plan, some ramp-up of this product. And we have quite an extensive team working on that. And the initial results are very encouraging, and we are very happy with that.
Second question is more color about naval order intake. I think there is no secret about the fact that the Italian Navy is expected to move the DDX program from the engineering study into construction. We are working relentlessly with the Navy with Orizzonte Sistemi Navali with Leonardo in order to quickly move forward in this respect. Then there are other initiatives with the same Italian Navy, for example, the LSS3, which is the third of the logistics ship class. And then there are a number of very hot non-Italian Navy prospects on which we are working a lot with respect to which we are very positive.
Then obviously, the market is big. There are many opportunities. Again, we have a lot of tenders out in the short term, obviously, it has to be something that is already in the oven. It's ready in the kitchen. But in the surroundings of the kitchen, there are many, many, many opportunities.
So it's very important that this good momentum kicks in terms of tangible orders. But again, we are not at all worried about what we're going to do in our naval shipyards. As you may know, we are already working in order to double our capacity. And again, if a couple of things happens, we are already fully booked even after doubling the capacity.
India. India is an immense market with a very specific business model, which is the business model of Make in India. We are -- I would say, well known in India because we built two ships for them, two logistics ship for them, something like 10 years ago, more or less. There are many programs. We are in association with many local shipyards. The system is different because the naval construction of ships by law is to be awarded to state-owned shipyards. So it's very important to team up with the relevant ones. That's what we are doing.
And then the second peculiarity of India is that in order to provide packages in terms of material, for example, you have to coproduce locally with partners. So this is something we are already doing. We are already working since years in the coal production and coal manufacturing of for example, certain components of propulsion systems. So the business model, it's a business model whereby you sell design packages, you sell material packages and then you cooperate in the construction with a local shipyard with a kind of construction management assistance.
There are many programs that are going to be awarded in the next months. There is one that is very, very interesting, which is an LPD, which is a kind of small aircraft carrier kind of big ship. They have a big tender for LPD. But this is just an example of what we have been doing and how we are taking care and looking after the Indian market.
The next question is from Sriram Krishnan of Deutsche Bank.
Perfect. So I've got a couple of questions. The first one is actually on the Equipment division. Particularly the electronics cluster.
Okay. So I just wanted to conclude that question which I had. So this question was on the Equipment division, particularly on the electronics cluster and the infrastructure. Clearly, despite modest growth in the top line. I think the margin was very impressive with the electronics business and in a very similar way, even in the infrastructure business, whether top line actually declined. And the margin was pretty impressive. So I wanted to understand, first, if there are any one-off items within this one in 2025. And how should we look at a sustainable margin of both these businesses in 2026 and going forward? That's the first question.
The second question is to do with the U.S. order potential, the landing ships related to. We understand that you have received an order for four ships and the potential long term is well over 30. So I wanted to -- can you confirm if there will be only two shipyards involved in this program or there are more shipyards which are likely to be inducted into this? And as a follow-up or a very similar one, can you give us any update on the NGLS program as well in U.S. and which you are competing as well?
On the U.S. part of the story, the U.S. Navy announced its intention to award for LSM to Fincantieri USA. And the contractualization is expected to happen according to contracts and negotiations that are going on in these weeks, in these days.
As far as we understand, but it's not up to us, the construction strategy of the U.S. Navy is to select two shipyards, simply because according to their long-term planning, the expected number of ships is, if I don't go wrong more than 30, more than 30. So they want to have at least two parallel shipyards working together. Which is good, which is important, because it means that you create specialization, which is deeper requisite for performance and for reciprocal and mutual satisfaction.
On the NGLS program, which was part of your second question, can you tell me more, please?
So this is -- I understand I think Fincantieri Canada business apparently has won some sort of design and construction order with regards to the next-generation logistics program. I think overall size of this program is to procure somewhere around 12 to 13 ships in the long term. So I just wanted to understand where this leaves you are the only company who is involved in this one for the U.S.? Or how many ships are you envisaging as an order flow from this contract and so on?
Well let me say, United States, we have a shipyard that is concentrated on civilian shipbuilding. And they are very active in barges and in other kind of ships. And then on top of it, we have company in Canada, it's called Vard Canada, which is very good in design packages either for coastal literal ships and for, I would say, commercial ships. So obviously, both entities are engaged in all the possible dynamics and projects in that part of the world. So I can, in general, confirm that there is a lot of action, a lot of movement and a lot of I would say, interest and commercial activity also in that segment, also in that quadrant.
On the -- on your first question on electronics, I would rather give the floor to Giuseppe for some more detail.
Yes. Well, I mean speaking of 2025 results vis-a-vis 2024 it's the other way. I mean, 2024 was affected by some one-offs and some write-offs that we did on certain projects. And therefore, the margin that we -- EBITDA margin that we achieved in 2025, 6.9%, is more, let me say, representative of what you're going to see in the coming years and in the business plan. With potentially, of course, some slow, but steady pickup throughout the years, thanks also to Navis Sapiens and all the innovation and deployment of new technologies that we envisage in the business plan. .
