Defence and underwater business drive Fincantieri's first-half revenues

ROME (Reuters) -Italian shipbuilder Fincantieri reported on Wednesday a 45% rise in core profits and a 24% rise in revenues in the first half of 2025, with particularly strong growth in the key defence and underwater businesses.

"Our results are not merely figures, but a snapshot of a company that is turning the complexity of the global scenario into a driver of growth and value creation," Chief Executive Pierroberto Folgiero said in a statement.

The company's order book almost doubled to 14.7 billion euros in the first half of this year, up from 7.6 billion in the first six months of 2024 and reaching a record level backlog at 57.7 billion euros.

While confirming its full-year revenue and core profit margin guidance, the state-controlled group improved its forecast for its net debt to core profit ratio - or its reliance on debt - to between 2.7 and 3.0, from a previously estimated 3.3.

Revenues rose to 4.58 billion euros ($5.30 billion) from 3.68 billion euros in the same period the previous year, and above expectations, lifted by orders from the Italian Navy and deals with Indonesia.

($1 = 0.8672 euros)

(Reporting by Giulia SegretiEditing by Keith Weir)