Fincantieri, an Italian shipbuilding group, sets out a new long-term business plan that shifts more weight toward defense, underwater systems, and specialized vessels, while cruise shipbuilding remains a core line. By 2030, the group plans a 40 percent increase in revenue and a 90 percent rise in EBITDA, with net profit projected at €500 million ($587 million).
The plan is built on Fincantieri’s position in cruise ship construction and specialized offshore units produced through its VARD division. At the same time, the company has been reinforcing its defense activities. In May 2025, it launched a dedicated Underwater segment following the acquisition of Leonardo’s Underwater Armaments & Systems (UAS) business, focused on submarine defense systems such as torpedoes, countermeasures, and sonars.
As of 30 September 2025, Fincantieri reported a backlog of €41.0 billion ($48 billion), a 32 percent increase compared with the end of 2024. The orderbook covers 100 ships scheduled for delivery through 2036.
According to the new strategy, revenue is planned to grow from a projected €9 billion for 2025 to around €11 billion in 2028 and €12.5 billion in 2030. The company foresees about €50 billion in new orders over the period, with defense programs accounting for a substantial share of the expansion. The plan also calls for higher margins supported by efficiency gains and adjustments to the business mix.
Chief executive and managing director Pierroberto Folgiero presents the 2026–2030 plan as an industrial program based on a forward-looking view of both commercial and naval markets. He indicates that Fincantieri intends to enter a new phase of growth by increasing production capacity, improving competitiveness, and keeping its focus on core shipbuilding and operational efficiency.
Cruise activity remains important in this framework. In the first nine months of the year, Fincantieri reports securing 11 additional cruise orders, bringing the total number of cruise ships on order to 36. The company notes projections that cruise passenger volumes will grow by an average of 4.5 percent per year from 2024 to 2032, supporting demand in this segment.
Defense shipbuilding is expected to become a key growth engine. Fincantieri plans to expand output, including a doubling of production capacity at its Italian defense shipyard. The group links this move to the current geopolitical context, which it sees as creating significant opportunities for naval programs. Global government spending is projected at $2.93 trillion in 2030, an 18 percent increase from $2.47 trillion in 2025.
For the period from 2026 to 2028, the group says it has identified commercial opportunities exceeding €56 billion, assigning a medium-high probability of success to €23 billion of that pipeline. It expects the first related contracts to be awarded in 2026.
The Underwater segment is also set for strong growth. Fincantieri projects that this business will roughly double between 2026 and 2030, rising from €22 billion to €43 billion.
