Fincantieri (FCT) Q4 2024 earnings summary

Executive summary

• Revenues rose 6.2% year-on-year to EUR 8,128 million, with EBITDA up 28% to EUR 509 million and a return to net profit of EUR 27 million, one year ahead of plan.

• Record order intake of EUR 15.4 billion, more than double 2023, driving total backlog to EUR 51.2 billion, covering 6.3x annual revenues.

• Deleveraging ahead of plan, with net financial position improving to negative EUR 1,281 million and NFP/EBITDA at 3.3x.

• Strong commercial pipeline and major new orders in cruise, naval, and offshore, including four cruise ships for NCL and two FREMM EVO frigates for the Italian Navy.

• Successfully completed rights issue and capital increase to finance WASS acquisition, strengthening underwater business segment.

Financial highlights

• Revenues: EUR 8,128 million (+6.2% YoY); EBITDA: EUR 509 million (+28% YoY, margin 6.3%, +110 bps); Net profit: EUR 27 million (vs. EUR 53 million loss in 2023).

• Adjusted net result (excluding extraordinary items): EUR 57 million (vs. EUR 7 million loss in 2023).

• Book-to-bill ratio at 1.9x, backlog at EUR 31 billion, total backlog (including soft backlog) at EUR 51.2 billion.

• Net financial position at EUR 1,281 million, leverage ratio (net debt/EBITDA) at 3.3x, ahead of business plan targets.

• Capital expenditure totaled EUR 263 million, focused on efficiency and sustainability.

Outlook and guidance

• 2025 guidance: revenues around EUR 9 billion, EBITDA margin above 7%, leverage ratio in line with 2024, and positive net result.

• Long-term growth visibility supported by strong order book and favorable market trends in cruise, naval, and offshore.

• Continued focus on operational efficiency, digitalization, and expansion in underwater and high-potential markets.

• Dividend policy to be considered as net profit becomes sustainable, marking a new phase for shareholder returns.

• Strong commercial pipeline of EUR 24 billion across all business segments.