Fincantieri S.p.a. · MIL:FCT
Fincantieri — 1H 2026 Earnings Presentation
33 slides from Fincantieri's earnings presentation, Jul 29, 2026
Slide 1: 1H 2026 Results Presentation
www.fincantieri.com 1H 2026 Results Presentation July 29, 2026
Slide 2: Agenda
1H 2026 results Agenda 1. 1H 2026 Group performance Pierroberto Folgiero 2. M&A Overview Pierroberto Folgiero 3. Financial results Giuseppe Dado 4 . Concluding remarks Pierroberto Folgiero
Slide 3: 1H 2026 key highlights
1H 2026 Group performance 1H 2026 key highlights 1.7x excluding capital increase Total Net debt adj / € mln Revenue EBITDA Net result backlog EBITDA +0.1% 6.8 % 7 .6 % +17 .0% 1.9 x 1.0 x x3 73,916 +12.5 % 63,195 1,234 30,900 ABB 22,100 proceeds fully 4,576 4,580 deployed 350 102 1,311 311 for M&A 4
Slide 4: Strong intake and backlog
1H 2026 Group performance Strong intake and backlog 1H FY2026 2025 Order intake € 6 .1 bn Book -to-bill 1 .3x vs 3.2x in 1H 2025 Backlog € 4 3 .0 bn 4.7x FY 2025 revenues Total backlog € 73.9 bn +17.0% vs FY 2025 4
Slide 5: Profound order book with visibility up to 2039
1H 2026 Group performance Profound order book with visibility up to 203 9 Total backlog of € 73 .9 bn, equal to 8.0 x FY 2025 revenue Soft backlog at € 30 .9 bn, further supporting the commercial pipeline 11 ships delivered (5 Cruise, 5 Offshore and Specialized Vessels, 1 Underwater) with 92 units i
Slide 6: Outstanding commercial performance, already exceeding 2026 FY target
1H 2026 Group performance Outstanding commercial performance, already exceeding 2026 FY target C ontracts already signed in excess of € 12 billion up to July with new opportunities upcoming ▪ 9 Cruise ships for NCLH , Viking Cruises , Princess Cruises , and Four Seasons Yachts ▪ LSM Initial contract
Slide 7: 2026 Guidance confirmed
1H 2026 Group performance 2026 Guidance confirmed 2026 Guidance R evenue € 9.3−9.4 bn EBITDA € 700 −710 mln EBITDA margin ~ 7.5% Net profit € 140 −180 mln Net debt adj/ ~ 2.0x EBITDA (1.3x including capital increase completed in February 2026) 7 Note: 2026 Guidance does not include the effect of the
Slide 8: Agenda
1H 2026 results Agenda 1. 1H 2026 Group performance Pierroberto Folgiero 2. M&A Overview Pierroberto Folgiero 3. Financial results Giuseppe Dado 4. Concluding remarks Pierroberto Folgiero
Slide 9: Creating an International fully integrated Champion in Underwater
M&A Overview Creating an International fully integrated Champion in Underwater Four highly value -accretive acquisitions The only vertically integrated Underwater Technology and front -end Service Provider able to orchestrate end -to -end solutions along the entire value chain 9
Slide 10: Consistent and foresighted financial strategy
M&A Overview Consistent and foresighted financial strategy 2024 capital increase and 2026 ABB enabling inorganic growth without impacting deleveraging path 10% ABB capital increase had already ~ € 500 million capital increase fully been approved by EGM in conjunction deployed with 2024 rights issue
Slide 11: Second wave of expansion in the Underwater after Remazel and WASS
M&A Overview Second wave of expansion in the Underwater after Remazel and WASS «We are creating Europe’s first fully integrated underwater ecosystem — a platform that can operate, connect, protect and govern the underwater domain by combining services, autonomous vehicles, sensors, communications, d
Slide 12: The only vertically integrated Underwater Technology and front-end Service Provider
M&A Overview The only vertically integrated Underwater Technology and front - end Service Provider able to orchestrate end -to -end solutions along the entire value chain Launch Coastal and Recovery Oil & Gas interception Drone carrier Platform Service System from Satellite Operations network ship m
Slide 13: Acquisitions highly accretive to UW financials
M&A Overview Acquisitions h ighly accretive to UW financials Including new acquisitions UW Segment Revenue and EBITDA 2026E 2026 2028 2030 CMD Pro forma ~ € 720 mln ~ € 1.1 bn ~ € 1.4 bn ~ € 1.8 bn R evenue vs € 0.9 bn vs € 1.1 bn EBITDA ~€ 130 mln ~€ 220 mln ~€ 300 mln ~€ 420 mln vs € 170 mln vs €
Slide 14: Agenda
1H 2026 results Agenda 1. 1H 2026 Group performance Pierroberto Folgiero 2. M&A Overview Pierroberto Folgiero 3. Financial results Giuseppe Dado 4. Concluding remarks Pierroberto Folgiero
Slide 15: Robust order intake at € 6.1 bn
Financial results Robust o rder intake at € 6.1 bn in 1H 2026 Order intake breakdown by segment (€ mln) Book -to-bill 3.2x 1.3x New contracts signed in 1 H 2026 still subject to financing, in excess of € 12 bn, above FY 2026 target ; not including Portugal announcement 519 Shipbuilding at € 4 ,509 m
