Avio

Investor Presentation • Sep 12, 2025

SEPTEMBER 12, 2025

Avio 1H 2025 Results and Growth Strategy

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Disclaimer

Highlights 1.

Giulio Ranzo, Chief Executive Officer

Agenda

Avio's growth and funding strategy Giulio Ranzo, Chief Executive Officer

1H 2025 Financials Alessandro Agosti, Chief Financial Officer

Update on business and financial performance

SPACE	▪ Vega VV27 mission successful, on track to deliver 4 launches in 12 months ▪ Success for Ariane 6 VA263 and VA264 missions, more missions by year end ▪ P160C and MR10 Flight Model firing test successfully completed ▪ Avio designated as Vega launch service provider under ESA new Launchers Exploitation Declaration ("LED") Avio granted ten-year administrative license for Vega operations at the Guiana Space ▪ Centre by the French government
	€60m orders signed with MBDA in France, additional ~€30m with other defense customers ▪ ▪ Signed a multi-year supplemental agreement with a U.S. Government Armed Force to provide capability and industrial capacity for manufacturing, assembly, integration and testing of tactical missiles solid rocket motors
DEFENSE	▪ Continued momentum on defense U.S. market demand following Raytheon and U.S. Army engagements
FINANCIALS	Order backlog standing at €1.7bn (additional €0.2bn orders signed between July and ▪ August, mostly for defense) ▪ Increase in revenues (+30%) and EBITDA (+24%) vs. 1H 2024 ▪ FY 2025 Guidance confirmed

Capital increase to support U.S. and European growth plans

STRATEGIC INITIATIVES

• Avio has started a process to raise financing sources supporting its ambitious growth plans, both in the U.S. and in Europe
  • ✓ A Capital increase to be executed by way of a rights offering for a total maximum amount of €400m (expected to be completed by year end) backed by a pre-underwriting commitment from financial institutions;
  • ✓ Further financial resources to potentially be available via the renewal of the by-laws provision allowing the Board to issue up to 10% of the share capital on a non-pre-emptive basis
  • ✓ Additional government grants, currently being pursued by the Company
• The proceeds are intended to be used to:
  • ✓ Develop Avio's project to establish a U.S. industrial presence for engineering and manufacturing of Solid Rocket Motors for Defense applications, expected to be operational by 2028
  • ✓ Enhance Avio's European manufacturing base for the development of projects in the Space and Defense sectors, through investments in new propulsion technologies, production assets, and vertical integration

7 7

Ariane and Vega current view of flight manifest

>30 flights currently in backlog Future launches:

• ➢ Satcom mega-constellations
• ➢ Galileo (EU)
• ➢ Military sats
• IRIS² major upside

14 flights currently in backlog

Future launches:

• ➢ Copernicus (EU)
• ➢ IRIDE (EU)
• ➢ PLATiNO
• ➢ … more opportunities in pipeline

Increased responsibilities from Launch service activities

Improving launch cadence up to 6 flights per year

Success for Vega C VV27 mission

• On July 26th Vega C successfully launched and deployed CO3D (Airbus Defence and Space) and MicroCarb (CNES) satellites into orbit, scoring the third Vega C success in ~8 months
• Challenges of this mission:
  • ✓ 5 passengers (four CO3Ds and one Microcarb) on a dispenser, also using a payload adapter
  • ✓ two different altitudes for delivery: 495Km for CO3Ds and 650Km for Microcarb

VV27 liftoff #1

VV27 liftoff #2

VV27 payload details

Ariane 6 second commercial flight successfully completed

• On August 13th , Ariane 6 launcher successfully placed EUMETSAT's Metop-SGA1 satellite into orbit, which hosts six atmospheric sounding and imaging instrument missions, among which the Copernicus Sentinel-5 atmospheric monitoring mission part of the European Commission's Copernicus program
• Avio is partner of the Ariane 6 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

Source: ESA, CNES, Arianespace Ariane 6 on launch pad

Ariane 6 VA264 lift-off Metop-SGA1

New Avio's responsibilities for Vega

▪ On July 10th , an amendment to the 2017 Launchers Exploitation Declaration ("LED") was approved by the concerned European Governments. The amended LED designates Avio as the launch service provider for the Vega launchers family, detailed arrangement to be entered into with ESA shortly

▪ On August 19th the French government granted Avio a ten-year administrative license to carry out Vega launcher operations from the Guiana Space Centre in French Guiana Launch Service Operator

Acceleration in defense business growth driven by new European and US contracts…

Main defense contracts signed in 2024

In July '24 Avio signed a contract with Raytheon to initiate and progress the development of critical solid rocket motors for defense applications

In July '24 Avio and U.S. Army Combat Capabilities Development Command Aviation & Missile Center partner for the development and fast-prototyping of a solid rocket motor for surface-to-air applications

