US Navy awards $2.2bn LSM contract; FCT confirmed as Core Shipbuilding Partner

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US Navy awards $2.2bn LSM contract; FCT confirmed as Core Shipbuilding Partner

EUROPE | Capital Goods

Fincantieri EquityJulyResearch14, 2026

FLASH NOTEUS Navy awards $2.2bn LSM contract; FCT

RATING BUYconfirmed as Core Shipbuilding Partner

PRICE €11.66^

The US Navy has awarded a $2.2bn contract to TOTE Services for the

construction of up to eight Medium Landing Ships (LSMs). FCT will build PRICE TARGET | % TO PT €20.50 | +76%

four of the first eight vessels, which we estimate could translate into 52W HIGH-LOW €27.38 - €9.62

$700-800m. At $175-200m per ship, and assuming a broadly similar share FLOAT (%) | ADV MM (USD) 41.5% | 41.42

as the fleet expands towards its planned 35 vessels, FCT's cumulative MARKET CAP €4.2B | $4.8B

opportunity could exceed $3bn, underscoring the strategic & financial TICKER FCT IM ^Prior trading day's closing price unless otherwise

significance of its US naval footprint. noted.

US Naval exposure - First major LSM construction award confirms program momentum:

Although the prime contract sits with TOTE Services, we estimate the four vessels allocated to In our view, successful execution of the initial

FMM could translate into approximately $700-800m of order intake for Fincantieri, implying a batch should position Fincantieri favourably

value of around $175-200m per vessel. The award represents the first meaningful production for subsequent awards as the program

commitment under the programme, confirms FMM as one of the Navy's preferred amphibious progresses, potentially creating a multi-year

shipbuilding partners and provides tangible replacement workload following the Constellation growth opportunity for its US operations.

programme reset.

Relative to our FY26 shipbuilding order intake forecast of €9.5bn, the contract represents c.8%