Informazione Regolamentata n. 1771-8-2025	Data/Ora Inizio Diffusione 13 Marzo 2025 16:41:01
Societa'	:	AVIO SPA

Identificativo Informazione Regolamentata	:	202353
Utenza - Referente	:	AVION05 - Agosti
Tipologia	:	1.1; 3.1
Data/Ora Ricezione	:	13 Marzo 2025 16:41:01
Data/Ora Inizio Diffusione	:	13 Marzo 2025 16:41:01
Oggetto	:	Avio FY2024 Results
Testo del comunicato

Vedi allegato

FY 2024 RESULTS

ORDER BACKLOG AND REVENUES ABOVE GUIDANCE VEGA C BACK TO ORBIT, SUBSTANTIAL GROWTH IN DEFENSE BUSINESS

Highlights

Backlog and revenues above Guidance
Success for Vega last flight, Vega C back to orbit with Sentinel-1C
ESA decisions: authorization for Avio to conduct Vega C commercial operations, new contracts for Vega E development and to increase Vega C cadence up to six launches per year
Ariane 6 maiden flight and 1st commercial flight successfully completed
Substantial growth of defense business: contracts in USA with Raytheon and U.S. Army and in Europe with MBDA Italia
Proposal to Shareholders' meeting of a dividend distribution in 2025 for EUR 3.75 million (Euro 0.14841 per share)

Economic and financial results

Order backlog: EUR 1.724 million (+26.9% vs. December 2023)
Net Revenues: EUR 441.6 millions (+30.3% vs. December 2023)
EBITDA Reported: EUR 25.8 million (+25.9% vs. December 2023)
EBITDA Adjusted: EUR 31.3 million (+11.6% vs. December 2023)
EBIT Reported: EUR 8.4 million (+60.4% vs. December 2023)
EBIT Adjusted: EUR 13.8 million (+8.6% vs. December 2023)
Net Income: EUR 6.4 million (-3.6% vs. December 2023)
Net Cash Position: EUR 90.1 million (+14.0 million vs. December 2023)

Guidance2025

Order backlog: EUR 1.700 1.800 million
Net Revenues: EUR 450 480 million
EBITDA Reported: EUR 27 – 33 million
Net Income: EUR 7 10 million

Rome, March 13th 2025 – The Board of Directors of Avio S.p.A. today reviewed and approved the consolidated results of the Company as of December 31 st, 2024.

Avio, leading aerospace company listed on the STAR segment of the Italian Stock Exchange, reports for 2024 an order backlog above Guidance targets equal to EUR 1,724 million, scoring a +27% compared to December 2023. Orders reached a record amount above EUR 800 million, mainly thanks to new contracts for completion of Vega E development and for defense propulsion.

Net revenues of EUR 442 million are above Guidance targets, marking a 30% growth compared to December 2023 thanks to the increase of Vega development activities, as well as those related to defense propulsion and technology development projects (Next Gen EU).

EBITDA Adjusted of EUR 31.3 million, excluding non-recurring costs, in line with Guidance targets and increasing by 11.6% compared to December 2023, is driven by revenues contribution trend and lower energy costs.

EBITDA Reported of EUR 25.8 million, is also in line with Guidance targets with a 25.9% increase compared to 2023. EBITDA reported also reflects lower non-recurring costs equal to EUR 5.5 million (EUR 7.5 million in 2023), mainly for Vega C return to flight.

EBIT Reported and EBIT Adjusted, respectively equal to EUR 8.4 and 13.8 million in 2024, improve if compared to EUR 5.2 and 12.7 million of 2023, reflect the same improvement patterns of EBITDA, net of the depreciations, which in turn raise mainly for increase of Vega C cadence and investment in Information Technology to enhance the production process.

Net Income of EUR 6.4 million is in line with 2023 figures.

Net Cash Position equals to EUR 90.1 million, increasing by 14 million compared to December 2023.

The year 2024 marked an important turning point in Avio's activities, both in the space sector and in the defense business development.

