Figeac Aero Sa · EURONEXT:FGA

Figeac Aero Sa — H1 FY2025/26 Earnings Presentation

34 slides from Figeac Aero Sa's earnings presentation, December 2025

  1. Slide 1: The leading partner for major aerospace manufacturers

    The leading partner for major aerospace manufacturers Half-year results FY26 December 2025

  2. Slide 2: Highlights

    Highlights 1. 18th consecutive quarter of revenue growth 2. Half-year performance broadly in line with guidance 3. Steady progress in the deployment of PILOT 28 4. Very strong market visibility 5. Uncertainties in aerospace easing 6. Short- & mid-term guidance confirmed Half-year results investor pr

  3. Slide 3: Market dynamics

    I ALA Market dynamics

  4. Slide 4: Commercial: air traffic momentum

    01 Market dynamics Commercial: air traffic momentum 25,0 Projections 2025-2044 Growth drivers 2024 ▪ Passenger traffic ▪ Cargo traffic ▪ Passenger traffic +3.6% – 4.2% pa +3.7% pa 20,0 ▪ GDP growth +10.4% ▪ Demand for new aircraft ▪ Cargo traffic c. 43,500 ▪ Emerging +11.3% North America economies 1

  5. Slide 5: Commercial: production rates set to increase to new record high

    01 Market dynamics Commercial: production rates set to increase to new record high Order backlog Projected deliveries 2500 2000 2018 peak production 6 467 8 698 16,734 39% 1500 52% 1000 1 132 7% 437 500 2% Airbus Boeing Embraer COMAC 0 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F

  6. Slide 6: Commercial / Narrowbodies: A320 family

    01 Market dynamics Commercial / Narrowbodies: A320 family Theoretical backlog duration2 > 11 years Order backlog Projected deliveries & program backlog 1800 Target rate : 75 / month by 2027 8000 1675 1600 Latest orders : 7500 A321 7197 7210 7151 Flydubai - 150 A321 5 352 Vietjet Air - 100 A320 1400

  7. Slide 7: Commercial / Narrowbodies: B737 family

    01 Market dynamics Commercial / Narrowbodies: B737 family Theoretical backlog duration2 > 10.7 years Order backlog Projected deliveries & program backlog 1400 Target rate : 42 / month by end 2025 50 / month by 2026 4785 4769 4772 5000 1200 4675 4517 Latest orders : B737-8 4289 Flydubai - 75 B737-9/-

  8. Slide 8: Commercial / Widebodies: A350 family

    01 Market dynamics Commercial / Widebodies: A350 family Theoretical backlog duration2 > 12 years Order backlog Projected deliveries & program backlog 300 Target rate : 12 / month by 2028 900 281 765 Latest orders : 800 250 Flydubai - 40 A350-900 702 Etihad – 7 A350-1000 / 3 A350F 657 700 621 IndiGo

  9. Slide 9: Commercial: Other programs

    01 Market dynamics Commercial: Other programs Projected deliveries Highlights 180 158 Target rate A220: 12 / month by 2026 160 Target rate A330: 5 / month by 2029 145 144 Latest orders: Lot - 40 A220-100/300 140 Vietjet Air – 20 A330-900 120 Avolon – 15 A330-900 120 100 90 89 82 80 Target B787: 8 /

  10. Slide 10: Commercial: Dubai Air Show further evidence of continued momentum

    01 Market dynamics Commercial: Dubai Air Show further evidence of continued momentum E175 B737-9 4 B787-9 75 15 B737-8 20 263 B777-9 A320 family: 164 737 family: 95 narrowbody 65 164 95 415 orders A330 +186 options 6 152 A330 family: 6 787 family: 15 widebody A350 family: 66 777: 65 A350-900 A321 54

  11. Slide 11: Defense: Rafale

    01 Market dynamics Defense: Rafale Theoretical backlog duration2 > 9.5 years Target rate : 4 / month by 2028/29 Projected deliveries & program backlog Target rate of 5 / month under review 100 239 250 92 Latest orders and news: 90 220 India – 26 Rafale F4 Marine 211 LOI Ukraine – 100 Rafale F4 80 20