In December '24 Avio signed a ~€150m contract with MBDA Italia for the supply by Avio of rocket motors for CAMM-ER missiles manufactured by MBDA

Avio signed with MBDA in France a production order for the supply of solid rocket motors and related aerodynamic surfaces for the ASTER 30 defense system and additional different unrelated orders for a total value of approximately €60 million

U.S. Govt Armed Force

Avio signed a supplemental multi-year agreement with a U.S. Government Armed Force to provide capability and industrial capacity for Manufacturing, Assembly, Integration and Testing of tactical missiles solid rocket motors

… generating strong backlog and providing high visibility of future production volumes

Highlights Giulio Ranzo, Chief Executive Officer

2. Avio's growth and funding strategy Giulio Ranzo, Chief Executive Officer

1H 2025 Financials Alessandro Agosti, Chief Financial Officer

Strong market demand tailwinds and increasing defense spending support Avio next phase of growth

Sources: Avio Analysis on Gunter's Space Page data; Novaspace; NATO Speech on "Building a better NATO" - June 2025, NATO report titled "Defence Expenditure of NATO Countries (2014-2025)" and press releases.

15 (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. (3) Assumes 2024A – 2035E GDP CAGR of 1% across all NATO members.

Avio to capture share of the rapidly growing missile propulsion market and bridge the SRM demand-supply gap

Sources: Avio analysis on Janes Database, DoD budget FY2025 Weapons, public information (1) Total Addressable Market

Avio USA expansion strategy to address a \$1.7bn missile propulsion TAM(1)

Avio of the future

✓ Further exposure to Defense upside ✓

✓ Focus on Production activities ✓

✓ Diversify geography towards US

✓ Increase quality of earnings ✓

Unique opportunity to drive Avio's new stage of growth

Key Highlights

• ✓ Strengthening Avio's position as a scaled European space and defence investment opportunity with a strong track record of success – doubled revenues and orders in the last decade
• ✓ Opportunity to benefit from the unprecedented defense spending growth across the US and EU
• ✓ Expand Industry-leading SRM capabilities to capture the \$1.7bn US TAM
• ✓ Maintain market leadership by developing new propulsion technology

✓ Execute long term production commitments with leading defense suppliers, create strong backlog and provide long-term revenue visibility

Highlights Giulio Ranzo, Chief Executive Officer

3.

Avio's growth and funding strategy Giulio Ranzo, Chief Executive Officer

1H 2025 Financials Alessandro Agosti, Chief Financial Officer

Backlog in 1H 2025 substantially in line with 2024 year-end

Figures in €m

Vega accounts for ~55% of backlog and Defense propulsion ~25%. Production accounts for ~60% of backlog, Development ~40%

Main comments

• Backlog standing at ~€1.7bn
• Order intakes in 1H 2025 for ~€180m, including:
  • ➢ Vega for ~€150m mainly for Launch Service Provider contracts transferred by Arianespace to Avio
  • ➢ Ariane for ~€15m for ESA contribution for ramp-up in production of P120 motors
  • ➢ Defense propulsion for ~€10m

(*) Between July and August 2025 signed additional ~€200m including Defense production orders in EU and U.S. for ~€180m and Vega development orders for ~€20m

Revenues increased by 30% compared to 1H 2024

Figures in €m

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 (%)
NET REVENUES	180,6	1. 234,9	54,3	30,0%
EBITDA REPORTED	8,1	10,0	1,9	23,7%
% on net revenues	4,5% N/R N/R	4,3% 2.
EBITDA ADJUSTED	(1) 0 2 1 4 8,3 , ,	(1) 11,4	3,1	36,7%
% on net revenues	4,6%	4,8%
EBIT REPORTED	(0,4)	4. 0,0	0,4	n.m.
% on net revenues	-0,2%	0,0%
EBIT ADJUSTED	(0,1)	1,4	1,6	n.m.
% on net revenues	-0,1%	0,6%
PROFIT BEFORE TAX	(0,5)	0,4	0,9	n.m.
% on net revenues	-0,3%	5. 0,2%
NET RESULT	(1,8)	6. (0,2)	1,6	n.m.
% on net revenues	-1,0%	-0,1%

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.

1H 2025 results vs 2024 | Sources and uses

Figures in €m

AVIO Group Sources and uses
	31 DEC 2024 Actual	30 JUN 2025 Actual
	(€m)	(€m)
WORKING CAPITAL	(213)	(198) 1.
DEFERRED TAX ASSETS	87,5	87,6
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.

24

Net Cash Position bridge

Figures in €m

-0,1

Quarterly evolution of EBITDA and Net Cash Position

21,5

Figures in €m

3M 6M 9M FY

9,6

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

THANK YOU FOR YOUR ATTENTION

CONTACTS Investor.relations@avio.com

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