Figeac Aero (FGA) H1 25/26 earnings summary

Executive summary

• Achieved 18th consecutive quarter of revenue growth, reaching €215.3m in H1 2025/26, with strong performance in both commercial and defense markets.

• Current EBITDA rose 18.6% year-over-year to €30.6m, with margin up to 14.2% from 12.9% a year ago.

• Free cash flow was €7.1m, in line with full-year targets, supported by improved operating cash flow and investment control.

• Progressed on PILOT 28 transformation plan, securing new contracts and renewals, and advancing sustainability and CSR governance.

• Market uncertainties in aerospace are easing, with strong order momentum and production rate increases across major programs.

Financial highlights

• Revenue for H1 2025/26 rose 7.7% year-over-year to €215.3m, with organic growth of 9.6%.

• Current EBITDA increased 18.6% to €30.6m, margin up 130bp to 14.2%.

• Operating income grew 138.6% to €5.6m; current operating income up 46.3% to €7.2m.

• Net loss widened to €17.4m due to non-cash financial charges.

• Free cash flow was €7.1m, with net investments at €22.2m.

Outlook and guidance

• FY26 revenue guidance confirmed at €470–490m, with current EBITDA of €77–83m and free cash flow of €35–40m.

• FY28 targets: revenue >€600m, EBITDA margin >17%, free cash flow >€60m, leverage <2x.

• Leverage ratio expected to reduce to around 3x by year-end.

• Strong H2 expected, with higher build rates and supply chain improvements.