9M 2025 RESULTS APPROVED

STRONG REVENUE AND EBITDA GROWTH IN ALL SEGMENTS

TOTAL BACKLOG AT 61.1 BILLION EURO, 100 SHIPS IN ORDER BOOK WITH DELIVERIES UP TO 2036

LEVERAGE RATIO AT 2.6x, AHEAD OF THE DELEVERAGING PATH ENVISAGED IN THE BUSINESS PLAN

FINANCIAL RESULTS:

• Revenues reach euro 6,725 million, up 20% compared to 9M 2024
• EBITDA grows materially by 40% to euro 461 million (euro 328 million in 9M 2024), driven by a significant increase in profitability in all business segments
• EBITDA margin at 6.9%, steadily increasing from 6.3% in FY 2024 and 5.9% in 9M 2024
• Net debt at euro 1,648 million, marginally lower than euro 1,668 million1 recorded in FY 2024, with a leverage ratio (Net debt / EBITDA LTM) of 2.6x, improving further compared to the ratio of 3.3x recorded as of 31 December 2024

COMMERCIAL PERFORMANCE:

• Order intake at euro 16.0 billion, growing by 88% compared to 9M 2024 (euro 8.5 billion), higher than the record value achieved in entire 2024, with a book-to-bill of 2.4x
• Backlog at euro 41.0 billion, increasing by 32% compared to FY 2024, with total backlog at a record level of euro 61.1 billion, approximately 7.5 times 2024 revenues
• 19 ships delivered from 9 shipyards in 9M25 and 100 ships in portfolio with deliveries scheduled up to 2036

2025 GUIDANCE:

Fincantieri confirms the FY 2025 targets announced upon the release of the first half 2025 results:

• • Revenues of approximately euro 9 billion
  • EBITDA margin over 7%
  • Leverage ratio (Net debt / EBITDA) between 2.7x and 3.0x
  • Net Profit

The new Business Plan 2026-30 will be approved by the end of the year; a Capital Markets Day will be held in the first quarter of 2026.

Trieste, 12 November 2025 – The Board of Directors of Fincantieri S.p.A. (“Fincantieri” or the “Company”), chaired by Biagio Mazzotta, approved the nine months financial information as of 30 September 20252.

Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, said:

“We are very satisfied and deeply grateful to all the people at Fincantieri for their outstanding work. We continue to deliver solid growth in revenues, margins, and orderbook, resulting in three mutually reinforcing positive effects: the consolidation of the Group’s strong financial and operational performance achieved over the past three years; the Company’s strong positioning within a favorable industrial cycle that is shaping the future of the sector; and the creation of shared and sustainable value for all social and financial stakeholders.

With an all-time record total backlog of over 60 billion euro spanning the next ten years and 80% of our procurement sourced from Italian suppliers, Fincantieri’s contribution to the national and local economies continues to grow, generating significant financial visibility across the supply chain and sustaining stable employment. At the same time, the Group continues to enhance its role as a driver of Italy’s strategic innovation, thanks to: the launch of the first autonomous underwater drones for the protection of critical subsea and port infrastructures; the entry into the market of military unmanned surface vehicles for coastal surveillance; the start of domestic production of fuel cell propulsion systems and battery packs for both defense and commercial applications; and the establishment of Fincantieri Ingenium, dedicated to creating a digital data and application platform enabling the use of artificial intelligence in ship operations and in port ecosystems. Finally, we continue to work intensively to increase production capacity in both commercial and defense shipbuilding by increasing the productivity of our assets, supporting the development of skilled labor and introducing new technologies and work methods to the production processes.”

Key management data:

Fincantieri’s strong performance continues in the first nine months of 2025, driven by a positive contribution from all businesses, with revenues reaching approximately euro 6.7 billion, up by 20% compared to 30 September 2024. Profitability also increases materially, with EBITDA growing by 40% year-on-year to euro 461 million with an EBITDA margin of 6.9%, confirming a sustained and continuous growth path compared to 6.3% at the end of 2024 and 5.9% in the first nine months of 2024.

The Shipbuilding segment posts an EBITDA growth of 33% compared to the first nine months of 2024 and an EBITDA margin further improving to 6.5% (6.0% in the first nine months of 2024), mainly due to the operational efficiency measures undertaken by the Group in the Cruise sector, as set out in the Business Plan, and to the stronger contribution from the Defense business, also thanks to the sale of 2 MPCS/PPA units to the Indonesian Ministry of Defense finalized in the first quarter of 2025.

The Underwater segment contributes markedly to the Group’s results at the end of the period, with an EBITDA margin at 17.3%. The Equipment, Systems and Infrastructure segment records a solid year-on-year increase in EBITDA by 37%, with an EBITDA margin of 7.4% (5.4% in the first nine months of 2024), primarily driven by the performances of the Mechanical Systems and Components Cluster (EBITDA margin at 14.0% vs 10.7% in the first nine months of 2024) and the Infrastructure Cluster (EBITDA margin at 7.1% vs 4.8% at September 30, 2024).

On the commercial front, order intake in the first nine months of 2025 reaches euro 16.0 billion, increasing by 88% year on year, and higher than the orders acquired in the whole of 2024, driven in particular by the Shipbuilding segment (+130% compared to the first nine months of 2024). At the end of the period, the book-to-bill (orders/revenues) stands at 2.4x, with a commercial pipeline underpinned by strong demand in the Group’s core businesses.

In the first nine months of 2025, the backlog increases by 32% versus FY 2024 to euro 41.0 billion, with 100 ships in the portfolio and deliveries scheduled until 2036. Soft backlog3 reaches euro 20.1 billion, leading to a total backlog of euro 61.1 billion, equal to 7.5 times 2024 revenues.

