Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Fincantieri First Quarter 2026 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir.

Pierroberto Folgiero
CEO, MD & Director

Apologies for the technical issue. We will start again. So, we are pleased to present another strong set of results, which further demonstrate Fincantieri's ability to capitalize on favorable macro trends while maintaining financial discipline and ensuring consistent execution of its backlog. This strong momentum builds upon a remarkable 2025 and provides a solid foundation to support the group's growth strategy. We achieved a solid revenue performance despite the unfavorable comparison with a particularly strong Q1 2025, which benefited from the order for 2 PPA units for the Indonesia Navy.

Revenue visibility for the rest of the year and beyond is very clear, supported by the group's significant long-term backlog. We delivered a further material improvement in EBITDA margin of approximately 1 percentage point year-on-year, reaching 7.4% in Q1 2026, reflecting a remarkable increase in profitability across all segments and the strong commitment on operational efficiency, cost discipline and execution excellence.

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