Fincantieri S.p.A.

Good afternoon. This is a course called Conference Operator. Welcome and thank you for joining the Fincantieri first half 2025 results presentation conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions by pressing star and 1 at any time. Should anyone need assistance during the conference call, they may signal an operator by pressing star and 0 on their telephone. At this time, I would like to turn the conference over to Mr. Pierroberto Folgiero, CEO and Managing Director.

Please go ahead, sir.

Good afternoon, ladies and gentlemen, and thank you for joining us on today's call to discuss Fincantieri's first half 2025 results. We are pleased to present a strong set of results for the first half of the year, building on a highly successful 2024 and equally positive first quarter of 2025. We recorded a solid performance in all of our key financials and metrics, putting the group firmly on track to achieve its 2025 guidance for revenues and margins and to improve our guidance on leverage with a net debt to EBITDA range of 2.723 times. Let's now move to page four for a brief summary of the financial and commercial highlights of the first half of the year. Revenues increased by 24.3% year-on-year to €4,576,000,000, underpinned by a positive contribution from all segments, in particular shipbuilding, confirming the group trend of the first quarter. Thanks to the virtuous path pursued by Fincantieri over the last years, we delivered also a significant increase in profitability, with EBITDA posting an impressive double-digit growth of 45.3%, reaching €311 million. EBITDA margin grew to 6.8%, with a market improvement compared to 6.3% at year end of 2024 and increasing by 100 basis points versus 5.8% achieved in the first half of 2024. This growth is all the more impressive considering that we operate in the heavy industry sector that typically has slow biorhythms. Our net debt came in at 1.1 billion, 614 billion Euro significantly lower than the 2 billion 42 billion Euro reached in the first half of 2024 and marginally better than the 1 billion 670 billion Euro excluding rights issue achieved in 2024, leading to a net debt to EBITDA ratio of 2.7 times. Turning now to our commercial performance on page five, we achieved remarkable results in the first half of 2025. Order intake stood at 14.7 billion euro, showing an extraordinary growth compared to the first six months of 2024, with a book-to-bill ratio of 3.2 times revenues. As a result, the backlog reached 41.9 billion euro, up 35.1% compared to the full year 2024, with a record high total backlog of 57.7 billion euro, representing 7.1 times full year 2024 revenues. Let's now move to page six. Our commercial pipeline remains strong, driven by our solid positioning and favorable market dynamics in all our segments. In the cruise sector, we signed contracts with Crystal Cruises for two IAN vessels, with Four Seasons Yachts for a second ultra-luxury ship, with Norwegian Cruise Line Holdings for four jumbo ships, and with Viking Cruises for four units. In the defense sector, we signed a contract for the construction of two PPA multipurpose combat ships, The two new PPAs in light-plus configuration will be built at the integrated shipyard of Riva Trigoso and Mugiano, with delivery scheduled for 2029 and 2030, respectively. We also signed a True Life Sustainable Management, TLSM-2, contract for in-service support for all systems and equipment for the FRAM units built and delivered by OSN to the Italian Navy. In offshore, the momentum remains robust with orders for two units for Dongfang offshore. Lastly, in the new underwater segment, we are seeing the tangible benefits of the strong commercial positioning of unique products and services offered by Remazel, VAS and EDS. Looking ahead, we see further opportunities to strengthen our order intake thanks to a commercial pipeline in which we are actively participating of approximately 23 billion euro across all business segments. Moving to page seven, you can see how our commercial efforts are translating into an impressive order book. In the first half of the year, our portfolio benefits substantially from the acquisition of new orders, further consolidating Fincantieri's expensive global reach across all business segments and providing a profound visibility up to 2036. In the first six months, we delivered 13 ships from eight shipyards and as we speak, we have a full state of deliveries scheduled over the next 11 years with more to come. In the first half of 2025, we not only delivered outstanding financial and operational results, but we have also continued to execute on certain core strategic initiatives that represent a solid foundation for future growth and innovation. In recent months, Fincantieri has taken decisive and visionary steps to establish itself as a leading technological integrator in the underwater domain, which more and more plays a central role in geopolitical strategy, driven by military priorities and protection of critical subsea infrastructure for energy and communications, as well as for strategic control of the seabed. In particular, we completed the acquisition of Leonardo's underwater armament system business line via the purchase of vast submarine systems. We formalized the investment in Wsense, a leading Italian deep tech company specializing in wireless network and advanced underwater monitoring and surveillance systems. And we signed two MOUs, one with Edge to jointly develop underwater technology supporting the United Arab Emirates in its ambition to become a regional reference point, and one with Graaltech for the development and commercialization of autonomous underwater solutions. We are also accelerating our digital transformation across the cruise, defense and port infrastructure sectors, also through the creation of Fincantieri Ingenium, a joint venture 70% owned by Fincantieri Nextech and 30% by Accenture. This is not a think tank or a venture capital, but a concrete element for our digitalization strategy for the industry today. One of its strategic initiatives is the development of NaviSapiens, a digital ecosystem designed for the next generation vessels and for upgrading the existing fleet that will be installed on the first ship by the end of 2025, beginning of 2026. Last but not least, in our unwavering commitment to driving a sustainable industry, we established Circular Yard in collaboration with Era Group to implement an innovative integrated waste management systems system across all our Italian shipyards. Now, I will end the call over to Giuseppe, who will discuss our financial results in more detail. Please, Giuseppe.