Fincantieri reported a record net profit in the first half of 2026, highlighting the group’s strong operational performance and continued growth momentum.
FINANCIAL RESULTS
- Net Profit of euro 102 million, almost three times 1H 2025 result (euro 35 million); adjusted net profit for the period, excluding extraordinary or non-recurring income and expenses, reaches euro 113 million (euro 48 million in 1H 2025)
- EBITDA rises 12.5% to euro 350 million (euro 311 million in 1H 2025), mainly driven by a 1 percentage point increase in Shipbuilding EBITDA Margin and by organic growth in Underwater
- EBITDA margin expands to 7.6%,compared with6.8% in 1H 2025
- Revenue broadly stable at euro 4,580 million (euro 4,576 million in 1H 2025), with a marked acceleration in the second quarter of 2026; 1H 2025 benefited from the order for two PPA/MPCS vessels for the Indonesian Navy
- Net debt adjusted improves significantly to euro 756 million, compared with euro 1,311 million as at FY 2025; leverage ratio (Net debt adjusted / EBITDA LTM) decreases to 1.0x, compared with 1.9x as at 31 December 2025, supported by cash generation over the period and by the capital increase completed in February 2026. Excluding the benefit from the capital increase, net debt adjusted still improves to euro 1,234 million, with a leverage ratio of 1.7x (compared with FY 2026 guidance of 2.0x)
COMMERCIAL PERFORMANCE
- Total backlog reaches euro 73.9 billion, up 17.0% compared with FY 2025 (euro 63.2 billion), approximately 8.0 times 2025 revenue; backlog stands at euro 43.0 billion, increasing 4.7% compared with YE 2025 figure
- Order intake at euro 6.1 billion (euro 14.7 billion in 1H 2025), not including new major contracts signed in 1H 2026 and yet to become effective, for a value largely exceeding the annual target of approximately euro 11 billion envisaged in the 2026-2030 Business Plan
- 11 units delivered from 8 shipyards and 92 units in order book; deliveries extending through 2039, including the order from Princess Cruises signed in April 2026
2026 GUIDANCE
Fincantieri confirms its 2026 guidance communicated with the 1Q 2026 results release:
- Revenue at approximately euro 9.3-9.4 billion
- EBITDA at euro 700-710 million
- EBITDA margin at approximately 7.5%
- Net profit of euro 140-180 million
- Net debt adjusted / EBITDA at 2.0x (1.3x including the capital increase completed in February 2026)
| (euro/million) | 30.06.2026 | 30.06.2025 | Change | |
| Revenue and income | 4,580 | 4,576 | 0.1% | |
| EBITDA(1) | 350 | 311 | 12.5% | |
| EBITDA margin(*) | 7.6% | 6.8% | 0.8 p.p. | |
| Adjusted profit/(loss) for the period(2) | 113 | 48 | 134.3% | |
| Profit/(loss) for the period | 102 | 35 | 188.4% | |
| Order intake(**) | 6,120 | 14,744 | -58.5% | |
| (1) This figure does not include extraordinary or non-recurring income and expenses. See definition contained in the paragraph Alternative Performance Measures(2) Profit/(loss) for the period before extraordinary or non-recurring income and expenses(*) Ratio between EBITDA and Revenue and income(**) Net of eliminations and consolidation adjustments | ||||
| (euro/million) | 30.06.2026 | 31.12.2025 | Change | |
| Net debt adjusted(1) | (756) | (1,311) | -42.4% | |
| Total backlog(*) | 73,916 | 63,195 | 17.0% | |
| – of which backlog(*) | 43,016 | 41,095 | 4.7% | |
| (1) See definition in the paragraph Alternative Performance Measures(*) Net of eliminations and consolidation adjustments | ||||
Agreements for the acquisition of majority stakes in next geosolutions, WSENSE, GRAAL TECH and DEFCOMM announced, with an initial expenditure of approximately euro 600 million
With the acquisitions announced on 6 July 2026, Fincantieri establishes the first vertically integrated underwater operator, with complementary competences across the entire value chain. The new underwater ecosystem enables the Group to offer end-to-end solutions, leveraging on the integration of hardware and software, telecommunications, subsea vehicles and services, with significant commercial opportunities, joint innovation and operational efficiency, in line with the Underwater business strategy envisaged in 2026-2030 Business Plan.
The acquisitions are financed through the proceeds of the approximately euro 500 million capital increase successfully completed in February 2026, and other resources available to the Group, with no impact on the 2026 Net Debt adjusted / EBITDA guidance and an improvement in the 2028 and 2030 Net Debt adjusted / EBITDA targets.
On a pro-forma basis, the Underwater segment is expected to generate euro 1.1 billion of revenue and euro 220 million of EBITDA in 2026, achieving 4 years ahead of schedule the Underwater growth targets set for 2030. The acquisitions are expected to contribute more than euro 60 million to the Group’s pro-forma net profit in 2026.
Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, said:
“The first half 2026 results confirm that Fincantieri’s growth trajectory is characterized by strong profitability expansion and value creation. Net profit, nearly tripling compared to the same period of the prior year, underscores the effectiveness of the strategic path undertaken, as well as our ability to translate a profound order book into concrete and tangible results. Moreover, the growing contribution of the Underwater business, together with the continued strengthening of the Group’s core activities, are reinforcing our industrial profile and enhancing its solidity, balance and distinctiveness. With a Total Backlog of € 74 billion providing deep visibility through 2039, we can look ahead with confidence, leveraging an exceptionally strong industrial and commercial platform. In this context, the recently announced acquisitions in the Underwater domain represent a key strategic milestone, creating the first vertically integrated operator with complementary competences across the entire value chain.”
Mr. Folgiero concluded: ”We are shaping a Fincantieri that combines industrial scale, innovation and execution excellence, further strengthening our leadership position and enhancing our ability to capture the emerging opportunities.”