Fincantieri S.p.a. · MIL:FCT
Fincantieri — Investor Day (May 2025)
59 slides from Fincantieri's investor day presentation, May 2025
Slide 1: Agenda for Deep Dive: Analyst and Investor Underwater Day
Analyst & Investor Underwater Day – May 2025 Agenda for DEEPDIVE Analyst and Investor Underwater Day FINCANTIERI STRATEGIC EVOLUTION THROUGH LEADERSHIP IN UNDERWATER UNDERWATER ECOSYSTEM UNDERWATER MARKET & KEY OPPORTUNITIES FINCANTIERI POSITIONING IN UNDERWATER EXPECTED EVOLUTION OF UW PRODUCT AND
Slide 2: Fincantieri Strategic Evolution Through Leadership in Underwater
ANALYST & INVESTOR UNDERWATER DAY FINCANTIERI STRATEGIC EVOLUTION THROUGH LEADERSHIP IN UNDERWATER
Slide 3: Shipbuilding is back as a geopolitical priority guaranteeing security and sovereignty
Analyst & Investor Underwater Day – May 2025 Shipbuilding is back as a geopolitical priority guaranteeing security and sovereignty SHIPBUILDING MOVED … RECENTLY ACQUIRING … STARTING A GLOBAL RACE FROM WEST TO EAST… STRATEGIC & GEOPOLITICAL ON DEFENSE CAPABILITIES RELEVANCE AGAIN… • Western world aba
Slide 4: Fincantieri is evolving its business mix to support growth and profitability
Analyst & Investor Underwater Day – May 2025 Fincantieri is evolving its business mix to support growth and profitability Fincantieri revenue mix (% of total) UNDERWATER 100% 100% Multi-dimensional ecosystem, doubling its size by 2027 with expected further upside in next years, with Equipment, Syste
Slide 5: On Cruise, Fincantieri set up a sustainable business model for self-financing
Analyst & Investor Underwater Day – May 2025 On Cruise, Fincantieri set up a sustainable business model for self-financing FINANCIAL SUSTAINABILITY FINCANTIERI’S SELF-FINANCING & INCREASED MARGINS PRODUCTION CYCLE • Stationary production volumes: Steady revenues stabilizing working Stable volumes, w
Slide 6: On Naval, ca. 20 €B of high-probability commercial opportunities identified
Analyst & Investor Underwater Day – May 2025 On Naval, ca. 20 €B of high-probability commercial opportunities identified ITALY & ~15 EUROPE €B EUROPE Focus on submarine and heavy frigate, on top of full ~5 ASIA product line coverage €B MIDDLE EAST ~4 MIDDLE EAST AMERICAS Balanced mix including €B al
Slide 7: Fincantieri able to address increasing Naval demand through global footprint
Analyst & Investor Underwater Day – May 2025 Fincantieri able to address increasing Naval demand, through its versatile global footprint POTENTIAL OPPORTUNITIES FROM FINCANTIERI GLOBAL FOOTPRINT: Readiness to double Leverage flexibility of Scale up U.S. Distinctive ability to Naval production produc
Slide 8: On UW, Fincantieri is leveraging its unique expertise to expand
Analyst & Investor Underwater Day – May 2025 On UW, Fincantieri is leveraging its unique expertise to expand on new opportunities CONSOLIDATED COMPETENCES IN EXPANSION INTO THE CONVENTIONAL UNDERWATER BROADER UNDERWATER TECHNOLOGIES ECOSYSTEM Combining conventional products with innovative technolog
Slide 9: Underwater Ecosystem
ANALYST & INVESTOR UNDERWATER DAY UNDERWATER ECOSYSTEM
Slide 10: Most of human well-being relies on Underwater assets and resources
Analyst & Investor Underwater Day – May 2025 Most of human well-being relies on Underwater assets and resources In the next century 40% 80% of the seafloor and Given the transition to Global data traffic Global electricity market of food will come from 98% of the abyssal green energy, offshore depen
Slide 11: Underwater as crossroad between new needs & tech acceleration
