Fincantieri Reports First Half Year Results for 2023

Viking Saturn

Fincantieri has announced revenues of 3.7 billion euros for the first half of 2023, up 4.5 percent over the same period in 2022. EBITDA was up 5 percent, and the adjusted net income was 3 million euros. During the first six months, the shipbuilding group delivered 11 ships from eight of its yards and has a backlog of 88 ships for deliveries up to 2029 estimated at 32.9 billion euros.

The first half of the year saw the delivery of two cruise ships, the Viking Saturn and the Oceania Vista, the first of two new generation vessels for Oceania Cruises. Four more cruise ships will be delivered during the second half of the year, with the first already delivered in July, the Explora 1 for Explora Journeys.

Other deliveries during the first half of the year were in the naval, offshore and wind sectors.

In a prepared statement, CEO Pierroberto Folgiero commented:The 1H 2023 confirmed the recovery of the key performance indicators. Thanks to the progression of production volumes, revenues were up by 4.5 % when compared to the same period in 2022 and order intake reached 2.1 billion and increased when compared to the same period last year. Both figures have been well supported by offshore, in line with the repositioning strategy toward the offshore wind sector. EBITDA and EBITDA margin roughly doubled, confirming the first quarter positive results and in line with the accelerating trajectory outlined in our new 2023-27 plan. Initiatives put in place to improve operating efficiency and cost governance, continue to contribute positively to margins. Throughout the rest of the year, we will carry on with the main ongoing strategic projects, particularly those related to the modernization of our production sites and the launch of new technology driven products.

“The core business has an encouraging outlook, with the cruise sector fully recovered in its long-term growth path, potential new opportunities in defense both in Italy and abroad, and the offshore renewable energy mainstream. We confirm 2023 forecast with full production capacity leading to the consolidation of revenues and margins, at around 5 percent, in line with our targets”.

In other developments, Fincantieri noted its AA rating among the top 50 strongest Italian brands; a top employer of Italy 2023 certification; and recognition as an ESG leading company.

Additional initiatives included upgrades at the Marghera and Riva Trigoso shipyards, efficiency improvements on the Great Lakes and expansion in Vietnam.

The workforce went from 20,792 as of Dec. 31, 2022 to 20,874 of which 11,002 are employed in Italy.

The cruise industry has experienced a very positive comeback, according to Fincantieri, which pointed to the resumption of a long-term growth path for the industry based on higher technological and greener products.

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