THE EUROPEAN GATEWAY TO SPACE - Bank of America STAARS Conference March 23, 2021 Giulio Ranzo - Avio CEO - Teleborsa
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THE EUROPEAN GATEWAY TO SPACE
Bank of America STAARS Conference
March 23, 2021
Giulio Ranzo – Avio CEO
avio.com
© 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: the European pure player in Space launchers
330 € Mln 1,000
Mkt Cap Employees
65% 4%
Free Float Mgmt Share
NEW 2022
European heavy launcher (10.5 tons in GTO) European light launcher (1.5 tons in LEO)
Avio: Strap-on boosters Avio: System integrator
© 2019 AVIO SPA 3
Ariane and Vega : a global customer base
= Ariane
Gold Proba V LISA
= Vega Sentinel HellasSat Azerspace
4xSkySat Thor 7 IXV Aeolus
Terrestar-1 GHGSat Hylas Galileo
Biomass KazEOSat-1
AMC-21 Anik F3
Lemaitre BepiColombo Nemo HD KompSat 7
Galaxy 15
Amaldi Einstein
LuxSat
SICRAL 2 Superbird
VD20x2 Ceres Bsat 3b
Spire
Spaceflight
Undisclosed
Ingenio
Spainsat
MexSat -3 VNredSat-1°
Mohammed
Vinasat
Falcon
Arab
Eye
sat
Telkom
Brysat
RASCOM
GSAT
Athena-Fidus
LARES Cosmo 2G
Vega
PeruSat Venus GokTurk-1a TheoSat
Nilesat Optus
OptSat Prisma
Ariane 5 TIBA
© 2019 AVIO SPA 4
Avio: a public company managed by a team of investors
70 Avio managers
Avio shareholders’ breakdown
Anchor
Investors* Institutional
34% Investors
47%
Management
4%
Retail Investors 11%
15% 8%
7%
~62% free 4%
Milan Stock Exchange float 3%
Ticker: AVIO.MI – ISIN: IT0005119810
© 2019 AVIO SPA * Leonardo SpA and Space Holding (Promoters with Management of the listing via SPAC in 2017) 5
50 years of track record in Space launch
Ariane 1-3 Ariane 4 Ariane 5 Vega Vega C Ariane 6 Vega Space Vega E
Light* Rider
1968 1990 2003 2012 2022 2025
Separation 9.5 ton 230 ton Launch Launch 140 ton Launch Prop. Launch
motors boosters boosters system system boosters system Module System
© 2019 AVIO SPA *Concept study 6
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
Main stage integration
SRM Manufacturing
French Guiana
(GMT -3) N4.003 E52.999 Paris
Avio runs three facilities at th (GMT +2) N48.856 E2.351
e European Spaceport : Large SRM
design/integration
Propellant casting - SRM casting and integration
- Vega launcher operation Upper stage integration
© 2019 AVIO SPA 7
opment activities
Testing progressing
and launch with in
operations new projects
Europe and French Guyana
a C Ground Qualification Review Vega E firing test in the USA
© 2019 AVIO SPA 8
The launch segment : the gateway to the Space economy
Global space value chain (2019)
Launch(1,2) Satellites Ground(3) Services(2,4) End users
$ 4.9bn $ 12.5bn $ 130.3bn $ 123bn
Source: Satellite Industry Association (2020) (1): Includes launcher manufacturing and launch service activities (3): Includes GNSS chipsets and Related
© 2019 AVIO SPA (2): Commercial services revenues only 9
(4): Includes commercial humanflight
Space is now attracting growing equity investments
Equity investments in Space Ventures(1) Space Ventures IPO - Equity value ($ Bn)
25.7 Avio 0,4 (2017)
Investments ($ bn)
+28% CAGR
RocketLab 4 (2021E)
5.8
Astra 2 (2021E)
3,9 Virgin Galactic 2,5 (2019)
