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Avio S.p.A. (AVIO) Q2 2026 Earnings Report
IT:AVIO Q2 2026 EPS Results
- Actual EPS
- EUR 0.21
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -EUR 0.02
IT:AVIO Q2 2026 Revenue Results
- Actual Revenue
- EUR 278.22M
- Expected Revenue
- EUR 146.37M
- Beat/Miss
- Beat by +EUR 131.85M
- YoY Revenue Growth
- +6.57%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/10/2026
- Time
- Before Open
- Conference Call
- Thursday, September 10, 2026
IT:AVIO Upcoming Earnings
Avio S.p.A.'s next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, driven by approximately 20% annual growth over four consecutive years, 18% first-half revenue growth, improved profitability, a backlog above EUR 2 billion, successful launch milestones, rising defense and launch demand, and substantial funding for expansion. The company also acknowledged execution challenges involving supply-chain readiness, uncertain defense-order timing, planned investment, and a EUR 60 million first-half reduction in net financial position, but confirmed 2026 guidance and remained on track with its strategic plans.
Company Guidance
Avio is confirming guidance for the end of 2026 and expects seven to eight launches of Ariane and three launches of Vega by year-end; P160C production could go beyond the rate of 35 boosters a year, with a possible flight rate six for Vega and maybe flight rate 12 for Ariane, while capacity expansion could take between two and a half years. The liquid propulsion demonstrator will be ground-tested before the end of this year and tested in flight next year, U.S. capabilities are expected to generate profits by themselves pretty much by the end of 2028, beginning of 2029, and the 2026 and 2027 CapEx deployment plan is not expected to change much.
- Sustained Double-Digit Revenue and Profit GrowthFirst-half 2026 delivered sustained and solid double-digit growth in revenues and profits. The company said it has maintained approximately 20% growth consistently across the last four years and confirmed its year-end 2026 guidance.
- Revenue Growth Across All Business SegmentsRevenue increased 18% year over year to almost EUR 280 million in the first half. Growth was generated by all three segments: launch systems, space propulsion, and defense.
- Strong Backlog and New OrdersBacklog remained above EUR 2 billion at the end of June despite significant revenue growth. Avio booked EUR 160 million of orders during the period, with two-thirds from defense and one-third from launch systems, followed by an additional EUR 60 million launch-system order booked in early July.
- Growing Production-Contract ContributionProduction contracts increased to approximately 70% of both the backlog and total revenue, while defense represented more than 33% of the backlog.
- Improved EBITDA, EBIT, and Net IncomeReported EBITDA increased to EUR 12 million from EUR 10 million in the prior-year period. Reported EBIT was positive at EUR 1.2 million versus zero last year, while net income exceeded EUR 9 million, supported by operating performance, approximately EUR 5 million of financial income on average cash holdings, and a fair-value adjustment on a minority participation.
- Successful Vega Flight and Expanded Operating ResponsibilityAvio successfully completed Vega's 29th flight, its first as the launch service operator after responsibility was transferred from Arianespace. The mission successfully placed the European Space Agency's SMILE scientific satellite into orbit and marked Avio's assumption of flight-worthiness responsibility vis-à-vis French institutions.
- Active Launch Manifest for Ariane and VegaAvio was marching toward seven to eight Ariane launches and three Vega launches by the end of 2026. The next Vega launch was scheduled for the following Monday, with another planned at the beginning of December. Vega was also scheduled to launch the first batch of Italy's IRIDE Earth Observation Constellation in December.
- Successful First Flight of the P160C BoosterThe new P160C booster successfully flew for the first time on Ariane 6 in a four-booster configuration on an Amazon mission. The booster carries approximately 16 tons more propellant than the P120 and is expected to support increased Ariane launch frequency.
- Additional Amazon Launches Support Booster DemandArianespace announced six additional launches for Amazon's constellation. Avio said this could push P160C production beyond the previously expected rate of 35 boosters per year, with potential support from the European Space Agency to increase Ariane and Vega flight frequency.
