FACC (FACC) Q4 2024 earnings summary

Executive summary

• Achieved 20% year-over-year revenue growth in FY2024, reaching €884.5 million, surpassing pre-COVID levels and marking the highest revenue in company history, driven by global air traffic recovery and strong demand for new aircraft.

• EBIT increased by 62% to €28.3 million, with an EBIT margin of 3.2%, though still below pre-pandemic highs.

• All business units experienced significant growth, with a workforce increase to 3,850 FTE.

• Maintained a stable long-term order book of €5.8 billion, supporting future planning and investments.

• Positive free cash flow of €7.7 million, but management acknowledges further improvement is needed.

Financial highlights

• FY 2024 revenue reached €884.5 million, up from €747.6 million in FY 2023 and €801 million pre-COVID.

• EBIT margin improved from 2.4% (€17.5 million) in 2023 to 3.2% (€28.3 million) in 2024.

• Net financial debt stood at €180.9 million, with a leverage ratio of 3.60.

• Equity ratio stands at 30%, above the 25% covenant requirement.

• Free cash flow was €7.7 million, impacted by high inventories.

Outlook and guidance

• Forecasting 5–15% revenue growth for 2025, with guidance to be refined after Q2 and all business segments contributing.

• Expecting continued growth in core and advanced air mobility businesses, with a focus on operational profitability.

• Cabin interiors division targeted to break even and achieve sustainable profitability in 2025.

• Ongoing cost-saving initiatives (CORE project) aim for €80 million in savings over two years.

• Key priorities include ramp-up execution, cost reduction, and local-for-local strategies.