Against the backdrop of the global cruise market’s accelerated recovery, Italian shipbuilding giant Fincantieri delivered outstanding results in the first half of the year, with order intake doubling year-on-year, order backlog reaching a new record high, and achieving comprehensive growth across all performance metrics.
Recently, Fincantieri released its 2025 half-year financial report. In the first half of the year, Fincantieri’s total revenue reached €4.576 billion (approximately RMB 38.193 billion), a 24% increase compared to €3.681 billion in the same period of 2024, with all business segments performing strongly and profitability further improving. Net profit stood at €35 million (approximately RMB 292 million), successfully turning around from a loss of €27 million in the first half of 2024.
In the first half of 2025, Fincantieri’s EBITDA (earnings before interest, taxes, depreciation, and amortization) reached €311 million (approximately RMB 2.596 billion), a 45% increase from €214 million in the same period last year. The EBITDA margin rose from 5.8% in the first half of 2024 to 6.8%, also surpassing the full-year 2023 level of 6.3%.
Fincantieri noted that all business segments maintained growth trends in the first half, with the shipbuilding segment showing particularly strong performance, accounting for 68% of the group’s total revenue, up from 66% in the first half of 2024. Additionally, the underwater business segment contributed significantly, with revenue increasing 83% year-on-year to €274 million.
Financial data shows that in the first half of the year, Fincantieri’s shipbuilding revenue reached €3.355 billion (approximately RMB 28.002 billion), a 26.3% year-on-year increase. Within this, cruise business revenue rose from €1.832 billion in the same period last year to €2.13 billion, up 16%, while naval vessel revenue grew from €802 million to €1.184 billion, a 48% increase. Before consolidation adjustments, cruise and defense businesses contributed 43% and 24% of total revenue, respectively (compared to 46% and 20% as of June 30, 2024).
In the first half, Fincantieri’s shipbuilding EBITDA was €218 million (approximately RMB 1.819 billion), a 40% increase from €156 million in the first half of 2024. Driven by high-margin revenue growth, the EBITDA margin rose from 5.9% to 6.5% year-on-year.
Meanwhile, in the first quarter, Fincantieri’s offshore and specialized vessel business revenue was €643 million, a 10.4% increase from €582 million in the same period of 2024. EBITDA grew from €26 million to €32 million, up 20.7%, while the EBITDA margin also improved from 4.5% to 4.9%.
Overall, Fincantieri’s total order intake in the first half of 2025 reached €14.744 billion (approximately RMB 123.058 billion), equivalent to 96% of the full-year 2024 order intake of €15.4 billion, which had set a historical record.
Notably, the shipbuilding segment’s new orders in the first half amounted to €14.008 billion (approximately RMB 116.915 billion), doubling from €6.025 billion in the same period last year. In the cruise sector, Fincantieri secured orders from several major cruise companies.
Among these, Norwegian Cruise Line Holdings’ order for four 200,000-ton ultra-large luxury cruise ships officially took effect in the first half of the year. These four 226,000 GT vessels will be built by Fincantieri’s Monfalcone shipyard, with the first ship expected to deliver in 2030, followed by the remaining three in 2032, 2034, and 2036. The order is reportedly valued at €9 billion.
Additionally, Fincantieri’s order for four eco-friendly cruise ships with Viking Cruises also took effect in the first half. Other confirmed orders included two 61,800 GT premium cruise ships for Crystal Cruises and a second ultra-luxury yacht for Four Seasons Yachts.
Furthermore, the offshore and specialized vessel segment secured orders worth €321 million (approximately RMB 2.679 billion), primarily from its Norwegian subsidiary VARD, including two offshore vessels for Taiwan’s Oriental Wind Energy Technology Co., Ltd. These comprise one multi-purpose offshore construction vessel (OSCV) for subsea operations, maintenance, and cable laying in offshore wind and communication sectors, and one wind farm service operation vessel (CSOV) designed for sustainable support operations in offshore wind farms.
In the first half of the year, Fincantieri delivered three cruise ships: the 54,300 GT ocean cruise ship “Viking Vesta” (the 12th for Viking Cruises), the 156,300 GT “Norwegian Aqua” (the first of Norwegian Cruise Line’s new Prima-Plus class), and the 160,000 GT LNG dual-fuel “Mein Schiff Relax” (the first of TUI Cruises’ InTUItion class).
As of June 30, 2025, Fincantieri’s order backlog reached €57.7 billion (approximately RMB 481.582 billion), a 35% increase from the end of 2024, setting another historical record. The current backlog is approximately 7.1 times the revenue of the 2024 fiscal year. Of this, €41.9 billion represents firm orders, with an additional €15.8 billion in options, with deliveries scheduled through 2036.
Fincantieri CEO and Managing Director Pierroberto Folgiero stated: “Compared to last year, all key metrics in the first half showed growth—revenue (+24%), EBITDA (+45%), and a comprehensive improvement in net financial position. This reflects the results of our strategic initiatives and financial discipline over the past three years and confirms the successful consolidation of the profitability turnaround achieved at the end of 2024. Our industrial vision for long-term value creation continues to advance, benefiting the entire stakeholder ecosystem. The current record-high total backlog of €57.7 billion not only lays a solid foundation for future growth but also demonstrates our clients’ trust in us as their strategic transformation partner.”
Looking ahead, Fincantieri noted that the current global environment is being shaped by rapidly evolving structural “megatrends” that are redefining industries and creating new growth opportunities for the group. The strong recovery of the cruise tourism market, geopolitical instability driving increased defense and critical infrastructure investments, and robust demand for offshore energy development collectively paint an optimistic outlook.
In the cruise sector, where Fincantieri maintains market leadership, growth momentum is accelerating. In 2024, cruise passenger numbers hit a record high of 34.6 million, with ship occupancy rates between 105% and 108%. Positive growth is expected over the next three years, with projections reaching 41.9 million by 2028 (a CAGR of +4.8%). Strong performance is driving sustained investment: 21 new cruise ship orders were signed in the first half of 2025, surpassing the full-year 2024 total of 19. This recovery spans all market segments, including mainstream large cruise ships, with order backlog deliveries extending to 2036.
The shipbuilding industry’s transformation is also being driven by ecological transition, with an increasing number of new vessels adopting alternative propulsion systems. Over 55% of new orders will use LNG, currently the most sustainable and widely available marine fuel. Aligning with this trend, Fincantieri announced plans to build the world’s first cruise ship powered by onboard hydrogen storage for energy generation and propulsion, scheduled for delivery in 2026.
Another key macro-trend is the accelerated digital transformation in cruise, defense, and port infrastructure. To address this, Fincantieri established the joint venture Fincantieri Ingenium on April 10, 2025, with 70% ownership by its subsidiary Fincantieri NexTech and 30% by Accenture. One of the JV’s first strategic projects is developing the “Navis Sapiens” digital ecosystem for next-generation vessels and digital upgrades of existing fleets, with the first ship’s system installation expected by the end of 2025.
