Slide 1: 9M 2025 Results Presentation
FINCANTIERI www. fincantieri.com 9M"2 esults Presentation November 12, 2025
Slide 2: Agenda
Slide 3: 9M 2025 key highlights
‘9M 2025 Group performance FINCANTIERL 9M 2025 key highlights emn Revenues EBITDA Order intake Net debt [- +20.5% [ +40.4% +88.4% i 6,725 1,648 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 FY 2024 9M 2025 Strong performance in 9M 2025 providing full visibility on 2025 guidance Revenue growth supp
Slide 4: 9M 2025 results confirm the Group's growth trajectory
‘9M 2025 Group performance FINCANTIER! 9M 2025 results confirm the Group's growth trajectory 9M 2025 Revenues € 6.7 bn +20.5% vs 9M 2024 P Significant increase EBITDA margin 6.9% at 5.9% in 9M 2024 Net debt € 1.65 bn 2.6x! Net debt / EBITDA 1. Leverage ratio (Net debt / EBITDA LTM 9M 2025)
Slide 5: All-time record backlog with strong order intake
‘9M 2025 Group performance All-time record backlog equal to 7.5x FY 2024 revenues with a strong order intake at € 16.0 bn 9M 2025 . 1 Book-to-bill 2.4x Order intake € 16.0 bn improving vs 9M 2024 Backlog? € 41.0 bn +32.3% vs FY 2024 5.0x FY 2024 revenues Total backlog? € 61.1 bn 7 .5X FY 2024 revenu
Slide 6: Steady progress in all key metrics in line with Guidance
9M 2025 Group performance FINCANTIER!_ Steady progress in all key metrics in line with Guidance a at Revenues ~€9bn S/ EBITDA margin >7% Net debt/EBITDA Between 2.7x and 3.0x £ 6 46 Net profit Positive net income
Slide 7: Solid commercial pipeline across all segments
‘9M 2025 Group performance FINCANTIER! Solid commercial pipeline of ~ € 26 bn across all segments 2 ships J fense-units=forst 2 Hybrid SOVs for Advanced torpedoes for TUI Cruises j North Star and countermeasures Confirming Fincantieri’s cooperation Promoting collaboratis = Further strengthening stra
Slide 8: Delivering high-tech Underwater solutions
9M 2025 Group performance FINCANTIER! Delivering high-tech Underwater solutions - Y Lf) SAND = Unmanned — Surface vehicle Equipped with Launch And Recovery System — LARS™= Advanced system for transporting and laying rocks Contract with Jan De Nul for the supply of mission critical equipment ng our u
Slide 9: Robust multi-year order book with visibility up to 2036
‘9M 2025 Group performance FINCANTIERL Robust multi-year order book with visibility up to 2036 Total backlog! of € 61.1 bn, equal to 7.5x FY 2024 revenues? Backlog Soft backlog? at € 20.1 bn, further supporting the commercial pipeline 19 ships delivered (5 Cruise, 3 Defense, 11 Offshore) with 100 un
Slide 10: Financial results
Slide 11: Order intake at € 16.0 bn and book-to-bill at 2.4x
Financial results FINCANTIER! Order intake at € 16.0 bn, greater than the whole of 2024 (€ 15.4 bn), and book-to-bill at 2.4x Order intake breakdown by segment (€ min Book-to-billt 1.5x 2.4x 9M 2024 9M 2025 = Shipbuilding m™ Offshore and Specialized Vessels Underwater m= ES| = Consolidation adjustme
Slide 12: Record high backlog at € 61.1 bn
Financial results FINCANTIERL Record high backlog at € 61.1 bn, covering 7.5x 2024 revenues Total backlog? breakdown by segment Total backlog at € 61.1 bn, approximately 7.5 times FY 2024 revenues (min) Backlog coverage? 6.3x 7.5x 61,092 Backlog at € 41.0 bn (€ 31.0 bn as of December 31, 2024), with
