Italian shipbuilder Fincantieri reported a more than fourfold jump in its annual profit to 117 million euros ($136 million) on Wednesday, boosted by the underwater business line that saw 88% revenue growth.Shares
Italian shipbuilder Fincantieri reported a more than fourfold jump in its annual profit to 117 million euros ($136 million) on Wednesday, boosted by the underwater business line that saw 88% revenue growth.
Shares of the Trieste-based company gained up to 7.5% shortly after the results.
The state‑controlled shipbuilder reiterated its 2026 targets for revenue of 9.2 billion to 9.3 billion euros, a core profit (EBITDA) margin of around 7.5%, and an increased net profit.
"We are preparing to capture further growth in demand in the defense sector, by doubling the production capacity of Italian shipyards," CEO Pierroberto Folgiero said.
Fincantieri has sharpened its focus on defense and high-margin naval programs over the past year while continuing to benefit from recovering cruise ship demand, as part of a strategy aimed at improving profitability, reducing debt and repositioning the group.
Its order intake was 20.3 billion euros last year, up 32% compared to 2024.
($1 = 0.8613 euros)
(Reuters - Reporting by Romolo Tosiani and Mirko Miorelli in Gdansk, Giulia Segreti in Rome; editing by Milla Nissi-Prussak)
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