Italian shipbuilder Fincantieri has stated that the United States is an important market for growth as it increases its role in U.S. naval shipbuilding. The company recently reported record earnings for the first half of the year, with a backlog nearing €74 billion.
For the first half of 2026, Fincantieri posted a net profit of €102 million, which is almost three times the €35 million from the same period last year. EBITDA also rose by 12.5% to €350 million, and the total backlog increased by 17% compared to last year, reaching €73.9 billion. This strong backlog indicates that deliveries are projected to continue through 2039.
Fincantieri highlighted that its U.S. operations are crucial to its long-term strategy. The company is investing in American shipyards, enhancing its engineering capabilities, supporting local supply chains, and contributing to U.S. Navy modernization programs.
A key area of focus is the U.S. Navy's Landing Ship Medium (LSM) program. In the first half of the year, Fincantieri Marine Group, the company's U.S. subsidiary, secured an initial contract worth about $30 million. This contract includes funding for engineering work and procurement of long-lead materials for the first four vessels in the program. This preparatory work is aimed at ensuring the company is ready to begin full construction by the fourth quarter of 2026, with plans for the Navy to acquire up to 35 LSM vessels overall.
The company noted that the LSM contract helps balance the impacts of changes to the U.S. Navy's Constellation-class frigate program, which has delayed some anticipated revenues but is moving toward finalization of new defense contracts.
Outside of its U.S. operations, Fincantieri is continuing to grow its portfolio in defense and underwater technology. The company recently announced it will acquire NextGeo, WSense, Graal Tech, and Defcomm, which will create what it calls the first vertically integrated underwater operator. This is expected to strengthen a business segment that generated €356 million in revenue in the first half of the year, an increase of nearly 30% from the previous year.
Pierroberto Folgiero, the CEO, stated that the results reflect the company’s ability to turn its substantial order book into improved profitability while exploring higher-value markets, particularly in underwater defense technologies. With a backlog near €74 billion, Fincantieri is well-positioned for long-term growth and has reaffirmed its financial outlook for the full year of 2026.