Good afternoon, ladies and gentlemen, and welcome to Fincantieri's Full Year 2025 Results call. We are proud to share with you the outstanding results achieved in 2025, which highlight Fincantieri's ability to capture the opportunities offered by the favorable megatrends in our markets while maintaining financial discipline and ensuring flawless execution of our backlog.

In 2025, we delivered tangible progress in the implementation of our strategy, exceeding expectations and creating significant value for all our stakeholders. This provides an exceptionally strong foundation on which to build the group's growth trajectory set out in the new 2026-2030 business plan.

We achieved a double-digit revenue and EBITDA growth and strong margin expansion supported by continued efficiency initiatives and a profitable business mix, leading to the highest net profit in our industry at €117 million, more than 4 times higher than 2024. We also recorded a new all-time high in both order intake and total backlog, confirming the strength of our commercial positioning and remarkable growth potential.

On the financial front, the group continues to make rapid progress in its deleveraging path with net debt to EBITDA at 2.7 times, ahead of 2025 guidance provided last February at the Capital Markets Day. There is more to come, with new cruise and underwater orders already secured in early 2026 and a robust defense pipeline expected to translate into major contracts in the coming months.

We also recently completed a rights issue of €500 million via an accelerated bookbuilding process that allows us to further enhance our financial flexibility and provides optionality to support our selective inorganic growth strategy, also through M&A opportunities, as well as to bring forward our deleveraging targets. It is worth noting that this capital increase was approved by the EGM in June 2024 in conjunction with the approval of the €400 million rights issue completed in July 2024, and it is also to be noted that the free float as a result is now up 36%.

Let's move to page 4 for a summary of the financial and commercial highlights of the year. In 2025, we exceeded all targets set out in our guidance, further revised at the Capital Markets Day, demonstrating the group's ability to deliver on its commitments and consistently outperform expectations.

Revenues increased by 13% year-on-year, reaching approximately €9.2 billion, supported by strong market tailwinds in the shipbuilding segment and by the rapid expansion of the underwater business. EBITDA margin grew significantly to 7.4% vis-à-vis 6.3% at the end of 2024.

This increase is the result of the structural evolution of Cruise into a profitable and cash-generative business and by the increasing contribution of Defense and Underwater to the revenue mix. The net debt/EBITDA ratio improved to 2.7 times, well ahead of the guidance provided at the end of 2024 and better than the revised guidance provided in February 2026.

Finally, net profit reached the record level of €117 million, demonstrating the remarkable turnaround achieved over the past 3 years and confirming the structural growth in profitability of the group. These results confirm the remarkable turnaround achieved by the group over the past 3 years.

Our revenues between 2022 and 2025 grew with a compounded average growth rate of 7.3%, while our EBITDA increased by 3 times over the same period. Our net income is now structurally positive.

Lastly, our deleveraging process has been impressive, reaching 2.7 times, with further significant reduction projected going forward. Turning to page 6, we delivered an outstanding commercial performance in 2025 with a record high order intake at €20.3 billion and the book-to-bill equal to 2.2 times compared to 1.9 times in 2024, underscoring the strong demand in our core businesses, especially in Shipbuilding, which posted an impressive 42% year-on-year growth.

As a result, total backlog reached an all-time high of €63.2 billion, equivalent to approximately 6.9 years of work based on full year 2025 revenues, ensuring strong visibility on the future growth. Let's now move to page 7 to have a look at our order book.

2025 was also marked by the flawless backlog execution, with 24 units delivered. We have a full slate of deliveries scheduled through 2036, with visibility further extended to 2037 thanks to the already mentioned order by Norwegian Cruise Line secured in early 2026.

As of year-end 2025, our backlog includes 97 units: 36 in Cruise, with the first two jumbo ships scheduled for delivery in 2029 and 2030; 20 in Defense; 5 in Underwater; and 36 in Offshore and Specialized Vessels, providing solid and long-term visibility for the years ahead. Let's move to page 8 for an overview of the commercial opportunities ahead.

The current macro trend offers significant growth opportunities in all of our business segments, which we are actively monitoring as we speak. Of more than 500 commercial opportunities we have looked at, we have selected a number of these to pursue through our participation in tender processes for an amount of approximately €32.5 billion.

In the past months, we have already successfully secured a number of orders, including important orders from NCL, Crystal, Viking, and TUI in Cruise; orders in naval from the Italian Navy; and order in offshore for 4 vessels from Ocean Infinity; and the largest order ever for WASS for torpedoes from the Saudi Navy. As I mentioned in our Capital Markets Day, we also see short-term opportunities in naval in the coming months for approximately €5 billion from the Italian Navy: DDX, EPC 2, LSS 3; from export countries for frigates; from service contracts for the Middle East countries; and from new programs from the United States Navy.

