Avio rewarded after accounts and awaiting debut on the Ftse Mib

(Il Sole 24 Ore Radiocor) Rebound ofAvio in Piazza Affari, as market analysts look beyond the cautious guidance provided by the company and believe in positive surprises to come. The group's shares posted one of the best performances on the Milan stock exchange, gaining ground after falling 8.8 per cent on the eve of the session. Avio, note Intermonte analysts, announced a quarterly report that was 'solid and broadly in line with expectations in terms of ebitda', while the order book, revenues and net cash were above forecasts. The guidance for 2026 is in turn 'broadly in line with estimates, but perceived as conservative by the market'. Management, after all, 'has signalled very strong demand in the defence segment, not yet reflected in guidance, also linked to the possible replenishment of missile stocks'. "Although investors may perceive the guidance as cautious," the experts point out, "underlying demand trends appear stronger than reflected in the official outlook, suggesting room for a potential upside as visibility improves. "We believe that the visibility of the medium/long-term estimates does not change and for the defence business has even improved in light of the recent evolution of the geopolitical context in which missiles are used on a large scale, increasing the gap between supply and demand," they confirm from Equita, underlining that "even in the event of peace, arsenals will have to be restored if only for deterrence purposes". "Clearly," Banca Akros concludes, "the timing of the development of the defence business is uncertain, but we remain of the opinion that Avio will be among the companies that will benefit most from the surface-to-air missile cycle and that orders will therefore come in. Avio ended 2025 with a net profit of 11.6 million, up 81.6%, on net revenues of 542 million (+22.7%). Reported ebitda rose by about 25% to 32.3 million and reported ebit by 42.7% to 12 million. The order book at the end of 2025 improved by 25.6% to EUR 2.16 billion. The board of directors will propose the distribution of a dividend of EUR 0.14846. As for the guidance for 2026, the company estimates revenues at EUR 560-590 million, reported ebitda between EUR 27 and 35 million (EUR 29-37 million adjusted), and net profit between EUR 8 and 13 million. The order backlog is expected to be between 2 and 2.1 at the end of 2026. The Avio share will replace Banca Popolare Sondrio, which is being integrated by the Bper group, in the Ftse Mib index as of Monday 23 March.