On September 5, 2024 after 12 years of service, 22 launches and more than 120 satellites deployed into space, the Vega launcher performed its last flight successfully launching the Sentinel-2C earth observation satellite, a dedicated mission for the European Commission Copernicus Program. Vega legacy was taken up by its successor, the Vega C, which on December 6 successfully launched satellite Sentinel-1C. Vega C is capable to deliver up to 2,350 kilograms in sun-synchronous orbit, delivering its payloads on three different orbits on the same mission, instead of the two previously possible with Vega thanks to the AVUM+ engine that allows for seven re-ignitions.

2024 has been marked by important discussions related to the governance at European level related to space launchers, following from the Resolution adopted by ESA Council in Seville on November 6, 2023, which sets the stage for Vega launcher to be commercialized by Avio. In particular, the Resolution adopted on July 5, 2024 transferred to Avio the responsibilities to conduct Vega C commercial operations: following such resolution, on December 18, 2024 Avio signed with ESA a frame contract

for the procurement of launch services for the benefit of future agency's missions and a first Work Order for the launch of the FORUM Earth observation mission (short for short for Far-infrared Outgoing Radiation Understanding and Monitoring) which will be launched by Avio as launch service provider on board a Vega C in 2027. In this context, on January 28, 2025 Avio signed a trilateral agreement with Arianespace and the European Commission for the transfer of the Copernicus Framework Contract on Vega C from Arianespace to Avio. At the same time, Avio has signed an amendment to add one additional Copernicus satellite launch to the Framework Contract in replacement of the Sentinel-1D, which will be launched by Ariane 6.

In the last part of the year, two contracts were also signed with ESA for a total value of around EUR 350 million, related to the development of the new Vega E launcher and to the upgrade to the Vega C ground system to increase the launch cadence. In particular, the first contract will allow for further development of Vega C's next iteration, Vega E, up to the on-ground qualification stage of the new launch system. The contract covers all aspects of the launch system such as rocket assembly, launch pad building, fuelling, launch pad systems and logistics followed by integrated and combined tests of the complete Vega E launch system. Vega E will fly in three stages instead of four from a new launch pad to be built on the former Ariane 5 launch complex. Vega E will have a liquid-fuelled methane-liquid oxygen upper stage replacing both Zefiro 9 and AVUM. The new configuration of the launcher will allow an increased payload performance capability up to 3 tons with respect to the current 2.3-ton payload performance of Vega C. The second contract relates Vega C and will enhance ground operations to increase the number of flights per year up to six launches per year and shorten the time between two consecutive launches. An integration building will be made for the Vega C launcher at Europe's Spaceport in French Guiana, which will allow technicians to work on two rockets being assembled simultaneously – one on the launch pad and one in the new assembly building – and run two launch campaigns in parallel.

Following its successful maiden flight on July 9, 2024, Ariane 6 successfully completed its first commercial flight on March 6, 2025. Avio contributes to the program providing the solid rocket boosters P120C and the liquid oxygen turbopumps for the core stage Vulcain 2.1 engine and the upper stage Vinci engine. In the future Avio will continue to provide P120C boosters, which will be used in a two or four boosters configuration, depending on the payload to be transported in orbit. Avio is already working on a more powerful version of the booster, called P160, which will increase the thrust of the launcher and its payload capacity, to accomplish the missions for the Amazon Kuiper satellite constellation among the other things. The P160 will be the world largest carbon fiber monolithic motor and will also be equipped on Vega C.

2024 saw continued international growth in defense demand, with a corresponding increase in the company's orders to EUR 259 million, more than doubled vs. 2023. In such a scenario, following the establishment of Avio USA, on July 23, 2024 the Company announced two important new contracts. The first one with Raytheon, leader in defense solutions for the U.S. Government and Allied Demand, to initiate and progress the development of critical solid rocket motors for defense applications; the second one with U.S. Army Combat Capabilities Development Command Aviation & Missile Center for the development and fast-prototyping of a solid rocket motor for surface-to-air applications. Together with the development, both contracts pave the way for a future transition to production. The development of the defense business also progressed at European level, with an increase in orders from current customers for existing products (i.e. Aster / CAMM-ER): among the most significant orders closed at year-end, is worth

mentioning the contract signed between Avio and MBDA Italia for the supply by Avio of rocket motors for CAMM-ER missiles manufactured by MBDA and amounting close to EUR 150 million.

