Feb 12 (Reuters) – Fincantieri on Thursday pledged to double its core profit to 1.25 billion euros ($1.49 billion) in 2030 under a new defence-centred multi-year strategy that will also double its shipyard production capacity in Italy and expand its underwater business.<\/p>\n
Rising demand from the defence sector as Europe steps up military spending, with new contracts coming in already this year, is driving the need to increase production capacity, Fincantieri said.<\/p>\n
The Italian shipbuilder projected a 40% increase in revenue through 2030, with a further target to double it to 18 billion euros by 2035 from the around 9 billion euros it expects to report for 2025.<\/p>\n
It revised up its core profit margin expectation for 2025 to 7.4% and said it would further expand it to 13%, or 2.3 billion euros, in 2035.<\/p>\n
To increase profit margins, Fincantieri aims to expand operations in Vietnam under a revamp of its shipyard production system.<\/p>\n
It will shift part of the cruise\u2011ship section production to Romania and reorganise the offshore and specialised vessels business.<\/p>\n
Fincantieri said it aimed to develop new technologies at its underwater division, deepening links with its defence business and pursuing selective acquisition opportunities in what it sees as a high\u2011tech, strategically important market.<\/p>\n
It previously targeted a margin for earnings before interest, tax, depreciation and amortisation above 7% and a positive net profit for 2025. It now said its 2025 net profit would reach 110 million euros.<\/p>\n
Shares rose 4% by 1201 GMT.<\/p>\n
In 2026 the company is targeting revenue of between 9.2 billion to 9.3 billion euros, net profit above the previous year, and an EBITDA margin of around 7.5%.<\/p>\n
($1 = 0.8415 euros)<\/p>\n
(Reporting by Mirko Miorelli in Gdansk and Valentina Za in Milan; Editing by Matt Scuffham, Kirsten Donovan)<\/p>\n
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