Figeac Aero (FGA) Q1 25/26 TU earnings summary

Executive summary

• Achieved 17th consecutive quarter of revenue growth, with Q1 2025/26 revenue at €101.9m, up 10.3% organically year-over-year.

• Strong performance in Aerostructures & Aeroengines, with all major aircraft programs contributing positively, especially A350 and LEAP-1B.

• Defense & Energy segment declined 9.6% year-over-year due to operational issues, but outlook remains unchanged due to a strong order book.

• Awarded a new contract worth over €25m for LEAP-1B engine parts, securing over 47% of new business revenue target for PILOT 28 plan.

Financial highlights

• Q1 2025/26 revenue: €101.9m, up 8.4% reported and 10.3% organic year-over-year.

• Aerostructures & Aeroengines revenue: €94.3m, up 12.2% organic, 10.2% reported year-over-year.

• Defense & Energy revenue: €7.6m, down 9.6% year-over-year.

• Backlog at 30 June 2025 remains high at €4.6bn.

Outlook and guidance

• FY 2025/26 targets: revenue €470–490m, current EBITDA €77–83m, free cash flow €35–40m, leverage ratio ~3x.

• FY 2027/28 targets: revenue >€600m, current EBITDA >€100m, leverage ratio <2x, free cash flow >€60m.

• Confirms confidence in meeting sales and growth targets, supported by robust demand and strong backlog.