Fincantieri: Solid Growth in Q1

Queen Anne at Fincantieri

Fincantieri reported its first quarter 2024 results, noting EBITDA was up 16 percent year over year.

Pierroberto Folgiero, Fincantieri Chief Executive Officer and General Manager, commented: “We are very satisfied with the results achieved in the first quarter of 2024, which confirm and strengthen the excellent economic, financial and commercial performance delivered last year.

“Our order intake recorded in the first months of the year further confirms the robust growth in demand in both the civil and military sectors, especially in the Southeast Asian defense market, which, together with the Middle East, was a strategic target of the business plan. The 16% increase in EBITDA in absolute terms and the significant improvement in marginality, up 0.8 points compared to the first quarter of 2023, testify to the effectiveness of the actions outlined in the business plan aimed at organically increasing profitability,” he said.

“Regarding the new strategy, the acquisition of the “Underwater Armament Systems” business line from Leonardo S.p.A. is a significant step that further strengthens our position in the underwater and naval defence sector, whose geopolitical importance is progressively growing. This agreement will allow us to accelerate our technology integration strategy and offer our customers new solutions and products in the new underwater domain. The strategic focus on the digitalization of the ship as a system and the reduction of emissions continues, leading to the industrialization of solutions which are both distinctive for our offer and highly innovative for our customers.

“In order to ensure the widest possible participation in the Group’s growth and success, we have launched the ‘2024-2025 Share Ownership Plan’ for our employees, who represent the key factor to guarantee the sustainable success of the company both in the short and long term”.

Highlights:

  • Revenues substantially stable at euro 1,767 million, up 0.2% vs Q1 2023
  • EBITDA at euro 100 million, up ca. 16% YoY (euro 87 million in Q1 2023)
  • EBITDA margin at 5.7%, significantly improved vs 4.9% in Q1 2023 and 5.2% in FY 2023
  • Net financial position (NFP) negative at euro 2,413 million, materially lower than Q1 2023 (euro 2,922 million) and substantially in line with FY 2023 (euro 2,271 million)

 

Of note, the company said it signed a major cruise contract for five new cruise ships, finalized at the beginning of the second quarter, and a letter of intent with the same shipowner for the construction of five additional units at 200,000 tons each.

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