Notably, last month, the United States Navy issued a request for proposal for a vessel construction manager to oversee the construction of the new medium landing ship class, identifying Fincantieri Marinette, our US subsidiary, as one of the two shipbuilders to be awarded for the construction, with an initial allocation of 4 vessels. Moving to our outlook for 2026, we confirm the guidance provided during the Capital Markets Day, with revenues in the range of €9.2 to €9.3 billion; EBITDA of approximately €700 million, with an EBITDA margin of around 7.5%; adjusted net debt to EBITDA ratio at approximately 2 times, which equates to 1.3 times including the capital increase completed in February 2026.

Finally, net profit is expected to be higher than in 2025. Turning on slide 10, let me provide some color on the recent capital increase via ABB we successfully completed in February.

As we communicated, the €500 million capital increase is intended to further enhance our financial flexibility and provides optionality to support our selective inorganic growth strategy, also through M&A opportunities, in particular in relation to unconventional underwater solution where we see significant opportunities to expand our position. We are looking at a selected number of potential targets, which we will update you on the incoming months.

Now I will hand over the call to Giuseppe, who will discuss 2025 financial results in more details. Please, Giuseppe.

Thank you, Pierroberto. Let's move on page 11 where we can comment order intake.

Again, like we said before, €20.3 billion, all-time high, with a growth of over 32% and a book-to-bill ratio well above revenues, 2.2 times. This reflects the sustained growth in Fincantieri commercial pipeline that is supported across all segments by strong demand.

Shipbuilding, among these segments, continued to deliver strong order intake, reaching almost €18 billion, up 42% compared to last year. Of course, this very strong order intake brings a record total backlog at €63.2 billion, and I'm moving on page 13, that covers almost 7 times 2025 revenues, and this result confirms the impressive growth trend already seen in 2024 and further increases long-term visibility of the business.

Backlog grew by almost 33% to €41.1 billion, up from €31 billion in 2024, and we also have a very strong soft backlog that increased to €22.1 billion compared to €20.2 billion of 2024. We delivered 24 units from 11 different shipyards: 5 for Cruise, 7 for Defense, and 12 for Offshore.

On page 14, financials. Revenues reached almost €9.2 billion, up 13.1% year-on-year, with a strong contribution from Shipbuilding that posted a 15.1% growth compared to 2024.

Within Shipbuilding, cruise revenues grew by 12.5% year-on-year, with production levels characterized by capacity saturation on the current shipyard footprint and reflecting the significant backlog acquired. Also the Defense segment recorded a 20.7% increase year-on-year, partly driven by the finalization in the first quarter of 2025 of the contract for the sale of 2 PPA units to the Indonesian Ministry of Defense.

Those two units were both delivered in the second half of the year. The Underwater segment posted as well a sharp increase in revenues, up 88.2%, and this comes from the consolidation of WASS Submarine Systems from January 2025, but also from the very strong performance of Remazel Engineering that had a revenue growth of 25% year-on-year, together with the accelerated advancement of the U212NFS submarine program for the Italian Navy.

As with the Offshore and Specialized Vessels and the Equipment, Systems and Infrastructure segments, they both were substantially in line with 2024. On the following page, EBITDA.

At group level, rose sharply by almost 34% year-on-year to €681 million, with a margin up to 7.4% from 6.3% reported in 2024. Shipbuilding EBITDA grew by 29.3% to €451 million, with an EBITDA margin of 6.8%, up 0.8 percentage points compared to last year.

This comes thanks to very favorable pricing dynamics and improving efficiency in the cruise business. As a whole, the cruise business has improved also in terms of net working capital thanks to the better payment terms.

Of course, on top of it, there is the increasing contribution of the defense business. The Underwater, as expected, I would say, delivered an EBITDA of over €117 million with a margin of 17.6%, and this confirms the sector's premium profitability that we discussed on the Underwater Day in May.

The Offshore and Specialized Vessels EBITDA reached €72 million with an EBITDA margin growing to 5.3%, consolidating its positive path to margin improvement. The Equipment, Systems and Infrastructure segment delivered a strong contribution to the group's profitability, with EBITDA rising by 33% and EBITDA margin reaching 8.2% versus 6.1% in 2024.

Drivers of this growth are in particular a significant contribution by the Mechatronics business and higher margins in the Electronics and Digital Products cluster. Of course, last but not least, the Infrastructure cluster improved as well.

On the following page, net profit. Record level, €117 million, the highest ever recorded by Fincantieri and over 4 times the results we reached in 2024.

