The Navantia group concluded 2025 with a historic contract figure of €6.627 billion. Despite this business increase, the company has not yet managed to translate these revenues into profits, recording individual net losses of €119 million. The president of the State Industrial Participation Company (Sepi), Belén Gualda, indicated that the "short term" for achieving economic balance will still require several quarters, estimating it will occur in 2027.
Contract orders quadrupled compared to 2024, driven by national defense contracts and consolidation in international markets. This raised the order backlog to €12.826 billion, an increase of €4.663 billion from the previous year, ensuring medium-term workload across all its centers. Revenue is projected to reach approximately €3 billion by 2027, enabling financial equilibrium. Both Sepi and the Government have highlighted Navantia's strategic role in supplying advanced technology naval platforms and systems to the Navy.
Defense contracts account for approximately 88% of the order backlog. Projects under execution include the F-110 frigates in Ferrol, the S-80 submarines in Cartagena, and an Underwater Intervention Maritime Action Ship (BAM IS) in Puerto Real for the Spanish Navy. Additionally, contracts include the FSS for the Royal Navy (involving the Puerto Real shipyard and Navantia UK), the second batch of corvettes for Saudi Arabia in San Fernando, and an offshore patrol vessel for Morocco in La Carraca, pending delivery. Maintenance contracts for the Navy and the US Navy are also being managed.
The consolidated revenue in 2025 reached €1.978 billion, a 30% increase from the previous year, thanks to these projects and the activities of Navantia Seanergies in Repairs and renewable energies. Initial phases of programs such as BAM 7 and 8 in the Bay of Cádiz, a Combat Support Ship (BAM) in Ferrol, and two coastal hydrographic vessels for the Cádiz shipyards are now commencing.
As an individual company, Navantia recorded a turnover of €1.728.5 billion, 23% more than in 2024. Net losses stood at -€119 million, a 9.6% improvement from the previous year's €131.9 million after accounting changes. Profitability is expected to be achieved in 2027.
Including all subsidiaries, the consolidated result was a negative €150 million, higher than the €121.8 million of the previous fiscal year, mainly attributed to the United Kingdom subsidiary following the acquisition of Harland & Wolff in January 2025. Sepi highlighted an investment of €306 million for the acquisition of British assets, the development of the digital block factory in Ferrol, and the new flat panel line in Puerto Real.
Navantia closed 2025 with a workforce of 6,761 people, 5,113 in the individual company, generating a significant economic and social impact. Its activity supported 29,435 direct, indirect, and induced jobs, contributing €1.850 billion to the national Gross Domestic Product (GDP). It represents 1.03% of the national industrial GDP and 1.29% of industrial employment, with a particular impact in A Coruña (€744 million GDP), Cádiz (€648 million), and Cartagena (€459 million).
"The 2025 fiscal year thus confirms the solidity of the group's main indicators, with strong growth in contracting, a high order backlog, increased activity, and progressive improvement in operational execution, laying the groundwork for favorable results evolution in the coming years," concludes Navantia.
