Figeac Aero Sa · EURONEXT:FGA
Figeac Aero Sa — FY2024/25 Earnings Presentation
33 slides from Figeac Aero Sa's earnings presentation, Jun 10, 2025
Slide 1: The leading partner for major aerospace manufacturers
The leading partner for major aerospace manufacturers Full-year results 2024/25 10 June 2025
Slide 2: Disclaimer
Disclaimer Before reading this presentation, you acknowledge that you are fully aware of the observations and limitations below: This document was prepared by Figeac Aéro (the “Company”) exclusively for information purposes. The information and opinions contained in this document may be updated, sup
Slide 3: Highlights
Highlights 1. FIGEAC AÉRO delivering on all targets & promises 2. Unprecedented market & business visibility 3. Solid PILOT 28 execution, despite short-term pressures 4. 2028 profitable growth & deleveraging targets reiterated Full-year results 2024/25 – June 2025 3
Slide 4: Market dynamics
Market dynamics AILAOD
Slide 5: Air traffic momentum
01 Market dynamics Air traffic momentum 25,0 Projection 2024-2043 Growth drivers 2024 20,0 ▪ Passenger traffic ▪ Passenger traffic ▪ GDP growth +10.4% projections ▪ Cargo traffic +4.7% pa ▪ Emerging +11.3% economies 15,0 (SE-Asia & ▪ Cargo traffic India) projections +4.0% pa 10,0 ▪ E-commerce 2025 Y
Slide 6: Major OEM production rates & order backlog
01 Market dynamics Major OEM production rates & order backlog Narrowbody Order backlog 75 / mo 60,0 A320f 83% 50 / mo 40,0 42 / mo 38 / mo 8,630 20,0 14 / mo A220 A330 6% A350 8% 3% - Widebody 12 / mo B737 10,0 76% 6,205 7 / mo 5,0 B767 1% 4 / mo B787 A330 B777 13% 10% - 2010 2011 2012 2013 2014 201
Slide 7: FIGEAC AÉRO's top programmes
01 Market dynamics FIGEAC AÉRO’s top programmes Commercial Deliveries (LTM) Orders (LTM) Recent announcements Backlog A320 583 620 United Airlines - 40 A321neo 7,180 BOC Aviation – 55 A321neo / 15 A320neo Jackson Square Aviation – 33 A321neo / 17 A320neo B737 311 462 AviLease – 20 B737-8 4,746 avg 3
Slide 8: Full-year results 2024/25
02 Full-year results 2024/25
Slide 9: FY24/25 – Consolidated P&L
02 Full-year results 2024/25 FY24/25 – Consolidated P&L Simplified consolidated P&L (€m) Highlights IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Org. chg. Revenue 432.3 397.2 +8.8% +8.1% ▪ Annual revenue target achieved Current EBITDA 69.5 52.2 +33.0% ▪ Annual EBITDA target achieved, wi
Slide 10: FY24/25 - Q4 & full-year revenue
02 Full-year results 2024/25 FY24/25 - Q4 & full-year revenue Revenue for the period (€m) Breakdown Q4 2024/25 FY 2024/25 +8.1% +8.8% +3.6% +10.3% OTHER CLIENTS 26% +5.6% org. +8.1% org. AIRBUS ATLANTIC +9.5% org. 26% +8.5% +5.8% org. 34,3 2,8 432,3 2,9 128,9 6,4 0,4 -2,0 GKN AEROSPACE 1% Revenue BO
Slide 11: FY24/25 – Current EBITDA
02 Full-year results 2024/25 FY24/25 – Current EBITDA Current EBITDA over the period (€m) Highlights ▪ Strong current EBITDA & current EBITDA 16.1% margin growth ▪ Positive impact of operational leverage 2,9 69,5 ▪ Sharp recovery in progress at the Mexican facility 4,3 ▪ Improved renegotiations incl
Slide 12: FY24/25 – Consolidated cash flow statement
02 Full-year results 2024/25 FY24/25 – Consolidated cash flow statement Simplified cash flow statement (€m) Highlights IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Cash-flow1 63.3 42.1 +50.5% ▪ Significant increase in operational cash generation Change in WCR 11.4 28.1 ▪ Positive WC con
Slide 13: FY24/25 – Financial debt
02 Full-year results 2024/25 FY24/25 – Financial debt Debt amortization schedule & projected leverage2 (€m) Key figures 5.5x 180,0 6 159 160,0 Cash 3.8x 5 140,0 €84.0m 120,0 ~3x <2x 4 100,0 3 80,0 Net debt 54 62 €266.6m1 60,0 2 39 38 36 40,0 1 20,0 9 Average cost 0,0 0 5.2% FY 23/24 FY 24/25 FY 25/2
Slide 14: A much stronger financial structure vs pre-COVID
02 Full-year results 2024/25 A much stronger financial structure vs pre-COVID (in €m, except for margins & ratios) FY24/25 FY19/20 Chg. Operational & financial performance Revenue 432.3 446.7 -3.2% Current EBITDA 69.5 69.4 +0.1% Current EBITDA margin 16.1% 15.5% +60 bp Free Cash Flow 37.9 9.4 +303.3
Slide 15: PILOT 28
03 PILOT 28
Slide 16: PILOT 28 overview
03 PILOT 28 PILOT 28 overview P I L O T Optimisation of financial Performance of sales Innovation Lower impact Transformation of model performance €80m - €100m Continued investment for Improved extrafinancial >€60m FCF Establish best practice incremental revenue productivity gains performance throug