The Board of Directors also approved the Guidance for 2025 results, as follows:

Order backlog: EUR 1,700 – 1,800 million Net Revenues: EUR 450 – 480 million EBITDA Reported: EUR 27 – 33 million Net Income: EUR 7 – 10 million

In order to allow for greater flexibility in the remuneration of its shareholders, the Board of Directors also approved a change to the dividend policy and, due to the results achieved, also resolved to propose to the Shareholders' Meeting scheduled for 30 April 2025, the distribution of a dividend of EUR 3.75 million (EUR 0.14841 per share).

The Board of Directors also proposed that the dividends are paid out starting from May 7 th , 2025, with coupon date on May 5 th, 2025 and record date on May 6 th , 2025 in accordance with Article 83-terdecies of the CFA.

As of March 13, 2025, Avio holds 1,091,207 own shares, equivalent to 4.14% of the share capital of the Company.

Giulio Ranzo, Chief Executive Officer of Avio, commented: "2024 marked the success of the last flight of Vega and of VV25 mission of Vega C. The important agreements made at European level during the year will permit an increase of the launch cadence of Vega C in the future and to continue the development of Vega E launcher. We are proud to be able to contribute to Europe's independent access to space". Ranzo added: "Avio is also ready to meet the growing demand for propulsion systems in the defense sector, leveraging on its track record and seizing new opportunities in Europe and US".

FY2024 results presentation will be made available in the "Investors" section of www.avio.com and presented during the call with financial analysts and investors scheduled for Thursday March 13, 2025 at 5.30 PM CET. 2024 Financial Report will be made available in accordance with the Law.

Other motions

▪ Shareholders' meeting Call

The Board of Directors of Avio S.p.A. has called the Shareholders' meeting for April 30, 2025. The related call notice shall be published on the "Investors" section of the company website and on "eMarket STORAGE" storage mechanism (), where also the report to the shareholders' meeting on the items of the agenda shall also be made available in accordance with the Law.

Other information

▪ Fulfilment of the exercise condition of Sponsor Warrants

Pursuant to art. 7.1 of the regulation of "Sponsor Warrant Space2 S.p.A." (the "Regulation"), Avio S.p.A. informs that the condition for the exercise of the Warrants, as per art. 3.1 of the Regulation, has been fulfilled. For the terms and conditions of exercise, please refer to the documentation available in the Investors section of the Company's website.

▪ Avio achieves Gender Equality Certification

Avio obtained the gender equality certification, issued by RINA in compliance with UNI/PdR125:2022, a significant achievement which highlights the commitment undertaken over the years in promoting equal opportunities and the development of a fairer and more inclusive work environment, in view of the sustainability strategy adopted by the Company. In order to guarantee a structured and integrated approach, Avio set up a Steering Committee, chaired by Roberto Italia - Chairman of the Board of Directors, and also composed of the other members of the Sustainability Committee, Marcella Logli and Elena Pisonero, with the aim of implementing the strategic and sustainability plan in a working environment in which each person can fully exploit their skills and capabilities.

▪ Resignation of a Director

The Company announces that the Board of Directors acknowledged that Mr. Luigi Pasquali - appointed by the Shareholders' Meeting of 28 April 2023 with a three-year mandate on the basis of the list presented by the outgoing Board of Directors - has resigned for personal reasons with effect at the termination of the Shareholders' Meeting called to approve the Company's financial statements as of 31 December 2024. The Company's Board of Directors will, as soon as possible, take the necessary steps to replace the resigning Director in compliance with the recommendations provided for by the Corporate Governance Code, to which Avio adheres, and applicable regulations. The Board of Directors would like to thank Mr. Pasquali for his commitment, quality and professional contribution as a member of the Company's Board of Directors. It should be noted that as of today, on the basis of the information available to the Company, Mr. Pasquali does not hold shares in the Company's capital and is not entitled to indemnities or other benefits following the termination of his office.

