Informazione
Regolamentata n.
1771-97-2026Data/Ora Inizio Diffusione 10 Settembre 2026 16:45:23Euronext Star Milan
Societa' :AVIO SPA Utenza - referente :AVION05 - Quattrin Nevio
Tipologia :1.2
Data/Ora Ricezione :10 Settembre 2026 16:45:23 Data/Ora Inizio Diffusione :10 Settembre 2026 16:45:23 Oggetto :1H 2026 results Testo del comunicato
Vedi allegato
1
FIRST HALF 2026 RESULTS
REVENUES AND PROFITS CONTINUE TO GROW AT DOUBLE -DIGIT PACE
Highlights
• Net R evenues and EBITDA recorded double -digit growth on a half -year basis for the fourth consecutive year • Advent to invest approx. EUR 110 million to support Avio's expansion in Italy and the United States • First Vega C launch successfully completed by Avio as new Launch Service
Operator
• Rapid Ariane 6 cadence increase fuels P160C pro duction rate • Liquid propulsion demonstrator integration completed , to be ground -tested in
2026
• Growth of the defense business : first -half orders supported by new contracts with MBDA and in the United States
Economic and financial results • Order backlog : EUR 2,048 million (-5.4% vs. December 2025 ) • Net Revenues : EUR 276.0 million (+17.5% vs. 1H 2025 ) • EBITDA Reported : EUR 11.9 million (+19.1% vs. 1H 2025 ) • EBITDA Adjusted : EUR 12.2 million (+7.3% vs. 1H 2025 ) • EBIT Reported : EUR 1.2 million (+1.2 million vs. 1H 2025 ) • EBIT Adjusted : EUR 1.5 million (+0.1 million vs. 1H 2025 ) • Net Income : EUR 9.2 million (+9.3 million vs. 1H 2025 ) • Net Financial Position : EUR 535.7 million (-56 million vs. December 2025 )
Guidance 2026 confirmed • Order backlog : EUR 2,000 – 2,100 million • Net Revenues : EUR 560 – 590 million • EBITDA Reported : EUR 27 – 35 million • EBITDA Adjusted : EUR 29 – 37 million • Net Income: EUR 8 – 13 million
2 Rom e, 10 September 2026 – The Board of Directors of Avio S.p.A. (“Avio” or the “Company”) today reviewed and approved the first half 202 6 results .
Avio, an aerospace company listed on the STAR segment of the Italian Stock Exchange, reports for 1H 2026 an order backlog of E UR 2,048 million (-5.4% vs. December 2025) .
Orders acquired during the first half amounted to approximately EUR 160 million, more than two-thirds of which related to production and development contracts in the defense sector and the remaining portion mainly related to development contracts for the V ega C launcher.
Net Revenues, amounting to EUR 276 million, recorded double -digit growth on a half -
year basis for the fourth consecutive year (+17.5% vs. 1H 2025 ), confirming a solid ability to execute orders in the first six months of 2026 as well. Revenue growth in the half-year was mainly driven by the increase in Vega C production activities, Ariane 6 booster production, and defense propulsion activities.
EBITDA Reported , amounting to EUR 11.9 million (+1.9 million compared with 30 June 2025) and up 19.1% compared with the first half of 2025, substantially reflects the improvement in revenues recorded during the period , marking the fourth consecutive year of double -digit first -half growth. EBIT Reported , amounting to EUR 1.2 million , reflects the same improvement dynamics as EBITDA and was also up compared with 30 June 2025, although this increase was partially offset by higher depreciation s, mainly due to the increased Vega C launch cadence. Similarly, EBITDA Adjusted and EBIT Adjusted reflect the same improvement pattern as the corresponding Reported figures.
Net Financial Position amounted to EUR 535.7 million , down 56 million compared with 31 December 2025, due to investments made during the period and the partial transfer to suppliers of advances collected in the last quarter of 2025.
In the recently completed half -year, launch activities for the Vega C and Ariane 6 launchers also continued successfully .
