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Figeac Aéro
Interim / Quarterly Report • Dec 31, 2025
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Interim / Quarterly Report
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The leading partner for major aerospace manufacturers
FIGEAC AÉRO
2025/26 HALF-YEAR FINANCIAL REPORT
Period from 1 April 2025 to 30 September 2025 www.figeac-aero.com
RESPONSIBILITY STATEMENT FOR THE INTERIM FINANCIAL REPORT
I hereby confirm that, to the best of the my knowledge, the financial statements have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, financial position and results of the company and of all its consolidated entities, and that the business report attached provides a true and fair view of the business trends, results and financial position of the company and of all its consolidated entities.
Figeac,
16 December 2025
Jean-Claude Maillard
Chairman of the Board of Directors
TABLE OF CONTENTS
| BUSINESS R | EPORT FOR THE 1 ST HALF OF FINANCIAL YEAR 2025/26 | 5 |
|---|---|---|
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR PERIOD (ENDED 30 SEF | ||
| • | T OF CONSOLIDATED FINANCIAL POSITION | |
| TED STATEMENT OF INCOME | ||
| T OF CONSOLIDATED COMPREHENSIVE INCOME | ||
| F OF CHANGE IN CONSOLIDATED SHAREHOLDERS' EQUITY | ||
| TED CASH-FLOW STATEMENT | ||
| HE GROUP'S CONSOLIDATED FINANCIAL STATEMENTS | ||
| NG PRINCIPLES AND ACCOUNTING POLICIES | ||
| NOTE 1 | ESTIMATES | |
| NOTE 2 | HIGHLIGHTS | |
| NOTE 3 | SCOPE OF CONSOLIDATION | |
| NOTE 4 | INTANGIBLE ASSETS | |
| NOTE 5 | PROPERTY, PLANT AND EQUIPMENT | |
| Note 6 | LEASES | |
| Note 7 | FINANCIAL ASSETS | |
| Note 8 | EQUITY-ACCOUNTED INVESTMENTS | |
| Nоте 9 | CONTRACT ASSETS | |
| Note 10 | INVENTORY AND WORK IN PROGRESS | |
| Note 11 | TRADE AND OTHER RECEIVABLES | |
| Note 12 | CASH AND CASH EQUIVALENTS | 34 |
| Note 13 | FAIR VALUE OF FINANCIAL ASSETS | 35 |
| N OTE 14 | DERIVATIVE INSTRUMENTS | 37 |
| NOTE 15 | Shareholders' equity | 40 |
| N OTE 16 | Provisions | 41 |
| N OTE 17 | EMPLOYEE BENEFITS | 42 |
| NOTE 18 | INTEREST-BEARING AND NON-INTEREST-BEARING FINANCIAL LIABILITIES | 44 |
| NOTE 19 | CONTRACT LIABILITIES | 47 |
| NOTE 20 | TRADE AND OTHER PAYABLES | 48 |
| Note 21 | OVERVIEW OF FINANCIAL LIABILITIES | 49 |
| Note 22 | Revenue | 51 |
| NOTE 23 | SEGMENT INFORMATION | 52 |
| NOTE 24 | Breakdown of other components of operating income (loss) | 55 |
| NOTE 25 | COST OF NET DEBT | 57 |
| N OTE 26 | Tax | 58 |
| N OTE 27 | EARNINGS PER SHARE | 60 |
| N OTE 28 | Workforce | 61 |
| N OTE 29 | OFF-BALANCE SHEET COMMITMENTS AND CONTINGENT LIABILITIES | 62 |
| Note 30 | RELATED PARTIES | |
| Note 31 | EVENTS AFTER THE CLOSING DATE | 64 |
| STATUTORY | AUDITORS' REPORT ON THE INTERIM FINANCIAL INFORMATION (IN FRENCH ONLY) | 65 |
Business report for the 1st half of financial year 2025/26 1
INTERIM REVENUES IN LINE WITH THE FULL-YEAR TARGET
FIGEAC AÉRO's revenue reached €215.3 million in H1 2025/26 (ended 30 September 2025), reflecting 9.6% organic growth (+7.7% reported growth) from the €200 million generated in H1 2024/25. Both divisions contributed to its revenue growth:
- The Aerostructures & Aeroengines division generated 10.0% organic growth (+7.9% reported growth). It was driven by both the Aero activities, with almost all Airbus programmes and the LEAP engine achieving robust growth (the latter benefiting from an upturn in volumes of the 1B engine which powers Boeing's 737 aircraft), and the Defense & Energy activities.