And if I may just follow up on that one. How do you envisage the top line for infra business? We understand that things have stabilized a lot. Should we expect some sort of a pickup in business in intra? Or should things be largely stable?
I'm sorry, the line is very bad. Can you repeat the question? We really can't hear you very well.
My apologies. Is it any better now?
Yes, yes, better.
All right. Sorry about that -- my line. No, I just was following up with the infrastructure part as well. Do you think that this is going to be a largely stable sort of revenue for the info business going forward? Or how -- just wanted to view on the infra business at the top line level?
The infrastructure business is having good prospects in France, again, driven by the backlog order intake which is becoming more and more evident. We have projected in the business plan, I would say, disciplined growth in terms of revenues, capitalizing on the, I would say, good returns and stable returns that we are -- that we have experienced in 2025.
So the market is there in terms of marine works and other businesses of the company. The company is also focused on the steel fabrication. So steel structures, which are needed for multiple purposes, not only for shipbuilding, but also, for example, for bridges and things like that.
So that's the second business of the company, they continue to experience stable demand. And so we are projecting it -- again, it is not where we want to put all our entrepreneurship. Our core business is elsewhere, but we're very happy that they are in good shape. And in particular, we are very happy when we can use them, as I was describing before, in order to increase the end-to-end offering of Fincantieri when we are interacting with the new Navy with an international Navy but also with our Navy.
Whenever there is -- there are needed some marine works in order to accommodate the new fleet and also the new, I would say, technological infrastructure on top of physical infrastructure. So sensors, anti-drones, whatever is needed when you enlarge your base, your military base on top of your naval asset.
Thank you so much, and apologies for the bad line.
It was very good at the end. Thank you.
Gentlemen, there are no more questions registered at this time. .
Thank you very much to all. Goodbye.
Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.
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Fincantieri — Q4 2025 Earnings Call
Starkes FY2025: Rekord-Auftragseingang, Margenverbesserung und beschleunigte Entschuldung; 2026-Guidance bestätigt.
📊 Quartal auf einen Blick
- Umsatz: ≈ EUR 9,2 Mrd. (+13,1% YoY)
- EBITDA: EUR 681 Mio. (+~34% YoY), Marge 7,4% (vs. 6,3% 2024)
- Nettoergebnis: Rekord EUR 117 Mio. (>4x 2024)
- Order Intake / Backlog: Auftragseingang EUR 20,3 Mrd.; Gesamtbacklog EUR 63,2 Mrd. (≈6,9 Jahre Umsatz)
- Verschuldung: Adjusted Net Debt/EBITDA 2,7x Ende 2025; Adjusted Net Debt ≈ EUR 1,3 Mrd. (ohne nicht‑laufende Forderungen ≈ EUR 1,8 Mrd.)
🎯 Was das Management sagt
- Cruise‑Deckungsgrad: Cruise wandelt sich zu einem margenstärkeren, cash‑generierenden Geschäft durch Kapazitätsauslastung, repetitive Designs und bessere Zahlungsbedingungen.
- Underwater‑Strategie: Ausbau der Underwater‑Sparte (WASS, Remazel) mit Fokus auf Technologie (Torpedos, leichte Bewaffnung für Drohnen, Sonar/Deminingsysteme) und Kapazitätsaufbau.
- Finanz‑Optionalität: EUR 500 Mio. Kapitalerhöhung (Feb 2026) stärkt Bilanz, beschleunigt Deleveraging und bietet Spielraum für selektive, technologieorientierte M&A.
🔭 Ausblick & Guidance
- 2026 Guidance: Umsatz EUR 9,2–9,3 Mrd.; EBITDA ≈ EUR 700 Mio.; EBITDA‑Marge ≈ 7,5%.
- Leverage: Adjusted Net Debt/EBITDA ~2x (entspricht laut Management ~1,3x inkl. Kapitalerhöhung); Nettoergebnis soll 2026 > 2025 sein.
- Risiken: Management nennt konversions‑ und zeitliche Risiken bei Verteidigungsaufträgen, Execution‑Risiken bei Großprojekten; Energie‑ und Stahlkosten für 2026 überwiegend abgesichert.
❓ Fragen der Analysten
- Cruise‑Margen: Analysten forderten Margenprofile für konkrete Neubauten; Management verweigerte spezifische Margenangaben, verwies auf strukturelle Verbesserungen.
- Verteidigungs‑Pipeline: Nachfrage nach Details zum Navantia‑MOU und SAFE; Management sieht MOU als wichtigen Schritt, erwartet baldige Bestellungsschritte, nannte kurzfristig ca. EUR 5 Mrd. Perspektive.
- US‑Programme & Factoring: LSM‑Zuteilung an Fincantieri Marinette bestätigt; Management erwartet zügige Vertragsabschlüsse. Reverse‑Factoring bleibt 2026 voraussichtlich auf 2025‑Niveau.
⚡ Bottom Line
- Relevanz: Ergebniswende ist bestätigt: robuste Margen, Rekord‑Backlog und schnellere Entschuldung stärken das Investmentcase. Kurzfristig entscheidend bleibt die zeitnahe Kontraktualisierung großer Verteidigungsaufträge und die konkrete Umsetzung der M&A‑Pipeline im Underwater‑Bereich.
