Avio

Investor Presentation • Sep 30, 2025

Avio: The Next Growth Chapter

SEPTEMBER 2025

Disclaimer

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Who we are

Joined Avio in 2011CEO since 2015

Giulio Ranzo

CEO and General Manager, Avio

Joined Avio in 2024

Marco De Luca

Chief Strategy Officer, Avio

VADM (Ret.) James Syring

CEO, Avio USA Former Director MDA

Nevio Quattrin Joined Avio in 2024

Head of Investor Relations, Avio

4

4

Unique opportunity in the next space & defense super-cycle: Avio positioned where demand far exceeds current supply

Industry leading player in EU and US space launch and defense propulsion

Long-term relationships with sovereign and blue-chip customers

US Govt Armed Forces

60+ years of experience, proprietary technology and proven manufacturing

Addressing the evolving needs of US and EU space & defense systems

Avio today: focused on space launch & defense propulsion growth

>500

~7x Growth

SRMs

State-of-the-art technologies in space launch & defense propulsion

Orbital propulsion

< 10 years of experience Orbital transfers Re-entry into atmosphere

Cryogenic propulsion

10 years of experience Innovative LOX-CH technology Advanced upper stage propulsion

60 years of experience SRMs for tactical/strategic applications 0-160 tons of propellant

0 – 80 Km 80 – 300 Km >400 Km ⁶

6

Altitude

DRAFT

Sources: ESA, CNES, Arianespace, French Government, MBDA website

Space launch: rapidly growing demand to orbit new spacecraft 1

Global Launch Market (payload tons / year)

EU launchers focus

Defense: new growth prospects via entry into US market 2

US & EU Missile Propulsion SRM Market (propellant k tons / year)

Note: European market excluding non-addressable

Sources: BCG analysis on Janes Database, DoD budget FY2025 Weapons, public information

Becoming a key supplier in heavy supply & demand imbalance 3

Current Estimate of US & EU Missile Propulsion Supply and Demand (propellant k tons / year)

Sources: BCG analysis on Janes Database, DoD budget FY2025 Weapons, public information

A new plant in the US to capture the full market potential

Avio's plan: long-term revenue evolution

1: Mid-term refers to the period 2029-2031 2: "Launch systems" also includes Tech Dev Projects (Next Gen EU)

Long-term EBITDA evolution

Note: EBITDA refers to EBITDA Reported 1: Mid-term refers to the period 2029-2031; 2. 80%+ of EBITDA growth expected beyond 2028

Investment plan to support long term strategic growth

Sources and uses (€m)

Potential for further upside opportunity beyond plan

✓ US plant: modular approach to enable long-term scalability

✓ More vertical integration in critical supplies / technologies

Backlog evolution provides visibility on future revenue growth

Net order backlog (€m)

"Launch systems" also includes Tech Dev Projects (Next Gen EU) CAGR illustratively calculated assuming mid-point of 2025 Guidance

THANK YOU

APPENDIX

Overview of Avio main products

Photo credits: ESA. CAMM-ER and ASTER 30 are products of MBDA Group

SRM: Solid Rocket Motor (1) provided through the subsidiary Europropulsion ; (2) Mid-term refers to the period 2029-2031

Legacy Current

SRM: Solid Rocket Motor Photo credits: ESA, MBDA, publicly available info

DEFENSE SPACE

22

Record spending in defense markets 2

Long-Term Growth in Defense Funding

Readiness 2030 (previously ReArm Europe)

• Mobilizes €800bn in European defense spending ✓
• Significant portion earmarked to air and missile defense ✓
• ✓ Strong "Buy European" mandate

Reconciliation Bill 2025

• Enables \$150bn of additional US defense spending, on top of Budget ✓
• Allocates \$25bn to the "Golden Dome for America" project ✓
• Further \$25bn designed to address higher munitions supply and SRM industrial base ✓

Sources: ISPRI, NATO Speech on "Building a better NATO" - June 2025, NATO report titled "Defence Expenditure of NATO Countries (2014-2025)" and press releases. (1) At the 2025 Munich Security Conference, NATO agreed to raise its defence spending target for all allies to 5% of GDP by 2035E up from the previous 2% target. (2) Excludes US and Canada, includes UK and Turkey. (3) Assumes 2024A – 2035E GDP CAGR of 1% across all NATO members.