  12. Slide 12: Half-year results 2025/26

    02 Half-year results 2025/26

  13. Slide 13: 1H25/26 – Consolidated P&L

    02 Half-year results 2025/26 1H25/26 – Consolidated P&L Simplified consolidated P&L (€m) Highlights IFRS, €m (audit in the final stages) 1H25/26 1H24/25 Chg. Org. chg. Revenue 215.3 200.0 +7.7% +9.6% ▪ In line with set annual trajectory, given stronger H2 Current EBITDA 30.6 25.8 +18.6% ▪ Continued

  14. Slide 14: 1H25/26 – Current EBITDA

    02 Half-year results 2025/26 1H25/26 – Current EBITDA Current EBITDA over the period (€m) Highlights ▪ Solid +130 bp current EBITDA margin growth, in line with annual target 14.2% ▪ Main impact from increased revenue 1,0 ▪ Minor gains stemming from contract 0,5 renegotiations and continued progress

  15. Slide 15: 1H25/26 – Consolidated cash flow statement

    02 Half-year results 2025/26 1H25/26 – Consolidated cash flow statement Simplified cash flow statement (€m) Highlights IFRS, €m (audit in the final stages) 1H25/26 1H24/25 Chg. Cash flow1 27.0 23.9 +13.2% ▪ Increase in operational cash generation broadly in line with increased profitability Change i

  16. Slide 16: 1H25/26 - Update on debt

    02 Half-year results 2025/26 1H25/26 - Update on debt Debt amortization schedule & projected leverage2 (€m) Key figures 5.5x Progress during the period 180,0 6,0 ▪ €15m refinanced in H1 160,0 Cash 10 ▪ 394k bonds retired from 5,0 3.8x €86.3m 140,0 15 conversions & repurchases 120,0 ~3x 134 €10m redu

  17. Slide 17: On track to our annual objectives

    02 Half-year results 2025/26 On track to our annual objectives Revenue Current EBITDA Free Cash Flow 470-490 €28m to reach guided FCF 432.3 77-83 stable +9,6% 69.6 WC > €47m to reach +6.0% guided to reach revenue 232,3 guided (53,7%) EBITDA 46,4 38.6 43,8 35-40 (62.9%) 9,5 < 20m +7,7% 200,0 215,3 28

  18. Slide 18: PILOT 28

    = Y) = Lad es e Cf u | S86 © SF & FS Se ae sf AOAC GROUP PILOT 28

  19. Slide 19: Target c.50% secured

    03 PILOT 28 Performance of sales 1H25/26 Since PILOT 28 launch PROGRESS PROGRESS ▪ +6 new awards ▪ 24 new awards ▪ +€8.5m expected annual revenue by FY28 ▪ c.€40m expected annual revenue by FY28 NEW AWARD EXAMPLES ▪ New M88 part numbers for c. €5m Target c.50% secured ▪ New €25m agreement on LEAP-1B

  20. Slide 20: Lower impact

    03 PILOT 28 Lower impact Priorities Since PILOT 28 launch ALIGN WITH INDUSTRY’S 2050 NET ZERO TARGET ENVIRONMENT ▪ Reduction of carbon intensity ▪ Implementation of carbon accounting solution (scope 1, 2 and 3 upstream) (2 new facilities with native data) ▪ Actively contribute to cleaner engines and

  21. Slide 21: Optimization of financial performance

    03 PILOT 28 Optimization of financial performance Key financial performance levers Since PILOT 28 launch OPERATIONAL MARGIN IMPROVEMENT Current EBITDA and margin > 100 22,0% ▪ Contract margin rengotiation 100,0 16,1% 77-83 ▪ Optimization of product mix 13,2% 17,0% 11,8% 69,6 > 17% 80,0 ▪ Positive co

