Italian shipbuilder Fincantieri revised upwards its 2026 guidance for revenue, core profit and net profit on Monday after it signed large new contracts early this year which beat its full-year target.
In the past year, the group has been focusing on defence and high-margin naval contracts amid rising geopolitical tensions, while also benefiting from a recovery in cruise-ship demand, as part of a broader push to improve profitability and cut debt.
The state-controlled group said revenue at the end of this year would be between 9.3 billion euros and 9.4 billion euros ($10.9 billion-$11 billion), slightly up from the 9.2 billion to 9.3 billion euros set at its capital markets day in March.
It added that earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2026 would be between 700 million and 710 million euros, from a previous 700 million euros.
While the value of new orders slumped 70 per cent in the first quarter versus the same period in 2025 to 3.4 billion euros, Fincantieri said in a statement the total did not include the value of large contracts which were signed in January to March as they had yet to come into effect.
These had enabled it to surpass a target of 11 billion euros in new contracts it had set for 2026, the company said.
"The first quarter of 2026 confirms the consistency and strength of the group's growth trajectory," Chief Executive Pierroberto Folgiero said in the statement.
"Commercial performance has reached a new milestone, with the highest-ever total backlog of 74.2 billion euros, providing visibility on deliveries further extended through 2039," he added.
The Trieste-based company expects net profit for 2026 to be between 140 million and 180 million euros this year from the initial forecast of beating 2025 full-year profit of 117 million euros.
(Reporting by Giulia Segreti; Editing by Gavin Jones and Emelia Sithole-Matarise)