Slide 17: PILOT 28: Performance of sales
03 PILOT 28 PILOT 28: Performance of sales P I L O T Optimisation of financial Performance of sales Innovation Lower impact Transformation of model performance €80m - €100m Continued investment for Improved extrafinancial >€60m FCF Establish best practice annual revenue productivity gains performanc
Slide 18: Strong order backlog
04 Outlook Strong order backlog Order backlog OTHER PROGRAMMES 10% RAFALE 2% LEGACY 450 2% A320 30% GLOBAL 7500 4% E2 3% A330 4% €4.6bn (-2%) B737 8% A350 37% Based on full-year identifiable revenue across programmes and customers, and on customer rate projections Full-year results 2024/25 – June 20
Slide 19: PILOT 28: Optimization of financial performance
03 PILOT 28 PILOT 28: Optimization of financial performance P I L O T Optimisation of financial Performance of sales Innovation Lower impact Transformation of model performance €80m - €100m Continued investment for Improved extrafinancial >€60m FCF Establish best practice incremental revenue product
Slide 20: PILOT 28: Lower impact
03 PILOT 28 PILOT 28: Lower impact P I L O T Optimisation of financial Performance of sales Innovation Lower impact Transformation of model performance €80m - €100m Continued investment for Improved extrafinancial >€60m FCF Establish best practice incremental revenue productivity gains performance t
Slide 21: Deploying PILOT 28 while managing short-term pressures – US tariffs
03 PILOT 28 Deploying PILOT 28 while managing short-term pressures – US tariffs Group main export flows Highlights Total flows to the US : c. $30m (c. 6% of revenue) ▪ Very limited expected direct impact from US tariffs before mitigation measures ▪ Overwhelming majority of flows are A350 & A320 work
Slide 22: Outlook
/TGEACALRO GROUP Outlook
Slide 23: FY26 guidance in line with FY28 targets
04 Outlook FY26 guidance in line with FY28 targets FY24/25 FY25/26e FY27/28e €432.3m 1 REVENUE (guid. €420-440m) €470-490m >€600m €69.6m 2 CURRENT EBITDA (guid. €67-73m) €77-83m >17% €37.9m 3 FREE CASH FLOWS (guid. €30-35m) €35-40m >€60m 3.8x 4 LEVERAGE (guid. c. 4x) ~3x <2x Full-year results 2024/2
Slide 24: New wings to FIGEAC AÉRO's investment case
04 Outlook New wings to FIGEAC AÉRO’s investment case IMPROVING FUNDAMENTALS Strong growth Unique Solid Revenue Improved financial x x = + drivers positioning execution growth performance • Long-term air traffic growth ▪ One-stop shop for metal • Excess capacity • Increasing production rates • Opera
Slide 25: Q&A
Q&A
Slide 26: Appendices
GROUP Appendices
Slide 27: Consolidated P&L
Appendices Consolidated P&L IFRS, €m (audit in the final stages) FY24/25 FY23/24 Chg. Revenue 432.3 397.2 +8.8% Other finished products and WIP 10.1 2.2 ns Cost of bought-in goods and services and external expenses (268.8) (250.5) +7.3% Personnel expenses (100.7) (93.6) +7.6% Taxes and duties (4.7)
Slide 28: Consolidated balance sheet
Appendices Consolidated balance sheet IFRS, €m (audit in the final stages) 31/03/25 31/03/24 Fixed assets 281.5 269.6 Other non-current assets 29.8 18.5 Inventory 215.1 190.6 Contract assets 12.8 37.2 Trade receivables 47.4 49.6 Current tax assets 2.9 7.1 Other current assets 15.9 20.4 Cash & cash e
Slide 29: Consolidated cash flow statement
Appendices Consolidated cash flow statement IFRS, €m (audit in the final stages) FY24/25 FY23/24 Net profit 3.6 (12.2) Depreciation, amortization and provisions 41.0 47.0 Other non-cash adjustments 3.8 (7.1) Tax expense 0.4 1.3 Cost of debt 14.4 13.2 Cash-flow before cost of debt and taxes 63.3 42.1
Slide 30: FY24/25 – Working capital
Appendices FY24/25 – Working capital WCR & DIO over the period (in days of revenue) 321 242 236 210 173 171 175 182 152 161 145 130 132 95 82 65 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 DIO WCR Full-year results 2024/25 – June 2025 30
Slide 31: Strategic positions on the main aircraft programmes
Appendices Strategic positions on the main aircraft programmes 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 value
Slide 32: Aerospace & Defense recent transactions
Appendices Aerospace & Defense recent transactions Flight control & product support actuation (revised offer rejected by board) Acquirer Private equity Private equity Industrial Industrial Private equity Industrial Industrial Industrial Private equity Transaction February Fabruary December October J
Slide 33: 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