Slide 1: 1Q 2026 Results Presentation
www.fincantieri.com 1Q 2026 Results Presentation May 11, 2026
Slide 2: Agenda
1Q 2026 results Agenda 1. 1Q 2026 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 3: 1Q 2026 key highlights
1Q 2026 Group performance 1Q 2026 key highlights 1.8x excluding capital increase € mln Revenue EBITDA Total backlog Net debt adj / EBITDA -10 .1% 6.5 % 7 .4 % +17 .4% 1.9 x 1.1 x + 0.9 p.p. 1,249 74,214 2,376 63,195 2,135 154 159 1,311 771 1Q 2025 1Q 2026 1Q 2025 1Q 2026 FY 2025 1Q 2026 FY 2025 1Q 2
Slide 4: Record backlog
1Q 2026 Group performance Record backlog FY1Q2025 2026 Order intake € 3 .4 bn Book -to-bill 1 .6 x vs 4 .9x in 1Q 2025 Backlog € 42.7 bn 4.6x FY 2025 revenues Total backlog € 74.2 bn +17.4% vs FY 2025 4
Slide 5: Profound order book with visibility further extended up to 2039
1Q 2026 Group performance Profound order book with visibility further extended up to 203 9 Total backlog of € 74 .2 bn, equal to 8.1 x FY 2025 revenue Backlog Soft backlog at € 31 .5 bn, further supporting the commercial pipeline 5 ships delivered ( 2 Cruise, 3 Offshore) with 94 units in order book
Slide 6: Impressive commercial traction in first months of 2026 reaching target for FY
1Q 2026 Group performance Impressive commercial traction in first months of 2026 reaching target for FY New contracts signed since the beginning of the year ✓ 3 New cruise ships for NCL , Oceania Cruises, and Regent Seven Seas Cruises brands ✓ 2 Expedition vessels for Viking Cruises ✓ 3 New Voyager
Slide 7: Balanced strategy maximizing value growth opportunities in all segments
1Q 2026 Group performance Balanced strategy maximizing value growth opportunities in all segments Performance improvement Incremental focus Leveraging geopolitical cycle Growth in tech adjacencies CRUISE DEFENSE OFFSHORE UNDERWATER Long -term backlog visibility ~€ 5 bn new orders expected Energy sec
Slide 8: 2026 Guidance revised upward
1Q 2026 Group performance 2026 Guidance revised upward Old Guidance New Guidance R evenue € 9.2−9.3 bn € 9.3−9.4 bn EBITDA ~€ 700 mln € 700 −710 mln EBITDA margin ~ 7.5% ~ 7.5% Net profit Higher than in 2025 € 140 −180 mln Net debt adj/ ~ 2.0x ~ 2.0x (1.3x including capital increase completed in (1.
Slide 9: 2026 Capital increase provides additional firepower for selective M&A
1Q 2026 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 10: Agenda
1Q 2026 results Agenda 1. 1Q 2026 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 11: Order intake at € 3.4 bn in 1Q 2026
Financial results Order intake at € 3.4 bn in 1Q 2026 Order intake breakdown by segment (€ mln) Book -to-bill 4 .9x 1.6x New major contracts signed in first months of 2026 still subject to financing and other typical terms and conditions, therefore not yet included in the order intake 11,712 New con
Slide 12: New record total backlog at € 74.2 bn, covering 8.1x 2025 revenue
Financial results New record total backlog at € 74. 2 bn, covering 8.1x 2025 revenue Total backlog breakdown by segment (€ mln) Total Backlog 6 .9x 8.1x coverage Total backlog at € 74 .2 bn (+ 17 .4% vs FY 2025 ), approximately 8 .1 74,214 times FY 2025 revenue 63,195 Backlog at € 42 .7 bn (€ 41 .1
Slide 13: 1Q 2026 revenue at € 2.1 bn paving the way to FY 2026 targets
Financial results 1Q 2026 revenue at € 2.1 bn paving the way to FY 2026 targets Revenue breakdown by segment 1 and % of total revenue (€ mln) Shipbuilding revenue at € 1 ,537 mln , representing 65 .6% of total revenue, driven by the contribution of Cruise (+ 16 .8% vs 1 Q 2025 ). 2,376 Decrease in D
