Fincantieri pledged on Thursday to 'double its core profits to 1.25 billion euros ($1.49billion) by 2030, under a new multi-year defence-focused strategy. This will also double the'shipyard production capacity of 'Italy and expand its underwater business.

Fincantieri says that the increasing demand for production is due to the fact that Europe has increased military spending and new contracts have been awarded already this year.

The Italian shipbuilder aims to increase its revenue by 40% through 2030 and double it to 18 billion euro by 2035, from the 9 billion euro it expects to report in 2025.

It increased its core profit margin for 2025 from 7.4% to 13% or 2.3 billion euro in 2035.

Fincantieri wants to increase its profit margins by expanding operations in Vietnam. This is part of a revamped shipyard production system.

The company will move a part of its cruise ship production to Romania, and reorganise their offshore and specialist vessels businesses.

Fincantieri stated that it would develop new technologies in its underwater division. It also said that the company was looking to deepen its links with its defense business, and pursue selective acquisitions opportunities within what they deemed a high-tech market of strategic importance.

It had previously set a target of a?margin?for earnings prior to interest, taxes, depreciation, and amortisation that was above 7%, and a net profit in 2025. It now says its net profit for 2025 will reach?110 millions euros.

By 1201 GMT, shares were up 4%.

The company aims to achieve a revenue of between 9.2 and 9.3 billion euros in 2026, a net profit that is higher than the previous year's, and an EBITDA Margin of 7.5%.

(source: Reuters)