Half-year results FY26
December 2025
Highlights
18th consecutive quarter of revenue growth
Half-year performance broadly in line with guidance
Steady progress in the deployment of PILOT 28
Very strong market visibility
Uncertainties in aerospace easing
Short- & mid-term guidance confirmed
01 Marfiet dynamics
Commercial: air traffic momentum
Projections 2025-2044
Passenger traffic
+3.6% - 4.2% pa
Cargo traffic
+3.7% pa
Demand for new aircraft
c. 43,500
Single-aisle 79%
North America
18%
APAC
46%
Freighter Widebody
2% 19%
Others
6%
Europe
19%
ME-Africa 11%
Demand already in backlog
c. 39%
Growth drivers
GDP growth
Emerging economies (SE-Asia & India)
E-commerce growth
25,0
2024
Passenger traffic
+10.4%
Cargo traffic
+11.3%
2025 YTD
Passenger traffic +5.3%
Cargo traffic +3.3%
5 billion passengers in 2025
20,0
15,0
10,0
5,0
-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2033 2044
Source: IATA, data as at 31 October 2025, Airbus, Boeing, Embraer, market outlook 2025-2044
Commercial: production rates set to increase to new record highOrder backlog
8 698
52%
16,734
6 467
39%
1 132
7%
Airbus Boeing
437
2%
Embraer COMAC
Projected deliveries
2500
2000
2018 peak production
1500
1000
500
0
2018
2019
2020
2021
2022
2023
2024 2025F 2026F 2027F 2028F 2029F 2030F
Source: Airbus, Boeing, Embraer, data as at 31 October 2025, excluding military aircraft & business jets, COMAC, data as at March 2025, IBA Insight, Forecast International, Avia Solutions, various press outlets, management estimates
Commercial / Narrowbodies: A320 family
Order backlog
A321
5 352
A320
7 151
A320
1 778
8,698
A220
485 A350
765
A330
297
A319
21
Projected deliveries & program backlog
1675
Theoretical backlog duration2 > 11 years
Target rate : 75 / month by 2027
Latest orders :
7197
7210 7151
Flydubai - 150 A321 Vietjet Air - 100 A320 Avolon - 75 A321
6056 6068 6093
5885 5839
770
626 642654
541 483 516
571
602615
621
900
446
263
437
397
2018 2019 2020 2021 2022 2023 2024 2025F 1
2026F 2027F 2028F 2029F 2030F
Deliveries Net orders Backlog
Source: Airbus, data as at 31 October 2025, management estimates
1 2025 delivery forecast based on historical and year-to-date data, assumes 2025 delivery guidance achieved, 2025 net orders are actual year-to-date data
2 Based on current backlog & 2025 delivery data
Commercial / Narrowbodies: B737 family
Order backlog
B737-8
2 999
B737
4 772
B737-9
190
6,467
B737-7
296
B737-800 2
B777
624
B787
1 048
B767
23
B737-10
1 285
4675
4517
Projected deliveries & program backlog
4785 4769 4772
4289
Theoretical backlog duration2 > 10.7 years
Target rate : 42 / month by end 2025 50 / month by 2026
Latest orders : Flydubai - 75 B737-9/-10
675
561
107
4102
3977
370
245
561
374
883
387
260244
447
367
Ethiopian Airlines - 11 B737-8
600
29
20
2018 2019 20
-51
-511
2021 2022 2023 2024 2025F 1
2026F 2027F 2028F 2029F 2030F
Deliveries Net orders Backlog
Source: Boeing, data as at 31 October 2025, management estimates
1 2025 delivery forecast based on historical and year-to-date data, assumes ramp-up to 42 per month by end 2026, 2025 net orders are actual year-to-date data
2 Based on current backlog & 2025 delivery data
familyProjected deliveries & program backlog
Theoretical backlog duration2 > 12 years