Fincantieri — Q3 2025 Earnings Call
1. Management Discussion
Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining Fincantieri 9 Months 2025 Results Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir.
Good afternoon, ladies and gentlemen, and thank you for joining us today to discuss Fincantieri's 9 months 2025 results. We are pleased to present another solid set of results, building on the positive trajectory of the first half of the year.
Revenue growth remains robust across all segments, supported by favorable market tailwinds while increased operational efficiency in Cruise and higher contribution from the defense business keep driving margin expansion at the group level. Our underwater segment is growing according to plan and continues to deliver premium margins, strengthening its position as a key value and profitability driver for the group. We also enjoy exceptional visibility on our long-term business outlook, backed by a record high backlog that provides a strong foundation for future growth. Finally, our initiatives to improve working capital dynamics are supporting our rapid deleveraging trajectory, enhancing both financial flexibility and capital efficiency.
Let's now move to Page 4 for a brief summary of the financial and commercial highlights of the period. Revenues grew by 20.5% year-on-year to EUR 6.725 billion, supported by strong contribution from all business segments, in particular, Shipbuilding. We also achieved a significant increase in profitability with EBITDA posting an impressive double-digit growth of 40.4%, reaching EUR 461 million. EBITDA margin improved materially to 6.9% compared to 6.3% at year-end 2024 and 5.9% in the first 9 months of 2024. This substantial and rapid growth is particularly noteworthy given that operate in a heavy industry sector with low by rhythms.
Our net debt came in at EUR 1.65 billion, slightly better than EUR 167 billion recorded at year-end 2024, with a net debt-to-EBITDA ratio of 2.6x, improving compared to the ratio of 3.3x recorded at the end of 2024. Turning to Page 5. Our commercial performance was remarkable in the first 9 months of the year. We recorded an order intake of EUR 16 billion, rising by 88.4% compared to the previous year and higher than record value achieved in the whole of 2024 with a book-to-bill of 2.4x. The backlog reached EUR 41 billion, increasing 32.3% compared to the end of 2024 with a total backlog reaching a record level of EUR 61.1 billion, approximately 7.5x 2024 revenues. This gives us an exceptional visibility on the long-term business outlook and revenue stream and represents a key part of our strategy.
With delivery schedule all the way to 2036, we can turn to our supply chain partners and agree on terms, which favor both parties, thanks to the long-term commitment and higher volumes we can guarantee. Let's move to Page 6. 2025 represents the consolidation and progress of our vision and strategy. We confirmed our guidance for year-end as a demonstration of our ability to set an ambitious trajectory and to deliver it. Revenues for 2025 are expected to reach approximately EUR 9 billion. EBITDA margin is foreseen in excess of 7%, building upon the material increase in profitability already recorded across all our business segments in the first 9 months of this year. The deleveraging part is well ahead of our 2023-2027 business plan target, and we confirm the net debt to EBITDA to remain between 2.7 and 3x in full year results.
Finally, we expect positive net income at the end of the year. Let's move now to Page 7 for some insights on the commercial opportunities ahead. Our order intake continues to benefit from a solid pipeline with further tangible commercial opportunities valued at approximately EUR 26 billion, supported by our strong market positioning and favorable dynamics across all business segments. Cruise maintains its extraordinary momentum with a vertical increase in order across all product segments. Last September, we signed a contract with TUI for the design and construction of 2 vessels belonging to the intuition class, confirming once again our strong relationship with all world's most prominent cruise operators.
In defense, a preliminary agreement was signed with Greece for the transfer to the Atlantic Navy of 2 vessels of the Italian Navy. Hence, we expect this to ship to be replaced with new orders to the Italian Navy in the near future. Demand in the offshore and specialized vessel segment remains solid, with several new orders finalized during 2025 through our subsidiary, Vard, including the contract for 2 hybrid SOVs for North Star, confirming our leading position in this market.
Lastly, in the underwater segment, we are seeing the tangible benefits of our strong commercial positioning, also thanks to Vard's solution for top tier navies and to a broad portfolio of products with application in defense, commercial and use as we can see more in detail on Page 8. A clear example of excellence in our unmanned management system and underwater business is the SAND Marine drone, an unmanned surface vessel designed for a wide range of missions. Enhanced by the onboarding integration of the large system, which enables the deployment of underwater unmanned vehicles. In the field of offshore subsea infrastructure protection, we signed an agreement with Jan De Nul for the design and supply of an advanced system developed by Remazel for the transport and laying of rocks on the seabed to protect cables and pipelines called rock dumping.
More recently, we signed an agreement with Defcomm, supporting Fincantieri in developing and integrating deployment capabilities for autonomous surface vehicles on its naval units. Finally, last October, we presented DEEP, an integrated and cutting-edge solution for the protection, development and maintenance of critical underwater and port infrastructure. The system consists of a network of underwater sensors for early warning, a command and control center, a team of autonomous underwater vehicles and an AI-based platform for data analysis and processing. These high-tech solution and partnerships showcase our positioning as an orchestrator in the underwater domain.
