Figeac Aero SaEURONEXT: FGA

Q3 & 9M revenue 2025/26 - 2.16 MB

· Issued by Figeac Aero Sa
‌The leading partner for major aerospace manufacturers

Investor presentation

February 2026





‌Highlights

  1. 19th consecutive quarter of revenue growth New all-time high for quarter revenue

  2. Acceleration of growth in Q3 Annual target in sight

  3. Fire at the Aulnat facility

  4. Aerospace market : a very strong 2025 Momentum likely to continue in 2026

  5. Gradual improvements in supply chain performance

  6. FY26 targets maintained despite fire FY28 ambitions confirmed



01 ‌Marfiet dynamics

01



‌Market dynamics

Commercial: air traffic momentum & resiliency

Passenger traffic (in RPK tn)

12,0

1990-2025

Growth drivers

  • Global economic growth

  • Emerging economies

    (South-East Asia, China & India)

  • E-commerce growth

Passenger traffic x5

10,0

8,0

6,0

2025

2026E

Projections 2025-2044

  • Passenger:

+3.6% - 4.2% pa

  • Cargo:

+3.7% pa

  • New aircraft demand:

env. 43,500

Narrowbody 79%

North America

18%

APAC

46%

Cargo Widebody

2% 19%

Others

6%

Europe

19%

ME-Africa 11%

  • 39% already in OEM backlog



  • Passenger +4.9 %

  • Cargo +2.6 %

4,0

2024

  • Passenger +5.3 %

  • Cargo +3.4 %

    5bn passengers in 2025

    2,0

    • Passenger +10.4 %

    • Cargo +11.3 %

-

2019 2020 2021 2022 2023 2024 2025E 2026E

Source: IATA, data as at 31 December 2025, Airbus, Boeing, Embraer, market outlook 2025-2044

01



‌Market dynamics

Commercial : 2025 annual review

Deliveries

Net orders

Book-to-bill

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

136

170

201

286

793

204

198

112

375

889

1.1



-4.2%

-6.1%

+15.5%

+6.3%

+3.5%

+20.0%

+41.4%

-66.9%

+110.7%

+7.6%

126

144

155

153

578

204

421

149

278

1,052

1.8

+57.5%

+63.6%

+38.4%

+194.2%

+74.1%

+55.7%

ns

+14.6%

+164.8%

+179.0%

7

19

20

32

78

0

120

73

1

194

2.5

-63.2%

0.0%

+25.0%

+3.2%

+6.8%

-100.0%

+500.0%

+812.5%

ns

+64.4%





TOTAL

269

333

376

471

1,449

408

739

334

654

2,135

1.5

+17.5%

+15.6%

+24.5%

+33.8%

+23.7%

+4.3%

+332.2%

-29.8%

+131.1%

+61.6%

Source : Airbus, Boeing, Embraer, data as at 31 december 2025, excluding military and business jets

01



‌Market dynamics

Commercial: production rates set to increase to new record high

Order backlog

8 754

51%

16,977

6 632

39%

1 132

7%

Airbus Boeing

459

3%

Embraer COMAC

Projected deliveries

2500

2000

2018 peak production

1500

1000

500

0

2018

2019

2020

2021

2022

2023

2024

2025 2026F 2027F 2028F 2029F 2030F



Source: Airbus, Boeing, Embraer, data as at 31 December 2025, excluding military aircraft & business jets, COMAC, data as at December 2025,

IBA Insight, Forecast International, Avia Solutions, various press outlets, management estimates

01



‌Market dynamics



Commercial / Narrowbodies: A320 family

Order backlog

A321

5 348

A320

7 163

A320

1 797

8,754

A220

467 A350

830

A330

294

A319

18



Projected deliveries & program backlog

1675

Theoretical backlog duration1 > 11.8 years

Target rate : 75 / month by 2027

Latest orders :

7197

7210 7163

Air China - 60 A321 Flydubai - 150 A321 Vietjet Air - 100 A320

6056 6068 6093

5885 5839

770

626 642654

602615

607

900

541

446

483

437

571

516

560

263

2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F

Deliveries Net orders Backlog

Source: Airbus, data as at 31 December 2025, management estimates

1 Based on current backlog & 2025 delivery data

01



‌Market dynamics



Commercial / Narrowbodies: B737 family

Order backlog

B737-8

2 964

B737-9

205

B737

4 855

6,632

B737-10

1 395

B737-7

289

B737-800

2

B777

681

B787

1 076

B767

20



4675

4517

Projected deliveries & program backlog

4785 4769 4855

4289

Theoretical backlog duration1 > 11.0 years

Target rate : 42 / month by end 2025 52 / month by end 2026

Latest orders : Alaska Airlines - 105 B737

675

561

107

3977

29

4102

370

245

561

374

883

387

260244

526

440

Flydubai - 75 B737-9/-10

Ethiopian Airlines - 11 B737-8

624

20

2018 2019 20

-51

-511

2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F

Deliveries Net orders Backlog

Source: Boeing, data as at 31 December 2025, management estimates

1 Based on current backlog & 2025 delivery data

01



‌Market dynamics

family

Projected deliveries & program backlog

Theoretical backlog duration1 > 14.6 years

Target rate : 12 / month by 2028

281

830

702

657

621

Latest orders :