Analyst & Investor Underwater Day – May 2025 Underwater as crossroad between new needs & tech acceleration INCREASING DEMAND TECHNOLOGY PUSH Growth of hybrid and warfare tactics, involving Emerging capabilities unlocking new missions drones, cyberattacks and sabotages and operational profiles Growin
Slide 12: EU-level and national regulation responding to evolving UW scenario
Analyst & Investor Underwater Day – May 2025 EU-level and national regulation responding to evolving UW scenario EU PUSHES MEMBER STATES TO ACT … AND ITALY LEADS IN IMPLEMENTING ON INFRASTRUCTURES SECURITY … CONCRETE AND BINDING MEASURES Defined a strict timeline by 2027 for all infra operators, pus
Slide 13: Fincantieri's vertically integrated business model
Analyst & Investor Underwater Day – May 2025 Fincantieri’s vertically integrated business model Strong demand for Ship as a Mother Miniaturization New propulsion AI enabled, New telecoms traditional Ship: new civilian and robotization: and charging collaborative systems enabling UW submarines to and
Slide 14: Fincantieri can lead this transformation and address new challenges across domains
Analyst & Investor Underwater Day – May 2025 Fincantieri can lead this transformation and address new challenges across domains Bringing the history, the assets, Proving expertise across domains, Applying a holistic approach and the vision to lead covering the full-spectrum with fully fledged capabi
Slide 15: Underwater Market & Key Opportunities
ANALYST & INVESTOR UNDERWATER DAY UNDERWATER MARKET & KEY OPPORTUNITIES
Slide 16: Underwater: an existing market comprising an ecosystem of technologies
Analyst & Investor Underwater Day – May 2025 Underwater: an existing market comprising an ecosystem of technologies… Launch and Drone carrier Oil & Gas Recovery System mothership Platform Surface Anti-submarine Floating Coastal from ship vessels reconnaissance offshore wind interception Relay buoy S
Slide 17: Addressing a wide range of commercial and defense customer needs
Analyst & Investor Underwater Day – May 2025 …addressing a wide range of commercial and defense customer needs DEFENSE DUAL-USE COMMERCIAL Protecting national security Protection of critical infrastructure Supporting private operators in through underwater dominance both defense and commercial under
Slide 18: Underwater is the new space frontier
Analyst & Investor Underwater Day – May 2025 Underwater is the new space frontier BEGINNING OF THE NEW RACE ERA SPACE RACE 1957 2024 Active space 2 Underwater with many 1k+ companies agencies similarities vis a vis Space 10% Owning growth potential of a CAGR completely new dimension as Active satell
Slide 19: A 22B€ yearly accessible market in '25-'27 with expected 20% CAGR
Analyst & Investor Underwater Day – May 2025 A 22B€ yearly accessible market in ‘25-’27 with an expected 20% CAGR AVERAGE YEARLY ACCESSIBLE UNDERWATER MARKET CAGR 15% 80% 10% 20% Average yearly ~50B€ '25-'27 global Underwater ~5B€ ~22B€ market ~1B€ ~16B€ Defence Dual-use Commercial Total Average yea
Slide 20: Growing role of dual-use players: better, cheaper, faster
Analyst & Investor Underwater Day – May 2025 Growing role of dual-use players: better, cheaper, faster LEVERAGING DUAL-USE EXPERTISE STRONG SUPPORT FROM TO GAIN MOMENTUM INVESTORS AND GOVERNMENTS KEY PRIVATE INVESTORS Dual-use players and startups gaining access to previously secluded markets, backe
Slide 21: Clear development factors pushing for market leaders to emerge
Analyst & Investor Underwater Day – May 2025 Clear development factors pushing for market leaders to emerge Early solution providers Fragmented sector with no clear leader Empty space Disruptive innovation requires coordination Naval Sub system Market pushing for development shipbuilders providers o