* * *

The Board of Directors of Avio S.p.A. has approved the 2024 Financial Report integrated with the 2024 Sustainability report, in line with the requirements under Legislative Decree 125/2024.

The Executive Officer for Financial Reporting, Alessandro Agosti, hereby declares in accordance with the provisions of Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information included in this press release corresponds to the underlying accounting documents, records and entries.

* * *

Avio is a leading international group engaged in the construction and development of space launchers and solid, liquid and cryogenic propulsion systems. The experience and know-how built up over more than 50 years puts Avio at the cutting-edge of the space launcher sector and defense program. Avio is present in Italy, France, United States and France Guyana with 5 facilities, employing approx. 1,400 highly qualified personnel, of which approx. 30% involved in research and development. Avio is the prime contractor for the Vega program and a sub-contractor for the Ariane program, both financed by the European Space Agency (ESA) placing Italy among the limited number of countries capable of producing a complete spacecraft.

For further information

Investor Relations contacts [email protected] [email protected]

Media Relations contacts [email protected]

CONSOLIDATED BALANCE SHEET	Note	December 31, 2024	December 31, 2023
(in Euro)
ASSETS
Total non-current assets
Property, plant and equipment	3.1	173,287,980	155,866,000
Right-of-use		11,693,104	8,513,118
of which related parties -	3.2	701,420	838,655
Investment property	3.3	3,886,603	3,784,642
Intangible assets with definite life	3.4	128,756,958	126,222,348
Goodwill	3.5	62,829,038	62,829,038
Investments	3.6	17,416,277	17,582,073
Non-current financial assets	3.7	2,010,172	2,010,172
of which related parties -		2,010,172	2,010,172
Deferred tax assets	3.8	87,547,395	81,200,112
Other non-current assets	3.9	7,941,714	67,599,761
Total non-current assets		495,369,241	525,607,264
Current assets
Inventories and Advances to Suppliers		314,100,878	284,427,153
of which related parties -	3.10	52,340,831	66,495,501
Contract work-in-progress		154,980,725	123,472,715
of which related parties -	3.11	25,119,162	16,561,817
Trade receivables		3,073,893	2,943,798
of which related parties -	3.12	1,549,828	1,287,722
Cash and cash equivalents	3.13	101,684,489	95,593,462
Tax receivables	3.14	18,877,868	16,023,877
Other current assets		4,293,069	7,036,837
of which related parties -	3.15	5,208	31,088
Total current assets		597,010,923	529,497,842
TOTAL ASSETS		1,092,380,164	1,055,105,106

CONSOLIDATED BALANCE SHEET

	1,092,380,164	1,055,105,106

		744,752,387
	728,078,170	627,667,368
	105,425	124,617
	32,105,282	28,973,331
3.30	3,359,493	2,512,648
	98,485,533	79,136,521
	555,600,888	452,830,019
	5,818,149	5,291,293
		113,159,259
3.24		18,401,797
3.28		10,018,000
3.27		134,937
		1,746,805
3.26		0
		25,509

	51,441,871	117,085,019
3.25	15,852,150	75,062,281
3.24	19,519,522	25,435,752
3.23	9,493,098	8,915,891
	557,361	697,780
		5,619,845
		2,051,250

		310,352,719
3.20	10,033,935	9,736,010

		300,616,709
		6,487,372
		14,643,773 57,600,667
		130,920,685

3.16	90,964,212	90,964,212
	3.17 3.18 3.21 3.22 3.29 3.11 3.31	130,920,685 16,827,362 58,026,804 6,087,126 302,826,189 312,860,124 30,158 6,546,943 21,091 0 2,992,583 115,554 2,003,000 22,782,909 109,212,922 779,520,041

