Produced by Banca Akros and distributed by Members of ESN For important disclosure information, please refer to the disclaimer page of this report All ESN research is available on Bloomberg,DS <GO>, LSEG, S&P Capital IQ, FactSet, AlphaSense Avio Sponsored Research Investment Research Italy | Industrial Goods & Services Company Flash Note Reason: Company newsflow 1 December 2025 Shareholders Leonardo 19%; Analyst(s) Andrea Bonfà andrea.bonfa@bancaakros.it +39 02 4344 4269 Key player in ongoing space &…

AVIO S Avio S.p.A. Registered office in Rome, via Leonida Bissolati No. 76 Share Capital Euro 90,964,213 fully paid-in Rome (RM) Companies Registration Office No.: 09105940960 2020 ANNUAL REPORT Contents 2 CONTENTS HIGHLIGHTS 4 LETTER TO THE SHAREHOLDERS 5 DIRECTORS’ REPORT 6 The Avio Group 7 Profile 8 Corporate Boards and Committees 10 Recent History 11 Business divisions 13 International presence 13 Strategy 14 Shareholders 16 FY 2020 17 Significant events in 2020 18 Market performance and operations 24…

AVIOENG SPACE IS CLOSER AVIO.COM WHO WE ARE Avio is an international group, leader in the design and production of space launchers and liquid and solid propulsion systems for space transportation. It has 5 sites in Italy, France and French Guiana, and employs around 1000 highly-qualified people, about 30% of whom work in research and development. Avio is listed on the Milan stock exchange in the Star segment; in 2020, it had revenues of 322 million euros Avio is prime contractor for the Vega program and…

AVIO SpA- All rights reserved – subject to the restric9ons of last page. Investor Presenta,on Star Conference London, 9 - 10 October 2017 AVIO SpA- All rights reserved – subject to the restrictions of last page. Disclaimer This document has been prepared by Avio S.p.A. Avio S.p.A. (“Avio” or the “Company”). This document is being provided to you solely for your informaHon and may not be reproduced or redistributed to any other person. This document might contain certain forward-looking statements that…

Avio 2016 Full Year Results AVIO SpA- All rights reserved – subject to the restrictions of last page. Avio Half Year 2018 Results 14 September 2018 AVIO SpA- All rights reserved – subject to the restrictions of last page. Disclaimer This document has been prepared by Avio S.p.A. Avio S.p.A. (“Avio” or the “Company”). This document is being provided to you solely for your information and may not be reproduced or redistributed to any other person. This document might contain certain forward-looking…

Avio 2016 Full Year Results AVIO SpA- All rights reserved – subject to the restrictions of last page. Banca IMI Virtual ISMO Rome-Paris, 15 May 2020 Disclaimer This document has been prepared by Avio S.p.A. (“Avio” or the “Company”). This document is being provided to you solely for your information and may not be reproduced or redistributed to any other person. This document might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events…

Company Note Equity MID CORPORATE See page 8 for full disclosure and analyst certification Intesa Sanpaolo is Specialist to Avio 13 April 2021: 08:00 CET Date and time of first circulation Avio Solid Mid-Term Strategy and Outlook Arrival to regime of Avio’s new production structure more likely to be reached by 2024-25 rather than by 2023. Nonetheless all of Avio’s announced R&D programmes have been confirmed. Focus on Vega return to flight in the next few weeks. Recent events FY20 results were at the low…

Avio 2016 Full Year Results AVIO SpA- All rights reserved – subject to the restrictions of last page. Investor Presentation Milan, 25 September 2018 AVIO SpA- All rights reserved – subject to the restrictions of last page. Disclaimer This document has been prepared by Avio S.p.A. Avio S.p.A. (“Avio” or the “Company”). This document is being provided to you solely for your information and may not be reproduced or redistributed to any other person. This document might contain certain forward-looking…

1 MINUTES TO THE SHAREHOLDERS’ AGM The undersigned Roberto ITALIA and Filippo ZABBAN, on behalf of the company "Avio S.p.A." with registered office in Rome, via Leonida Bissolati No. 76, share capital Euro 90,964,212.90, subscribed and paid-in, enrolled at the Rome Companies Registration Office, held by the Crafts and Agriculture Chamber of Commerce and with enrolment and tax number 09105940960, Economic and Administrative Index No. RM-1509588, listed on the Mercato Telematico Azionario, organised and…

Analyst: Martino De Ambroggi | m.deambroggi@equita.eu| +39 02 6204 239 HOLD (unchanged) Target: € 15.4 (prev. 15.7) | Risk: High August 6, 2021 1 IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT #269 EQUITY RESEARCH Italy | Space STOCK DATA Price € 11.70 Bloomberg Code AVIO IM Market Cap. (€ mn) 308 Free Float 64% Shares Out. (mn) 26.4 52-week range 10.32 - 15.96 Daily Volumes (mn) 0.06 PERFORMANCE 1M 3M 12M Absolute -5% -16% -22% Rel. to FTSE all shares -8% -23% -57% MAIN METRICS 2020 2021E 2022E…