DJ FIGEAC AÉRO: 9M 2024/25 REVENUE: EUR303.0 MILLION, +9.6% - PILOT 28 TARGETS REVISED UPWARDS
FIGEAC AÉRO FIGEAC AÉRO: 9M 2024/25 REVENUE: EUR303.0 MILLION, +9.6% - PILOT 28 TARGETS REVISED UPWARDS 28-Jan-2025 / 17:43 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- 9M 2024/25 revenue: EUR303.0 million, +9.6% PILOT 28 targets revised upwards . Growth pushing revenue above EUR600 million . Profitability improving with current EBITDA rising above the EUR100 million mark . Accelerated deleveraging with a leverage ratio[1] below 2x 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. EURm - IFRS Q3 2024/25 Q3 2023/24 Chg. Org. chg. Cumul. 2024/25 Cumul. 2023/24 Chg. Org. chg. Unaudited figures Aerostructures & Aeroengines 94.6 88.1 +7.4% +5.7% 279.2 251.8 +10.9% +11.5% Diversification Activities 8.4 8.6 (1.2)% (1.2)% 23.7 26.0 (8.9)% (8.9)% Total revenue 103.0 96.6 +6.6% +5.1% 303.0 277.8 +9.0% +9.6%
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 EUR103.0 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 EUR94.6 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 EUR8.4 million compared with EUR8.6 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 EUR303.0 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: - Passenger traffic growth has been in the double digits since 1 January 2024 (10.6%), mostly driven byinternational traffic which has risen by around 14% during this period; - Cargo traffic has also jumped, by 11.8% year-to-date.
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 AÉRO is 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: - On the commercial front, FIGEAC AÉRO's backlog was worth EUR4.7 billion at 31 December 2024, stablerelative to its 30 September 2024 level as there were no major changes to its calculation parameters; but thestructural trend is upwards (EUR3.7 billion a year ago). One year on since plan launch, the Group has already securedmore than 36% of its annual new business target of EUR80 million to EUR100 million by March 2028. On top of that, ithas a sizeable sales project portfolio that will support the Group's growth along this trajectory; - While reaping the benefits of increased business activity, the Group is also pursuing its efficiencyinitiatives in order to optimise its financial performance. These initiatives cover various areas such asprocurement synergies, competitiveness and productivity gains, and control over inventory and capital expenditure,as reflected in the record level of free cash-flow generated in the 1st half of financial year 2024/25.
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: - First of all, the Group now anticipates better-than-expected results in terms of contract marginoptimization efforts. As a result of conditions for contract renegotiation seen as more favourable, it has revisedits price assumptions upwards; - Secondly, with inflation slowing down and the US dollar gaining strength against the euro[2], implyingmore moderate growth in the Group's cost base, recent developments on the macroeconomic front suggest thatconditions will be significantly better than those prevailing at the time PILOT 28 was launched.
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: - Confirmation of business activity returning to pre-crisis levels in March 2025, together with a sharpimprovement in cash generation, i.e.:? Revenue between EUR420 million and EUR440 million, - Current EBITDA between EUR67 million and EUR73 million, - Free cash-flow between EUR30 million and EUR35 million, - Continued deleveraging with a leverage ratio of around 4x. - An upward revision to the financial targets set under the PILOT 28 plan out to March 2028, i.e.:? Revenue above EUR600 million (vs an initial target of between EUR550 million and EUR600 million), - A leverage ratio below 2x (vs an initial target of between 2x and 2.5x), implying a low debtfinancial structure by then.
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 EUR100 million mark for the first time ever in the Group's history, (ii) Free Cash Flows above EUR60 million (vs EUR50 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 AÉRO Group, 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 EUR397.2 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
Term / indicator Definition
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
Sum of orders received and to be received extrapolated over a 10-year period for each contract and
Backlog 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 Average number of days of revenue for which an item of inventory is held
Outstanding)
Net debt Debt net of cash, excluding non-interest-bearing debt
Leverage ratio Ratio of net debt excluding non-interest-bearing debt to current EBITDA
Capex Investments in fixed assets
ORNANE Bonds redeemable into cash and/or new and/or existing shares
Free Cash Flow Net cash flow from operating activities before cost of financial debt and taxes, minus net cash
flow from investing activities
Net Free Cash Flow Net cash flow from operating activities after cost of financial debt and taxes, minus net cash flow
from investing activities
-----------------------------------------------------------------------------------------------------------------------
[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.
-----------------------------------------------------------------------------------------------------------------------
Regulatory filing PDF file 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 FGA
Ticker:
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
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=2076147&application_name=news&site_id=dow_jones%7e%7e%7ef1066a31-ca00-4e1a-b0a4-374bd7d0face
(END) Dow Jones Newswires
January 28, 2025 11:44 ET (16:44 GMT)
