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The European Gateway to Space THE EUROPEAN GATEWAY TO SPACE Cowen 41st Annual Aerospace/Defense & Industrials Conference Lotte New York Palace - February 13th, 2020 Giulio Ranzo - CEO © 2019 AVIO SPA 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. This document may not be reproduced, redistributed or published in whole or in part without Avio’s authorization. © 2019 AVIO SPA 2 Avio: a pure player in Space launchers 400 € Mln 1,000 Mkt Cap Employees 70% 4% Free Float Mgmt Share NEW 2020 European heavy launcher (10.5 tons in GTO) European light launcher (1.5 tons in LEO) Ariane 6 Vega C Avio: Strap-on boosters Avio: System integrator © 2019 AVIO SPA 3 A public company managed by a team of investors Avio shareholders’ breakdown InOrbit 4% Anchor Institutional Investors Investors 30% 51% Retail Investors ~70% free 15% float Milan Stock Exchange 4% share in Avio Ticker: AVIO.MI – ISIN: IT0005119810 70 Avio managers © 2019 AVIO SPA 4 50 years of track record in Space launch Ariane 1-3 Ariane 5 Vega Ariane 4 Vega Space Ammunitions Separation 9.5 ton 230 ton launch Vega C Ariane 6 Vega E light Rider motors boosters boosters system 1912 1968 1990 2003 2012 2020 2025 © 2019 AVIO SPA 5 Industrial operations in Europe and French Guyana Colleferro, Rome (GMT +1) N41.727 E13.0030 - SRM design, production - Mission analysis - Flight Software - Stage integration - Testing SRM Manufacturing Launcher integration Main stage Upper stage integration integration French Guiana (GMT -3) N4.003 E52.999 Paris Avio runs three facilities at the (GMT +2) N48.856 E2.351 European Spaceport : Large SRM design/integration Propellant - SRM casting and integration - Vega launcher operation casting Firing tests © 2019 AVIO SPA 6 The launch segment : the gateway to the Space economy Global space value chain (2018) x% = 2015-18 CAGR Launch(1,2) Satellites Ground(3) Services(2,4) $ 6.2bn $ 19.5bn $ 125.2bn $ 126.5bn End users +5% +7% +6% stable Source: Satellite Industry Association (2018) (1): Includes launcher manufacturing and launch service activities (3): Includes GNSS chipsets and Related © 2019 AVIO SPA (2): Commercial services revenues only (4): Includes commercial humanflight 7 Earth Observation and Connectivity services drive demand growth Application Example End Users Infrastructure & Transportation • Investors & financial analysts (Quant, Commodity) • Intelligence analysts • Customs & Border agents Environment & Climate • Farmers • Insurance companies • Meteorological agencies • Civil Protection agencies Security & Intelligence • Defense • Intelligence agencies • Rescue operations Connectivity - IOT • Investors & financial analysts (Quant, Commodity) • Insurance companies © 2019 AVIO SPA 8 Increasing gap between launch demand and supply # of Countries Tot. # world countries: 195 100 80 60 Countries operating Satellites Launching countries 40 Gap 20 0 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 Source: Web Search; United Nations © 2019 AVIO SPA 9 Launch capabilities highly concentrated. Export mostly from Europe and USA Average Annual Mass Launched in 2015-19 (Tons) 127 Government Commercial & Export 60 90 17 58 55 8 67 73 45 47 2 19 1 9 13 17 8 USA Russia Europe China Japan India © 2019 AVIO SPA 10 Vega: global customer base for LEO launch = Backlog VV02 VV06 = Flights VV05 VV09 VV07 Proba V LISA Backlog Sentinel 2A Sentinel 2B 4xSkySat VV04 VV12 Backlog VV03 GHGSat IXV Aeolus Nemo HD Backlog Backlog KazEOSat-1 Biomass KompSat 7 Backlog LuxSat Backlog Backlog Backlog Synspective VD20x2 Ceres Backlog Backlog Undisclosed Backlog Spire Ingenio Spaceflight VV02 VV11 VNredSat-1a Mohammed VI A VV15 VV13 Falcon Mohammed VI B Eye VV01 Backlog LARES Cosmo 2G VV07 VV10 VV14 VV10 VV08 Backlog PeruSat OptSat Prisma Venus GokTurk-1a TheoSat Vega Vega C © 2019 AVIO SPA 11 Ariane: global customer base for GEO launch NOT EXHAUSTIVE Gold Lemaitre BepiColombo = Last 15 yrs flights Galileo Terrestar-1 Anik F3 Amaldi Einstein HellasSat Azerspace AMC-21 KoreaSat Galaxy 15 Chollian Thor 7 Hylas SICRAL 2 Superbird Bsat 3b Vinasat Spainsat ST-2 MexSat -3 Athena-Fidus Telkom RASCOM Arabsat Brysat Al Yah 3 GSAT StarOne Amazonas Nilesat Optus TIBA Ariane 5 © 2019 AVIO SPA 12 Launch demand stable in MEO-GEO, fast-growing in LEO World Market World total