The company said the acquisitions will create the first vertically integrated underwater operator, bringing together eight centres of excellence across the sector. The new structure is intended to combine hardware, software, telecommunications, underwater platforms and services in a single platform.
Fincantieri said the deal follows the acquisition and integration of WASS in 2025 and Remazel in 2024. It also said the acquisitions reflect the use of capital raised through a €500 million accelerated bookbuilding capital increase completed in February 2026, together with other group resources.
Next Geosolutions is listed on Euronext Growth Milan and is among the leading international players in marine survey and geoscience services, as well as offshore construction support services. WSense, Graal Tech and Defcomm are Italian high-tech scale-ups specialising respectively in underwater communications and the Internet of Underwater Things, autonomous underwater vehicles and autonomous surface vehicles.
The four companies will be integrated into Fincantieri’s underwater technological hub, which will coordinate product and commercial synergies. The group said the hub will evolve into an international underwater operator made up of eight market-leading companies working together across the value chain.
Fincantieri said the structure of the transactions will ensure continuity for managers and shareholders through the reinvestment of significant stakes in the acquired companies. The group said this approach is intended to preserve industrial continuity and strengthen the distinctive capabilities needed to execute the companies’ growth plans.
The underwater segment generated revenues of €667 million in 2025, equal to 6.7% of Fincantieri’s total revenues. On a 2026 pro-forma basis, the segment is expected to exceed €1.1 billion in revenues and reach approximately €220 million in EBITDA, achieving four years ahead of schedule the 2030 underwater targets set in the 2026-2030 Business Plan.
Fincantieri said the acquisitions are expected to contribute more than €60 million to the group’s 2026 pro-forma net profit. It expects underwater revenues to reach €1.4 billion by 2028 and €1.8 billion by 2030, with the segment’s EBITDA margin rising to 19.2% in 2026, 21% in 2028 and 23% in 2030.
“The acquisitions announced today mark a historic transformation for Fincantieri, that creates an international champion in the Underwater domain, enabled by full integration across the value chain of technologies, capabilities and operational expertise,” said Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri. “These acquisitions also allow us to accelerate the execution of our Business Plan, significantly strengthening profitability while expanding our presence in a fast-growing market where the dual-use component is expected to become increasingly important. We are also securing the industrial continuity of the acquired companies by retaining their existing management teams, as we believe that expertise and execution are essential drivers of the Group’s growth.”
The company said the underwater market has become more strategically important because of growth in underlying markets and increasing geopolitical instability. It cited the protection of critical subsea infrastructure, maritime security, offshore services, underwater communications, energy assets and global data traffic as areas driving demand.
Fincantieri said the Mediterranean is particularly strategic because it connects three continents and contains dense critical infrastructure. The group said this is increasing demand for intelligence, surveillance, defence and deterrence activities requiring dedicated industrial focus.
The company said the acquisitions will expand its role from a supplier of technology solutions and platforms to a service provider able to integrate systems and services across the underwater value chain. It described the model as “Underwater as a Service” across commercial and defence applications.
Next Geosolutions will support this service-provider model by extending Fincantieri’s presence along the offshore value chain, from survey to inspection, maintenance and repair. WSense will act as a technological and industrial enabler for underwater communication systems, supporting data exchange across platforms, sensors and underwater vehicles.
Defcomm will strengthen Fincantieri’s position in autonomous surface drone technologies, which the group described as one of the most in-demand segments in the market. Graal Tech will support co-development activities for small and medium-sized unmanned underwater vehicles, control systems, simulation platforms, payloads and dedicated monitoring and intervention equipment.
Under the Next Geosolutions agreement, Fincantieri will acquire Marnavi’s 52.60% stake in the company at €16.25 per share, valuing 100% of the company at €780 million. Following completion, Fincantieri will launch a public tender offer for the remaining share capital of Next Geosolutions.
The WSense acquisition will be carried out through a specially established vehicle in which Fincantieri will initially hold 61.95%. Within 24 months of closing, Fincantieri will increase its stake to up to 75% of the vehicle, which will hold approximately 95% of WSense.
Fincantieri will initially acquire a 49% stake in Defcomm through a capital increase and the direct purchase of shares. Within a maximum of two years from closing, it will have the right to exercise a call option to acquire an additional 2%, raising its stake to 51%.
Fincantieri has also recently acquired a 51% stake in Graal Tech from its founding shareholders, subject to customary conditions precedent including Golden Power clearance. The remaining 49% will be subject to put and call options, with the exercise price linked to the company’s performance in the 2026-2031 financial years.
The group said the acquisitions will be highly accretive to its financial profile, delivering EPS growth of approximately 30% by 2028 and 20% by 2030. It also said they will drive a 13% increase in 2026 pro-forma EBITDA and a 40% increase in 2026 pro-forma net profit at group level.
Fincantieri said the transactions will have no impact on its 2026 Net Debt/EBITDA guidance and will improve its 2028 and 2030 Net Debt/EBITDA targets under the 2026-2030 Business Plan. The company said the combined underwater platform will bring together approximately 1,500 highly qualified professionals across Italy, the UK, the Netherlands, Norway and the UAE.
