01/28/2025 | Press release | Distributed by Public on 01/28/2025 10:44
FIGEAC AÉRO 9M 2024/25 revenue: €303.0 million, +9.6% PILOT 28 targets revised upwards
Reiterated ambitions: a world leading aerospace sub-contractor with a deleveraged balance sheet by 2028 FIGEAC AÉRO (FR0011665280 - FGA:FP), a leading partner for major aerospace manufacturers, is today releasing its revenue figures for the third quarter of its financial year 2024/25 ended 31 December 2024 and providing an update on its PILOT 28 plan a year after launching it.
Jean-Claude Maillard, Chairman and Chief Executive Officer of the FIGEAC AÉRO Group, made the following statement: "FIGEAC AÉRO has delivered yet another solid quarterly performance, in line with our expectations. Our teams' efforts since the launch of the PILOT 28 plan are beginning to pay off and we are now very close to achieving all our financial targets for the fourth year in a row." Thomas Girard, Deputy Chief Executive Officer of the FIGEAC AÉRO Group, added: "Thanks to both the progress we have made on PILOT 28 and the strength of the market, which is as dynamic as ever, we today find ourselves in a resolutely more optimistic position than we were a year ago. We are now able to aim even higher. We are particularly pleased to speed up our deleveraging trajectory out to 2028 while continuing to work with all our clients to increase the build rates." Third-quarter growth in line with the full-year targeT FIGEAC AÉRO's revenue reached €103.0 million in the third quarter of financial year 2024/25 (running from 1 October to 31 December 2024), with organic growth reaching a solid 5.1% (+6.6% reported growth) year-on-year. The Aerostructures & Aeroengines division generated €94.6 million in revenue over the quarter and remained the Group's top growth driver, posting 5.7% organic growth (+7.4% reported growth) year-on-year. This performance was driven primarily by the A320, which continues to enjoy very strong momentum, a slight growth of the A350, and a limited decrease of the LEAP. Diversification Activities held steady over the quarter, with revenue reaching €8.4 million compared with €8.6 million a year earlier. Over the first nine months of financial year 2024/25 (running from 1 April to 31 December 2024), FIGEAC AÉRO's revenue thus totalled €303.0 million and its organic growth came to 9.6% (+9.0% reported growth) year-on-year, in line with our full-year guidance. Double-digit growth in air traffic confirmed for 2024 Key air traffic indicators at 30 November 2024 again showed that demand for air transportation remains robust, in both the passenger segment and the cargo segment:
Thanks to strong air traffic growth, demand from airlines remains robust. The world's two leading aircraft manufacturers received net orders for over 1,200 commercial aircraft in full-year 2024, despite 2023 having already been a record year (>3,600 aircraft). These net orders broke down as follows: 826 for Airbus, of which 615 aircraft for the A320 family and 138 A350 widebodies; and 377 for Boeing, including a firm order for 100 737-10 aircraft (plus an option for another 100) placed by Pegasus Airlines in late December, demonstrating a return to more optimistic prospects for Boeing's flagship aircraft. With net order intake exceeding deliveries, Airbus and Boeing therefore still boasted a very large backlog of firm orders at 31 December 2024 of around 15,000 commercial aircraft. This represents more than 13 years of production, based on 2024 delivery rates (766 delivered by Airbus, 333 by Boeing). Last of all, it is worth noting that the two aircraft manufacturers expect demand for new commercial aircraft (passenger and freighter) to exceed 42,000 units over the next 20 years, 20% of which will be for widebodies. So although the commercial aerospace industry faces some challenges in the short term, it does enjoy an unprecedented degree of visibility, and this is reflected in FIGEAC AÉRO's healthy business indicators. PILOT 28, one year oN In these particularly favourable circumstances, FIGEAC AÉROis capitalising fully on its position as a strategic partner offering excess production capacity and solid industrial performance. The Group is also going to benefit from the positive effects of its strategic plan, PILOT 28, which it launched a year ago:
One year since being launched, therefore, all PILOT 28 financial pillars are on track or even ahead of schedule, so the Group is all the more confident that it will meet its targets. In addition to the progress being made, FIGEAC AÉRO will enjoy better economic conditions than initially forecast throughout the course of the plan:
Both these factors will improve the Group's revenue and profitability outlook, especially as of next year. 2028 financial targets revised upwardS FIGEAC AERO has revised its financial objectives accordingly:
This last target is backed by the Group's rapidly improving financial performance and based on (i) a current EBITDA margin above 17% (vs 16% initially) and current EBITDA exceeding the €100 million mark for the first time ever in the Group's history, (ii) Free Cash Flows above €60 million (vs €50 million initially) and (iii) confirmation of effective control over inventory levels and CAPEX throughout the duration of the plan (respectively 140 days of revenue and 6% of revenue by March 2028, as initially targeted). This upward revision to the Group's March 2028 targets reflects its increased confidence that it will meet its ambitions to consolidate its position among the world's leading aerospace sub-contractors and to complete its rapid deleveraging drive. Register here if you wish to receive the FIGEAC AÉRO Group's latest news ABOUT Figeac AÉro The FIGEAC AÉROGroup, a leading partner for major aerospace manufacturers, specialises in producing light alloy and hard metal structural parts, engine parts, landing gear and sub-assemblies. FIGEAC AÉRO is a global group operating in France, the USA, Morocco, Mexico, Romania and Tunisia. The Group generated annual revenue of €397.2 million in the year to 31 March 2024. Figeac AÉro contacts Jean-Claude Maillard Chairman and Chief Executive Officer Tel.: +33 (0)5 65 34 52 52 Simon Derbanne VP Investor Relations, Corporate Communications, Public Affairs Tel.: +33 (0)5 81 24 63 91 E-mail: simon.derbanne@figeac-aero.com/ communications.group@figeac-aero.com Glossary
[1]Debt leverage ratio defined in the glossary provided at the end of this document. [2]Based on a EUR/USD exchange rate of 1.09 for FY 2027/28 versus 1.12 expected initially. File: CP_FGA_20250128_CA Q3 FY24-25 et revP28_EN_vdef |
Language: | English |
Company: | FIGEAC AÉRO |
ZI de l'Aiguille | |
46100 FIGEAC | |
France | |
E-mail: | communications.group@figeac-aero.com |
Internet: | www.figeac-aero.com |
ISIN: | FR0011665280 |
Euronext Ticker: | FGA |
AMF Category: | Additional regulated information to be pubicly disclosed under the legislation of a Member State / Third quarter financial report |
EQS News ID: | 2076147 |
End of Announcement | EQS News Service |
2076147 28-Jan-2025 CET/CEST