Fincantieri — Investor Presentation 2021

May 14, 2021

1Q 2021 RESULTS

May 14, 2021 www.fincantieri.com

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.

S U M M A R Y & B U S I N E S S U P D AT E

E C O N O M I C A N D F I N A N C I A L R E S U LT S

O U T L O O K

A P P E N D I X

SUMMARY & BUSINESS UPDATE

E-MARKET
SDIR CERTIFIED

Executive summary

Year-end guidance confirmed, increased revenues and profitability in 1Q 2021

Year-end targets confirmed

• Guidance for 2021 confirmed: revenues excluding pass-through activities +25%-30%, EBITDA margin at 7%, and net financial position flat YoY. First quarter performance confirms the targets outlined for year-end
• Total backlog at € 34.4 bn including order intake at €0.3 bn: backlog at €26.5 bn (98 units) and soft backlog at €7.9 bn
• Two units delivered during the quarter: LSS «Vulcano» to the Italian Navy and expedition cruise vessel «Coral Geographer» to Coral Expeditions

Strong top-line and solid profitability

• Revenues excluding pass-through activities up 9.1% YoY confirming the growth trend outlined in the previous quarter
• EBITDA margin at 7.0% improving consistently with year-end target thanks to higher production volumes and sound execution
• Net debt increase owing to a delivery schedule concentrated in 3Q - expected to reverse from 3Q
• COVID-19 related extraordinary costs at €14 mln

Business update

Leveraging our core competencies, while expanding our strategic capabilities…

C R U I S E	 Delivery schedule carried on as expected
	 Viking Venus, the first out of five cruise ships to be delivered from Italian shipyards this year, was successfully 15th handed over to Viking on April in Ancona
D E F E N C E	 Fincantieri to officially partake in the Sea Defence Project, aimed at providing technologies to be included in the next generation of naval platforms and pursued in further European development programmes  A Memorandum of Understanding was signed between JV Naviris and Navantia for an international industrial cooperation Program(1) to develop the European Patrol Corvette, and falling within the PESCO European
O & F F S H O R E S P E C I A L I Z E D V E S S E L S	 VARD to design a cable repair vessel for Orange Marine, specifically developed for the maintenance of submarine cables with special attention to sea-keeping capabilities, maneuverability and low fuel consumption  VARD to design and construct 3 Service Operation Vessels for North Star Renewables: the units will be delivered in 2023 from VARD Vung Tau and will be deployed in the Dogger Bank Wind Farm

Business update …and gearing up to become a key player within the missions set by the Recovery Plan

D I G I T A L T R A N S F O R M A T I O N A N D I N N O V A T I O N

 Cloud computing: A cooperation agreement was signed with Amazon Web Services to accelerate digital innovation and technological development at national level, with special focus on cloud computing to provide technological and infrastructural solutions to institutions, large companies, SMEs, and startups

G R E E N R E V O L U T I O N A N D E C O L O G I C A L T R A N S I T I O N

 Connected vehicles and smart roads: an agreement was signed with Almaviva to support and enhance the digitalisation process in the transportation and logistics sector  Innovative projects for reducing emissions: a Memorandum of Understanding was signed with Arcelor Mittal and Paul Wurth to consider drawing up a reconversion plan for the existing integrated cycle of the AMI steel-making plant in Taranto, using eco-friendly technologies  Hydrogen. The first Zero Emission Ultimate Ship will be completed in 2021: it is an experimental fuel cell powered marine vessel testifying our commitment to developing alternative sustainable propulsion systems

I N F R A S T R U C T U R E S F O R A S U S T A I N A B L E M O B I L I T Y

Cold ironing: a letter of intent was signed with Enel X to collaborate on building and running next-generation port infrastructure with a low environmental impact and developing electricity-powered solutions for ground logistics services

Events

3 new orders in wind offshore and 2 deliveries in the quarter

New orders

Segment	Vessel	Client	Expected Delivery
 Offshore & Specialized Vessels	3 Service Operation Vessels	North Star Renewables	2023

Deliveries

Segment	Vessel	Client	Shipyard
 Shipbuilding	LSS "Vulcano"	Italian Navy	Muggiano
 Offshore & Specialized Vessels	Cruise "Coral Geographer"(1)	Coral Expeditions	Vung Tau

(1) 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

Backlog deployment

Fully preserved order backlog with visibility stretching up to 2029 in Naval

units delivered, 3 new orders, and 98 ships in backlog

• (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) For reasons connected to the organizational responsibility of VARD yards split between Cruise and Offshore, one cruise vessel (for Coral Expeditions) delivered in Q1 2021 is included in the Offshore & Specialized Vessels deliveries
• (3) Offshore & Specialized Vessels business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

ECONOMIC AND FINANCIAL RESULTS

Order intake and backlog

Order intake is still limited but long-term visibility is confirmed

• Limited order intake in Shipbuilding with a wait-and-see attitude on the restart of cruise operations
• 3 Service Operation Vessels acquired in the Wind Offshore segment
• Total backlog at €34.4, approximately 6.6x 2020 revenues

