Fincantieri Raises 2026 Outlook as Backlog Hits Record

Italian shipbuilding giant Fincantieri reported a record backlog and stronger profitability in the first quarter of 2026, underscoring continued strength in the cruise and naval shipbuilding markets even as defense revenues normalized from an unusually strong prior-year comparison.

The company said Monday its total backlog climbed to an all-time high of €74.2 billion, extending delivery visibility through 2039 and representing roughly 8.1 times 2025 revenue. 

Fincantieri also raised its full-year 2026 guidance, now expecting revenue of €9.3-9.4 billion and EBITDA of €700-710 million, up from prior forecasts issued earlier this year. 

“The first quarter of 2026 confirms the resilience and vitality of our growth trajectory,” CEO Pierroberto Folgiero said. “Commercial performance marks a new milestone, with an all-time record total backlog at euro 74.2 billion, providing ample visibility through 2039.” 

Quarterly revenue totaled €2.14 billion, down 10.1% year-over-year, though the comparison was skewed by a major Indonesian Navy order booked in early 2025. Excluding that effect, Fincantieri said first-quarter revenue would have risen roughly 6% year-over-year. 

Profitability improved sharply despite the lower headline revenue. EBITDA rose to €159 million from €154 million a year earlier, while EBITDA margin expanded to 7.4% from 6.5%. 

Cruise shipbuilding remained the company’s primary growth engine. Cruise revenue climbed 16.8% to €1.22 billion, supported by strong pricing and operational efficiency improvements. 

The company also continued to lock in long-term cruise orders. In April, Fincantieri signed a deal with Princess Cruises for three LNG-powered Voyager-class ships scheduled for delivery in 2035, 2038, and 2039. 

Additional contracts signed this year include new vessels for Viking, Norwegian Cruise Line Holdings, and Carnival’s AIDA Cruises brand. 

Defense revenue fell sharply to €297 million from €770 million in the prior-year quarter due largely to the timing of Indonesian Navy contracts and changes to the U.S. Navy’s Constellation-class frigate program. 

However, Fincantieri signaled strong momentum ahead in naval programs.

The company announced it secured its first U.S. Navy contract under the Medium Landing Ship (LSM) program through its U.S. subsidiary Fincantieri Marine Group. The initial $30 million award covers engineering and procurement activities for the first four vessels, with construction expected to begin in late 2026. 

Fincantieri also highlighted growth in autonomous naval systems, including production of Saildrone’s new “Spectre” unmanned surface vessel platform in the United States. 

Meanwhile, the company’s underwater business continued to emerge as one of its highest-margin segments. Revenue in the unit jumped 43.3% year-over-year to €135 million, while EBITDA margin held above 17%, driven by submarine and torpedo programs. 

The company said it expects to finalize roughly €5 billion in additional defense contracts in the coming months, including Italian Navy destroyers, U.S. Navy LSM vessels, and export naval programs in the Middle East and other regions. 

Fincantieri also substantially improved its balance sheet position. Adjusted net debt fell to €771 million from €1.31 billion at year-end 2025, helped by cash generation and a €500 million capital increase completed in February. 

The company said it does not currently expect material impacts from ongoing Middle East geopolitical tensions on its 2026 outlook, citing hedging measures designed to offset energy and supply chain volatility. 

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