Target rate : 12 / month by 2028
281
765
702
657
621
Latest orders :
Flydubai - 40 A350-900 Etihad - 7 A350-1000 / 3 A350F
IndiGo - 30 A350-900
577
507
454
138
144
112
404
103
93
59
55
60
64
57
62
40
32
2
10
2018
2019
2020
-11
2021
2022
2023
2024
2025F1 2026F 2027F 2028F 2029F 2030F
Deliveries
Orders
Backlog
Commercial / Widebodies: A350
Order backlog
A320
7 151
8,698
A220
485 A350
765
A330
297
A350F
74
A350-1000 A350-900
251 440
Source: Airbus, data as at 31 October 2025, management estimates
1 2025 delivery forecast based on historical and year-to-date data, assumes 2025 delivery guidance achieved, 2025 net orders are actual year-to-date data
2 Based on current backlog & 2025 delivery data
Commercial: 0ther programsProjected deliveries
158
145
144
120
90
89
802
73
68
75
81
60
4498
53
48
44
53
44
38
50
53
64
73
51
57
48
24
18
14
37
321
24
32
26
32
34
20
26
19
14
2018
2019
2020
2021
2022
2023
2024
2025F 1 2026F
2027F
2028F
2029F
2030F
A220
A330
B787
B777
E-Jets
Highlights
Target rate A220: 12 / month by 2026
Target rate A330: 5 / month by 2029
Latest orders: Lot - 40 A220-100/300
Vietjet Air - 20 A330-900
Avolon - 15 A330-900
Target B787: 8 / month by end 2025
10 / month by end 2026
Latest orders: Turkish Airlines - 50 B787-9/10
Qatar Airways - 85 B787-9/10
Cathay Pacific - 14 B777-9
Target E-jets: 77 to 85 in 2025
Latest orders: TrueNoord - 20 E195-E2 / 10 E175
LATAM - 24 E195-E2
Avelo Airlines - 50 E195-E2
Source: Airbus, Boeing, data as at 31 October 2025, Embraer, management estimates
1 2025 delivery forecast based on historical and year-to-date data, Airbus forecasts assume 2025 delivery guidance achieved, Boeing forecasts assume rates to be equal to YTD average rates
Commercial: Dubai Air Show further evidence of continued momentumB737-9
75
4
B787-9
15
B737-8
20
A320 family: 164
737 family: 95
263
narrowbody
B777-9
65
164
95
415 orders
+186 options
A330
6
A321
150
152
widebody
A350-900 54
A330 family: 6
A350 family: 66
787 family: 15
777: 65
72
80
A350-1000
A320 A350F 7
E175
14 5
236 175
Defense: Rafale
Theoretical backlog duration2 > 9.5 years
Projected deliveries & program backlog
Target rate : 4 / month by 2028/29
Target rate of 5 / month under review
239
92
220
211
Latest orders and news:
India - 26 Rafale F4 Marine LOI Ukraine - 100 Rafale F4
[potential] India - 114 Rafale F4
[potential] Indonesia - 18 Rafale F4
164
60
49
48
101
86
75
26
30
62
25
25 26
21
12 12
13
14
13
0
0
2018
2019
2020
2021
2022
2023
2024
2025F1 2026F 2027F 2028F 2029F 2030F
Deliveries
Orders
Backlog
Source: Dassault Aviation, data as at 30 June 2025, management estimates
1 2025 delivery forecast based on company guidance, 2029 delivery forecast based on achieved monthly production rate of 4
2 Based on current backlog & 2025 delivery data
02 Half-year results 2025/26
1H25/26 - Consolidated P&L
IFRS, €m
(audit in the final stages)
Simplified consolidated P&L (€m)
In line with set annual trajectory, given stronger H2
Continued progress mainly due to operating leverage
Also in line with annual trajectory
Highlights
Slightly higher cost of debt
€10.1m non-cash charges (ORNANE operations,
currency impact on USD holdings, & IFRS 9 impacts
No tax carry-forward utilized
1H25/26 1H24/25 Chg. 0rg. chg.