Moving to Page 9. You can see how our commercial efforts are translating into an impressive order book. The first 9 months of the year, we secured a significant number of new orders, further consolidating Fincantieri's expansive global reach across all business segments and ensuring deep visibility up to 2036. In the first 9 months, we delivered 19 units from 9 shipyards. And as we speak, we have a full slate of deliveries scheduled up to 2036 with more to come. One prototype ship we expected to deliver at the end of 2025 will be delivered at the beginning of 2026, being a highly technological project for which we want to ensure the utmost quality of delivery.
Now I will hand the call over to Giuseppe, who will discuss our financial results in more detail. Please, Giuseppe.
Thank you, Pierroberto, and good morning, ladies and gentlemen. I'll move on to Page 11.
On the order intake, which was at EUR 16 billion greater than the whole of 2024 with a book-to-bill at 2.4x revenues. This indicates a very strong and sustained growth of Fincantieri Commercial pipeline, fueled by demand across all our core business segments. In shipbuilding, in particular, we posted EUR 4.6 billion in orders that is more than twice the first 9 months of 2024. Also in offshore and the other segments, orders were robust and accounted for almost EUR 2 billion. On Page 12, of course, the very high order acquisition brings us again to a record high backlog of EUR 61.1 billion, which stands at over 7x full year 2024 revenues and a backlog of EUR 41 billion with a soft of EUR 20.1 billion.
In this backlog, Cruise accounts for 34 units, defense, 29, underwater 4, submarines and offshore 33 vessels for a total of over -- of roughly 100 units with a clear and deep visibility for the years to come with deliveries, as we mentioned before, deliveries up to 2036. In the first 9 months of this year, we have so far delivered 19 units from 9 different shipyards. On Page 13, on financial revenues, a little in excess of EUR 6.7 billion, up 20.5% year-on-year. Here, we have a strong contribution coming from the Shipbuilding segment, which posted a 22.7% growth. And this growth is across cruise and defense, but particularly in defense, we grew 38.5%. This is partly -- this growth is partly driven from -- by the contract that we finalized in the first quarter of 2025 for the sales of 2 multipurpose combat units to the Indonesian Navy.
Shipbuilding roughly accounts for 68% of all group revenues, and offshore, which accounts for 14% of total revenues, rose as well by almost 13%, and this reflects the sustained growth trajectory of recent years, underpinned by the progressive development of the group's order backlog. Underwater revenues came at EUR 386 million, also driven by the consolidation of bus submarine systems in the first quarter of 2025 and the ramp-up of the construction of the first submarine for the Italian Navy, which is going to be delivered in 2029. Finally, Equipment, Systems and Infrastructure revenues are stable year-on-year at EUR 927 million. This is despite the reclassification of the subsidiary Seaonics to the offshore and specialized vessel segments.
Let's turn to Page 14 with the EBITDA, which is up 40.4% versus the first 9 months of last year and reached EUR 461 million. EBITDA margin grew to 6.9%, steadily improving from 6.3% reported at year-end 2024 and 5.9% reported in the first 9 months of 2024. Shipbuilding recorded an EBITDA of EUR 316 million, increased by 33% versus the previous year with an EBITDA margin of 6.5%, up 0.5 percentage points compared to the same period of 2024. And this is thanks to 2 drivers mainly results of the operational efficiency initiatives deployed in the cruise sector and the growth in the defense business, which, as you know, is characterized by higher profitability.
The Offshore and Specialized Vessels EBITDA reached EUR 57 million, increased by 21.4% compared to the EUR 47 million at the end of September of 2024 and EBITDA margin of 5.4% was roughly 5% in the first 9 months of last year. The underwater delivered an EBITDA of EUR 67 million with a margin of 17.3%. This confirms the sectors -- the segment's premium profitability. In the Equipment, Systems and Services and Infrastructure segment, EBITDA increased by almost 37% compared to the first 9 months of 2024, reaching EUR 68 million with an improving EBITDA margin at 7.4%. This is mainly driven -- the improvement is mainly driven by the Mechatronics and the infrastructure business.
Finally, on Page 15, net working capital and net debt. As of the end of September, we posted a net debt of EUR 1.6 billion roughly, in line with the [ EUR 1,648 million ] recorded at the end of the first half of 2025 and slightly better than the 2024 year-end figure, which was EUR 1.668 billion. The leverage ratio improved to 2.6x, and this is significantly lower than the 3.3x of year-end 2024. In this matter, we continue to work on the optimization of net working capital, which stands at negative EUR 465 million, and it's stable compared to year-end 2024. We have an increase in inventories and advances and trade receivables that more than offset the increase in trade payables and the decrease in work in progress, construction contracts and client advances.
With that, I will now hand the call back to Pierroberto for his closing remarks.