Air Europa - 20 A350-900 Flydubai - 40 A350-900 IndiGo - 30 A350-900

577

185

507

144

454

138

112

404

93

59

55

60

64

57

57

40

32

2

10

2018

2019

2020

-11

2021

2022

2023

2024

2025

2026F 2027F 2028F 2029F 2030F

Deliveries

Orders

Backlog



Commercial / Widebodies: A350

Order backlog

A320

7 163

8,754

A220

467 A350

830

A330

294

A350F

81

A350-1000 A350-900

258 491



Source: Airbus, data as at 31 December 2025, management estimates

1 Based on current backlog & 2025 delivery data

01



‌Market dynamics

Defense: Rafale

Theoretical backlog duration1 > 8.5 years

Projected deliveries & program backlog

Target rate : 4 / month by 2028/29

Target rate of 5 / month under review

92

220

220

211

164

Latest orders and news:

India - 26 Rafale F4 Marine LOI Ukraine - 100 Rafale F4

[potential] India - 114 Rafale F4 [potential] Indonesia - 18 Rafale F4 Production capacity increased

60

49

48

101

86

75

26

30

62

25

26 26

21

12 12

13

14

13

0

0

2018

2019

2020

2021

2022

2023

2024

2025

2026F 2027F 2028F 2029F 2030F

Deliveries

Orders

Backlog



Source: Dassault Aviation, data as at 31 December 2025, management estimates

1 Based on current backlog & 2025 delivery data



02 ‌Q3 & 9M revenue 2025/26

02



‌Q3 & 9M revenue 2025/26

Q3 & 9M revenue

9M 2025/26

Q3 2025/26

Revenue (€m)

17.3%

9.1%

+17.6%

+17.8% org.

16,9 1,5

+17.6%

+17.8% org.

121,1

+11.2%

+12.7% org.

+11.0%

+12.4% org.

35,4 2,2

336,4

-0,2

-4,1

303,0

103,0

Aero

3Q24/25

FX & scope

Defense & Energy

Aero

3Q25/26

9M24/25

FX & scope

Defense & Energy 9M25/26

  • Aerospace : strong growth in Airbus programs &

LEAP

  • Perfectly aligned with annual revenue target

€470m - €490m

  • Defense & Energy : deliveries in Hydro & good

Defense momentum

Breakdown

OTHERS 17%

ROLLS ROYCE 1%

DASSAULT AVIATION 1%

AIRBUS ATLANTIC

26%

THALES KNDS 1%

LAT GKN 1%

1%

ECOERE 1%

AIRBUS HELICOPTERS 1%

AERNNOVA 1%

MHI 1%

BOMBARDIER 2%

COLLINS 2%

EMBRAER 2%

Revenue by

customer

SPIRIT 6%

AIRBUS 14%

SAFRAN 22%

OTHERS 32%

G650 1%

GLOBAL 5500 1%

PEARL 700 1%

RAFALE 2%

LEGACY 450 2%

CF34 1%

E2 2%

GLOBAL 7500 3%

A330 4%

Revenue by

program

A320 25%

LEAP 8%

A350 18%



Based on identifiable revenue across programmes and customer, in relation to year-to-date consolidated revenue

02



‌Q3 & 9M revenue 2025/26

Sales momentum

YTD 2025/26

Since PILOT 28 launch

  • 7 new agreements for revenue €10m in FY28

New customers, new part numbers, increased market share

  • 25 new agreements for revenue >€41m in FY28

  • Major renewals & renegotiations

  • Solid portfolio of RFQs with submitted bids

In line with main areas of development:

North America & defense

Target 52% secured

Breakdown of new business (since PILOT 28 launch)

Commercial

90%

B737

29%

North America

34%

A320

36%

A220

6%

France

40%

Business jets

Defense

10%

Helicopters

0%

Multi-platform 10%

Military 16%

North Africa

26%

3%





‌03 Outloofi



03



‌Outlook

Strong and healthy bacfilog

Increase linked to

renegotiations and new business

Total backlog

€4.6bn

31 December 2025

+1.2%

vs 31 October 2025

Aerospace backlog breakdown1

OTHER PROGRAMS 10%

RAFALE 3%

LEGACY 450 2%

GLOBAL 7500 3%

A320 28%

E2 4%

A330 4%

B737 9%

A350 37%

71% related to Airbus programs

Total backlog breakdown by segment2

MILITARY 6%

COMMERCIAL 94%

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

03



‌Outlook

Build rate poised to accelerate

Improving bottlenecks Airbus

  • Narrowbody :

