Avio Q1 2020 Highlights

Stable Revenues, Growth in EBITDA Positive Net Cash Position

• Revenues: Euro 80 million, in line with Q1 2019
• EBITDA Reported: Euro 7.2 million (+3,9%)
• EBIT Reported: Euro 3.1 million (+0,6%)
• Net Cash Position: Euro 42.1 million

ROME--(BUSINESS WIRE)--The Board of Directors of Avio S.p.A. today reviewed and approved the Q1 2020 results.

Avio, a leading aerospace company listed on the STAR segment of the Italian Stock Exchange, reports revenues of Euro 80 million for the first quarter of 2020, down 3.2% on the same period of the previous year.

Reported EBITDA of Euro 7.2 million grew 3.9% on Q1 2019, benefitting from fixed costs effective control but already incorporating the effect from the donations after the COVID-19 outbreak (Euro 0.5 million).

Reported EBIT of Euro 3.1 million, reflecting the increase of amortizations expenses following the investments of the past years.

The Net Cash Position is Euro +42,1 million, reflecting the ordinary annual financial cycle.

During the first 2020 quarter two Ariane 5 launches took place (VA251 and VA252 in January and February respectively).

The Vega VV16 launch equipped with the SSMS payload adapter and more than 50 satellites onboard had been integrated in January and February. However, all of the activities in the launch base in French Guiana had been suspended on the 16^th of March due to the COVID-19 outbreak. The launch base has been reopened on the 11^th of May and the VV16 launch is scheduled by mid-June.

During the first 2020 quarter also the firing test of the Zefiro 23 engine (second stage of Vega, instrumental to the Vega return-to-flight) took place. At the same time, also the firing test of the M10 LOX-Methane engine for Vega E was accomplished in the NASA firing test facilities in the USA.

Thanks to strategic relevance of the business and to the initiatives adopted by the Company (e.g. distribution of protective equipment, adoption of remote working and a different shift regime), Avio facilities did not face any shut-down due to the COVID-19 outbreak.

Avio made two donations to the Civil Protection in Colleferro and to the Kourou hospital, the local communities closest and most relevant to Avio and its activities.

On the 7^th of May, the newly elected Board of Directors confirmed Roberto Italia as Chairman and Giulio Ranzo as Chief Executive Officer.