The signing represents a further step in the cooperation between the Spanish and Italian shipbuilders following the Memorandum of Understanding signed on February 13, 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 program, 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 programs, 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 percent 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 programs 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 program’s future development and commercial opportunities.
The EPC program 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 defense 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 program reflects our shared ambition to build stronger, more integrated European naval and defense 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 defense.”
Pierroberto Folgiero, Chief Executive Officer (CEO) of Fincantieri, said: “The EPC program 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 programs, 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 program, future shipbuilding opportunities, and the competitiveness of Europe’s naval industrial base.
