Avio Q1 2024 Highlights
MAY 9, 2024
Disclaimer
This document has been prepared by Avio S.p.A. ("Avio" or the "Company"). This document might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Avio's current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Avio to control or estimate. You are cautioned not to place undue reliance on the forward- looking statements contained herein, which are made only as of the date of this presentation. Avio does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance or trends or activities of Avio shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. This document does not constitute an offer to sell or the solicitation of an offer to buy Avio's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Avio.
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Agenda
1.
2.
Highlights
Giulio Ranzo, Chief Executive Officer
Q1 2024 Financials
Alessandro Agosti, Chief Financial Officer
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VEGA C and Ariane 6 programs on track, return to dividend distribution
- VEGA next flight scheduled by beginning of September
- VEGA C on track to return-to-flight by end 2024:
- Z40 static firing test confirmed to take place by end of May / beginning of June
- Signature of SMILE mission agreement
- Ariane 6 launch campaign underway: maiden flight expected by June / July 2024
- Defense propulsion growing both in order backlog and revenues
- Dividends paid on May 2nd
- Q1 financials: forwarded cash advances to the supply chain, enabled revenue acceleration (+32% vs Q1 2023)
- FY 2024 Guidance confirmed
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VEGA C return-to-flight operations underway
- Zefiro 40 Solid Rocket Motor ("SRM") Performance Key Point completed in February 2024, and Intermediate Key Point with ESA, ASI, Arianespace and CNES completed in April 2024
- Zefiro 40 QM3 nozzle integrated with SRM, Test Article shipped and arrived in Sardinia: ongoing finalization of Test Article on the test bench to target first static firing test by end of May / beginning of June
- VEGA C return-to-flight VC03 expected for Q4 2024
Z40 nozzle integrated with SRM | QM3 moved to test bench #1 | QM3 moved to test bench #2 |
QM: Qualification Motor
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VEGA C selected to launch SMILE mission
- On April 30th, 2024 ESA and Arianespace signed a contract which ensures the launch into orbit of SMILE mission on a VEGA C rocket
- The goal of SMILE ("Solar wind Magnetosphere Ionosphere Link Explorer") mission is to provide a more complete understanding of the interaction between the Sun and Earth
- Launch date currently expected for late 2025: the exact launch period will be defined at a later time
- Arianespace is currently the operator and the launch service provider of VEGA C. This mandate to be transferred to Avio under the implementation of the Resolution adopted by ESA in Seville on 6 and 7 November 2023
ESA / Arianespace SMILE contract signing
Source: ESA, Arianespace | SMILE mechanical testing | SMILE launcher fit-check | 6 |
Ariane 6 maiden flight launch campaign main updates
- Final hot-firing test of Ariane 6 upper stage successfully completed on 12 April 2024
- Central core and the two boosters for the first Ariane 6 flight model transferred to and installed on the Kourou launch pad at the end of April
- ESA, CNES and ArianeGroup are targeting the first launch of Ariane 6 between 15 June and 31 July 2024
Ariane 6 central core lifted in vertical position | Boosters transferred to launch pad and ready to be assembled with |
central core | |
Source: ESA, CNES, ArianeGroup | 7 |
Defense propulsion: consolidating growth, with additional future
production unlocked by today's development backlog
Defense propulsion backlog (€m)
Part of the current defense propulsion backlog relates
to development activities …
Defense propulsion production (volumes eq.)
… which could potentially "unlock" new production volumes in the coming years
317 | |||||||||||||||||
250 | +22% | ||||||||||||||||
176 | 196 | ||||||||||||||||
95 | 114 | 143 | 241 | 267 | 298 | 314 | |||||||||||
79 | 231 | ||||||||||||||||
58 | |||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E 2025E 2026E 2027E 2028E | ||||
2024 |
Potential additional production volumes unlocked by current development backlog
Expected backlog roll out
in production
# ~1,300 motors
-
High level of defense propulsion orders in Q1 2024 (approx. €80m in Q1 2024 vs. €120m for the entire
2023)
- Steep increase in Aster, CAMM-ER and MARTE production
- Excludes NAREW and other potential upside opportunities
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Agenda
1.
2.
Highlights
Giulio Ranzo, Chief Executive Officer
Q1 2024 Financials
Alessandro Agosti, Chief Financial Officer
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Defense propulsion intakes drive order backlog in Q1 2024
Figures in €m
Net order backlog evolution 2019 - Q1 2024 | ||||||
% on backlog | ||||||
CAGR | 1.359 | 1.378 | ||||
250 | ||||||
+19% | 1.014 | 317 | 23% | |||
736 | 877 | 176 | 331 | 316 | 23% | |
669 | 114 | 7 | ||||
139 | 130 | 9% | ||||
717 | 639 | 614 | 45% | |||
2019 | 2020 | 2021 | 2022 | 2023 | Q1 2024 | |
Vega | Ariane | Tech Dev Projects | Defense propulsion |
Main comments
- In Q1 2024 order intakes amounted to approx. €100m and are mainly composed of:
- Defense propulsion for approx. €80m, mainly for ASTER missile production
- Vega for approx. €15m, mainly for development activities
- Defense propulsion activities reached 23% of total backlog at the end of Q1 2024, approx. half of Vega backlog and currently higher than Ariane backlog waiting for Ariane 6 maiden flight
- At the end of Q1 2024 60% of backlog is for production activities and 40% for development activities
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Avio S.p.A. published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 10:00:04 UTC.