Defense: €1.7B TAM¹ in US SRM Market 2

Missile Propulsion SRM Market (€B)

1. TAM = Total Addressable Market; Note: European market excluding non-addressable Sources: BCG analysis on Janes Database, DoD budget FY2025 Weapons, public information

Recently announced US customer agreements rapidly transitioning towards production

Contracts in US announced in 2024 are rapidly progressing from development to production

Net revenues | Breakdown by Activity

Revenues increased by 30% compared to 1H 2024

Figures in €m

Net revenues | Breakdown by Line of Business

Significant increase in revenues mainly for Vega C production driven by cadence increase following return to flight, production of motors P120 for Ariane 6 as well as defense propulsion activities

1H 2025 results vs. 1H 2024

AVIO Group Main financials
1H 2024 Actual (€m)	1H 2025 Actual (€m)	Delta (€m)	Delta (%)
180,6	1. 234,9	54,3	30,0%
8,1	10,0	1,9	23,7%
4,5% N/R	4,3%
(1) 0 2 1 4 8,3 , ,	(1) 11,4	3,1	36,7%
4,6%	4,8%
(0,4)	4. 0,0	0,4	n.m.
-0,2%	0,0%
(0,1)	1,4	1,6	n.m.
-0,1%	0,6%
			n.m.
-0,3%	0,2%
			n.m.
	(0,5) (1,8) -1,0%	N/R 2. 0,4 5. 6. (0,2) -0,1%	0,9 1,6

Main comments

• 1. Significant increase in revenues (+30%) mainly thanks to Vega C production, Ariane 6 P120 motors and Defense propulsion activities
• 2. EBITDA increase driven by higher revenues, partially offset by higher energy costs
• 3. 3. Higher Non-recurring costs for certain personnel severance
  • 4. EBIT increase, despite higher depreciations mainly for IT new technologies (AI)
  • Profit before tax increase higher than EBIT thanks to interest income on average cash available higher than 1H 2024 invested in time deposit
  • Lower taxes mainly for certain higher non-tax deductible costs in 2024 6.

(1) Costs for exploration of new potential business in the US reported as recurring in both half-years (2) Net of pass-through

1H 2025 results vs 2024 | Sources and uses

Figures in €m

AVIO Group Sources and uses
	31 DEC 2024 Actual (€m)	30 JUN 2025 Actual (€m)
(1) WORKING CAPITAL	(213)	(198) 1.
DEFERRED TAX ASSETS	87,5	87,6
(2) PROVISIONS	(51,8)	(44,4)
GOODWILL AND OTHER INTANGIBLE	86,1	84,5
FIXED ASSETS	311,8	314,3 2.
FINANCIAL RECEIVABLES	2,0	2,0
NET INVESTED CAPITAL	222,8	245,7
NET CASH POSITION	90,1	75,3 3.
EQUITY	(312,9)	(321,0)
TOTAL SOURCES	(222,8)	(245,7)

Main comments

• Working capital structurally negative thanks to cash advances from order intakes 1.
• Mainly for capex for IT improvement projects and new technologies (A.I.), net of depreciation 2.
• Net cash position higher than typical seasonality trend for certain delays, with timing effect, in flow-down of cash advances to suppliers and sub-contractors, as well as for about 10 million from conversion of Space Holding sponsor warrants which increased Equity 3.

(1) Includes Other non-current assets and Other non-current liabilities (2) Includes provisions for risk and charges and provisions for employee benefits

Quarterly evolution of EBITDA and Net Cash Position

Figures in €m

FY 2025 Guidance REVENUES BACKLOG EBITDA REPORTED (1) NET INCOME €m 1.700 €m 1.800 €m 450 €m 480 €m 27 €m 33 €m 7 €m 10 ▪ New orders from defense propulsion business ▪ Growth in defense propulsion and Vega activities ▪ AVIO USA accounted in general expenses ▪ Increased taxes

(1) Implying an EBITDA Adjusted ranging from €30m to €36m assuming €3m as non recurring costs

CONTACTS Investor.relations@avio.com

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