Fincantieri acquires four underwater firms for €600M, stock jumps

The acquisitions

Fincantieri announced on Monday the acquisition of four Italian companies in the underwater sector: Next Geosolutions, WSense, Graal Tech, and Defcomm. The initial outlay is approximately 600 million euros, financed primarily by the 500-million-euro capital increase completed in February 2026. Next Geosolutions, the largest target, is listed on Euronext Growth Milan and active in marine surveys and offshore construction support. Fincantieri will acquire a 52.60% stake from Marnavi at 16.25 euros per share, valuing the company at 780 million euros, and will then launch a mandatory takeover bid for the remaining shares. The other three are high-tech scale-ups specializing in underwater communications, autonomous underwater drones, and surface drones.

Today's operation represents a historic industrial transformation for Fincantieri, creating an international underwater champion through the complete integration of technologies, skills, and operational capabilities along the value chain.

Financial details

The underwater segment, which generated 667 million euros in revenue in 2025 (6.7% of group portfolio), is projected to reach pro-forma revenues of 1.1 billion euros in 2026, with an EBITDA of 220 million euros. The acquisitions are expected to add over 60 million euros to group pro-forma net profit in 2026 and increase earnings per share by 30% by 2028 and 20% by 2030. The group's EBITDA margin for the underwater division is forecast to rise from 19.2% in 2026 to 21% in 2028 and 23% in 2030. Fincantieri stated that the deals achieve the 2030 underwater growth targets four years ahead of schedule.

Market reaction

Fincantieri shares jumped on the Milan stock exchange following the announcement. The stock rose 11% by midday, according to Frankfurter Allgemeine, while La Stampa reported a 13.12% gain at 10:30 and Il Messaggero noted an 8% jump. The share price had lost nearly a third since the start of the year, pressured by the February capital increase and a decline in first-quarter revenue. Analysts at Intermonte viewed the acquisitions positively, calling them aligned with the expected use of ABB proceeds and industrially sensible, transforming Fincantieri from a technology provider into an integrated service provider.

Strategic rationale

The acquisitions create an underwater division with eight companies, 1,500 specialists, and a presence in Italy, the United Kingdom, the Netherlands, Norway, and the United Arab Emirates. The group aims to offer end-to-end solutions from hardware to software, telecommunications, and services. The move accelerates the industrial plan 2026-2030 and capitalizes on a market projected to reach a cumulative value of 155 billion euros over 2026-2030, with the unconventional underwater segment growing at an average annual rate of 30%, driven by defense and critical infrastructure protection.

These acquisitions allow us to accelerate the implementation of the industrial plan, significantly strengthening profitability and enhancing a rapidly expanding market where the dual-use component is set to become increasingly relevant.

Outlook

Fincantieri expects underwater revenues to reach 1.4 billion euros by 2028 and 1.8 billion by 2030. The acquisitions are highly accretive, with the contribution to group net profit reaching approximately 130 million euros by 2030. The group emphasized that the deals will not affect the 2026 leverage guidance and will improve the net debt-to-EBITDA targets for 2028 and 2030.