ROME — Italian shipyard Fincantieri will boost revenue by 40%, hit profits of €500 million ($593 million) and double its defense production in Italy by 2030 as global defense spending booms, the firm has said.
In a new business plan covering 2026-2030, the Italian state-controlled yard said it expected annual revenue to rise from €9 billion in 2025 to €12.5 billion in 2030, while it will book €50 billion worth of orders over the period, adding to a current €60 billion order backlog.
By 2035, revenue will double, reaching €18 billion, the firm said.
Fincantieri has long split its focus between navy ships, offshore vessels and cruise ships, spreading technology between the sectors and relying on upticks in one business area to balance dips in others.
As conflicts rage around the world and as pressure is placed on Europe to re-arm, pushing governments open their wallets, Fincantieri is enjoying robust defense orders, starting with a supply of new ships and submarines to the Italian navy.
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As foreign customers place orders, including PPA vessels to Indonesia and Fremm frigates to Egypt, Fincantieri has handed over vessels being built for Italy to accelerate deliveries, then added new orders to fill the gap for the Italian navy.
More work can be expected from Italy as the country signs up for €14.9 billion in EU loans to boost defense spending to reach NATO’s new target of 5%of GDP.
CEO Pierroberto Folgiero has meanwhile bet on the undersea business with a string of acquisitions including buying torpedo maker WASS from Italy’s Leonardo last year.
This week WASS signed a €200 million deal with Saudi Arabia to sell its MU90 Lightweight Torpedo.
The new orders are balancing the cancelling of Constellation frigate orders in the United States which Fincantieri was working on at its U.S. yard.
To handle new work, Fincantieri’s new business plan envisages the doubling of defense production capacity at its Italian yards, while part of its cruise ship work is relocated to Romania.
“The Defense segment plays a central role in our strategy: the expected increase in demand, together with the doubling of production capacity across our Italian shipyards, will enable us to further strengthen our positioning within the major national and international programs,” said Folgiero in a statement released with the industrial plan.
Tom Kington is the Italy correspondent for Defense News.