This record result reflects the material growth in EBITDA, partially offset by the increase in D&A, but this is mainly driven by the purchase price allocation following the acquisition of WASS Submarine Systems completed in Q1 2025. Of course, the effect will diminish throughout the years on this.

EBIT increased to €368 million from €246 million in 2024. Last but not least, thanks to our very strong financial discipline, the group benefited from a reduction in financial expenses, and this of course comes partly from the lower average debt recorded during the year, and also a positive contribution was provided by the decrease in the asbestos-related litigation cost, which declined for the third consecutive year.

On the following page, deleveraging path and debt maturity profile. At the end of 2025, adjusted net debt amounts to roughly €1.3 billion.

Of course, in order to ensure full comparability with 2024, this figure includes non-current financial receivables, notably the loan granted to Virgin Cruises, previously included in 2024 net debt and reclassified as non-current following the maturity extension agreed in December. Excluding these non-current financial receivables, net debt stands at €1.8 billion roughly.

The leverage ratio, net debt over EBITDA, improved to 2.7 times, significantly lower than the 3.3 times recorded as of year-end 2024, and further improving on the 2025 guidance provided in the Capital Markets Day, which was 2.8 times. The leverage ratio including non-current financial receivables stands at 1.9 times EBITDA.

As we have previously mentioned, we have generated in 2025 significant cash flow from operations, which, excluding the cash outflow for the purchase of WASS in early 2025, translates into a free cash flow generation of more than €250 million. We have a very well-distributed debt maturity profile with no significant long-term debt maturities until 2028, and we can rely on a solid capital structure with no covenants and roughly 90% fixed-rate liabilities, this is obtained through derivatives.

Furthermore, the senior unsecured Schuldschein placement for €395 million completed in July 2025 contributed to extending our maturity profile and reducing our average interest rate. After that, I will now hand the call back to Pierroberto for his closing remarks.

Thank you.

Thank you, Giuseppe. Let me now summarize our key takeaways on page 18.

During 2025, we have delivered record commercial and financial results, with net profit, order intake, and total backlog reaching an all-time high. These results provide a strong foundation for the years ahead in the execution of our 2026-2030 business plan.

Margins further improved year-on-year thanks to the structural evolution of Cruise into a profitable and cash-generative business and to the higher contribution of Defense and Underwater to the revenue mix. We benefit from an impressive backlog visibility further extended to 2037.

This supports our margin profile through working capital optimization, capacity saturation, and improved procurement efficiency. The current global geopolitical environment offers substantial growth in defense, which we expect to translate into new significant orders in the coming months.

We are consolidating our position as the leading orchestrator in the underwater domain, expanding both our product offering and business development capabilities, also through targeted acquisitions and strategic partnerships. The successful completion of the capital increase last February demonstrates strong market confidence while providing additional financial flexibility and optionality to pursue this selective M&A strategy.

We are only at the beginning of a secular growth trend, and we are ready to capture this opportunity. With that, we are now open to take your questions.

Good morning, and thank you for taking my questions. I have two.

The first one is on the year-to-date cruise orders from Norwegian and Viking. Could you give us some indications on the margin profile of these new contracts compared to the current backlog, and more broadly, even on cruise business?

At Capital Markets Day in February, you indicated a profitability for the Shipbuilding division at 7% for 2026. Could you give us an indication about the evolution of the profitability in the Cruise segment for the coming years?

The second one is on the recently announced memorandum of understanding with Navantia on the European Patrol Corvette program. Could you please help us to better understand how you see this translating into actual order intake, and in particular, I was wondering if you consider this memorandum of understanding as one of the key building blocks behind the €5 billion defense pipeline in 6 months you indicated at Capital Markets Day?

Thank you.

Thank you for your questions. Cruise orders, NCL and Viking, we are not accustomed to disclose precise margins.

We would rather prefer to let you appreciate what is behind this pick-up in the percentage margin, in this profitability. Basically, as we have been saying and doing and pursuing, the cruise business is going in the direction of saturation.

Saturation meaning perfect, quote-unquote, absorption of fixed costs on the one hand. On the other hand, long-term visibility in backlog provides for long-term partnership with supply chain and vendors.

We can achieve, I would say, optimization in the terms and conditions, pricing, for example, of what we can achieve from supply chain. The more we go in that direction, the more we see a reinforcement of profitability in the cruise, which is also benefiting from an additional dynamics on the revenue side, on the pricing side.

On the cost side, saturation and procurement optimization; on the revenue side, there are positive developments in terms of pricing. The scarcity effect is allowing us to increase our bargaining power with shipowners and somehow improve our negotiable position.

Let me also add that there is a third dynamic in cruise, which is not again related to the cost, which is not related to the revenues, but is related to the risk profile. The beauty of this long queue of order intakes has to do with the fact that are not prototype ships, but are repetitive ships.