CONSOLIDATED INCOME STATEMENT		FY 2024	FY 2023
(in Euro)
Revenues	3.32	480,420,410	343,696,288
of which related parties -		125,481,772	106,331,409
Change in inventory of finished products, in progress
and semi-finished		2,556,023	13,010,962
Other operating income	3.33	8,853,698	8,689,402
of which related parties -		395,271	429,056
Consumption of raw materials	3.34	(146,433,178)	(113,434,271)
Services	3.35	(210,054,540)	(141,335,412)
of which related parties -		(64,913,085)	(37,400,575)
Personnel expense	3.36	(110,119,535)	(93,967,863)
Amortisation & depreciation	3.37	(17,436,068)	(15,283,386)
Other operating costs	3.38	(5,418,621)	(4,724,851)
Effect valuation of investments under equity method - operating income/(charges)	3.39	(165,796)	(527,987)
Costs capitalised for internal works	3.40	6,180,704	9,105,108
EBIT		8,383,098	5,227,990

Financial income	3.41	726,398	2,930,433
of which related parties -		-	-
Financial charges	3.42	(2,345,994)	(1,517,375)
of which related parties -		(9,581)	(308,738)
NET FINANCIAL INCOME/(CHARGES)		(1,619,597)	1,413,058
Other investment income/(charges)		-	-
INVESTMENT INCOME/(CHARGES)		-	-
PROFIT BEFORE TAXES		6,763,501	6,641,048
Income taxes	3.43	(378,137)	(17,020)
NET PROFIT		6,385,184	6,624,028

-- of which: Owners of the parent		6,087,126	6,487,372
Non-controlling interests		298,058	136,656

Basic earnings/(losses) per share	3.44	0.24	0.26
Diluted earnings/(losses) per share	3.44	0.23	0.25

CONSOLIDATED CASH FLOW STATEMENT

(Euro thousands)

		2024	2023
OPERATING ACTIVITIES
Net profit for the year		6,385	6,624
Adjustments for:
- Income taxes		378	17
- (Income)/charges from measurement at equity of investment in Europropulsion S.A.		166	528
- Financial (Income)/Charges
- Amortisation & Depreciation Net change provisions for risks and charges		17,436 (1,535)	15,283 (9,542)
Net change employee provisions		554	(705)
Changes in:
- Inventories and Advances to suppliers		(29,674)	(81,854)
of which related parties -		(14,155)	(16,667)
- Contract work-in-progress & advances from clients		71,263	88,096
of which related parties -		10,792	15,540
- Trade receivables		(130)	782
of which related parties -		(262)	832
- Trade payables		(3,946)	23,334
of which related parties -		527	(12,296)
- Other current & non-current assets		(5,019)	(2,064)
of which related parties -		26	(29)
- Other current & non-current liabilities		4,816	2,177
of which related parties -		(19)	(194)
Income taxes paid Interest paid		- (431)	(51) (143)
Net liquidity generated/(employed) in operating activities	(A)	60,262	42,482
INVESTING ACTIVITIES
Investments in:
- Tangible assets and investment property		(23,144)	(23,242)
- Intangible assets with definite life		(12,017)	(13,103)
- Equity Investments		-	(2,505)
Disposal price of tangible, intangible & financial assets		-	-
Liquidity generated (employed) in investing activities	(B)	(35,161)	(38,850)
FINANCING ACTIVITIES
EIB loan		(10,000)	(10,000)
Centralised treasury effect with Europropulsion S.A. joint control company		-	(27,769)
of which related parties -		-	(27,769)
Dividends paid by the parent Avio S.p.A.		(6,000)
Dividends attributable to minorities of subsidiaries		-	-
Acquisition of treasury shares		-	-
Other changes to financial assets and liabilities of which related parties -		(3,011) (23)	(1,672) (19)
Liquidity generated (employed) in financing activities	(C)	(19,011)	(39,441)
INCREASE/(DECREASE) IN NET CASH AND CASH EQUIVALENTS	(A)+(B)+(C)	6,091	(35,809)
NET CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		95,593	131,403
NET CASH AND CASH EQUIVALENTS AT END OF YEAR		101,684	95,593

