The State injects 598 million euros into Navantia's coffers despite its record order book

The State allocated 598 million euros to Navantia during 2025 through three participative loans granted by the State Society of Industrial Participations (SEPI), according to the newspaper ABC. With this funding, the accumulated debt of the shipyard with its sole shareholder rises to 2.219 billion euros.

The loans were granted in three operations: 159 million euros in June, 186 million in July, and 253 million in December. This type of financing allows for the strengthening of Navantia's own resources and counts as net equity in its accounts.

The injection of funds comes despite Navantia continuing to record losses. In 2025, it lost 149 million euros, 23% more than the 121 million euros from the previous year. Part of this result is explained by the impact of its international subsidiaries, especially Harland & Wolff, the Belfast shipyard integrated into the group, whose recovery has required significant investments.

Navantia expects to return to profits in 2027, with revenue close to 3 billion euros. Its order book closed 2025 with a record of 12.826 billion euros, compared to 8.163 billion in 2024. Among its most notable programs is the construction of the F-110 frigates, the S-80 submarines, and the new corvettes for Saudi Arabia.

Photo: Navantia