- The Defense & Energy activities, meanwhile, turned in 4.6% growth over the half-year period, with a catch-up effect in the second quarter following the storms which caused delays at Mécabrive Industries back in June, along with the first effects of the ramping up hydropower activity.
The second half of the year is expected to be stronger, which means that FIGEAC AÉRO's revenue is fully on track to meet its full-year targets.
OPERATING PROFITABILITY IMPROVES FURTHER
FIGEAC AÉRO's operating performance continues to improve thanks to its revenue growth and ability to keep its cost base under control.
Current EBITDA grew by 18.6% in the first half of the financial year (i.e. twice as fast as revenue) to €30.6 million versus €25.8 million this time last year, thus pushing the margin up by 130 basis points to 14.2% versus 12.9% a year ago. This performance was driven largely by revenue growth and, to a lesser extent, by continued progress in Mexico and contract renegotiations.
Both the Group's divisions contributed to its profitability gains: the Aerostructures & Aeroengines division's current EBITDA jumped from €25.1 million this time last year to €29.7 million; the Defense & Energy division's current EBITDA also rose from €0.7 million to €0.9 million.
The first half of the year generally being a smaller contributor to current EBITDA, it also came out in line with the Group's full-year target.
After factoring in depreciation, amortisation and provisions in the amount of €22.9 million, current operating income rose sharply in the first half of the year by 46.3% to €7.2 million (versus €4.9 million in H1 2024/25), thus pushing the margin up by 90 basis points year-on-year to 3.4%. Operating income enjoyed similar momentum and more than doubled from €2.4 million a year earlier to €5.7 million.
The Group recorded a negative financial result of €(24.6) million versus €(11.8) million last year, due to purely non-cash expenses totalling €10.1 million (an increase in the ORNANE's equity component in the amount of €7.4 million, a revaluation of dollar-denominated interests in the amount of €1.0 million and other non-cash effects in the amount of €1.7 million1 ).
On account of its financial result trend, FIGEAC AÉRO's net result for the period also came out negative at €(17.4) million versus €(4.4) million this time last year.
1 Of which the non-cash effects of ORNANE conversions and repurchases. ORNANE conversions during the half-year amounted to a nominal value of €9.0 million, and ORNANE repurchases for cancellation amounted to a nominal value of €1.2 million.
CONTINUED DELEVERAGING
In keeping with its profitability gains, the Group's cash-flow (before cost of debt and taxes) rose by 13.2% over the half-year to €27.0 million versus €23.9 million a year earlier.
An inventory build-up was recorded in anticipation of an increase in activity and significant rise in build rates on some of the Group's key programmes, which did not fully materialise. Inventories expanded by €8.0 million over the half year as a result – an expansion that is set to reverse in the second half of the year as build rates pick up and supply chain performance improves, and which will also benefit from the Group's optimisation initiatives. Despite this increase in inventory over the period, Working Capital (WC) contributed €2.2 million versus €19.5 million this time last year which was boosted by one-off effects relating to customer advances.
Cash-flow from operating activities amounted to €29.2 million versus €43.3 million a year earlier thanks to stronger operating cash-flow generation and more normalised WC.
FIGEAC AÉRO's net investments during the first six months of the year totalled €22.2 million versus €15.1 million a year earlier. The Group still aims to keep investments at around 8% of revenue in FY 2025/26, i.e. at about €40 million, in order to further modernise its production assets and prepare for the growth to come.
