Recently, Fincantieri, one of the world’s largest shipbuilding groups, released its 2024 Financial Report on its official website. The report shows that Fincantieri’s new ship orders in 2024 have more than doubled compared with the previous year, with a total order backlog of 40 billion euros, and has successfully turned losses into profits.
In 2024 Fincantieri has delivered a strong progress in profitability, with a net profit of euro 27 million (net loss of euro 53 million in 2023), demonstrating the turn-around achieved.
Fincantieri’s positive performance is driven by a favorable evolution in all business segments. As of December 31, 2024, revenues grow to euro 8,128 million (+6.2% compared to 2023), thanks in particular to the ‘Offshore and Special Vessels’ and ‘Systems, Components and Infrastructure’ segments, up 28% and 36% respectively.
Margins are also increasing sharply, with EBITDA reaching euro 509 million, up 28% compared to 2023, and EBITDA margin at 6.3% (5.2% in 2023).
On the commercial front, the Group has acquired a record level of new orders in 2024, for a total value of euro 15.4 billion, more than double 2023 order intake, mainly driven by Shipbuilding’s excellent performance.
The backlog amounts to euro 31.0 billion, growing 34% compared to December 2023, with a total backlog (sum of backlog and soft backlog[2]) at euro 51.2 billion (6.3 times 2024 revenues), supported by a strong commercial pipeline in all business segments.
In 2024, the Group delivered 20 ships, fully in line with the delivery schedule, also thanks to the initiatives undertaken as part of the operational efficiency programs and to the production innovations outlined in the Business Plan.
As of December 31, 2024, the Net Financial Position (NFP) amounts to euro 1,281 million, improving compared to 2023 (euro 2,271 million). The variation is mainly attributable to：
- the effectiveness of the strategy in Cruise, with the stabilization of annual revenues at approximately euro 4 billion in order to neutralize cash absorption in this sector,
- the effect of efficiency measures, operational excellence initiatives and financial discipline, in line with the business plan,
- the capital increase completed in July 2024,
- the reclassification to current assets of the financial receivable, secured by collateral, granted to a shipowner in connection with the delivery of a ship in December 2023.
Excluding the temporary benefit deriving from the capital increase, to fund the WASS acquisition, the Leverage ratio (NFP/EBITDA) improves to 3.3x, better than 4.5 – 5.0x guidance provided in November 2024, and well ahead of the deleveraging path envisaged for 2024 in the 2023-27 Business Plan (6.0 – 7.0x).
During 2024, contracts subject to financing were signed with Crystal Cruises for 3 state-of-the-art cruise ships, in delivery from 2028, and with Viking Cruises for the construction of 4 new cruise ships, to be delivered between 2028 and 2030, with an option for other 4 units with deliveries scheduled between 2031 and 2032.
In the defense sector, on August 5, 2024, the Italian Navy notified to Orizzonte Sistemi Navali (OSN), a joint venture owned by Fincantieri (51%) and Leonardo (49%), the option exercise for the construction of the fourth new generation patrol vessel and related logistical support, as part of the OPV (Offshore Patrol Vessel) program. The total value of the contract is euro 236 million.
OSN also signed a contract worth approximately euro 1.5 billion with OCCAR (Organisation Conjointe de Coopération en matière d’Armement), on July 31, 2024, for the construction of two new FREMM frigates in the “EVOLUTION” version, named “FREMM EVO”, for the Italian Navy.
On June 28, 2024, OCCAR exercised the option for the construction of the fourth next-generation submarine related to the Navy’s U212NFS (Near Future Submarine) program assigned to Fincantieri. The unit is valued approximately euro 500 million, including the related Integrated Logistic Support and In-Service Support. With this signature, the options completing the maintenance support of the submarines already contracted were also exercised.
At the same time, a major Engineering Change Proposal has been activated for the industrialization in Italy, production and integration on board all U212NFS of an innovative lithium energy storage system (Lithium Battery System) which will replace the traditional lead-acid system currently in use. This state-of-the-art technology will increase the submarines’ underwater range.
In May 2024, the Group, through its American subsidiary FMM, was awarded the contract by the US Navy for the fifth and sixth frigates of the Constellation FFG(X) program for a value of over USD 1 billion.
Fincantieri and EDGE, one of the world’s leading advanced technology and defense groups, have signed an agreement creating MAESTRAL, an Abu Dhabi-based shipbuilding Joint Venture (JV) that is intended to seize global opportunities for the design and manufacture of advanced defense vessels, particularly for new expanding markets.
Finally, as part of the collaboration between the Italian and Indonesian Ministry of Defense, the contract for the two MPCS (Multipurpose Combat Ship/PPA) units for the Indonesian Navy was formalized at the beginning of 2025, as part of a contract signed in 2024 worth euro 1.18 billion.