Shareholders gave the green light to the renewal of Avio’s board of directors, a leader in space propulsion that manufactures the Vega launcher.
On April 28, the Ordinary Shareholders’ Meeting of Avio approved the 2025 financial statements and also appointed the new board of directors for the 2026-2028 three-year period, confirming a body composed of nine members, instead of 11 as in the previous three-year period. Roberto Italia was appointed Chairman; likewise, the outgoing CEO Giulio Ranzo was confirmed as the operational head of the Colleferro-based company for the next three fiscal years.
Compared to the 2023 meeting, significant differences emerge in the distribution of votes among the presented lists.
All details.
APPROVAL OF THE 2025 FINANCIAL STATEMENTS
The Ordinary Shareholders’ Meeting of Avio was held yesterday under the Chairmanship of Dr. Roberto Italia, who approved, with the favorable vote of more than 99% of the capital, the financial statements as of December 31, 2025, closed with a net profit exceeding 10 million euros. Revenues reached 542 million (+23%), driven by Vega C, the P120C and P160C engines, and the defense business. The order backlog rose to 2.166 billion euros (+25.6%), supported by contracts in launchers, defense, and the agreement with ArianeGroup for Ariane 6.
Profitability also grew: EBITDA at 32.3 million, EBIT at 12 million (+over 40%). The net financial position increased to 591.7 million, thanks to the capital increase and advances on orders.
ALLOCATION OF PROFITS
The Meeting also approved, with the favorable vote of more than 99% of the capital present at the Meeting, the board’s proposal to allocate the net profit as follows: 6,800,000 euros as dividends, 502,046 euros to the legal reserve, and 2,738,868 euros to retained earnings.
THE DIVIDEND
Furthermore, the shareholders also resolved to distribute a dividend. The unit dividend is 0.14846 euros for each ordinary share outstanding, net of treasury shares. The dividend will be paid starting May 20, 2026, with the coupon detachment on May 18, 2026, and the record date for entitlement to dividends set on May 19, 2026 (so-called record date).
APPOINTMENT OF THE BOARD OF DIRECTORS 2026-2028
The Meeting approved, with the favorable vote of more than 99% of the capital present at the Meeting, the proposal to set the term of office of the Board of Directors at 3 (three) years and, therefore, until the date of the Meeting to be convened for the approval of the financial statements as of December 31, 2028, and appointed as members of the Board of Directors: Roberto Italia as Chairman of the Board of Directors, Giulio Ranzo, Stefano Ratti, Stefania Tomassi, Laura Pierallini, Heidi Shyu, Maria Elena Pisonero Ruiz, Raffaele Cappiello, Steven Duncan Wood.
In particular, List no. 1 presented by Leonardo S.p.A., In Orbit S.p.A., and RBC Holding S.r.l., collectively holding approximately 21.27% of the company’s share capital, obtained votes equal to about 60% of the capital present at the Meeting, while List no. 2 presented by a group of Institutional Investors, collectively holding approximately 2.58% of the company’s share capital, obtained votes equal to about 39% of the capital present at the Meeting.
BOARD OF DIRECTORS REMUNERATION
Regarding the remuneration of board members, the Meeting approved, with the favorable vote of more than 99% of the capital present at the Meeting and no opposing votes, the proposal to set the remuneration due to the Chairman of the Board of Directors at 225,000 euros gross per year, and to each Director at 55,000 euros gross per year, in addition to reimbursement of expenses incurred for the performance of the office, for the entire three-year term of the Board of Directors.
COMPARISON WITH THE 2023 MEETING
In 2023, on the governance front, the meeting had elected as members of the Board of Directors in office for the 2023-2025 three-year period the following candidates: Roberto Italia, Giulio Ranzo, Letizia Colucci, Giovanni Gorno Tempini, Luigi Pasquali, Elena Pisonero (independent), Donatella Sciuto (independent), and Giovanni Soccodato from List No. 1, then Raffaele Cappiello (independent), Donatella Isaia (independent), Marcella Logli (independent) from List No. 2 – presented by some minority shareholders holding a total of 4.68% of voting rights.
List No. 1 presented by the then outgoing board had obtained more than 86% of the preferences of the capital present at the meeting, while List No. 2 presented by some minority shareholders holding a total of 4.68% of voting rights obtained more than 13% of the preferences of the capital present at the meeting.
In the 2026 meeting, instead, List no. 1 obtained about 60% of the votes and List no. 2 about 39%, showing a more balanced distribution of support compared to 2023.
Therefore, the comparison with the previous meeting highlights a rebalancing in the power relations between majority and minority, albeit with substantial continuity in governance and improving economic and financial results.
