Fincantieri (FCT) Q1 2026 earnings summary

Executive summary

• Achieved record-high total backlog of €74.2 billion, providing delivery visibility through 2039 and supported by major new contracts in cruise and defense.

• Revenue reached €2.1 billion in Q1 2026, with EBITDA at €159 million and margin improving to 7.4%, reflecting broad-based profitability gains.

• Contracts signed in early 2026 already exceed the €11 billion full-year order intake target, highlighting strong commercial momentum.

• Raised 2026 guidance for revenue (€9.3–9.4 billion), EBITDA (€700–710 million), and net profit (€140–180 million) based on strong Q1 performance.

• €500 million capital increase completed in February 2026 strengthens balance sheet and supports selective M&A, especially in the underwater segment.

Financial highlights

• Q1 2026 revenue: €2.1 billion, with EBITDA at €159 million and margin at 7.4%, up from 6.5% in Q1 2025.

• Adjusted net debt improved to €771 million as of March 31, 2026, from €1.3 billion at year-end 2025; leverage ratio at 1.1x.

• Net working capital remained negative at €705 million, reflecting strong advances and payables management.

• Order intake in Q1 2026 was €3.4 billion, reflecting only effective contracts.

• Book-to-bill ratio at 1.6x in Q1 2026, indicating strong order intake.

Outlook and guidance

• 2026 guidance raised: revenue €9.3–9.4 billion, EBITDA €700–710 million, EBITDA margin ~7.5%, and net profit €140–180 million.

• Net debt/EBITDA ratio expected at ~2x (1.3x including capital increase).

• Strong commercial pipeline in defense and cruise, with EUR 5 billion in near-term opportunities and major contracts expected.

• Geopolitical environment and structural trends expected to drive further defense orders.