- Fincantieri posted a record-breaking Q1 2025 with €2.4 billion in revenues and a 54% jump in EBITDA, driven by strong cruise, defense, and underwater segment performances.
- Order intake hit an all-time high of €11.7 billion, raising the total backlog to over €57 billion, supporting long-term revenue visibility through 2036.
- Strategic advancements included launching the Underwater segment and expanding international defense partnerships, while continuing innovation in hydrogen-powered vessels and digital technologies.
Fincantieri recorded its strongest first-quarter financial performance in 2025, marked by a significant increase in both revenue and profitability. Revenues grew by 35% year-on-year to €2,376 million, while EBITDA rose by 54% to €154 million, up from €100 million in Q1 2024. The EBITDA margin also improved to 6.5% from the previous 5.7%, indicating stronger operational efficiency. This growth was largely driven by exceptional performance across all segments, particularly shipbuilding, with the defense sector and the cruise business showing notable improvements. The Underwater segment, newly launched in 2024, added €95 million in revenues, boasting a high EBITDA margin of 17%. Meanwhile, net debt at the end of Q1 2025 stood at €1,608 million, reflecting a stable financial position with a net debt-to-EBITDA ratio of 2.9 times, slightly better than the €1,668 million recorded at year-end 2024 (excluding the rights issue).
Commercial Results and Order Intake
The first quarter of 2025 was commercially outstanding for Fincantieri, with the company achieving its highest-ever quarterly order intake of €11.7 billion, a massive increase from €539 million in Q1 2024. This record performance represented 76% of the total order intake for all of 2024. The backlog increased to €40.3 billion, up 30% from the end of 2024, and the total backlog, including soft backlog, reached €57.6 billion, equivalent to 7.1 times the company’s full-year 2024 revenues. Four ships were delivered in the first quarter, and the total number of vessels in the order book now stands at 102, with deliveries scheduled up to 2036. This impressive order pipeline highlights the company’s strong industrial foundation and diversified global demand.
Strategic Development – Launch of Underwater Segment
A major strategic milestone for Fincantieri in Q1 2025 was the formal launch of its Underwater segment, consolidating its leadership in subsea technologies. This new division integrates the capabilities of WASS (Whitehead Alenia Sistemi Subacquei), known for advanced underwater acoustic and weapon systems, and Remazel Engineering, specialists in subsea equipment and robotics. This segment supports the development of dual-use (civil and defense) technologies and plays a vital role in enhancing Italy’s national defense capabilities. The Underwater division has already shown strong performance, generating substantial revenues with high margins, and is positioned as a long-term growth catalyst.
International Expansion and Strategic Partnerships
Fincantieri continued to strengthen its global presence through key international partnerships. In Asia, the company signed a cooperation agreement with thyssenkrupp Marine Systems to co-develop and export U212 NFS submarines, targeting future contracts such as those from the Philippine Navy. In the Middle East, Fincantieri’s joint venture MAESTRAL, with the UAE’s EDGE Group, secured a €500 million in-service support contract for the UAE Navy, reinforcing the Group’s influence and reliability in international defense markets. These agreements underline Fincantieri’s strategic focus on expanding in geopolitically significant regions.
Cruise and Offshore Segments
The cruise and offshore segments remained core strengths for Fincantieri. The company received new orders from key clients such as Norwegian Cruise Line Holdings and Viking Cruises, along with new customers including AIDA Cruises and Marella Cruises, signaling continued confidence in its design and engineering capabilities. In the offshore sector, VARD, Fincantieri’s subsidiary, secured a new contract for a subsea operations vessel with Dong Fang Offshore, demonstrating the Group’s competitive edge in delivering custom-built solutions for specialized maritime operations.
Innovation and Sustainability Initiatives
Fincantieri further underscored its commitment to innovation and sustainability by unveiling the world’s first hydrogen-powered cruise ship, the “Viking Libra,” slated for delivery in 2026. This vessel, developed in collaboration with Isotta Fraschini Motori (IFM), represents a pioneering step toward decarbonization in the maritime industry. In parallel, Fincantieri accelerated its digitalization initiatives through Fincantieri Ingenium, a new venture focused on integrating smart technologies, AI, and cybersecurity into ship management. These forward-looking initiatives align with the Group’s strategy to lead the transition to more sustainable and technologically advanced shipbuilding solutions.
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Source: Fincantieri