Slide 16: Impressive total backlog at € 73.9 bn, covering 8.0x 2025 revenue
Financial results Impressive total b acklog at € 73.9 bn, covering 8.0x 2025 revenue Total backlog breakdown by segment (€ mln) Total Backlog 6.9x 8.0x Strong total backlog at € 73 .9 bn (+ 17 .0% vs FY 2025 ), approximately coverage 8 .0 times FY 2025 revenue 73,916 63,195 Backlog at € 43 .0 bn (€
Slide 17: Strong revenue momentum providing visibility on FY 2026 targets
Financial results Strong revenue momentum providing visibility on FY 2026 targets Revenue breakdown by segment 1 and % of total revenue (€ mln) Shipbuilding revenue at € 3 ,157 mln , driven by increase in Cruise 4,580 revenue (+ 14 .5% vs 1H 2025 ) also thanks to favorable price evolution. 4,576 Dec
Slide 18: Profitability further improved at 7.6%
Financial results Profitability further improved at 7.6% EBITDA breakdown by segment and EBITDA margin (€ mln) EBITDA margin 6.8% 7.6% Shipbuilding EBITDA at € 236 mln , up 7.9% YoY, recording a strong performance despite unfavorable comparison with 1H 2025 due to the contract for Indonesia . 350 EB
Slide 19: Significant growth in Net Profit paving the way to FY target
Financial results Significant growth in Net Profit paving the way to FY target (€ mln) Bridge EBITDA to Net result (143) 350 (73) 26 (47) (15) 4 207 113 102 EBITDA D&A EBIT Financial Inc/Exp Taxes Adjusted net result Extraordinary Tax effect on Net profit Inc/Exp from investments items 1 extraordina
Slide 20: Deleveraging accelerating thanks to cash generation
Financial results Deleveraging accelerating thanks to cash generation Adjusted Net Debt Net Working Capital 1 breakdown 2.6x 1.9x 1.0x (€ mln) (1,567) (1,311 ) (756) (€ mln) (456) (634) (723) 1,058 1,041 1,126 77 561 533 548 885 1,236 925 11 76 689 904 599 505 513 591 15 229 322 (1,113) (872) (666)
Slide 21: Agenda
1H 2026 results Agenda 1. 1H 2026 Group performance Pierroberto Folgiero 2. M&A Overview Pierroberto Folgiero 3. Financial results Giuseppe Dado 4. Concluding remarks Pierroberto Folgiero
Slide 22: Concluding remarks
CONCLUDING Strong set of results paving the way for FY 2026 targets REMARKS 1 and beyond R evenue reaching € 4.6 bn , with a strong trajectory supported by solid backlog visibility , pavin g the way for the FY 2026 target at € 9.3 -9.4 bn 2 Continued enhancement in profitability Structural profitabi
Slide 23: 1H 2026 results Q&A
1H 2026 results FINCANTIER!
Slide 24: Investor Relations contacts
1H 2026 results Investor Relations contacts INSTITUTIONAL INVESTORS investor.relations@fincantieri.it INDIVIDUAL SHAREHOLDERS azionisti.individuali@fincantieri.it 24
Slide 25: Appendix
Appendix
Slide 26: ESG: main results achieved
Appendix ESG: main results achieved CDP* S&P Global** Sustainalytics*** Ratings and scores Awards INNOVATION INCLUSION INTEGRITY • ISO 45001 • ISO 50001 • ISO 37001 Certifications • ISO 9001 Fincantieri S.p.A. • ISO 14001 • ISO 31030 first Italian • UNI/ PdR 125:2022 company to be certified * CDP (e
Slide 27: Focus on Shipbuilding
Appendix Focus on Shipbuilding R evenue EBITDA (€ mln) (€ mln) 3,355 3 ,157 6.5% 7.5% 1,184 687 31 41 218 236 2,439 2,130 1H 2025 1H 2026 1H 2025 1H 2026 Cruise Defense Ship Interiors ▪ Revenue at € 3,157 mln (vs € 3,355 ▪ EBITDA at € 236 mln (vs € 218 mln in mln in 1H 2025) 1H 2025) ▪ Cruise revenu
Slide 28: Focus on Offshore and Specialized Vessels
Appendix Focus on Offshore and Specialized Vessels Revenue EBITDA (€ mln) (€ mln) 5.3% 5.0% 792 40 647 35 1H 2025 1H 2026 1H 2025 1H 2026 ▪ R evenue at € 792 mln (vs € 647 mln in ▪ EBITDA at € 40 mln (vs € 35 mln in 1H 2025 ) 1H 2025) ▪ EBITDA margin at 5.0 % (vs 5.3 % in 1H 2025) 28
Slide 29: Focus on Underwater
Appendix Focus on Underwater Revenue EBITDA (€ mln) (€ mln) 17.0% 17.0% 356 60 274 47 1H 2025 1H 2026 1H 2025 1H 2026 ▪ Revenue at € 356 mln (vs € 274 mln in ▪ EBITDA at € 60 mln (vs € 47 mln in 1H 2025 ) 1H 2025 ) ▪ EBITDA margin at 17.0 % (vs 1 7 .0 % in 1H 2025 ) 29
Slide 30: Focus on Equipment, Systems and Infrastructure
Appendix Focus on Equipment, Systems and Infrastructure Revenue EBITDA (€ mln) (€ mln) 619 720 6.5% 6.9% 160 17 125 15 317 277 21 20 218 241 14 11 1H 2025 1H 2026 1H 2025 1H 2026 Electronics and Digital Products Infrastructure Mechanical Systems and Components ▪ Revenue at € 720 mln (vs € 619 mln in
Slide 31: 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 32: 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 33: 1H 2026 Results Presentation
www.fincantieri.com 1H 2026 Results Presentation