Fincantieri S.p.a. · MIL:FCT
Fincantieri — FY 2025 Earnings Presentation
30 slides from Fincantieri's earnings presentation, Mar 25, 2026
Slide 1: FY 2025 Results Presentation
www.fincantieri.com FY 2025 Results Presentation March 25, 2026
Slide 2: Agenda
FY 2025 results Agenda 1. FY 2025 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 3: FY 2025 key highlights
FY 2025 Group performance FY 2025 key highlights 1.9x including non-current financial receivables € mln Revenues EBITDA Net profit Order intake Net debt / EBITDA + 13 .1% + 33 .9% > 4x +32.4% 2 .7x 1,872 3.3 x1 9,194 681 117 20,331 8,128 509 15,355 1,668 1,311 27 FY 2024 FY 2025 FY 2024 FY 2025 FY 2
Slide 4: 2025 Guidance evolution
FY 2025 Group performance 2025 G uidance evolution Guidance Updated Actual March 2025 Guidance Revenues ~ € 9 bn ~ € 9 bn € 9.2 bn EBITDA margin > 7% 7.4% 7.4% In line with Net debt/EBITDA 1 2024 (3.3x) 2.8x 2 .7x Net profit Net profit € 110 mln € 117 mln 1. FY 2024 Leverage ratio (Net debt / EBITDA
Slide 5: Consistently beating all targets
FY 2025 Group performance Consistently beating all targets Achieved all the targets presented in 2023 -2027 Business Plan, confirmed by the s trong performance in FY 2025 REVENUE GROWTH MARGIN EXPANSION GROWING PROFITABILITY SIGNIFICANT DELEVERAGING CAGR 2022 -25 7.3% EBITDA grows 3x in 2022 -25 1 y
Slide 6: All-time record backlog and order intake in 2025
FY 2025 Group performance All -time r ecord backlog and order intake in 2025 FYFY2025 2025 Order intake € 20.3 bn Book -to-bill 2.2x vs 1.9x in 2024 Backlog € 41.1 bn +32.7 % vs FY 2024 4.5x FY 202 5 revenues Total backlog € 63 .2 bn 6.9x FY 2025 revenues 6
Slide 7: Profound order book with visibility extended up to 2037
FY 2025 Group performance Profound order book with visibility extended up to 203 7 Total backlog of € 63.2 bn, equal to 6 .9 x FY 2025 revenues Backlog Soft backlog at € 22.1 bn, further supporting the commercial pipeline 24 ships delivered ( 5 Cruise, 7 Defense, 12 Offshore) with 97 units in portfo
Slide 8: Solid commercial pipeline of € 32.5 bn across all segments
FY 2025 Group performance Solid commercial pipeline of € 32.5 bn across all segments Already secured Tendering Among others: ✓ NCL, Crystal, Viking and TUI orders in Cruise ✓ Cyber resilience of Defense units for the Italian Navy ✓ 4 Multi Purpose Offshore Vessels for Ocean Infinity ✓ Torpedoes to t
Slide 9: 2026 Guidance
FY 2025 Group performance 2026 Guidance Guidance FY 2026 Revenues € 9.2−9.3 bn EBITDA ~ 700 mln EBITDA margin ~ 7.5% Net debt adj/ ~ 2.0x EBITDA (1.3x including capital increase completed in February 2026) Net profit Higher than 2025 Note: Net debt adjusted : net current cash/(debt) : cash and cash
Slide 10: 2026 Capital increase provides additional firepower for selective M&A
FY 2025 Group performance 2026 Capital increase provides additional firepower for selective M&A Boosting Underwater development and accelerating product innovation Acceleration of Technologies to accelerate Selective & unconventional product and process opportunistic Underwater business innovation a
Slide 11: Agenda
FY 2025 results Agenda 1. FY 2025 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 12: Record high order intake at € 20.3 bn and book-to-bill at 2.2x
Financial results Record high order intake at € 20.3 bn , +32.4% vs 2024 (€ 15.4 bn), and book -to-bill at 2.2x Order intake breakdown by segment (€ mln) Book -to-bill 1.9x 2.2x Shipbuilding at € 17 .8 bn 20,331 ▪ 4 cruise ships for NCLH, 4 for Viking Cruises, 2 for Crystal, 2 for TUI Cruises, 1 ult
Slide 13: New record total backlog at € 63.2 bn, covering 6.9x 2025 revenues
Financial results New record total backlog at € 63.2 bn, covering 6.9x 2025 revenues Total backlog breakdown by segment (€ mln) Backlog coverage 6 .3x 6.9x Total backlog at € 63 .2 bn, approximately 6 .9 times FY 2025 63,195 revenues 51,178 22,100 Backlog at € 41 .1 bn (€ 31 .0 bn as of December 31
Slide 14: Revenues at € 9.2 bn, up 13.1% YoY
