The Board of Directors of Fincantieri, chaired by Biagio Mazzotta, has approved the interim financial information as of March 31, 2025.
FINANCIAL RESULTS
- Significant growth in Revenues at euro 2,376 million (+35% vs Q1 2024)
- EBITDA increases materially year-on-year to euro 154 million (euro 100 million in Q1 2024), driven by solid performances across all segments, in particular in Shipbuilding (+53%)
- EBITDA margin at 6.5%,improving significantlycompared to 5.7% achieved in Q1 2024, mainly thanks to the revenue growth in the defense segment, operational efficiency measures in the cruise business, and the contribution of WASS Submarine Systems (consolidated at the beginning of 2025)
- Net debt at euro 1,608 million, marginally better than the value recorded at year-end 2024, amounting to euro 1,668 million excluding the temporary effect of the rights issue completed in July 2024 to finance the acquisition of WASS (euro 1,281 million including this effect). Net debt to EBITDA (Last Twelve Months) ratio of 2.9 times in Q1 2025, notably improving compared to FY 2024.
COMMERCIAL PERFORMANCE
- Best ever quarterly order intake totaling euro 11.7 billion as of March 31, 2025, showing extraordinary growth compared to Q1 2024 (euro 0.5 billion) and representing approximately 76% of the total record value achieved in 2024, with a book-to-bill ratio at 4.9 times revenues
- Backlog ateuro 40.3 billion up 30% compared to year-end 2024, with total backlog (including soft backlog) reaching a record level at euro 57.6 billion, equal to about 7.1 times FY 2024 revenues
- 4 ships delivered in Q1 2025 and 102 units in portfolio with deliveries scheduled up to 2036
2025 GUIDANCE
Fincantieri confirms its 2025 guidance as communicated in its FY 2024 results release.
| (euro/million) | 31.03.2025 | 31.03.2024 | Change | ||
| Revenues and income | 2,376 | 1,767 | 34.5% | ||
| EBITDA(1) | 154 | 100 | 53.5% | ||
| EBITDA margin(*) | 6.5% | 5.7% | 0.8 p.p. | ||
| Order intake(**) | 11,712 | 539 | n.a. | ||
| n.a. not applicable(1) This figure does not include extraordinary or non-recurring income and expenses. See definition contained in the paragraph Alternative Performance Measures(*) Ratio between EBITDA and Revenues and income(**) Net of eliminations and consolidation adjustments | |||||
| (euro/million) | 31.03.2025 | 31.12.2024 | Change | |
| Net debt(1) | 1,608 | 1,281 | 25.5% | |
| Backlog(*) | 40,344 | 30,978 | 30.2% | |
| (1) See definition in the paragraph Alternative Performance Measures. Data as at 31.12.2024 includes the temporary effect of the rights issue concluded in July 2024(*) Net of eliminations and consolidation adjustments | ||||
Pierroberto Folgiero, Fincantieri Chief Executive Officer and General Manager, commented:
“The creation of the new Underwater segment represents a fundamental step in the Group’s industrial evolution. We have entered a strategic domain of very high technological complexity, where the ability to integrate advanced systems and develop dual-use solutions will be decisive for European competitiveness and national security. This positioning further strengthens our role as a technology enabler in the defense and critical submarine infrastructure domain. The first quarter of 2025 marks the best result in our history, with EBITDA growth of 54% and an unprecedented order backlog. These are the results of a long-term strategic vision based on rigorous financial discipline, solid industrial governance, and a strong ability to turn innovation into concrete solutions. The increase in revenues in the Defense segment and the consolidation of our three dimensions – cruise, defence and offshore – confirm the effectiveness of our integrated business model.”
Mr. Folgiero concluded: “We will continue to pursue our goals for 2025 with determination and beyond, actively contributing to the reindustrialization of the country and the strengthening of the European manufacturing system. Fincantieri is today a future-proof laboratory of heavy industry, a champion of Made in Italy ingenuity, committed to generating employment, competitiveness, and sustainable innovation along the entire value chain.”