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Avio Investor Presentation 2026
4127_rns_2026-03-12_0ae11e05-61d7-42d7-aba9-35361cb65b33.pdf
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Avio FY 2025 Results
MARCH 12, 2026
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Disclaimer
This document has been prepared by Avio S.p.A. ("Avio" or the "Company"). This document might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Avio's current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Avio to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Avio does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance or trends or activities of Avio shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. This document does not constitute an offer to sell or the solicitation of an offer to buy Avio's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Avio.
AVIO
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Agenda
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Highlights
Giulio Ranzo, Chief Executive Officer -
FY 2025 Financials
Roberto Carassai, Chief Financial Officer -
Outlook and opportunities
Giulio Ranzo, Chief Executive Officer
AVIO
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Record-high economic and financial performance in 2025
- Record-high backlog over €2bn and revenues over €500m. Net income above guidance
- VV28 flight completed in December, four Vega C missions successfully completed in twelve months
- Four Ariane missions successfully completed in 2025, increase in cadence and new four-booster Ariane 64 pave the way for growth of production rates in 2026
- Ministerial Council 2025 secures more than €600m new contracts expected to be awarded by Avio in the period 2026-2027
- >€250m of new orders in the defense propulsion business. Defense propulsion backlog over €600m (28% of total backlog)
- Capital increase successfully completed: ready to execute the long-term plan
- Dividend proposal to the Shareholders' meeting for 2026
- Guidance 2026: continued growth as per long-term plan with potential upside
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Summary of 2023 - 2025 results
| Figures in €m | FY 2023
ACTUAL | FY 2024
ACTUAL | FY 2025
ACTUAL | GROWTH
'24 - '25 | GUIDANCE
2025 |
| --- | --- | --- | --- | --- | --- |
| BACKLOG | 1.359 | 1.724 | 2.166 | +26% | 2.100 - 2.200
1.700 - 1.800 (1) |
| NET
REVENUES | 338,7 | 441,6 | 541,7 | +23% | 510 - 540 (1)
450 - 480 (1) |
| EBITDA | REPORTED
20,5
← -1,9 | REPORTED
25,8
← -3,7 | REPORTED
32,3
← -4,2 | +25% | 27 - 33 |
| | ADJUSTED (2)
25,5 | ADJUSTED (2)
26,6 | ADJUSTED
34,8 | +31% | 30 - 36 |
| NET
INCOME | 6,6 | 6,4 | 11,6 | +82% | 7 - 10 |
| NFP | 76,1 | 90,1 | 591,7 | +6,5x | |
AVID
(1) Previous Guidance valid before upgrade on January 29, 2026
(2) Costs for exploration of new potential business in the US reported as recurring
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Success for Vega C VV28 mission
- On December 1st Vega C successfully deployed in orbit the KOMPSAT-7 (KOrea Multi-Purpose SATellite-7) for the Korean Aerospace Research Institute (KARI)
- The satellite, weighting about 1,810 kg, is designed to support detailed observation of the Korean Peninsula and to meet the growing national demand for high-quality satellite imagery
VV28 liftoff #1
VV28 liftoff #2
Kompsat-7 nose-cone fairing
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AVIO
Source: ESA, CNES, Arianespace
Telebors: distribution and commercial use strictly prohibited
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Ariane 6 VA265 and VA266 flights successfully completed
- On November 4th and December 17th, Ariane 6 launcher successfully put in orbit EU's Copernicus Sentinel-1D and satellites SAT 33 and SAT 34, part of the 14th launch of the Galileo program
- Avio is partner of the Ariane 6 program providing the first stage solid rocket boosters and the liquid oxygen turbopumps for the core stage Vulcain 2.1 engine and the upper stage Vinci engine
Ariane 6 VA265 lift-off
Ariane 6 VA266 lift-off
Galileo satellites
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Source: ESA, CNES, Arianespace
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New contracts in space boost production and ensure continuity in the pipeline of future Vega C launches
>€200m contract signed with ArianeGroup
