Fincantieri — Investor Presentation 2021

Jul 30, 2021

1H 2021 RESULTS July 30, 2021

www.fincantieri.com

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Declaration of the Manager responsible for preparing financial reports

Agenda

S U M M A R Y & B U S I N E S S U P D AT E O U T L O O K A P P E N D I X F I N A N C I A L R E S U L T S

SUMMARY & BUSINESS UPDATE

Confirmed guidance on FY 2021 with revenues expected to reach more than +25% YoY and EBITDA margin at 7%, despite increasing commodity prices Total backlog with 111 units at €37 bn, 7.1x 2020 revenues: backlog with 93 units Executive summary REVENUES EXCLUDING PASS-THROUGH 219 219 1H20 1H21 1H21(1) 1H20 1H21 1H21(1) Ebitda (€ mln) Back to profitability: revenues up 28%, EBITDA +84%, adjusted net income €49 mln, guidance confirmed EBITDA AT €219 MLN AND EBITDA MARGIN AT 7.2% EXCLUDING PASS- THROUGH ACTIVITIES ADJUSTED NET INCOME €49 MLN AND €42 MLN EXTRAORDINARY COSTS

(1) Excluding the effect of pass-through activities 1,062

ACTIVITIES +28% YOY 3,251 3,026

FY20 1H21 1,617 Net debt (€ mln) NET DEBT CONSISTENT WITH EXPECTED DELIVERY SCHEDULE AND IN LINE WITH 1Q21 (3 CRUISE SHIPS DELIVERED IN JULY WITH A CUMULATIVE CASH-IN OF €1.5 BN) NET DEBT €1.2 BN AS OF JULY ²⁰²¹

• Awards: Second FFG-62 frigate for the US Navy; prime contractor of the program for 6 frigates for the Indonesian Navy; new MSC cruise terminal at PortMiami at €27.6 bn and soft backlog at €9.4 bn Record-high production volumes (with 8.4 mln production hours at Italian sites, up ~50% YoY) in order to execute the hefty backlog and stick to the planned delivery schedule Corporate vaccination program successfully launched in June at Italian yards, addressing both our employees and subcontractors 7 ships successfully delivered from 6 different shipyards and 6 cruise ships to be handed over in the second half of the year (out of which 3 delivered in July)

^C R U I S E delivered in 2026 ^D E F E N C E Business update Continuous focus on strategic development

• 5 cruise ships successfully delivered, out of which 3 in July: Viking Venus to Viking Cruises (April), Hanseatic Spirit to Hapag-Lloyd (June), Valiant Lady to Virgin Voyages (July), MSC Seashore to MSC (July), and Rotterdam to Holland America Line (July) VARD to build Somnio, the world's first yacht liner: with 39 luxurious apartments, it will be sailing the world according to owners' wishes Prime contractor of the program for the supply of 6 FREMM frigates to the Indonesian Ministry of Defense awarded in June Second Constellation-class frigate ordered by the US Navy in May. FMM is currently working on the design of the first-in-class USS Constellation to be VARD to provide North Star Renewables with 3 SOV to be deployed in the Dogger Bank Wind Farm VARD to supply a cable repair vessel to Orange Marine (a subsidiary of the Orange Group), specifically developed for the maintenance of submarine cables Partner with MSC for the construction of a new state-of-the-art cruise terminal at PortMiami Fincantieri NexTech: ongoing cooperation with Autostrade Tech and IBM to develop a predictive monitoring system for infrastructure ^O F F H O R E A N D S P E C I A L I Z E D V E S S E L S ^E Q U I P M E N T, S Y S T E M S A N D S E R V I C E S

• next-generation port infrastructure with low environmental impact

• dedicated to the production and after-sale services of lithium-ion batteries
• study to design and build the first oceangoing hydgrogen-powered cruise ship
• transportation and logistics

of America)

other stakeholders

8

Update on ESG

• technologies

New orders

New orders New orders received	across all segments	with a cumulative value of €1.7 bn
Segment	Vessel	Client	Expected Delivery
 Shipbuilding	FFG-62 frigate(1) Somnio(1)	US Navy Somnio Superyachts	- 2024
 Offshore & Specialized Vessels	3 Service Operation Vessels	North Star Renewables	2023
Main deliveries
7 ships successfully	delivered from 6 different	shipyards
	Vessel	Client	Shipyard
Segment

