Officina Stellare S.p.a. · MIL:OS
Officina Stellare — Investor Day (June 2026)
46 slides from Officina Stellare's investor day presentation, Jun 25, 2026
Slide 1: Capital Markets Day 2026
Aerospace & Defense - Mission Critical Technologies Capital Markets Day 2026 June 25th 2026
Slide 2: Agenda
2026 Capital Markets Day 01 A Transformational Transaction: Merger with GATG 02 Officina Stellare Group Overview Agenda 03 Business Update and Strategic Directions 04 Pro Forma Financials 2024-2025 05 Closing Remarks and Q&A 2
Slide 3: Today's Presenters
2026 Capital Markets Day Today’s Presenters Giovanni Dal Lago Alessandro Franzoni Alessandro Agosti Giorgio Iannotti Gino Bucciol Head of Strategy Chairman CEO CFO General Manager & Business Development 3
Slide 4: A Transformational Transaction: Merger with GATG
2026 Capital Markets Day 01 A Transformational Transaction: Merger with Global Aerospace Technologies Group (GATG) Giovanni Dal Lago 4
Slide 5: Officina Stellare Today
2026 Capital Markets Day Officina Stellare Today €99m Multi-Domain Player Value of Production (2025 Pro Forma) Space, Aviation, Defense Systems, Maritime, Cybersecurity €192m Backlog (as of May 31st 2026) Complementary Technologies Optical systems and electronics 18% Adjusted EBITDA Margin (2025 Pro
Slide 6: Reinforced Industrial Scale and Integrated Technological Capabilities
2026 Capital Markets Day Reinforced Industrial Scale and Integrated Technological Capabilities… + Value of Production €27m €72m €99m 2025 Value of Production Pro Forma Order Backlog €192m 31st May 2026 €57m €135m Backlog Pro Forma Production Facilities 3 4 7 Production facilities in Italy Legal Enti
Slide 7: Applications Spanning Across Strategic Business Lines
2026 Capital Markets Day ... with Applications Spanning Across Strategic Business Lines Value of Production by business line (2025)(1) 5% 20% 15% 15% 29% 39% 14% + 21% 66% 20% 29% 23% 2025 Pro Forma Space Aviation Defense Systems Maritime Cybersecurity Others non core Note: (1) Officina Stellare Rev
Slide 8: Experienced Management Team
2026 Capital Markets Day Experienced Management Team Giovanni Dal Lago - Chairman Pasquale Quito Terracciano – Vice Chairman 35+ years of experience 40+ years of experience • Co-founder, Vice President and CEO of • Chairman of GATG Officina Stellare • Italy ambassador (Madrid, London and Moscow) • C
Slide 9: Officina Stellare Group Overview
2026 Capital Markets Day 02 Officina Stellare Group Overview Alessandro Franzoni, Giorgio Iannotti 9
Slide 10: Integration of a Unique Multi-Domain Applications Portfolio
2026 Capital Markets Day Integration of a Unique Multi-Domain Applications Portfolio Space Aviation Defense Systems Maritime Cybersecurity • Earth observation • Processing & Power Units • Multispectral Imaging • Naval electronics • Fiber and free-space QKD • Laser communications • Electro-mechanical
Slide 11: Embedded in an Interconnected Ecosystem with Mission-Critical Technologies
2026 Capital Markets Day Earth observation & Embedded in an Interconnected Ecosystem with Laser communication Truly Mission-Critical Technologies Defense aviation Rotorcraft UAVs Naval Land systems Optical ground stations Underwater 11 Officina Stellare Presence QKD optical communication
Slide 12: Space Portfolio Overview
2026 Capital Markets Day Space Portfolio Overview Ground and space-based opto-mechanical, laser satellite communication, and electronic systems Space Space Terminals for Laser Communication Onboard laser terminals for high-speed €28.3m inter-satellite and satellite-to-ground Value of Production comm
Slide 13: Aviation Portfolio Overview
2026 Capital Markets Day Aviation Portfolio Overview Electro-mechanical systems for fixed and rotary wings aviation platforms Processing Units €28.5m Units managing in real time high Electro-mechanical quantity of data for safety critical Value of Production functions Actuators Control Units & Displ
Slide 14: Defense Systems Portfolio Overview
2026 Capital Markets Day Defense Systems Portfolio Overview Integrated defense systems for advanced sensing, tracking, monitoring and deterrence, and electronic subsystems for advanced defense measures and countermeasures €20.1m Value of Production 2025 Pro Forma 20% Group Value of Production Multis
Slide 15: Maritime Portfolio Overview
2026 Capital Markets Day Maritime Portfolio Overview Range of proprietary security, navigation, communication and other systems for naval applications Electro-Optical Systems Advanced sensor suites that use €15.0m Communication Systems visible light, IR, and laser Maintain connectivity with other te
Slide 16: Cybersecurity Portfolio Overview
