Figeac Aero (FGA) H1 24/25 earnings summary

Executive summary

• Organic revenue grew 12.0% year-over-year to €200.0 million in H1 2024/25, driven by Airbus programs, inflation compensation, and stable LEAP engine activity.

• EBITDA rose 30.0% to €25.8 million, with margin up 190 basis points to 12.9%, reflecting improved operational performance across all divisions.

• Free cash flow reached a record €28.3 million, supported by working capital reduction and lower capex.

• Net result improved to a loss of €4.4 million from €5.3 million loss a year earlier, aided by tax deficit activation and better operating performance.

• Order backlog hit a record €4.7 billion, reflecting robust market demand and new contract wins.

Financial highlights

• Revenue for H1 2024/25 was €200.0 million, up 10.3% reported and 12.0% organic year-over-year.

• Current EBITDA: €25.8 million, up 30.0% year-over-year; margin at 12.9%.

• Operating income positive at €4.9 million, and net income (Group share) was a loss of €4.4 million, improved from a €5.3 million loss in H1 2023/24.

• Free cash flow surged to €28.3 million, highest ever for the group, driven by improved working capital and reduced investments.

• Net debt reduced to €275.5 million at 30 September 2024; cash at €86.5 million; equity at €57.3 million.

Outlook and guidance

• FY24/25 revenue guidance: €420–440 million; current EBITDA: €67–73 million; FCF: €30–35 million (raised from €20–28 million).

• By FY27/28, targets are revenue of €550–600 million, EBITDA margin >16%, FCF ~€50 million, and leverage 2–2.5x.

• H2 expected to benefit from higher production rates, price increases, and new business contributions.

• Strong market fundamentals, robust backlog, and air traffic trends support continued profitable growth.