Segment	Vessel	Client	Expected Delivery
 Shipbuilding	FFG-62 frigate(1) Somnio(1)	US Navy Somnio Superyachts	- 2024
Segment	Vessel	Client	Shipyard
 Shipbuilding	LSS "Vulcano" Viking Venus(2) Hanseatic Spirit(2) Paul(2) LCS21 USS Minneapolis St. FREMM(2)	Italian Navy Viking Cruises Hapag-Lloyd Cruises US Navy	Muggiano Ancona Langsten Wisconsin Riva Trigoso
 Offshore & Specialized Vessels	Cruise ship "Coral Geographer"(3) Vessel(2) Fishing	Coral Expeditions Luntos	Vung Tau Vung Tau
(1) Ordered in Q2 (2) Delivered in Q2 (3) For reasons connected	to the organizational responsibility of VARD yards split between Cruise and Offshore, "Coral Geographer" for Coral Expeditions delivered in Q1 2021 is included in the Offshore & Specialized Vessels deliveries

FINANCIAL RESULTS

Order intake and backlog Sizeable order intake in ESS and hefty soft backlog

• Stable order intake at €1.8 bn, thanks to the positive impact of ESS
• Soft backlog keeps momentum thanks to recent achievements in defence – i.e. Indonesian program Total backlog represents 7.1x
• 2020 revenues

Book-to-bill(2) Total backlog / Revenues

Shipbuilding Equipment, Systems & Services Soft backlog(3) Offshore & Specialized Vessels Eliminations

Revenues

Record-high production volumes in shipbuilding drive robust revenue performance in line with guidance on 2021

Revenues breakdown by segment(1)

Revenues excluding pass-through activities are up 27.7% YoY thanks to record-high production volumes in the semester (8.4 mln production hours) Shipbuilding up 32.5% YoY thanks to the programmed production ramp-up Offshore & Specialized Vessels down only 88% of revenues from international clients

• 3.5% YoY
• Equipment, Systems & Services 22.8% YoY mainly attributable to the complete accommodation business

EBITDA

Better operating margin thanks to higher production volumes and marginality despite higher steel prices

EBITDA margin at 7.2% excluding pass-through activities mainly thanks to the positive contribution from Shipbuilding despite the impact from increased steel prices Shipbuilding EBITDA is up €91 mln YoY with margin at 7.7% Offshore EBITDA is positive (up €5 mln YoY) thanks to the effective restructuring strategy implemented ESS EBITDA is up €8 mln YoY despite the effect of the Ship repair and conversion business 7.2%

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 growth

Better operating margin thanks to higher production volumes and improved marginality

• Shipbuilding: EBITDA improvement mainly driven by higher production volumes and improved operating margin Offshore and Specialized Vessels: increased operating profitability despite lower production volumes ESS: balanced effect brought about by higher production volumes and better
• marginality

Net result

mln excluding minorities) Net profit at €7 mln (€6 mln excluding minorities)

1H 2021 net result and adjusted net result(1)

1H 2020 net result and adjusted net result(1)

16

Capex

Capex by segment

Scale up of European and US shipyards in order to compress lead times and improve efficiency, including completion of the upgrade program at Marghera shipyard and revamping of US shipyards before the start of the construction phase of the FFG-62 program

Net working capital and net financial position

• Net debt dynamics are consistent with production volumes and delivery schedule 6 cruise ships to be delivered in 2H 2021 (3 already delivered in
• Net debt impacted by the postponement of cruise ships expected installments (€423 mln)
• July)

OUTLOOK

Update on cruise 141 ocean ships should enter service by the end of July with 50 brands already operating at global level F I N A N C I A L M A R K E T S R E S P O N S E C R U I S E R E S T A R T From May 2021 Europe has pioneered the cruise restart on national routes and with enhanced safety protocols In the US, a Conditional Sailing Order is still in place. Major cruise lines received an authorisation for fully vaccinated sailings on specific routes Carnival: Successful closing of private offering of secured notes(3) of \$~2.4 bn at 4% due 2028, replacing existing debt of \$~2.0 bn at 11.5% due 2023 (savings up to \$135 mln interest/year) TUI Group has extended the maturity of its revolving credit facilities totaling €4.7 bln by two years to summer 2024, allowing more time

