Slide 1: Avio 1H 2026 Results
10 SEPTEMBER 2026 Avio 1H 2026 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 1H 2026 Financials 2. Roberto Carassai, Chief Financial Officer 3
Slide 4: Sustained solid double-digit growth in revenues and profits
Sustained solid double-digit growth in revenues and profits ▪ 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 ▪ Liqu
Slide 5: Success for VV29 mission
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
Slide 6: P160C motors successfully power Ariane 6 for the first time
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
Slide 7: Ariane and Vega current view of flight manifest
Ariane and Vega current view of flight manifest 2025 1st launch with 4 P160 2026 boosters ~30 flights currently in backlog Future launches: ➢ Satcom mega-constellations ➢ Galileo (EU) ➢ Military sats IRIS2 major upside Ariane #4 launches VA267 VA268 VA269 VA270 ~15 flights currently in backlog Feb
Slide 8: LOX-CH liquid propulsion demonstrator integration completed
LOX-CH liquid propulsion demonstrator integration completed DMX2 engine Flight Demonstrator integrated 8
Slide 9: SAMP/T NG system fuels demand for ASTER 30 in EU
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 de
Slide 10: Execution of Avio's U.S. strategy on track
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 Milestones a
Slide 11: SRM unmet demand now up to 40% wider vs. last year's estimate
SRM unmet demand now up to 40% wider vs. last year’s estimate US & EU Missile Propulsion Supply and Demand (propellant k tons / year) – June 2026 9.3 8.6 8.3 7.7 6.9 6.9 6.1 Average unmet demand: 3,400 tons gap 5.8 5.1 4.4 5.4 3.8 4.0 3.6 New estimate June 2026 - US + Europe demand Old estimate Sept
Slide 12: Advent to invest ~€110m to support Avio's expansion
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) …with more t
Slide 13: Solid double-digit growth in revenues and profit since 2023
Solid double-digit growth in revenues and profit since 2023 Figures in €m Revenues 2023A - 2026E +19% 541,7 441,6 338,7 2023A 2024A 2025A 2026E (1) EBITDA Reported(2) 2023A - 2026E 20% 36,4 29,6 22,4 2023A 2024A 2025A 2026E (1) -1,9 -3,7 -4,2 -8 (1) (1) Mid-point of 2026 Guidance (2) Net of AVIO USA
Slide 14: Agenda
Agenda Highlights 1. Giulio Ranzo, Chief Executive Officer 1H 2026 Financials 2. Roberto Carassai, Chief Financial Officer 14
Slide 15: Backlog standing at >€2.0bn
Backlog standing at >€2.0bn Figures in €m Main comments Net order backlog evolution 2022 – 1H 2026 ▪ Order intakes in 1H 2026 amounting to Additional ~€60m of Vega C production ~€160m including: contract signed in July ➢ Launch systems ~€50m: mainly related to 2.166 2.048 % on backlog development co
Slide 16: Revenues continue to increase at a double-digit pace
Revenues continue to increase at a double-digit pace Figures in €m Net revenues | Breakdown by Line of Business Net revenues | Breakdown by Activity +18% 276,0 +18% 276,0 234,9 50,0 18% 234,9 89,0 33% 40,0 17% 57,3 21% 41,7 92,5 40% 18% 168,8 185,8 67% 153,2 65% 61% 139,2 59% 1H 2025 1H 2026 1H 2025
Slide 17: 1H 2026 results vs. 1H 2025
1H 2026 results vs. 1H 2025 Avio Group | Main economics Main comments 1. Revenues recorded double-digit growth on a 1H 2025 1H 2026 Delta Delta half-year basis for the fourth consecutive year Actual (€m) Actual (€m) (€m) (%) (+€41m, +18% vs. 1H 2025), demonstrating NET REVENUES 234,9 1. 276,0 41,2 1
Slide 18: Net Financial Position bridge
Net Financial Position bridge Figures in €m 591,7 11,9 28,0 535,7 5,3 34,0 0,6 Net Financial Position Reported Change in Change in provisions Gross Capex Other Net Financial Position 31 Dec 2025 EBITDA Working Capital 30 Jun 2026 18
Slide 19: 1H 2026 results vs. 2025 | Sources and uses
1H 2026 results vs. 2025 | Sources and uses Figures in €m Main comments AVIO Group | Sources and uses 31 DEC 2025 30 JUN 2026 • 1. Working capital structurally negative, increasing Delta Actual Actual due to the flow-down to suppliers of advance (€m) (€m) (€m) payments collected in Q4 2025 WORKING C
Slide 20: 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 15,2 10,0 11,9 4,0 5,2 3M 6M 9M FY Net Financial position | Quarterly evolution 591,7 559,1 535,7 75,3 59,0 47,2 3M 6M 9M FY 2025 2026 20
Slide 21: FY 2026 Guidance confirmed
FY 2026 Guidance confirmed €m €m ▪ Backlog including firm orders only and expected to remain BACKLOG 2.000 2.100 high after record level achieved in 2025 Growth vs. FY2025 largely driven by space business, with €m €m ▪ increasing contribution of the defense business NET REVENUES 560 590 ▪ Group EBIT
Slide 22: Thank you for your attention
THANK YOU FOR YOUR ATTENTION
Slide 23: 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.