Slide 22: Fincantieri is the incumbent player taking the role of market Orchestrator
Analyst & Investor Underwater Day – May 2025 Fincantieri is the incumbent player taking the role of market Orchestrator VERTICALLY TO BE A INTEGRATING "ONE STOP “CORE SHOP" TECHNOLOGIES” SUPPLYING DRIVING END-TO-END INNOVATION TURN-KEY SOLUTIONS 21
Slide 23: Fincantieri Positioning in Underwater
ANALYST & INVESTOR UNDERWATER DAY FINCANTIERI POSITIONING IN UNDERWATER
Slide 24: Our journey started back in time
Analyst & Investor Underwater Day – May 2025 Our journey started back in time… December 2023 May 2024 October 2024 January 2025 April 2025 Signed acquisition Signed acquisition Set-up San Francisco Created UW Hub in Invested in WSense of Remazel of WASS Submarine innovation antenna Fincantieri, onbo
Slide 25: Enabling the full control of the entire ecosystem
Analyst & Investor Underwater Day – May 2025 …enabling the full control of the entire ecosystem… Launch and Oil & Gas Platform Recovery System Drone carrier Floating Coastal from ship mothership Surface Anti-submarine offshore wind interception vessels reconnaissance network Satellite aircraft Relay
Slide 26: Coordinated through a dedicated Hub to drive business & product development
Analyst & Investor Underwater Day – May 2025 …coordinated through a dedicated Hub to drive business & product development… RATIONALE AND OBJECTIVES UNDERWATER HUB Single entry point for clients, with fully Submarines & Drones coordinated delivery behind the scenes Submarines, and Torpedoes, Non-conv
Slide 27: Delivering a product portfolio able to address market needs
Analyst & Investor Underwater Day – May 2025 …delivering a product portfolio able to address market needs ASYMMETRIC, UNMANNED WIDE MODULAR MULTIDOMAIN DUAL-USE & HYBRID WARFARE ECOSYSTEMS SOLUTIONS TECHNOLOGIES Versatile platforms (NFS, S800) with advanced integration Partnership with VESSELS of un
Slide 28: Submarines
ANALYST & INVESTOR UNDERWATER DAY SUBMARINES
Slide 29: Fincantieri's expertise and supply network in the submarine market
Analyst & Investor Underwater Day – May 2025 Fincantieri's expertise and supply network in the submarine market INDUSTRY-LEADING … WITH CENTURY-DEEP HERITAGE … AND UNDERPINNED BY MANUFACTURING WITH AND 25Y EXPERIENCE AN ITALIAN RESILIENT, DEDICATED TEAMS… ON MODERN SUBS… SUPPLY NETWORK R&D First sub
Slide 30: Value proposition with three cutting-edge flagship products
Analyst & Investor Underwater Day – May 2025 Value proposition with three cutting-edge flagship products Design under development, Design under internal Production in progress commitment from OCCAR development U 212 NFS S800 LDAUV Cutting-edge conventional Multipurpose light carrier Large autonomous
Slide 31: U 212 NFS: Advanced class of submarines enhancing previous model
Analyst & Investor Underwater Day – May 2025 U 212 NFS | Advanced class of submarines enhancing previous model ADVANCED ORIGINS ENHANCEMENT OF TRADITIONAL CAPABILITIES SOLUTIONS Delivery 2006 U212A NFS Towed Array U 212 A Stealthness Special ops Acoustic Manouvrability integration Capabilities Deliv
Slide 32: S800: Compact submarine with unmanned assets integration
Analyst & Investor Underwater Day – May 2025 S800 | Compact submarine with unmanned assets integration SUPERIOR FEATURES Versatile Special Forces Littoral Agility Modular and adaptable Covert strategic impact in Superior maneuverability payload based on inaccessible areas in shallow waters missions
Slide 33: LDAUV: Autonomous platform optimized for diverse mission profiles
