Figeac Aero (FGA) H2 2025 earnings summary

Executive summary

• Achieved or surpassed all financial targets for the fourth consecutive year, with 16 consecutive quarters of revenue growth, a return to positive net income, and record free cash flow generation.

• Maintained solid execution of PILOT 28 strategy, reiterating 2028 growth and deleveraging targets, and launched Pilote 28 to target over €600M revenue and €100M EBITDA by 2028.

• Benefited from robust demand in both civil and defense aerospace, with record order books at Airbus and Boeing, and strong positioning on key programs.

• Returned to positive net income for the first time since March 2019, with improved operational performance and a stronger, less leveraged financial structure.

• Unprecedented market and business visibility, supported by a €4.6bn order backlog and favorable aerospace market trends.

Financial highlights

• Revenue for FY 2024-2025 reached €432.3M, up 8.8% year-over-year, with organic growth of 8.1%.

• EBITDA rose 33% to €69.5M (16.1% margin), and EBIT quadrupled to €22.6M (5.2% margin).

• Net income turned positive at €3.6M, compared to a €12.2M loss the previous year.

• Free cash flow reached a record €37.9M, up 57% year-over-year.

• Net debt reduced to €266.6M, with a leverage ratio down to 3.8 from 5.5 a year earlier.

Outlook and guidance

• FY 2025-2026 revenue expected between €470M and €490M, EBITDA between €77M and €83M, and free cash flow €35M–€40M.

• By March 2028, targets are set for revenue above €600M, EBITDA above €100M, EBITDA margin above 17%, free cash flow over €60M, and leverage below 2.

• Strong order backlog of €4.6bn supports multi-year growth and confident outlook, with more than 40% of new business revenue target already secured.