Thank you, Giuseppe. Let me now summarize some key takeaways on Page 17. We have delivered strong operational and financial results, which provide full visibility on achieving our year-end targets. Margins improved solidly year-on-year, supported by higher operational efficiency in Cruise, a greater contribution from defense and the continued strong performance of our underwater business. Cruise, we benefit from deep backlog visibility up to 2036, enhancing profitability and cash flows, thanks to working capital optimization, capacity saturation and increased procurement efficiency. At the same time, the current global geopolitical environment is creating significant growth opportunities in defense, which we are well positioned to capture. We are consolidating our position as a leading orchestrator in the underwater domain, expanding both our product offering and business development capabilities, also through targeted acquisitions and strategic partnerships.
Finally, as we speak, we are working on the new business plan to be approved by year-end that will lay the foundations for the next phase of growth and value creation. The strong results achieved in the first 9 months of 2025 allow us to confirm our guidance for the full year 2025. Revenues at approximately EUR 9 billion, EBITDA margin greater than 7%, net debt-to-EBITDA between 2.7 and 3x and positive net income.
With that, we are now open to take your questions.
[Operator Instructions] The first question is from Emanuele Gallazzi with Equita.
2. Question Answer
Three questions from my side. The first one is if there is any news from the U.S. market, I'm referring to, let's say, both the constellation program and the new opportunity in both civil and the naval shipbuilding. The second one is on Cruise. If you can just give us a sense of the current profitability for the business? And also considering the strong momentum on the order intake, would you say that last orders have a better profitability embedded?
And third one is on the net debt. Given that you are already at 2.6x net debt on EBITDA in the last 12 months, are you, let's say, more confident to be at around 2.7x by year-end? Or is there something on, for example, net working capital we should consider for the fourth quarter?
On the U.S.A. question, thank you, Emanuele, for your intervention. On the U.S.A. question, there are no significant information to be shared. We continue to pursue the strategic market of U.S. as a very important investment, very valuable contribution to the renaissance of shipbuilding in U.S. And we strongly believe that Fincantieri long-term mentality, which led our investment, again, 20 years ago. But this long-term mentality will pay back very soon.
What about Cruise and profitability of Cruise?
Yes, we are experiencing a level of interaction with our partner shipowners, a level of interaction that is giving us the perception of better profitability. More in general, I strongly believe that this big wave and multiple wave of awards will create the preconditions for a stronger execution, first of all, simply because our business is since ever a business of saturation. The more you can achieve saturation in your infrastructure, the more you can optimize the common cost and fixed cost. One and two, this very profound, very long-term aggregation of job and orders creates another very important precondition, which is the ability to negotiate, I would say, repetitive contracts with vendors, giving to vendors extensive visibility and therefore, apply a level of prices and entrepreneurship in general, which is higher and higher. So there's good momentum in Cruise.
Let me summarize, creates very good conditions with the clients, but most importantly, saturation in the employment of the infrastructure and optimization of the pricing and the relationship with the supply chain with the mentality of having a long-term alliance rather than a pure commercial play.
Moving to the debt. I would rather leave the floor to Giuseppe, but I believe it is very linear.
Well, the answer straightforward is yes, we're very confident on stay where we are and close year-end between 2.6, 2.7 ratio. So in the lower part of our guidance, very confident.
The next question is from Antonio Gianfrancesco with Intermonte.
I have 2. The first one is about future margin expansion because looking back over the last couple of years, Fincantieri demonstrated strong execution and efficiency reflected in a strong margin improvement.
Now looking ahead, I would like to understand the main factors that could lead to a faster margin expansion in the coming years. I mean, it is fair to say that most of cruise efficiency work has been done and that faster margin expansion will be more linked to a better business mix with a greater contribution from Naval and underwater activities? Or do you think that there is even more space also in the Cruise business? The second one is more specifically on defense underwater business. The market there remains extremely supportive. And I imagine your pipeline of potential new orders is quite strong. So I would understand in which geographical areas there is greater push to convert briefly the higher defense budget into actual investments and therefore, the greatest likelihood of orders in short to medium term.
Thank you, Antonio, for your questions. With respect to the first, we still reiterate and we still believe that we have 2 engines in terms of enhanced profitability. The first engine is the continuation of the activities and efforts we are injecting in the cruise business, which is a business of volumes, which is a business in which the enhancement of margins is strongly dependent on the circulation, again, of the infrastructure and fixed cost. And as I just finished to say, your ability to negotiate with the supply chain with a long-term deal rather than with an opportunistic deal.
So I believe that this engine is still on. It is still pushing forward. Then as you properly said, there is a second engine, which is the engine of the revenue mix, which is an engine whereby the improving the marginality kicks in as soon as the defense revenues will go up. So I think there are still both the opportunities there, and it is our, I would say, relentless effort to make it happen. And the new business plan will be the place in which these dynamics will be factored in. Moving to your second question, which is more on defense, which are the geographical areas in which we feel the commercial temperature "up and up." I would say there are 3 concentric circles.
The first one is Italy, where the Italian Navy is accelerating as the rest of the armed forces, the cycle of investment and contractualization. So according to the existing, I would say, public planning of future investment in naval defense, there are expected in short term, several possible awards, namely the Destroyer, namely the [ PPA program ], the LSS logistic ships program, the LXD, which are lending platforms. So there is a very clear road map of acceleration for the Italian Navy, let me say, which is the first circle.