RECLASSIFIED STATEMENTS GROUP OPERATING PERFORMANCE AND FINANCIAL AND EQUITY POSITION

Operating Results

The table below presents the Group operating performance for 2024 and 2023 (in Euro thousands):

	FY 2024	FY 2023	Change

Revenues	480,420	343,696	136,724
of which: Pass-through revenues	38,868	5,000	33,868
Revenues, net of pass-through revenues	441,552	338,696	102,856
Other operating revenues and changes in inventory of finished products, in progress and semi-finished	11,410	21,700	(10,291)
Costs for goods and services, personnel, other operating costs, net of capitalised costs & pass-through	(426,977)	(339,357)	(87,620)
Effect valuation of investments under equity method - operating income/(charges)	(166)	(528)	362
EBITDA	25,819	20,511	5,308
Amortisation, depreciation and write-downs	(17,436)	(15,283)	(2,153)
EBIT	8,383	5,228	3,155
Interest and other financial income (charges)	(1,620)	1,413	(3,033)
Net financial income/(charges)	(1,620)	1,413	(3,033)
Investment income/(charges)	-	-	-
Profit before tax	6,764	6,641	122
Current and deferred taxes	(378)	(17)	(361)
Net profit for the year	6,385	6,624	(239)

Balance Sheet

The Group balance sheet is broken down in the following table (in Euro thousands):

	December 31, 2024	December 31, 2023	Change
Tangible assets and investment property	177,175	159,651	17,524
Right-of-use	11,693	8,513	3,180
Goodwill	62,829	62,829	-
Intangible assets with definite life	128,757	126,222	2,535
Investments	17,416	17,582	(166)
Total fixed assets	397,870	374,797	23,073
Net working capital	(204,952)	(163,571)	(41,381)
Other non-current assets	7,942	67,600	(59,658)
Other non-current liabilities	(15,852)	(75,062)	59,210
Net deferred tax assets	87,547	81,200	6,347
Provisions for risks & charges	(42,302)	(43,838)	1,535
Employee benefits	(9,493)	(8,916)	(577)
Net Capital Employed	220,759	232,210	(11,451)
Non-current financial assets	2,010	2,010	-
Net capital employed & Non-current financial assets	222,769	234,221	(11,451)
Net financial position	90,091	76,132	13,959
Equity	(312,860)	(310,353)	(2,507)
Source of funds	(222,769)	(234,221)	11,451

Analysis of the net cash position

A statement follows of the Avio Group's financial position, prepared in accordance with the ESMA Guidelines of March 4, 2021 and the subsequent attention call No. 5/21 issued by Consob in April 2021 (figures in Euro/000):

		December 31, 2024	December 31, 2023	Change

A	Cash and cash equivalents	(101,684)	(95,593)	(6,091)
B	Other liquidity	-	-	-
C	Other current financial assets	-	-	-
D	Liquidity (A+B+C)	(101,684)	(95,593)	(6,091)

E	Current financial debt (including debt instruments but excluding the current portion of non-current financial debt)	3,014	1,772	1,241
F	Current portion of non-current debt	2,003	10,018	(8,015)
G	Current financial debt (E+F)	5,017	11,790	(6,774)
H	Net current financial debt (G-D)	(96,668)	(83,803)	(12,865)
I	Non-current financial debt (excluding current portion and debt instruments)	6,577	7,671	(1,094)
J	Debt instruments	-	-	-
K	Trade payables and other non-current payables	-	-	-
L	Non-current financial debt (I + J + K)	6,577	7,671	(1,094)
M	Total financial debt (H + L)	(90,091)	(76,132)	(13,959)

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