Calepin des entreprises international 2026 VA.pdf — page 157

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Business trends
	
 Navantia revenues increased 6.6% in 2024 to reach €1,528 million. Shipbuilding, the group’s main division, 
recorded a 10.6% drop in sales, but this decline was offset by better performance in the other divisions, 
particularly MRO, Modernisation & Services (+6.2%) and Green Energy (+70.6%). However, despithe the 
launching of a restructuring plan in 2017, Navantia stlil recorded losses of €197 million in 2024 (a loss ratio of 
-12.9%), due in particular to an estimated cost overrun of between €1.5 billion and €1.8 billion on the Spanish 
Navy’s Isaac Peral-class submarine programme.	
	
	
 In January 2025, Navantia acquired the British shipyard Harland & Wolff, its partner in the Royal Navy’s 
Fleet Solid Support Ship (FSS) programme. Harland & Wolff owns four shipyards in the United Kingdom and 
employs around 1,000 people.
Home market
	
 The group remains heavily dependent on orders from the Spanish Navy, whith two main programmes running 
until the end of the decade (five Bonifaz-class frigates and three Isaac Peral-class submarines to build). 
Its domestic revenues increased 7.2% in 2024 and accounted for 59% of total sales.
	
 In May 2025, the Spanish Navy awarded the group a €703 million contract to build a second Cantabria-class 
replenishment oiler. The work will be carried out at the Ferrol shipyard. This vessel is due to replace the Patiño, 
in service since 1995, in the early 2030s.
	
 In September 2025, the Spanish Navy ordered two additional Meteoro-class offshore patrol vessels (BAM) 
from Navantia for €716 million. The vessels will be delivered from 2030 onwards and will complement the six 
units already built by the group, which entered  service between 2012 and 2019.
	
 In September 2025, Navantia also launched the first Bonifaz-class multi-mission frigate at the Ferrol shipyard. 
The ship is scheduled to enter service in 2028. In addition, the group laid the keel of the second unit (Roger de 
Lauria) and began steel cutting for the third unit (Menéndez de Avilés) in April 2025.
	
 In October 2025, Navantia launched the second of four Isaac Peral-class (S-80 Plus) conventional attack 
submarines for the Spanish Navy, named Narciso Monturiol. Its delivery is expected in 2026.
Export markets
	
 Export sales increased 5.7% in 2024 and accounted for 41% of the group’s revenue. This share fell by 
21 percentage points compared with 2020, mainly as a result of the delivery that year of the third and last 
Hobart-class destroyer to the Royal Australian Navy.
	
 In May 2025, Navantia launched the Avante 1800 offshore patrol boat, ordered by the Royal Moroccan Navy 
in 2022, at the San Fernando shipyard.
	
 In July 2025, at the San Fernando shipyard, the group laid the keel of the first of three Avante 2200 corvettes 
ordered by the Royal Saudi Navy in the second half of 2024. This vessel will be built entirely in Spain. However, 
the integration of the Hazem combat system for the second and third units, under construction since 
March 2025 and July 2025 respectively, will be carried out locally by SAMI (Saudi Arabian Military Industries). 
The three ships are due to be delivered by 2028.
Technology and Innovation
	
 The group’s total R&D expenditure amounted to €81 million in 2023, representing 5.6% of revenues.
	
 In December 2024, Navantia unveiled the design of the two future coastal hydrographic vessels ordered in 
2023 by the Spanish Navy. These vessels will be tasked with scanning the seabed in shallow waters using 
various equipment such as echo sounders and side-scan sonars in order to update nautical charts and ensure 
the safety of civil and military navigation.
STRATEGIC HIGHLIGHTS
NAVANTIA