Fincantieri kicked off 2026 with strong momentum. The Italian shipbuilder posted Q1 revenue of €2.135 billion and raised its full-year guidance across all key metrics. Total backlog reached a new all-time high of €74.2 billion, 8.1 times 2025 revenues, with delivery visibility stretching to 2039.
Revenue fell 10.1% year-on-year. The drop reflects the absence of a one-off Indonesian Navy order that boosted Q1 2025. Strip that out and revenue grew 6%. EBITDA rose 3% to €159 million. The EBITDA margin expanded to 7.4%, up nearly one percentage point.
Net debt adjusted improved sharply to €771 million from €1.311 billion at year-end 2025. The leverage ratio fell to 1.1x, well ahead of the 2.0x full-year guidance. Both cash generation and the €500 million capital increase completed in February contributed.
New contracts signed year-to-date already exceed the €11 billion full-year target set at the February Capital Markets Day. Q1 order intake stood at €3.4 billion. The group has 94 vessels in its order book and delivered five in the quarter.
Cruise led Shipbuilding, with revenue surging 16.8% to €1.22 billion. Underwater was the standout performer across the group, growing 43.3% to €135 million with an EBITDA margin of 17.1%. Offshore and Specialized Vessels rose 12.1% to €360 million. Equipment, Systems and Infrastructure grew 8.9% to €309 million with EBITDA jumping 40.2%.
Fincantieri also secured its first US Navy contract under the Medium Landing Ship programme — worth $30 million. Its US subsidiary will build Spectre, a new class of unmanned surface vessels developed by Saildrone. In April, Princess Cruises signed for three new LNG-powered Voyager-class ships, delivering in 2035, 2038 and 2039.
Fincantieri raised its 2026 guidance to revenue of €9.3-9.4 billion, EBITDA of €700-710 million and net profit of €140-180 million.
“We have already secured new contracts exceeding the €11 billion target for 2026, confirming our strong commercial momentum,” said CEO Pierroberto Folgiero.
