Avio (AVIO)
Avio (AVIO, Borsa Italiana) is the Italian launch company behind Europe’s Vega C rocket and the solid boosters of Ariane 6, now selling Vega launches directly after taking over from Arianespace. In ETFpedia it represents the European space-autonomy leg of Global Space Technology, after growing 2025 revenue 22.7% to 541.7 million euros on a record backlog.
| Ticker | AVIO |
|---|---|
| Exchange | Borsa Italiana |
| Sector | Aerospace · Launch Vehicles & Propulsion |
| Country | Italy |
| Related index | Akros Global Space Technology Index (AGSPCT) |
| Wikidata | Q791069 |
| Last updated | 2026-06-11 |
Next event:Next results · H1 2026, estimated · Calendar-estimated from Avio's usual September half-year reporting; not confirmed. Check the financial calendar on Avio's investor site. Last report: Q1 2026 on 2026-05-12. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-12)
Avio grew Q1 2026 net revenues 19.0% year over year to 128.5 million euros on Vega C production, Ariane 6 booster output, and defense work, with reported EBITDA up 29.9% to 5.2 million euros and an order backlog of 2,116 million euros, while confirming full-year 2026 guidance.
| Net revenues | €128.5M+19.0%YoY |
|---|---|
| EBITDA (reported) | €5.2M+29.9%YoY |
| EBIT (reported) | €(0.1)MImproved €0.8M YoYYoY |
| Order backlog | €2,116M · Vs €2,166M at Dec 2025; FY2025 backlog was a record |
| Net financial position | €559.1M · Net cash; down €32.6M vs Dec 2025 |
Guidance:Full-year 2026
| Net revenues | €560M-€590M |
|---|---|
| EBITDA (reported) | €27M-€35M |
| EBITDA (adjusted) | €29M-€37M |
| Order backlog | €2,000M-€2,100M |
Guidance issued with FY2025 results on 2026-03-12 and confirmed with Q1 2026 results on 2026-05-12.
Recent & upcoming events
- · Vega C launches ESA/CAS SMILE satellite (VV29).First Vega C flight with Avio as launch service operator delivered the SMILE space-weather satellite to orbit from Kourou, a 57-minute mission for ESA and the Chinese Academy of Sciences. (source)
- · Q1 2026 results and dividend.Net revenues 128.5M euros (+19.0%), EBITDA 5.2M euros (+29.9%), backlog 2,116M euros; shareholders approved a 6.8M euro dividend (0.14846 euro per share) payable from May 20, 2026. (source)
- · Ariane 6 VA268 flies with four Avio boosters.Second 2026 Ariane 6 mission for Amazon's Leo constellation used the four-booster configuration; VA267 (Feb 12) and VA268 together deployed 64 Amazon Leo satellites with Avio-built P120C boosters. (source)
- · Record FY2025 results.FY2025 net revenues grew 22.7% to 541.7M euros with net income up 81.6% to 11.6M euros and a record 2,166M euro backlog; defense orders passed 250M euros and the Vega launch-service handover from Arianespace was formalized. (source)
Q1 2026 and FY2025 figures are from Avio's investor press releases (May 12, 2026 and March 12, 2026). The H1 2026 reporting date is calendar-estimated, not company-confirmed.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Avio do?
Avio builds the machines that give Europe independent access to space. From Colleferro, outside Rome, it serves as prime contractor for the Vega C light launcher, supplies the P120C and P160C solid-propellant boosters and liquid-engine turbopumps for Ariane 6 under a contract exceeding 200 million euros running through 2029, and produces solid rocket motors for defense customers, a business whose orders surpassed 250 million euros in 2025 (Avio FY2025). A structural change arrived in 2025: launch-service responsibility for Vega formally transferred from Arianespace to Avio, so the company now sells and operates its own missions. The first Vega C flight under that model, VV29, delivered the ESA/CAS SMILE space-weather satellite to orbit on May 19, 2026 (Avio).
“The results for the first quarter of 2026 highlight solid revenue growth and improved profits. At the same time, the upcoming Vega C launch and Avio’s decisive contribution to the success of the recent Ariane 6 missions strengthen our role as a key partner in European space programs.”
— Giulio Ranzo, CEO, Avio (Q1 2026 release)
Why is Avio a Global Space Technology company?
The Global Space Technology concept exists partly because the space buildout is no longer US-only, and Avio is the clearest listed expression of Europe’s piece. ESA member states committed a record 22.3 billion euros at the November 2025 ministerial, 31% more than the prior round (ESA), and Avio converts that institutional demand into a 2.1 billion euro order backlog (Avio Q1 2026). Its boosters also carried both 2026 Ariane 6 flights for Amazon’s Leo constellation, the VA267 and VA268 missions that deployed 64 satellites, linking Avio to commercial mega-constellation demand as well. No US-listed company offers this exposure: it is the European counterpart to Rocket Lab in the launch layer of the theme.
What did Avio report most recently?