On May 19th, 2026, Vega C successfully completed mission VV29 , placing into orbit the scientific satellite Solar wind Magnetosphere Ionosphere Link Explorer (SMILE) for the European Space Agency (ESA) and the Chinese Academy of Sciences (CAS). SMILE will measure the solar wind and its dynamic interactions with the Earth’s magnetosphere, enhancing the understanding of the connection between the Sun and the Earth. The successful mission represented a significant milestone for the Company, as it was the first Vega C launch completed with Avio in its new role as Launch Service Operator.
In parallel, Ariane 6 launches also continued during the half -year. Avio is partner of the Ariane 6 program providing the solid rocket boosters and the liquid oxygen turbopumps for the core stage Vulcain 2.1 engine and the upper stage Vinci engine. On February 12th , April 30th and June 17th 2026 Ariane 6 successfully completed missions VA267, VA268 and VA269, respectively, placing into orbit a total of 100 satellites of the new Amazon Leo constellation. For the first time, the launcher used four solid -propellant boosters , a configuration that allows Ariane 6 to double its performance, marking an important step forward for the European space program. Mission VA269, in particular, was also the first mission performed in a four -booster configuration using the P160C first -stage boosters : developed by Europropulsion, the joint venture between Avio and ArianeGroup, the P160C builds on the proven P120C technology and introduces a significant performance increase while preserving compatibility with the Ariane 6 launcher architecture. As a common propulsion element for Europe’s launcher family, the P160C will support the performance evolution of Ariane 6 and future Vega configurations, strengthening Europe’s
3 ability to address growing institutional and commercial demand, including large -scale satellite constellation deployments. With its monolithic carbon -fiber structure and increased propellant load, the P160C ranks among the most powerful solid rocket motors in its class and confirms Avio’s key role in advancing Europe’s independent access to space.
Avio continued to advance its liquid propulsion development activities during 1H 2026:
the LOX-CH liquid propulsion flight demonstrator has been fully integrated and is expected to complete ground testing by the end of the current year .
During the first half of 2026, the positive momentum in defense propulsion further strengthened . In Europe, Avio signed a new order exceeding EUR 35 million for the supply of solid rocket motors and related aerodynamic surfaces for the ASTER 30 defense system, further strengthening its collaboration with the MBDA group and supporting European defense in response to growing demand for the SAMP/T NG anti -missile defense system.
On March 6th 2026, Avio signed a contract amounting to approximately USD 65 million for the development, qualification and initial production of a solid rocket motor for air defense applications in the United States, paving the way for a broader cooperation to provide U .S.
Government and NATO Allies with critical defense systems .
On July 6th 2026 Avio also announced that it has signed an investment agreement with funds managed and controlled by Advent International L.P. (“Advent”), a leading U.S.
headquartered private equity firm, to support Avio’s long -term growth in Italy and its expansion plans in the United States through Advent’s subscription of a n approx. EUR 110 million reserved capital increase , at an issue price per share equal to EUR 33.40, equivalent to approximately 7% of the Company’s share capital on a pre -money basis. The capital will strengthen Avio’s balance sheet and accelerates its long -term strategy to address critical shortages in solid rocket motor production across both the U.S. and Europe. The transaction will also broaden Avio’ shareholder base by including a well -known aerospace and defense investor with deep relationships across primes, sub -primes and U.S. government agencies, as well as a track -record of supporting value creation initiatives and execution.
As of June 30th, 2026, Avio holds 626 ,929 own shares, equivalent to 1.34% of the share capital of the Company.
2026 Guidance announced last March 2026 is confirmed .
Giulio Ranzo, Chief Executive Off icer of Avio, commented: “ Also in the first half of the year, the successes of the Vega C and Ariane 6 programmes confirm Avio’s central role in the European space landscape, also in light of its new role as Launch Service Operator, assumed starting from the Vega C launch successfully completed in May. Likewise, the partnership signed with Advent represents a signifi cant milestone for Avio, strengthening our financial profile and enabling us to accelerate our expansion in the United States with the support of a global partner with whom we share a solid strategic vision and long -term ambition. ” 1H 2026 results presentation will be made available in the “Investors” section of www.avio.com and presented during the conference call with financial analysts and investors scheduled for Thursday September 1 0, 202 6 at 5:00 PM CEST.
