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

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.

Section 1	Description of the Group
Section 2	Financial overview
Section 3	Balance Sheet and Capital Structure
Section 4	Strategy & Outlook
Appendix

Section 1

Description of the Group

Fincantieri at a glance We are an Italian Group with a global footprint

We are the #1 Western designer & shipbuilder(5) with 230 years of history and over 7,000 ships built

Note: all figures reported at December 31, 2018, except for backlog and soft backlog which are referred to Q1 2019 (at March 31, 2019) (1) At March 31, 2019;

(2) Sum of backlog and soft backlog; 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
(3) Value generated for each euro invested in shipbuilding according to the CENSIS "5th Report on the Economy of the Sea" (2015)
(4) Source: Fincantieri Sustainability Report 2018;
(5) By revenues, excluding naval contractors in the captive military segment. Based on Fincantieri estimates of shipbuilders' revenues in 2016

Products, clients and backlog Diversified product portfolio with a wide client base and strong backlog

	Main products	Key clients	Revenues 2018(1)	Backlog(2)
Cruise	• All cruise ships: Luxury/Niche(3)   Upper Premium  Premium  Contemporary	(4) (5)	€3,226 mln 53.7%
Naval Shipbuilding Other	• All surface vessels (Also stealth) • Support & Special vessels • Submarines • Similar businesses to our core ones where we operate opportunistically (e.g.	Italian Navy and US Navy Coast Guard Qatar Emiri United Arab Naval Forces Emirates Navy Algerian Indian Navy Navy	€1,434 mln 23.9% €18	€ 28,974 mln (79 ships)
	Mega Yachts, Ferries…)		0.3% mln
Offshore & Specialized Vessels	• OSV • Fishery • Ferries • Offshore wind • OPV • Special vessels		€681 mln 11.3%	€ 920 mln (25 ships)
Equipment Systems & Services	• Marine systems, components & turnkey solutions • Ship interiors • Naval services • Ship repairs & conversion	Italian Navy and Coast Guard United Arab Emirates Navy US Navy Qatar Emiri Naval Forces	€651 mln 10.8%	€ 1,607 mln

(1) Before eliminations and consolidation adjustments

(2) At March 31, 2019

(4) Parent company of several brands: Carnival Cruise Lines, Costa Crociere, Cunard, Holland America Line, P&O Cruises, Princess Cruise Lines and Seabourn Cruise Lines

(5) Parent company of several brands: Norwegian Cruise Line, Oceania Cruises, Regent Seven Seas Cruises

⁽³⁾ Terminology used in the cruise sector to indicate cruises with niche characteristics (e.g. arctic destinations, coastal routes, regional routes)

Markets and positioning Leadership in high-potential reference markets and solid track record

	End markets	Market Trend	Main Drivers	Track record
Shipbuilding	Cruise	• Almost 50 million passengers worldwide (1) by 2030 (+6.4% compared to 2018) • > 400 thousand additional lower berths required to satisfy the increase in passengers(2) • Booming market with record order levels and high visibility	• Passenger growth • Credit market situation • USD/EUR exchange rates • Oil price • Fleet ageing and new regulations	• World leader in the design and construction of vessels for all segments of the cruise industry • 87 ships delivered from 1990 to 2018 (2 delivered in Q1 2019)
	Naval	• Large programs under development (Italian Navy fleet renewal program, LCS program, Qatari Navy program) • Foreign accessible markets' programs with expenditures ~USD10.3 billion up to 2023(3)	• Defence budgets for accessible markets • Global geopolitical situation • Naval fleet renewals	122(4) • ships delivered from 1990 to 2018 • 1 ship delivered in Q1 2019
Offshore & Specialized Vessels		• O&G sector crisis and postponements of drilling projects caused a slowdown related equipment industry (PSV, AHTS) • Segment diversification strategy (Fishery, Aquaculture, OPV, Special vessels)	• Oil price and E&P investments • New business opportunities for units with similarities to the Offshore ones (e.g. cable – laying vessels)	399(5) • ships delivered from 1990 to 2018 • 5 ships delivered in Q1 2019
Equipment Systems & Services		• High potential and high margin business • Result of the insourcing strategy of high value-added activities	• Shipbuilding programs ongoing • Fleet ageing and development of new technologies • New emissions' regulations	• Strong revenue growth to € 651 mln in 2018 (2015-2018 CAGR: +9.3%)
	(1) Source: CLIA - Cruise Lines International Association (2) Assuming 1 week of average duration of a cruise and capacity utilization of ships close to 100% (3) Source: IHJ Military Ships Forecast Market as of 25th March 2019, Fincantieri analysis	(4) Includes other products delivered by Naval business unit. Includes US subsidiaries pre Fincantieri acquisition, excluding 174 RB-M delivered since 2002

(5) Includes other products delivered by Offshore & Specialized Vessels business unit. Includes VARD and predecessor companies

Focus: cruise client portfolio Consolidated capability to acquire new clients and diversify product portfolio….

