Fincantieri SpA (FCT.MI) Q1 2026 Earnings Call Transcript
Fincantieri S.p.A. operates in the shipbuilding industry worldwide. The Shipbuilding segment designs and constructs cruise ships; expedition cruise vessels; naval vessels, such as aircraft carriers, destroyers, frigates, corvettes, patrol vessels, amphibious and logistic support ships, multirole and research vessels, special vessels, and submarines, as well as product lifecycle management, and training and assistance services; ship interiors comprising cabins, wet units, public areas, catering, glazing, and interior design solutions; and ship repairs, refitting, conversions, and refurbishment services. The Offshore and Specialized Vessels segment designs and constructs high-end offshore support vessels, specialized vessels, offshore wind plant vessels, as well as semi-submersible drilling ships and platforms products; specialized ships, such as cable-laying vessels and ferries; and unmanned vessels. The Equipment, Systems and Infrastructure segment offers energy generation/storage systems, such as electrical, electronic and electromechanical integrated systems, and entertainment systems; stabilization, propulsion, positioning, and power generation systems; and steam turbines, as well as designs and integrates systems with a focus on automation, cyber security, telecommunications, and critical infrastructures. This segment also is also involved in the design, construction, and assembly of steel structures on large project, including bridges, viaducts, airports, ports, maritime/hydraulic works, and large commercial and industrial buildings. The company provides dry-dock management; engineering, project, and supply chain management; information technology consultancy; mechanical products sale and after-sale; marine diesel engine maintenance; technological research and development; ship accommodation services; and charters boats, ships, and barges. The company was founded in 1959 and is headquartered in Trieste, Italy.
Fincantieri delivered 2025 with record net profit, further margin gains, all-time high backlog and orders, and reaffirmed a competitive 2026 plan with deleveraging progress and capital-structure enhancement.
⭐ Key Highlights
✔Positive Signals
- Record net profit (EUR 117 million) and margin expansion to 7.4%
- All-time high backlog (EUR 63.2 billion) and record order intake (EUR 20.3 billion)
- Significant deleveraging progress to 2.7x net debt/EBITDA
- Strong free cash flow generation (>EUR 250 million) and flexible capital structure
- Strategic progress in underwater (WASS/Remazel) and Navis Sapiens platform rollout
✖Negative Signals
- Naval revenue recognition slower in late 2025; near-term execution risk in naval orders
- Geopolitical and macro factors could impact timing of defense programs and customer budgets
- Capex and integration costs associated with high backlog require careful working-capital management
📊Financial Results
- Revenues EUR 9.2 billion, up 13.1% YoY (positive vs prior guidance).
- EBITDA EUR 681 million, margin 7.4% (up from 6.3% in 2024; group-level growth ~34%).
- Net profit EUR 117 million (record), vs a much lower 2024 figure; driven by EBITDA growth and lower financial expenses.
- Net debt/EBITDA 2.7x, better than the 2.8x guidance; including noncurrent financial receivables, 1.9x.
- Free cash flow > EUR 250 million, excluding 2025 capex and WASS-related outflows.
🔮Future Guidance
- 2026 revenue guidance: EUR 9.2-9.3 billion (unchanged vs Capital Market Day), EBITDA around EUR 700 million and EBITDA margin near 7.5%.
- Adjusted net debt/EBITDA guidance about 2x, or 1.3x including February 2026 capital increase.
- Net profit expected to be higher than 2025; additional upside from U.S. and European defense programs and selective M&A.
💡Interesting Insights
- NexTech and Navis Sapiens: a data-platform/automation stack with Accenture, enabling shipowners to host external applications and achieve ongoing cost savings; potential long-term differentiator.
Detailed Analysis
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