Fincantieri jumps 12% on €600 million underwater acquisition spree

Fincantieri SpA created an underwater technology champion in a single day, acquiring four Italian companies for €600 million and pulling its 2030 revenue target forward by four years.

Fincantieri SpA surged more than 12% in Milan trading Monday after the shipbuilder agreed to acquire stakes in four Italian underwater-technology companies for about €600 million, accelerating its push into a market it expects to generate €1.1 billion in revenue this year.

"Today's operation represents a historic industrial transformation for Fincantieri, which creates an international champion of the Underwater, thanks to the complete integration along the value chain of technologies, skills and operational capabilities," Chief Executive Officer Pierroberto Folgiero said in a statement.

The acquisitions include a 52.6% stake in Next Geosolutions, a marine survey and geoscience firm listed on Euronext Growth Milan valued at €780 million, plus three high-tech scale-ups — WSense, Graal Tech and Defcomm — specializing in underwater communications, autonomous drones and the Internet of Underwater Things. On a pro-forma basis, the underwater unit is expected to generate €1.1 billion in revenue and €220 million in EBITDA in 2026, achieving targets set for 2030 in the company's industrial plan four years early. The group projects underwater revenue will reach €1.4 billion by 2028 and €1.8 billion by 2030, with EBITDA margins expanding from 19.2% to 23%.

The deal transforms Fincantieri from a shipbuilder into an integrated underwater operator spanning hardware, software, telecommunications and specialized services — a market increasingly critical for defense, energy infrastructure and maritime security. At the group level, the acquisitions are expected to boost 2026 pro-forma EBITDA by 13% and net profit by 40%, with earnings per share rising 30% by 2028 and 20% by 2030. Fincantieri will finance the transactions through the proceeds of a €500 million capital increase completed in February, supplemented by other group resources, and said the deal won't affect its 2026 net-debt-to-EBITDA guidance.

The new underwater hub will comprise eight companies with about 1,500 professionals across Italy, the United Kingdom, the Netherlands, Norway and the United Arab Emirates. Fincantieri plans to launch a tender offer for NextGeo's remaining shares after closing the majority acquisition, aiming to delist the company. The transactions remain subject to antitrust and Golden Power approvals.

The acquisitions follow Fincantieri's integration of torpedo-maker Wass in 2025 and engineering firm Remazel in 2024, part of a broader strategy to build end-to-end underwater capabilities. The company said it will maintain existing management teams at the acquired firms to preserve operational continuity.

Dual-Use Technology Drives Strategic Pivot

The industrial logic centers on the dual-use nature of underwater technologies, which serve both defense and civil applications — from protecting critical subsea infrastructure to offshore energy services. Fincantieri's expanded role positions it as an operator across the entire underwater value chain rather than just a platform provider, a shift that Folgiero said is "destined to become increasingly relevant" as demand for maritime security and subsea monitoring grows.

The contribution of the acquisitions to group net profit is expected to exceed €60 million in 2026 and reach approximately €130 million by 2030, according to the company's estimates.

This article is for informational purposes only and does not constitute investment advice.