FCT - ABB Overhang Removed; Underwater Growth Accelerates

Research evidence excerpt

FCT - ABB Overhang Removed; Underwater Growth Accelerates

ing the Business plan by four Years: The

financial impact appears significant and well ahead of expectations. On a pro forma basis,

the Underwater division is expected to generate around €1.1bn in revenue and c.€220m in

EBITDA in 2026, effectively reaching the division's 2030 business plan targets four years ahead

of schedule. The acquisitions are expected to contribute more than €60m to Group net profit

already in 2026, driving a 13% uplift in pro-forma EBITDA and a 40% increase in net profit versus

the original 2026 targets. FCT also guides to EPS accretion of 30% by 2028 and 20% by 2030,

highlighting the quality of the acquired assets and the attractive mix of technology and service

revenues. Notably, while the transaction is funded through the proceeds of the February capital

increase and existing resources, 2026 Net Debt/EBITDA guidance remains unchanged while

mid-term leverage targets improve, supporting our view that the deal enhances both growth

and deleveraging.

Underwater Division – From Product supplier to Integrated Champion: The announcement

transforms Fincantieri's Underwater division from a fast-growing defence-focused platform

into a fully integrated underwater ecosystem spanning hardware, software, communications

and services. Prior to the deal, the division was already one of the group's most attractive

assets, with €667m revenues in 2025, EBITDA margins approaching 20%, and exposure to a

global underwater market expected to more than double by 2030. The combined platform now

brings together eight specialised companies and approximately 1,500 highly skilled employees

across Italy, the UK, the Netherlands, Norway and the UAE.