Focus: cruise client portfolio

…while developing long-term partnerships and far-reaching visibility

Scheduled deliveries up to 2027 and long-lasting relationships with our client base including the 4 major cruise operators

Source: Company information

(1) Parent company of several brands: Carnival Cruise Lines, Costa Crociere, Cunard, Holland America Line, P&O Cruises, Princess Cruise Lines and Seabourn Cruise Lines (2) Parent company of several brands: Norwegian Cruise Line, Oceania Cruises, Regent Seven Seas Cruises (3) As of May 31, 2019

Key competitive strengths Consolidated leadership, high diversification and flexible global production network

Consolidated leadership in growing markets and long term visibility

Leader in fast-growing cruise market and in naval segment
Sizable order book and total backlog(1) amounting to approximatively 6.3 years of work if compared to 2018 revenues

High diversification in terms of end market, geography and client portfolio ²

Focus on high complexity and high value-added segments
Most diversified shipbuilder with a broad range of clients with both long-term relationships and strategy of extending its customer base

4 Technological leadership

High innovation capacity and system integrator capabilities (coordination of whole product lifecycle as prime contractor), with ~ 100 prototypes delivered in the last 15 years
Strong commitment to R&D and proven track record of on-time and on-budget deliveries, with an expenditure > € 400 mln for the period 2015-2018

3 Flexible and global production network

Integrated production model to control entire production process and aftermarket
Flexible and global integrated network of 20 shipyards and approx. 19,300 employees located in both emerging and Western countries

Ownership and Group structure A listed company with strong reference shareholders

Brief description of the Group structure

Simplified ownership and Group structure

Fincantieri shares are listed on the Milan Stock Exchange since July 3, 2014
Fincantieri's reference shareholder is Fintecna S.p.A., a holding company fully owned by CDP, owning 71.64% stake
CDP is an Italian state-owned National Development Institution holding major stakes in several listed / non listed strategic Italian companies like ENI, Snam, Terna, Sace, Saipem and Poste Italiane
Fincantieri S.p.A. is the Holding company of the Group
Fincantieri Marine Group ("FMG") is the US subsidiary controlling the three American yards (among them, Marinette Marine participated by Lockheed Martin with a minority stake)
Vard Holdings Limited is the holding company for the VARD Group, recently delisted from the Singapore Stock Exchange

Key historical events

Creation of an international leading player with a well diversified product portfolio

2002	2008	2010-2011	2013	2014	2017	2018
New Management team • Since 2002, new management team stepping in, leading the Group to a radical transformation based on a growth strategy focused on diversification and internationalization	Expansion in the U.S. • Expansion of client base and product portfolio • Organic growth complemented also by the acquisition of three US based shipyards (controlled by FMG) allowing the Group to get access to a large foreign naval market	Restructuring of Italian operations • The Group showed a strong ability to anticipate the effects of the global financial crisis • Through the restructuring of Italian operations, Fincantieri increased its operating efficiency, expanded its activities and strengthened its competitive position	Diversification into Offshore • Acquisition of the controlling stake in STX OSV (renamed Vard), operating in the construction of high-end offshore support vessels • Continued organic growth with new BU dedicated to logistic support and after sales services	IPO • After the acquisition of FMG and VARD, Fincantieri became a truly international player with global operations and a diversified business mix • The Company started to be listed on the Milan Stock Exchange on July 3, 2014	Italian-French shipbuilding alliance • Launch of a French Italian roadmap to strengthen both cruise and naval defence cooperation paving the way for the creation of a consolidated European Shipbuilding Industry	Business Plan 2018- 2022 • Presentation of a 5 years Business Plan in the context of the release of FY 2017 results • The Plan builds on four key pillars (long term visibility, new horizons and markets, innovation, streamlined production) to support growth and profitability
Revenues € 2.2 bln Backlog € 6.0 bln (1) Backlog was € 30.7 bln at March 31, 2019	+73% (2002-2013) +35% (2002-2013)		€ 3.8 bln € 8.1 bln	+45% (2013-2018) +215% (2013-2018)		€ 5.5 bln 25.5 bln(1) € 12