Analyst & Investor Underwater Day – May 2025 LDAUV | Autonomous platform optimized for diverse mission profiles VERSATILE COOPERATIVE PAYLOAD DELIVERY SUBSTITUTE UNDERWATER FOR SUBMARINE NETWORK Flexible payload configuration enabling tailored deployment of different Large displacement AUV with exte
Slide 34: WASS
ANALYST & INVESTOR UNDERWATER DAY WASS
Slide 35: WASS is a trusted global partner for Navies in UW defense technologies
Analyst & Investor Underwater Day – May 2025 WASS is a trusted global partner for Navies in UW defense technologies BROAD PORTFOLIO …AND BEST-IN-CLASS ..SOLD TO TOP-TIER NAVIES… WITH CUTTING-EDGE TECHS… OPERATIONAL & FINANCIAL STRUCTURE ~2,000 ~400 units ~400 units sold units sold Fincantieri finali
Slide 36: WASS leads in UW defense with a consolidated product portfolio
Analyst & Investor Underwater Day – May 2025 WASS leads in UW defense with a consolidated product portfolio… LIGHTWEIGHT TORPEDOES HEAVYWEIGHT COUNTERMEASURES SONARS TORPEDOES BLACK MU90 BLACK JAMMERS ATAS ARROW SHARK & DECOYS An export-proven NATO-standard Most advanced Complete and reliable suite
Slide 37: Developing next-gen solutions to meet evolving client needs
Analyst & Investor Underwater Day – May 2025 …and is developing next-gen solutions to meet evolving client needs DEEP DIVE NEXT Ongoing validation Under Development Under Development BLACK SCORPION MINE HUNTING BLACK SHIELD MINI TORPEDO SONAR PROTECTION SYSTEM Cutting-edge ultra-lightweight torpedo
Slide 38: Black Scorpion: Combining legacy experience with forward-looking design
Analyst & Investor Underwater Day – May 2025 Black Scorpion | Combining legacy experience with forward-looking design ORIGINS DESCRIPTION KEY CHARACTERISTICS 1990 Very small size & low weight A200 Safety & Suitability for Service Competitive cost 2000 The Black Scorpion upgrades the features from Ea
Slide 39: Mine Hunting Sonar: Enhanced detection, identification & classification
Analyst & Investor Underwater Day – May 2025 Mine Hunting Sonar | Enhanced detection, identification & classification DESCRIPTION KEY CHARACTERISTICS Flexible architecture (Hull-mounted and towed-body) Advanced sonar electronics (e.g., beamforming) Precise detection, via multi-parameter sensors The
Slide 40: IDS - Ingegneria dei Sistemi
ANALYST & INVESTOR UNDERWATER DAY IDS - INGEGNERIA DEI SISTEMI
Slide 41: IDS will drive UW software development and unmanned systems
Analyst & Investor Underwater Day – May 2025 IDS will drive UW software development and unmanned systems A COMPANY WITH … WITH MANY COMPETENCES …ACQUIRED IN 2021 TO BE A A GLOBAL FOOTPRINT… ACROSS NICHE PRODUCTS … PRODUCT DEVELOPMENT EXCELLENCE Unmanned management system & unmanned-related HQ Pisa s
Slide 42: IDS flagship products are the key enablers for modular UW solutions
Analyst & Investor Underwater Day – May 2025 IDS flagship products are the key enablers for the modular UW solutions Final stages of development First unit UNDERWATER UNMANNED MANAGEMENT SURFACE SYSTEM VEHICLE UMS enabling multi-mission and multi-domain USV as key enabler for modular UW decision-mak
Slide 43: UMS: A platform for multi-mission & multi-domain decision-making
Analyst & Investor Underwater Day – May 2025 UMS | A platform for multi-mission & multi-domain decision-making Scalable and modular software to be deployed on different hardware system • UMS playing a key role in the tactical command and control (C2), acting as multidomain central system to manage &
Slide 44: USV: Modular, multi-purpose surface vehicle with autonomous navigation
Analyst & Investor Underwater Day – May IDS2025 USV | Modular, multi-purpose surface vehicle with autonomous navigation UMS Integrated with onshore & onboard TOOLB control system for mission planning OX & execution NEW VESSEL FIRST UNIT Status IN USE UNDER DEVELOPMENT Type Vessel Vessel on ship Inte