- Progress on Liquid-Propulsion Rocket DemonstratorAvio completed full integration of its liquid-propulsion prototype using liquid oxygen and methane and the MR10 engine. The demonstrator is planned for ground testing in 2026 and flight testing in 2027, with a controlled first-stage re-entry capability, new avionics, and a software-based architecture. It uses the same core engine planned for Vega E and currently carries no payload.
- Defense Orders and Growing Missile-Defense DemandAvio received another EUR 35 million of orders from MBDA in June for the European Aster 30 program, with additional orders expected. Management cited growing demand for missile defense amid geopolitical instability and said more demand is expected from both European and U.S. customers.
- U.S. Manufacturing Expansion Remains on TrackAvio acquired approximately 1,200 acres of industrial land in Virginia, signed infrastructure orders, completed hiring of its U.S. C-suite, and finalized detailed plant design. A groundbreaking ceremony and the start of the main works were planned for the end of September 2026.
- Virginia Incentive Package and U.S. Capacity BuildoutThe Commonwealth of Virginia agreed to an incentive package potentially worth EUR 97.7 million. Avio is building both physical capacity and human capital, with plans to recruit and train additional personnel using Commonwealth funds.
- Additional Capital Raised for ExpansionAdvent agreed to invest EUR 110 million for nearly 7% of Avio's share capital at EUR 33.40 per share, a price higher than the current market price and the price of the prior capital increase. Avio said it has raised more than EUR 500 million over approximately the last nine months to support expansion in Italy and particularly the U.S.
- Significant Solid Rocket Motor Demand OpportunityManagement said the solid rocket motor unmet-demand gap had widened by another 40% versus the prior year and that demand over the next few years would exceed the level assumed in the business plan. The plant design allows Avio to potentially expand capacity if customer contracts and commitments materialize.
- U.S. Customer Programs ProgressingAvio is currently performing 100% of its U.S. Army work in Italy, with a future objective to leverage the U.S. plant. For Raytheon, development and qualification of the Mk 104 motor is being performed in Italy before production is transferred to the U.S. Avio also expects a similar approach for Lockheed Martin once that program begins.
- Potentially Broader Launch DemandManagement said SpaceX has reduced the availability of low-priced rideshare launches, with some missions now offered at twice the previous price. As a result, smaller customers have approached European institutions and Avio seeking alternative launch opportunities with Vega C, Ariane 6, or other European providers.
- Healthy Cash Position Despite Planned InvestmentAvio ended June with a positive net financial position of EUR 535 million and expected to receive the EUR 110 million Advent capital injection in the third quarter. Management said the company remains on track for the year-end and that existing funds are already partly supporting higher Ariane and Vega cadence.
IT:AVIO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 11, 2026 | 2026 (Q3) | ―- | 0.02 | ― | ― |
| Sep 10, 2026 | 2026 (Q2) | ―0.21 | -0.02 | 1418.75% (+0.23) | |
| May 12, 2026 | 2026 (Q1) | -0.01-0.01 | 0.21 | -102.90% (-0.21) | |
| Mar 12, 2026 | 2025 (Q4) | 0.210.22 | 0.21 | 7.25% (+0.01) | |
| Oct 27, 2025 | 2025 (Q3) | ―0.02 | -0.02 | 225.00% (+0.04) | |
| Sep 12, 2025 | 2025 (Q2) | ―-0.02 | -0.02 | 0.00% (+0.00) | |
| May 15, 2025 | 2025 (Q1) | ―- | 0.4 | ― | |
| Mar 13, 2025 | 2024 (Q4) | ―0.21 | 0.32 | -36.11% (-0.12) | |
| Nov 08, 2024 | 2024 (Q3) | ―- | -0.15 | ― | |
| Sep 11, 2024 | 2024 (Q2) | ―-0.02 | -0.12 | 86.32% (+0.10) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
