Fincantieri Reports Record Profit as U.S. Naval Shipbuilding Expands

Italian shipbuilder Fincantieri says the United States remains a key strategic growth market as it expands its role in U.S. naval shipbuilding, alongside reporting record first-half earnings and a backlog approaching €74 billion.

The company reported first-half 2026 net profit of €102 million, nearly triple the €35 million earned a year earlier, while EBITDA rose 12.5% to €350 million. Total backlog climbed 17% year-over-year to €73.9 billion, providing visibility on deliveries through 2039.

Fincantieri said its U.S. operations continue to play an important role in its long-term strategy through investments in American shipyards, engineering capabilities, local supply chains and support for U.S. Navy modernization programs.

A major focus is the U.S. Navy's Landing Ship Medium (LSM) program. During the first half, the company's U.S. subsidiary, Fincantieri Marine Group, received an initial contract worth about $30 million covering engineering and long-lead material procurement for the program's first four vessels. The work is intended to prepare for full construction contracts, with production expected to begin as early as the fourth quarter of 2026. The Navy ultimately plans to acquire up to 35 Landing Ship Medium vessels.

The company noted that the LSM award helps offset the reshaping of the U.S. Navy's Constellation-class frigate program, which shifted some expected revenue into future periods while new defense contracts move toward finalization.

Beyond its U.S. business, Fincantieri said it continues expanding its defense and underwater technology portfolio. Earlier this month, the company announced agreements to acquire NextGeo, WSense, Graal Tech and Defcomm, creating what it describes as the first vertically integrated underwater operator spanning subsea vehicles, communications, sensors and underwater services. The acquisitions are expected to strengthen a business that generated €356 million in first-half revenue, up nearly 30% from a year ago.

Chief Executive Officer Pierroberto Folgiero said the results demonstrate the company's ability to convert its large order book into stronger profitability while expanding into higher-value markets such as underwater defense technologies. With nearly €74 billion in total backlog, the company said it remains well positioned for long-term growth and reaffirmed its full-year 2026 guidance.