Fincantieri raised its 2026 guidance after first-quarter EBITDA margin widened to 7.4% and total backlog reached a record €74.2bn ($87.3bn), with delivery visibility extending to 2039, according to Fincantieri’s 11 May 2026 first-quarter results statement.
First-quarter revenue was €2.135bn ($2.51bn), down 10.1% year on year, while EBITDA increased 3.0% to €159m ($187.1m).
Adjusted net debt fell to €771m ($907.1m) from €1.311bn ($1.54bn) at 31 December 2025, supported by cash generation and a €500m ($588.3m) capital increase completed in February.
The group said contracts signed in the first months of 2026 had already exceeded its full-year target of about €11bn ($12.9bn), while reported order intake for the quarter was €3.387bn ($3.98bn), excluding contracts signed but not yet effective.
Backlog stood at €42.7bn ($50.3bn), with 94 units in the order book and five units delivered from five shipyards.
Fincantieri now expects 2026 revenue of about €9.3bn-€9.4bn ($10.94bn-$11.06bn), EBITDA of €700m-€710m ($823.6m-$835.3m) and net profit of €140m-€180m ($164.7m-$211.8m).
Cruise revenue rose 16.8% to €1.22bn ($1.44bn), while defense revenue fell to €297m ($349.4m) from €770m ($906.9m) a year earlier, reflecting the comparison with the Indonesian Navy order booked in early 2025 and the timing effect from the reshaped Constellation programme.
The company said backlog visibility runs through 2036 on current backlog and through 2039 including the Princess Cruises agreement signed in April 2026.
Fincantieri S.p.A. is an Italian shipbuilding group incorporated as a società per azioni. Its activities span cruise ships, naval vessels, offshore and specialized vessels, underwater systems, and equipment, systems and infrastructure.
Princess Cruises is a cruise line brand within Carnival Corporation & plc. In the release, it is the customer for three Voyager-class sister ships signed in April 2026, subject to financing and customary conditions.
