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  • Backlog ahead of Guidance with significant increase in order intakes for technology development projects and tactical propulsion activities
  • Vega-C Return-to-flight path on track by Q4 2024
  • Ariane 6 maiden flight currently scheduled for June/July 2024
  • Defense propulsion system activity growing in backlog and revenues
  • Proposal to Shareholders’ meeting of an aggregate dividend distribution in 2024 for EUR 6 million
  • Proposal to Shareholders' meeting of a new share buy-back program for EUR 4.9 million


Economic and financial results

  • Order backlog: EUR 1.359 million (+34% vs. December 2022)
  • Net Revenues: EUR 338.7 million (-5.2% vs. December 2022)
  • EBITDA Reported: EUR 20.5 million (-4.3% vs. December 2022)
  • EBITDA Adjusted: EUR 28.0 million (+0.9% vs. December 2022)
  • EBIT Reported: EUR 5.2 million (+133.1% vs. December 2022)
  • EBIT Adjusted: EUR 12.7 million (+48.2% vs. December 2022)
  • Net Income: EUR 6.6 million (EUR 1.3 million in 2022)
  • Net Cash Position: EUR 76.1 million (+1.7 million vs. December 2022)


Guidance 2024

  • Order backlog: EUR 1.500 1.600 million
  • Net Revenues: EUR 370 – 390 million
  • EBITDA Reported: EUR 21 – 26 million
  • Net Income: EUR 6 10 million


Rome, March 13rd 2024 – The Board of Directors of Avio S.p.A. today reviewed and approved the consolidated results of the Company as of December 31st, 2023.

Avio, leading aerospace company listed on the STAR segment of the Italian Stock Exchange, reports for 2023 a record year-end order backlog of EUR 1,359 million, scoring a +34% compared to December 2022, well above Guidance targets. Such results have been achieved thanks to a record-breaking level of order intakes of EUR 684 million mainly related to technology development projects and new defense propulsion orders.

Net revenues of EUR 339 million, are in line with Guidance targets, with a 5% decrease compared to December 2022 for lower production of P120 and Vega C respectively due to postponement of Ariane 6 maiden flight to June/July 2024 and Vega C activities for a return-to-flight expected in Q4 2024, partially offset by the increase in revenues for technology development projects and tactical propulsion activities.

EBITDA Adjusted of EUR 28 million, excluding non-recurring costs, in line with Guidance targets and 2022 results, reflects the revenues contribution trend.

EBITDA Reported of EUR 20.5 million, is also in line with Guidance targets with a 4.3% decrease compared to 2022. EBITDA reported is also affected by non-recurring costs (EUR

7.5 million in 2023) mainly driven by the extra costs incurred for the Vega C Zefiro 40 anomaly.

EBIT Reported and EBIT Adjusted levels of EUR 5.2 million EUR 12.7 million in 2023, improved vs. EUR 2,2 million and EUR 8,6 million in 2022, are driven by the effect of reviewed useful lives of certain production assets, in connection with the simultaneous phase out of Ariane 5 and phase in of Ariane 6 in parallel with the phase out of Vega and phase in of Vega C.

Net Income of EUR 6.6 million, records a significant increase compared to 2022 (EUR 1.3 million) also thanks to positive contribution from financial incomes generated on the positive cash balance during the fiscal year.

Net Cash Position equals to EUR 76.1 million, in line with 2022 results.

In 2023, activities were characterized by return-to-flight of Vega C following the unexpected anomaly occurred during the VV22 mission in December 2022 and during a test of Vega-C’s Zefiro 40 motor in June 2023. In December 2023, all the efforts made led to successfully complete the Critical Design Review of the new project, obtaining from ESA the green light to start the production of the nozzles, to be tested in two different firing tests of Zefiro 40 motor scheduled in Q2 2024 and in Q3 2024, before the return to flight of Vega C scheduled in Q4 2024.

