First half 2020 results

BUSINESS RESILIENT ACROSS COVID-19
VEGA SUCCESSFULLY RETURNED TO FLIGHT

Highlights
• Maintained continuity of operations during COVID-19 lockdown
• Successfully returned Vega to flight with SSMS (53 satellites in a single mission)
• Further Vega and Ariane 5 missions before end 2020
• Vega C and Ariane 6 maiden flights expected by first half and 2021 year-end, respectively

Financial results
• Net order backlog: Euro 632 million (-5% on December 2019)
• Revenues: Euro 167.9 million (-11% on HY 2019)
• EBITDA: Reported Euro 16.9 million (+5%) – Adjusted: Euro 19.9 million (+18%)
• EBIT: Reported Euro 8.5 million (+5%) – Adjusted: Euro 11.5 million (+30%)
• Net income: Euro 8.4 million (+19%)
• Net cash position: Euro 26.9 million

Guidance 2020
• Net order backlog: Euro 650-680 million
• Revenues: Euro 325-345 million
• EBITDA Reported: Euro 34-36 million
• Net income: Euro 16-19 million

Rome, 14th September 2020 – The Board of Directors of Avio S.p.A., leading aerospace company listed on the STAR segment of the Italian Stock Exchange, today reviewed and approved the HY 2020 results.
Avio has managed to keep continuity of operations during the lockdown through a specific Government authorization related to the strategic relevance of Avio business activities. The closure of the Kourou launch base in French Guiana from March to May 2020 caused the delay of the Vega return to flight from March to June, when it was further postponed again due to exceptionally negative weather conditions. In the middle of August the third launch of Ariane 5 took place (with the first two successfully launched in January and February respectively). The VV16 Vega flight successfully took place on the 3rd of September, lifting to orbit 53 satellites of different sizes by 21 customers from 13 countries thanks to SSMS, Avio’s innovative dispenser.
For the remaining part of the year another Vega and another Ariane 5 are being readied for launch and preparation of an additional Vega flight is also envisioned with a view to launch in early 2021. The COVID-19 pandemic also affected the development activities of Vega C and Ariane 6, whose maiden flights were originally expected by 2020, and now expected in the first and second 2021 semester respectively.