Figeac Aero (FGA) Q3 24/25 TU earnings summary

Executive summary

• Achieved strong revenue growth and margin expansion in 1H24/25, with positive operating income and record free cash flow, driven by commercial jet demand and operational improvements.

• Revenue for the first nine months of FY 2024/25 reached €303.0 million, up 9.6% year-over-year, with Q3 revenue at €103.0 million, up 6.6% year-over-year.

• The PILOT 28 strategic plan has led to improved profitability, accelerated deleveraging, and upwardly revised financial targets for 2028.

• Order backlog reached a record €4.7bn, supporting medium- and long-term growth prospects.

• The company is on track to return to pre-crisis business levels by March 2025, with strong cash generation and robust order backlog.

Financial highlights

• 1H24/25 revenue rose 10.3% year-over-year to €200.0m; organic growth was 12.0%.

• Q3 2024/25 revenue: €103.0 million, up 6.6% year-over-year; nine-month revenue: €303.0 million, up 9.0% reported and 9.6% organic growth.

• Current EBITDA increased 30.0% to €25.8m, with margin up 190bp to 12.9%.

• Free cash flow reached €28.3m, already at the upper end of the full-year target.

• Backlog at 31 December 2024: €4.7 billion, up from €3.7 billion a year ago.

Outlook and guidance

• FY24/25 revenue guidance confirmed at €420–440m; FY27/28 target raised to above €600m.

• Current EBITDA guidance for FY24/25 is €67–73m; FY27/28 target now above €100m (>17% margin).

• Free cash flow target for FY27/28 raised to above €60m; leverage expected below 2x.

• Guidance assumes continued build rate increases, favorable FX, and stable economic conditions.

• Improved contract margin assumptions and favorable macroeconomic trends expected to boost profitability.