Many of the latest announcements, many of the latest awards are repetitive version of an existing ship, which, it's a terrific source of de-risking. Conversely, it increases the possibility to convert contingencies accrued into extra margins at the right moment.

There is a series of concurrent effects that are driving our expectation on cruise better and better. Let me add a fourth information, which has to do with payment terms and conditions.

We are also succeeding in improving to the maximum possible extent payment conditions in the direction of improving the working capital dynamics accordingly, which dynamics is, as you may know, already improved by the stabilization of volumes, which is the prerequisite in order not to absorb working capital. No precise answer, sorry for that, for commercial reasons, for strategic reasons, but as many side information as possible in order for you to appreciate what is behind this enhancement in profitability.

Similarly, we believe that the cruise for the years to come, which was your second question, will continue to improve margins. The multiple engines I was describing before are expected to gain pace, gain traction, change gear, and give us more and more satisfaction in the years to come.

We are definitely convinced that this, I would say, environment is truly healthy for Fincantieri Cruise division. On your second question about Spain, about EPC, about Navantia, I think it's a very important step.

It is not a MOU only. It is beginning of a new, I would say, phase in the European cooperation.

The EPC program, which is a corvette, is in the process of moving to the second phase, which is the second call from EDF, from European Defence Fund, which is the relevant entity that is supporting with specific grants the development of this European corvette. Italy and Spain and France are already there.

Other nations are expressing interest, namely Romania, namely Greece. This is expected to be, let me say, kind of Airbus of the sea, which will be remarkably powerful for European demand, but at the right moment, also for exports out of Europe.

It's a way to align requirements among different navies with the aim of optimizing costs, the absorption of non-recurring costs, and creating an interchangeable, interoperable platform that could be very competitive also at export level. Your question is if the ship is going to be ordered tomorrow morning, which is not the case because the EPC program is going from the initial engineering to the engineering for construction step.

What is very important is that the founding nations, namely Italy, Spain, and France, are expected to soon express their commitment to order their number of ships to this new entity. Very soon, we are going to move this platform from a paperwork to a construction exercise with commitments, which by definition will be for many units, with commitments coming from the founding nations.

I think that's it.

Very, very clear. Thank you.

Thank you very much.

Good afternoon. Thank you for taking my questions.

The first one is on the outlook, if you could provide us some sort of, say, indication in terms of what you expect by divisions. We noticed that your, say, targets implies a flattish revenue trend, and was wondering if you could add some few details on what are the key, say, underlying dynamics across business lines for your 2026 outlook.

The next question is on the, say, new US program, the LSM that you previously mentioning. We have read some, say, few articles, if you could add some, say, details on the potential timing in terms of both order collection and also P&L impact that you expect from the new program.

Last question is about, say, more general in terms of supply chain and the discussion you're having with main cruise operators. We noticed that the current, say, rising geopolitical conflicts are also triggering as a side effect lower tourist volumes for cruises.

I was wondering if you could share any insights in terms of, say, discussion you have with the main cruise operators that could reassure your long-term business pipeline that you have with them. Thank you.

First question about 2026 outlook. Our business is very beautiful because it depends on the backlog.

So 2026 revenues are not going to be disclosed by Fincantieri, but will be self-disclosed by the deployment of the backlog existing at the end of 2025. That's the beauty of being a project-driven company.

With respect to 2026, we have the production curves coming from the backlog we have already secured, and 2026 will be the year in which, in terms of expectations, we expect a kick-in, quote-unquote, of the defense order intake, which, we experienced in 2025. As we experienced in 2025, it's a process of finalization and, materialization, which is a little bit bureaucratic, but it is there.

It is there, so that's what we That's why we expect 2026 to be so visible in terms of order intake, and obviously, it will become revenues accordingly as you deploy, as you, I would say, project backlog for the future. There's nothing weird, there's nothing unclear.

It is, I would say, very visible and very it's a It's the schedule. It's the schedule of production.

Again, 2026 will be at the same time very interesting for the rest of the profit and loss. As I believe is already clear that our percentage margin is in the process of improving, and also the net result, as you have already appreciated 2025 versus 2024, our net profit is showing signs of, I would say, vitality, eh?

I wouldn't call it flattish. Revenues, you know You know my point: revenue is vanity.

It's much It's much more important that you look at what is happening at margins and what is happening what is happening at the bottom line, and at the same time, what is happening in terms of order intake, which is the most interesting part of my answer. Moving to the geopolitical part of your question, yes, we are aware that when you talk, when you discuss, when you elaborate about tourism, the concept of war, the concept of instability is a I would say, a typical case of concern.

