Fincantieri: first half 2024 results approved

Financial Results

▪ Revenues at euro 3,681 million, up 0.3% compared to euro 3,669 million in 1H 2023
▪ EBITDA grows 16% to euro 214 million (euro 185 million in 1H 2023), with an acceleration in the Equipment, Systems & Infrastructure (euro 40 million, approximately 6 times the performance achieved in 1H 2023) and Offshore (+37% year-on-year) segments
▪ EBITDA margin at 5.8%, increasing significantly from 5.0% in 1H 2023
▪ Net financial position at euro 2,424 million, improving over 1H 2023 (euro 2,813 million) and marginally higher compared to FY 2023 (euro 2,271 million)

Commercial Performance

▪ Order intake at euro 7.6 billion, more than 3 times 1H 2023 orders (euro 2.1 billion) and higher than the entire FY 2023 (euro 6.6 billion)
▪ Book to bill of 2.1x and commercial pipeline rapidly accelerating, driven by cruise and defence businesses
▪ Backlog at euro 27.4 billion, up 19% compared to FY 2023, with total backlog reaching a record level of euro 41.1 billion, approximately 5.4 times 2023 revenues
▪ 7 ships delivered from 5 shipyards and 96 ships in portfolio with deliveries scheduled up to 2032

2024 Guidance

▪ Fincantieri confirms 2024 targets for revenues and EBITDA margin and improves its guidance for Leverage Ratio:

- Revenues at approximately euro 8 billion, up by around 4.5%
- EBITDA margin at around 6%
- Leverage ratio (NFP/EBITDA) expected between 4.5x and 5.5x (excluding the rights issue effect
– value between 3.7x and 4.7x including the temporary effect of the rights issue), improving when compared to the previous 2024 guidance between 5.5x and 6.5x

The Board of Directors of Fincantieri S.p.A. ("Fincantieri" or the "Company"), chaired on an interim basis by Pierroberto Folgiero, has approved the first half 2024 financial statements.

Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri, commented:

"Our performance in the first half of the year confirms and further improves the economic and financial results we ambitiously set in 2022 in our Business Plan. The initiatives pursued, a focused and strong management team and our people's sense of belonging at Fincantieri have driven margin improvement and cash generation.”
Mr. Folgiero concluded: "These results, combined with a record commercial performance in all businesses, pave the way for a steady execution of the Business Plan. We are highly satisfied with the technological expansion in the underwater domain as well as in the energy and digital transition.”