Slide 1: Avio FY 2025 Results
MARCH 12, 2026 Avio FY 2025 Results
Slide 2: Disclaimer
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 sub
Slide 3: Agenda
Agenda Highlights 1. Giulio Ranzo, Chief Executive Officer FY 2025 Financials 2. Roberto Carassai, Chief Financial Officer Outlook and opportunities 3. Giulio Ranzo, Chief Executive Officer 3
Slide 4: Record-high economic and financial performance in 2025
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
Slide 5: Summary of 2023 - 2025 results
Summary of 2023 - 2025 results Figures in €m FY 2023 FY 2024 FY 2025 GROWTH GUIDANCE ACTUAL ACTUAL ACTUAL ’24 - ’25 2025 BACKLOG 1.359 1.724 2.166 +26% 2.100 – 2.200 1.700 – 1.800 (1) NET 338,7 441,6 541,7 +23% 510 – 540(1) REVENUES 450 – 480 (1) +22,4 +29,6 +36,5 REPORTED REPORTED REPORTED +25% 27
Slide 6: Success for Vega C VV28 mission
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 an
Slide 7: Ariane 6 VA265 and VA266 flights successfully completed
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 th
Slide 8: New contracts in space boost production and ensure continuity in the pipeline
New contracts in space boost production and ensure continuity in the pipeline of future Vega C launches >€200m contract signed with ArianeGroup With Airbus for the future of Earth Observation ▪ On November 14th ArianeGroup and Avio ▪ In January 2026 Airbus announced it will launch concluded a >€200m
Slide 9: Integration facility in French Guiana transferred to Avio
Integration facility in French Guiana transferred to Avio ▪ On December 2nd, ArianeGroup officially transferred to Launcher Avio the Bâtiment d’Intégration Lanceur (“BIL”), a facility previously used to assemble Ariane 5 launchers Integration («BIL») ▪ By adapting the BIL for Vega C, Avio can optimi
Slide 10: P160C booster ready for lift-off
P160C booster ready for lift-off PROGRESS STATUS FULL OPERATIONAL CAPABILITY DEMONSTRATION PRELIMINARY DESIGN REVIEW CRITICAL DESIGN REVIEW IMC SHIPMENT LMC CASTING LMC DELIVERY QUALIFICATION TEST ON QM3 GROUND QUALIFICATION REVIEW Customer: European Space Agency Objective: P160C Solid Rocket Motor
Slide 11: Vega E program ongoing
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 ca
Slide 12: Space Rider: integration of flight module in progress
Space Rider: integration of flight module in progress PROGRESS STATUS PRELIMINARY DESIGN REVIEW CRITICAL DESIGN REVIEW HWIL #1 HWIL #2 UCMEC TEST HWIL #3 HWIL #4 AOM-RM JOINT TEST QUALIFICATION REVIEW LAUNCH READINESS REVIEW Customer: European Space Agency Objective: Development of a reusable orbita
Slide 13: Technological development project progressing
Technological development project progressing Innovative LOX-CH technology Orbital propulsion technology Space Transportation Systems High Thrust Engine Multi-Purpose Green Engine Design, manufacturing & launch of a Advanced upper stage propulsion “Green” engine for orbital propulsion and demonstrat
Slide 14: Continued momentum on defense, with orders booked exceeding €250m in 2025
Continued momentum on defense, with orders booked exceeding €250m in 2025 Solid partnership with MBDA Group in Europe Strengthening of the partnership with MBDA, through signing of multiple production orders Main defense contracts in USA stepping into production phase Purchase order for funding of u
Slide 15: Agenda
Agenda Highlights 1. Giulio Ranzo, Chief Executive Officer FY 2025 Financials 2. Roberto Carassai, Chief Financial Officer Outlook and opportunities 3. Giulio Ranzo, Chief Executive Officer 15
Slide 16: Record-high backlog exceeding €2.0bn in 2025