  22. Slide 22: Outlook

    /TGEACALRRO GROUP Outlook

  23. Slide 23: Strong and healthy backlog

    04 Outlook Strong and healthy backlog Total backlog Aerospace backlog breakdown1 Total backlog breakdown by segment2 OTHER AEROSPACE PROGRAMS 10% MILITARY 6% RAFALE 3% LEGACY 450 2% A320 28% GLOBAL 7500 3% €4.6bn E2 3% 31 October 2025 A330 5% -1.0% vs 31 August 2025 B737 9% CIVIL 94% A350 37% Stable

  24. Slide 24: Uncertainties gradually dissipating despite temporary bumps down the road

    04 Outlook Uncertainties gradually dissipating despite temporary bumps down the road US tariffs Airbus build rate objectives Boeing return to optimism ▪ EU-US trade agreement : zero-for-zero tariffs ▪ A320: ▪ Increased production to 38 B737 / month on aerospace OE and spares ▪ Improved engine produc

  25. Slide 25: FY26 & FY28 guidance confirmed

    04 Outlook FY26 & FY28 guidance confirmed FY25/26e FY27/28e 1 REVENUE €470-490m >€600m 2 CURRENT EBITDA €77-83m >17% 3 FREE CASH FLOWS €35-40m >€60m 4 LEVERAGE ~3x <2x Half-year results investor presentation - December 2025 41

  26. Slide 26: Q&A

    Q&A

  27. Slide 27: Appendices

    GROUP Appendices

  28. Slide 28: 1H25/26 – Consolidated P&L

    Appendices 1H25/26 – Consolidated P&L IFRS, €m (audit in the final stages) 1H25/26 1H24/25 Chg. Revenue 215.3 200.0 +7.7% Other finished products and WIP 5.8 8.8 (34.9)% Cost of bought-in goods and services and external expenses (136.3) (132.1) +3.2% Personnel expenses (52.9) (50.1) +5.7% Taxes and

  29. Slide 29: 1H25/26 – Consolidated balance sheet

    Appendices 1H25/26 – Consolidated balance sheet IFRS, €m (audit in the final stages) 30/09/25 31/03/25 Fixed assets 279.5 281.5 Other non-current assets 38.4 29.8 Inventory 222.1 215.1 Contract assets 12.9 12.8 Trade receivables 29.1 47.4 Current tax assets 1.8 2.9 Other current assets 21.7 15.9 Cas

  30. Slide 30: 1H25/26 – Consolidated cash flow statement

    Appendices 1H25/26 – Consolidated cash flow statement IFRS, €m (audit in the final stages) 1H25/26 1H24/25 Net profit (17.4) (4.4) Depreciation, amortization and provisions 22.9 20.3 Other non-cash adjustments 11.4 0.6 Tax expense 0.6 0.4 Cost of debt 9.5 6.9 Cash-flow before cost of debt and taxes

  31. Slide 31: 1H25/26 – Working capital

    02 Appendices 1H25/26 – Working capital WCR & DIO over the period (in days of revenue) 321 242 236 210 175 182 181 161 132 82 65 66 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 1H25/26 DIO WCR Half-year results investor presentation - December 2025 48

  32. Slide 32: Strategic positions on the main aircraft programs

    Appendices Strategic positions on the main aircraft programs Commercial programmes Military programmes A320 A320 A350 A350 B737 B737 Rafale RAFALE AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES AEROSTRUCTURES AEROENGINES LEAP-1A TRENT XWB LEAP-1B M88 Shipset value1:

  33. Slide 33: Aerospace & Defense recent transactions

    Appendices Aerospace & Defense recent transactions Aerostructure business (revised offer rejected by board) Acquirer Private equity Industrial Industrial Industrial Private equity Private equity Private equity Industrial Private equity Transaction June December February February February January Jul

  34. Slide 34: Glossary

    Appendices Glossary Term / indicator Definition  OEM (Original Equipment Aircraft manufacturers, engine manufacturers and other airframers Manufacturer)  Build-to-Print The manufacture of parts and sub-assemblies by a sub-contractor based on plans and specifications provided by the client  OTD (O

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