    • A320 engine: +28% LEAP in 2025, +15% in 2026, new LEAP-1A assembly line in Morocco end of 2027

    • A220 wings / fuselage / pylons: Spirit facilities

      fully under Airbus control

    • Missing 4Q deliveries delayed in early 2026

  • Widebody :

    • A350 fuselage / wings: Spirit facilities fully under Airbus control

Strong potential for acceleration

A350, A320 & A220

Production back under control Boeing

  • B737 MAX :

    • Transition from 38 B737 / mo to 42 / mo

    • MAX 10 certification entering final phase (2026)

    • 2026 target : 47 to 52 / mo

  • Strong sales momentum:

    • 1,052 net orders (vs 889 for AIR)

    • o/w 526 B737 (vs 560 for AIR)

      ▪ +10% aircraft deliveries in 2026 (B737 +12%)

  • New B737 assembly line 2026/27

Increased confidence

in Boeing outlook



Source : Airbus, Boeing, GE Aerospace, Safran

03



‌Outlook

FY26 & FY28 guidance

  1. REVENUE

  2. CURRENT EBITDA

  3. FREE CASH FLOWS

  4. LEVERAGE

FY25/26e



€470-490m

€77-83m

€35-40m

3-3.5x

FY27/28e

>€600m

>17%

>€60m

<2x



‌Q&A



‌Appendices



‌Appendices

Strategic positions on the main aircraft programs

Commercial programmes Military programmes

A320

A320

A350 A350

B737

Rafale RAFALE

B737



AEROSTRUCTURES

AEROENGINES

LEAP-1A

AEROSTRUCTURES

AEROENGINES

TRENT XWB

AEROSTRUCTURES

AEROENGINES

LEAP-1B

AEROSTRUCTURES

AEROENGINES

M88

Shipset value1:

€0.2m / aircraft

Shipset value1:

€1.3m / aircraft

Shipset value1:

€0.1m / aircraft

Shipset value1:

€0.2m / aircraft

A220

E2-Jets

A220 E2

GLOBAL 7500

Rafale A400M

Global 7500

AEROSTRUCTURES

AEROENGINES

AEROSTRUCTURES

AEROENGINES

AEROSTRUCTURES

AEROENGINES

PASSPORT 20

AEROSTRUCTURES

AEROENGINES

TP400

Shipset value1:

€0.03m / aircraft

Shipset value1:

€0.2m / aircraft

Shipset value1:

€0.5m / aircraft

Shipset value1:

€0.4m / aircraft

1 Includes revenue generated from the engines equipping this programme



‌Appendices

Aerospace & Defense recent transactions

















Division aérostructures





Acquirer

Industrial

Private equity

Industrial

Industrial

Industrial

Private equity

Private equity

Private equity

Transaction date

Jan 2026

Jul 2025

Jun 2025

Dec 2024

Feb 2024

2024

Feb 2025

Feb 2025

EV / EBITDA

(estimated, forward-looking)

13.3

13.1

n/a

9-10

11.5

10.1

11.0

15.8

Average EV/EBITDA multiple > 10x

(offer rejected by Board)



Source : S&P Global Market Intelligence, Mergermarket, Oddo-BHF, press outlets, company websites, management estimates



‌Appendices

Glossary

Term / indicator

Definition

⯈ OEM (Original Equipment Manufacturer)

Aircraft manufacturers, engine manufacturers and other airframers

⯈ Build-to-Print

The manufacture of parts and sub-assemblies by a sub-contractor based on

plans and specifications provided by the client

⯈ OTD (On-Time Delivery)

Percentage of line items in a purchase order delivered to the client on time

⯈ Current EBITDA / EBITDAc

Current EBITDA = Current operating income (loss) adjusted for net depreciation, amortisation and provisions before the breakdown of R&D expenses capitalised by the Group by type

⯈ Backlog

Sum of orders received and to be received extrapolated over a 10-year period for each contract and request for proposals won, based on build rates announced and then projected and a EUR/USD exchange rate of 1.12

⯈ Organic

At constant scope and exchange rates

⯈ DIO (Days of Inventory Outstanding)

Average number of days of revenue for which an item of inventory is held

⯈ Net debt

Debt, net of cash, excluding non-interest bearing debt

⯈ Leverage

Ratio of net debt to current EBITDA

⯈ Capex

Investments in fixed assets

⯈ ORNANE

Bonds redeemable into cash and/or new and/or existing shares

⯈ EBITDA-to-FCF

Free Cash Flows divided by current EBITDA

⯈ ROCE

(Return On Capital Employed) Net operating income after taxes (NOPAT) divided by the economic assets (fixed assets and working capital)

⯈ Free cash-flow / net

Net cash-flow from operating activities before cost of financial debt and taxes,

minus net cash-flow from investing activities / after cost of financial debt and taxes



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