Core Viewpoint - Fincantieri reported a record high order intake in Q1 2025, driven by a strong recovery in the cruise market, with significant increases in both order volume and profitability [2][4]. Financial Performance - In Q1 2025, Fincantieri's total revenue reached €2.376 billion (approximately ¥192.20 billion), a 35% increase compared to €1.76 billion in Q1 2024, with all business segments performing well, particularly shipbuilding, which saw a 39.5% revenue increase [2][3]. - The company's EBITDA for Q1 2025 was €154 million (approximately ¥12.46 billion), a 54% increase year-over-year, with the EBITDA margin rising from 5.7% in Q1 2024 to 6.4% [2][3]. Shipbuilding Segment - Fincantieri's shipbuilding revenue in Q1 2025 was €1.828 billion (approximately ¥147.87 billion), up 39.5% from €1.314 billion in Q1 2024, with cruise business revenue increasing from €914 million to €1.045 billion, accounting for 41% of total revenue [3]. - The EBITDA for the shipbuilding segment was €125 million (approximately ¥10.11 billion), a 53.3% increase from €81 million in Q1 2024, with the EBITDA margin improving from 6.2% to 6.8% [3]. Order Intake - Fincantieri achieved a record quarterly order intake of €11.7 billion (approximately ¥946.44 billion) in Q1 2025, significantly surpassing €500 million in Q1 2024, representing 76% of the total order intake for the entire year of 2024 [4]. - The shipbuilding segment contributed €11.519 billion (approximately ¥931.80 billion) to the new orders in Q1 2025, compared to €141 million in the same period last year, driven by significant cruise orders [4]. New Contracts and Future Outlook - Fincantieri secured new contracts from two "new clients," including TUI Cruises and AIDA Cruises, for a total value exceeding €2 billion [5]. - As of March 31, 2025, Fincantieri's backlog reached €57.6 billion (approximately ¥4659.41 billion), a record high, with confirmed orders amounting to €40.3 billion and additional optional orders of €17.3 billion, with delivery dates extending to 2036 [5]. - The strong performance in Q1 2025 reinforces Fincantieri's growth prospects in core business areas, benefiting from favorable macroeconomic conditions in the cruise industry, expected defense spending growth, and rising global demand for offshore energy resources [5].