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Avio 1H 2026 Results 10 SEPTEMBER 2026
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2 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.
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3 Agenda Highlights Giulio Ranzo, Chief Executive Officer1. 1H 2026 Financials Roberto Carassai, Chief Financial Officer2.
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4 ▪ VV29 mission successfully completed with Avio new Launch Service Operator of Vega. Ready for VV30 mission in September ▪ New P160C boosters successfully power Ariane’s missions. Rapid Ariane 6 cadence increase fuels production rate ▪ Liquid propulsion demonstrator integration completed, to be ground-tested in 2026 ▪ U.S. project progressing as expected: C-level staffing plan nearing completion, ground-breaking ceremony approaching at the end of September ▪ Advent to invest ~€110 million to support Avio's expansion in Italy and the United States ▪ Continued high-teens growth in revenues and EBITDA vs. 1H 2025 ▪ FY 2026 Guidance confirmed Sustained solid double-digit growth in revenues and profits
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5 Success for VV29 mission ▪ On May 19th Vega C’s VV29 mission launched ESA’s and CAS’ Solar wind Magnetosphere Ionosphere Link Explorer (SMILE) scientific satellite. The 2,250 kilograms satellite will measure the solar wind and its dynamic interactions with the Earth’s magnetosphere ▪ The mission is the first operated by Avio, reaffirming its key role in supporting ESA’s missions Source: ESA, CNES, Arianespace Encapsulation of SMILE Fairing ready Measurements of SMILE VV29 mission on launchpad VV29 lift -off 5
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6 P160C motors successfully power Ariane 6 for the first time ▪ On June 17th Ariane 6 completed the VA269 mission, deploying in orbit 36 Amazon Leo satellites ▪ The launch was the first performed in a four-booster configuration using the P160C first stage booster, built on the proven P120C technology and introducing significant performance increase Source: ESA, CNES, Arianespace, Amazon Leo Installation of 4 P160C boosters on central coreP160C separationVA269 on launchpad 6
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7 Ariane Vega #4 launches #3 launches 2025 2026 Avio current assumption of contracted flight backlog roll-out 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 VA267 Feb 12 VV29 ~15 flights currently in backlog Future launches: ➢ Sentinel-3C (EU) ➢ IRIDE (EU) ➢ PLATiNO ➢ … more opportunities in pipeline 1st launch operated by Avio May 19 VA268 Apr 30 VA269 June 17 1st launch with 4 P160 boosters VA270 Aug 27 VV30 Set for Sep 14
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8 LOX-CH liquid propulsion demonstrator integration completed Flight Demonstrator integratedDMX2 engine 8
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9 SAMP/T NG system fuels demand for ASTER 30 in EU ▪ On June 18th 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, with a total value exceeding €35 million ▪ The contract is supporting European defense in response to growing demand for the SAMP/T NG anti-missile defense system Photo credits: Eurosam Launcher module of a SAMP/T NG air defense system
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10 Execution of Avio’s U.S. strategy on track ▪ Site secured: ~1,200 acres of industrial land purchased in April in the Southern Virginia Multimodal Park ▪ ~$65m order signed in March, consolidating trend for defense business growth ▪ U.S. factory eligible of up to $97.7m incentive package ▪ Establishing Avio USA leadership team: recruitment of the CEO’s direct reports nearly completed (e.g., CFO, COO, SVP of Engineering, SVP of Business Development) Milestones achieved In progress ▪ Discussion of long term commitments with customers is ongoing ▪ Capital deployment progressing: process equipment long-lead items orders ongoing ▪ Design of the new plant moving forward ▪ Ground-breaking ceremony scheduled for the end of September
