Fincantieri is conquering the underwater sector with four acquisitions.
This morning the Trieste-based naval group announced the acquisition of Next Geosolutions, Wsense, Graal Tech, and Defcomm, with an initial investment of about €600 million mainly financed through the resources raised with the €500 million capital increase completed in February. The operation will create the “first vertically integrated underwater operator” with eight entities active along the entire value chain, anticipating by four years the underwater growth targets set for 2030 in the 2026-2030 industrial plan presented last February.
The expansion into the underwater segment fits into Fincantieri’s long-standing strategy to strengthen the consolidation process of the European defense and shipbuilding industry. In recent years, the group led by Pierroberto Folgiero has repeatedly emphasized the need to create European industrial champions capable of competing globally, through aggregation and integration operations.
The main attempt in this direction dates back to the acquisition project of the French Chantiers de l’Atlantique (formerly Stx), an operation started in 2017 but definitively failed in 2021 after the withdrawal of political support. Subsequently, Fincantieri was indicated among the groups interested in Tkms (Thyssenkrupp Marine Systems), specialized in the construction of submarines and military naval units, ahead of the spin-off from the German Thyssenkrupp group.
But with today’s announcement, the naval group is aiming straight at the underwater sector and the market welcomes the move with enthusiasm: at 4 pm the shares trade up 10.55% at €12.05.
All the details.
FINCANTIERI’S UNDERWATER TECHNOLOGY HUB
Fincantieri has announced the conclusion of agreements for four strategic acquisitions in the underwater segment, concerning Next Geosolutions, Wsense, Graal Tech, and Defcomm.
“The four companies will become part of Fincantieri’s underwater hub, which will coordinate the development of product and market synergies, also through integrated solutions for unconventional underwater activities,” states the note from the Trieste group, explaining that the “hub will evolve into an international underwater operator, composed of 8 leading companies in their respective fields and strongly vertically integrated which, working synergistically, will bring strong cross-contamination within the group.”
As already mentioned, the initiative fits into the development path of the underwater segment outlined in the 2026-2030 Industrial Plan and follows the integration of Wass (Whitehead Alenia Submarine Systems), the naval armaments subsidiary of the former Finmeccanica, a key company in the production of torpedoes, sonar, and underwater defense systems, acquired last year by Fincantieri and Remazel in 2024.
The new hub will bring together about 1,500 professionals with offices in Italy, the United Kingdom, the Netherlands, Norway, and the United Arab Emirates.
THE FOUR ACQUIRED COMPANIES
As anticipated last Friday by Corriere, the main operation concerns Next Geosolutions, a company listed on Euronext Growth Milan active in marine surveys, geosciences, and offshore construction support services. Fincantieri will acquire 52.6% of the capital from the controlling shareholder Marnavi at a price of €16.25 per share and is negotiating with management to purchase additional shares. Subsequently, it will promote a public tender offer aimed at delisting the company.
Alongside Next Geosolutions, Graal Tech, active in the development of autonomous underwater drones, Defcomm, specialized in autonomous surface drones, and Wsense, specialized in underwater communications and the Internet of Underwater Things (just last year Fincantieri announced an investment of up to €5 million in the underwater Wi-Fi specialist).
Chiara Petrioli, CEO of WSense, commented on Fincantieri’s entry as majority shareholder in the scale-up as “the beginning of a new development phase for WSense,” adding that “We maintain our autonomy and identity as a deep tech company, while strengthening our ability to scale our technologies globally. The operation demonstrates how it is possible in Italy to build virtuous innovation models, where a deep tech becomes a strategic enabler for the competitiveness of a large international group and the country system.”
The structure of the operations provides for the retention of managers and key shareholders through the reinvestment of significant shares in the capital of the individual companies, aiming to ensure industrial continuity and maintain distinctive skills.
THE UNDERWATER NUMBERS ACCORDING TO FINCANTIERI
On a pro forma basis, the underwater segment will reach revenues exceeding €1.1 billion and an EBITDA of about €220 million in 2026, anticipating by four years the targets set for 2030 in the Industrial Plan. The new acquisitions will also contribute over €60 million to the group’s profit in 2026.
Forecasts indicate segment revenues of €1.4 billion in 2028 and €1.8 billion in 2030. The EBITDA margin will increase from 19.2% in 2026 to 21% in 2028 and up to 23% in 2030, while the contribution of acquisitions to the group’s net profit is estimated at about €130 million by the end of the plan period.
At the consolidated level, Fincantieri estimates that the operations will increase the pro forma 2026 EBITDA by 13% and net profit by 40%, while earnings per share should increase by 30% in 2028 and 20% in 2030.
THE RECAPITALIZATION BEHIND THE ACQUISITIONS
The initial investment amounts to about €600 million and will be mainly supported through the resources raised with the €500 million capital increase successfully completed in February 2026, supplemented by other available group sources, the company’s note says.
Furthermore, the company specified that the operation will have no impact on the guidance regarding the net financial position/EBITDA ratio for 2026 and will instead improve the targets set for 2028 and 2030.
THE WORDS OF THE CEO
“Today’s operation represents a historic industrial transformation for Fincantieri, creating an international Underwater champion, thanks to the complete integration along the value chain of technologies, skills, and operational capabilities,” commented Fincantieri CEO Pierroberto Folgiero, adding that “These acquisitions also allow us to accelerate the implementation of the Industrial Plan, significantly strengthening profitability and enhancing a rapidly expanding market, where the dual-use component is destined to become increasingly relevant. We have also chosen to value the industrial continuity of the acquired companies, maintaining the existing management teams, because we believe that skills and execution are essential elements for the group’s growth.”