In Q1 2026 (reported May 12, 2026), net revenues rose 19.0% year over year to 128.5 million euros, driven by Vega C production, Ariane 6 booster output, and defense business growth, while reported EBITDA grew 29.9% to 5.2 million euros and reported EBIT improved to roughly breakeven (Avio Q1 2026). The order backlog stood at 2,116 million euros, essentially in line with the record 2,166 million euros at December 2025, and the net financial position remained a net-cash 559.1 million euros. Full-year 2025 set the baseline: net revenues of 541.7 million euros, up 22.7%, net income of 11.6 million euros, up 81.6%, and a 400 million euro rights issue completed to fund growth, including a planned US solid-rocket-motor facility through 2028 (Avio FY2025).
What is Avio’s guidance?
Avio confirmed its full-year 2026 guidance with the Q1 release: net revenues of 560 to 590 million euros, reported EBITDA of 27 to 35 million euros, adjusted EBITDA of 29 to 37 million euros, and a year-end order backlog of 2,000 to 2,100 million euros (Avio). Shareholders also approved a 6.8 million euro dividend, 0.14846 euro per share, paid from May 20, 2026.
What are the risks for Avio?
- Launch failure risk. Vega C was grounded for two years after its December 2022 failure; another anomaly would hit both revenue and the new launch-service franchise directly.
- Thin margins. Guidance implies roughly 5% reported EBITDA margin for 2026, leaving little cushion if program costs overrun.
- Institutional customer concentration. ESA programs and Ariane 6 work dominate the backlog; European budget cycles and ArianeGroup’s cadence set Avio’s ceiling.
- Defense expansion execution. The US solid-rocket-motor facility and Raytheon/Lockheed Martin memoranda are growth options, not yet revenue, and require capital through 2028.
Related securities, concepts & terms
- Global Space Technologyparent
- Rocket Lab (RKLB)sibling
- Upstream Spacerelated
Related indices & ETFs
- Akros Global Space Technology Index (AGSPCT) · Akros Technologies, Inc.Avio is a representative constituent of the Global Space Technology concept index.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Avio
What does Avio do?
Avio is an Italian space-propulsion and launch company headquartered in Colleferro. It is the prime contractor for Europe's Vega C light launcher, supplies the P120C/P160C solid boosters and liquid-engine turbopumps for Ariane 6, and builds solid rocket motors for defense customers. From 2025 it also took over Vega launch-service operations from Arianespace, selling launches directly (Avio FY2025).
Why is Avio part of the Global Space Technology theme?
Avio is the European launch leg of the theme, a listed pure-play no US basket can hold. Europe is funding launcher autonomy through ESA, whose member states committed a record 22.3 billion euros in November 2025, and Avio converts that institutional demand into a 2.1 billion euro backlog plus growing defense-propulsion orders, including memoranda of understanding with Raytheon and Lockheed Martin and a planned US solid-rocket-motor facility (Avio FY2025).
What was Avio's latest revenue?
Avio reported Q1 2026 net revenues of 128.5 million euros, up 19.0% year over year, with reported EBITDA of 5.2 million euros, up 29.9% (Avio Q1 2026). For full-year 2025 it posted net revenues of 541.7 million euros, up 22.7%, net income of 11.6 million euros, up 81.6%, and a record order backlog of 2,166 million euros (Avio FY2025).
What is Avio's guidance for 2026?
Avio guides 2026 net revenues to 560 to 590 million euros, reported EBITDA to 27 to 35 million euros, adjusted EBITDA to 29 to 37 million euros, and an order backlog of 2,000 to 2,100 million euros. The guidance was issued with FY2025 results on March 12, 2026 and confirmed with Q1 2026 results on May 12, 2026 (Avio).
When does Avio report its next results?
Avio is expected to approve and publish half-year 2026 results around mid-September 2026, in line with its usual reporting rhythm. That timing is calendar-estimated and not confirmed, so check the financial calendar on Avio's investor relations site (Avio IR). It last reported Q1 2026 results on May 12, 2026.
Is Avio profitable and does it pay a dividend?
Yes, modestly. Avio earned 11.6 million euros of net income in 2025, up 81.6% year over year, and in May 2026 paid its shareholders a 6.8 million euro dividend, or 0.14846 euro per share (Avio Q1 2026). Margins remain thin relative to revenue because launcher programs carry pass-through costs, which is why 2026 EBITDA guidance of 27 to 35 million euros sits on 560 to 590 million euros of revenue.
Sources & references
- Highlights Q1 2026: Increase in Revenues and Profit, Vega C Ready for a New Launch · Avio S.p.A., 2026-05-12
- FY 2025 Results: Record-High Order Backlog and Revenues, Growth Path to Continue in 2026 · Avio S.p.A., 2026-03-12
- Avio Successfully Launches the SMILE Satellite with Vega C · Avio S.p.A., 2026-05-19
- Avio S.p.A. · Investor Relations (financial calendar) · Avio S.p.A., 2026-06-11
- ESA Member States commit to largest contributions at Ministerial · European Space Agency, 2025-11-27