› Strong double-digit organic growth in New Construction (51% of divisional revenue), driven by global operating fleet renewal and faster deliveries as capacity expanded rapidly across several shipyards. As of March 31, 2026, the Company secured 3.4 million gross tons of new orders, increasing the backlog to 33.6 million gross tons — a growth of 24.4% compared to the previous year.
› Low-single-digit growth organically in Core In-service activity (39% of divisional revenue), against challenging comparables and due to the phasing of yearly inspections. As of March 31^st, 2026, the fleet classed by Bureau Veritas consisted of 12,436 ships, reflecting a year-on-year increase of 2.4%. The total Gross Register Tonnage (GRT) reached 165.5 million, up +6.9% compared to March 31^st, 2025, largely attributable to significant tonnage won from a Korean shipping company.
› A decline in Services (10% of divisional revenue, including Offshore), mainly due to the ongoing reduction of non-core advisory services, a change expected to have a positive impact on the business in the coming quarters.