A 106 million euro net profit for the first half of the year signals a sharp turnaround for Fincantieri, as the Italian shipbuilder leveraged improved margins in its core business and a surging underwater operations unit to nearly triple its earnings compared to the 38 million euros recorded during the same period last year.
The company’s Ebitda reached 350 million euros, yielding a 7.6% margin. This profitability shift was driven largely by the shipbuilding division, which expanded its margin to 7.5% from 6.5% a year prior. Simultaneously, the underwater operations segment bolstered the bottom line with 60 million euros in Ebitda, a notable increase from the 47 million euros reported in the first half of 2023.
While total revenue remained essentially flat at 4.58 billion euros, individual segments showed divergent trends. Shipbuilding revenue dipped by 5.9% to 3.16 billion euros, yet the offshore and specialized vessels unit posted a 22% sales increase. The underwater business saw even steeper growth, with revenue climbing nearly 30% to 356 million euros.
New orders fell to 6.12 billion euros from 14.74 billion euros, largely due to a slowdown in shipbuilding contracts. Management maintains that this figure obscures the group’s true pipeline, as several signed but non-effective contracts are expected to push annual order intake comfortably past the 11 billion euro target. Fincantieri stands by its full-year guidance, projecting revenue between 9.3 and 9.4 billion euros and a net profit ranging from 140 to 180 million euros.
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