ITALIAN shipbuilder Fincantieri posted a profit of €27m ($29.1m) in 2024, after a loss of €53m in 2023.

Revenue increased 6.2% on 2023 to €8.1bn, driven largely by the offshore and special vessels and systems, and the components and infrastructure segments, which increased 28% and 36% respectively.

Last year, its order intake more than doubled on 2023 to reach a new record. That figure does not include the deal with Norwegian Cruise Line for four 220,000 gt vessels signed in early 2025.

Chief executive Pierroberto Folgiero called 2024 a “remarkable year” for Fincantieri.

“In addition to seizing the opportunities in the cruise and offshore market, we intensified our efforts in the international defence market and consolidated our expansion in the underwater domain, also thanks to two strategic acquisitions and a targeted rights issue,” he said.

“The growth in ebitda, both in absolute terms and as a percentage, together with the record backlog and order intake, highlights our operational discipline and the market’s confidence in our ability to provide concrete and innovative solutions.”

Incoming environmental regulations are accelerating fleet renewal, Fincantieri said in its 2024 results, combined with continued healthy growth in the cruise sector that will see 48.5m passengers embark on cruises by 2032.

Green policy is also driving demand for offshore service vessels, with 20 such ships ordered with Fincantieri in 2024.

That demand will be key if the shipbuilder is to hit its revenue guidance of €9bn for 2025. Fincantieri said it expects to record a “net positive result” for 2025.