Financials​ 

executive chairman

This past year, RINA has not only met but exceeded expectations, achieving a remarkable feat where our Earnings Before Interest Tax Depreciation Amortization (EBITDA) surpassed €100 million. Revenues reached €797 million and our profitability has seen a substantial improvement, leading to a particularly gratifying fiscal year. In 2023, RINA has welcomed new minority shareholders and solidified its financial standing, enabling us to pursue new growth avenues, including potential mergers and acquisitions, with significant financial backing.

Larger Contracts and Enhanced Market Position

Our contracts have increased in size, which reflects positively on our financial stability and reduces the complexity of managing numerous small-scale contracts. This strategic shift has led to a meaningful simplification of our activities and has positioned us for substantial contracts of larger magnitude. We have integrated Patrick Engineering in the USA (now RINA North America), which has led to it securing the most substantial contract in their history. This acquisition and subsequent contract win have significantly boosted RINA's position in the US market. We are seeing RINA North America on important contracts and the reputation of the company and quality of the personnel there are both very good.
As for our vertical markets, there has been uniform growth across the board, with Marine and Energy sectors being particularly notable. Our commitment to decarbonization has also been reinforced with significant contracts, elevating RINA's profile as a leader in sustainable energy solutions.

Tech-driven growth and decarbonisation

We are continuing to strengthen our base in Greece for the marine industry, and our facilities there offer advanced services and training, along with a lot of new tools and capabilities. When I joined RINA, our Greek fleet was a little over one million GT, it is now around 21 million GT. In broader terms, our Marine business is actively developing projects and bringing together technologies that can be applied to production or propulsion. These are linked both to new vessels and capitalization of existing vessels, with new systems and technology that can be employed to reduce current carbon emissions. We have a long tradition in the marine industry, but our experience in other industries is a huge benefit as we can identify technologies that can be transferred to support this vital industry and its efforts to decarbonise. 

The Hydra project is a very important project for us. We are building the plant, which will be a small steel mill, and employ an electric arc furnace to test processes for decarbonisation of the steel industry. It is a project funded by the European Commission’s NextGenerationEU plan and backed by the Italian Ministry of Enterprises and Made in Italy and when complete, the plant will utilise hydrogen in every stage of the steel production cycle. It is a high investment but an important one as it will be the first independent plant of this type, providing a permanent international research and development platform open to all stakeholders in the steel and energy industries. The plant will be built near Castel Romano (Rome), and serve as a centre for competencies where ideas, views, and knowledge can be exchanged. Such cross-fertilisation can only foster innovation and help with global efforts to decarbonise.

The success of the 
RINA business 

means one of our greatest challenges is to attract and retain talent. People are at the heart of our business and our focus on human capital is great, making us one of the most advanced companies in Italy in this area. This links closely to our focus on ESG, diversity and inclusion, where, again, we have a leading position in the market.

Looking ahead, we anticipate growth opportunities both geographically, especially in the U.S. with the doubling of our presence there, and in service areas such as infrastructure and decarbonization. We are in a strong position to support the much needed investments planned by U.S. Government in infrastructure from our RINA North America base. But we also have the possibility to grow our Energy business in the U.S., where we see rapid progress in the energy transition. With our knowledge and experience in the oil&gas, renewable energy, decarbonisation, and technologies such as carbon capture, we can develop our activities, transfer competencies, and support the U.S. in meeting its decarbonisation goals.

In terms of innovation, RINA has been at the forefront, especially in leveraging artificial intelligence and technology partnerships, including with Microsoft, which has allowed us to streamline processes and increase efficiency across various operations, including human resources and maritime services. The potential in underwater technology also represents a new frontier for RINA, from cables for data and energy transfer to the exploration and harnessing of underwater resources like hydrogen.   

A global company

Conclusion

The vision for 2023 has been one of growth and new horizons. We've laid a strong foundation for the future with improved financials, strategic shareholder changes, and a new CEO at the helm. The challenge now is to match the rapid pace of potential growth, leveraging our significant capabilities to seize the abundant opportunities ahead. We are very optimistic about succeeding as at the root of our growth there’s the competence, dedication and integrity of our people.  

In conclusion, 2023 has been a transformative year for RINA, marked by significant growth, strategic achievements, and a steadfast commitment to innovation and sustainability. As we look to the future, our focus remains on maintaining this momentum, driving forward with the same energy and dedication that have brought us to where we are today.