Slide 14: Solid EBITDA with further margin enhancement at 7.4%
Financial results Solid EBITDA with further margin enhancement at 7.4% EBITDA breakdown by segment and EBITDA margin (€ mln) EBITDA margin 6.5% 7.4% Shipbuilding EBITDA at € 115 mln , -8.1% YoY, due to the benefit on the contract for Indonesia in 1Q 2025 . 154 159 EBITDA margin increasing significan
Slide 15: Deleveraging accelerating thanks to cash generation
Financial results Deleveraging accelerating thanks to cash generation Adjusted Net Debt Net Working Capital 1 breakdown (€ mln) 2.7x 1.9x 1.1x (€ mln) (402) (634) (705) 1,002 1,041 1,047 1,080 1,236 1,030 1,249 779 599 674 84 229 200 1,518 1,311 (3,120) (3,421) (3,501) 771 (227) (238) (235) 1Q 2025
Slide 16: Agenda
1Q 2026 results Agenda 1. 1Q 2026 Group performance Pierroberto Folgiero 2. Financial results Giuseppe Dado 3. Concluding remarks Pierroberto Folgiero
Slide 17: Concluding remarks: Solid financial results in 1Q26
CONCLUDING REMARKS 1 Solid financial results in 1Q26 Revenues at € 2.1 bn and EBITDA at € 159 mln in 1Q 2026, with EBITDA margin improving at 7.4% (+1 p.p. vs 1Q 2025 ), sustained by the positive contribution across all business segments 2 Record high and profound backlog with visibility extended up
Slide 18: 1Q 2026 results Q&A
10 2026 results FINCANTIER!
Slide 19: Investor Relations contacts
1Q 2026 results Investor Relations contacts INSTITUTIONAL INVESTORS investor.relations@fincantieri.it INDIVIDUAL SHAREHOLDERS azionisti.individuali@fincantieri.it 19
Slide 20: Appendix
Appendix
Slide 21: 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 achieved an “A -” score (on a scale where D is the lowest and A the highest) in the CDP “C
Slide 22: Focus on Shipbuilding
Appendix Focus on Shipbuilding R evenue EBITDA (€ mln) (€ mln) 1 ,828 1,537 6.8% 7.5% 770 297 19 14 125 115 1,220 1,045 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Cruise Defense Ship Interiors ▪ Revenue at € 1,537 mln (vs € 1,828 ▪ EBITDA at € 115 mln (vs € 125 mln in mln in 1Q 2025) 1Q 2025) ▪ Cruise revenue
Slide 23: Focus on Offshore and Specialized Vessels
Appendix Focus on Offshore and Specialized Vessels R evenue EBITDA (€ mln) (€ mln) 4.9% 5.0% 360 18 321 16 1Q 2025 1Q 2026 1Q 2025 1Q 2026 ▪ R evenue at € 360 mln (vs € 321 mln in ▪ EBITDA at € 18 mln (vs € 16 mln in 1Q 2025 ) 1Q 2025) ▪ EBITDA margin at 5.0 % (vs 4.9 % in 1Q 2025) 23
Slide 24: Focus on Underwater
Appendix Focus on Underwater R evenue EBITDA (€ mln) (€ mln) 17.1% 17.0% 135 23 95 16 1Q 2025 1Q 2026 1Q 2025 1Q 2026 ▪ Revenue at € 135 mln (vs € 95 mln in ▪ EBITDA at € 23 mln (vs € 16 mln in 1Q 2025) 1Q 2025) ▪ EBITDA margin at 17.1 % (vs 1 7 .0 % in 1Q 2025) 24
Slide 25: Focus on Equipment, Systems and Infrastructure
Appendix Focus on Equipment, Systems and Infrastructure R evenue EBITDA (€ mln) (€ mln) 283 309 6.4% 4.9% 72 58 8 124 132 7 8 6 102 103 6 2 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Electronics and Digital Products Infrastructure Mechanical Systems and Components ▪ Revenue at € 309 mln (vs € 283 mln in ▪ EBIT
Slide 26: 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 27: 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 28: 1Q 2026 Results Presentation
www.fincantieri.com 1Q 2026 Results Presentation