Fincantieri, Europe's largest shipbuilder, has announced a major $600 million investment to acquire majority stakes in four Italian subsea technology companies: Next Geosolutions, WSense, Graal Tech, and Defcomm. This strategic move aims to accelerate Fincantieri's growth in marine drones and other underwater activities, establishing the first vertically integrated underwater operator and creating a "Underwater as a Service" model for both commercial and defense applications. The transactions are being funded by a $500 million capital increase from February 2026 and other internal resources.
These acquisitions are projected to significantly boost Fincantieri's financial performance. The underwater segment's revenues are now expected to exceed $1.1 billion in 2026, reaching targets initially set for 2030, with an EBITDA of approximately $220 million. The deals are anticipated to contribute more than $60 million to the group's 2026 pro-forma net profit, with total group pro-forma net profit expected to rise by 40% and EBITDA by 13%. Earnings per share are projected to increase by 30% by 2028 and 20% by 2030. Analysts from Equita Sim and Intermonte view these acquisitions positively, noting their potential to enhance Fincantieri's position in a high-margin, high-growth sector and resolve uncertainty around the capital increase's allocation.
The strategic importance of the underwater market is growing due to increasing geopolitical instability and demand for critical subsea infrastructure protection, maritime security, offshore services, and energy asset protection. The acquisitions will expand Fincantieri's presence in key areas: Next Geosolutions in marine survey and offshore construction support; WSense in underwater communications and the Internet of Underwater Things; Graal Tech in unmanned underwater vehicles; and Defcomm in autonomous surface drone technologies. Fincantieri will acquire 52.60% of Next Geosolutions, valued at an initial $780 million, and plans a public tender offer for the remaining shares. Initial stakes of 61.95% in WSense, 51% in Graal Tech, and 49% in Defcomm (with an option to increase to 51%) are also part of the deal. The new integrated platform will unite approximately 1,500 highly qualified professionals across Italy, the UK, the Netherlands, Norway, and the UAE providing "Underwater as a Service" capabilities.
