Avio reported €409.7 million in revenue for the first nine months of 2026, an increase of 16.7% from the same period in 2025. The Italian propulsion and launch company attributed the growth in its November 11 financial release to faster Vega C production, additional Ariane 6 engine deliveries, and defense propulsion activities.
Reported earnings before interest, taxes, depreciation, and amortization reached €17.9 million, up 18%. Adjusted earnings on that measure were €18.6 million, up 13.3%. Reported operating profit was €1.7 million. The company recorded approximately €237 million in new orders, about half associated with defense production and development.
Backlog stood at €1.993 billion on September 30, down 8% from the end of 2025. The remaining new orders mainly concerned Vega C and Vega E development. Avio maintained its full-year forecasts of €560 million to €590 million in revenue and €29 million to €37 million in adjusted earnings before interest, taxes, depreciation, and amortization.
Avio’s work spans the complete Vega launcher and components supplied to Ariane. This gives the company two routes into European launch production: assembling vehicles for one program and manufacturing propulsion hardware for another. The manufacturing activity behind a launch occurs over a longer period than the flight itself, as motors and stages move through production and testing.
The Vega C propulsion arrangement explains the industrial connection. Its lower stages use solid propellant motors, followed by a liquid-propellant upper module that controls the final delivery orbit. The P120C motor was developed for use both as Vega C’s first stage and as an Ariane 6 side booster. Shared hardware links production planning across the two launcher families.
The upper module, called AVUM+, can fire repeatedly to place payloads into their assigned orbits. After payload separation, a further maneuver removes the stage from orbit. This sequence allows a single vehicle to carry multiple spacecraft and perform the final positioning work that follows the high-thrust ascent.
Avio also completed a financing transaction during the reporting period. Advent International subscribed for 3,275,268 new shares on September 24 at €33.40 each, providing approximately €109.4 million. The completed investment gave Advent approximately 6.54% of Avio’s share capital after issuance.
The investment was intended to support expansion in Italy and the United States. Avio’s announcement said the transaction closed after Italian Golden Power clearance and the other conditions in the investment agreement had been satisfied. Advent also entered a 12-month share lock-up arrangement, subject to specified early termination provisions.
In the United States, Avio is developing a solid rocket motor manufacturing operation in Hurt, Virginia. A cooperation agreement with Lockheed Martin, announced October 13, provides access to a share of the factory’s planned capacity. Following qualification, initial production is intended for the Extended Range Guided Multiple Launch Rocket System and Precision Strike Missile programs.
Lockheed Martin described the arrangement as a way to add motor supply for those programs. Avio said its U.S. capacity investment exceeds $500 million. Avio USA, based in Arlington, is building its engineering, manufacturing, and operations organization around the planned factory.
These activities connect the company’s space-launch work with defense propulsion through manufacturing expertise and investment. The November results report increased revenue from the existing businesses as Avio proceeds with the Virginia facility and prepares its planned production for U.S. customers.
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