The Italian shipbuilder Fincantieri announced on Wednesday that its core profit for the nine months ended September grew by 40%, largely due to growth across all its business segments.

The group's revenue for its defence unit increased 39% year on year compared with a 23% increase in the shipbuilding industry. This is a sign that the state controlled group is shifting their attention to the lucrative defence sector.

Orders received by the Trieste-based company reached 16 billion euro ($18.66billion), an 88% increase annually. The total backlog is just over 61 billion euro, which guarantees 7.5 years' worth of work.

The group, which will approve a new Business Plan for 2026-2030 by the end of this year, confirmed that its 2025 goals were to have revenues around 9 billion euro and a core profit margin over 7%.

(source: Reuters)