Key financials Growing revenues and operating performance

Revenues & EBITDA(1) / margin

(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) extraordinary wages guarantee fund – Cassa Integrazione Guadagni Straordinaria, (viii) expenses for corporate restructuring and other non-recurring personnel costs, (ix) accruals to provision and cost of legal services for asbestos claims, (x) other non recurring items. EBITDA breakdown are referred only to operating segments

(2) Sum of Net Financial Position and Construction Loans

Section 2

Financial overview

Q1 2019 Key Messages Revenues up 13%, orders at € 6.5 bln with 11 cruise vessels, total backlog at € 34.3 bln

Order intake	• Total order intake at € 6.5 bn: − Record order acquisition of 11 cruise ships for 5 different brands (Oceania, Regent Seven Seas Cruises, Viking, MSC, Princess) − 1 Littoral Combat Ship (LCS31) for the US Navy, the sixteenth unit of the "Freedom" class backlog(1) • Total at € 34.3 bln: backlog with 104 units at € 30.7 bln (€ 21.8 bln in Q1 2018) and soft backlog(2) at € 3.6 bln (€ 5.9 bln in Q1 2018)
Financials	• Revenues up 13% at € 1.4 bln (€ 1.2 bln in Q1 2018) • EBITDA at € 90 mln (€ 89 mln in Q1 2018) and EBITDA margin at 6.5% (7.3% in Q1 2018) debt(3) • Net at € 505 mln (€ 494 mln at December 31, 2018)
Business update	• Delivery of 8 units including two cruise ships "Viking Jupiter" and "Costa Venezia" (the first vessel for the Italian shipowner specifically designed for the Chinese market), and of a naval vessel for the US Navy • Inauguration of the Fincantieri Infrastructure production plant and steel cutting ceremony for the bridge over the Polcevera river • Ongoing focus of the Group on sustainability: the newly appointed Board of Directors beyond the regulatory requirements for gender diversity with an equal number of elected men and women

Order intake

•
Total
order
intake
at
€
6.5
bn:
−
Record
order
acquisition
of
11
cruise
ships
for
5
different
brands
(Oceania,
Regent
Seven
Seas
Cruises,
Viking,
MSC,
Princess)
−
1
Littoral
Combat
Ship
(LCS31)
for
the
US
Navy,
the
sixteenth
unit
of
the
"Freedom"
class
backlog(1)
•
Total
at
€
34.3
bln:
backlog
with
104
units
at
€
30.7
bln
(€
21.8
bln
in
Q1
2018)
and
soft
backlog(2)
at
€
3.6
bln
(€
5.9
bln
in
Q1
2018)

Financials

•
Revenues
up
13%
at €
1.4
bln
(€
1.2
bln
in
Q1
2018)
•
EBITDA
at
€
90
mln
(€
89
mln
in
Q1
2018)
and
EBITDA
margin
at
6.5%
(7.3%
in
Q1
2018)
debt(3)
•
Net
at
€
505
mln
(€
494
mln
at
December
31,
2018)

Business
update

•
Delivery
of
8
units
including
two
cruise
ships
"Viking
Jupiter"
and
"Costa
Venezia"
(the
first
vessel
for
the
Italian
shipowner
specifically
designed
for
the
Chinese
market),
and
of
a
naval
vessel
for
the
US
Navy
•
Inauguration
of
the
Fincantieri
Infrastructure
production
plant
and
steel
cutting
ceremony
for
the
bridge
over
the
Polcevera
river
•
Ongoing
focus
of
the
Group
on
sustainability:
the
newly
appointed
Board
of
Directors
beyond
the
regulatory
requirements
for
gender
diversity
with
an
equal
number
of
elected
men
and
women

(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

(3) Excluding Construction loans

Ongoing strategic development

Backlog ramp-up and conversion of soft backlog into backlog

Q1 2019 order intake and backlog: breakdown by segment

Total order intake for the quarter € 6.5 bln
Record order acquisition in cruise business area with contracts signed for 11 cruise ships
Total backlog at € 34.3 bln, approximately 6.3 times 2018 revenues

(1) Sum of backlog and soft backlog

(2) Restated following the reorganization of VARD

(3) 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

Q1 2019 backlog deployment: breakdown by segment and end market

• 8 units delivered in Q1 2019 and ships in backlog

Cruise: 50 vessels
− Deliveries up to 2027
− 13 units scheduled after 2023, of which 7 acquired in Q1 2019
Naval: 29 vessels
− Deliveries up to 2026
− 5 units scheduled after 2023
Offshore & Specialized Vessels(3) :
− Deliveries up to 2024

(1) For reasons connected to the organizational responsibility of VARD yards split between Cruise and Offshore, one fishery vessel (for Havfisk) scheduled for delivery in 2020 is included in the cruise deliveries and two Expedition cruise vessels (for Coral Expeditions) scheduled for delivery in 2019 and in 2020 are included in Offshore & Specialized Vessels