- On November 14th ArianeGroup and Avio concluded a >€200m contract for the production of Ariane 6 items up to 2029, including P120/P160 boosters and turbopumps
With Airbus for the future of Earth Observation
- In January 2026 Airbus announced it will launch its first Pléiades Neo Next satellite early 2028 on an Avio's Vega C launcher
AVIO
Photo credits: Arianespace, European Space Conference
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Integration facility in French Guiana transferred to Avio
- On December 2nd, ArianeGroup officially transferred to Avio the Bâtiment d'Intégration Lanceur ("BIL"), a facility previously used to assemble Ariane 5 launchers
- By adapting the BIL for Vega C, Avio can optimize the preparation flow for future launch campaigns, increasing launch cadence up to 6 flights/year
BIL transfer ceremony in French Guiana
Photo credits: ESA
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P160C booster ready for lift-off
PROGRESS STATUS
Customer: European Space Agency
Objective: P160C Solid Rocket Motor (SRM) is the evolution of Qualified P120C SRM. P160C will be devoted to Ariane 6 Block 2, Vega C and Vega E launcher
Status update:
Firing test successfully completed in April 2025
Expected increase in Ariane boosters' production rate(1) from 14 in 2025 to 22 in 2026
P160C test fire
P160 integration
AVID
(1) In terms of both P120 and P160 boosters
Photo credits: ESA, CNES, Arianespace
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Vega E program ongoing
PROGRESS STATUS
PRELIMINARY DESIGN REVIEW
SUB-SYSTEMS PRELIMINARY DESIGN REVIEW
CRITICAL DESIGN REVIEW
GROUND QUALIFICATION REVIEW
QUALIFICATION FLIGHT
FLIGHT QUALIFICATION REVIEW
Customer: European Space Agency
Objective: Vega E launcher aims to increase the payload launch capability by 20% with respect to Vega C, leveraging the MR10 Liquid Oxygen and Liquid Methane engine for the upper stage
Status update:
Vacuum system small scale firing test completed
PDR completed
PMM test completed in June 2025
MR10 engine subsystem test completed (for Oxygen Turbopump and bearings), in water, gas nitrogen and cryo conditions
PMM test #1
MR10 TPO Water & Gas Nitrogen Test
PMM test #2
MR10 engine Bearing Cryo Test
AVID
PDR: Preliminary Design Review
PMM: Pressurization Management Model
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Space Rider: integration of flight module in progress
PROGRESS STATUS
Customer: European Space Agency
Objective: Development of a reusable orbital and re-entry system aimed to manage multiple commercial and institutional applications (e.g. microgravity, IOV/IOD, Earth and Space Observation applications, etc.)
Status update:
Flight module integration ongoing
Delivery scheduled by end of 2026 to start combined test with re-entry module
AVUM Life Extension Kit (ALEK)
Artist's view of Space Rider
View of internal equipment
AVID
HWIL: Hardware in the Loop test campaign
UCMEC: Mechanical/Environment test campaign
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Technological development project progressing
Innovative LOX-CH technology Cesa
Orbital propulsion technology 1si
Space Transportation Systems
Design, manufacturing & launch of a demonstrator
- ☑ Firing tests successfully completed in 2025
- ☑ Cryotank static load test completed Demonstrator integration ongoing
High Thrust Engine
Advanced upper stage propulsion
- ☑ Manufacturing of main Engine components completed in 2025
- Firing test of subsystems scheduled for 1H2026
Multi-Purpose Green Engine
"Green" engine for orbital propulsion and in-orbit services
- ☑ Firing test successfully completed in Jul '25
- ☑ Endurance test performed in Jan '26
- New firing tests expected in 2026
AVID
Finanziato dall'Unione europea
NextGenerationEU
ALL IP Rights Reserved by ASI. For the purpose of publication, we thank ASI, in its capacity as exclusive owner of the Intellectual Property rights of the MPGE and IOS Programs, for the kind granting of the license
Telebors: distribution and commercial use strictly prohibited
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Continued momentum on defense, with orders booked exceedin' €250m in 2025
Solid partnership with MBDA Group in Europe
MBDA
Strengthening of the partnership with MBDA, through signing of multiple production orders
Main defense contracts in USA stepping into production phase
RTX
Purchase order for funding of up to $26 million for continued engineering work on the Mk 104