(1) Total backlog is the sum of backlog and soft backlog

(2) Order intake/revenues excluding pass-through activities

(3) Excluding pass-through activities

(4) 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

Revenues

Top-line growth on the right track: full swing of production programmes driving revenues up 9.1% YoY

Revenues breakdown by segment(1)

Shipbuilding Offshore & Specialized Vessels Equipment, Systems & Services Other activities and Eliminations Cruise Naval

Revenues excluding pass-through activities up 9.1% YoY thanks to resumption of operations and full swing of production programmes

• Shipbuilding up 12.8% YoY excluding pass-through activities
• Offshore & Specialized Vessels down 23.5% due to (i) disposal of Brevik shipyard (ii) effects of market repositioning on higher-value added segments still to unwind
• Equipment, Systems & Services: up 13.4%

(1) Breakdown calculated before eliminations

EBITDA

€ mln

Operating profitability at 7.0% is in line with 4Q 2020 performance and 2021 guidance

EBITDA breakdown by segment(1)

Significantly improved profitability on track with previous quarter positive performance and guidance for 2021

• Shipbuilding up 39% YoY with margin at 7.8% confirming good backlog profitability
• Offshore & Specialized Vessels up to € 2 mln from negative €1 mln as a result of the successful turnaround strategy implemented in 2019 and market repositioning
• Equipment, Systems & Services down 16.7% YoY due to lower profitability in Ship Repair and Conversion

EBITDA Margin as % of total revenues

Shipbuilding Offshore & Specialized Vessels Equipment, Systems & Services Other activities and Eliminations

(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

Net working capital and net financial position

NWC and net debt increase are consistent with the delivery schedule: deleveraging expected by year-end

• Net debt mirrors net working capital dynamics driven by a concentrated delivery schedule
• Deleveraging starting from 3Q

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

OUTLOOK

E-MARKET
SDIR
CERTIFIED

2021 Company outlook

• In the US, the CDC may reportedly be open to lift or modify the Conditional Sailing Order in Europe cruise operations are about to be resumed starting from late spring/early summer
• Strong 2022 booking volumes for cruises are ahead of pre COVID-19 levels and are driven by pent-up demand
• Operations to run at full swing with a production ramp-up expected to bridge the gap experienced in 2020
• Long-term growth and profitability are ensured by a fully preserved order portfolio in Cruise and a highly diversified backlog
• Sound revenue growth expected to accelerate in the remaining part of the year
• Increase in net financial position (owing to a delivery schedule concentrated in 3Q) expected to rapidly reverse in the second half of 2021
• Confirmed guidance on year-end:
• Revenues excluding pass-through activities will be up 25%-30% and EBITDA margin is expected at ~7.0%
• Net financial position is expected to come in broadly in line with 2020

Investor Relations contacts

I N V E S T O R R E L A T 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

I N S T I T U T I O N A L I N V E S T O R S

investor.relations@fincantieri.it

I N D I V I D U A L S H A R E H O L D E R S

azionisti.individuali@fincantieri.it

www.fincantieri.com

APPENDIX

E-MARKET CERTIFIED

Financial overview – Shipbuilding

• Orders: €101 mln (€83 mln in 1Q 2020)
• Backlog: €24,695 mln (€25,857 mln in 1Q 2020)
• Deliveries:

• LSS "Vulcano" to the Italian Navy

• Cruise Naval Other Shipbuilding

• Revenues: ~€222 mln passthrough activities are included in Naval revenues
• Cruise revenues excluding passthrough activities have increased 11.6% YoY
• Naval revenues excluding passthrough activities have increased 16.2% YoY

EBITDA Margin

Shipbuilding EBITDA has increased 38.9% versus 1Q 2020

Financial overview – Offshore & Specialized Vessels

• Orders: €145 mln (€116 mln in 1Q 2020) :
• 3 Service Operation Vessels for North Star Renewables to be delivered in 2023
• Backlog: €970 mln (€813 mln in 1Q 2020)
• Deliveries:

• Cruise ship "Coral Geographer" to Coral Expeditions(1)

• Revenues: €96 mln (€126 mln in Q1 2020), with a decrease of 23.5% YoY

• The decrease is attributable to: (i) the disposal of Brevik shipyard, and (ii) effects of market repositioning on higher-value added segments still to unwind

EBITDA Margin

Improved profitability thanks to effective turnaround strategy implemented in 2019

(1) 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 overview – Equipment, Systems & Services

Orders, backlog and deliveries
---------------------------------------	--

• Orders: €148 mln vs €157 mln in 1Q 2020
• Backlog: €1,822 mln vs €2,008 mln in 1Q 2020

205	232

Revenues increased 13.4% YoY – the increase is mainly attributable to Complete accommodation

EBITDA Margin

Lower EBITDA margin is mainly attributable to Ship repair and Conversion