(2) Ships with length > 40 m; Articulated Tug Barge (ATB) is an articulated unit consisting of a barge and a tug, thus being counted as two vessels in one unit

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

Q1 2019 Revenues: +13% YoY

Revenues up 13% vs Q1 2018 at € 1,385 mln
− Shipbuilding revenues up 8.8% vs Q1 2018
− Offshore & Specialized Vessels revenues up 44.5% vs Q1 2018
− Equipment, Systems & Services revenues up 1.8% vs Q1 2018

(1) Breakdown calculated on total revenues before eliminations

Q1 2019 EBITDA

(2) Other costs

• EBITDA at € 90 mln (€ 89 mln in Q1 2018), EBITDA margin at 6.5% (7.3% in Q1 2018)

• Trend substantially resulting from:

− Positive performance of the Shipbuilding and the Equipment, Systems and Services segments
− Negative profitability of the Offshore and Specialized Vessels 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) expenses for corporate restructuring, (viii) accruals to provision and cost of legal services for asbestos claims, (ix) other non recurring items

Section 3

Balance Sheet and Capital Structure

Working capital dynamics

(1) Phases and durations may be subject to changes depending on circumstances, regions and vessels specificity, production geographical area and type of construction (2) Percentage of Completion

(3) Illustrative for frigates and support vessels

Historical evolution of Net Working Capital and Net Financial Position

(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

(2) Net financial position does not account for Construction loans as they are not general purpose loans and can be a source of financing only in connection with ship contracts

Q1 2019 Net working capital and Net debt(1)

Breakdown by main components

€ mln	FY 2018	Q1 2019
Inventories and advances to suppliers	881	813
Work in progress net of advances from customers	936	1.064
Trade receivables
Other current assets and liabilities	749 94	520 92
	(632)	(545)
Construction loans
Trade payables	(1.849)	(1.856)
Provisions for risks & charges
	(135)	(135)
Net working capital	44	(47)
Net Debt	494	505

Net working capital and Net debt dynamics mirror:
− The increase in production volumes
− The cash-in of the final payments for the cruise ships delivered in the quarter
− The delivery of a vessel that was included in the inventory following the order cancellation
Construction loans at € 545 mln (€ 395 mln Vard and € 150 mln Fincantieri)

Section 4

Strategy & Outlook

Growth strategy based on long term visibility, new horizons and markets, innovation and streamlined production

momentum, particularly in the cruise segment

and development of after-sales services

technological solutions to meet clients' evolving needs

through streamlining of processes and production

Q1 2019 Outlook

‒ Growth trend for revenues with an EBITDA margin confirmed to be in line with 2018
‒ Expected increase in net debt due to working capital financing needs

Shipbuilding

Delivery of 8 additional units, of which 6 cruise ships and 2 naval units
Full swing production of both the Italian Navy's fleet renewal program and the order for the Qatari Ministry of Defense, with delivery of the first unit due in 2021

2019 Guidance

Offshore & Specialized Vessels

• Continuing execution of VARD's diversified backlog and organizational and production adjustments aimed at margin recovery

Equipment, Systems & Services

• Confirmation of the growth trend thanks to: backlog development relating to naval contracts, higher volumes for the production of cabins and public areas for cruise ships, as well as the lengthening and infrastructure activities

Short and medium term financial targets

Source: Fincantieri 2018 – 2022 Business Plan presentation published on March 28, 2018

Shipbuilding: quantifying main drivers of growth and increasing profitability

2018 2019 2020 2021 2022

Source: Fincantieri 2018 – 2022 Business Plan presentation published on March 28, 2018

Appendix

VARD New organizational structure and segment review

the full organizational integration with the Parent Company was launched, both for expedition cruise shipbuilding projects and the related shipyards, and for offshore and special vessels projects
VARD's activities are now split between:
− Cruise business unit, which includes activities related to expedition cruise shipbuilding:
- project management
- Romanian and Norwegian yards dedicated to cruise ship construction
- other key activities such as production oversight of public areas and purchasing
− Offshore & Specialized Vessels business unit, which includes all the activities not related to expedition cruise shipbuilding:
- project management of offshore, specialized and other vessels
- remaining VARD shipyards
VARD Cruise business unit results are now aggregated into the Shipbuilding segment, while VARD Offshore & Specialized Vessels business unit is part of the Offshore segment (now renamed Offshore & Specialized Vessels)

STX France

and voting rights)

be composed as follows:

State (APE)

employees

(including Chairman and CEO)