U.S. Govt Armed Force
Multi-year agreement for Manufacturing, Assembly, Integration and Testing of tactical missiles solid rocket motors
DSS
DEFENSE SYSTEMS & SOLUTIONS
$65m contract signed with DSS (acting as a prime contractor for US Department of War) for the development, qualification and initial production of a SRM for air defense applications
Up to USD 97,7m incentive package for Virginia production facility, subject to approval by the Virginia General Assembly
AVID
Governor of Virginia
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Agenda
-
Highlights
Giulio Ranzo, Chief Executive Officer -
FY 2025 Financials
Roberto Carassai, Chief Financial Officer -
Outlook and opportunities
Giulio Ranzo, Chief Executive Officer
AVIO
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Record-high backlog exceeding €2.0bn in 2025
Figures in €m
Net order backlog evolution 2020-2025
- Production accounts for ~70% of 2025 backlog, Development for ~30%
Main comments
- Record backlog level of €2.2bn (+26% vs. 2024)
- Order intakes in 2025 amounting to ~€1.0bn including:
> Launch systems ~€400m: mainly related to the Vega C contracts transferred to Avio within the framework of the Launch Service Provider activities
> Space propulsion ~€330m: mainly related to the major contract (>€200m) signed for production of boosters and equipment for Ariane 6 up to 2029
> Defense propulsion ~€260m: mainly related to Aster missiles propulsion and contracts signed with U.S. Govt’ Armed Forces
AVID
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Revenues increased by >20% compared to previous year
Figures in €m
Net revenues | Breakdown by Line of Business
Net revenues | Breakdown by Activity
- €100m of revenues growth vs. 2024, mainly due to the increase in production activities in Launch systems (Vega production), in Space propulsion (boost of motors' production for Ariane 6) and in Defense propulsion (higher production rate)
AVID
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FY 2025 results vs. 2024
AVIO Group | Main financials
| | FY 2024
Actual (€m) | FY 2025
Actual (€m) | Delta
(€m) | Delta
(%) |
| --- | --- | --- | --- | --- |
| NET REVENUES | 441,6 | 541,7 ① | 100,1 | 22,7% |
| EBITDA REPORTED | 25,8 | 32,3 ② | 6,4 | 24,9% |
| % on net revenues | 5,8% | 6,0% | | |
| EBITDA ADJUSTED | 26,6 | 34,8 | 8,2 | 30,8% |
| % on net revenues | 6,0% | 6,4% | | |
| EBIT REPORTED | 8,4 | 12,0 ④ | 3,6 | 42,7% |
| % on net revenues | 1,9% | 2,2% | | |
| EBIT ADJUSTED | 9,1 | 14,5 | 5,3 | 58,3% |
| % on net revenues | 2,1% | 2,7% | | |
| NET INCOME | 6,4 | 11,6 ⑤ | 5,2 | 81,6% |
| % on net revenues | 1,4% | 2,1% | | |
Main comments
- Increase in revenues (+€100m, +23%) mainly driven by the space business
- EBITDA reported increase (+€6,4m, +25%) driven by higher revenues and mostly dependent on the profitability of the space business
- Non-recurring costs mainly due to severance costs and advisory expenses for Avio's new role as launch service provider
- EBIT reported increase (+€3,6m, +43%) partially offset by higher depreciations for increased Vega C flight cadence and IT improvement projects
- Net Income increase (+€5,2m, +82%) reflects improved operating performance and financial income on average cash available
AVIO
(1) Costs for exploration of new potential business in the US reported as recurring in both periods
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2024 - 2025 Net Financial Position bridge
Figures in €m
AVID
(1) Net of transaction costs
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FY 2025 results vs. 2024 | Sources and uses
Figures in €m
| AVIO Group | Sources and uses |
|---|---|
| 31 DEC 2024 | |
| Actual (€m) | 31 DEC 2025 |
| Actual (€m) | Delta (€m) |
| WORKING CAPITAL | (212,9) |
| DEFERRED TAX ASSETS | 87,5 |
| PROVISIONS | (51,8) |
| GOODWILL AND OTHER INTANGIBLE | 86,1 |
| FIXED ASSETS | 311,8 |
| FINANCIAL RECEIVABLES | 2,0 |
| NET INVESTED CAPITAL | 222,8 |
| NET FINANCIAL POSITION | 90,1 |
| EQUITY | (312,9) |
| TOTAL SOURCES | (222,8) |
Main comments
- Increase in negative working capital mostly due to advances largely collected at year-end, expected to be partially flown down to suppliers in 2026
- Net Fixed assets increase mainly related to capex for higher Vega cadence, initial capex related to the Avio USA project, and IT improvement