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11 Sources: Avio analysis on Janes Database, DoD budget Weapons, public information, external advisors' contributions 2025 2026 2027 2028 2029 2030 6.1 3.6 6.9 3.8 7.7 4.0 8.3 4.4 8.6 5.1 9.3 5.8 5.4 6.9 US & EU Missile Propulsion Supply and Demand (propellant k tons / year) – June 2026 SRM unmet demand now up to 40% wider vs. last year’s estimate New estimate June 2026 - US + Europe demand New estimate June 2026 - US + Europe supply Old estimate Sept 2025 - US + Europe demand Old estimate Sept 2025 - US + Europe supply Average unmet demand: 3,400 tons gap +40% of average unmet demand 2025 – 2030 vs. last year’s estimate of 2,400 tons per year
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12 Advent to invest ~€110m to support Avio's expansion ▪ On July 6th Avio and Advent entered into an investment agreement for Advent’s subscription of a ~€110m reserved capital increase, at an issue price per share equal to €33.40, equivalent to approximately ~7% of Avio’s share capital(1) #17 offices in 5 continents (2) $94bn AUM (3) #458 transactions across 44 countries (2) A leading U.S. headquartered private equity firm… …with more than $15bn enterprise value invested across the global defense sector March 2026 Investment in Saronic Undisclosed March 2026 Investment in Shield AI Undisclosed September 2025 Acquisition of Attalon (Coherent A&D) $400m May 2023 Acquisition of Maxar Technologies $6.4bn August 2022 Acquisition of Ultra Electronics $3.6bn January 2020 Acquisition of Cobham $5.0bn Majority U.S. focus The transaction is aiming to accelerate Avio’s long term strategy by including a well-known investor in the shareholder base who brings deep relationships across primes, sub-primes and U.S. government agencies (1) On a pre -money basis (2) As of 30 June 2026 (3) Assets under management as of March 31, 2026 and include assets attributable to Advent advisory clients as well as employee and third -party co - investment vehicles
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13 Solid double-digit growth in revenues and profit since 2023 338,7 441,6 541,7 2023A 2024A 2025A 2026E +19% Figures in €m Revenues 2023A - 2026E 22,4 29,6 36,4 2023A 2024A 2025A 2026E 20% EBITDA Reported(2) 2023A - 2026E (1) Mid -point of 2026 Guidance (2) Net of AVIO USA operating costs (1) (1) Avio USA costs -1,9 -3,7 -4,2 -8 (1)
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14 Agenda Highlights Giulio Ranzo, Chief Executive Officer1. 1H 2026 Financials Roberto Carassai, Chief Financial Officer2.
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15 Backlog standing at >€2.0bn Main comments Figures in €m Net order backlog evolution 2022 – 1H 2026 ▪ Order intakes in 1H 2026 amounting to ~€160m including: ➢ Launch systems ~€50m: mainly related to development contracts on Vega C and Vega E launchers ➢ Defense propulsion ~€110m: related to production contract with MBDA in France (ASTER 30) and development contract in USA for development, qualification and initial production of a solid rocket motor for air defense applications ▪ Production accounts for ~70% of backlog, Development for ~30% 724 970 1.130 1.165 1.045 139 155 385 328 176 250 439 616 675 114 2022 2023 2024 2025 1H 2026 1.014 1.359 1.724 2.166 2.048 +29% Launch systems Space propulsion Defense propulsion 51% 33% 16% % on backlog Additional ~€60m of Vega C production contract signed in July
