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Avio 9M 2025 Highlights OCTOBER 28, 2025
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2 Disclaimer THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT INTENDED FOR PUBLICATION, RELEASE OR DISTRIBUTION TO, OR USE BY, ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH PUBLICATION, RELEASE, DISTRIBUTION OR USE WOULD BE CONTRARY TO APPLICABLE LAWS OR REGULATIONS. NO PART OF THIS DOCUMENT SHOULD BE USED AS THE BASIS FOR, OR RELIED UPON IN CONNECTION WITH, ANY BINDING AGREEMENT, LEGAL COMMITMENT, OR INVESTMENT DECISION WHATSOEVER. THIS DOCUMENT IS NOT AN OFFER OR A SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES AND IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. The securities referred to herein have not been registered and shall not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful. The securities may not be offered or sold in the United States or to US persons unless such securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. 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.
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3 Agenda Highlights Giulio Ranzo, Chief Executive Officer1. 9M 2025 Financials Roberto Carassai, Chief Financial Officer2.
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4 9M results on track, ahead with backlog ▪ Launch activity on track ✓ 3rd 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 (1) Solid Rocket Motor
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5 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 Vega C selected for a new mission Contract with ESA for a reusable upper stage Contract signature and concept of the 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 Source: Avio, ESA
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6 ▪ 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 Sentinel -1D satellite Ariane 6 VA265 mission ready for lift-off Source: ESA, CNES, Arianespace Transport and verticalization phase
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7 Ariane Vega A6 MF VV25-RTFVV24 2024 2025 Avio current assumption of contracted flight backlog roll-out Jul 9 Sep 5 Dec 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 VA263 Mar 6 VV26 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 VA264 Aug 13 VV27 Apr 29 Jul 26 VV28 Q4 VA265 Nov 4
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8 Avio’s LOX-CH technology demonstrator shaping up Third MR10 firing test successfully completed Insulated interstage Liquid Engine actuator Cryotank static load test Fairing Avionic functional unit
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9 MPGE orbital H2O2 engine successfully tested Multi-Purpose Green Engine firing test 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 program, for the kind granting of the license
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10 New contract with Raytheon accelerates production of critical Standard Missile SRMs Avio USA and Raytheon have executed a purchase order for funding of up to $26 million for continued engineering work on the Mk 104 dual- thrust 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 2025 Standard Missile 6 Mk 104 dual-thrust rocket motor Photo credits: Naval Sea Systems Command Standard Missile -6 testing
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11 Strong defense backlog and high visibility of future production volumes Defense propulsion backlog (€m) Defense propulsion production (tons of propellant) 176 250 439 598 2019 2020 2021 2022 2023 2024 9M 2025 ~60% Backlog roll-out EU forecast US forecast 70 2025 2026 2027 2028 2029 2030 >500 US programs initially served by production facilities in Italy (Colleferro)
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12 A new plant in the US to capture the full market potential … Key Highlights Operations Key Contracts Engineering and production Greenfield SRM facility Merchant supplier for OEMs / Armed Forces Site identified Preliminary design done Procurement started >3 Customers 10+ Programs 2028 Start of Production in US Up to 700 Tons of propellant annual production International Defense Customer Production SiteCustomer Contract Overview New agreement for manufacturing, assembly, and testing Under contract to achieve qualification of Mk 104 SRM In discussion on multiple programs to become a second- source supplier Letter of Intent signed with an international solid rocket motor manufacturer US Gov’t Armed Forces Rendering of the plant US Prime B
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13 … leveraging Avio’s experience of 2018 – 2022 in new plant construction Construction of the facilities in Colleferro Casting facility built in French Guyana 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) (1) In terms of propellant
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14 A unique capability thanks to vertical integration Own HTPB(1) production Patented thermal protection production Patented pre-preg carbon material production (1) Hydroxyl -terminated polybutadiene
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15 Avio’s plan: long-term revenue evolution Defense upside✓ 2025 2035 Revenues By activity Revenues By segment Revenues By geography Production yields✓ Diversification✓ Mid-Term1 >€1.0bn€450 – 480m Revenue Target: 20% 60% 20%Space Propulsion Launch Systems Defense Propulsion 50% 50%Production Development >95% <5% Europe US >€1.2bn >10% CAGR 1: Mid-term refers to the period 2029-2031 2: “Launch systems” also includes Tech Dev Projects (Next Gen EU) 2
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16 Long-term EBITDA evolution EBITDA Growth components 2025 Volume Growth Operating Leverage Segment Mix 2035 €27-33m Europe US Group EBITDA Development 2025 €27-33m 2035Mid-term1 High-Teens CAGR 2 16 US plant investment Europe US Group Note: EBITDA refers to EBITDA Reported 1: Mid-term refers to the period 2029-2031; 2. Steady EBITDA until 2028, with substantial uplift once US plant starts operations Illustrative >20% CAGR since 2025
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17 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 (1) of the of the share capital present at the meeting
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18 Agenda Highlights Giulio Ranzo, Chief Executive Officer1. 9M 2025 Financials Roberto Carassai, Chief Financial Officer2.