Never never happened. People continue to travel.

Obviously, not exactly in the overheated place. Obviously, if you have a resort in an overheated place, it is not going to be fully booked, but the tourism can somehow adjust their, I would say, trajectory, itinerary in a way that is smart enough to find beautiful places to to go and cruise.

That's my overall elaboration about your point. Practically, we are not experiencing any negative feeling from the side of shipowners.

Conversely, we continue to see a lot of energy, a lot of interest in, occupying future slots for the sake of a long-term growth. Let me also add that we are securing orders in the cruise business, which is the tourist, quote-unquote, business, all the way to 2037.

We strongly believe that from that time on the situation will be stabilized. US: on US, we received, as the rest of the market, very positively the announcement of the US Navy procurement with respect to the expected awards of the LSM series of ships to Fincantieri Marinette as one of the two, I would say, dedicated, nominated shipbuilders.

The process of transforming this announcement into an order is, I would say, expected to be very fast in the very short term. Let me say, discussions are happening while we speak.

Again, we don't rely in the short term on US for volumes. The agreement we achieved with US is an agreement whereby we are kept harmless.

For the time being, it is not a business of volumes. We don't look for volumes there.

We don't need volumes there. Having said that, the agreement has, multiple legs.

One of the legs is to is the allocation and award of new classes of ships to the shipyard. The agreement was achieved in the, end of 2025, and we are receiving this communication from the Navy so so early and so quickly.

Let me say we are very positive with respect to US to US. We are very happy that we have created a new baseline, clearing all possible risks of the past.

We don't need volumes. We need to procure that the already achieved agreement translates with a velocity that we are experiencing together.

That that's what we want to see. We are very positive, and to cut a long story short, we believe that the contractualization is going to happen very, very soon.

Good afternoon, everybody. I have three questions.

The first one is a follow-up on the geopolitical topic. Very clear your explanation on the shipowner side.

I was wondering if you can discuss also on your cost side, which dynamics are you, let's say, seeing on your input cost. The second one is on the capital increase or the M&A.

You clearly mentioned that you are looking at some opportunity. If you can just discuss a little bit more on your strategy, if anything has changed with the capital increase, and should we have to expect, let's say, a big deal, or are you looking more at small and selective deals adding technologies or know-how to your portfolio?

The last one is on WASS. We have seen two important orders coming from India and Saudi.

Can you discuss more on these, and have you seen an acceleration in the last months of, let's say, negotiations or tenders for WASS and, generally speaking, for the whole underwater business? Thank you.

Thank you very much for your question. On your first question, we are in full control of the economic variables that can be affected by the famous geopolitical issue, in the sense that the energy prices of Fincantieri are fixed for 2026.

The same more or less is with gas oil procurement. With respect to energy, we have the coverage in place for 2026 in order not to receive any, I would say, negative impacts.

If we move to steel prices, it is the same in the sense that we have already fixed procurement prices for approximately 90% of the quantities. Once again, we are in good shape.

Energy and steel are the two major components with respect to which we are covered and with respect to which we are continuing to monitor the situation. On your second question on M&A, we are very active.

We have many dossiers in our hands. We have very clear ideas of what we're looking for, because we have been testing and shaping the market for this acceleration in the underwater in the last couple of years.

What kind of transactions? There are different possible transactions.

For sure, we are naming it selective M&A, meaning that we are not looking for transformational M&A. It is not something that is going to change the face of the company, but is something that will sizeably, visibly accelerate the expansion in the underwater.

It has to do with the key technological blocks of the underwater, for example, propulsion systems. It has to do with another key component, which is the electronics of the underwater.

Any kind of software, from command and control to telecommunications. It has to do also with access to markets, including non-defense markets and business models.

We strongly believe that we can put on the table a lot of new technologies, and we are thinking in terms of M&A in order to envisage how to transform as quickly as possible those technology into integrated technologies. Our technology integrated with other technologies, and how to accelerate the commercial reach in the direction of clients not necessarily only on the defense side.

We will get back to you, but we are working hard in that respect. We have a large business development and M&A team, which is being working and preparing since many months.

Now that we have the capital increase ammunitions, we will be more than happy to translate all this preparation into execution. On your third question, WASS is doing fantastically, as Remazel is doing fantastically.

We are immensely happy of both acquisitions. Both companies are doing better than expected in any respect and are perfectly fitting with the rest of the group, creating synergies on the one hand and expanding markets and giving access to adjacent market to Fincantieri commercial proposition.

With respect to WASS, India and Saudi are very indicative of the first and most evident item of the defense procurement in a moment like this, i.e., ammunitions. The world realized that in the last years, many submarines or many naval assets were built, but with very limited, I would say, ammunition warehouses.