Slide 45: Remazel
ANALYST & INVESTOR UNDERWATER DAY REMAZEL
Slide 46: A global leader on heavy-weight equipment handling systems
Analyst & Investor Underwater Day – May 2025 A global leader on heavy-weight equipment handling systems FOUR CORE BUSINESSES …STARTING POINT FOR …WITH PROVEN GLOBAL WITH HIGH UW FINCANTIERI’S OFFSHORE & LEADERSHIP RELEVANCE… SUBSEA GROWTH Offshore & Years of experience Engineering projects 40+ on of
Slide 47: Jacket Lifting System
JACKET LIFTING SYSTEM 46
Slide 48: Remazel flagship projects leverage 40+ years of Oil&Gas and Wind expertise
Analyst & Investor Underwater Day – May 2025 Remazel flagship projects leverage 40+ years of Oil&Gas and Wind expertise Deep dive next OFFSHORE HEAVY WIND FLOATING CABLE LARS O&G LIFTING OFFSHORE WIND PROTECTION Winches, lifting Tailor-made lifting Lifting & Handling Mooring systems and Launch & Rec
Slide 49: LARS: Launch & Recovery system for ROV / Collector's UW deployment
Analyst & Investor Underwater Day – May 2025 LARS | Launch & Recovery system for ROV / Collector’s UW deployment Description Architecture Key characteristics 5000 m water depth Complete system including heave Designed to withstand extreme passive compensation and subsea ocean depths and pressures, t
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Slide 51: Cable protection: Fall pipe and rock transport system
Analyst & Investor Underwater Day – May 2025 Cable protection | Fall pipe and rock transport system Description Architecture Key characteristics 400 m water depth Complete rock installation Fully Integrated Control System: and transport system, for precise A centralized software solution and efficie
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Slide 53: Economics and Projections 2025-27 for UW Segment
ANALYST & INVESTOR UNDERWATER DAY ECONOMICS AND PROJECTIONS 2025-27 FOR UW SEGMENT
Slide 54: New UW segment combines all entities contributing to UW opportunities
Analyst & Investor Underwater Day – May 2025 New UW segment combines all entities contributing to UW opportunities SHIPBUILDING EQUIPMENT, SYSTEMS AND OFFSHORE UNDERWATER INFRASTRUCTURES Cruise Naval Ship Offshore and Defense, commercial, Electronics and Mechanical Syst. Infrastructure ships vessels
Slide 55: Underwater financial dynamics accretive to profitability and value creation
Analyst & Investor Underwater Day – May 2025 Underwater financial dynamics accretive to Fincantieri’s profitability and value creation OPERATIONAL & HIGHLY CASH UNLOCKING EXTRA TECHNOLOGICAL GENERATIVE VALUE CREATION EDGE BUSINESS MODEL AT A PREMIUM Cutting-edge capabilities enabling High turnover,
Slide 56: Revenues at ca. 820 €M in 2027, with margins approaching 19%
Analyst & Investor Underwater Day – May 2025 Revenues at ca. 820 €M in 2027, with margins approaching 19% 2025 2026 2027 CAGR'25-27 Revenues (€M) ~ 660 ~ 720 ~ 820 11.3% EBITDA (€M) ~ 115 ~ 130 ~ 152 14.9% EBITDA Margin (%) 17.4% 18.0% 18.5% UW already contributing to 1Q 2025 backlog for 2.8 billion
Slide 57: Conclusions
ANALYST & INVESTOR UNDERWATER DAY CONCLUSIONS
Slide 58: Fincantieri uniquely positioned to be frontrunner in the global Underwater space
Analyst & Investor Underwater Day – May 2025 Fincantieri uniquely positioned to be frontrunner in the global Underwater space Favorable market tailwinds Fincantieri stands out Fincantieri is combining its Flagship projects are already are accelerating demand with a unique positioning historical expe
Slide 59: Q&A
ANALYST & INVESTOR UNDERWATER DAY Q&A