2026 Capital Markets Day Cybersecurity Portfolio Overview Cutting-edge technologies delivering quantum-encryption cybersecurity solutions for ground-based and space-based optical telecommunications systems Quantum Key Distribution €5.3m QKD for Space (QKD) Technology for Value of Production Communic
Slide 17: High-standing and Diversified Client Base
2026 Capital Markets Day High-standing and Diversified Client Base Agencies/Governments OEMs Tier 1 17
Slide 18: Vertical Integration Value Chain Leveraging Engineering and Technological Expertise
2026 Capital Markets Day Vertical Integration Value Chain Leveraging on Relevant Engineering and Technological Expertise DESIGN & ENGINEERING • Software • SERVICES & Hardware PROTOTYPING TESTING QUALIFICATION PRODUCTION • Mechanical POST SALES • Optical • Electronic • Quantum High degree of vertical
Slide 19: Solid Industrial Footprint and International Commercial Presence
2026 Capital Markets Day Solid Industrial Footprint Leveraging on Strong In-House Manufacturing and Engineering Capabilities, Coupled with an International Commercial Presence Cassina de’ Pecchi (MI) Sarcedo (VI) 7 Desio (MI) 2 in Padova (PD) Industrial sites in Italy USA (Arlington, VA) La Spezia (
Slide 20: Business Update and Strategic Directions
2026 Capital Markets Day 03 Business Update and Strategic Directions Alessandro Franzoni, Giorgio Iannotti, Gino Bucciol 20
Slide 21: Structural Macro Trends Expanding Officina Stellare's Addressable Market
2026 Capital Markets Day At the Forefront of Structural Macro Trends Expanding Officina Stellare’s Addressable Market Space Aviation Defense Systems Maritime Cybersecurity • Increasing investments, • Increase in aerospace • Defense budgets are • Expansion of maritime • Rising global data needs with
Slide 22: Multi-Domain Organic and External Growth Strategy
2026 Capital Markets Day Multi-Domain Organic and External Growth Strategy Strengthen Investment in Production Full Positioning New Capacity Realization into A&D Technologies Expansion of Synergies Sub-sectors ORGANIC GROWTH M&A 22
Slide 23: Relevant Ongoing Innovative Programs and Solutions
2026 Capital Markets Day Relevant Ongoing Innovative Programs and Solutions Space - Earth Observation Space - Laser Communication Space - Laser Communication Aviation Optical assemblies for Optical Ground Station for Optical flight terminals for satellite EURODRONE Program - high-resolution telescop
Slide 24: Innovation Pathway: Cooperations with Research Institutions and Universities
2026 Capital Markets Day Investment in New Technologies The Innovation Pathway: Strong Focus on Cooperations with International Research Institutions and Universities to Foster Technological Innovation Growth enabler of Strategic Partnerships to preserve Incubator innovative start-ups technological
Slide 25: Innovation Pathway Case Study: Scale-up in Laser Communication
2026 Capital Markets Day Investment in New Technologies The Innovation Pathway Case Study: Scale-up in Laser Communication … encompassing existing and jointly … in a new high-efficiency OCT Partnership set-up… developed products for European Market… production facility Existing Products A V’Ger OCTs
Slide 26: Laser Communication Market Trend
2026 Capital Markets Day Investment in New Technologies Laser Communication Market Trend Rapid Growth of Open Laser Communication Terminals Open Laser Communication terminals in orbit (# ‘000)(1) Unique combination c.9x of know-how and proprietary production technologies 5.9 Strategic industrial bas
Slide 27: Production Capacity Expansion
2026 Capital Markets Day Production Capacity Expansion Production Capacity Expansion: Significant Investment in Existing Facilities and a New Facility for Laser Communication Programs Expansion of Existing facilities New facilities Desio Viterbo Sarcedo Sarcedo Cassina de’ Pecchi Completion by 2027
Slide 28: Full Realization of Synergies
2026 Capital Markets Day Full Realization of Synergies Synergies Potential Revenue Synergies Cost Synergies Centres of Excellence Joint / Integrated Offering Vertical Integration Integration of Functions • Integrated opto-mechanical, electronic • Internalization of key components and • Engineering o
Slide 29: M&A and Partnerships to Strengthen Positioning into A&D Sub-sectors
2026 Capital Markets Day Strengthen Positioning into A&D Sub-sectors M&A and Partnerships to Strengthen Positioning into A&D Sub-sectors Strategic Goals M&A Framework Dedicated M&A Committee Accelerate the technology Combining Board oversight Structured M&A approach and A&D expertise roadmap Alessan
Slide 30: Pro Forma Financials 2024-2025
2026 Capital Markets Day 04 Pro Forma Financials 2024-2025 Alessandro Agosti 30
Slide 31: Pro Forma Financial Snapshot at a Glance
