Calepin des entreprises international 2026 VA.pdf — page 67

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Business trends
	
 Fincantieri revenues increased 6.2% in 2024, to €8,128 million. Growth was driven by the Offshore and 
Specialized vessels division as well as the Equipment, Systems and Infrastructure division. On the other hand, 
revenues in the Shipbuilding division fell by 2.3% year-on-year, following declines in both naval vessels (-2.2%) 
and civil ships (-2.5%).
	
 Revenues in the Naval vessels segment reached €2,015 million in 2024 (before intra-group eliminations). 
During the year, Fincantieri delivered the Trieste Landing Helicopter Dock (LHD) and a fourth Thaon di Revel-
class multipurpose offshore patrol vessel (PPA) to the Italian Navy, as well as the second San Giorgio-class/
BDSL Landing Platform Dock (LPD) to the Qatari Emiri Navy. In addition, the Vard subsidiary handed over the 
third and last Jan Mayen-class coastguard vessel to the Norwegian Coast Guard.
	
 In January 2025, the group completed the acquisition of Leonardo’s Italian subsidiary WASS, which 
manufactures torpedoes (A184, A244, Black Shark, MU90) and sonars (ATAS), for a fixed amount of 
€287 million and a variable amount of approximately €120 million. WASS employs more than 500 people in 
Livorno and generates approximately €160 million in revenue.
	
 Fincantieri signed a letter of intent with the Polish group PGZ in September 2025 to cooperate on the Polish 
Navy’s acquisition programme comprising up to four Orka-class submarines.
Home market
	
 With nine shipyards and nearly 12,000 employees in Italy, Fincantieri is the prime contractor for the Italian 
Navy’s main programmes (surface ships, special vessels, submarines under German licence, naval systems, 
etc.). However, the group generates a small share of its sales on its domestic market (20% in 2024).
	
 In December 2024, the Italian Navy commissioned the Trieste Landing Helicopter Dock (LHD), built by 
Fincantieri. The ship can also carry F-35B Lightning II fighter aircraft (Lockheed Martin) after being equipped 
with a ski jump. It complements the aircraft carrier Cavour, also built by the group, and replaces the Garibaldi, 
which was decommissioned in October 2024.
	
 The joint venture (with Leonardo) Orizzonte Sistemi Navali delivered the ninth and tenth FREMM Bergamini-
class multipurpose frigates, named Spartaco Schergat (F598) and Emilio Bianchi (F599), to the Italian Navy 
in April and July 2025, respectively. In addition, the two partners laid the keel for the first FREMM EVO 
multipurpose frigate in July 2025. Named Bersagliere, it is scheduled for delivery in 2029.
	
 In June 2025, the Italian Navy ordered two Thaon di Revel-class multipurpose offshore patrol vessels (PPA) 
from Fincantieri in Light+ configuration to replace the two units sold to Indonesia in March 2024. These ships 
are expected to be delivered in 2029 and 2030.
Export markets
	
 Export sales accounted for 80% of the group’s revenues in 2024. Through its subsidiaries Marinette Marine 
and Vard, Fincantieri is well positioned in the United States and the Nordic countries.
	
 Maestral (a joint venture between Fincantieri and EDGE Group) announced in February 2025 the forthcoming 
signing of a €500 million five-year contract with the United Arab Emirates Navy for the maintenance and 
logistical support of its entire fleet.
	
 In July 2025, the group delivered its first Thaon di Revel-class multipurpose offshore patrol vessel (PPA), 
named Brawijaya (320), to the Indonesian Navy. This vessel was originally intended for the Italian Navy under 
the name Marcantonio Colonna (P433).
Technology and Innovation
	
 The group’s total R&D expenditure amounted to €175 million in 2024, representing 2.2% of revenues.
STRATEGIC HIGHLIGHTS
FINCANTIERI