The defense expenditure is first of all an exercise of replenishment of warehouses, and in this respect, torpedoes are very clear and very evident. We are doing more than that.

We are evolving the product, thinking of how to adapt this kind of product to the world of drones. For example, in this respect, I think that WASS is ahead of the other competitors.

WASS is already able to supply drones with very light torpedoes, which is the new generation of surface drones. Yes, you want them to perform intelligence, surveillance, and reconnaissance.

That's the way military people call the first task of surface drones, but at the end of the day, you need also to go to a second step, which is the step where the drone is also armed in order to be able to react on top of detecting the threat. This is what is happening also.

Let me say, WASS is remarkably focused in this dynamic, and then is working on the adjacencies. What to do on sonars, how to be very effective on certain kind of sonar applications such as de-mining, which will be another priority, unfortunately enough, of the world.

It's doing very well, and we're very happy with WASS. We are working also in order to expand the production capacity of WASS.

Capacity boost is the title of the book for the new Fincantieri business plan and is, consistently and in a coherent way, also the name of the book in WASS. We are working in order to expand capacity, because it's having a lot of demand, and we need to increase capacity accordingly.

Yes. Good afternoon.

Thank you for taking my question, Pierroberto, Giuseppe. Just three from my side.

The first one is on the SAFE program, the European SAFE program, the €150 billion program. I was wondering if you have any update on this program because it seems to me that is a little bit in delay.

This is my personal perception, but I don't know if you have any insight on this. The second question is again on Naval.

I saw a slowdown in the top line in the fourth quarter 2025. I know that the backlog is very healthy, I was wondering if you could give me some more detail on this trend we saw at the end of 2025, if there is an explanation, particular explanation.

The second question regards reverse factoring. I saw that it grew by €200 million in 2025 to €850 million.

I was wondering what could we assume for 2026, what is embedded in your guidance basically. The last one regards M&A and Infrastructure.

I saw that the business is doing very well, is recovering after you closed the Miami, let's say, drawborder. I was wondering if you consider if it's something that you would, let's say, assume to sell this business, which is doing well, but I think is not core business.

Thank you.

Very good. Thank you.

On the SAFE program, let me disagree with you, or partially agree with you in the Anglo-Saxon way, in the sense that SAFE is expected to be a fast-track process. That there is a gate expected for June 2026, and we see all the horses running according to the race.

We don't see delay. Again, it's for sure a big rush, because June is tomorrow morning, but all the, I would say, condition precedent for SAFE to be activated on time are there.

I don't see your point. Again, it's a program that is asking nations to finalize a huge amount of contracts in a very limited timeframe.

It is very difficult that you do it in advance, huh? The deadline is June.

On the Naval, again, all the production curves driving the revenue recognition are going according to expectations. This is absolutely physiological.

We have to consider that there is a change in the revenue curve of US, which is for sure to be considered when looking at the last part of 2025 and 2026. Again, on the Naval, the point will not be the revenue level, but rather the materialization of all the orders that we are expecting.

On the factoring, I will leave the floor to Giuseppe, but let me remain with the microphone for an extra minute for Infrastructure. The Infrastructure business is a source of satisfaction because of the turnaround we have achieved as a management team.

I think we did very well finalizing the bad experience in Miami, digesting all the tails, and at the same time, preserving our reputation, delivering impeccably what we had to deliver. It's a sign of industrial strength, resilience, reliability, which is not obvious at all.

The Infrastructure business is therefore getting rid of Miami tails and therefore evidencing good margins, thanks to the discipline, thanks to the quality of our people. Let me say that the Infrastructure business, or at least a good part of it, is proving to be, I would say, functional to Fincantieri strategy when it comes to naval bases and when it comes to protection of ports.

Fincantieri Infrastructure is a reality in marine works, and in the era of defense, in the era of expansion of defense infrastructure, and in the era of expansion of protection of critical infrastructure, to have a group of people that can take care of those jobs as a kind of end-to-end offering is proving to be interesting and successful. Let me say, at least a big part of Fincantieri Infrastructure is living a second life, in a sense, helping defense business of Fincantieri with an end-to-end offering, and at the same time, being the entry point of, for example, Fincantieri Underwater when it comes to protection of ports and protection of key marine and maritime infrastructure.

Obviously, we retain all options opened. We will live also without Fincantieri Infrastructure.

It's not a bis repetita component of Fincantieri business model. As of today, we are very happy of having Fincantieri Infrastructure in our group, because we are exploring and pursuing very interesting business model whereby we integrate end-to-end the ship in the naval base in terms of infrastructure works, and we use them to enter the business of infrastructure protection with Fincantieri Next Tech technologies, for example, on ports.