- Net financial position strongly improved thanks to high cash advances from growing order intakes and net proceeds of the share capital increase
- Change in equity mainly reflecting the completion of the share capital increase
AVIO
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Quarterly evolution of EBITDA and Net Financial Position
Figures in €m
EBITDA Reported | Quarterly evolution
Net Financial position | Quarterly evolution
2024
2025
AVIO
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Agenda
-
Highlights
Giulio Ranzo, Chief Executive Officer -
FY 2025 Financials
Roberto Carassai, Chief Financial Officer -
Outlook and opportunities
Giulio Ranzo, Chief Executive Officer
AVIO
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Rights offering successfully completed: ready for a new plant in the US to capture the full market potential
- €400m rights offering successfully completed in November 2025, unlocking potential investment in a new SRM plant in Virginia, USA
Key Highlights
- Engineering and production
- Greenfield SRM facility
- Merchant supplier for OEMs / Armed Forces
- >3 Customers
- Up to 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 | |
| Raytheon | ||
| An RTX Business | Signed non-binding MoU | |
| Under contract to achieve qualification of Mk 104 SRM | ||
| LOCKHEED MARTIN | Signed non-binding term-sheet | |
| In discussion on multiple programs to become a second-source supplier | ||
| International Defense Customer | Letter of intent signed with an international solid rocket motor manufacturer |
AVID
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Our strategy in USA: what's next in 2026?
- MoU signed with Raytheon and Lockheed Martin ahead of the start of the construction of the US facility
- Contracts with Raytheon on Mk 104 and second contract from US Gov’t Armed Forces consolidate trend for defense business growth
- Up to ~USD 100m of incentive package for Virginia production facility
- Securing new orders for further product qualifications and binding long term commitments from customers
- Pursuing government grants / financing facilities
- Initial activities to secure land and to place Long Lead Items orders, continued plant design efforts in order to start deploying capital
- Staffing of Avio USA personnel started
AVID
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Ariane and Vega current view of flight manifest
| Cesa | 2025 | 2026 |
|---|---|---|
| #4 launches | VA267 | |
| ✓ Feb 12 | ||
| 1st launch operated by Avio | ||
| Ariane | #3 launches | VV29 |
| Scheduled in Q2 |
-30 flights currently in backlog
Future launches:
- Satcom mega-constellations
- Galileo (EU)
- Military sats
IRIS² major upside
-15 flights currently in backlog
Future launches:
- Sentinel-3C (EU)
- IRIDE (EU)
- PLATiNO
- ... more opportunities in pipeline
A
AVIO
Avio current assumption of contracted flight backlog roll-out
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Proposed dividend distribution for 2026
- Proposal to the Shareholders' Meeting of April 28, 2026 for a dividend distribution of €6.8m, with payout ratio in line with 2024
AVID
(1) Calculated as ordinary dividends out of consolidated net income
(2) Includes €2,250m of extraordinary dividend from distributable reserves
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FY 2026 Guidance
- Backlog expected to remain high after record level achieved in 2025 (1). Not incorporating potential upsides for additional defense order intake
- Further growth driven largely by defense business acceleration and partly by Ariane 6 motors' rate increase
- Group EBITDA aligned with the Business Plan
- EU activities EBITDA growing
- AVIO USA operating costs growing (€7-9m in 2026)
- Potential risk on higher energy costs
- Net income driven by both operating performance and financial performance on available cash
A
(1) Backlog 2025 affected by one-off
\times 200m
order for Ariane 6 equipment up to 2029
(2) Implying an EBITDA Adjusted ranging from €29m to €37m assuming €2m as non recurring costs
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THANK YOU FOR YOUR ATTENTION
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CONTACTS
The information contained in this document is Avio S.p.A. proprietary and is disclosed in confidence. It is the property of Avio S.p.A. and shall not be used, disclosed to others or reproduced, without the express written consent of Avio S.p.A.