Fincantieri

Investor Presentation • May 13, 2019

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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.

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

(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

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 Q1 2019 main deliveries

OSCV: Topaz "Tangaroa" and "Tiamat" OSCV: "Skandi Olinda" (Dofcon Navegação)

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

Backlog deployment Breakdown by segment and end market

(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

:

Revenues

• 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

EBITDA

(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

• 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

(2) Other costs

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
Construction loans	(632)	(545)
Trade payables	(1,849)	(1,856)
Provisions for risks & charges	(135)	(135)
Net working capital	44	(47)
Net Debt	494	505

(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

• 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)

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, including alignment of headcount to the production needs of some shipyards

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

Investor Relations contacts

Investor Relations Team

Tijana Obradovic – Head of Investor Relations +39 040 319 2409 tijana.obradovic@fincantieri.it

Emanuela Cecilia Salvini +39 040 319 2614 emanuelacecilia.salvini@fincantieri.it

Marco Pesaresi +39 040 319 2663 marco.pesaresi2@fincantieri.it

Institutional Investors

investor.relations@fincantieri.it

Individual Shareholders

azionisti.individuali@fincantieri.it

www.fincantieri.com

Q&A

Appendix

Financial overview - Shipbuilding

• Revenues: € 1,113 mln (+8.8% vs Q1 2018)
  • − Increase due to higher volumes in cruise
• EBITDA: € 83 mln, with margin at 7.4%
  • − Benefiting from construction of higher margin sister ships in cruise
  • − Low profitability of VARD Cruise business unit projects, due for delivery in 2019
• Capex: € 30 mln
• Orders: € 6,312 mln (€ 927 mln in Q1 2018)
  • − 11 Cruise ships(1)
  • − 1 Littoral Combat Ship (LCS 31)
• Backlog: € 28,974 mln (€ 20,820 mln in Q1 2018)
• Deliveries:
  • − 2 Cruise ships(2)
  • − 1 Naval vessel(3)

(1) 2 for Oceania Cruises, 1 for Regent Seven Seas Cruises, 2 for Viking Cruises, 4 for MSC Cruise, 2 for Princess Cruises

(2) "Viking Jupiter" for Viking Cruises; "Costa Venezia" for Costa Cruises

(3) LCS 15 for the US Navy

Financial overview – Offshore & Specialized Vessels

:

• Revenues: € 224 mln (+44.5% vs Q1 2018)
  • − Increased production of specialized vessels as a result of the diversification strategy
  • − Sub-optimal utilization of the production capacity
• EBITDA: € (2) mln, with margin at -0.9%
  • − Development of the complex, highly challenging specialized vessels' portfolio
• Capex: € 1 mln
• Orders: € 39 mln (€ 39 mln in Q1 2018)
• Backlog: € 920 mln (€ 493 mln in Q1 2018)
• Deliveries: 5 ships
  • − 3 OSCV units: 2 to Topaz Energy and Marine, 1 to Dofcon Navegação
  • − 1 ferry to Torghatten Nord
  • − 1 fishing and aquaculture unit to Aker BioMarine

Financial overview - Equipment, Systems and Services

• Revenues: € 170 mln, up 1.8% vs Q1 2018
  • − Revenues in line with the same period of 2018
  • − Includes the start of activities related to the orders acquired in the infrastructures sector
• EBITDA: € 18 mln with margin at 10.3%
• Capex: € 6 mln
• Orders: € 168 mln vs € 167 mln in Q1 2018
• Backlog: € 1,607 mln vs € 1,196 mln in Q1 2018