The 2025 financial statement closed with the “highest ever” net profit for Fincantieri.
The shipbuilding group from Trieste closed 2025 with a positive net result of 117 million euros, four times higher than that of 2024 (27 million), “the highest in Fincantieri’s history,” the statement highlights.
Fincantieri recorded revenues of 9.19 billion euros, up 13.1% compared to the 8.13 billion achieved in 2024, with an EBITDA of 681 million bringing the gross margin on revenues to 7.4% (6.3% in 2024). The company also confirmed its 2026 estimates of revenues between 9.2-9.3 billion, EBITDA at 700 million (7.5% margin), and net profit exceeding 2025.
“We are very satisfied with the record results achieved in 2025 in economic, financial, and commercial terms even in a global context of increasing complexity,” commented CEO Pierroberto Folgiero on the 2025 results approved by the board.
And the results exceeding expectations push Fincantieri’s stock, which jumps +6.5% and is temporarily suspended from trading before resuming and settling up 6.3% at 13.15 euros, reports Radiocor.
All the details.
DOUBLE-DIGIT GROWTH FOR REVENUES
As of December 31, 2025, revenues increased by 13.1% to approximately 9.2 billion euros compared to 8.13 billion a year earlier, “resulting from both volume increases and operational efficiency initiatives undertaken by the Group in line with the 2023-2027 Industrial Plan,” explains Fincantieri’s statement.
Specifically, in the Shipbuilding sector there was a significant increase (+15.1% compared to 2024) “attributable both to the cruise ship business area (+12.5%) and to Defense (+20.7%),” the statement indicates. In the Defense sector, the increase is mainly due to the contract for the sale of 2 PPA units to the Indonesian Ministry of Defense, which became effective in the first quarter of the year, the statement continues.
There was also a substantial increase (+88.2%) compared to the restated 2024 figure for revenues in the Underwater sector. Before consolidation, the Shipbuilding segment contributes 66% (65% in 2024), Offshore and Special Ships 14% (16% in 2024), Underwater 7% (4% in 2024), and Systems, Components and Infrastructure 13% (15% in 2024) to the total group revenues and income.
Revenues from the Systems, Components and Infrastructure sector as of December 31, 2024, amount to 1.4 billion euros, up 36.2% compared to 2023 “thanks to the positive contribution of all the Poles included in the sector, fully in line with forecasts for 2024,” the statement further indicates.
PROFIT ABOVE GUIDANCE FOR FINCANTIERI
Thus, Fincantieri closed the 2025 financial statement with a net profit of 117 million euros, quadrupled compared to the previous year, which was positive by 27 million euros in 2024. The Group’s net result was positive at 123 million euros, compared to a positive result of 33 million euros the previous year.
MARGINS ON THE RISE
The gross operating margin rose sharply, from 509 million to 681 million euros (+33.9%); consequently, profitability improved from 6.3% to 7.4% “driven by the push from initiatives outlined in the industrial plan, such as operational efficiency in the Shipbuilding segment, greater repeatability of platforms, and price evolution in the cruise ship sector, the increased contribution of Underwater business activities to Group revenues, the derisking of the Infrastructure Pole, and the strategic repositioning of the Electronics and Digital Products Pole.”
ORDERS AND WORKLOAD
In 2025, Fincantieri acquired “a record level of new orders in 2025, for a total value of 20.3 billion, “an additional increase of 32.4% compared to the record value reached in 2024 (15.4 billion euros), driven by a 42.0% growth in the Shipbuilding segment,” the group specifies. The backlog stands at 41.1 billion euros, up 32.7% compared to December 31, 2024, with 97 ships in the portfolio and deliveries scheduled through 2036.
The total workload (total backlog) amounts to 63.2 billion euros, equal to 6.9 times the revenues achieved during the year.
HOW IS THE DEBT POSITION
As of December 31, the net financial position is a debt of 1.31 billion euros, (1.87 billion excluding non-current financial receivables), compared to 1.6 billion at the end of 2024 and exceeding analysts’ estimate of 1.78 billion.
INVESTMENTS
Investments made during 2024 amount to 389 million euros, “an increase compared to the previous year (263 million euros as of December 31, 2024), reflecting, inter alia, the expected growth in production volumes,” explains the statement from the Trieste-based company.
THE GUIDANCE
For 2026, Fincantieri estimates revenues of 9.2-9.3 billion, EBITDA at 700 million (7.5% margin) and net profit higher than 2025.
FOLGIERO’S WORDS
“The double-digit increase in revenues and EBITDA, along with the best profit in our history and a further reduction in financial leverage, demonstrates the strength of an industrial model that combines resilience and the ability to seize opportunities in global markets. The year has seen significant progress in all businesses both operationally and commercially,” commented Fincantieri CEO Pierroberto Folgiero.
The level of orders ensures “extremely deep operational prospects over time for our shipyards, structurally strengthening our positioning and that of our supply chain very significantly in the Cruise sector” – the manager continued – while “we are preparing to capture further demand growth in the defense sector through doubling the production capacity of Italian shipyards.” In the underwater sector, he concluded, “we are accelerating thanks to state-of-the-art underwater technologies, the ability to integrate the entire supply chain, and a network of strategic partnerships.”
Folgiero concluded: “The new 2026–2030 Industrial Plan leverages the macro-trends of the markets in which we operate through a reorganization of the shipbuilding system to increase capacity and productivity and the development of solutions with increasing technological content: we are entering a phase of evolution that more deeply integrates the digital, maritime, and underwater dimensions.”