On October 9, Vega successfully completed its VV23 mission, placing into sun- synchronous orbit two satellites plus auxiliary payloads. The payload THEOS-2 (Thailand Earth Observation System 2) is a very-high-resolution earth observation optical satellite to support the Kingdom of Thailand’s key development priorities, which has a ground resolution imagery of 0.5 meters. The payload FORMOSAT-7R/TRITON is an experimental satellite designed and manufactured by the Taiwanese Space Agency (“TASA”) equipped with a Global Navigation Satellite System-Reflectometry (“GNSS-R”) which collects signals reflected by the surface of the oceans, enabling the calculation of wind speeds over it. Auxiliary payloads have been also deployed thanks to the innovative Small Spacecraft Mission Service (“SSMS”) payload dispenser capable to accommodate multiple microsatellites for rideshare services, used for the first time during Vega VV16 flight in September 2020. Last Vega mission is scheduled for Q2 2024.

In 2023 the last launch of Ariane 5 took place: the launcher, after 27 years, on July 6, 2023 successfully completed its 117th launch, placing two telecommunications satellites in orbit: Heinrich-Hertz-Satellit for the German government and SYRACUSE 4B for the French Armament General Directorate (DGA). Ariane 6 will take over from Ariane 5, with a maiden flight currently scheduled in June/July 2024: specific orders were signed for the manufacture, as part of the Ariane 6 transition phase, of P120C engines and Oxygen Turbopumps (TPOs) for the Vulcain 2 and Vinci cryogenic engines; these orders are integrated in framework agreements for supplies related to the first 14 Ariane 6 launchers, within the so-called transition phase which will last until stable production cadence is reached.

The current year has also been marked by the important outcomes of the Council of the European Space Agency which took place in Seville on November 6, with the participation of the ministers representing the member states. As already outlined in the press release dated November 7, 2023, some important decisions are related to Ariane 6, Vega C and Vega E programs. One of the main outcomes is related to additional funding to cover part of the extra production costs, largely due to the significant inflationary pressures in the Eurozone over the past two years. This applies to Ariane 6, with up to 340 million euros per year, and Vega C, with up to 21 million euros per year. Important decisions were also taken by the ESA Council to assign to Avio the responsibilities of Vega C Launch Operator (LO) and Launch Service Provider (LSP) for Vega C, i.e. responsibilities for flight operations and commercialization of Vega C. Moreover, in order to increase the annual launch cadence, Vega C was assigned a pre-existing infrastructure in the Kourou Space Center (the so called Launcher Integration Building – BIL) which will be used as a pre- assembly building for the launcher, whilst Vega E was assigned the ELA3 launch pad (previously used by Ariane 5). All the decision taken by the Council will contribute to increase the visibility of the future of Ariane 6, Vega C and Vega E programs, enhancing the growth opportunities of the Company.


In relation to Vega E program, during the second semester the second test campaign of M10 engine (DM2), which will equip the third stage of Vega E, has been successfully completed. The tests begun in August completed on October 27, with a firing test of 420 seconds carried out in Avio’s testing facility in Sardinia.

During the year, several development contracts started, as part of the initiatives for the space industry for the implementation of the "NextGenerationEU" and the use of resources invested through the Italian government’s National Recovery and Resilience Plan (NRRP), with the aim of enhancing the technological capabilities of the Italian industry for access to space for a total value of over EUR 285 million. The NRRP projects, which are scheduled to be completed by 2026, will lead to a new generation of space transportation systems, subsequent to Vega E and based on “green” and potentially reusable liquid propulsion.

In relation to the defense propulsion business, in 2023 a production order worth approx. EUR 90 million for boosters for the Aster-30 defense system was signed with MBDA France, together with first contracts for the production of Booster CAMM-ER, with deliveries scheduled starting from 2025 and for approximately 4 years. Significant orders and related contracts are expected to be signed in the course of 2024 following the recent Narew agreement between MBDA and Poland, on the basis of which Avio will supply CAMM-ER boosters. At the end of the year, the qualification phase of the new ASTER 30 Booster MLU has been successfully completed: such milestone permits to switch from the development to the production phase of the MLU boosters, substituting the current configuration (Phase 3). The current production contracts envisage to continue the production until 2032 with more than 1.200 engines to be supplied, confirming business prospects more than doubled compared to original estimates in terms of volume and production rates.