The Company also announces that, at its meeting held today, the Board of Directors resolved to commence the process for the cooptation ( “cooptazione ”) of a new Director pursuant to Article 11. 17 of Avio’s By -Laws, following the resignation of Dr. Elena Pisonero, as announced on 29 July 2026, which became effective as of the Shareholders’ Meeting held on 8 September 2026, in accordance with applicable laws and regulations and the Company’s By -
4 Laws.
* * * The Executive Officer for Financial Reporting, Roberto Carassai, hereby declares in accordance with the provisions of Article 154 -bis, paragraph 2, of the TUF, that the accounting information included in this press release corresponds to the underlying accounting documents, records and entries.
* * * Avio is a leading international group engaged in the manufacturing and development of space launchers and solid, liquid and cryogenic propulsion systems. The experience and know -how built up over more than 50 years puts Avio at the cutting -edge of the space lau ncher sector and defense program. Avio is present in Italy, France, United States and French Guiana, employing more than 1,500 highly qualified personnel. Avio is the prime contractor for the Vega program and a sub -contractor for the Ariane program, as wel l as a leading solid rocket motor subcontractor for the design and manufacturing of major European tactical missile programs.
For further information Investor Relations contacts:
nevio.quattrin@avio.com
Media Relations contacts:
francesco.delorenzo@avio.com
5 CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION June 30, 2026 December 31, 2025
(in Euro)
ASSETS
Non-current assets
Property, plant and equipment 217,166,283 193,949,902 Right -of-use assets 11,347,455 11,960,908
- of which related parties 495,569 564,186 Investment property 3,997,373 4,053,153 Intangible assets with definite life 136,160,900 134,570,687 Goodwill 62,829,038 62,829,038 Investments 20,445,280 18,270,069 Non-current financial assets 1,177,441 1,177,441
- of which related parties 1,177,441 1,177,441 Deferred tax assets 87,517,508 87,570,000 Other non -current assets 6,183,888 6,504,167 Total non -current assets 546,825,167 520,885,364
Current assets
Inventories 153,591,300 148,549,767 Contract work -in-progress 218,177,367 196,845,439
- of which related parties 29,406,435 20,596,470 Trade receivables 5,831,726 5,613,457
- of which related parties 1,297,946 2,113,113 Cash and cash equivalents 545,467,263 601,845,509 Tax assets 25,850,740 21,873,603 Other current assets 174,581,767 168,449,302
- of which related parties 41,399,926 44,644,578 Total current assets 1,123,500,163 1,143,177,077
TOTAL ASSETS 1,670,325,329 1,664,062,442
6 CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION June 30, 2026 December 31, 2025
(in Euro)
EQUITY
Share capital 158,506,882 158,506,882 Share premium reserve 451,976,267 447,591,404 Other reserves 17,501,332 18,561,713 Retained earnings 63,734,079 62,187,850 Profit attributable to owners of the parent 9,678,822 10,475,744 Equity attributable to owners of the parent 701,397,383 697,323,594
Equity attributable to non -controlling interests 10,571,569 11,154,739
TOTAL EQUITY 711,968,952 708,478,333
LIABILITIES
Non-current liabilities
Non-current financial liabilities - 13,028 Non-current lease liabilities 6,409,645 6,826,861
- of which related parties 291,450 360,630 Employee benefits 8,676,870 8,792,646 Provisions for risks and charges 17,165,582 17,168,120 Other non -current liabilities 26,403,988 27,596,788 Total non -current liabilities 58,656,085 60,397,443
Current liabilities
Current financial liabilities 21,627 17,131 Current lease liabilities 3,334,625 3,278,479
