Fincantieri lifts margins: its order book is not revenue
Fincantieri reported EBITDA of €511 million for the first nine months of 2026, up 10.9%, with a 7.7% margin versus 6.9% a year earlier: the figures approved on 12 November cover the period to 30 September.[1]
Improved operating profitability accompanied revenue of €6,605 million, compared with €6,725 million in the first nine months of 2025.[1]
The useful distinction is between work recognised as revenue and the margin it generates, rather than describing every indicator as growth.
## Orders and revenue follow different calendars
The company reports a €44.7 billion backlog and a total backlog of €72.6 billion.[1]
Il Sole 24 Ore Radiocor's 15:26:11 dispatch reports CEO Pierroberto Folgiero's comments on the total workload, close to eight times 2025 revenue.[2]
That comparison describes the scale of prospective work, not €72.6 billion of sales already recognised.
The company also separates €9.7 billion of order intake from €12.3 billion of contracts signed during the nine months but not yet effective at 30 September, which are excluded from intake.[1]
## Debt: capital raised matters
Adjusted net debt fell to €730 million and the ratio to trailing twelve-month EBITDA to 1.0 times; excluding the benefit of February's capital increase, the reported figures are €1,208 million and 1.7 times.[1]
Attributing the entire reduction to operating performance alone would therefore overlook a material part of the release.[1]
For full-year 2026, Fincantieri raised its EBITDA target to €715-725 million from €700-710 million: this is company guidance, not an achieved result.[1]
This reading of the accounts is not an investment recommendation.
## Sources
[1] https://www.fincantieri.com/en/newsroom/press-releases/2026/9M-2026-results-approved — Fincantieri 9M 2026
[2] https://www.ilsole24ore.com/radiocor/nRC_12.11.2026_15.26_54010540 — Il Sole 24 Ore Radiocor, 12 novembre 15:26:11