Fincantieri S.p.A.'s 9M 2025 Financial Performance: Strategic Growth and Competitive Positioning in the Global Defense and Maritime Markets

Fincantieri S.p.A., Italy's maritime giant, has emerged as a standout performer in 2025, leveraging a strategic pivot toward defense and high-margin maritime sectors to deliver robust financial results. The company's 9M 2025 core profit surged by 40%, driven by a 39% year-on-year revenue increase in its defense segment-outpacing the 23% growth of the broader shipbuilding industry, according to a Baird Maritime analysis. This shift reflects a calculated response to global geopolitical tensions and a growing demand for critical infrastructure, positioning Fincantieri to capitalize on long-term tailwinds.

Financial Highlights: Profitability and Backlog Strength

Fincantieri's 9M 2025 results underscore its operational resilience. Revenues for the period rose to €4,576 million, a 24% increase compared to the same period in 2024, as reported in a Maritime Executive article. The defense unit, now accounting for 24% of total revenues, became a key growth driver, with EBITDA rising by 40.4% to €461 million and an improved margin of 6.9%, according to the Fincantieri earnings call transcript. Meanwhile, the company's order intake for the nine-month period hit €16 billion, propelling its total backlog to a record €61.1 billion-a figure sufficient to sustain operations for 7.5 years, as noted in the Baird Maritime analysis. This backlog, combined with a full-year revenue target of €9 billion and a core profit margin above 7%, signals strong visibility for 2025.

Strategic Initiatives: Diversification and Global Expansion

Fincantieri's growth is underpinned by a deliberate diversification strategy. Under CEO Pierroberto Folgiero, the company has expanded beyond its traditional cruise shipbuilding roots into defense, offshore energy, and a newly launched Underwater segment, as detailed in the Maritime Executive article. This pivot is not merely defensive but proactive: the acquisition of Leonardo's Underwater Armament Systems business in 2023 has positioned Fincantieri at the forefront of advanced maritime technologies, including subsea surveillance and autonomous systems, as noted in the Maritime Executive article.

Geographically, the company has deepened its footprint in Southeast Asia and the Middle East. Strategic partnerships with Indonesia and Malaysia, coupled with new agreements in Qatar and a Riyadh office in Saudi Arabia, have opened avenues for defense contracts and critical infrastructure projects, as reported in the Maritime Executive article. These moves align with global trends: as nations prioritize maritime security and energy transition, Fincantieri's ability to deliver integrated solutions-from naval vessels to offshore wind farms-gives it a competitive edge.

Competitive Positioning: Backlog, Margins, and Market Share

Fincantieri's competitive advantages are multifaceted. Its €61.1 billion backlog as of September 2025-up from €57.7 billion in mid-year-ensures a steady revenue stream, according to the Baird Maritime analysis. This is complemented by a 93% year-on-year increase in order intake, with defense contracts accounting for a disproportionate share of growth, as noted in the Maritime Executive article. The company's EBITDA margin, now exceeding 6.9%, reflects operational efficiency gains in both cruise and defense segments, as reported in the earnings call transcript.

In the defense sector, Fincantieri's market positioning is particularly strong. Its 39% revenue growth in 9M 2025 outpaced the industry average, driven by contracts with the Italian Navy and replacement orders for the Indonesian Navy, as noted in a Global Banking and Finance report. With 100 vessels in its orderbook and a focus on high-margin projects, the company is well-placed to benefit from sustained defense spending in Europe and Asia.

Conclusion: A Model for Resilient Growth

Fincantieri's 9M 2025 performance exemplifies how strategic foresight and operational agility can transform a traditional shipbuilder into a diversified maritime powerhouse. By aligning its capabilities with global demand for defense and energy transition solutions, the company has insulated itself from cyclical downturns in the cruise sector. As geopolitical tensions persist and maritime technology evolves, Fincantieri's robust backlog, expanding global partnerships, and margin improvements position it as a compelling long-term investment.