- of which related parties 165,566 150,000 Provisions for risks and charges 11,271,375 16,413,493 Trade payables 151,588,833 127,169,879
- of which related parties 10,350,209 14,403,265 Advances from c ustomers for contract work -in-progress 690,291,864 714,909,678
- of which related parties 249,695,252 244,349,482 Current tax liabilities 8,067,983 5,132,310 Other current liabilities 35,123,983 28,265,697
- of which related parties 91,667 65,000 Total current liabilities 899,700,292 895,186,666
TOTAL LIABILITIES 958,356,377 955,584,109
TOTAL LIABILITIES AND EQUITY 1,670,325,329 1,664,062,442
7 CONDENSED CONSOLIDATED
STATEMENT OF PROF IT OR LOSS H1 2026 H1 2025
(in Euro)
Revenues 277,244,056 260,363,303
- of which related parties 91,429,644 75,632,564 Other operating income 4,338,965 2,995,012
- of which related parties 483,779 186,435 Consumption of raw materials (107,331,023) (76,334,186) Service costs (97,768,573) (112,809,322)
- of which related parties (23,467,847) (43,833,006) Personnel costs (63,572,947) (61,730,124) Amortisation and depreciation (10,672,270) (9,965,721) Other operating costs (2,655,833) (2,853,304) Investments accounted for using the equity method - operating income/(charges) 1,650,817 362,945
EBIT 1,233,192 28,603
Financial income 5,256,801 704,936
- of which related parties - -
Financial expenses (481,320) (375,054)
- of which related parties (3,000) (4,152)
NET FINANCIAL INCOME/(EXPENSES) 4,775,481 329,882
Other income/(charges) from financial assets 3,324,395 -
INCOME/(CHARGES) FROM FINANCIAL
ASSETS 3,324,395 -
PROFIT/(LOSS) BEFORE TAXES 9,333,068 358,485
Income taxes (177,023) (545,636)
PROFIT/(LOSS) FOR THE PERIOD 9,156,045 (187,151)
-- of which: Owners of the parent 9,678,822 (565,659)
Non-controlling interests (522,777) 378,508
Basic earnings/(losses) per share 0.21 (0.02) Diluted earnings/(losses) per share 0.19 (0.02)
8 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW S
(Euro thousands)
H1 2026 H1 2025
CASH FLOW S FROM OPERATING ACTIVITIES
Profit/(loss) for the period 9,156 (187)
Adjustments for:
- Income taxes 177 546
- Investments accounted for using the equity method - operating income/(charges) (1,651) (363)
- Dividends from Joint Ventures 2,800 1,740
- Amortisation and Depreciation 10,672 9,966
- Other non -monetary (income)/charges (3,324) -
Net change in provisions for risks and charges (5,088) (7,001) Net change in employee benefits (217) (244)
Changes in:
- Inventories (5,042) (3,910)
- Contract work -in-progress and advances from c ustomers (45,950) (18,017)
- of which related parties (3,464) (1,000)
- Trade receivables (218) (1,325)
- of which related parties 815 (129)
- Trade payables 24,419 (20,902)
- of which related parties (4,053) 2,579
- Other current and non-current assets (6,963) 26,823
- of which related parties 3,245 20,812
- Other current and non-current liabilities 12,135 3,810
- of which related parties 27 (51) Income taxes paid (2,524 ) (327) Interest received/(paid) 2,001 330 Cash flow s generated by/(used in) operating activities (A) (9,616) (9,062)
CASH FLOW S FROM INVESTING ACTIVITIES
Investments in:
- Property, plant and equipment (26,182) (5,209)
- Investment property (12) (190)
- Intangible assets with definite life (7,286) (4,872) Cash flow s generated by/(used in) investing activities (B) (33,480) (10,271)
CASH FLOW S FROM FINANCING ACTIVITIES
Repayment of EIB loans - (1,000) Dividends paid by the parent Avio S.p.A. (6,800) (3,750) Share capital increase and share premium reserve - 10,400 Other changes in current and non -current financial assets (2,774) (2,075)
- of which related parties - 69 Other changes in current and non -current financial liabilities (3,708 ) 578
