Fincantieri posted net profit of €102 million (US$117 million) in the first half of 2026, almost three times the H1 2025 result of €35 million (US$40 million).
The adjusted net profit for H1 2026, excluding extraordinary or non-recurring income and expenses, reached €113 million (US$130 million) compared to €48 million (US$55 million) in H1 2025.
Gross operating profit rose 12.5 per cent to €350 million (US$400 million) from €311 million (US$357 million) in H1 2025. Fincantieri said this was mainly driven by a one percentage point increase in shipbuilding gross operating profit margin and by organic growth in the underwater segment.
The group's gross operating profit margin expanded to 7.6 per cent, compared with 6.8 per cent in H1 2025.
Fincantieri said revenue was broadly stable at €4.58 billion (US$5.25 billion) compared to €4.576 billion (US$5.25 billion) in H1 2025, with a marked acceleration in the second quarter of 2026. H1 2025 benefited from the order for two multi-role offshore patrol vessels for the Indonesian Navy.
Net debt adjusted improved significantly to €756 million (US$867 million), compared with €1.311 billion (US$1.5 billion) as at FY2025. The leverage ratio (net debt adjusted/gross operating profit LTM) decreased to 1.0x, compared with 1.9x as at December 31, 2025, supported by cash generation over the period and by the capital increase completed in February 2026.
Excluding the benefit from the capital increase, net debt adjusted still improved to €1.234 billion (US$1.41 billion), with a leverage ratio of 1.7x (compared with FY2026 guidance of 2.0x).
The group's total backlog reached €73.9 billion (US$84.73 billion), up 17 per cent compared with FY2025 (€63.2 billion/US$72.5 billion), approximately eight times the 2025 revenue. The backlog stands at €43 billion (US$49 billion), increasing 4.7 per cent compared with the YE 2025 figure.
Fincantieri also confirmed its 2026 guidance communicated with the Q1 2026 results release with revenue at approximately €9.3 billion to €9.4 billion (US$10.7 billion to US$10.8 billion), gross operating profit at €700 million to €710 million (US$800 million to US$810 million), gross operating profit margin at approximately 7.5 per cent, net profit at €140 million to €180 million (US$160 million to US$210 million), and net debt adjusted/gross operating profit at 2.0x (1.3x including the capital increase completed in February 2026).
