Fincantieri Reports 2023 Results

Norwegian Viva

Fincantieri has reported a net loss of 53 million euros and EBTIDA of 397 million euros on revenues of 7.7 billion euros for the year ended Dec. 31, 2023, compared a loss of 342 million euros and EBITDA of 221 million euros on revenues of 7.4 billion euros the year before.

Shipbuilding represented 6.1 billion euros of revenue, compared to 6.4 billion euros in 2022. The increase in overall revenues was driven by offshore and specialized vessels and equipment, systems and infrastructure segments offset by a slight decrease in shipbuilding.

Cruise ships represented 4.1 billion euros in 2023, 3 percent lower than 2022, according to a prepared statement. The drop was attributed to the termination of Vard’s cruise business, partially offset by the positive effect of the consolidation of production volumes at the group’s Italian shipyards.

Fincantieri delivered six cruise ships in 2023 and has five slated for deliveries this year from a total orderbook of 23 cruise ships through 2028.

Pierroberto Folgiero, CEO and general manager said in a prepared statement that in the first year of its new business plan, Fincantieri delivered a significant increase in its profitability, growing 2023 EBITDA nearly 80 percent over 2022. He attributed that to sound financial discipline and a solid business performance in shipbuilding, both for commercial and naval vessels, as well as a strong rebound in the offshore and specialized vessels business.

In 2023, Folgiero said that Fincantieri had also reached strategic landmarks for LNG, methanol and hydrogen engines, data platforms, simulation systems and predictive maintenance, in addition to the application of artificial intelligence and remote control solutions, automation and digitalization of shipbuilding processes, and attracting Italians back to work at the yards.

 

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