Fincantieri (FCT) Q3 2025 earnings summary

Executive summary

• Revenues grew 20.5% year-over-year to €6.73 billion, with robust growth and margin expansion across all segments, driven by operational efficiency in cruise and increased defense contributions.

• EBITDA increased 40.4% to €461 million, with margin rising to 6.9% from 5.9% in the prior year period.

• Net debt reduced to €1.65 billion, with leverage ratio improving to 2.6x, reflecting better working capital dynamics and deleveraging.

• Order intake reached €16 billion, up 88.4% year-on-year, with a record-high backlog of €61.1 billion, providing visibility through 2036.

• 2025 guidance confirmed: revenues expected at ~€9 billion, EBITDA margin above 7%, and positive net income.

Financial highlights

• Revenues: €6.73 billion (+20.5% YoY).

• EBITDA: €461 million (+40.4% YoY), margin at 6.9% (up from 5.9%).

• Net debt: €1.65 billion, improved from €1.67 billion at year-end 2024; net debt/EBITDA ratio at 2.6x, down from 3.3x.

• Order intake: €16 billion (+88.4% YoY), book-to-bill ratio at 2.4x.

• Total backlog: €61.1 billion, covering 7.5x FY 2024 revenues.

Outlook and guidance

• 2025 revenue expected at ~€9 billion, EBITDA margin above 7%, and net debt/EBITDA between 2.7x and 3.0x.

• Positive net income expected for 2025; new business plan for 2026-2030 to be approved by year-end.

• Strong momentum in cruise and defense sectors, with favorable market and geopolitical conditions supporting growth.