Revenue | 215.3 | 200.0 | +7.7% | +9.6% |
Current EBITDA | 30.6 | 25.8 | +18.6% | |
Current EBITDA margin | 14.2% | 12.9% | + 130 bp | |
Current operating income (loss) | 7.2 | 4.9 | +46.3% | |
Current operating margin | 3.4% | 2.5% | +90 bp | |
Operating income (loss) | 5.6 | 2.4 | +138.6% | |
Financial income (loss) | (24.6) | (11.8) | +107.9% | |
Tax income (expense) | 1,5 | 5,1 | nm | |
Net income (loss), Group share | (17.4) | (4.4) | nm |
Top line & profitability gains in line, bottom line impacted by non-cash items
Note: a P&L table is available in the appendices to this document.
1H25/26 - Current EBITDACurrent EBITDA over the period (€m)
14.2%
1,0
4,5
0,5
30,6
-1,2
12.9%
25,8
1H24/25
Increased revenue Recovery in Mexico
Renegotiations
Other items
1H25/26
Solid +130 bp current EBITDA margin
growth, in line with annual target
Main impact from increased revenue
Minor gains stemming from contract renegotiations and continued progress at Mexican facility
Headwinds mostly related to slight uncompensated cost inflation and support staff reinforcement
Highlights
Chg.
1H24/25
1H25/26
IFRS, €m
(audit in the final stages)
Simplified cash flow statement (€m)
1H25/26 - Consolidated cash flow statement
Highlights
Increase in operational cash generation broadly in
line with increased profitability
Contributive WC despite increased inventories due to unrealized rate increases
In line with planned annual investments c. €40m
New bond financing for €60m
Capital increase related to bond conversions to new shares
Cash flow1 | 27.0 | 23.9 | +13.2% |
Change in WCR | 2.2 | 19.5 | |
Cash flow from operating activities | 29.2 | 43.4 | (32.6)% |
Cash flow from investing activities | (22.2) | (15.1) | +47.1% |
Free cash flow1 | 7.1 | 28.3 | |
Cash flow from financing activities | 13.0 | (32.7) | nm |
o/ interest expense | (9.5) | (6.9) | |
o/ debt amortization (net) | 27.5 | (20.8) | |
o/ capital increase | 8.8 | - | |
On track to achieve FCF guidance given stronger H2, efficiency initiatives and inventory progress
1 Before cost of financial debt and taxes Note: a cash-flow statement is available in the appendices to this document
180,0
160,0
140,0
120,0
100,0
80,0
60,0
40,0
20,0
0,0
1H25/26 - Update on debt41
42
Debt amortization schedule & projected leverage2 (€m)
5.5x
Progress during the period
3.8x
10
15
▪
▪
~3x
<2x
€15m refinanced in H1
394k bonds retired from
conversions & repurchases
€10m reduction in nominal value
Leverage down to 3.7
65
7
FY23/24
FY24/25
FY25/26e
FY26/27e
FY27/28e
FY28/29e
FY29/30e FY30/31e & after
81
134
Key figures
Cash
€86.3m
Net debt
€274.0m1
Average cost
5.8%
Streamlining of debt amortization underway
FY31/32e
1 excluding non-interest bearing debt
2 Leverage is calculated by dividing net debt excluding non-interest bearing debt by current EBITDA Note : the balance sheet and debt structure are available in the appendices to this document
FY26
(guid.)
H2 FCF
0n tracfi to our annual objectivesRevenue
470-490
432.3
+9,6%
to reach guided revenue
+7,7%
FY25
FY26
(guid.)
Half-year performance
and expected strong H2 highly consistent with guidance
200,0
(46,3%)
215,3
(45,8%)
232,3
(53,7%)
Current EBITDA
77-83
69.6
+6.0%
to reach guided EBITDA
+18,6%
FY25
FY26
(guid.)
Half-year performance
in line / slightly ahead of guidance
25,8
(37.1%)
30,6
(39.8%)
43,8
(62.9%)
Free Cash Flow
€28m
to reach guided FCF
> €47m
stable
WC
38.6
35-40
< 20m
FY25
H2 cash flow
H1 FCF WCR
Net CAPEX
FY26 (guid.)