mass at launch (tons) X = CAGR Average Sat Key mass at launch applications Orbit (altitude) Average Sat 3,898 mass at launch +3% Other 1.358 3.4 t 2,312 Telecom GEO 4 t -1% 174 1.5 t 1.521 Navigation MEO 1.3 t +3% 2.134 0.5 t 130 +14% LEO 1 t 594 Earth Observation 2009-18 2019-28 © 2019 AVIO SPA Source : Avio estimate on Euroconsult data; Excludes sats with mass <50 Kg 13 European Launch capabilities evolving to meet demand Capacity 10,5 t 1,5 t 2,3 t 6 t 11 t 0,3 t 0,8 t 2,8 t Reference Orbit GTO LEO LEO GTO GTO LEO LEO LEO TODAY 2020 2020/21 2022 2022 2025 Ariane 5 Vega Vega C Ariane 62 Ariane 64 Vega light Space Vega E Rider © 2019 AVIO SPA 14 Automation and standardization, cost reduction P120 P120 P80 P230 Vega C Ariane 62 Ariane64 Vega Ariane 5 P120 P80 P230 Single main-stage, higher volumes, economies of scale First flight items Vega C MF P120 Full volume production Ariane 6 MF production 2018 2019 2020 2021 2022 2023 © 2019 AVIO SPA 15 Average satellite mass shrinking quickly Average satellite mass (tons) 2,4 2,4 1,7 0,7 1990s 2000s 2010s E 2020s # of Sats launched 118 438 1,657 >5,000 Source : Avio estimate on Euroconsult and UCS data. For 2020s includes also OneWeb and Starlink © 2019 AVIO SPA 16 SSMS : the Avio breakthrough solution for smallsats SSMS Integration completed 1st Vega SSMS flight - fully booked with 44 Satellites ESAIL Spire Ship Internet of tracking/ things surveillance Earth Observation GHGSAT Measure greenhouse emissions Maximum flexibility for rideshare missions, allowing SSMS multiple satellite releases in many orbits with different Orbit validation altitudes and changes of inclination © 2019 AVIO SPA Earth Observation 17 Space Rider: orbital and re-entry vehicle Space Rider Configuration Typical Mission Profile Re-entry Module Multi-Purpose Avum Orbital Cargo Bay (MPCB) Module • Provides highly customizable recoverable and reusable orbital space laboratory for • Microgravity, Earth Observation, Science, Research, Robotic exploitation • Launched on Vega-C ranging from equatorial to SSO orbits • Performs in-orbit PL operations, de-orbits, re-enters, lands and re-flies after limited refurbishment © 2019 AVIO SPA 18 Overview of Galileo and Copernicus programs Navigation Earth Observation • GNSS (Global Navigation • Earth Observation costellation Satellite System) civil of the European Union system • Positioning: SSO Orbit • 26 operating satellites + 4 spares • Satellite mass: 1,000<->2,000 kg • Positioning: MEO Orbit • 20 further Sentinel satellites expected to be launched in orbit • Satellite mass: 675 kg by 2030 • 6 launches for Ariane 6.2 already contracted Ariane 6 Vega C Additional funding expected of €16 Bn by the European Union in the 2021-27 Budget to support Galileo and Copernicus © 2019 AVIO SPA 19 Growing Revenues and EBITDA Revenues by Line of Business (€ - M) EBITDA (€ - M) CAGR=15% CAGR=7% 42-44 389 380-405 42,6 39,2 344 292 33 257 27,9 225 26,9 149 140 130 110 107 89 120 136 176 205 2014 15 16 17 2018 2019 G 2014 15 16 17 2018 2019 G Vega Ariane Tactical Other = IPO © 2019 AVIO SPA 20 Growing Earnings and Cash supporting dividends and capex Net Income (€ - M) Net Financial Position (€ - M) CAGR=41% 25-28 25,8 21,8 42 49 6,5 5,4 3,1 -19 -35 -34 2014 15 16 17 2018 2019 G 2014** 15 16 17 2018 Dividends CAPEX - 220* - 10 11.5 17 14 25 29 23 (€ - M) (€ - M) Share buyback program launched in August (max €9M) to offer additional shareholder return along with dividends and use cash generation for medium-long term investment * Extraordinary dividend ** Pro-forma to account for extraordinary dividend financing © 2019 AVIO SPA = IPO 21 Avio stock price vs Consensus Target Price and Benchmarks = Avio Avio Stock Price (Index = 100 = 9.2 €) = Analyst consensus = FTSE All Share ITA Index 220 200 180 160 140 120 100 80 Oct 03, 2016 Nov 16, 2017 Dec 17, 2018 Jan 24, 2020 © 2019 AVIO SPA 22 Avio providing top-in-class return to shareholders 19% 32% price growth TRS (L1Y) (last 12 months) 36% 18% Stock price (L1Y) 32% TRS 1 y – 2y – 3y 1,5% Div Yield (2018A) 36% 20% 18% 2,9% 1% Stock 3% Dividend Buyback (in Yield in 2018 progress) 31 PE (2019A) 15 Peer Group* Avio * Peer group includes OHB, Safran, Aerojet Rocketdyne, Rolls-Royce, Boeing © 2019 AVIO SPA 23 THANK YOU avio.com © 2019 AVIO SPA.
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