Safe Harbor Statement

This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts reflecting current views with respect to future events and plans, estimates, projections and expectations which are uncertain and subject to risks. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. These statements are based on certain assumptions that, although reasonable at this time, may prove to be erroneous. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. If certain risks and uncertainties materialize, or if certain underlying assumptions prove incorrect, Fincantieri may not be able to achieve its financial targets and strategic objectives. A multitude of factors which are in some cases beyond the Company's control can cause actual events to differ significantly from any anticipated development. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No one undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. Forward-looking statements speak only as of the date of this Presentation and are subject to change without notice. No representations or warranties, express or implied, are given as to the achievement or reasonableness of, and no reliance should be placed on, any forward-looking statements, including (but not limited to) any projections, estimates, forecasts or targets contained herein.

Fincantieri does not undertake to provide any additional information or to remedy any omissions in or from this Presentation. Fincantieri does not intend, and does not assume any obligation, to update industry information or forward-looking statements set forth in this Presentation. This presentation does not constitute a recommendation regarding the securities of the Company.

Declaration of the Manager responsible for preparing financial reports

Pursuant to art. 154-BIS, par. 2, of the Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Fincantieri, Felice Bonavolontà, declares that the accounting information contained herein correspond to document results, books and accounting records.

9M 2018 Key Messages

9M 2018 results in line with Business Plan 2018-2022 targets: revenues up 8.5% vs 9M 2017 and EBITDA margin at 7.3% vs 6.5% in 9M 2017 (+11%)
Total backlog(1) at € 32.5 bln, almost 6.5 times 2017 revenues:
− Backlog at € 26 bln (104 ships) up from € 20.3 bln in 9M 2017
− Soft backlog(2) at € 6.5 bln (€ 5.0 bln in 9M 2017)
Important commercial achievements in the quarter: acquisition of a new important customer, Tui Cruises, with an order for two newconcept, LNG-powered cruise ships; conversion into order of an option for two cruise ships by Norwegian Cruise Line; confirmation of the order for a cruise ship by Cunard, an iconic brand belonging to Carnival Corporation & plc; signing of a MoA with Princess Cruises for two new-generation cruise ships
Acquisition through the subsidiary Fincantieri Marinette Marine of a contract for LCS 29 for the US Navy and of an order from the US Government to advance work in support of the construction of four Multi-Mission Surface Combatant (MMSC) ships for the Kingdom of Saudi Arabia
VARD acquired contracts for a third expedition cruise vessel from Hapag-Lloyd Cruises and for two new expedition cruise vessels from Viking
Key events after the quarter:
− Signed MoA with MSC Cruises for the construction of four ultra-luxury cruise ships
− Signed a contract with Virgin Voyages for the construction of a fourth cruise ship
− Established guiding principles to strengthen cooperation with Leonardo in the naval sector by revamping the Orizzonte Sistemi Navali Joint Venture
− Announced the start of discussions aimed at defining the terms and conditions for the incorporation of a 50/50 Joint Venture with Naval Group
− In November, completed VARD delisting, following which Fincantieri holds a 95.99% stake in Vard

(1) Sum of backlog and soft backlog

⁽²⁾ Soft backlog which represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order backlog

9M 2018 main orders (1/2)

Orders acquired in Q3

		Client	Delivery
Shipbuilding	2 Cruise ships	Viking Cruises	2022-2023
	1 Cruise ship	Silversea Cruises	2021
	2 Cruise ships	Norwegian Cruise Line	2026-2027
	2 LNG Cruise ships	TUI Cruises	2024-2026
	1 Cruise ship	Cunard Line	2022
	1 Littoral Combat Ship	US Navy	2022

9M 2018 main orders (2/2)

Orders acquired in Q3

2 Expedition cruise vessels	Ponant	2020
1 Cable laying vessel	Prysmian	2020
3 Offshore Patrol Vessels	Norwegian Defence Materiel Agency	2022-2024
1 Expedition cruise vessel	Hapag-Lloyd Cruises	2021
2 Expedition cruise vessels	Viking Cruises	2021-2022

