Fincantieri 1H 2025 presentation: Revenue jumps 24%, order backlog hits record €57.7B

Italian shipbuilding giant Fincantieri SpA (BIT:FCT) presented its first-half 2025 results on July 30, showcasing strong financial performance across all business segments and a significant improvement in its order book. The company has successfully returned to profitability while continuing to reduce its debt burden.

Executive Summary

Fincantieri reported revenues of €4.58 billion for the first half of 2025, representing a 24.3% increase compared to the same period last year. This growth was accompanied by a 45.3% jump in EBITDA to €311 million, with the EBITDA margin expanding by 100 basis points to 6.8%.

The company achieved a net profit of €35 million, a significant turnaround from the €27 million loss recorded in the first half of 2024. This improvement reflects enhanced operational efficiency and higher margins across all business segments.

As shown in the following key financial highlights:

"We are continuing to deliver strong operational and financial results ahead of our Business Plan targets," stated CEO Pierroberto Folgiero during the presentation, highlighting the company’s impressive 100 basis point margin increase.

Order Book and Backlog

Perhaps the most striking aspect of Fincantieri’s performance was the exceptional order intake, which reached €14.7 billion in the first half of 2025—nearly equal to the entire FY 2024 order intake of €15.4 billion. This resulted in a book-to-bill ratio of 3.2x, indicating strong future revenue potential.

The company’s total backlog reached a record €57.7 billion, equivalent to approximately 7.1 times FY 2024 revenues. This includes a firm backlog of €41.9 billion, representing a 35.1% increase compared to December 31, 2024, and a soft backlog of €15.8 billion.

The order book details show strong performance across segments:

The backlog provides exceptional visibility on future revenues, with scheduled deliveries extending to 2036. During the first half of 2025, Fincantieri delivered 13 ships from 8 shipyards, including 3 cruise ships, 1 naval vessel, and 9 offshore vessels.

The record backlog is illustrated in the following chart:

Segment Analysis

Fincantieri’s revenue growth was broad-based across all business segments:

• Shipbuilding, the largest segment representing 68% of total revenues, grew by 26.3% year-over-year to €3.36 billion
• Offshore and Specialized Vessels increased by 10.4% to €643 million
• Underwater contributed €274 million (5.6% of total revenues)
• Equipment, Systems and Infrastructure generated €661 million (13.4% of total revenues)

The revenue breakdown by segment is illustrated below:

Profitability improved across all segments, with the Underwater division standing out with an EBITDA margin of 17.0%. The Shipbuilding segment achieved a 6.5% margin, while Offshore and Specialized Vessels and Equipment, Systems and Infrastructure recorded margins of 4.9% and 6.9%, respectively.

The EBITDA contribution by segment is shown here:

Financial Position

Fincantieri has made significant progress in strengthening its financial position, with net debt reduced to €1.64 billion in 1H 2025, down from €2.42 billion in 1H 2024. This improvement has brought the Net Debt/EBITDA ratio down to 2.7x.

The company’s deleveraging path and debt maturity profile show no significant long-term debt maturities until 2027, providing financial flexibility:

Working capital management has also improved, with net working capital at negative €456 million, up by €31 million compared to FY 2024. This change was primarily attributed to higher trade receivables, partially offset by reduced construction contracts and client advances.

Strategic Initiatives

Beyond financial performance, Fincantieri highlighted several strategic developments that position the company for future growth:

1. In the Underwater segment, the company is focusing on its role as a technological integrator, forming partnerships with companies like WASS, Wosense, GRAAtech, and EDGE.

2. For Digital Ecosystem development, Fincantieri has established Fincantieri Ingenium, a joint venture to enhance digital services and systems with NAVIS SAPIENS.

3. On the sustainability front, the company has launched CircularYard, a new company developing integrated waste management systems.

The company also highlighted a strong commercial pipeline of approximately €23 billion across all segments, including orders from cruise lines NCL, Crystal, and Viking, as well as defense contracts for the Italian Navy and international clients.

Outlook and Guidance

Fincantieri confirmed its 2025 guidance for revenues and EBITDA margin while improving its forecast for Net Debt/EBITDA to 2.7-3.0x. The company expects to maintain its growth trajectory, supported by its strong backlog and ongoing operational improvements.

With a profound backlog visibility in cruise extending to 2036 and approximately €20 billion in commercial opportunities in defense to be tapped, Fincantieri appears well-positioned for sustained growth in the coming years.

The stock closed at €25.30 on October 14, 2025, down 1.98% for the day, but remains near its 52-week high of €27.38, reflecting market confidence in the company’s performance and outlook.

Full presentation:

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