# Fincantieri raises earnings outlook as shipbuilding backlog expands - **Source:** https://pelavox.com/fincantieri-raises-earnings-outlook-as-shipbuilding-backlog-expands/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-14T05:00:00+00:00 - **Updated:** 2026-11-14T05:00:00+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** Cruise Ships, DDX Destroyers, Financial Results, Fincantieri, Italian Shipbuilding, Italy, Maritime Business, Naval Shipbuilding, Order Backlog, Princess Cruises, Shipbuilding, Shipyard Orders, Underwater Technology Italian shipbuilding group Fincantieri reported higher operating profitability and an expanding order backlog for the first nine months of 2026, prompting an upward revision of its full-year EBITDA guidance despite a slight decline in revenue. The company recorded revenue of €6.61 billion between January and September, compared with €6.73 billion in the corresponding period of 2025. EBITDA increased by 10.9% to €511 million from €461 million, while the EBITDA margin improved to 7.7% from 6.9%. According to Fincantieri, the improvement was supported by higher profitability in its Shipbuilding segment and organic growth in Underwater activities. Revenue growth in commercial businesses was partly offset by developments in the Defence segment, including the impact of a previous Indonesian Navy order on the 2025 comparison and adjustments to US Navy programmes. ## Order backlog supports long-term shipbuilding activity Fincantieri’s confirmed order backlog reached €44.7 billion at the end of September, representing an increase of 8.8% compared with the end of 2025. The group’s total backlog, which also includes additional commercial commitments, increased by 14.9% to €72.6 billion, equivalent to approximately 7.9 times its revenue for 2025. New order intake during the first nine months amounted to €9.7 billion, compared with €16 billion a year earlier. The figure represented approximately 88% of the company’s annual order intake target of around €11 billion under its 2026–2030 business plan. The reported order intake excludes contracts worth €12.3 billion that had been signed during the reporting period but had not yet become effective by 30 September. During the first nine months, Fincantieri delivered 19 vessels from ten shipyards. Its order book comprised 90 vessels, with scheduled deliveries extending through 2036. Delivery visibility extends to 2039 when including the Princess Cruises order signed in April 2026, which remains subject to financing. The group also highlighted its involvement in the Italian Navy’s programme for two DDX destroyers. The previously announced contract represents approximately €1.8 billion in value attributable to Fincantieri, including €800 million in options, with revenue contributions expected to begin in 2027. ## Profitability improvement leads to guidance upgrade Following the nine-month performance, Fincantieri raised its full-year 2026 EBITDA guidance to between €715 million and €725 million, compared with its previous forecast of €700 million to €710 million. The company maintained its annual revenue guidance at approximately €9.3 billion to €9.4 billion and its net profit forecast at €140 million to €180 million. Adjusted net debt declined to €730 million at the end of September, compared with €1.31 billion at the end of 2025. The adjusted net debt-to-EBITDA ratio improved to 1.0 times from 1.9 times over the same period. The reduction reflected cash generation and the effects of a capital increase completed in February 2026. Excluding those proceeds, adjusted net debt would have been €1.21 billion, with a leverage ratio of 1.7 times. Fincantieri also revised its full-year leverage guidance, now expecting an adjusted net debt-to-EBITDA ratio of approximately 1.7 times excluding the capital increase, compared with the previous forecast of 2.0 times. Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, said the company’s improved profitability and substantial order backlog provided visibility over its future industrial activities. “Our solid positioning is supported by a further improvement in profitability, with the EBITDA margin reaching 7.7%, allowing us to revise the full-year guidance upwards,” said Folgiero. The company identified naval defence, underwater technologies and cruise ship construction as important areas supporting future activity. It also announced a strategic partnership with Poste Italiane and TIM aimed at developing an Italian industrial supply chain for physical artificial intelligence applications. Fincantieri’s nine-month results indicate improving operating margins and lower financial leverage, while its substantial backlog provides a pipeline of work extending well beyond the current financial year. --- Cite as: "Fincantieri raises earnings outlook as shipbuilding backlog expands", pelavox., 14 November 2026, https://pelavox.com/fincantieri-raises-earnings-outlook-as-shipbuilding-backlog-expands/