Avio — Investor Presentation 2025

Oct 28, 2025

OCTOBER 28, 2025

Avio 9M 2025 Highlights

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Agenda

• Highlights Giulio Ranzo, Chief Executive Officer 1.
• 9M 2025 Financials 2. Roberto Carassai, Chief Financial Officer

9M results on track, ahead with backlog

• Launch activity on track
• ✓ 3 rd Vega C launch scheduled by year-end
• ✓ Ariane 6 launch currently scheduled on November 4th
• Space business:
• ✓ New Vega C launch service secured with SpaceLaunch
• ✓ New contract with ESA for the reusable upper stage
• Defense business:
• ✓ Avio USA and Raytheon expand collaboration for qualification of Mk 104 SRM(1)
• ✓ Multi-year agreement with a US Armed Force for manufacturing, assembly, integration and testing
• Capital increase approved by shareholders, Rights Offering expected to be completed by year-end
• Financials:
• ✓ Backlog ahead of expectations at >€1.8bn
• ✓ Revenues and EBITDA +26% vs. 9M 2024
• FY 2025 Guidance confirmed

Latest agreements in the space business

• On September 18th Avio and SpaceLaunch signed a Launch Services Agreement to place an institutional Earth observation satellite aboard Vega C in 2027
• Mission awarded following an open international competition

Contract signature in Paris

Source: Avio, ESA

Vega C selected for a new mission Contract with ESA for a reusable upper stage

• On September 29th Avio and ESA signed a €40m contract aimed at developing a demonstrator of a reusable upper stage
• The contract will culminate in the definition of an integrated preliminary system design

Contract signature and concept of the reusable upper stage

Ariane 6 VA265 mission ready for lift-off

• Ariane 6 VA265 mission will place into orbit Sentinel-1D, a Copernicus satellite for the European Commission
• The Sentinel-1D satellite is designed to carry an advanced radar instrument to provide an all-weather day-and-night supply of imagery of Earth's surface.
• The launch it's currently scheduled for November 4th , 2025

Transport and verticalization phase

Sentinel-1D satellite

6

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

15 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/year in the coming future

Avio's LOX-CH technology demonstrator shaping up

Avionic functional unit

Insulated interstage

Liquid Engine actuator

Cryotank static load test Fairing

MPGE orbital H2O2engine successfully tested

Multi-Purpose Green Engine firing test

New contract with Raytheon accelerates production of critical Standard Missile SRMs

2025

Avio USA and Raytheon have executed a purchase order for funding of up to \$26 million for continued engineering work on the Mk 104 dualthrust rocket motor to support Raytheon's Standard Missile franchise

The purchase order comes 13 months after the businesses signed a contract for preliminary engineering work on the Mk 104 rocket motor. This project secures funding through the Critical Design Review phase, procurement of long lead material for qualification, and will enable increased and accelerated capacity for solid rocket motor production

Standard Missile 6

Standard Missile-6 testing

Photo credits: Naval Sea Systems Command

Strong defense backlog and high visibility of future production volumes

Defense propulsion backlog (€m) Defense propulsion production (tons of propellant)

US programs initially served by production facilities in Italy (Colleferro)

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

Key Highlights

Engineering and production

Greenfield SRM facility

Merchant supplier for OEMs / Armed Forces

3 Customers

700 Tons
of propellant
annual
production

10+
Programs

2028
Start of
Production
in US

Operations

Site identified

Preliminary design done

Procurement started

Rendering of the plant

Key Contracts

Customer

Production Site

Contract Overview

US Gov't Armed Forces

New agreement for manufacturing, assembly, and testing

Under contract to achieve qualification of Mk 104 SRM

US Prime B

In discussion on multiple programs to become a secondsource supplier

International Defense Customer

Letter of Intent signed with an international solid rocket motor manufacturer

… leveraging Avio's experience of 2018 – 2022 in new plant construction

2 construction projects (incl. machinery) completed in 2 continents

Total sqm built

>60.000

Overall Investment

~€300m

Ready to shift capacity to ~6,000 tons/year(1)

A unique capability thanks to vertical integration

Own HTPB(1) production

Patented thermal protection production

Patented pre-preg carbon material production

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

EBITDA Growth components

Note: EBITDA refers to EBITDA Reported

Capital increase approved by the Shareholders' Meeting

Approved with 99% majority(1)

€400m capital increase with pre-emptive rights to existing shareholders

Approved with 77% majority(1)

10% capital increase delegated to the Board of Directors to be exercised by October 23, 2030, with exclusion of pre-emptive rights

Agenda

• Highlights Giulio Ranzo, Chief Executive Officer 1.
• 9M 2025 Financials 2. Roberto Carassai, Chief Financial Officer

Continuous growth of backlog confirmed in 9M 2025

Figures in €m

Vega accounts for ~50% of backlog and Defense propulsion for ~30% Production accounts for ~60% of backlog, Development ~40%

Main comments

• Order intakes in 9M 2025 amounted to ~€480m, mainly including:
• ➢ Vega for ~€250m, mainly related to the contracts transferred by Arianespace to Avio within the framework of the Launch Service Provider activities. It also includes the new launch agreement / contract recently signed with ESA
• ➢ Defense propulsion for over €200m, maily related to the additional production orders signed with EU and US customers

Revenues increased by ~26% compared to 9M 2024

Figures in €m

9M 2025 results vs. 9M 2024

Main economics and financials
	9M 2024 Actual (€m)	9M 2025 Actual (€m)	Delta (€m)	Delta (%)
NET ORDER BACKLOG	1.724 (1)	1.860	135,3	7,8%
NET REVENUES	277,9	351,0	7 3,1	26,3%
EBITDA REPORTED % on net revenues	12,1 N/R 4,3% N/	15,2 4,3%	3,1	25,9%
	13,1 1,2 4,7% 3	16,4	3,3	25,3%
EBIT REPORTED % on net revenues	(0,7) -0,2%	0,2 0,1%	0,8	n.m.
EBIT ADJUSTED % on net revenues	0,3 0,1 %	1,4 0,4%	1,0	303,1%
	31 DEC 2024 Actual (€m)	30 SEP 2025 Actual (€m)	Delta (€m)	Delta (%)
NET FINANCIAL POSITION	90,1	47,2 5.	(42,9)	-47,7%

Main comments

• 1. Substantial increase in revenues mainly related to Vega production activities and P120 motor production for Ariane 6, as well as defense propulsion activities
• 2. EBITDA Reported increase driven by growth of revenues, partially offset by higher energy costs
• 1. Non-recurring costs in line vs. 9M 2024 on a like-for-like basis
• 1. EBIT Reported increase, despite higher depreciations mainly related to the increase of Vega C flights cadence and IT improvement projects
• 1. Net financial position reflecting advance flowdown to suppliers during 9M 2025, as well as for about €10m the exercise of Space Holding' sponsor warrants

⁽¹⁾ Data as of December 2024

⁽²⁾ Costs for exploration of new potential business in the US reported as recurring in both periods

Quarterly evolution of EBITDA and Net Financial Position

Figures in €m

FY 2025 Guidance

▪ New orders from defense propulsion business

▪ Growth in defense propulsion and Vega activities

▪ AVIO USA accounted in general expenses

▪ Increased taxes

THANK YOU FOR YOUR ATTENTION

CONTACTS

Investor.relations@avio.com

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