Figeac Aero (FGA) H1 24/25 earnings summary

Executive summary

• Organic revenue grew 12.0% year-over-year to €200.0 million in H1 2024/25, driven by higher Airbus build rates and stable LEAP engine program, despite negative currency effects and Boeing 737 MAX issues.

• Current EBITDA rose 30.0% to €25.8 million, with margin up 190bp to 12.9%. Operating income turned positive at €2.4 million, and net loss narrowed to €4.4 million from €5.3 million.

• Record-high free cash flow of €28.3 million was achieved, supported by improved working capital and lower investments.

• Backlog reached a record €4.7 billion, reflecting robust demand, new business wins, and strong air traffic.

• Set to reach or surpass financial targets for the fourth consecutive year, with strong execution and revised upward FCF guidance.

Financial highlights

• Revenue for H1 2024/25 was €200.0 million, up 10.3% year-over-year (+12.0% organic).

• Current EBITDA: €25.8 million (+30.0% year-over-year), margin 12.9%.

• Operating income positive at €2.4 million, compared to a €(4.9) million loss last year.

• Net income (Group share) was a loss of €4.4 million, improved from a €5.3 million loss in H1 2023/24.

• Net debt reduced to €275.5 million at 30 September 2024; cash position €86.5 million.

Outlook and guidance

• FY24/25 revenue guidance: €420–440 million; current EBITDA: €67–73 million; FCF: €30–35 million (raised from €20–28 million).

• By FY27/28, targets are revenue of €550–600 million, EBITDA margin >16%, FCF ~€50 million, and leverage 2–2.5x.

• Second half expected to benefit from seasonal effects, higher build rates, and price increases.

• Strong market fundamentals and robust backlog support continued profitable growth.