Fincantieri raises the bar for 2026.
The Trieste-based shipbuilding group closed the first quarter of the year with record orders, revenues down 10%, and a leap in profitability.
These are the main economic indicators of the accounts as of March 31 approved by the board chaired by Biagio Mazzotta. The company thus raised its 2026 guidance: revenues expected at 9.3-9.4 billion (from the previous estimate of 9.2-9.3 billion), EBITDA of 700-710 million (around 700 million previously), an EBITDA margin “of about 7.5%” and net profit between 140 million and 180 million” (compared to ‘higher than the value recorded in 2025’).
“The first quarter of 2026 confirms the consistency and strength of the group’s growth path,” commented Fincantieri CEO and General Manager, Pierroberto Folgiero.
All the details.
REVENUES DECREASE
Fincantieri recorded revenues down 10.1% to 2.135 billion euros in the first quarter of 2026 and an EBITDA of 159 million, improved compared to 154 million a year ago (+3%). Gross margin improves to 7.4% from 6.5% a year ago. Analysts expected revenues around 2.2 billion and EBITDA around 150 million.
The decline in revenues compared to a year ago, the company explains, is due to the fact that the first quarter of 2025 included the order for two patrol vessels for the Indonesian Navy while the improvement in EBITDA is linked to “the significant increase in profitability in all operating segments.”
HOW THE INDIVIDUAL SECTORS PERFORM
Looking at the individual sectors, in the first three months of 2026, Shipbuilding segment revenues amounted to 1.53 billion euros (-16.0% compared to the first quarter of 2025) with an EBITDA of 115 million euros (-8.1%). Specifically, the note explains, the cruise ship business recorded significantly increased revenues of 1.22 billion euros (+16.8% compared to March 31, 2025) and sharply expanding profitability. “Revenues in the Defense sector, amounting to 297 million euros compared to 770 million euros in the first quarter of 2025, reflect the positive contribution of the order for Indonesia” on the first quarter of 2025 and “the effect of the redefinition of the Constellation program on 2026 revenues, which will be offset by expected revenues in the following years due to new orders expected in the United States in the coming months,” the note emphasizes.
As of March 31, 26, growth continues in the Offshore and Special Ships segment, with revenues reaching 360 million euros (+12.1%) and EBITDA increasing by 13.1% to 18 million euros with an EBITDA margin of 5.0% (4.9% in the first quarter of 2025).
Then, revenues in the Systems, Components and Infrastructure sector recorded an annual revenue increase of 8.9% to 309 million euros (283 million euros in the first quarter of 2025), driven particularly by the Mechanical Systems and Components Hub (+24.6%) and the Infrastructure Hub (+7.1%).
The Underwater segment is sprinting: it recorded “a strong acceleration in revenues and EBITDA, reaching respectively 135 million euros and 23 million euros in the period, with a positive change of 43.3% and 44.0% compared to the first quarter of 2025.”
ORDERS INCREASE
In the first three months of 2026, new orders worth 3.4 billion were finalized: “the current visibility on signed contracts, between soft backlog and new acquisitions since the beginning of the year, already provides full coverage of the 2026 target of about 11 billion” announced during the industrial plan presentation.
As of March 31, 2025, the backlog reached 42.7 billion euros, up 3.9% compared to the end of 2025.
NET FINANCIAL POSITION IMPROVES
The adjusted financial position is negative by 771 million at the end of March compared to 1.311 billion at the end of 2025 (with a debt ratio of 1.1 times, down from 1.9 in December, but 1.8 excluding the capital increase).
UPWARD REVISED GUIDANCE
In light of this, Fincantieri has revised upwards the guidance for 2026 communicated during the presentation of the 2025 results: revenues of about 9.3-9.4 billion euros (from 9.2-9.3 billion); EBITDA between 700 million and 710 million euros (from about 700 million); EBITDA margin at about 7.5%; net profit between 140 million and 180 million euros (from “higher than the 2025 figure”); adjusted net financial position / EBITDA ratio at 2.0x (1.3x including the capital increase completed in February 2026).
CEO’S COMMENT
“The commercial performance marks a new milestone, with a workload higher than ever, amounting to 74.2 billion euros, which guarantees visibility on deliveries further extended until 2039, with extremely deep and structural operational prospects not only for the Group’s shipyards but for the entire supply chain,” said Fincantieri’s top executive.
“During the period there was also,” Folgiero continued, “a significant improvement in profitability, with margin growth in all operating segments, supporting cash generation and reflecting a significant improvement in the financial position. In light of the results achieved and the visibility on the order portfolio, we have revised upwards the guidance for 2026, further strengthening expectations for economic and financial growth. With 94 ships in the portfolio and 5 units delivered from 5 shipyards in the quarter, contracts worth already more than the entire 2026 target of 11 billion euros were also concluded in the first months of the year, confirming the strong commercial momentum.”
“We look to the future with confidence, strengthened by an unprecedented order backlog and extended long-term operational visibility which, in line with the 2026–2030 Industrial Plan, reinforces Fincantieri’s role as a reference industrial platform in the high-complexity naval engineering and marine technologies sectors,” Folgiero concluded.