Then there is a second concentric circle, which is Europe. As you may know, the SAFE program is a facility for EUR 150 billion, which is reserved to nations, which already secured an allocation of this EUR 150 billion, which is secured to nations according to 3 criteria to be verified. One is the ability to spend money within 2030. The second one is that at least 2 nations have to collaborate, i.e., European Union is pursuing defragmentation. Condition #3 is that 65% of the content of the supply chain of the ship of the Armament system has to be produced in Europe.
So this is happening. So it's EUR 150 billion. There are many navies that are discussing, I would say, each other, including with us. And so we believe that the 2030 condition, which is, again, 1 of the 3 compulsory conditions, but the 2030 condition will be a big push for this defense market to accelerate because basically, the European Union wants to -- wants nations to invest in defense and is prepared to give money if you are doing it now in the short term.
Then there is a third concentric circle, which is the export outside Europe. And as several times specified, we are very focused on 2 regions, in 2 extra European regions. One is the Middle East and the other one is Southeast Asia. In Middle East, we have a lot of presence already. We have very good credentials. And therefore, we are very active in very important nations such as Emirates and Saudi -- and Saudi Arabia, having domestic ambition, but also international ambitions. Middle East and Southeast Asia. We are, as you know, very well, very happy with the flag we put in Indonesia, which is an emblematic example of what is the level of attention to the naval, I would say, environment of that part of the world. But the same is Malaysia, the same is Thailand, Philippines, Vietnam. So there are several programs going on. I would say, in Southeast Asia, Fincantieri is very well positioned to pursue them. Obviously, with the level of velocity, with the level of speed that is typical of the procurement cycle of the public administration, i.e., there are no bleeds overnight.
It's a business for farmers. It's not a business for hunters, but you have to be there. You have to take care of the soil, pour the water and look after the small opportunity until it becomes a large award. We are very satisfied with our international expansion with our commercial internationalization process, which is leading us to have a very, very, very detailed and ramnified presence all over the world.
The next question is from Marco Vitale with Mediobanca.
I have a couple of follow-ups on the Defense segment. The first concerns the underwater business. You were mentioning that you're making a lot of efforts to expand the product portfolio in this division. Are you targeting also export opportunities for the system you are putting now into the market? Or do you expect this to be specifically devoted for your domestic customer? Second question is about -- we read about memorandum of understanding signed between Emirates and Angola to cooperate on the say, defense and Navy upgrade program. Do we expect this to provide you with additional growth opportunities for your export segment considering the JV that you have with the main defense conglomerate of the Emirates?
Thank you, Marco, for your question. Number one, underwater product, whether there is an -- sorry, an export opportunity or not. Absolutely, yes. I would say that the new navies that are looking into new international navies that are looking into the opportunity of expanding in naval base, those navies are particularly interested also in new technologies, in new attributes, I would say.
So by the way, the more your new technology is validated by the National Navy, the better it is. So this is the old school, I would say. But in the new industrial environment, it is true also the contrary, i.e., that new navies, international navies are more than happy also to shortcut and become themselves the partner of choice for those new technologies, also depending on the specific characteristic and requirements of the missions that these new drones or new technologies are expected to perform. So there is a lot of demand. The market is very, very "sparkling" and we feel very well positioned because we can associate the traditional products and the new attributes and new products in a way that is maximizing the sum of the parts.
Moving to your second question, the Emirates agreement with Sub-Saharan Africa, I would say, at large. We were kind of pioneer in the idea of joining forces with Abu Dhabi in order to go to Sub-Saharan Africa and to other regions. The joint venture we put together with EDGE or better one of the most important tasks and objectives of the joint venture we put together with EDGE was exactly this one, i.e., to join forces where we contribute our industrial capabilities and strength. They join their industrial capability and strengths and behave as an export platform in geographies in which the Abu Dhabi perspective, the Abu Dhabi geopolitics, the Abu Dhabi ability to financially support the defense capabilities and defense industrial base is very strong. So whenever Abu Dhabi is working and cultivating government-to-government relationship in the defense, our joint venture with EDGE, which is called MAESTRAL is naturally involved because this is the core strategy for Fincantieri and for EDGE in order to address those markets.
The next question is from Gabriele Gambarova with Intesa Sanpaolo.
The first one is on, again, on underwater on the Philippines and the Polish opportunities. Is there an idea of when the award may take place? And what is your, let's say, competitive advantage, I mean, in your perspective? I mean, is it possible that you could, say, provide better delivery times apart from the product? I mean, everybody knows it's very, very strong. But are there other, let's say, aspects that may position you better than the competition? So this is number one.
The second is on Rheinmetall, the move they made that they announced this, let's say, purchase of the Lürssen shipyard. So I was wondering what's your opinion on that? And the third one, if I may, is on Norway. There was the award of the Frigate contract that chose the Type 26. I understood, this is my interpretation that there was also politics, let's say, played a role there. I was wondering if you got some feedback, some comments on the products you submitted that is the constellation. Is it too young as a platform or something similar? I mean, any lesson learned from this experience would be interesting.