2,4
Spire 1,6 (2021E)
0,5 0,5 0,4
BlackSky 1,5 (2021E)
2009 11 13 15 17 2019 2020
Momentus 1,2 (2021E)
© 2019 AVIO SPA (1) Annual non-governmental equity investment Source: Space Angels, Press Search 10Space launch demand growing fast in the LEO segment
World total mass at launch (tons)
X
= CAGR Typical applications
3,999
Orbit segment +6% 198 • Space Exploration
1.039 • Traditional Telecommunications
15%
Other - 2,448
Exploration 55 277 • Navigation
-3%
GEO
1.355 • Boradband connectivity
+6% • Defence Intelligence
2.485
MEO • Climate monitoring
162
• Mobility tracking
876 +12% • Search and Rescue
LEO
2012-20 2021-29
© 2019 AVIO SPA Source : Avio estimate on Euroconsult data; Excludes dummy payloads, cargo to ISS and manned missions 11Growing order backlog for Ariane and Vega
Ariane Backlog: >20 flights Vega Backlog: 8 (+10) flights
• Ariane 5: 8 launches • 8 Vega/Vega C launches:
• Ariane 6: >12 launches until - 4 EU govt
Backlog
2025-26: - 4 Commercial/Export
- 9 EU govt - Production of a Batch of 10
- 5 commercial/Export launchers for 2023-2026 kicked-off
• ~40 Galileo by 2030 Expected • ~10 Copernicus by 2030
(750kg/each) (2000kg/each)
New EU constellation concept:
• EU LEO-based broadband
• Secure and h-speed connection
• Launch expected in 2025-30
© 2019 AVIO SPA 12SmallSat demand now being captured via Vega SSMS
New Vega rideshare service (SSMS)
• 50+ satellites from 20+ customers
• Sat mass 1150 kg
• Two different orbital planes (1st time)
• Rideshare modular concept
• Next smallsat mission April 2021
Vega C
© 2019 AVIO SPA 13Space Rider: expanding Vega capabilities to in-orbit
operations and re-entry
Space Rider Configuration Typical Mission Profile
• Launched on Vega-C and powered by Vega C upper stage
• Reusable orbital space laboratory for Earth Observation, Science, Robotics (800 kg payload)
• Re-enters atmosphere and lands on an airstrip
© 2019 AVIO SPA 14European Launchers – product range evolution roadmap
Capacity 10,5 t 1,5 t 6t 11 t 2,3 t 0,3 t 0,8 t 2,8 t 12 t
Reference Orbit GTO LEO GTO GTO LEO LEO LEO LEO GTO
SSMS Launch &
Payload Re-entry
Adapter
P120 P120 P120
TODAY 2022 2023 2025
Ariane 5 Vega Ariane 62 Ariane 64 Vega C Vega Space Vega E A6 Evo
Light* Rider
Estabilshed legacy and Commonalities and cost Broader offering and
track record reduction further cost reduction
© 2019 AVIO SPA * Concept study 15Revenues and EBITDA
Revenues (€ M) EBITDA Reported and Adjusted (€ M)
389 369 47.3
46.5 44
344 43.4
292 322 36.5
35.5
225
149 144
151 107
143
110 39,2 42,6 42,6
35,2
205 203 27,9 26,9
177 184
120 137
2015 16 17 18 19 2020 2015 16 17 18 19 2020
Vega Ariane Other EBITDA Reported NRC
= IPO
© 2019 AVIO SPA 16Earnings and Cash
Net Income (€ - M) Net Cash Position (€ - M)
63
25,8 27 42 49 57
21,8
14,9*
-19
-34
5,4
3,1
**
2015 16 17 18 19 2020
2015 16 17 18 19 20 14 25 29 23 29 35
10
14,4 6,4
= IPO Capex Capital returns
© 2019 AVIO SPA * Increased NRC and amortization **Pro-forma to account for extraordinary dividend financing *** (Dividends + Share BB) 17THANK YOU
avio.com
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