Handheld orders exceed 480 billion! Shipbuilding giants "exploded orders" set a new record
Against the backdrop of the accelerated recovery of the global cruise market, Italian shipbuilding giant Fincantieri delivered a brilliant report card in the first half of the year, doubling the number of orders received year-on-year, reaching a new high in the scale of hand-held orders, and achieving comprehensive growth in performance.
Recently, Fincantieri released its 2025 semi-annual financial report. In the first half of the year, Fincantieri's total revenue reached 4.576 billion euros (about 38.193 billion yuan), an increase of 24% from 3.681 billion euros in the same period in 2024. net profit of 35 million euros (about 292 million yuan), compared with a loss of 27 million euros in the first half of 2024.
In the first half of 2025, Fincantieri's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 311 million euros (about 2.596 billion yuan), an increase of 45% from 214 million euros in the same period last year; EBITDA margin increased to 6.8% from 5.8% in the first half of 2024, also higher than the level of 6.3% for the whole of last year.
Fincantieri pointed out that in the first half of the year, all business segments of the company maintained a growth trend, with the shipbuilding business segment growing particularly strongly, accounting for 68% of the group's total revenue, up from 66% in the first half of 2024. In addition, the contribution of the underwater business segment was also considerable, with revenue increasing by 83% year-on-year to 274 million euros in the first half of the year.
According to the financial report data, Fincantieri's shipbuilding business revenue in the first half of this year was 3.355 billion euros (about 28.002 billion yuan), a year-on-year increase of 26.3%. Among them, cruise business revenue increased from 1.832 billion euros in the same period last year to 2.13 billion euros, a year-on-year increase of 16%; Revenue from the ship business increased by 48% year-on-year to 1.184 billion euros from 802 million euros in the same period last year. Before the merger adjustment, the cruise and defense businesses contributed 43% and 24% of total revenue, respectively (46% and 20%, respectively as of June 30, 2024).
In the first half of the year, Fincantieri's shipbuilding EBITDA was 218 million euros (about 1.819 billion yuan), an increase of 40% compared to 156 million euros in the first half of 2024, and the EBITDA margin increased to 6.5% from 5.9% in the same period last year thanks to high-margin revenue growth.
At the same time, Fincantieri's offshore and special vessel business revenue in the first quarter was 643 million euros, an increase of 10.4% compared to 582 million euros in the same period in 2024; EBITDA increased by 20.7 percent to €32 million from €26 million in the prior-year quarter; BITDA margin also increased from 4.5% to 4.9%.
Overall, Fincantieri's total orders in the first half of 2025 reached 14.744 billion euros (about 123.058 billion yuan), equivalent to 96% of the 15.4 billion euros in 2024, while Fincantieri's order amount for the whole of last year set a new historical record.
It is worth mentioning that Fincantieri's shipbuilding business segment received 14.008 billion euros (about 116.915 billion yuan) in the first half of the year, doubling from 6.025 billion euros in the same period last year. In the field of cruises in particular, Fincantieri has successively accepted orders from several major cruise lines.
Among them, the order for four 200,000-ton super-large luxury cruise ships held by Novizhen Cruise Holdings officially took effect in the first half of this year, and these four 226,000-ton gross ton cruise ships will be built by Fincantieri's shipyard in Monfalcone, of which the first ship is expected to be delivered in 2030, and the next three will be delivered in 2032, 2034 and 2036 respectively, and the order is said to be as high as 9 billion euros.
In addition, Fincantieri's order for four eco-friendly cruises signed with Viking Cruises also took effect in the first half of the year. Also in effect are Crystal Cruises' two 61,800 gross tonnage high-end cruise orders, as well as Four Seasons Yachts' second ultra-luxury cruise ship.
In addition, in the first half of the year, the offshore and special vessel business segment received orders of 321 million euros (about 2.679 billion yuan), mainly from two offshore vessels undertaken by its Norwegian subsidiary VARD, including a multi-functional offshore construction vessel (OSCV) for subsea operations, operation and maintenance activities, and cable laying in the offshore wind power and communication fields, and a wind power operation and maintenance vessel (CSOV) for offshore wind farms to provide sustainable support operations.
In the first half of this year, Fincantieri delivered three cruise ships, including the 12th 54,300-ton ocean-going cruise ship "Viking Vesta" built for Viking Cruises, the first new generation of 156,300-ton Prima-Plus class luxury cruise ship "Norwegian Aqua" built for Novigen Cruises, and the first LNG dual-fuel 160,000-ton InTUItion class luxury cruise ship built for TUI Cruises "Mein Schiff Relax".
As of June 30, 2025, Fincantieri's hand-held orders reached 57.7 billion euros (about 481.582 billion yuan), an increase of 35% from the end of 2024 and a record high. The current amount of hand-held orders is about 7.1 times the revenue of fiscal year 2024. Of these, 41.9 billion euros are confirmed hand orders, in addition to 15.8 billion euros of alternative orders, with delivery scheduled until 2036.
"The growth in all key indicators in the first half of the year compared to last year, with an overall improvement in revenue (+24%), EBITDA (+45%) and net financial position, is the result of the management and financial discipline of the strategic initiatives implemented over the past three years, and confirms the successful consolidation of the profitable turnaround achieved at the end of 2024," said Pierroberto Folgiero, CEO and Managing Director of Fincantieri. Our vision for an industry committed to long-term value creation continues to advance and benefit the entire stakeholder ecosystem. The current record number of orders in hand of EUR 57.7 billion not only lays a solid foundation for future growth, but also reflects the trust our customers have in us as their strategic partner for transformation. ”
Looking ahead, Fincantieri noted that the current global environment is being influenced by a series of rapidly evolving structural "supertrends" that are reshaping the industrial landscape and presenting new growth opportunities for the Group. The strong recovery of the cruise tourism market, geopolitical instability, and the strong demand for offshore energy resource development paint a positive picture.
In the cruise sector, where Fincantieri maintains its market leadership, the growth momentum is accelerating. In 2024, cruise passengers reached a record high of 34.6 million, with ship load factors ranging from 105% to 108%. Positive growth expectations remain maintained over the next three years, with an expected 41.9 million by 2028 (+4.8% average annual growth rate). Strong performance drives continued investment: A total of 21 new cruise orders were signed in the first half of 2025, exceeding the order volume of 19 ships in 2024. The recovery covers all market segments, including the mainstream large cruise market, with hand-held order delivery times extended to 2036.
The wave of change in the shipbuilding industry is also being driven by the ecological transition, with more and more new ships adopting alternative propulsion systems. More than 55% of new orders will be powered by LNG, the most sustainable and widely available marine fuel available. In line with this trend, Fincantieri announced that it will build the world's first cruise ship using onboard hydrogen storage for energy generation and propulsion, with delivery scheduled for 2026.
Another important macro trend is the acceleration of digital transformation in the areas of cruise, defense and port infrastructure. In response to this trend, Fincantieri established a joint venture, Fincantieri Ingenium, on April 10, 2025, with a 70% stake in the group's subsidiaries Fincantieri NexTech and a 30% stake in Accenture. One of the first strategic projects of the joint venture is the development of the "Navis Sapiens" digital ecosystem for the next generation of vessels and digital upgrades of existing fleets, with the first vessel expected to be installed by the end of 2025.