2026 Capital Markets Day Pro Forma Financial Snapshot at a Glance (€m) 2024 PF 2025 PF YoY (%) Order Backlog 131.2 163.1 +24% • Increasing backlog providing high visibility on future top-line Value of Production 88.5 98.8 +12% evolution (€192m as of May EBITDA Adj. 11.8 17.8 +51% 2026) M argin 13.3%
Slide 32: Increasing Backlog Providing High Visibility on Future Growth
2026 Capital Markets Day Increasing Backlog Providing High Visibility on Future Growth… Order Backlog (€m) +46% 191.9 • Continuously growing order 163.1 11.2 intake (€131m in 2025), with solid 23.4 10.0 book-to-bill ratio (1.3x in 2025) 131.2 24.8 1.9 44.5 • Record-high backlog in May 2026 23.9 prov
Slide 33: Significant Top-Line Growth Across Business Lines
2026 Capital Markets Day … Coupled With Significant Top-Line Growth Across Business Lines Value of Production (€m) YoY growth (%) +12% for business lines 98.8 ▪ Double-digit organic 88.5 5.3 +26% growth in 2025 driven by 4.2 15.0 +17% Space, Maritime and 12.8 Cybersecurity 20.1 20.4 (1%) ▪ Aviation
Slide 34: Profitability Outpacing Top-Line Expansion
2026 Capital Markets Day Profitability Outpacing Top-Line Expansion EBITDA Adj. EBIT Adj. Net Result Adj. (€m) (€m) (€m) 1.5x 1.7x 2.0x ▪ Significant increase 13.3% margin 18.0% 5.3% margin 8.2% 2.5% margin 4.5% in margins underpinned by 17.8 operating leverage ▪ R&D opex at c.6% of 11.8 VoP in 2024
Slide 35: Balance Sheet Strength to Invest in Future Growth
2026 Capital Markets Day Balance Sheet Strength to Invest in Future Growth Net Cash Capex (€m) (€m) % Value of Production 30.0 12.8% 16.3% ▪ Solid net cash position to selectively invest for future growth 16.1 11.3 ▪ Capex plan to support technology investment and capacity expansion 10.5 7.5 R&D 202
Slide 36: Closing Remarks
2026 Capital Markets Day 05 Closing Remarks Giovanni Dal Lago 36
Slide 37: Key Investment Highlights
2026 Capital Markets Day Key Investment Highlights 1 At the forefront of attractive Space, Aviation, Defense Systems, Maritime and Cybersecurity key macro trends 2 Vertically Integrated Over the Value Chain Leveraging on Relevant Technological Barriers 3 Truly Mission-Critical Technologies to Ensure
Slide 38: 2026 Capital Markets Day
2026 Capital MarketsiDay OFFICINAS = LL ARE
Slide 39: Appendix
2026 Capital Markets Day Appendix 39
Slide 40: Global Space Economy Driven by Public and Commercial Investments
2026 Capital Markets Day Global Space Economy Driven by Public and Commercial Investments All-time-high Global Space Economy ($Bn)(1) Institutional Support c.3x $22Bn 2026-2028 1,790 budget(2) 1,160 630 3rd Largest contributor in 2026 ESA budget(2) 2023A 2030E 2035E Source: (1) Backbone & Reach - Wo
Slide 41: Global Space Economy – Focus on Earth Observation
2026 Capital Markets Day Global Space Economy – Focus on Earth Observation Constellations to Drive Satellite Launches Satellites Manufacturing Market Number of satellite launches (# ‘000)(1) c.3x VHR and VVHR of >50% optical satellites 5.4 manufacturing market (2024E-2033E)(1) 1.9 Optical satellites
Slide 42: Aviation Market Entering a New Growth Cycle
2026 Capital Markets Day Aviation Market Entering a New Growth Cycle New Wave of Investments in the Next Decade Indicative global investments in defense fighter jet development(1) • 4th GEN • 5th GEN • 6th GEN Introduced in 1974 Introduced in 2005 2030s target with with F-14 with F-22 NGAD and GCAP
Slide 43: Europe Defense at the Beginning of a New Investment Cycle
2026 Capital Markets Day Europe Defense at the Beginning of a New Investment Cycle NATO Increased Defense Investment Target Visible European gap to fill EU support as a key catalyst NATO European countries Defense Spending per year Defense Expenditure EU-US ($Bn - % of GDP)(1) ($bn, % of GDP)(1) Tot
Slide 44: The Naval Defense Market is Undergoing Robust Expansion
2026 Capital Markets Day The Naval Defense Market is Undergoing Robust Expansion Key Segments of Global Naval Defense Market ($Bn)(1) Key Drivers Fleet Modernization c.2x 105 Growing global tensions 59 Increasing maritime security threats 2025A 2034E Increasing defense budgets allocated to naval pro
Slide 45: Pro Forma Financials 2024-2025 - Basis of Preparation
2026 Capital Markets Day Pro Forma Financials 2024-2025 - Basis of Preparation Pro forma for the year 2025 Pro forma for the year 2025 has been prepared considering the audited financial statements as of December 31, 2025 of the following companies/Groups: Officina Stellare Group (Consolidated finan
Slide 46: Disclaimer
2026 Capital Markets Day Disclaimer This document has been prepared by Officina Stellare S.p.A. (the “Company”) solely for use in the presentation of the Company’s activities and its financial results. This document does not contain forward-looking statements. Any reference to past performance of th