− 1 member appointed by the

In February 2018 Fincantieri(1) signed a share purchase agreement for the acquisition of 50% of STX France from the French State(2)
The signing follows the agreement between the Italian and French Governments to launch a joint process paving the way for the future creation of a progressive alliance in the naval defence sector, through the involvement of Fincantieri, Naval Group and STX France
The completion of the transaction is subject to a series of conditions

Industrial partnership

Through this industrial partnership Fincantieri strengthens its leadership on the global market
The perfect complementarity of Fincantieri's and STX France's cruise activities and products would allow the two companies to serve all the clients and end-markets and to generate value not only for the shareholders, but also for the employees and the respective subcontractors' networks

Bringing together strengths of Fincantieri, Naval Group and STX France will create a global European leader aiming to become world's top player in the construction of complex, high value-added vessels and largest exporter in both civil and military markets, with a significant activity in systems and services

(1) Through its subsidiary Fincantieri Europe SpA (2) Represented by the Agence des Participations de l'Etat (APE)

"casting vote" in case of stall

Q1 2019 main orders

Segment	Vessel	Client	Number of ships	Expected Delivery
Shipbuilding	Cruise Ships	Oceania Cruises	2	2022-2025
		Regent Seven Seas Cruises	1	2023
		Viking Cruises	2	2024-2025
		MSC Cruises	4	2023-2026
		Princess Cruises	2	2023-2025
	Littoral Combat Ship	US Navy	1	2023
Offshore & Specialized Vessels	Expedition Cruise Vessel	Coral Expeditions	1	2020

Q1 2019 main deliveries

Segment	Vessel	Client	Shipyard
	Cruise ship "Viking Jupiter"	Viking Cruises	Ancona
Shipbuilding	Cruise ship "Costa Venezia"	Costa Crociere	Monfalcone
	Littoral Combat Ship "Billings" (LCS 15)	US Navy	Marinette
Offshore & Specialized Vessels	OSCV (3 vessels)	2 for Topaz Energy and Marine 1 for Dofcon Navegação	Vard Brattvaag Vard Promar

Overview of financial performance indicators(1)

€ mln	FY 2015	FY 2016	FY 2017	FY 2018
Order intake	10,087	6,505	8,554	8,617
Total backlog	18,721	24,031	26,153	33,824
Of which backlog	15,721	18,231	22,053	25,524
Of which soft backlog	3,000	5,800	4,100	8,300
Revenues	4,183	4,429	5,020	5,474
EBITDA	(26)	267	341	414
As a % of revenues	-0.6%	6.0%	6.8%	7.6%
EBIT	(137)	157	221	277
As a % of revenues	-3.3%	3.5%	4.4%	5.1%
Adjusted profit/loss(2)	(252)	60	91	108
Attributable to owners of the parent	(141)	66	95	111
Net result for the period	(289)	14	53	69
Attributable to owners of the parent	(175)	25	57	72
Net fixed assets	1,453	1,590	1,743	1,703
Net working capital(3)	251	265	(120)	44
Of which construction loans	(1,103)	(678)	(624)	(632)
Equity	1,266	1,241	1,309	1,253
Net financial position Net cash/ (Net debt)	(438)	(615)	(314)	(494)
Employees	20,019	19,181	19,545	19,274

(1) With the aim to provide a meaningful index to measure the Group financial results, the Group adopts an EBITDA definition which normalizes the trend of results over time, and increases the level of comparability of the same results by excluding the impact of non recurring and extraordinary operating items; for the same reason, the Group also monitors Net Income before non recurring and extraordinary items (both operating and financials)

(2) Excluding extraordinary and Non Recurring Items net of tax effect

(3) Construction loans are accounted for in Net working capital, not Net financial position, as they are not general purpose loans and can be a source of financing only in connection with ship contracts

Financial performance: Revenues

Revenues(1)

(1) Breakdown calculated gross of consolidation effects

(2) 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) extraordinary wages guarantee fund – Cassa Integrazione Guadagni Straordinaria, (viii) expenses for corporate restructuring and other non-recurring personnel costs, (ix) accruals to provision and cost of legal services for asbestos claims, (x) other non recurring items. EBITDA breakdown are referred only to operating segments

(3) For comparison purposes, 2015 figures are restated following the redefinition of operating segments. Following the operational reorganization carried out in November 2016, the repair & conversion services, cabins & public areas business, as well as integrated systems business, all previously included in the Shipbuilding segment, have been relocated to the Equipment, Systems & Services segment starting from FY 2016 results.

(4) Comparative numbers of 2017 are shown restated following the integration of the business unit Cruise of VARD within the Shipbuilding segment (November 2018)

Financial performance: EBITDA