Thank you very much, Gabriele. On Poland, obviously, we depend on the public announcement of the "procurement officer" of the nation of the government, of the Polish government. Our latest news are the same, i.e., that the process is expected to be very fast. There is a lot of, I would say, preparation work already performed in the last months. So my information is that it's a short-term development. It is not a long shot. I believe that our offering is very robust.
First of all, from the technical perspective because we have extensive experience and the summary we offered is very well proven. But most importantly, I believe that it's better to go fast because this opportunity can be financed with a SAFE facility. And in order for it to happen, it's very important that the process is finalized very, very soon. So I strongly believe that the access to SAFE will obviously create kind of advantage of European players against non-European players for the bid. So technical expertise and reliability to "financeability", it's SAFE.
Point number three is delivery time, as you hinted before. I totally agree with you that in the new defense environment and space, it is so important that you can be faster than expected and you can be -- you can, in a sense, cut corners in order for the asset to be at sea sooner rather than later. So also in that respect, we are putting together very, I would say, very, very solid ideas that can truly procure that there is a strong differentiation of our offering vis-a-vis the others.
Moving to your second question, what's my gut feeling about what's my gut feeling on Rheinmetall and Lürssen. I think it's always good news when Europe gets more and more focused on the defense industrial base. This is exactly what nations are, I would say, constantly and consistently asking to players, to industrial players. So I'm very happy to see that Germany is -- which is a very important country, so focused on defense, so focused also on naval defense. I think that the involvement in the shipbuilding is not, I would say, downhill exercise. I think it's a very different business model with very different constraints with very different, I would say, dynamics from many respects in terms of supply chain, in terms of labor, in terms of appetite for risk, in terms of dependence on external parties' infrastructure. So it's a totally different exercise. But at the same time, I believe that Rheinmetall is a very sophisticated company, and they will find their way to become knowledgeable about such a different business.
Moving to Norway and the partnership with U.K. I 100% agree with you. It's a very clear example of geopolitical exercises rather than business exercises, which is the name of the game because when you sell defense, you don't sell a product. It's not a commercial game. It's a very serious geopolitical story. So our interpretation is that Norway is taking a view, which is a kind of, I would say, geopolitical view that U.K. is a partner in the defense and not only a supplier of ships. That's our interpretation of the tender. And I think that's what consistently happened throughout the -- our process. That's it. We have Fincantieri, we have very well-proven frigate platform, which is much more fashionable in the Mediterranean Sea.
The next question is from Michele Baldelli with BNP.
I have a couple of questions. The first one relates to the Greece order. Can you elaborate on the timing that we may see it in your P&L, if you can share it with us? And the second question relates -- I know that there could be a business plan presentation, therefore, more details around it. If you can anticipate something around the expansion CapEx plan. How do you see the defense capacity going on in the next few years? And what steps will you do?
Thank you, Michele. On your question with respect to your question on Greece, I think it's not possible nor appropriate to give details because it's a commercial prospect we are working on. What I can tell you is that this is the result of a long-term effort to create the partnership between Italy and Greece. This long-term effort has been pursued by the Italian institutions. The Italian Navy, first line, Minister of Defense, the Minister himself. So I believe it's a very strong and very win the stone kind of partnership.
There are a number of next steps very clearly agreed by the parties, which are being managed in accordance with expectations in terms of timing. I think that the -- I don't want to give too many details, but I think that the signature will be obviously in 2026. And this signature will be, I would say, a big achievement for Fincantieri because you know that once the Italian frigates will be sold and delivered to Greece, at the same time, the Italian Navy will place an order for 2 new frigates. We call it FREMM EVO, the evolution model, so the latest of the family. So new order intake for 2 frigates will take place at the same time. So it's very good news.
On your second question about the expansion of capacity, I think that the business plan disclosure will be the right time to give all the relevant details, which will be directly proportional to the market we see in front of us in terms of awards in the defense. What I can anticipate today is that we have a lot of elasticity and flexibility. So what we discovered in these months of preparation, what we discovered is that the system of shipyards of Fincantieri is a formidable tool source of flexibility in moments like that. So we have, I would say, kind of production footprint that can truly move and get along with the priorities of the market in a way that is, for a big part, seamless. What seamless means with the same existing infrastructure, with the same existing footprint, we can build much more.
Working on the production techniques, methodologies, small investment in incremental equipment, but we can do a lot with the same infrastructure, which means that we can pursue this growth in defense without the necessary time lag for the new investments to happen. So that's what I mean by having a versatile system of shipyards and being able to be flexible and very responsive to market demand. So we can increase a lot our construction hours in defense with the same existing installed infrastructure. That's what I would like to anticipate today. The rest of the, I would say, disclosure and unveiling will be done with the numbers in the right location.
Gentlemen, there are no more questions registered at this time. The floor is back to you.
Thank you very much. Thank you very much for your attendance.
Thank you. Bye-bye.
Thank you. Bye.
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Fincantieri — Q3 2025 Earnings Call
9‑Monats-Call: Starke Topline‑ und Margenentwicklung, Rekord‑Backlog und beschleunigte Entschuldung; Guidance für 2025 bestätigt.
