Figeac Aéro: Record Revenue of €486.8M, but Net Income Plummets by 86%
Figeac Aéro announced its 2025/26 results on Wednesday, marked by sustained revenue growth (€486.8M, +15.8% organically) and a record current EBITDA (€78.6M, +13.1%). The group once again met all its financial targets and continued its debt reduction. However, net income fell by 86% to €0.5M, crushed by financial charges related to exchange losses and rising debt costs, revealing deteriorated net profitability despite operational robustness.
Revenue and EBITDA Growth Driven by Resilient Air Demand
Figeac Aéro's revenue reached €486.8M in 2025/26, in line with the target range announced (€470-490M) and setting a new record. Organic growth stood at 15.8%, supported by a particularly robust fourth quarter (€150.4M, also a record) and the health of key programs in commercial aviation and defense. Exchange rate impacts weighed on revenues by €13.7M.
The current EBITDA stands at €78.6M, up by 13.1% and within the target range (€77-83M). The current EBITDA margin remains stable at 16.1% (+8 basis points), benefiting from increased activity and recovery in North America, partially offset by exchange effects and an incident at the Aulnat site (fire). The Aerostructures & Aeroengines segment generated €76.3M in current EBITDA (compared to €66.0M the previous year), while Defense & Energy fell to €2.3M (€3.5M in 2024/25), hampered by delays in Hydro and Nuclear programs.
Net Result Crushed by Financial Charges Despite Operational Improvement
This improvement directly reflects the EBITDA gain, despite an increase in depreciation and provisions to €49.1M.
However, net income collapses to €0.5M (from €3.6M a year earlier), a contraction of 86%. This collapse is primarily due to a strongly negative financial result: net debt charges amount to €23.7M (compared to €22.1M), while non-cash exchange losses of €8.6M were recorded (compared to a gain of €2.5M the previous year), a consequence of the depreciation of assets denominated in dollars. Pre-tax profit is barely positive at €0.7M, compared to a loss of €6.4M in 2024/25. This crushing of net profitability starkly contrasts with operational growth and reflects the increasing impact of financing costs and exposure to exchange rates.
Strong Cash Flow and Confirmed Debt Reduction; 2026/27 and 2027/28 Targets Reiterated
The free cash flow reached €36.0M, nearly at the record level of €37.9M achieved the previous year and within the target range (€35-40M). Operating cash flow improved by 10.9% to €83.0M, supported by an increase in cash before debt cost (+11.6% to €70.7M) and excellent control of working capital needs (inventory days reduced from 182 to 160 days). Net debt fell to €263.4M (€274.0M as of September 30, 2025), with a leverage ratio reaching 3.4x, target met.
For the fiscal year 2026/27, the group projects revenue between €530M and €560M, current EBITDA between €86M and €94M, and free cash flow between €35M and €40M. In 2027/28, it anticipates revenue and current EBITDA exceeding €600M and €100M respectively, robust cash flow of €50-60M, and a leverage ratio reduced to 2.0-2.5x. The group will invest approximately €10M in 2026/27 and €10-15M in 2027/28 in strategic initiatives (insourcing surface treatment, defense capabilities, value chain integration).