Financial results Revenues at € 9 .2 bn, up 13.1% YoY Revenues breakdown by segment 1 and % of total revenues (€ mln) Shipbuilding revenues at € 6 ,592 mln , representing 66 .3% of total 9,194 revenues, growing by 15 .1 % YoY, driven by the contribution of both Cruise (+ 12 .5% vs FY 2024 ) and Defe
Slide 15: EBITDA up 33.9% to € 681 mln
Financial results EBITDA up 33.9% to € 681 mln, increasing margin YoY at 7.4% EBITDA breakdown by segment and EBITDA margin (€ mln) EBITDA margin 6.3% 7.4% Shipbuilding EBITDA at € 451 mln , rising by 29 .3% YoY, with margin improving to 6 .8 % , + 0.8 p.p. YoY, mainly due improved payment terms 681
Slide 16: Structural growth of the business leading to increased profitability
Financial results Structural growth of the business leading to increased profitability Bridge EBITDA to Net result (€ mln) (313) 681 (173) 4 368 (56) (37) 11 143 117 EBITDA D&A EBIT Financial Inc/Exp Taxes Adjusted net result Extraordinary Tax effect on Net profit Inc/Exp from investments items 1 ex
Slide 17: Deleveraging path and debt maturity profile
Financial results Deleveraging path and debt maturity profile Adjusted Net Debt Long -term debt maturity profile (as of Dec. 31, 2025) Leverage Ratio 3.3x 2 .7x (€ mln) (€ mln) (1 ,668) 1 (1 ,311) 2 621 387 686 513 11 419 548 561 (820) (872) 229 179 3.3x 110 (1,695) (1,524) FY 2024 FY 2025 FYFY26 20
Slide 18: Agenda
FY 2025 results Agenda 1. FY 2025 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 19: Concluding remarks
Concluding remarks Concluding remarks Significant increase in N et profit, reflecting the strong results achieved in 2025 and providing rock -solid foundation for the execution of the 2026 -2030 Business Plan Further growth in EBITDA margin, up 1.2 p.p. YoY, thanks to positive evolution of Cruise an
Slide 20: Q&A
FY 2025 results Q&A
Slide 21: Investor Relations contacts
FY 2025 results Investor Relations contacts INSTITUTIONAL INVESTORS investor.relations@fincantieri.it INDIVIDUAL SHAREHOLDERS azionisti.individuali@fincantieri.it 21
Slide 22: Appendix
FY 2025 results Appendix
Slide 23: ESG: main results achieved
Appendix ESG: main results achieved Carbon Disclosure Project 1 S&P Global 2 Sustainalytics 3 Ratings and scores Awards Fincantieri Certifications S.p.A. first Italian company certified 1. In 2026, Fincantieri received an “A -” score (on a scale where D represents the lowest rating and A the highest
Slide 24: Focus on Shipbuilding
Appendix Focus on Shipbuilding Revenues EBITDA (€ mln) (€ mln) 6 ,592 6.8% 5,729 2,117 6.1% 1,754 72 62 451 349 4,404 3,913 FY 2024 FY 2025 FY 2024 FY 2025 Cruise Defense Ship Interiors ▪ Revenues at € 6,592 mln (vs € 5,729 ▪ EBITDA at € 451 mln (vs € 349 mln in mln in FY 2024) FY 2024) ▪ Cruise rev
Slide 25: Focus on Offshore and Specialized Vessels
Appendix Focus on Offshore and Specialized Vessels Revenues EBITDA (€ mln) (€ mln) 5.1% 5.3% 1,382 1,356 71 72 FY 2024 FY 2025 FY 2024 FY 2025 ▪ Revenues at € 1,356 mln (vs € 1,382 ▪ EBITDA at € 72 mln (vs € 71 mln in FY mln in FY 2024) 2024) ▪ EBITDA margin at 5.3 % (vs 5.1 % in FY 2024) 25
Slide 26: Focus on Underwater
Appendix Focus on Underwater Revenues EBITDA (€ mln) (€ mln) 17.6% 18.2% 667 117 354 65 FY 2024 FY 2025 FY 2024 FY 2025 ▪ Revenues at € 667 mln (vs € 354 mln ▪ EBITDA at € 117 mln (vs € 65 mln in in FY 2024) FY 2024) ▪ EBITDA margin at 17. 6 % (vs 18. 2 % in FY 2024) 26
Slide 27: Focus on Equipment, Systems and Infrastructure
Appendix Focus on Equipment, Systems and Infrastructure Revenues EBITDA (€ mln) (€ mln) 1,345 1,320 8.2% 230 298 6.1% 38 684 30 568 43 34 431 452 31 19 FY 2024 FY 2025 FY 2024 FY 2025 Electronics and Digital Products Infrastructure Mechanical Systems and Components ▪ Revenues at € 1,320 mln (vs € 1,
Slide 28: Glossary
Appendix Glossary Order intake : value of new orders, including order additions and variations, awarded to the Company in each reporting period Backlog : outstanding orders not yet completed, calculated as the difference between the total value of an order (including additions and variations to the
Slide 29: Safe harbour statement
Appendix 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," "intends," "pro
Slide 30: FY 2025 Results Presentation
www.fincantieri.com FY 2025 Results Presentation