Figeac Aero (FGA) H2 23/24 earnings summary

Executive summary

• Achieved or surpassed all annual financial targets for the third consecutive year, with strong revenue, EBITDA, and free cash flow performance.

• Revenue reached €397.2m, surpassing guidance, and current EBITDA was €52.2m, at the high end of the range.

• Free cash flow rose to €24.1m, nearly five times higher than the prior year, reflecting operational improvements and effective working capital management.

• Significant progress on the PILOT 28 strategic plan, supporting profitable growth, innovation, and accelerated deleveraging.

Financial highlights

• Revenue grew 16.3% year-over-year to €397.2m, with 19.3% organic growth, exceeding guidance.

• Current EBITDA increased 29.6% to €52.2m, with margin up 140bp to 13.2%.

• Free cash flow reached €24.1m, nearly five times higher than the previous year.

• Net income (Group share) was a loss of €12.2m, a 32.3% improvement year-over-year.

• Net debt stable at €288.4m as of 31 March 2024, with a cash position of €88.7m.

Outlook and guidance

• FY24/25 revenue guidance: €420–440m; current EBITDA: €67–73m; free cash flow: €20–28m.

• FY27/28 targets: revenue €550–600m, EBITDA margin >16%, free cash flow ~€50m, leverage 2–2.5x.

• Confident in achieving 2025 pre-COVID recovery and 2028 ambitions, supported by strong market momentum and expanding backlog.