📊 Quartal auf einen Blick
- Umsatz: EUR 6,725 Mrd. (+20,5% YoY)
- EBITDA: EUR 461 Mio. (+40,4% YoY)
- EBITDA‑Marge: 6,9% (vs. 5,9% in 9M24)
- Nettofinanzschuld: ~EUR 1,65 Mrd.; Net‑Debt/EBITDA 2,6x (vs. 3,3x YE24)
- Order Intake / Backlog: EUR 16 Mrd. (+88,4%) / EUR 61,1 Mrd. (+32,3%), Book‑to‑Bill 2,4x
🎯 Was das Management sagt
- Margenquelle: Effizienzprogramme in Cruise plus wachsende Verteidigungs‑ und Unterwasserumsätze treiben Profitabilität.
- Kommerziell: Rekord‑Backlog mit Lieferplan bis 2036 schafft Verhandlungs‑ und Planungsvorteile gegenüber Zulieferern.
- Kapazität & Nächster Plan: Fokus auf Flexibilität und Working‑Capital‑Optimierung statt großem sofortigen CapEx; neuer Businessplan bis Jahresende.
🔭 Ausblick & Guidance
- 2025 Guidance: Umsatz ~EUR 9 Mrd., EBITDA‑Marge >7%, Net‑Debt/EBITDA zwischen 2,7–3x; positives Nettoergebnis erwartet.
- Deleveraging: Management sieht Ziel im unteren Bereich der Spanne; CFO bestätigt Erwartung, nahe 2,6–2,7x zu schließen.
- Operationales Risiko: einzelne Lieferverschiebungen (ein Prototyp verschoben auf Anfang 2026) beeinflussen Timing, nicht grundsätzliche Nachfrage.
❓ Fragen der Analysten
- US‑Markt: Keine neuen Details; Engagement in USA bleibt strategisch wichtig, aber ohne kurzfristige Ankündigungen.
- Margenausblick: Diskussion, ob weitere Cruise‑Hebel existieren oder Margen hauptsächlich durch Mix‑Shift zu Defense/Underwater steigen werden — Management sieht beide Treiber.
- Verteidigungs‑Pipeline: Fokus auf Italien, Europa (SAFE‑Facility) sowie Mittlerer Osten und Südostasien; Griechenland‑Deal soll 2026 unterschrieben werden und löst Folgeaufträge aus.
⚡ Bottom Line
- Fazit: Solide operative Fortschritte: starkes Umsatz‑/EBITDA‑Wachstum, deutliche Entschuldung und rekordhohes Backlog untermauern die bestätigte Jahresguidance. Chancen vor allem durch höhermargige Verteidigungs‑ und Unterwassergeschäfte; Timing‑ und geopolitische Risiken sowie Working‑Capital‑Dynamik bleiben die wichtigsten kurzfristigen Unsicherheitsfaktoren für Aktionäre.
Finanzdaten von Fincantieri
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 9.209 9.209 |
2 %
2 %
100 %
|
|
| - Direkte Kosten | 6.795 6.795 |
2 %
2 %
74 %
|
|
| Bruttoertrag | 2.414 2.414 |
14 %
14 %
26 %
|
|
| - Vertriebs- und Verwaltungskosten | 1.634 1.634 |
8 %
8 %
18 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 690 690 |
21 %
21 %
7 %
|
|
| - Abschreibungen | 294 294 |
1 %
1 %
3 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 396 396 |
46 %
46 %
4 %
|
|
| Nettogewinn | 191 191 |
100 %
100 %
2 %
|
|
Angaben in Millionen EUR.
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Fincantieri S.p.A. beschäftigt sich mit der Entwicklung und dem Bau von Kreuzfahrtschiffen, Militärschiffen, Hilfs- und Spezial-U-Booten sowie Offshore-Support-Schiffen. Das Unternehmen ist in den folgenden Geschäftsbereichen tätig: Schiffbau; Offshore; und Ausrüstung, Systeme und Dienstleistungen. Das Segment Schiffbau befasst sich mit dem Bau, der Reparatur und dem Umbau von Kreuzfahrtschiffen, Fähren, Marineschiffen und Megayachten. Das Segment Offshore umfasst die Konstruktion und den Bau von Schiffen für die Öl- und Gasexploration und -produktion sowie Dienstleistungen und die Produktion von elektronischen Systemen, Energie- und Automatisierungslösungen, Rohrsystemen, elektrischen Anlagen und Unterkünften für solche Schiffe. Das Segment Ausrüstung, Systeme und Dienstleistungen befasst sich mit der Herstellung mechanischer Produkte und der Erbringung von Kundendienstleistungen für die gelieferten Schiffe. Das Unternehmen wurde am 29. Dezember 1959 gegründet und hat seinen Hauptsitz in Triest, Italien.
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| Hauptsitz | Italien |
| CEO | Mr. Folgiero |
| Mitarbeiter | 24.370 |
| Gegründet | 1996 |
| Webseite | www.fincantieri.com |


