Fincantieri Outlines Plan to Consolidate and Strengthen Shipbuilding Ops
Italian shipbuilding group Fincantieri outlined its next long-term strategic plan, calling for growing its operations in the defense and underwater segments as well as specialized vessels. By 2030, the group projects it will grow revenues by 40 percent and improve margins and profitability, contributing to a 90 percent increase in EBITDA. The company projects a net profit of €500 million ($587 million) in 2030.
Fincantieri points to its strong foundation in shipbuilding with a recognized leadership in cruise ship construction and specialized offshore vessels through its VARD division. It has been strengthening its defense operations and, in May 2025, launched its new underwater segment after completing the acquisition of Leonardo’s Underwater Armaments & Systems (UAS) business, specializing in the construction of submarine defense systems and, in particular, torpedoes, countermeasures, and sonars.
As of September 30, 2025, Fincantieri reported that its backlog stood at €41.0 billion ($48 billion), up 32 percent compared to the end of 2024. It said that the backlog represents 100 ships in the portfolio with deliveries expected until 2036.
The company’s new strategic plan calls for growing revenues from the projected €9 billion in 2025 to approximately €11 billion in 2028 and €12.5 billion in 2030. Fueling this is a projected €50 billion in new orders, with defense playing a significant part in the growth of the business. They are calling for increased margins, enhanced efficiency, and an evolution in the business mix.
“The 2026-2030 Business Plan represents, firstly, an industrial manifesto borne from a strategic vision of the future, at a time when our industry is in the middle of a positive macro-trend, both in the commercial and defense sectors,” said Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri. “With this plan, we enter a new phase of growth: we strengthen production capacity, increase competitiveness, and maintain focus on our core business and operational efficiency.”
Cruise continues to be a significant part of the business with Fincantieri reporting it won 11 new orders in the first nine months of this year, and has a total of 36 cruise ships on order. It believes the projected 4.5 percent average annual growth rate in cruise passengers between 2024 and 2032 will continue to drive the business segment.
Fincantieri, however, looks to defense shipbuilding to be a major driver of the business. It plans to ramp up production capacity, including doubling the production capacity in its Italian defense shipyard. The current geopolitical environment, it says, offers significant growth opportunities in defense shipbuilding. It reports that global government spending is expected to reach $2.93 trillion by 2030, up 18 percent compared to the $2.47 trillion in orders in 2025.
The group says it has identified commercial opportunities in the three years between 2026 and 2028 for over €56 billion, of which it puts a medium-high probability on €23 billion. They expect the first of the orders to come in 2026.
The new Underwater segment they project will double between 2026 and 2030. It is expected to reach €43 billion, up from the current €22 billion.