Starting from 2022, Avio has observed an increase in orders from current customers on existing products (i.e. Aster / CAMM-ER) and growing requests for the development of new European programs. Over the same period, the US market has started showing a significant production capacity gap related to the substantial acceleration in demand requirements. Such observations led Avio to start exploring the US market for medium term expansion opportunities and the following key steps were taken to date:


  • A 100% Avio-owned subsidiary (Avio USA) was established with a capital of USD 3 million;
  • A US team with sector competencies and relevant experience has been hired;
  • The team has begun mapping the market for relevant opportunities with a view also to engaging in early discussions with prospective customers.


Avio is continuing on this effort in the course of 2024.

The Board of Directors also approved the Guidance for 2024 results, as follows: Order backlog: EUR 1.500 – 1.600 million

Net Revenues: EUR 370 – 390 million EBITDA Reported: EUR 21 – 26 million Net Income: EUR 6 – 10 million

The Board of Directors proposed to change the date of Shareholders’ meeting from April 29, 2024 to April 23, 2024.

On the basis of the FY2023 results, according to the dividend policy, the Board of Directors proposed to the Shareholders’ meeting convened for April 23, 2024 the distribution of an ordinary dividend equal to EUR 3,75 million. On the basis of record-high backlog and the level of the net cash position at FY2023, the Board of Directors also proposed the distribution of an extraordinary dividend for an amount of EUR 2,25 million from the available distributable reserves. The sum of the two dividends entails a Dividend per Share equal to EUR 0.24.

The Board of Directors also proposed that the two cumulative dividends are paid out starting from May 2nd , 2024, with coupon date on April 29th , 2024 and record date on April 30th, 2024, in accordance with Article 83-terdecies of the CFA.

As of March 13, 2024, Avio holds 1,091,207 own shares, equivalent to 4.14% of the share capital of the Company. Following a resolution of the Shareholders’ meeting in 2021, Avio executed a buy-back program in the following eighteen months, although not for the full proposed amount. A new share buy-back program for EUR 4.9 million equal to 5.3% of the Company’s share capital is proposed to shareholders, within the Italian Civil Code limits.

“2023 marked the successful VV23 Vega flight, the penultimate of the first version of the family. Vega C is on track to return to flight in the Q4 2024 with the objective to fulfill the record level order backlog of the launcher” commented Giulio Ranzo, CEO of Avio. “Avio is prepared to take over the responsibility as Launch Service Provider and of Launch Operator for Vega C as resolved by the ESA Seville Council.” Ranzo added. In 2024 Ariane 6 will execute its maiden flight, for which Avio is responsible for the P120C boosters and the Vulcain 2 and Vinci engines liquid Oxygen Turbopumps. “A rapid increase in demand for defense propulsion systems has emerged and Avio has started to explore upside opportunities not only in Europe but also in the USA” – concludes Giulio Ranzo


FY2023 results presentation will be made available in the Investors section of and presented during the call with financial analysts and investors scheduled for Wednesday March 13, 2024 at 5.30 PM CET. 2023 Financial Report will be made available in Italian and English languages in accordance with the Law.

Non-financial report

The Board of Directors of Avio S.p.A. has approved the 2023 Financial Report integrated with the 2023 Non-Financial Report, in line with the requirements for listed companies under Legislative Decree 254/2016.

Other motions


  • Shareholders’ meeting call


The Board of Directors of Avio S.p.A. has called the Shareholders’ meeting for April 23, 2024. The related call notice shall be published and made available on the company website at and on "eMarket STORAGE" storage mechanism ( where the illustrative report to the shareholders meeting on the proposals concerning the matters of the agenda shall also be made available in accordance with the Law.

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The Executive Officer for Financial Reporting, Alessandro Agosti, declares in accordance with paragraph 2, Article 154-bis of the Consolidated Finance Act that the accounting information in the present press release corresponds to the underlying accounting documents, records and entries.

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Avio is a leading international group engaged in the construction and development of space launchers and solid and liquid propulsion systems for space travel. The experience and knowhow built up over more than 50 years puts Avio at the cutting edge of the space launcher sector, solid, liquid and cryogenic propulsion and tactical propulsion. Avio operates in Italy, France and France Guyana with 5 facilities, employing approx. 1,300 highly qualified personnel, of which approx. 30% involved in research and development. Avio is a prime contractor for the Vega and Vega C programs, and a sub-contractor for the Ariane program, both financed by the European Space Agency (“ESA”), placing Italy among the limited number of countries capable of producing a complete spacecraft.


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