Figeac Aero (FGA) Q2 25/26 TU earnings summary

Executive summary

• Achieved €215.3 million in H1 2025/26 revenue, representing 9.6% organic growth year-over-year, marking the 18th consecutive quarter of growth.

• Both Aerostructures & Aeroengines and Defense & Energy divisions contributed to growth, with Defense & Energy up 22% due to catch-up effects and ramping hydropower activity.

• Performance aligns with the full-year revenue target of €470–490 million, with expectations for growth to accelerate in H2.

Financial highlights

• Q2 2025/26 revenue reached €113.4 million, up 9.1% organically year-over-year.

• H1 2025/26 revenue totaled €215.3 million, up 9.6% organically and 7.7% reported year-over-year.

• Aerostructures & Aeroengines posted €105.0 million in Q2 revenue (+8.2% organic), while Defense & Energy posted €8.4 million (+22% organic).

Outlook and guidance

• Full-year 2025/26 revenue guidance reiterated at €470–490 million.

• Current EBITDA expected between €77–83 million; free cash flow between €35–40 million; leverage ratio targeted around 3x.

• By FY 2027/28, targets are revenue over €600 million and leverage ratio below 2x.