9M 2018 main deliveries

Deliveries in Q3

		Client	Delivery
	Cruise ship "Carnival Horizon"	Carnival Cruise Line (Carnival Corporation)	Monfalcone
	Oceanographic vessel "Kronprins Haakon"	Institute of Marine Research	Riva Trigoso - Muggiano
	Cruise ship "Seabourn Ovation"	Seabourn Cruise Line	Sestri Ponente
Shipbuilding	Cruise ship "MSC Seaview"	MSC Cruises	Monfalcone
	Cruise ship "Viking Orion"	Viking Ocean Cruises	Ancona
	FREMM "Martinengo"	Italian Navy	Muggiano
	Littoral Combat Ships "Sioux City" (LCS 11) and "Wichita" (LCS 13)	US Navy	Marinette
	12 Module Carrier Vessels	11 for Topaz Energy and Marine;	Vard Braila Vard Vung Tau
Offshore	Expedition cruise vessel "Le Laperouse"	1 for Kazmortransflot Ponant	Vard Ålesund
	Expedition cruise vessel "Le Champlain"	Ponant	Vard Søviknes

Order intake and backlog – by segment

(1) Sum of backlog and soft backlog

(2) Soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order backlog

Backlog deployment – by segment and end market

27 units delivered in 9M 2018, 104 ships in backlog at September 30, 2018
Cruise: 30 vessels
− Deliveries up to 2027, thanks to the confirmation of the option for 2 ships for Norwegian Cruise Line (and other contracts acquired in the period)
Naval: 30 vessels
− Deliveries up to 2026, with 7 units scheduled after 2022
: 44 vessels
− 11 expedition cruise vessels in

(1) Articulated Tug Barge (ATB) is an articulated unit consisting of a barge and a tug, thus being counted as two vessels in one unit

(2) Ships with length > 40 m

(3) Offshore business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

Revenues and EBITDA(1) – by segment

(1) EBITDA is a Non-GAAP Financial Measure. The Company defines EBITDA as profit/(loss) for the period before (i) income taxes, (ii) share of profit/(loss) from equity investments, (iii) income/expense from investments, (iv) finance costs, (v) finance income, (vi) depreciation and amortization, (vii) wages guarantee fund – Cassa Integrazione Guadagni , (viii) expenses for corporate restructuring, (ix) accruals to provision and cost of legal services for asbestos claims, (x) other non recurring items

(2) Breakdown calculated on total revenues before eliminations

(3) Other costs

Shipbuilding

Revenues							Comments
€ mln	9 812 1,958	2,779	11 976 1,972	2,959	Other Shipbuilding Naval Cruise	• •	Revenues: € 2,959 mln, up 6.5% vs 9M 2017 − Strong growth of volumes in naval (+20.2%) − Progress of Italian Navy's fleet renewal program and first phase of production activities for the Qatari Ministry of Defense contract EBITDA: € 270 mln, with margin at 9.1% − Further improvement due to the construction of
EBITDA	9M 2017		9M 2018			• •	sister cruise ships at higher margins and to the positive contribution of the naval business Capex: € 54 mln Orders: € 5,603 mln vs € 4,848 mln in 9M 2017
€ mln	184	6.6%	270	9.1%	% of Revenues		− 2 cruise ships for Viking Cruises − 1 cruise shhip for Silversea Cruises − 2 cruise ships for Norwegian Cruise Line − 2 LNG cruise ships for TUI Cruises − 1 cruise ship for Cunard
Capex	9M 2017		9M 2018			• •	− 1 Littoral Combat Ship (LCS 29) for US Navy Backlog: € 22,975 mln vs € 18,572 mln in 9M 2017 Deliveries: 8 ships
€ mln	58 9M 2017	2.1%	54 9M 2018	1.8%	% of Revenues		− "Carnival Horizon" for Carnival Cruise Line − Oceanographic vessel "Kronprins Haakon" for Norwegian Institute of Marine Research − "Seabourn Ovation" for Seabourn Cruise Line − "MSC Seaview" for MSC Cruises − "Viking Orion" for Viking Ocean Cruises − FREMM "Martinengo" for the Italian Navy − LCS 11 and LCS 13 for the US Navy

