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© ▸ in www.fincantieri.com PRESS RELEASE FINCANTIERI The sea ahead THE BOD APPROVES 9M 2021 RESULTS : REVENUES UP BY OVER 28 % AND EBITDA + 65 % , TOTAL BACKLOG AT EURO 36 BILLION , ORDER INTAKE AT EURO 2.3 BILLION , 2021 GUIDANCE FULLY CONFIRMED Consolidated 9M 2021 results¹ " " ■ ■ ■ 2021 guidance fully confirmed with revenues up by 25 % -30 % and EBITDA margin over 7 % Revenues stand at euro 4,536 million² up by over 28 % with record production volumes at the Italian shipyards ( 12.3 million of working hours , + 34 % vs 9M 2020 ) exceeding pre - COVID - 19 levels and in line with the expected trend of the current backlog EBITDA³ at euro 330 million ( + 65 % vs euro 200 million as at September 30 , 2020 ) , EBITDA margin at 7.3 % excluding pass - through activities ( vs. 5.7 % as at September 30 , 2020 ) led by the operating performance , able to offset the increase in commodity prices COVID - 19 - related extraordinary expenses at euro 30 million , mainly due to the measures to ensure personnel's health and safety Operating cash flow more than compensate Capex needs , allowing also euro 350 million repayment of construction loans Net Debt at euro 1,059 million ( euro 1,062 million as at December 31 , 2020 ) , in line with expectations for 2021 and consistent with both the delivery schedule and production volumes Operations ■ ■ Total backlog at euro 36.0 billion , approximately 6.9 times 2020 revenues with euro 2.3 billion order intake : as at September 30 , 2021 , backlog stands at euro 26.6 billion ( euro 26.9 billion as at September 30 , 2020 ) , with 92 ships in backlog and soft backlog at around euro 9.4 billion ( euro 9.9 billion as at September 30 , 2020 ) Delivered 13 ships from 10 shipyards in the first nine months of 2021 Cruise : its ability to respond effectively to the health emergency enabled the Group to successfully meet the challenging delivery schedule with four vessels delivered during the third quarter : - Valiant Lady , the second of four ships ordered by Virgin Voyages - MSC Seashore , the largest cruise ship ever built in Italy Rotterdam , third unit of the class for Holland America Line Le Commandant Charcot , electric hybrid exploration vessel propelled with LNG , for the French shipowner Ponant Naval : construction activities for the Qatari Ministry of Defence continue in full swing , with the launch of the third corvette and the delivery in October of the first corvette of the " Al Zubarah ” class , along with the activities for the Italian Navy programs . As part of the LCS program , in the quarter , FMG delivered the LCS 23 " US Cooperstown ” . At the beginning of November , a MoU was signed with Navantia in order to boost the collaboration in the naval and maritime fields within the European Defence framework 1 The percentage figures found in the Document are calculated based on amounts expressed in Euro / thousand 2 Revenues from pass - through activities stand at euro 235 million . Please , refer to the definition of " pass - through activities " in the paragraph Alternative Performance Measures 3 This figure does not include extraordinary and non - recurrent income and expenses ; please , refer to the paragraph Alternative Performance Measures * This figure does not include construction loans and it includes non - recurrent financial receivables ( at euro 133 million ) 5 Sum of backlog and soft backlog 6 Excluding revenues from pass - through activities 1