Half-year performance in line with guidance
thanks to increased H2 revenue
reversal of inventory build-up & optimization initiatives CAPEX under control
28,3
9,5
7,1
-
PIL0T 28
Performance of sales1H25/26
PROGRESS
▪ +6 new awards
▪ +€8.5m expected annual revenue by FY28
NEW AWARD EXAMPLES
New M88 part numbers for c. €5m
New €25m agreement on LEAP-1B
New Client: Safran Electrical & Power (€5m)
Additional business with Bombardier in NA ($8m)
RENEWALS & RENEGOTIATIONS
Since PILOT 28 launch
PROGRESS
24 new awards
c.€40m expected annual revenue by FY28
Target c.50% secured
NEW BUSINESS BREAKDOWN
by segment by program by geography
Renewal of major Safran Aircraft Engines agreements
(€15m annual revenue)
OUTLOOK
Strong potential in H2 with over €70M annual revenue
Commercial
92%
A320 40%
Helicopters
B737 31%
A220 6%
Business jets
France 38%
North America 34%
North Africa
active sales pipeline
Defense 8%
0% Military
8%
15%
28%
Lower impactPriorities Since PILOT 28 launch
ALIGN WITH INDUSTRY'S 2050 NET ZERO TARGET
Reduction of carbon intensity (scope 1, 2 and 3 upstream)
Actively contribute to cleaner engines and airframes
OTHER KEY GOALS
Optimization of talent attraction & turnover
Improve & align Group overall extra-financial performance on international standards
Contribute to quality & security in commercial aviation
EthiFinance ESG Rating
58 58
47
Stable rating in FY24/25 due to extended scope of
reporting
ENVIRONMENT
Implementation of carbon accounting solution (2 new facilities with native data)
3 facilities ISO 14001 certified (4th facility expected in H2)
Drafting of carbon trajectory
(initiation of ADEME's ACT pas à pas methodolgy)
SOCIAL
Drafting of formal Group policies
(Social, Environmental, Sustainable Purchasing, Ethics & Fair Practices
GOVERNANCE
Completion of integrated CSR structure throughout the whole Group
Sustainability part of the Group strategy
1st CSRD reporting in FY25
FY22/23 FY23/24 FY24/25
0ptimization of financial performanceKey financial performance levers Since PILOT 28 launch
OPERATIONAL MARGIN IMPROVEMENT
Current EBITDA and margin
> 17%
> 100
Contract margin rengotiation
Optimization of product mix
Positive contribution of new business
Efficiency initiatives (purchasing synergies & TOW)
11,8% 13,2%
52,2
40,3
16,1%
69,6
77-83
WORKING CAPITAL OPTIMIZATION
Customer cash advances
Careful production planning
Reduction of inventory levels
FY22/23 FY23/24 FY24/25 FY25/26e FY26/27e FY27/28e
CONTROL ON CAPEX
Excess industrial capacity
Focus of new business leveraging existing capacity
Potential for outsourcing
New capacity generation through day-to-day cycle
optimization and growth investments 5,4
24,1
37,9
FCF
35-40
> 60
FY22/23 FY23/24 FY24/25 FY25/26e FY26/27e FY27/28e
- 0utloofi
Strong and healthy bacfilog
Stable backlog due to FX
impact almost entirely compensated by new business
Total backlog
€4.6bn
31 October 2025
-1.0%
vs 31 August 2025
Aerospace backlog breakdown1
OTHER AEROSPACE PROGRAMS 10% RAFALE 3%
LEGACY 450 2%
GLOBAL 7500 3%
E2 3%
A320 28%
A330 5%
B737 9%
A350 37%
71% related to Airbus programs
Total backlog breakdown by segment2
MILITARY 6%
CIVIL 94%
Contribution from military segment expected to increase
1 Breakdown data based on full-year identifiable revenue projections across programs and customer, excludes SNAA, Mécabrive Industries, FGAM & Casablanca Aéronautique, FGA Mexico & non-aerospace activities
2 Breakdown data based on full-year identifiable revenue projections across programs and customers, includes management estimates
Uncertainties gradually dissipating despite temporary bumps down the road
