Nearly 100 billion orders received in the first quarter, reaching a new high! Thanks to the strong recovery of the cruise market, Italian shipbuilding giant Fincantieri delivered impressive results in the first quarter of 2025, with a significant increase in both orders and profits.
Recently, Fincantieri released its Q1 2025 financial report. In the first quarter, Fincantieri's total revenue reached 2.376 billion euros (approximately 19.22 billion yuan), a significant increase of 35% compared to 1.76 billion euros in the same period of 2024. All business segments performed well, especially the shipbuilding business, which saw a year-on-year increase of 39.5% in revenue, accounting for 72% of the group's total revenue.
In the first quarter, Fincantieri achieved a significant improvement in profitability, with EBITDA reaching 154 million euros (approximately 1.246 billion yuan), a year-on-year increase of 54%; The EBITDA profit margin increased from 5.7% in the first quarter of 2024 to 6.4%.
Fincantieri pointed out that the increase in EBITDA profit margin of the company in the first quarter was particularly significant in the shipbuilding business sector, mainly due to the growth of the defense business and various measures taken by the group to improve the operational efficiency of the cruise business. At the same time, the newly added underwater business sector has also made significant contributions, with an EBITDA profit margin of up to 17%, demonstrating the high profitability of this sector.
Financial report data shows that Fincantieri's shipbuilding business revenue in the first quarter was 1.828 billion euros (approximately 14.787 billion yuan), an increase of 39.5% compared to the first quarter of 2024. Among them, the revenue from cruise business increased from 914 million euros in the same period last year to 1.045 billion euros, accounting for 41% of the group's total revenue (48% in the same period last year); The revenue of the shipbuilding business increased from 388 million euros in the same period last year to 770 million euros, accounting for 30% of the group's revenue (compared to 20% in the same period last year).
In the first quarter, Fincantieri's shipbuilding business EBITDA was 125 million euros (approximately 1.011 billion yuan), an increase of 53.3% compared to 8100 euros in the first quarter of 2024. The BITDA profit margin increased from 6.2% in the same period last year to 6.8%.
At the same time, Fincantieri's offshore and specialty vessel business revenue in the first quarter was 319 million euros, an increase of 6.7% compared to the 299 million euros in the same period of 2024; EBITDA increased by 16.9% from 13 million euros in the same period last year to 15 million euros; The BITDA profit margin also increased from 4.3% to 4.7%.
Fincantieri pointed out that in the first three months of 2025, the group achieved a record breaking quarterly order volume, with a total amount of 11.7 billion euros (approximately 94.644 billion yuan), far exceeding the 500 million euros in the first quarter of 2024, equivalent to 76% of the total order amount of 15.4 billion euros in 2024. Last year, Fincantieri's order amount broke the historical record.
The growth in order volume in the first quarter mainly came from the shipbuilding sector. According to financial report data, the total new orders received by Fincantieri's shipbuilding sector in the first quarter of 2025 reached 11.519 billion euros (approximately 93.18 billion yuan), compared to 141 million euros in the same period last year.
The strong performance is attributed to the promotion of cruise ship orders, especially in the first quarter when the order for four 200000-ton luxury cruise ships from
Norwegian officially came into effect. These four 226000-ton cruise ships will be built by Fincantieri's shipyard in Monfalcone, with the first ship expected to be delivered in 2030 and the following three ships expected to be delivered in 2032, 2034, and 2036 respectively. It is said that the amount of this order alone is as high as 9 billion euros (about 72.803 billion yuan). In addition, the four environmentally friendly cruise ship orders signed with Viking Cruises also came into effect in the first quarter.
Fincantieri recently received its first orders from two new customers. Among them, Marella Cruises, a British brand under TUI Cruises, announced the ordering of two new cruise ships, and AIDA Cruises, a German brand under Carnival Group, will also order two new generation mid-size luxury cruise ships. The value of these two orders exceeds 2 billion euros.
As of March 31, 2025, handheld orders of Fincantieri reached 57.6 billion euros (approximately 465.941 billion yuan), also setting a new record. The current amount of handheld orders is approximately 7.1 times the revenue for the 2024 fiscal year. Among them, 102 vessels worth 40.3 billion euros have been confirmed as held orders, and there are also 17.3 billion euros of alternative orders scheduled for delivery by 2036.
Fincantieri stated that the strong performance in the first quarter further consolidated its growth prospects in core business areas. This trend benefits from a favorable macroeconomic environment for the cruise industry, expected growth in defense spending, and increasing global demand for offshore energy resources, including wind power and oil and gas. These developments have created broad business development opportunities for the group in the offshore wind power, oil and gas industry, and underwater technology fields.