Italian shipbuilding company Fincantieri reported its strongest financial performance to date in the first quarter of 2025, supported by record order intake and growth across multiple business segments. Revenues rose by 35% year-on-year to nearly €2.4 billion, while earnings (EBITDA) reached €154 million. The company noted that all divisions contributed to the growth, with shipbuilding showing a 53% increase. Margin improvements were driven by expanded activity in defense, enhanced efficiency in cruise ship construction, and the integration of WASS Submarine Systems, acquired at the beginning of 2025.

Fincantieri achieved its best every quarterly financial results

Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri, stated: “The first quarter of 2025 marks the best results in our history. The increase in revenues in the defense segment and the consolidation of our three dimensions – cruise, defense, and offshore – confirm the effectiveness of our integrated business model. We will continue to pursue our goals for 2025 with determination and beyond, actively contributing to the reindustrialization of the country and the strengthening of the European manufacturing system.”

The group reported a quarterly order intake of €11.7 billion, representing around 75% of its total bookings for 2024. The company’s backlog increased by 30%, with 102 units currently on order. Significant orders finalized during the quarter included contracts with Norwegian Cruise Line, Viking, and the Indonesian Ministry of Defense. The order book now extends visibility for operations up to 2036.

Fincantieri is expanding its strategic focus on defense and high-tech systems. It recently launched a new “Underwater” reporting segment dedicated to submarines and naval technologies. As part of this initiative, the company extended its 20-year partnership with Germany’s Thyssenkrupp Marine Systems (TKMS), including a submarine modernization program for the Philippine Navy.

Folgiero added: “Fincantieri is today a future-proof laboratory of heavy industry, a champion of Made in Italy ingenuity, committed to generating employment, competitiveness, and sustainable innovation along the entire value chain.”

Management reaffirmed its outlook for 2025, citing positive macroeconomic trends in the cruise industry, rising global defense budgets, and strong demand for offshore energy infrastructure. The group sees continued growth potential in both wind and Oil & Gas markets, supported in part by its subsidiary Vard. Additionally, the company aims to expand operations in the underwater sector, reflecting a broader strategy to diversify and reinforce its technical capabilities.

Fincantieri’s performance in early 2025 demonstrates the effectiveness of its diversified and forward-looking approach, with a focus on innovation, defense, and international partnerships contributing to its strong position in global shipbuilding.