Fincantieri SpA

FCT: XMIL (ITA)

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Fincantieri Earnings: Strong Execution but We Cut FVE by 22% on Higher Italy and Naval Timing Risk

Loredana Muharremi

May 12, 2026

Fincantieri posted revenue of EUR 2.1 billion (up about 6% year on year excluding a 2025 Indonesian PPA one-off ) with EBITDA margin up to 7.4% from 6.5%, while total backlog hit a record EUR 74.2 billion (about 8.1 years of work) and 2026 guidance was raised across revenue, EBITDA, and net profit.

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Fincantieri SpA

Fincantieri Earnings: Strong Execution but We Cut FVE by 22% on Higher Italy and Naval Timing Risk

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