Net debt stands at euro 1,648 million at the end of the period, in line with the euro 1,644 million recorded at the end of the first half of 2025, and slightly better than the 2024 year-end figure of euro 1,668 million4, resulting in a leverage ratio (Net debt / EBITDA LTM5) of 2.6x, improving compared to the 3.3x ratio recorded at 31 December 2024.

Strategic developments and opportunities

Strengthened industrial cooperation in the European Defense sector

In the third quarter of 2025, Fincantieri further consolidated its position as a leading player in the European naval industry, fostering industrial cooperation among allied countries and supporting the international projection of Italy’s Defense sector. At the Seafuture exhibition held in La Spezia on 29 September 2025, Italy and Greece signed a preliminary agreement for the transfer to the Hellenic Navy of two vessels built by Fincantieri, underscoring the internationally recognized excellence of the Group’s products and technological solutions. The final agreement, subject to customary approvals, will also include a support package managed by Fincantieri, thanks to its know-how and proven expertise in after-sales services, thereby further strengthening the technical and industrial cooperation between the two countries. Furthermore, during the MSPO exhibition in Kielce (2 September 2025), Fincantieri signed a Memorandum of Understanding with Polska Grupa Zbrojeniowa (PGZ) aimed at developing a long-term collaboration in support of the Polish Navy’s modernization program, including the “ORKA” submarine project. These initiatives confirm Fincantieri’s role as a strategic partner for European Defense and as a promoter of an integrated, competitive, and technologically advanced industrial ecosystem.

The expansion in the Underwater and Unmanned Systems sectors continues

Fincantieri’s role as a leading technological player in the protection of underwater infrastructures and in the field of dual-use unmanned solutions remains at the core of the Group’s growth strategy. On 9 October 2025, Fincantieri announced the signing of a contract between its subsidiary Remazel Engineering and the Belgian company Jan De Nul for the supply of an advanced system for transporting and laying rocks on the seabed, aimed at protecting cables and pipelines. On 20 October 2025, Fincantieri signed an agreement with Defcomm, an Italian start-up specializing in unmanned solutions for the maritime sector. The agreement, designed to accelerate the development and industrialization of surface drones developed by Defcomm, will enable Fincantieri to develop and integrate deployment capabilities for autonomous surface vehicles on its naval units, serving both domestic and international customers. Finally, on 23 October 2025, Fincantieri unveiled DEEP, an integrated and cutting-edge solution for the protection, development, and maintenance of critical underwater and port infrastructures, also providing environmental monitoring and protection through an advanced system of Fincantieri underwater drones. Conceived for dual-use applications, the system consists of a network of underwater sensors for early warning, a Command and Control Center for real-time operational management, a team of Autonomous Underwater Vehicles (AUVs) capable of conducting missions at different levels of autonomy, cooperation, and coordination, and an AI-based system dedicated to data analysis and processing.

Further acceleration in the development of advanced technologies for commercial and defense sectors

Fincantieri reaffirms its role as a driving force for industrial innovation through two new strategic

partnerships, highlighting the Group’s ability to leverage the expertise of the most innovative SMEs and

to promote an innovation model that combines industrial vision, cutting-edge technologies, and supply chain competitiveness, to the benefit of the entire national shipbuilding and defense ecosystem.

On 1 October 2025, the Group signed a Memorandum of Understanding with Aeronautical Service, an SME active in aerospace solutions, aimed at promoting the large-scale adoption of carbon-based composite materials and nanotechnologies for both commercial and naval applications, focusing, in particular, on the development of a new FPB (Fast Patrol Boat) unit built using these materials.

On 22 September 2025, Fincantieri also signed a multi-year agreement with Idea Prototipi Srl to ensure the rapid integration of portable cobotic (collaborative robotics) solutions and advanced automation systems into the Group’s supply chain, further enhancing automation, digitalization, and sustainability.

Revenue and income in the first nine months of 2025 increase by 20% year-on-year to euro 6,725 million, driven by the positive contribution of all the sectors. Growth is particularly strong in the Shipbuilding segment (+23% compared to the first nine months of 2024), with a significant contribution from the Defense sector (+39%). The contribution of Underwater is increasingly material (+85% compared to the first nine months of 2024), also thanks to the consolidation from January 2025 of WASS Submarine Systems. Before intersegment eliminations, Shipbuilding contributes 68% (66% in the first nine months of 2024), Offshore and Specialized Vessels 14% (15% in the first nine months of 2024), Underwater 5% (4% in the first nine months of 2024) and Systems, Components and Infrastructure 13% (15% in the first nine months of 2024) to the Group’s total Revenue and income.

The first nine months of 2025 confirm the growth in margins witnessed in previous quarters, with EBITDA7 rising to euro 461 million (+40% compared to euro 328 million in the first nine months of 2024) and EBITDA margin reaching 6.9% (5.9% as of 30 September 2024), supported by the margin expansion in all the Group’s businesses.

In the first nine months of 2025, the Group received new orders for euro 16,020 million compared to euro 8,504 million in the corresponding period of 2024, with a book-to-bill ratio (orders/revenues) of 2.4x (1.5x as of 30 September 2024).

The table below shows the number of vessels delivered and ordered during the period.

The total backlog and the backlog guarantee approximately 7.5 and 5.0 years of work respectively, when compared to 2024 revenues (approximately 6.3 and 3.8 years as of 31 December 2024).

The backlog breakdown by sector is shown in the table below.