The Board of Directors of Fincantieri S.p.A. has approved the 2024 consolidated financial statements, reporting a net profit of €27 million, marking a significant turnaround from a €53 million loss in 2023, according to the company's release.
"2024 has been a remarkable year for Fincantieri, in which we have begun to reap the first results of our strategy and industrial vision," stated CEO Pierroberto Folgiero. "The return to profitability, one year ahead of the Business Plan estimates, is clear evidence of this."
Financial highlights show revenues growing by 6.2% to €8.13 billion, while EBITDA surged 28% to €509 million, with margins improving to 6.3% (up from 5.2%). The company achieved a record order intake of €15.4 billion, more than double 2023's €6.6 billion, driven by strong performance in shipbuilding.
"The growth in EBITDA, both in absolute terms and as a percentage, together with the record backlog and order intake, highlights our operational discipline and the market's confidence in our ability to provide concrete and innovative solutions," Folgiero emphasized.
The backlog reached €51.2 billion (including €31 billion firm backlog), providing visibility up to 2036. Net financial position improved to -€1.28 billion (-€2.27 billion in 2023), with the leverage ratio (NFP/EBITDA) at 3.3x, well ahead of guidance.
"We are also very satisfied with the financial performance achieved so far, which allowed us to halve the NFP compared to June 2022," Folgiero noted.
Key 2024 achievements included:
-Strategic acquisition of Leonardo's WASS underwater systems business
-Major cruise ship orders including 4 vessels for Norwegian Cruise Line
-Two FREMM EVO frigates for Italian Navy 5th and 6th Constellation-class frigates for U.S. Navy
Looking ahead, Fincantieri expects 2025 revenues of approximately €9 billion with EBITDA margin exceeding 7%. "We look to the future with entrepreneurial courage, confident that this solidity will enable us to accelerate in addressing the international challenges of the naval industry," Folgiero concluded.
Fincantieri specializes in the construction of cruise ships, naval vessels, and offshore structures. In 2024, the company reported a revenue of €8.1 billion, maintaining its position as one of the world’s largest and most diversified shipbuilders.
One of Italy’s largest defense and aerospace companies, Leonardo operates in sectors including military aircraft, cybersecurity, and space technologies. The company recorded €15.2 billion in revenue in 2023, reinforcing its role as a key supplier for global defense markets.
A leading cruise operator, Norwegian Cruise Line (NCL) is a major player in the global cruise industry, with operations spanning North America, Europe, and Asia.