Italy's Fincantieri on course to meet financial goals

Italian shipbuilder Fincantieri said it is "well on track" to achieve the goals set out in its business plan for 2023 to 2027, after reporting a 60% increase in nine-month core earnings compared to last year. Fincantieri said its core pre-tax profit (earnings before interest, taxes, depreciation, or EBITDA) rose to EUR 276 million in the January–September 2023 period, up from EUR 172 million at the same time last year. Its EBITDA profit margin also increased in the reporting period to 5.1% from 3.2% a year before. Fincantieri confirmed its expectations that revenue in 2023 will be broadly in line with 2022, with a margin of error of around 5. "The underwater domain is becoming increasingly important due to the presence of critical infrastructure, resources, and assets", Fincantieri said. In October of this year, it signed a memorandum of understanding with Italian defence group Leonardo to produce underwater defence systems, including drones.