Figeac Aero (FGA) Q4 24/25 TU earnings summary

Executive summary

• Achieved Q4 revenue of €128.9M, up 8.1% year-over-year, marking the 16th consecutive quarter of growth and a return to pre-COVID activity levels.

• Annual revenue reached €432.3M, with organic growth of 8.1%–8.8%, driven by strong performance in aeronautics, especially Airbus A320 and A350 programs.

• Net income returned to positive territory for the first time since March 2019, reaching €3.6M.

• Strategic plan Pilote 28 targets over €600M revenue, >€100M EBITDA, and >€60M free cash flow by March 2028.

• Focus on debt reduction, with leverage ratio reduced to 3.8x and targeting below 2x by 2028.

Financial highlights

• Q4 revenue: €128.9M (+8.1% y/y, +5.6% organic), with positive FX impact of €2.9M.

• FY revenue: €432.3M (+8.1%–8.8% organic), with A320 program surpassing €100M in annual sales.

• Current EBITDA increased 33% to €69.5M, margin up to 16.1%, and operating income surged to €22.6M.

• Free cash flow hit a record €37.9M, up from €24.1M, with net debt reduced by €21.8M to €266.6M.

• Order backlog stable at a record €4.7B as of March 2025.

Outlook and guidance

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

• FY 2027/28 targets: revenue over €600M, current EBITDA above €100M, leverage ratio below 2x, free cash flow over €60M.

• Continued focus on operational efficiency, innovation, and environmental performance.