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AVIO 9M 2021 HIGHLIGHTS • VEGA READY FOR THE THIRD FLIGHT OF THE YEAR SLOW DOWN IN PROFITS WITH INCREASING BACKOLOG 2021 GUIDANCE CONFIRMED Net Order Backlog : Euro 810.7 million ( + 10 % compared to December 2020 and + 29 % compared to September 2020 ) • Net Revenues : Euro 197.8 million ( -8 % ) • • • EBITDA Adjusted : Euro 11.8 million ( -49 % ) EBITDA Reported : Euro 8.0 million ( -54 % ) EBIT Adjusted : Euro -3.8 million ( N.m. ) ⚫ EBIT Reported : Euro -7.6 million ( N.m. ) • Net cash position : Euro 14.7 million ( Euro -47.9 million compared to December 2020 ) Rome , November 8 , 2021 The Board of Directors of Avio S.p.A. today reviewed and approved the 9M 2021 Group consolidated results . Avio , company leader in the space sector listed in the STAR segment of the Italian Stock Exchange , confirms a significant increase in the Net Order Backlog to Euro 810.7 million ( + 10 % compared to December 2020 and + 29 % compared to September 2020 ) including contracts mainly for Vega E development activities until 2024 and tactical propulsion production for about 10 years , with an overall visibility over 2021. In the meantime the pipeline of new orders sees new production batch orders for Vega and Ariane with also a sizeable share of the Italian National Recovery and Resilience Plan dedicated to Space programs for the elaboration of development programs during 2022 . The Net revenues of Euro 197.8 million in the first nine months of 2021 are down 8 % compared to the same period of the previous year , mainly due to the activities required in the first months of 2021 for the return to flight of Vega , with the consequent postponement of some development activities of the Vega C and Vega E launchers therefore affecting the revenues and margins associated with these activities . These efforts led the Vega launcher to complete its VV18 return to flight mission in April 2021 , a second mission in August 2021 and a third mission expected in mid - November 2021 , thus completing three flights in about six months . The Maiden Flight of Vega C is expected by March 2022 . The Reported EBITDA , equal to Euro 8.0 million , marks a decrease with respect to the previous year , mainly due to lower revenues and the lower absorption of fixed costs also impacted by increased costs of utilities due to the increase in natural gas prices , only partially compensated by lower non - recurring costs and the positive contribution of the Ariane 5 phase- out . The Reported EBIT , amounting to Euro -7.6 million , marks a decrease with respect to previous year , also due to increase in depreciation for the phase - in industrial investments for the P120 motor production . 1 E - MARKET SDIR CERTIFIED