Record-high backlog exceeding €2.0bn in 2025 Figures in €m Main comments Net order backlog evolution 2020-2025 ▪ Record backlog level of €2.2bn (+26% vs. 2024) 2.166 % on backlog ▪ Order intakes in 2025 amounting to ~€1.0bn including: +24% 1.724 616 28% ➢ Launch systems ~€400m: mainly related 1.359
Slide 17: Revenues increased by >20% compared to previous year
Revenues increased by >20% compared to previous year Figures in €m Net revenues | Breakdown by Line of Business Net revenues | Breakdown by Activity +23% 541,7 +23% 541,7 81,7 15% 441,6 441,6 69,8 101,1 226,3 42% 16% 19% 75,3 17% 219,4 50% 358,9 66% 296,5 67% 313,5 58% 222,1 50% 2024 2025 2024 2025
Slide 18: FY 2025 results vs. 2024
FY 2025 results vs. 2024 Main comments AVIO Group | Main financials FY 2024 FY 2025 Delta Delta 1. Increase in revenues (+€100m, +23%) mainly Actual (€m) Actual (€m) (€m) (%) driven by the space business NET REVENUES 441,6 541,7 1. 100,1 22,7% 2. EBITDA reported increase (+€6,4m, +25%) driven by hig
Slide 19: 2024 – 2025 Net Financial Position bridge
2024 – 2025 Net Financial Position bridge Figures in €m 374,5 591,7 + €127m Inertial NFP increase 142,4 9,4 217,3 37,0 1,1 32,3 90,1 Net Financial Reported Change in Change in Net Capex Other Net Financial Capital increase (1) Net Financial Position EBITDA Working Capital provisions Position Positio
Slide 20: FY 2025 results vs. 2024 | Sources and uses
FY 2025 results vs. 2024 | Sources and uses Figures in €m Main comments AVIO Group | Sources and uses 31 DEC 2024 31 DEC 2025 • 1. Increase in negative working capital mostly due to Delta Actual Actual (€m) advances largely collected at year-end, expected (€m) (€m) to be partially flown down to supp
Slide 21: Quarterly evolution of EBITDA and Net Financial Position
Quarterly evolution of EBITDA and Net Financial Position Figures in €m EBITDA Reported | Quarterly evolution 32,3 25,8 15,2 10,0 12,1 8,1 4,0 1,6 3M 6M 9M FY Net Financial position | Quarterly evolution 591,7 90,1 75,3 59,0 47,2 21,5 9,6 -0,1 3M 6M 9M FY 2024 2025 21
Slide 22: Agenda
Agenda Highlights 1. Giulio Ranzo, Chief Executive Officer FY 2025 Financials 2. Roberto Carassai, Chief Financial Officer Outlook and opportunities 3. Giulio Ranzo, Chief Executive Officer 22
Slide 23: Rights offering successfully completed: ready for a new plant in the US
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 Operations Key Contracts Engineering and pro
Slide 24: Our strategy in USA: what's next in 2026?
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 Milestones achieved ▪ Up
Slide 25: Ariane and Vega current view of flight manifest
Ariane and Vega current view of flight manifest 2025 2026 ~30 flights currently in backlog Future launches: ➢ Satcom mega-constellations ➢ Galileo (EU) ➢ Military sats IRIS2 major upside Ariane #4 launches VA267 Feb 12 1st launch ~15 flights currently in backlog operated by Avio Future launches: ➢
Slide 26: Proposed dividend distribution for 2026
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 Dividend distribution 2018 – 2025 (€m) Current Market cap 25 ca. € 1.5 bn 1.000 794 20 352 330 359 322 500 15 290 238 300 10 0 5
Slide 27: FY 2026 Guidance
FY 2026 Guidance €m €m ▪ Backlog expected to remain high after record level achieved in 2025 (1) . Not incorporating potential BACKLOG 2.000 2.100 upsides for additional defense order intake ▪ Further growth driven largely by defense business €m €m acceleration and partly by Ariane 6 motors’ rate NE
Slide 28: Thank you for your attention
THANK YOU FOR YOUR ATTENTION
Slide 29: Contacts
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.