Figeac Aéro: Record Revenue of €486.8M in 2025/26, +15.8% Organic Growth
Figeac Aéro concluded the 2025/26 fiscal year with a revenue of €486.8 million, marking an organic growth of 15.8%, achieving its annual target for the fifth consecutive year. The acceleration in the fourth quarter to +24.1% organically marks the 20th consecutive quarter of growth, though the trajectory remains dependent on the stability of the aviation sector amidst geopolitical tensions in the Middle East.
A Record Fourth Quarter Driven by Increased Production Rates
In Q4 (December 31, 2025 - March 31, 2026), revenue reached €150.4 million, an organic growth of 24.1% compared to Q4 2024/25, setting a new quarterly record. The Aerostructures & Aeroengines division reported an organic growth of 26.1% (€140.4M), benefiting from increased production rates on key group programs and a positive non-recurring impact of €9.8 million related to the outsourcing of maintenance parts and cutting tools. The Defense & Energy division remained stable at €10.0 million, with strong performance in defense offset by shifts in hydro and nuclear sectors. Over the entire fiscal year, the group recorded €486.8 million in revenue (+15.8% organically), surpassing the previous historic record of €447 million set in 2019/20. This performance is attributed to a general increase in production rates across all segments.
An Increasing Order Book Amidst Conflict Uncertainties
Figeac Aéro's order book grew by 3.6% to €4.8 billion as of March 31, 2026, compared to December 31, 2025. During the fiscal year, the group secured new business amounting to an annual revenue of more than €12 million, securing over 54% of its commercial target by 2028. Despite geopolitical tensions in the Middle East, air traffic remains well-oriented: +4.0% for passengers and +3.3% for cargo since the beginning of the year. The IATA had anticipated a passenger air traffic growth of about 5% in 2026 before the conflict. Although the conflict may moderate traffic in the short term, the order books of the three major aircraft manufacturers (Airbus, Boeing, Embraer) total over 16,000 aircraft, providing more than 10 years of production visibility. Net orders in Q1 2026 (557 aircraft) exceeded those in Q1 2025 (406 aircraft), while deliveries remained generally stable.
Confirmation of 2025/26 Financial Targets
The group confirms all its financial targets for the 2025/26 fiscal year: current EBITDA between €77 and €83 million, free cash flow between €35 and €40 million, and continued debt reduction with a financial leverage expected between 3 and 3.5. By March 2028, Figeac Aéro aims for more than €600 million in revenue and a financial leverage below 2. Thomas Girard, Deputy CEO, emphasizes that the group 'continues its ambitious PILOT 28 trajectory' and 'is already preparing for tomorrow's growth.' The strategic positioning in the sovereign markets of aerospace and defense should enable continued growth, particularly due to accelerations in defense driven by geopolitical tensions.