- of which related parties (54) (67) Cash flow s generated by/(used in) financing activities (C) (13,282) 4,152
INCREASE/(DECREASE) IN NET CASH AND CASH EQUIVALENTS (A)+(B)+(C) (56,378) (15,180)
NET CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 601,846 101,684
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD 545,467 86,504
9 RECLASSIFIED STATEMENTS
GROUP OPERATING PERFORMANCE , FINANCIAL AND EQUITY POSITION
Operating performance
The table below summarises the comparable performance of the Group for the first half of 2026 and the first half of 2025 (in Euro thousands):
H1 2026 H1 2025 Change
Revenues 277,244 260,363 16,881 of which: Pass -through revenues 1,200 25,500 (24,300) Revenues, net of pass -through revenues 276,044 234,863 41,181 Other operating income 4,339 2,995 1,344 Costs for goods and services, personnel, other operating costs, net of capitalised costs and pass-through (270,128) (228,227) (41,901) Investment accounted for using the equity method
- operating income/(charges) 1,651 363 1,288 Reported EBITDA 11,905 9,994 1,911 Amortisation and depreciation (10,672) (9,966) (707) Reported EBIT 1,233 29 1,205 Interest and other financial income (charges) 4,775 330 4,446 Net financial income/(charges) 4,775 330 4,446 Income (charges) from financial assets 3,324 - 3,324 Profit/(loss) before taxes 9,333 358 8,975 Current and deferred taxes (177) (546) 369 Profit/(loss) for the period 9,156 (187) 9,343
10 Reclassified Statement of Financial Position
The analysis of the Group's capital structure is shown in the following table (in Euro thousands); this is a restated presentation that does not coincide with the "consolidated financial statements" prepared in accordance with international accounting stan dards:
June 30, 2026 December 31, 2025 Change
Property, plant and equipment 217,166 193,950 23,216 Investment property 3,997 4,053 (56) Right -of-use assets 11,347 11,961 (613) Goodwill 62,829 62,829 -
Intangible assets with definite life 136,161 134,571 1,590 Investments 20,445 18,270 2,175 Total fixed assets 451,946 425,634 26,313 Net working capital (307,040) (334,146) 27,106 Other non -current assets 6,184 6,504 (320) Other non -current liabilities (26,404) (27,597) 1,193 Net deferred tax assets 87,518 87,570 (52) Provisions for risks and charges (28,437) (33,582) 5,145 Employee benefits (8,677) (8,793) 116 Net capital employed 175,090 115,591 59,499 Non-current financial assets 1,177 1,177 -
Net capital employed and non-current financial assets 176,268 116,768 59,499 Net financial position 535,701 591,710 (56,009) Equity (711,969) (708,478) (3,491) Source of funds (176,268) (116,768) (59,499)
11 Analysis of the net financial position
A statement follows of the Avio Group's financial position, prepared in accordance with the ESMA Guidelines of March 4, 2021 and the subsequent attention call No. 5/21 issued by Consob in April 2021 (figures in Euro/000):
June 30, 2026 December 31, 2025 Change
A Cash (140,467) (291,846) 151,378 B Cash equivalents (405,000) (310,000) (95,000) C Other current financial assets - - -
D Liquidity (A+B+C) (545,467) (601,846) 56,378
E Current financial debt (including debt instruments but excluding the current portion of non -current financial debt) 3,356 3,296 61 F Current portion of non -current debt - - -
G Current financial debt (E+F) 3,356 3,296 61
H Net current financial debt (G +D) (542,111) (598,550) 56,439
I Non-current financial debt (excluding current portion and debt instruments) 6,410 6,840 (430) J Debt instruments - - -
K Trade payables and other non -current payables - - -
L Non-current financial debt (I + J + K) 6,410 6,840 (430)
M Total financial debt (H + L) (535,701) (591,710) 56,009
Fine Comunicato n.1771-97-2026 Numero di Pagine: 13