Chairman's Message

" Dear Shareholders and Investors,

Faithful to its business model as a pure player in the aerospace industry, FIGEAC AÉRO has expanded rapidly over the past decade, reaching critical mass and becoming a key partner for all the major players in the industry. This central role in the value chain has enabled the Group to demonstrate great resilience in the face of the impact of the health crisis.

In March 2025, we are preparing to achieve all our financial targets for the fourth consecutive time. On this occasion, we are delivering on our promise: to return to pre-crisis activity, accompanied by improved profitability and, above all, stronger cash generation. After a record €24.1 million in 2023/24, our free cash flow generation will reach a new record in 2024/25, as we have revised our target upwards to between €30 and €35 million.

With this first milestone achieved, we are now fully focusing our efforts on our PILOT 28 plan, which should see the Group continue to grow profitably and sustainably, further boost cash generation and consequently achieve a clear acceleration in its deleveraging. Since its launch a year ago, in January 2024, our teams have been particularly effective in deploying it: on all the axes of PILOT 28, our progress is in line, if not ahead of schedule. This is obvious in terms of optimizing financial performance. But it's also true in terms of sales performance – for which we have already secured almost 40% of our target of €80m to €100m in annual revenue from new contracts by 2028.

In synergy with the relevance of its strategic positioning, FIGEAC AÉRO benefits fully from a particularly buoyant market context: double-digit growth in passenger and cargo air traffic in 2024 (after exceeding its pre-crisis record at the end of 2023), increased production rates for most aerospace programs, unrivalled visibility with a firm order backlog of nearly 15,000 commercial aircraft for Airbus and Boeing, reflected in our own backlog up €1 billion year-on-year, to €4.7 billion. With manufacturers focusing on the supply chain's ability to increase production rates to meet this strong demand, FIGEAC AÉRO has been able to significantly strengthen its partnerships with key customers.

It is against this exceptional backdrop, further reinforced by the now more moderate inflation and the positive impact of the stronger dollar on our accounts, that FIGEAC AÉRO has substantially revised upwards all the strategic objectives of PILOT 28. On the March 2028 horizon, the Group is now aiming for:

Sales in excess of 600 M€ (compared with 550-600 M€ initially),
Free cash flow generation in excess of €60 million (vs. approx. €50 million initially), driven mainly by increased profitability (recurring EBITDA margin of over 17%, i.e. recurring EBITDA above the symbolic €100 million threshold),
A very low-debt financial structure, with leverage of less than 2 (compared with 5.5 in March 2024)¹.

Driven by this great ambition, our teams are fully committed to this new horizon, and I am convinced that this new project will win your support. "

Jean-Claude Maillard
Chairman and CEO of FIGEAC AERO Group

¹ Financial leverage: net debt / current EBITDA