On the factoring question, I leave the ground to Giuseppe.

Hi. It's very simple.

You can easily expect the same amounts and the same levels we reached in 2025. Reverse factoring is something that helps our suppliers to finance themselves within their net working capital requirements.

We expect to refactoring the same levels as of 2025.

Okay. Thank you very much, Pierroberto and Giuseppe.

Thank you.

Hello. Thank you for taking my question.

The first one on NaviSapiens, you delivered your first vessel in February. Could you give us more color on the margin difference versus similar past vessels, and what we should expect from the NaviSapiens program in the next one, two years?

Then secondly, on the naval pipeline, or actually on the pipeline in general, you gave this figure €32.5 billion. Can you give us more color on the pipeline outside of the €5 billion in naval?

Also, for example, I'm thinking of India in particular. Is there an update there, and could you give us more details on what the country has in store in the next few years in terms of investments that you could benefit from?

Thank you.

Thank you very much for your question. Let me say NaviSapiens is a transformational product.

The piece of news is that there is a ship sailing today while we speak, which is having on board this new brain, which is a combination of new hardware and new software that is being validated by a shipowner in a real life, in regular life. This is the breaking news.

It's transformational in the sense that it gives distinctiveness to Fincantieri offering simply because thanks to this new instrument, quote-unquote, the shipowner will benefit from improvement in the behavior of the ship and therefore in the cost profile of the ship. The first effect is that we are positioning Fincantieri product in a different way.

When you buy a Fincantieri ship, you will always buy a ship with a brain. Then it will be up to you to leverage on this, and it will be up to you to install over the air all the new applications, for example, for optimizing routes and consumptions, or for optimizing maintenance and other key activities in term of OpEx and costs.

Consider it as a strategic step, which is, let me say, prolonging in the future, way ahead in the future, the distinctiveness of Fincantieri product. Then obviously, it represents itself a product for our Next Tech, which is the technological pole inside Fincantieri organization.

That we have created a joint venture with Accenture, 70-30, which is practically writing the code of this new system, which is made of a data platform according to the latest architecture, laid upon our own automation systems. In Next Tech, we have a company that is taking care of automation system, and this company is now having on top of the layer of the automation system this platform system.

The business model of Next Tech will be to host on this platform as many third-party products as possible, on top of selling internally produced, internally developed applications to be sold to the shipowners on the platform. It's a new concept, but the beauty of the story is that this concept is being adopted by one client, and it is on the air and is working very well.

We have in our business plan a somehow ramp-up of this product, and we have quite an extensive team working on that, and the initial results are very encouraging, and we are very happy with that. Second question is more color about naval order intake.

I think there is no secret about the fact that the Italian Navy is expected to move the DDX program from the engineering and study into construction. We are working relentlessly with the Navy, with Orizzonte Sistemi Navali, with Leonardo, in order to quickly move forward in this respect.

Then there are other initiatives with the same Italian Navy, for example, the LSS 3, which is the third of the logistic ship class. Then there are a number of very hot non-Italian Navy prospects on which we are working a lot and with respect to which we are very positive.

Then obviously, the market is big, there are many opportunities. Again, we have a lot of tenders out.

In the short term, obviously, it has to be something that is already in the oven, it's already in the kitchen. In the surroundings of the kitchen, there are many, many, many opportunities.

It's very important that this good momentum kicks in in term of tangible orders. Again, we are not at all worried about what we're going to do in our naval shipyards.

As you may know, we are already working in order to double our capacity, and again, if a couple of things happens, we are already fully booked even after doubling the capacity. India: India is an immense market with a very specific business model, which is the business model of Make in India.

We are, I would say, well known in India because we built two ships for them, two logistics ship for them something like 10 years ago, more or less. There are many programs.

We are in association with many local shipyards. The system is different because the naval construction of ships, by law, is to be awarded to state-owned shipyards.

It's very important to team up with the relevant ones. That's what we are doing.

Then the second peculiarity of India is that in order to provide packages in term of material, for example, you have to co-produce locally with partners. This is something we are already doing.

We are already working since years in the co-production and co-manufacturing of, for example, certain components of propulsion systems. The business model, it's a business model whereby you sell design packages, you sell material packages, and then you cooperate in the construction with a local shipyard with a kind of construction management assistance.

There are many programs that are going to be awarded in the next months. There is one that is very, very interesting, which is an LPD, which is a kind of small aircraft carrier, kind of big ship.

They have a big tender for four LPD, but this is just an example of what we have been doing and how we are taking care and looking after the Indian market.

Okay. Thanks a lot.

Hi. Can you hear me well?

Sure.

Can you hear me? Yeah.

