Fincantieri has forecast making its first full-year profit since before the Covid-19 pandemic by 2025 as it laid out its revenue targets over the next five years.
The Italian shipbuilder did not say what it expects its yearly net results will be over the next few years, but it did project growth in annual revenue and Ebitda margins to the end of 2027.
The company gave full-year revenue forecasts of €7.6bn ($8.3bn) for 2023, €8bn for 2024, €8.8bn for 2025 and €9.8bn for 2027.
The shipbuilder also provided expected full-year Ebitda margins of 5% for 2023, 6% for 2024, 7% for 2025 and 8% for 2027.
As such, it anticipated full-year Ebitda of €380m for 2023, €480m for 2024, €616m for 2025 and €784m for 2027.
Milan-listed Fincantieri did not include financial projections for 2026.
By comparison, the company recorded €6.66bn in revenue and €495m in Ebitda for full-year 2021 and €7.74bn in revenue and €221m for all of 2022.
These results led to a net profit of €22m for 2021 — the last full-year profit it has posted since the pandemic — and a net loss of €324m for 2022.
Fincantieri said it expected its cruise shipbuilding activities to generate revenue ranging from €3.8bn to €4.2bn for 2023, €3.6bn to €4bn for 2024 and €3.8bn to €4.2bn for 2025.
The company gave cruise Ebitda projections of €209m to €231m for 2023, €216m to €240m for 2024 and €266m to €294m for 2025.
Fincantieri said it expects “stable revenues for the cruise business area supported by the solid backlog, which highlights a resumption in order intake already in 2022”.
Full-year revenue projections for the shipbuilder’s naval division were from €2bn to €2.2bn for 2023, from €2.1bn to €2.4bn for 2024 and from €2.5bn to €2.7bn for 2025.
Its Ebitda forecasts for the corresponding years ranged from €110bn to €121bn for 2023, €126bn to €144bn for 2024 and €175bn to €189bn for 2025
The company anticipates growing revenues in the naval sector led by fleet renewals and new programmes for the Italian and US navies.
For its offshore segment, it expects full-year revenue to range from €900m to €1bn for 2023, €1.1bn to €1.2bn for 2024 and €1.2bn to €1.4bn for 2025.
For full-year Ebitda, it provided projections ranging from €45m to €50m for this year, €66m to €72m for 2024 and €78m to €91m for 2025.
“In the offshore segment, we expect strong revenue growth as a proof of the effective Vard repositioning strategy towards specialised vessels for the offshore wind market,” Fincantieri said.
For its equipment, systems and services segment, it projected full-year revenue to range from €1.1bn to €1.2bn for 2023, €1.3bn to €1.4bn for 2024.
