Fincantieri closed the 2025 financial year with record profits and double-digit growth in the main economic-financial indicators. Excellent numbers, including forecasts for the current year, which pushed Fincantieri shares up on the stock exchange to 13.26 euros, up 7.2%.
The solid numbers for 2025
Fincantieri closed the year with a net profit of 117 million euros, the highest in the history of the Group, compared to 27 million in 2024). The adjusted operating result, net of income and expenses unrelated to ordinary operations or non-recurring, comes to 143 million (57 million in 2024).
Revenues grew by 13.1% to 9,194 million (8,128 million in 2024), while EBITDA advanced to 681 million, an increase of 33.9% compared to 2024 (509 million). EBITDA margin improving to 7.4% from 6.3% recorded in 2024.
The adjusted net financial position (NFP) shows a debt of 1,311 million euros (1,872 million excluding non-current financial receivables), compared to 1,668 million at the end of 2024 (excluding the temporary benefit deriving from the capital increase completed in July 2024 and non-current financial receivables equal to 94 million euros).
The commercial performance
In 2025, new orders worth 20.3 billion euros were acquired, up 32.4% compared to the record value reached in 2024 of 15.4 billion, driven by a 42% growth in the Shipbuilding segment. The book-to-bill (orders/revenues) in 2025 is equal to 2.2x, confirming the strong demand recorded in the Group’s core businesses.
As of 31 December 2025, the backlog stood at €41.1 billion, up 32.7% compared to 31 December 2024. The soft backlog, which corresponds to the value of existing contractual options and letters of intent, as well as orders in the course of advanced negotiation, stood at €22.1 billion, for a record overall workload of €63.2 billion, equal to 6.9 times the revenues of the 2025.
During 2025, 24 ships were delivered and 97 ships remain in the portfolio. Visibility on expected deliveries extends to 2037, including the order for NCLH signed in February 2026.
“The 97 units in the portfolio today and a visibility on deliveries that extends until 2037 ensure extremely deep operational prospects over time for our shipyards, structurally strengthening our positioning and that of our related industries to a very evident extent in the Cruise sector. We are preparing to capture further growth in demand in the Defense sector by doubling the production capacity of Italian shipyards, strengthening Fincantieri’s role in maritime security and industrial sovereignty”
commented CEO Pierroberto Folgiero.
Positive guidance
Fincantieri confirmed the targets announced on the occasion of the Capital Markets Day on 12 February 2026, in which it indicated revenues of 9.2-9.3 billion euros and EBITDA of approximately 700 million euros, with an EBITDA margin of approximately 7.5%. Furthermore, net profit is expected to be higher than the 2025 figure and an adjusted NFP/EBITDA ratio of approximately 2.0x (1.3x including the capital increase completed in February 2026).