Perfect. I've got a couple of questions.

The first one is actually on the Equipment division, particularly the Electronics cluster. Sorry, can you hear me?

You go. Thank you.

Sorry. I just wanted to conclude that question which I had.

The question was on the Equipment division, particularly on the Electronics cluster and the Infrastructure. Clearly, despite a modest growth in the top line, I think the margin was very impressive with the Electronics business, and in a very similar vein, even in the Infrastructure business where the top line actually declined, the margin was pretty impressive.

Wanted to understand first if there are any one-off items within this one in 2025 and how should we look at a sustainable margin of both these businesses in 2026 and going forward? That's the first question.

The second question is to do with the US order potential, the landing ships related stuff. We understand that you have received an order for 4 ships, and the potential long term is well over 30.

Can you confirm if there'll be only two shipyards involved in this program or there are more shipyards which are likely to be inducted into this? As a follow-up, a very similar one, can you give us any update on the NGLS program as well in US and which you are competing as well?

Thank you.

On the US part of the story, the US Navy announced its intention to award four LSM to Fincantieri USA, and the contractualization is expected to happen according to contacts and negotiation that are going on in these weeks, in these days. As far as we understand, but it's not up to us, the construction strategy of the US Navy is to select two shipyards, simply because according to their long-term planning, the expected number of ships is, if I don't go wrong, more than 30, more than 3-0.

They want to have at least two parallel shipyards working together, which is good, which is important, because it means that you create specialization, which is the prerequisite for performance and for reciprocal and mutual satisfaction. On the NGL program, which was part of your second question, can you tell me more, please?

I understand I think Fincantieri's Canada business apparently has one some sort of design and construction order which regards to the Next Generation Logistics program. I think the overall size of this program is to procure somewhere around 12 to 13 ships over the long term.

Just wanted to understand where this leaves you. Are you the only company who is involved in this one for the US or how many ships are you envisaging as an order flow from this contract and so on?

Let me say, United States, we have a shipyard that is concentrated on civilian shipbuilding, and they are very active in barges and in other kind of ships. Then on top of it, we have a company in Canada, it's called Vard Canada, which is very good in design packages either for coastal, littoral ships and for, I would say, commercial ships.

Obviously, both entities are engaged in all the possible dynamics and projects in that part of the world. I can in general confirm that there is a lot of action, a lot of movement, and a lot of, I would say, interest and commercial activity also in that segment, also in that quadrant.

On your first question on electronics, I would rather give the floor to Giuseppe for some more details.

Yes, thank you. Thank you, Pierroberto.

Speaking of 2025 results vis-à-vis 2024, it's the other way. 2024 was affected by some one-offs and some write-offs that we did on certain projects, and therefore, EBITDA margin that we achieved in 2025, 6.9%, is more, let me say, representative of what you're going to see in the coming years and in the business plan with potentially, of course, some slow but steady pick-up throughout the years thanks also to NaviSapiens and all the innovation and deployment of new technologies that we envisage in the business plan.

If I may just follow up on that one, how do you envisage the top line for infra business? We understand that things have stabilized a lot.

Should we expect some sort of a pick-up in business in infra or should things be largely stable?

I'm sorry, the line is very bad. Can you repeat the question?

We really can't hear you very well.

My apologies. Is it any better now?

Yes, better.

All right. Sorry about that, my line.

No, just was following up with the Infrastructure part as well. Do you think that this is going to be a largely stable sort of revenue for the infra business going forward?

Just wanted a view on the infra business at the top-line level.

The Infrastructure business is having good prospects in front, again, driven by the backlog order intake, which is becoming more and more evident. We have projected in the business plan a I would say, disciplined growth in term of revenues, capitalizing on the, I would say, good returns and stable returns that we have experienced in 2025.

The market is there in term of marine works and other businesses of the company. The company is also focused on the steel fabrication, steel structures, which are needed for multiple purposes, not only for shipbuilding, but also, for example, for bridges and things like that.

That's a second business of the company. They continue to experience a stable demand, and so we are projecting it.

Again, it is not where we want to put all our entrepreneurship. Our core business is elsewhere, but we're very happy that they are in good shape, and in particular, we are very happy when we can use them, as I was describing before, in order to increase the end-to-end offering of Fincantieri when we are interacting with a new navy, with an international navy, but also with our navy, whenever there are needed some marine works in order to accommodate the new fleet, and also the new, I would say, technological infrastructure on top of physical infrastructure.

Sensors, anti-drones, and whatever is needed when you enlarge your base, your military base, on top of your naval asset.

Thank you so much, and apologies for the bad line.

Thank you. Was very good at the end.

Thank you, Sriram.

Thank you very much to all. Goodbye.