Underwater technology: Fincantieri builds an international champion with four acquisitions

Majority stakes in Next Geosolutions, WSense, Graal Tech and Defcomm are set to accelerate the expansion of Fincantieri's underwater business. According to the group, this will create the world's first vertically integrated provider of civil and military underwater technology. Initially, the transaction has a volume of around 600 million euros.

They follow the acquisitions of Remazel (2024) and WASS (2025); the new acquisitions continue the underwater strategy announced in the 2026–2030 business plan. Most of the financing comes from the 500 million euro capital increase of February 2026. According to Fincantieri, the debt forecast for 2026 remains unchanged, while the financial targets for 2028 and 2030 are expected to improve.

Following the four acquisitions, eight specialised companies will belong to Fincantieri. Together they employ around 1,500 highly qualified staff in Italy, the United Kingdom, the Netherlands, Norway and the United Arab Emirates. The aim is to cover the entire value chain, from underwater platforms, sensors and robotics to communication systems and services, for both civil and military customers.

Four specialists in underwater technology

The new additions complement the portfolio in a targeted way:

• Next Geosolutions: one of the leading providers of marine surveying, geosciences and offshore support services
• WSense: communication systems for underwater use and technologies for the “Internet of Underwater Things” (IoUT)
• Graal Tech: specialist in autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV)
• Defcomm: developer of autonomous unmanned surface vessels (USV) that perform surveillance and security tasks

Focus on critical underwater infrastructure

The companies will be integrated into the group's existing underwater hub. The goal is fully networked end-to-end solutions for the protection of critical underwater infrastructure, maritime security, offshore energy projects and military applications. One example is the combination of survey services from Next Geosolutions, VARD workboats, launch and recovery systems from Remazel, drones from Graal Tech and WSense solutions for underwater communication.

Behind the move is a market made increasingly important by geopolitical tensions and the protection of critical infrastructure. Around 1.5 million kilometres of submarine cables span the globe, carrying 99 per cent of global internet traffic. Offshore energy installations, pipelines, ports and underwater sensors are also becoming more of a priority for civil and military customers alike.

Financial targets four years closer

The transaction gives the group a significant growth boost. On a pro forma basis, the underwater division is expected to generate around 1.1 billion euros in revenue and around 220 million euros in EBITDA as early as 2026. Targets originally set for 2030 would thus be met four years early. For 2030, the new targets are 1.8 billion euros in revenue with an EBITDA margin of 23 per cent.

At group level, thanks to the acquisitions, Fincantieri expects EBITDA to be 13 per cent higher and net profit 40 per cent higher as early as 2026, in each case compared with previous planning. Earnings per share are expected to rise by around 30 per cent by 2028 and by around 20 per cent by 2030.

CEO Pierroberto Folgiero describes the acquisitions as a “historic transformation” of the company. Full integration of technologies, expertise and operational capabilities is creating an international leader in the underwater segment, he said; this would allow the group strategy to be implemented much faster and would sustainably strengthen the company's position in the fast-growing dual-use market.