Fincantieri (FCT) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered record results with revenues up 34.5% to €2,376 million and EBITDA up 53.5% to €154 million, driven by Shipbuilding and the new Underwater segment.

• Order intake reached a record €11.7 billion, with total backlog at €57.6 billion, providing revenue visibility through 2036.

• Net debt improved to €1,608 million, with a net debt/EBITDA ratio of 2.9x, reflecting financial discipline.

• Launched the Underwater segment following recent acquisitions, consolidating related businesses and marking a strategic milestone.

• 2025 guidance confirmed, with focus on profitable growth and strategic expansion in cruise, defense, and underwater sectors.

Financial highlights

• Revenues rose 34.5% year-on-year to €2,376 million, with Shipbuilding up 39.5%.

• EBITDA increased 53.5% to €154 million, margin improved to 6.5% from 5.7% in Q1 2024.

• Net debt at €1,608 million, leverage ratio 2.9x, down from 5.9x in Q1 2024.

• Book-to-bill ratio at 4.9x, reflecting strong order momentum.

• Net working capital negative at €402 million, up €23 million vs FY 2024.

Outlook and guidance

• 2025 guidance confirmed, supported by robust backlog and commercial pipeline.

• Long-term growth underpinned by strategic initiatives in cruise, defense, and underwater segments.

• Delivery schedule for cruise ships extends to 2036, providing revenue visibility.

• Updated business plan expected before year-end, reflecting new European and Italian defense investments.

• Focus on operational efficiency, digital transformation, and decarbonization technologies.