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19 Continuous growth of backlog confirmed in 9M 2025 Main comments Figures in €m Net order backlog evolution 2019 – 9M 2025 ▪ 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 669 736 877 717 639 887 965 139 155 7 331 243 189 176 250 439 598 2019 2020 2021 2022 2023 2024 108 9M 2025 1.014 1.359 1.724 1.860 114 +21% Vega Ariane Tech dev projects (Next Gen EU) Defense propulsion 6% 52% 32% 10% Vega accounts for ~50% of backlog and Defense propulsion for ~30% Production accounts for ~60% of backlog, Development ~40%
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20 Revenues increased by ~26% compared to 9M 2024 Net revenues | Breakdown by Line of Business [#] % on net revenues 19% 48% Net revenues | Breakdown by Activity Figures in €m 16% 16% [#] % on net revenues 125 170 52 6653 5544 57 4 9M 2024 4 9M 2025 278 351+26% Vega Ariane Tech dev projects (Next Gen EU) Defense propulsion Other 19% 45% 16% 19% 150 203 125 145 9M 2024 9M 2025 278 351+26% Production Development 45% 54% 41% 58%
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21 9M 2024 Actual (€m) 9M 2025 Actual (€m) Delta (€m) Delta (%) NET ORDER BACKLOG 1.724 1.860 135,3 7,8% NET REVENUES 277,9 351,0 73,1 26,3% EBITDA REPORTED 12,1 15,2 3,1 25,9% % on net revenues 4,3% 4,3% EBITDA ADJUSTED 13,1 16,4 3,3 25,3% % on net revenues 4,7% 4,7% EBIT REPORTED (0,7) 0,2 0,8 n.m. % on net revenues -0,2% 0,1% EBIT ADJUSTED 0,3 1,4 1,0 303,1% % on net revenues 0,1% 0,4% 31 DEC 2024 Actual (€m) 30 SEP 2025 Actual (€m) Delta (€m) Delta (%) NET FINANCIAL POSITION 90,1 47,2 (42,9) -47,7% 9M 2025 results vs. 9M 2024 Main economics and financials Main comments 1. 1. 2. 5. EBITDA Reported increase driven by growth of revenues, partially offset by higher energy costs 2. 5. Net financial position reflecting advance flow- down to suppliers during 9M 2025, as well as for about €10m the exercise of Space Holding’ sponsor warrants Substantial increase in revenues mainly related to Vega production activities and P120 motor production for Ariane 6, as well as defense propulsion activities (1) Data as of December 2024 (2) Costs for exploration of new potential business in the US reported as recurring in both periods (1) 3. N/R 1,0 (2) N/R 1,2 (2) 3. 4. Non-recurring costs in line vs. 9M 2024 on a like-for-like basis 4. EBIT Reported increase, despite higher depreciations mainly related to the increase of Vega C flights cadence and IT improvement projects
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22 Quarterly evolution of EBITDA and Net Financial Position Figures in €m EBITDA Reported | Quarterly evolution Net Financial position | Quarterly evolution 1,3 5,2 8,7 20,5 1,6 8,1 12,1 25,8 4,0 10,0 15,2 3M 6M 9M FY 2023 2024 2025 57,4 102,2 47,9 76,1 9,6 21,5 90,1 59,0 75,3 47,2 3M 6M 9M FY -0,1
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23 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 (1) Implying an EBITDA Adjusted ranging from €30m to €36m assuming €3m as non recurring costs ▪ New orders from defense propulsion business ▪ Growth in defense propulsion and Vega activities ▪ AVIO USA accounted in general expenses ▪ Increased taxes
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THANK YOU FOR YOUR ATTENTION
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CONTACTS Investor.relations@avio.com 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.