Figeac Aero (FGA) H1 25/26 earnings summary

Executive summary

• Achieved 18th consecutive quarter of revenue growth, reaching €215.3m in H1 2025/26, with strong performance in both commercial and defense markets.

• Progressed on PILOT 28 transformation plan, securing new contracts and renewals, and maintaining a robust sales pipeline.

• Current EBITDA rose 18.6% year-over-year to €30.6m, with margin up 130bp to 14.2%.

• Free cash flow was €7.1m, in line with full-year targets, and continued deleveraging efforts were highlighted.

• Market uncertainties in aerospace are easing, with strong order momentum and production rate increases across major programs.

Financial highlights

• Revenue for 1H25/26 rose 7.7% year-over-year to €215.3m, with organic growth of 9.6%.

• Current EBITDA increased 18.6% to €30.6m, with margin up 130bp to 14.2%.

• Operating income grew to €5.7m; net loss widened to €17.4m due to non-cash financial charges.

• Free cash flow was €7.1m, with net investments at €22.2m.

• Leverage ratio reduced to 3.7 from 4.6 a year ago.

Outlook and guidance

• FY26 revenue guidance confirmed at €470–490m, with current EBITDA of €77–83m and free cash flow of €35–40m.

• FY28 targets: revenue >€600m, EBITDA margin >17%, free cash flow >€60m, leverage <2x.

• Strong H2 expected, with higher build rates and supply chain improvements.