Fincantieri reports strong growth and €51.2bn backlog for 2024
Fincantieri’s Project Aura on the water.
The board of directors of Fincantieri has approved the draft financial statements for the year ending 31 December 2024, along with the firm’s consolidated financial statements.
The Italian shipbuilding company, which is based in Trieste, has reported a net profit of €27m, compared to a net loss of €53m in 2023. Adjusted net profit amounted to €57m, an increase from the €7m net loss recorded in 2023.
Revenues increased by 6.2 per cent year-on-year to €8.13bn, with EBITDA reaching €509m, reflecting a 28 per cent rise compared to 2023. The EBITDA margin improved to 6.3 per cent from 5.2 per cent in the previous year. The firm’s net financial position stood at a negative €1.28bn, down from €2.27bn in 2023, with an improved leverage ratio of 3.3x, ahead of the company’s 2024 guidance.
The company secured orders worth €15.4bn in 2024, more than double the €6.6bn recorded in 2023, driven largely by the shipbuilding segment. The total backlog amounted to €51.2bn, representing approximately 6.3 times 2024 revenues. A total of 20 ships were delivered during the year, with 98 vessels in the order book scheduled for delivery up to 2036.
Guidance for Fincantieri in 2025 includes projected revenues of approximately €9bn, an EBITDA margin exceeding 7 per cent, and a leverage ratio in line with 2024 levels.
Fincantieri continued its expansion in the underwater sector through the acquisition of WASS Submarine Systems, formerly part of Leonardo. International collaborations included an agreement with EDGE to develop advanced underwater systems in the UAE and a memorandum with Sparkle for the protection of submarine telecommunications cables.
The company strengthened its presence in the Middle East and Southeast Asia through agreements in Saudi Arabia, following the establishment of its subsidiary Fincantieri Arabia for Naval Services. Additionally, the firm formalised a contract for two multipurpose combat ships (MPCS) for the Indonesian Navy as part of a €1.18bn agreement.
Fincantieri also launched its first Employee Share Ownership Plan, which had a 22 per cent participation rate among employees in Italy, Norway and the United States. In Italy, 97 per cent of managers and 69 per cent of middle managers took part.
Capital expenditure for the year totalled €263m, in line with the previous year. Investments focused on enhancing operational efficiency, adapting infrastructure to accommodate the backlog, and meeting sustainability objectives, including energy consumption and emissions reduction.
In the shipbuilding segment, revenues amounted to €5.99bn, a 2.3 per cent decrease from 2023, with EBITDA increasing by 7.8 per cent to €396m. The sector recorded €13.19bn in new orders, over three times the 2023 figure. Key contracts included agreements with Norwegian Cruise Line Holdings for four new large cruise vessels and an Italian Navy contract for two FREMM EVO frigates.
The offshore and specialised vessels segment recorded a 28.1 per cent increase in revenues to €1.37bn, with EBITDA rising to €67m. The segment secured €1.56bn in orders, including offshore wind support vessels for various clients.
The equipment, systems, and infrastructure division reported €1.5bn in revenues, up 36.2 per cent from 2023, driven by growth in the mechatronics and electronics clusters. EBITDA for the segment reached €103m, a substantial increase from the previous year.
Fincantieri anticipates continued growth in 2025, with expectations for higher revenues, an improved EBITDA margin, and further progress in deleveraging. Key strategic priorities include strengthening its presence in the underwater sector, increasing operational efficiency, expanding its cruise ship portfolio, and advancing maritime decarbonisation technologies.
Significant events following the 2024 financial year included the establishment of CircularYard in collaboration with Hera Group, for integrated waste management across Fincantieri’s Italian shipyards. Additionally, an agreement was signed with the Tawazun Council for in-service support of the UAE Navy’s fleet, valued at approximately €500m over five years.
The firm also signed an agreement with iGenius, an Italian scale-up active in the field of research and development of generative artificial intelligence technologies, aimed at establishing a collaboration for the development of AI systems based on an entirely Italian platform.
Fincantieri was ranked among the top ESG-rated firms by Sustainalytics, and maintained its presence in the Moody’s “Advanced” category for environmental, social, and governance (ESG) performance. The company also received the “Oscar di Bilancio” award for financial transparency and ESG integration.
The board has called the 2025 shareholders’ meeting for 14 May 2025 to approve the financial statements and the allocation of net profit, and vote to appoint a new board of directors.