Slide 13: Revenues at € 6.7 bn, up 20.5%
Financial results Revenues at € 6.7 bn, up 20.5% Revenues breakdown by segment! and % of total revenues (€ min) 6,725 12.8% 5,583 5.3% 15.3% 14.4% 3.5% 0.8% 15.3% 0.6% 22.7% 19.6% Shipbuilding Shipbuilding 3,982 4,885 65.9% 45.7% 67.5% 9M 2024 9M 2025 Cruise "Defense ~~ Ship Interiors _ !™l# Offshor
Slide 14: EBITDA up 40.4%, increasing margin YoY
Financial results FINCANTIER! EBITDA up 40.4% to € 461 min, increasing margin YoY EBITDA breakdown by segment and EBITDA margin (€ min) EBITDA margin 5.9% 6.9% 7A 328 17.3% 5.4% 5.4% 14.8% 5.1% 6.5% 6.0% 9M 2024 9M 2025 Shipbuilding m™ Offshore and Specialized Vessels Underwater m= ES| mm Other acti
Slide 15: Deleveraging path and Net Working Capital movements
Financial results FINCANTIER! Deleveraging path and Net Working Capital movements Net debt (€ min) 1,668 9M 2024 FY 2024 9M 2025 ClLeverage Ratio LTM Net debt at € 1,648 min in 9M 2025, significantly improving vs 9M 2024 (€ 2,440 min) and marginally better than FY 2024 (€ 1,668 min excluding rights
Slide 16: Concluding remarks
Slide 17: Concluding remarks
Concluding remarks FINCANTIER! Concluding remarks GS Strong operational and financial results supporting full visibility on year-end iets) Solid margins increase YoY, reaching 6.9% in 9M 2025, thanks to higher operational efficiency in Cruise, a higher contribution of Defense and Underwater Deep bac
Slide 18: Q&A
Slide 19: Investor Relations contacts
9M 2025 results. Investor Relations contacts INSTITUTIONAL INVESTORS investor.relations@fincantieri.it INDIVIDUAL SHAREHOLDERS azionisti.individuali@fincantieri.it FINCANTIER!
Slide 20: Appendix
Slide 21: S&P Global ESG Score, Sustainalytics
S&P Global ESG Score Sustainalytics
Slide 22: Focus on Shipbuilding
‘Appendix Focus on Shipbuilding Revenues (€ min) 4,885 3,982 fm 1,643 ee 38 9M 2024 9M 2025 Hicruise [Defense Ship Interiors EBITDA (€ min) 9M 2024 9M 2025 = Revenues at € 4,885 min (vs € 3,982 min in 9M 2024) = Cruise revenues at € 3,188 min = Defense revenues at € 1,643 min = Ship interiors revenu
Slide 23: Focus on Offshore and Specialized Vessels
FINCANTIER! Appendix Focus on Offshore and Specialized Vessels Revenues EBITDA (€ min) (€ min) 1,041 47 9m 2024 9M 2025 9m 2024 9M 2025 = Revenues at € 1,041 min (vs € 924 min = EBITDA at € 57 min (vs € 47 min in in 9M 2024) 9M 2024) = EBITDA margin at 5.4% (vs 5.1% in 9M 2024)
Slide 24: Focus on Underwater
‘Appendix Focus on Underwater Revenues (€ min) 9M 2024 9M 2025 EBITDA (€ min) 31 9M 2024 9M 2025 = Revenues at € 386 min (vs € 209 min in 9M 2024) = EBITDA at € 67 min (vs € 31 min in 9M 2024) = EBITDA margin at 17.3% (vs 14.8% in 9M 2024) FINCANTIER!
Slide 25: Focus on Equipment, Systems and Infrastructure
Revenues (€ min) 926 927 489 416 283 315 9M 2024 9M 2025 Ml Electronics and Digital Products Minfrastructure Focus on Equipment, Systems and Infrastructure EBITDA (€ min) 29 23 ll 7 9M 2024 9M 2025 Mechanical Systems and Components. Revenues at € 927 min (vs € 926 min in 9M 2024) Electronics and Dig
Slide 26: Safe harbour statement
Appendix FINCANTIERI Safe harbour statement This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," inte
Slide 27: FINCANTIERI
FINCANTIERI