Fincantieri S.p.A.

Who owns Fincantieri?

Fincantieri is controlled by the Italian state through CDP Equity, which holds approximately 64.8% of the company. The remaining shares trade on Borsa Italiana under ticker FCT.

Is Fincantieri publicly traded?

Yes. Fincantieri has traded on Borsa Italiana since 2014 under ticker FCT, though the Italian state retains a controlling majority through CDP Equity.

What does Fincantieri build?

Fincantieri builds cruise ships for all major global operators, FREMM frigates and PPA patrol ships for the Italian Navy, US Navy frigates through its Wisconsin subsidiary, offshore and specialized vessels through VARD, and marine systems and components.

What is Fincantieri's revenue?

FY2025 revenue was 9.19 billion euros, up 13.1% year over year, with a record net profit of 117 million euros and a 63.2 billion euro order backlog.

What happened with the US Navy frigate contract?

Fincantieri Marinette Marine won the Constellation-class frigate competition in 2020. In November 2025 the US Navy announced it would end the program after the first ships due to design and schedule issues, though the contracted vessels continue under construction.

Where does Fincantieri build ships?

The group operates 18 shipyards, including Monfalcone, Marghera, Sestri Ponente, and Palermo in Italy, Marinette and Sturgeon Bay in Wisconsin, and VARD facilities in Norway, Romania, and Vietnam.

How many employees does Fincantieri have?

Approximately 24,000 direct employees worldwide, about 13,000 of them in Italy.

Fincantieri was formed in 1959 as a state holding under the IRI industrial group, consolidating historic Italian yards whose roots run to the 18th century, including Castellammare di Stabia, founded in 1783, and the Muggia yard in Trieste. Through the state era it built Italy's postwar merchant and naval fleets, from the transatlantic liners of the 1960s to the aircraft carrier Cavour decades later.

The company was privatized in 1984, restructured through the 1990s merchant shipping downturn, and pivoted decisively toward cruise ships, a bet that made it the segment's global leader as the cruise industry boomed in the 2000s and 2010s. It listed on Borsa Italiana in 2014, though the state retained control through CDP.

The 2010s added international reach. The acquisition of VARD in 2013 brought Norwegian and Romanian yards and offshore vessel capability. In 2008 the group had already purchased Marinette Marine in Wisconsin, the deal that eventually landed the US Navy frigate contract. A attempted merger of equals with France's Naval Group collapsed in 2019 to 2021 amid political friction between Rome and Paris.

The 2020s brought records and setbacks together. Order intake hit 20.3 billion euros in 2025, backlog reached 63.2 billion euros, and net profit set a company record at 117 million euros. In November 2025, however, the US Navy announced it would end the Constellation-class frigate program after the first ships, citing design maturity and schedule problems, a blow to the group's flagship American program even as its other naval and cruise lines posted records.

Fincantieri has held CDP's top A climate rating for six consecutive years through 2025, the highest score awarded, and publishes an annual sustainability report covering emissions, ship efficiency programs, and workforce safety across its yards. It invests in hybrid and LNG propulsion, shore power readiness, and efficiency retrofits for the cruise and naval fleets it builds.

As a heavy industrial employer it faces the sector's standard occupational safety profile, with unionized Italian yard workforces and periodic labor negotiations. No major environmental violations are on record.

Constellation-class curtailment: The US Navy's November 2025 decision to end the frigate program after the first two ships was a public setback, driven by design changes, weight growth, and schedule slips. Fincantieri continues construction of the contracted vessels and pursues alternative work for the Wisconsin yard.

Naval Group merger fallout: The proposed 50-50 combination with Naval Group collapsed amid Franco-Italian political tension and EU competition review timing in 2019 to 2021, leaving diplomatic residue between two state-controlled champions.

Labor and subcontracting scrutiny: Italian media periodically report on subcontractor labor conditions at its yards, a recurring theme in the Italian shipbuilding sector addressed through union agreements and safety programs.