Latécoère (LAT) investor relations material

Executive summary

• Revenue reached €756.7 million for 2025, up 7.2% year-over-year, with underlying growth of 9.7% excluding the MADES disposal, driven by increased customer demand and production ramp-up.

• Recurring EBITDA improved to €39.4 million from €25.7 million in 2024, reflecting operational leverage and commercial initiatives to offset inflation.

• Operating free cash flow from continuing operations turned positive at €10.5 million, marking a key inflection point.

• Net result improved to a loss of €32.1 million from a loss of €60.6 million in 2024, despite higher net financial costs.

• The group reduced net debt to €151.3 million at year-end 2025, strengthening the balance sheet.

Financial highlights

• Revenue increased by €50.9 million (+7.2%) year-over-year; underlying growth was 9.7% excluding MADES.

• Recurring EBITDA margin rose to 5.2% from 3.6% in 2024.

• Net financial result was €(25.9) million, reflecting higher interest and exchange losses.

• Cash and cash equivalents stood at €56.7 million at year-end.

• Net debt decreased by €19.6 million to €151.3 million.

Outlook and guidance

• Expects further volume growth across major programs in 2026, with continued cost inflation largely offset by commercial negotiations and cost-saving initiatives.

• Anticipates overall EBITDA and operational free cash flow growth, driven by operational efficiency and increased activity in commercial, business jet, and defense segments.

• Focus remains on liquidity monitoring and strengthening the business model to capture future opportunities.