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Avio (AVIO) investor relations material
Avio Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Order backlog reached a record-high €1.86 billion, up 7.8% year-over-year, driven by strong space and defense contracts, including major new agreements for Vega, Ariane, and U.S. defense programs.
Net revenues for the first nine months were €351 million, up 26.3% year-over-year, mainly from increased Vega and Ariane production and defense propulsion activities.
EBITDA rose to €15.2 million (+25.9%), with adjusted EBITDA at €16.4 million (+25.3%), and net profit reached €0.5 million, reversing a prior year loss.
Shareholders approved a capital increase of up to €400 million, with an additional 10% flexibility, to support U.S. expansion and growth initiatives.
Major contracts signed include a €40 million ESA deal for reusable upper stage technology and a new Vega C launch services agreement.
Financial highlights
Revenues for the nine months were €351 million (+26.3% year-over-year), with EBITDA at €15.2 million (+25.9%) and adjusted EBITDA at €16.4 million (+25.3%).
Order backlog stood at €1.86 billion (+7.8%), with €480 million in new orders, including €250 million from Vega and over €200 million from defense propulsion.
EBIT improved to €0.2 million (reported) and €1.4 million (adjusted), with net profit at €0.5 million.
Net financial position declined to €47.2 million, reflecting supplier advances and seasonality.
Investments reached €17.1 million, and R&D costs were €123.8 million (35.3% of revenues).
Outlook and guidance
2025 guidance confirmed: order backlog €1.7–1.8 billion, net revenues €450–480 million, reported EBITDA €27–33 million, adjusted EBITDA €30–36 million, net income €7–10 million.
Long-term revenue target of over €1.2 billion by 2035, with defense share rising to 60% and U.S. revenues to 35–40%.
EBITDA expected to remain flat until 2028 due to U.S. ramp-up, then grow at over 20% CAGR to 2035, reaching five times current levels.
Backlog expected to generate ~10% of revenues in Q4 2025, ~30% in 2026–2027, and the remainder mainly in 2028–2029.
Capital increase impact on US defense production?
What are the key tech challenges for reusable stage?
Impact of Arianespace transfer on Vega revenue?
Secure capacity for new US plant customers
Impact of US ramp-up on EBITDA until 2028
Consolidate next-gen launcher tech programs?
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Frequently asked questions
Avio S.p.A. is an Italian aerospace company that specializes in the design, development, and manufacturing of space launch systems and propulsion technologies. The company’s core products include solid and liquid propulsion systems for satellite launchers and tactical missiles, with a focus on advancing space transportation solutions. Avio is notably involved in European space programs, providing critical components for launch vehicles such as the Vega rocket. Additionally, the company supports research and innovation in space propulsion to enhance performance and sustainability. The company is headquartered in Colleferro, Italy, and its shares are listed on the Borsa Italiana.
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