Navantia and Fincantieri make progress towards EPC outlining the priorities of their joint venture
Navantia and Fincantieri have signed, during Euronaval, a Heads of Agreement establishing an incorporated joint venture for the respective national European Patrol Corvette (EPC) programmes and related export opportunities.
The signing represents a further step in the cooperation between the Spanish and Italian shipbuilders following the Memorandum of Understanding signed on 13 February 2026. The Heads of Agreement records the principal understandings reached by the parties and provides a framework to guide the negotiation of the definitive joint venture documentation.
The joint venture will be at the heart of the EPC programme, taking overall responsibility for its development and acting as the contracting entity for the related contracts. It will bring together the key industrial and commercial activities required to deliver the programmes, ranging from the coordination of functional design engineering activities and the procurement of common ship elements to co-production models, lifecycle support and export opportunities, while promoting greater commonality across the vessels’ platform.
Navantia and Fincantieri will each hold a 50% stake in the joint venture. The new company is intended to operate as a fully functioning business with sufficient resources to carry out its activities, rather than as a mere coordination office. Navantia and Fincantieri also intend to welcome additional European partners to the joint venture, such as Naval Group, which is considering joining, bringing its respective national EPC shipbuilding programmes within its scope.
This agreement reflects the two companies’ shared ambition to further strengthen industrial cooperation around the European Patrol Corvette and to establish a solid framework for the programme’s future development and commercial opportunities.
The EPC programme is a flagship European naval initiative aimed at strengthening cooperation among European navies, Member States and industry. Through the joint venture, Navantia and Fincantieri seek to contribute to greater product commonality, industrial efficiency, interoperability and competitiveness in the European defence naval sector, while supporting Europe’s ambition to reinforce its naval industrial base.
Commenting on the signing of the Heads of Agreement, Ricardo Domínguez García-Baquero, chairman and CEO of Navantia, said:
“This step towards a joint venture that will contribute to the progress of the EPC programme reflects our shared ambition to build stronger, more integrated European naval and defence industrial capabilities. By joining forces with Fincantieri, we are building a practical and ambitious model of European cooperation that will deliver greater value for our navies and industries, while also reinforcing Europe’s strategic autonomy and defence.”
Pierroberto Folgiero, Chief Executive Officer (CEO) of Fincantieri, said:
“The EPC programme represents a strategic opportunity to turn European cooperation into greater industrial scale and global competitiveness. Through this joint venture, Fincantieri and Navantia are establishing a common industrial platform that can serve national programmes, foster greater integration across the European naval industry and strengthen our ability to address international markets. We believe this model can make a concrete contribution to a stronger, less fragmented and more competitive European naval industrial base.”
The joint venture will strengthen the long-term cooperation between Navantia and Fincantieri and provide a common framework to support the European Patrol Corvette programme, future shipbuilding opportunities and the competitiveness of Europe’s naval industrial base.
About Fincantieri
Fincantieri is one of the world’s largest shipbuilding groups, the only player active in all high-complexity marine industry sectors. The Group is a leader in the construction of cruise ships, naval and offshore vessels, and stands out for its extensive experience in the development of underwater solutions, thanks to its integrated industrial structure capable of managing and coordinating all activities related to the commercial, defence, and dual-use sectors. It holds a strong presence in key markets, also thanks to the internalisation of high value-added, distinctive technologies; it is also a leader in sustainable innovation and in the digital transformation of the shipbuilding sector. The company is active in the field of mechatronics, electronics, and digital naval systems, as well as in cybersecurity, artificial intelligence, and marine interiors solutions. It also offers a wide range of after-sales services, including logistics support and fleet assistance.
With over 230 years of history and more than 7,000 ships built, Fincantieri is a global player with a production network of 18 shipyards worldwide and over 24,000 employees; It maintains its know-how, expertise and management centres in Italy, where it directly employs approximately 13,000 workers and creates around 90,000 indirect jobs.
About Navantia
With a history of more than 300 years linked to the construction of ships for the Spanish Navy, Navantia is a state-owned and strategic technology company for the defence of Spain. Its areas of specialisation range from shipbuilding (surface and submarine) to the design and integration of systems with a high technological content, life cycle support, and high value-added services. Additionally, with its brand Navantia Seanergies, it is a global supplier for the development of offshore wind energy and other green energies such as hydrogen. Navantia employs 7,000 people directly in Spain, the UK, Saudi Arabia and Australia.
Committed to building a safe and sustainable future through technological excellence and industrial collaboration, Navantia has contracts with Governments and companies around the world and ties with universities and technological and academic centres. It contributes to sustainability and innovation through its daily commitment to people and the planet, with responsible practices from the point of view of labour, the environment and economic and technological development that are viable regionally, nationally and internationally. It is owned 100% by the Sociedad Española de Participaciones Industriales (SEPI), attached to the Ministry of Finance and Public Function of Spain.
