Company Reports

Fincantieri’s strategy is centered on repositioning the group from a traditional shipbuilder to a technology-driven defense and underwater systems integrator, capable of capturing higher-margin, capital-light growth across its global portfolio. The transformation underway reflects a deliberate rebalancing of exposure between cruise and defense, with a structural shift toward naval, underwater, and specialized vessels that offer superior profitability, improved working capital, and recurring service potential.

Fincantieri’s first-half revenue was flat at EUR 4.58 billion, while EBITDA rose 13% to EUR 350 million and margin expanded 80 basis points to 7.6%. Net profit nearly tripled to EUR 102 million. 2026 guidance was maintained.

Fincantieri posted revenue of EUR 2.1 billion (up about 6% year on year excluding a 2025 Indonesian PPA one-off ) with EBITDA margin up to 7.4% from 6.5%, while total backlog hit a record EUR 74.2 billion (about 8.1 years of work) and 2026 guidance was raised across revenue, EBITDA, and net profit.

Fincantieri’s strategy is centered on repositioning the group from a traditional shipbuilder to a technology-driven defense and underwater systems integrator, capable of capturing higher-margin, capital-light growth across its global portfolio. The transformation underway reflects a deliberate rebalancing of exposure between cruise and defense, with a structural shift toward naval, underwater, and specialized vessels that offer superior profitability, improved working capital, and recurring service potential.

Fincantieri posted record 2025 results, with net profit of EUR 117 million—more than four times 2024—alongside all-time highs in order intake (EUR 20.3 billion) and total backlog (EUR 63.2 billion), driven by surging cruise and underwater demand.

Fincantieri shares fell 12% after a EUR 500 million accelerated capital increase, despite management reaffirming, at the CMD, its medium-term plan for about EUR 12.5 billion of revenue and an EBITDA margin of around 10% by 2030, driven by defense growth, underwater expansion, and productivity gains.

Fincantieri’s strategy is centered on repositioning the group from a traditional shipbuilder to a technology-driven defense and underwater systems integrator, capable of capturing higher-margin, capital-light growth across its global portfolio. The transformation underway reflects a deliberate rebalancing of exposure between cruise and defense, with a structural shift toward naval, underwater, and specialized vessels that offer superior profitability, improved working capital, and recurring service potential.

European defense stocks rose on Jan. 8 after President Donald Trump called for a roughly 66% increase in the 2027 US defense budget, alongside renewed geopolitical risk from Washington’s rhetoric on Greenland.

Reports of the US-driven Russia-Ukraine peace deal triggered a downturn in European defense stocks, with names under our coverage down between 10%-20% since October highs.

Fincantieri’s strategy is centered on repositioning the group from a traditional shipbuilder to a technology-driven defense and underwater systems integrator, capable of capturing higher-margin, capital-light growth across its global portfolio. The transformation underway reflects a deliberate rebalancing of exposure between cruise and defense, with a structural shift toward naval, underwater, and specialized vessels that offer superior profitability, improved working capital, and recurring service potential.

We are initiating coverage of Fincantieri, one of the world’s largest shipbuilding groups, which operates across the defense, commercial, and specialized maritime sectors.