Italian shipbuilder Fincantieri said on Wednesday it is "well on track" to deliver the goals set out in its business plan for 2023-27, after reporting a 60% yearly increase in nine-month core earnings.

The industrial group said its core earnings (EBITDA) came in at 276 million euros ($300 million) in the January-September period, versus 172 million euros last year.

Its EBITDA margin also increased in the reporting period to 5.1% from 3.2% a year before.

Fincantieri confirmed its expectations for 2023 revenues being substantially in-line with 2022 levels, with a marginality of about 5%.

"The underwater domain is becoming increasingly important due to the presence of critical infrastructure, resources and assets", the firm said in a statement.

In October, it signed a memorandum of understanding with Italian defense firm Leonardo to produce underwater defense systems, including drones.

($1 = 0.9199 euros)

(Reporting by Alessandro Parodi; Editing by Varun H K)