Figeac Aero (FGA) Q4 24/25 TU earnings summary

Executive summary

• Achieved or surpassed all financial targets for the fourth consecutive year, with revenue returning to pre-crisis levels and record free cash flow generation.

• 16th consecutive quarter of revenue growth, driven by strong aerospace demand and operational execution.

• Net income returned to positive territory for the first time since March 2019, reflecting improved profitability.

• Deleveraging on track, with leverage ratio reduced and further reductions targeted.

Financial highlights

• Revenue rose 8.8% year-over-year to €432.3m, at the midpoint of the €420m–€440m target range.

• Current EBITDA increased 33% to €69.5m, with margin up 290bp to 16.1%.

• Current operating income surged to €22.6m (5.2% margin) from €4.7m (1.1%) a year earlier.

• Net income reached €3.6m, reversing a €12.2m loss in the prior year.

• Free cash flow hit a record €37.9m, up from €24.1m, with net debt reduced by €21.8m to €266.6m.

Outlook and guidance

• FY 2025/26 guidance: revenue €470m–€490m, current EBITDA €77m–€83m, free cash flow €35m–€40m, leverage ratio around 3x.

• FY 2027/28 targets: revenue over €600m, current EBITDA above €100m, leverage ratio below 2x, free cash flow over €60m.

• PILOT 28 plan progressing ahead of schedule, with strong business development and financial performance.