Chairman's Message


" Dear Madam, dear Sir, dear Shareholders, dear investors,

Perhaps it’s fate but FIGEAC AÉRO is celebrating this year its 10th anniversary of listing on the Paris Stock Exchange.

And what a long way we have come together in 10 years: 3 fund-raising campaigns, the development of a state-of-the-art industrial footprint, the international expansion of the Group. And most notably, a result: average annual growth in revenue of more than 18% since our IPO in 2013, to reach €447 million in 2020, just before the crisis. Faithful to its business model as an aerospace pure player, FIGEAC AÉRO has achieved critical mass and is now a key partner for major players in the sector.

Although the health crisis that followed was particularly violent, we were able to quickly adapt our resources to the new situation. Thus, thanks to the support of our shareholders and lenders, both new and historical, and to the unwavering commitment of our teams, FIGEAC AÉRO is emerging from the crisis even stronger: a financial structure, governance and financial discipline largely strengthened in 2022, and a new strategic direction, Route 25, focused in particular on the optimization of our industrial footprint.

This is a historic moment for us: the aerospace sector is now entering a new cycle of strong growth, with strong increases in production rates. For example, Airbus, our largest customer, has an order book of over 7,250 aircraft1, which means guaranteed production for the next ten years! This recovery is also underlined by the return of mega-contracts, as illustrated during the last Paris Air Show in June 2023, with over 1,100 Airbus and Boeing aircraft ordered! In this context, with its unique know-how and an optimized industrial setup sized for growth, the new FIGEAC AÉRO is ideally positioned to benefit from the strong recovery of the sector.

After delivering in March 2023 on all of our financial targets for the second consecutive year, we are thus fully embarked on a new trajectory of profitable growth.

This trajectory will see the Group reach a first key milestone in March 2025, i.e. the return to pre-Covid levels (revenue between €420 million and €440 million), together with stronger profitability (current EBITDA between €67 million and €73 million), much stronger cash flow generation (free cash flows between €20 million and €28 million, and largely reduced indebtedness (leverage brought back to 4). Looking beyond this horizon and strengthened by its mission to support today’s and tomorrow’s major aerospace players, FIGEAC AÉRO will pursue its strategy of reasoned growth.

This project will create value for the Group and all its stakeholders. As such, I am convinced that it will win your support. "

Jean-Claude Maillard
Chairman and CEO of Figeac Aero Group


Source: Airbus, as at 31 March 2023