The €330m in EBITDA was a 65% increase from the 2020 level, with EBITDA margin excluding pass-through activities at 7.3%. That was up from 5.7% the year before, led by operating performance, which offest increased commodity prices.
COVID-19-related extraordinary expenses were €30m, mainly for measures to ensure personnel's health and safety.
Four cruise ships delivered in Q3
Fincantieri was able to meet a challenging cruise ship delivery schedule with four vessels handed over in the third quarter alone: Virgin Voyages' Valiant Lady, MSC Cruises' MSC Seashore — the largest cruise ship ever built in Italy, Holland America Line's Rotterdam and Ponant's hybrid electric LNG expedition ship Le Commandant Charcot.
Cruise revenues up 26%
Cruise revenues rose nearly 26%, to €2.85bn, up from $2.27bn.
'The growth of the Group, supported by the current backlog, reflects the order preservation strategy we adopted during the pandemic,' CEO Giuseppe Bono said. 'We have already reached one of the highest margin levels in the industry, that we now aim to improve, along with volumes, also thanks to the significant investment plan carried out across all our shipyards.
'Our engineering and project management skills are among the best worldwide and our shipyards are on the cutting edge both in terms of production and quality,' he continued, adding that Fincantieri is well-prepared for the coming years.
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