Figeac Aero (FGA) Q4 25/26 TU earnings summary

Executive summary

• Full-year FY26 revenue reached €486.8m, up 15.8% organically, marking a new historical high and meeting the annual target for the 5th consecutive year.

• Q4 revenue reached €150.4m, up 24.1% organically, marking the 20th consecutive quarter of growth and the strongest quarter on record.

• Growth momentum driven by robust demand in aerospace, defense, and energy markets, with strong market figures in 1Q26 and continued momentum across all segments.

• Limited impact from geopolitical tensions and supply bottlenecks, which are expected to ease.

• Execution of PILOT 28 strategy remains solid, with guidance for FY26 and FY28 reiterated.

Financial highlights

• Q4 2025/26 revenue reached €150.4m, up 16.6% year-over-year, with organic growth at 24.1%.

• Full-year FY 2025/26 revenue increased 16.6% year-over-year, with organic growth at 15.8%.

• Aerostructures & Aeroengines segment posted €140.4m in Q4 revenue, up 18.0% year-over-year, including a €9.8m one-off from externalization of maintenance spare parts and cutting tools.

• Defense & Energy segment showed strong defense momentum, offset by delays in Hydro & Nuclear, with Q4 revenue stable at €10.0m.

Outlook and guidance

• FY26 revenue guidance maintained at €470–490m; FY28 revenue expected to exceed €600m.

• Current EBITDA guidance for FY26 is €77–83m (>17% margin), with FY28 target above 17%.

• Free cash flow guidance for FY26 is €35–40m, with FY28 target above €60m.

• Leverage expected at 3–3.5x in FY26, improving to below 2x by FY28.

• Monitoring dollar trends and geopolitical risks, but expects to maintain growth trajectory.