VARD Secures >€200m UK Marine Infrastructure Contract

Research evidence excerpt

VARD Secures >€200m UK Marine Infrastructure Contract

EUROPE | Capital Goods

Fincantieri EquityJulyResearch22, 2026

FLASH NOTEVARD Secures >€200m UK Marine

RATING BUYInfrastructure Contract

PRICE €12.93^

VARD has secured a contract of >€220m for the design and construction

of two next-generation Buoy and Lighthouse Maintenance Vessels for PRICE TARGET | % TO PT €20.50 | +59%

Trinity House, the General Lighthouse Authority for England, Wales, the 52W HIGH-LOW €27.38 - €9.62

Channel Islands and Gibraltar. The award reinforces FCT's position in the FLOAT (%) | ADV MM (USD) 41.5% | 49.86

market for advanced specialised vessels, supports long-term visibility in MARKET CAP €4.6B | $5.3B

the segment and highlights growing demand for complex, sustainability- TICKER FCT IM ^Prior trading day's closing price unless otherwise

focused maritime platforms. noted.

UK maritime infrastructure renewal supports order intake visibility: VARD has been selected

following a public tender to design and build two multi-function Buoy and Lighthouse We view the contract as further evidence

Maintenance Vessels as part of Trinity House's fleet renewal programme. The vessels will that Fincantieri's Offshore & Specialized

replace THV Patricia and THV Galatea, supporting the maintenance of navigational aids and Vessels business remains well positioned

critical maritime infrastructure across UK waters. With a contract value exceeding €220m, we to benefit from structural themes

estimate the award represents c.2-3% of our FY26 group order intake (c.€12bn) forecast and including maritime infrastructure renewal,

provides further support to VARD's order backlog and production visibility through 2029. environmental transition and digitalisation.