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16 Revenues continue to increase at a double-digit pace Net revenues | Breakdown by Line of Business [#] % on net revenues 21% 61% Net revenues | Breakdown by Activity Figures in €m 18% [#] % on net revenues 153,2 168,8 41,7 57,340,0 50,0 1H 2025 1H 2026 234,9 276,0+18% Launch systems Space propulsion Defense propulsion 139,2 185,8 92,5 89,0 1H 2025 1H 2026 234,9 276,0+18% Production Development 40% 59% 33% 67% ~€40m of revenues growth vs. 1H 2025, mainly due to the increase in production activities in Launch systems (Vega production), in Space propulsion (increase of boosters’ production for Ariane 6) and in Defense propulsion 18% 65% 17%
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17 1H 2026 results vs. 1H 2025 Avio Group | Main economics Main comments 1. 3. Revenues recorded double-digit growth on a half-year basis for the fourth consecutive year (+€41m, +18% vs. 1H 2025), demonstrating continuing ability to execute 2. EBITDA reported increase (+€1.9m, +19%) driven by higher revenues and margins mostly dependent on the profitability of the space business +12.9 -2.9 +14.8 -2.9 1. 2. 3. (1) Excluding non -recurring costs equal to €1.4m in 1H 2025 and €0.3m in 1H 2026 (2) EBIT Adjusted equal to €1.4m in 1H 2025 and €1.5m in 1H 2026 (1) (2) EBIT reported increase (+€1.2m) driven by the same underlying EBITDA dynamics, despite higher depreciation related to increased Vega C cadence 4. Net Income increase (+€9.3m) reflects improved financial income on average cash available, and fair value adjustment of investments 4. 1H 2025 Actual (€m) 1H 2026 Actual (€m) Delta (€m) Delta (%) NET REVENUES 234,9 276,0 41,2 17,5% EBITDA REPORTED 10,0 11,9 1,9 19,1% % on net revenues 4,3% 4,3% EBITDA ADJUSTED 11,4 12,2 0,8 7,3% % on net revenues 4,8% 4,4% EBIT REPORTED 0,0 1,2 1,2 n.m. % on net revenues 0,0% 0,4% NET INCOME (0,2) 9,2 9,3 n.m. % on net revenues -0,1% 3,3%
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18 Net Financial Position bridge Figures in €m 591,7 535,7 11,9 28,0 5,3 34,0 0,6 Net Financial Position 31 Dec 2025 Reported EBITDA Change in Working Capital Change in provisions Gross Capex Other Net Financial Position 30 Jun 2026
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19 AVIO Group | Sources and uses Main comments Figures in €m • Working capital structurally negative, increasing due to the flow-down to suppliers of advance payments collected in Q4 2025 • Net Fixed assets increase mainly related to capex for land acquisition for Avio USA plant, higher Vega cadence, and testing infrastructure • Net financial position reduction reflects investments made and the working capital increase in the period 1. 2. 3. 1H 2026 results vs. 2025 | Sources and uses 1. 3. 2. 31 DEC 2025 Actual (€m) 30 JUN 2026 Actual (€m) Delta (€m) WORKING CAPITAL (355,2) (327,3) 28,0 DEFERRED TAX ASSETS 87,6 87,5 (0,1) PROVISIONS (42,4) (37,1) 5,3 GOODWILL AND OTHER INTANGIBLE 83,0 81,4 (1,6) FIXED ASSETS 342,7 370,5 27,9 FINANCIAL RECEIVABLES 1,2 1,2 0,0 NET INVESTED CAPITAL 116,8 176,3 59,5 NET FINANCIAL POSITION 591,7 535,7 (56,0) EQUITY (708,5) (712,0) (3,5) TOTAL SOURCES (116,8) (176,3) (59,5)
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20 Quarterly evolution of EBITDA and Net Financial Position Figures in €m EBITDA Reported | Quarterly evolution Net Financial position | Quarterly evolution 4,0 10,0 15,2 32,3 5,2 11,9 3M 6M 9M FY 2025 2026 59,0 75,3 47,2 3M 6M 9M FY 559,1 535,7 591,7
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21 FY 2026 Guidance confirmed NET REVENUES BACKLOG EBITDA REPORTED(1) NET INCOME €m 2.000 €m 2.100 €m 560 €m 590 €m 27 €m 35 €m 8 €m 13 (1) Implying an EBITDA Adjusted ranging from €29m to €37m assuming €2m as non recurring costs ▪ Backlog including firm orders only and expected to remain high after record level achieved in 2025 ▪ Growth vs. FY2025 largely driven by space business, with increasing contribution of the defense business ▪ 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
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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.