Offshore

Revenues			Comments
€ mln	666	819	• Revenues: € 819 mln, up 22.9% vs 9M 2017 − Despite negative effect of NOK/EUR exchange rate (€ 31 mln) − Ongoing implementation of diversification strategy, which generated an increase in production volumes especially in Romanian yards
EBITDA	9M 2017	9M 2018	• EBITDA: € (16) mln, with margin at -1.9% − Reflects the challenges of aligning Vard's production network to the deployment of a backlog of mostly cruise ships, a new product to Vard − Also reflects loss on sale of a vessel whose contract had
€ mln	33	4.9% -1.9%	been cancelled due to client's bankruptcy • Capex: € 18 mln • Orders: € 1,826 mln vs € 486 mln in 9M 2017 − 5 expedition cruise vessels: 2 for Ponant, 1 for Hapag-Lloyd,
Capex	9M 2017	(16) 9M 2018 % of Revenues	2 for Viking − 1 cable laying vessel for Prysmian − 3 OPVs for Norwegian Defence Materiel Agency • Backlog: € 2,493 mln vs € 1,300 mln in 9M 2017
€ mln	28	4.2% 2.2% 18	• Deliveries: 19 ships − 12 Module Carrier Vessels: 11 for Topaz Energy and Marine, 1 for Kazmortransflot − 1 PSV unit to Island Offshore Shipping AS − 1 OSCV unit to Dofcon Navegação
	9M 2017	9M 2018 % of Revenues	− 2 fishing units to Nordland Havfiske AS and Cermaq − 1 freight-and-service vessel to FSV Group − 2 expedition cruise vessels to Ponant

Equipment, Systems and Services

Revenues					Comments
€ mln	367 9M 2017		458 9M 2018		• Revenues: € 458 mln, up 24.8% vs 9M 2017 − Thanks to the increased volumes of cabins and public areas and workload related to the Italian Navy fleet renewal program and the Qatari Ministry of Defense order • EBITDA: € 52 mln with margin at 11.4%
EBITDA					− Reflects the change in the mix of products, heavily influenced by the strong growth in cruise volumes
€ mln	40 9M 2017	11.0%	52 9M 2018	11.4% % of Revenues	• Orders: € 586 mln vs € 465 mln in 9M 2017 • Backlog: € 1,367 mln vs € 1,227 mln in 9M 2017
Capex
€ mln	7 9M 2017	1.9%	7 9M 2018	1.5% % of Revenues

Net working capital and net debt(1)

Breakdown by main components			Comments
€ mln	FY 2017	9M 2018	• Net working capital and net debt dynamics related to the production volumes in cruise and the receipt of
Inventories and advances to suppliers	835	842	the final installments for the cruise ships delivered during the period
Work in progress net of advances from customers Trade receivables	648	730	• Construction loans at € 570 mln of which € 510 mln related to VARD and
Other current assets and liabilities	909 1	789 80	€ 60 mln related to Fincantieri
Construction loans	(624)	(570)	• Most of the Group's debt is related to the financing of current assets
Trade payables	(1,748)	(1,717)	associated with cruise ships construction and therefore consistent
Provisions for risks & charges		(157)	with net working capital changes
	(141)

Net working capital	(120)	(3)
Net debt	314	482

(1) Construction loans are committed working capital financing facilities, treated as part of Net working capital, not in Net financial position, as they are not general purpose loans and can be a source of financing only in connection with ship contracts

Outlook

	• 2018 results expected to be in line with 2018-2022 Business Plan targets
	Shipbuilding
	• Expected delivery of 3 units, of which 1 cruise ship and 2 naval vessels
	• Italian Navy's fleet renewal program fully operational
	• First phase of production activities related to the Qatari order
	Offshore
2018	• Continuation of Vard's construction activities related to the backlog acquired as a result of the diversification strategy
Guidance	• Focus on organizational and production adjustments required for margin recovery in the medium term
	Equipment, Systems & Services
	• Confirmation of the growth trend, thanks to:
	‒ Backlog deployment related to the Italian Navy's fleet renewal program and to the Qatari order
	‒ Higher volumes for the production of cabins and public areas driven by growth in the cruise sector

	• Guidance 2018 confirmed
Business	‒ Revenue increase 3-6% vs. 2017
Plan Guidance	‒ EBITDA margin approx. 7.5%
	‒ Net debt at approx. € 0.4-0.6 bln

Investor Relations contacts

Investor Relations Team

Cristiano Pasanisi – VP Group Treasury, Corporate Finance & Investor Relations +39 040 319 2375 [email protected]

Matteo David Masi – Head of Investor Relations +39 040 319 2334 [email protected]

Alberta Michelazzi +39 040 319 2497 [email protected]

Institutional Investors

[email protected]

Individual Shareholders