US tariffs
EU-US trade agreement : zero-for-zero tariffs on aerospace OE and spares
Limited impact of tariffs on raw materials
Stability and predictability achieved
Airbus build rate objectives
A320:
Improved engine production outlook
P&W: +8-10% GTF, CFM: >20% LEAP in 2025
New LEAP-1A assembly line in Morocco
In line with rate 75 objective in 2027
A350:
Confirmation of rate 12 objective in 2028
Spirit acquisition closed early December
No expected impact from A320 software & fuselage reworks
Increased confidence in AIR MT rate objectives
Boeing return to optimism
Increased production to 38 B737 / month
FAA approval to transition to 42 / month
737/787 airworthiness certificates once again allowed
Strong order intake momentum
Recent annoucements indicating higher 737 & 787 deliveries in 2026
(42 to 47 to 52, 7 to 10 respectively)
Increased confidence in BA rate objectives
FY26 & FY28 guidance confirmedREVENUE
CURRENT EBITDA
FREE CASH FLOWS
LEVERAGE
FY25/26e
€470-490m
€77-83m
€35-40m
~3x
FY27/28e
>€600m
>17%
>€60m
<2x
Q&A
Appendices
Appendices
1H25/26 - Consolidated P&LIFRS, €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 duties | (1.7) | (1.4) | +25.7% |
Net depreciation, amortisation and provisions1 | (22.9) | (20.3) | (12.7)% |
Current operating income (loss) | 7.2 | 4.9 | +46.3% |
Other non-recurring operating income & expenses | (1.1) | (2.3) | (54.1)% |
Share of net income (loss) of joint ventures | (0.5) | (0.2) | +99.4% |
Operating income (loss) | 5.7 | 2.4 | +138.6% |
Cost of net financial debt | (12.8) | (9.7) | +31.3% |
Foreign exchange gains and losses | (5.0) | (2.5) | +96.2% |
Unrealised gains and losses on derivative instruments | (7.7) | 1.0 ns | |
Other financial income and expenses | 0.8 | (0.5) | ns |
Financial income (loss) | (24.6) | (11.8) | +107.9% |
Profit before tax | (19.0) | (9.5) | +100.2% |
Tax income (expense) | 1.5 | 5.1 | (69.8)% |
Consolidated net income (loss) | (17.4) | (4.4) | ns |
Net income (loss), Group share | (17.4) | (4.4) | ns |
Non-controlling interests | - | (0.0) | ns |
Appendices
1H25/26 - Consolidated balance sheetIFRS, €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 | 22.9 | 47.4 |
Current tax assets | 1.8 | 2.9 |
Other current assets | 27.9 | 15.9 |
Cash & cash equivalents | 86.3 | 84.0 |
TOTAL ASSETS | 691.8 | 689.4 |
Shareholders' equity | 72.2 | 73.6 |
Non-current financial liabilities | 319.8 | 292.9 |
Non-current liabilities | 53.7 | 43.6 |
Current portion of financial liabilities | 45.0 | 62.6 |
Trade payables and related accounts | 106.4 | 110.2 |
Contract liabilities | 24.1 | 27.7 |
Current tax liabilities | 7.4 | 5.3 |
Other current liabilities | 63.3 | 73.5 |
TOTAL LIABILITIES | 691.8 | 689.4 |
Appendices
1H25/26 - Consolidated cash flow statementIFRS, €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 | 27.0 | 23.9 |
Change in working capital requirement | 2.2 | 19.5 |
Cash-flow from operating activities | 29.2 | 43.4 |
Cash-flow from investing activities | (22.2) | (15.1) |
Free cash-flow | 7.1 | 28.3 |
Disposals (acquisitions) of treasury shares | 0.2 | 0.0 |
Change in borrowings and repayable advances | 27.1 | (20.8) |
Repayment of lease liabilities | (5.0) | (5.0) |
Inventory carrying transaction with Aerotrade | (8.8) | - |
Capital increase | 8.8 | - |
Interest paid | (9.5) | (6.9) |
Cash-flow from financing activities | 12.7 | (32.7) |
Change in cash position | 19.8 | (4.4) |
Cash position - opening date | 64.8 | 77.1 |
Change in translation adjustment | (0.4) | (0.0) |
Cash position - closing date | 84.1 | 72.7 |