The Board of Directors of Fincantieri S.p.A. has approved the interim financial information as of March 31, 2025. The company reported significant growth in Revenues at euro 2,376 million (+35% vs Q1 2024), according to the company's release.
EBITDA increased materially year-on-year to euro 154 million (euro 100 million in Q1 2024), a 54% increase, driven by solid performances across all segments, particularly in Shipbuilding (+53%).
The EBITDA margin was 6.5%, improving significantly compared to 5.7% achieved in Q1 2024. Net debt stood at euro 1,608 million, marginally better than the value recorded at year-end 2024, amounting to euro 1,668 million excluding the temporary effect of the rights issue completed in July 2024 to finance the acquisition of WASS (euro 1,281 million including this effect).
Net debt to EBITDA (Last Twelve Months) ratio was 2.9 times in Q1 2025, notably improving compared to FY 2024.
Commercial performance included the best ever quarterly order intake totaling euro 11.7 billion as of March 31, 2025, showing extraordinary growth compared to Q1 2024 (euro 0.5 billion) and representing approximately 76% of the total record value achieved in 2024, with a book-to-bill ratio at 4.9 times revenues.
Backlog was euro 40.3 billion, up 30% compared to year-end 2024, with total backlog (including soft backlog) reaching a record level at euro 57.6 billion, equal to about 7.1 times FY 2024 revenues. 4 ships were delivered in Q1 2025 and 102 units are in portfolio with deliveries scheduled up to 2036.
The new Underwater segment was launched, reporting revenues at euro 95 million and EBITDA margin at 17%.
Pierroberto Folgiero, Fincantieri Chief Executive Officer and General Manager, commented: “The creation of the new Underwater segment represents a fundamental step in the Group's industrial evolution... The first quarter of 2025 marks the best result in our history, with EBITDA growth of 54% and an unprecedented order backlog...".
Fincantieri is one of the world’s largest shipbuilding groups, the only one active in all high-tech marine industry sectors. With over 230 years of history and more than 7,000 ships built, Fincantieri maintains its know-how, expertise and management centres in Italy, here employing over 11,000 workers and creating around 90,000 jobs, which double worldwide thanks to a production network of 18 shipyards operating worldwide and with over 22,000 employees.