Folgiero: “The underwater supply chain is booming: it will be worth 400 billion in the next few years”
The wind continues to blow in Fincantieri's favor, as confirmed by Pierroberto Folgiero, CEO of the company, during an in-depth analysis of the group's results and prospects during an interview with L'Economia del Corriere. “If I think about our order book compared to last year, up by 23%, or the gross operating margin up by 60%, I see that we are traveling fast,” says Folgiero, a passionate sailor who took over the helm of Fincantieri two Years ago. As a competitive and results-oriented sailor, Folgiero reiterates the vision of a Fincantieri that aims for a profit margin of 3%, underlining the importance of a profitable and return-oriented company of shareholders to ensure a sustainable future.
The CEO confirms the targets set on the capital market day a year ago, outlining an ebitda margin of 7% in 2025 and 8% in 2027. The 2023 results, which will be communicated shortly, should confirm this positive trajectory. Folgiero gives a quick summary of the group's recent successes, with a focus on Vard, the Norwegian subsidiary, which recently won work for three large cable-laying vessels. In the cruise sector, he highlights the order of two hydrogen ships by MSC for the luxury brand Explora Journeys, worth around one billion euros. In the military sector, Fincantieri secured six new orders, including submarines and frigates, in the first nine months of 2023. The CEO underlines that these successes not only confirm the industrial plan, but cast a positive light on the performance of 2024. “The sustained growth is the sign of a progressive trend in the shipbuilding industry,” says Folgiero.
Fincantieri also looks to the future with ambitions in the underwater sector. “When we make ships, we worry about occupying the space around them,” says Folgiero, highlighting the strategy of anticipating a macrotrend and positioning the company in a leading role in the underwater supply chain. The CEO estimates the potential of this market at a global level, indicating an expected expenditure of 400 billion in the next 6 years. Fincantieri recently acquired Remazel Engineering, a company with subsea oil and gas expertise, to expand capabilities in the sector. Folgiero highlights the importance of underwater applications for infrastructure monitoring and security submarines, with a keen eye on opportunities in the Mediterranean and in seabed exploration.
The CEO also reports on Fincantieri's efforts in co-development and alliances in the diving sector, including agreements with Leonardo to develop protection systems for critical underwater infrastructures. Finally, answering questions about the possible collaboration with ThyssenKrupp Marine in Germany, Folgiero states that they are evaluating all strategic options, reiterating the aspiration to create a group that innovates both industrially and socially, creating value for shareholders.
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