The revenues of the shipbuilding group increased by 13% and the workload is also at a record level
Recording a net profit of 117 million euros, the highest in the company’s history, compared to 27 million in 2024, the Board of Directors of Fincantieri, meeting under the chairmanship of Biagio Mazzotta, approved the draft Financial Statements as of December 31, 2025 and the Consolidated Financial Statements as of December 31, 2025. The adjusted operating result, net of income and expenses unrelated to ordinary or non-recurring operations, was 143 million euros (57 million in 2024). Revenues grew by 13.1% to 9,194 million euros (8,128 million in 2024); EBITDA amounted to 681 million euros, an increase of 33.9% compared to 2024 (509 million euros); EBITDA margin at 7.4%, strongly up from the 6.3% recorded in 2024.
The adjusted net financial debt position recorded 1,311 million euros (1,872 million excluding non-current financial receivables), compared to 1,668 million euros at the end of 2024 (excluding the temporary benefit from the capital increase completed in July 2024 and non-current financial receivables of 94 million euros). The leverage ratio (/EBITDA) is instead 2.7x (1.9x NFD /EBITDA), showing further improvement compared to the guidance for 2025 provided during the Capital Markets Day in February 2026 (2.8x /EBITDA and 2.0x NFD /EBITDA).
The total workload (total backlog) reached a record figure of 63.2 billion euros, equal to 6.9 times the revenues achieved during the year. New orders acquired in 2025 for 20.3 billion euros, a further 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; Book to bill equal to 2.2x, confirming solid commercial development across all businesses. Finally, 24 ships were delivered in 2025 and 97 ships are in the portfolio; visibility on scheduled deliveries extends until 2037, including the order for NCLH signed in February 2026.
“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,” said Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri. “The double-digit increase in revenues and EBITDA, together 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 pursue opportunities in global markets. The year saw significant progress in all businesses, both operationally and commercially. The 97 units currently in the portfolio and visibility on deliveries extending until 2037 ensure extremely deep operational prospects over time for our shipyards, structurally strengthening our positioning and that of our supply chain very evidently in the Cruise sector. We are preparing to capture further growth in demand in the Defense sector through the doubling of the production capacity of the Italian shipyards, strengthening Fincantieri’s role in maritime security and industrial sovereignty.
In parallel, in the underwater sector 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, which allows us to bring a distinctive offering to the market and to act as orchestrators of an integrated ecosystem in a domain crucial for the protection of critical infrastructure and for the most innovative offshore applications.
Folgiero concluded: “The new 2026–2030 Industrial Plan leverages the macro-trends of the markets in which we operate through a re-articulation of the shipbuilding system to increase its 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. A trajectory that strengthens the profile of the Group’s distinctive competencies and consolidates Fincantieri as the reference industrial platform for maritime security technologies and the blue economy of the future”.
