CEO Folgiero: “The commercial performance marks a new milestone, with a workload higher than ever, equal to 74.2 billion euros”
Rome – Fincantieri begins 2026 with a strong commercial and industrial acceleration, already exceeding in the first four months of the year the order targets set in the 2026-2030 Industrial Plan. The total value of new contracts acquired has in fact exceeded the 11 billion euro mark, strengthening the group’s long-term visibility and pushing management to improve financial forecasts for the entire fiscal year.
The total workload has reached a new all-time high of 74.2 billion euros, a sharp increase compared to the 63.2 billion recorded at the end of 2025. This figure corresponds to more than eight times the group’s annual revenues and guarantees production continuity until 2039, also thanks to the recent agreement signed with Princess Cruises for three new LNG-powered cruise ships.
In detail, the firm backlog amounts to 42.7 billion euros, up 3.9% compared to the end of last year, while the soft backlog rises to 31.5 billion. In the first quarter alone, the group acquired new orders for approximately 3.4 billion euros, not considering some contracts already signed but not yet operational.
The production pipeline remains particularly robust in the cruise, defense and advanced technology sectors. The group currently has 94 ships in its portfolio, while in the first three months of 2026 five units built in five different shipyards were delivered.
On the economic front, the quarter shows a reduction in revenues to 2.135 billion euros compared to 2.376 billion in the same period of 2025. However, the comparison is affected by the extraordinary effect related to the contract for two MPCS units destined for the Indonesian navy booked last year.
Despite the decline in turnover, profitability continues to improve. EBITDA rises to 159 million euros compared to 154 million in the first quarter of 2025, while the EBITDA margin grows from 6.5% to 7.4%. According to the company, the improvement affects all main operating segments across the board.
In the Shipbuilding sector, revenues stand at 1.537 billion euros. The cruise business, however, continues to show sustained growth, with revenues rising to 1.22 billion (+16.8%), thanks to the progress of construction programs and the solidity of the backlog. The defense division, on the other hand, is weaker, falling to 297 million euros mainly due to the comparison with the 2025 Indonesian mega-order and the revision of the American Constellation program. Despite this, the segment margin improves from 6.8% to 7.5%.
Among the most dynamic sectors, the underwater business emerges, recording revenue growth of 43.3% to 135 million euros, with EBITDA up 44% and margins above 17%. In the cruise sector, in addition to the new agreements with Carnival Corporation for units destined for Aida Cruises, the group has strengthened collaboration with Viking and Norwegian Cruise Line Holdings. In April, a new agreement also arrived with Princess Cruises for three Voyager-class ships, scheduled for delivery between 2035 and 2039.
“The first quarter of 2026 confirms the consistency and strength of the group’s growth path.
La performance commerciale segna un nuovo traguardo, con un carico di lavoro più alto di sempre, pari a 74,2 miliardi di euro, che garantisce una visibilità sulle consegne ulteriormente estesa fino al 2039, con prospettive operative estremamente profonde e strutturali non solo per i cantieri del Gruppo, ma per l’intera filiera. Nel periodo si registra inoltre un significativo miglioramento della redditività, con una crescita dei margini in tutti i segmenti operativi, che sostiene la generazione di cassa e si riflette in un sensibile miglioramento della posizione finanziaria. Alla luce dei risultati conseguiti e della visibilità sul portafoglio ordini, abbiamo rivisto al rialzo la guidance per il 2026, rafforzando ulteriormente le aspettative di crescita economica e finanziaria. Con 94 navi in portafoglio e 5 unità consegnate da 5 stabilimenti nel trimestre, nei primi mesi dell’anno sono stati inoltre conclusi contratti per un valore già superiore all’intero target 2026 di 11 miliardi di euro, a conferma del forte momentum commerciale.” Guardiamo al futuro con fiducia, forti di un portafoglio ordini senza precedenti e di una visibilità operativa estesa nel lungo periodo che, in coerenza con il Piano Industriale 2026–2030, rafforza il ruolo di Fincantieri come piattaforma industriale di riferimento nei settori della navalmeccanica ad alta complessità e nelle tecnologie del mare”, commenta Pierroberto Folgiero, amministratore delegato e direttore generale di Fincantieri.