• In the UK, the cruise ban was lifted on 17 May. Domestic cruises are allowed to sail at 50% capacity with fully vaccinated passengers/crew members

• F O R E C A S T S Carnival: about 75% of total operating capacity back in service by year-end, with full fleet sailing by spring 2022(2) Booking trends for 2022 are in line with 2019 levels, and for some operators even higher (1) Maritime Strategies International analysis (2) Carnival Corporation to Operate up to 75% of Fleet Capacity by End of 2021 (www.carnivalcorp.com/news-releases/news-release-details/carnival-corporation-operate-75-fleet-capacity-end-2021) (3) First-Priority Senior Secured Notes to implement planned refinancing steps in view of ongoing Corona restrictions, with the Group's objective remaining a rapid repayment of government loans

• The big 3 cruise groups should have roughly 45% of their capacity back in operation by the end of 2021(1)

.

Business outlook

Investor Relations contacts

I N S T I T U T I O N A L I N V E S T O R S I N D I V I D U A L S H A R E H O L D E R S I N V E S T O R R E L AT I O N S T E A M Caterina Venier-Romano +39 040 319 2229 caterina.venierromano@fincantieri.it

Valentina Fantigrossi +39 040 319 2243 valentina.fantigrossi@fincantieri.it

Martina Saiu martina.saiu@fincantieri.it

investor.relations@fincantieri.it

azionisti.individuali@fincantieri.it

www.fincantieri.com

Q&A

APPENDIX

Financial overview – Shipbuilding

Orders, backlog and deliveries Capex

• frigate to the US Navy

• Cruise Naval

• activities are included in 1H 2021

• in 1H 2021

Financial overview – Profit & Loss and Cash flow statement

Financial overview – Profit & Loss and Cash flow statement € mln 1H 2020 1H 2021 1H 2021 – ex pass through Revenues 2,369 3,251 3,026 Materials, services and other costs (1,810) (2,472) (2,247) Personnel costs (432) (546) (546) Provisions (8) (14) (14) 119 219 219 EBITDA Depreciation, amortization and impairment (65) (96) (96) EBIT 54 123 123 Finance income / (expense) (63) (45) - Income / (expense) from investments (3) - - Income taxes(2) (17) (29) - Adjusted Net result(3) (29) 49 - Attributable to Group (27) 49 - Extraordinary and non recurring items(4) (139) (53) - of which COVID-19 related extraordinary costs (114) (22) - of which asbestos-related litigation (23) (29) - of which other non-recurring costs (2) (2) - Tax effect on extraordinary and non recurring items 31 11 - Net result for the period (137) 7 - Attributable to Group (135) 6 - 1H 2020 1H 2021 1H 2021 Beginning cash balance 382 1,275 - Cash flow from operating activities (177) (392) - Cash flow from investing activities (117) (141) - Cash flow from financing activities 814 50 - Net cash flow for the period 520 (483) - Exchange rate differences on beginning cash balance (5) 7 - Ending cash balance 897 799 -

Financial overview – Balance sheet

Financial overview – Balance sheet
€ mln
Intangible assets	FY 2020 629	1H 2021 628
Right-of-use asset	85	106
Property, plant and equipment	1,301	1,390
Investments	105	119
Other non-current assets and liabilities	(25)	(25)
Employee benefits	(60)	(60)
Net fixed assets	2,035	2,158
Inventories and advances	881	826
Construction contracts and advances from customers	1,963
		1,666
Construction loans	(1,325)	(1,278)
Trade receivables	602	1,355
Trade payables	(2,361)	(2,262)
Provisions for risks and charges	(73)	(80)
Other current assets and liabilities	111	36
Net working capital	(202)	263
Assets held for sale including related liabilities	6	-
Net invested capital	1,839	2,421
Share capital	863	863
Reserves and retained earnings attributable to Group	(101)	(76)
Non-controlling interests in equity	15	17
Equity	777
Cash and cash equivalents	1,275
Current financial receivables	76
Non-current financial receivables	96	804 799 65 131
Short-term financial liabilities	(375)	(513)
Long-term financial liabilities	(2,134)	(2,099)
Net debt / (Net cash) Sources of financing	1,062 1,839	1,617 2,421