Free Cash Flow thus amounted to €7.1 million. This is in line with the full-year target, taking into account the fact that stronger revenues, inventory drawdown and optimisation, and closely managed investments are all expected to pay off in the second half.
FIGEAC AÉRO was able to take advantage of its deleveraging efforts over the first half of the year by initiating a first refinancing arrangement. This refinancing took the form of a bond issued with a nominal value of €60 million and maturing in July 2030 subscribed by various French and international institutional investors. Its purpose was mainly to refinance the Group's more costly borrowings and rebalance its debt repayment schedule since most of its borrowings were set to mature in 2028.
Net debt at 30 September 2025 was almost flat at €274.0 million (versus €275.5 million at 30 September 2024 and €266.6 million at 31 March 2025), while the leverage ratio fell further to 3.7 (versus 4.6 at 30 September 2024 and 3.8 at 31 March 2025).
The Group's cash position at this same date was solid at €86.3 million (versus €86.5 million at 30 September 2024 and €84.0 million at 31 March 2025).
Shareholders' equity came out stable at €72.2 million (versus €57.3 million at 30 September 2024 and €73.6 million at 31 March 2025) as the loss recorded over the period was offset by the capital increase resulting from ORNANE conversions.
HEALTHY MOMENTUM IN THE COMMERCIAL AND DEFENSE MARKETS
As in previous years, the commercial aerospace segment continues to enjoy robust momentum in terms of air traffic growth, orders for new aircraft and improving build rates.
Air traffic increased further in the first ten months of the calendar year2 :
▪ Passengers: +5.3%, mostly driven by international traffic which increased by around 7.1%;
IATA October 2025 Air Passenger Market Analysis.
▪ Freight: +3.3%.
Demand for new commercial aircraft from airlines and aircraft leasing companies remained very solid during this same period and totalled 1,600 units:
- Airbus recorded net firm orders for 625 commercial aircraft, of which 64% for the A320 family and 16% for the A350 family3 ;
- Boeing, meanwhile, received net firm orders for 782 commercial aircraft, of which 47% for the B737 family3 ;
- Brazilian aircraft manufacturer Embraer recorded 193 net firm orders4 for its E-Jets during the first three quarters of the year.
This momentum was confirmed during the Dubai Airshow which took place from 17 to 21 November 2025, with announcements and firm orders placed for a total of 415 aircraft (236 for Airbus, 175 for Boeing and 4 for Embraer; 164 for the A320 family, 66 for the A350 family and 95 for the B737 family) as well as 186 options.
The three aircraft manufacturers have delivered 1,106 commercial aircraft year-to-date - 585 for Airbus, 475 for Boeing and 46 for Embraer; this is 24% more than at the same time last year and well below the net order intake figure.
The backlog has therefore been growing since the start of the year and now stands at 15,655 commercial aircraft (versus 15,163 at end-2024), offering an unprecedented degree of visibility.
As mentioned in the Group's Q2 revenue release, the various concerns weighing on the aerospace industry appear to have gradually abated in recent months thanks to the EU-US tariff agreement on aerospace products, Airbus' confirmation of its production targets suggesting that strains within the industry are easing, and much stronger impetus at Boeing.
Where the Defense segment is concerned, the global geopolitical climate remains tense and this is fuelling demand in a whole range of countries - in Europe, as NATO countries are expected to increase their rearmament spending; in Taiwan, which plans to up its Defense spending to 5% of GDP by 2030; and in a whole host of other countries around the world.
Accordingly, demand for the Rafale (the Defense programme to which FIGEAC AÉRO is most exposed) is likely to surge, one example being the recent declaration of intent from Ukraine to acquire 100 aircraft, another being the Indian air force's recommendation to purchase an extra 114 aircraft, expanding an already solid backlog of 239 aircraft5 .
FIGEAC AÉRO is ideally positioned in these markets, which are enjoying very strong demand and an extremely high degree of visibility; it is therefore particularly confident that its business will continue to grow.
PROGRESS ON THE ROLL-OUT OF THE PILOT 28 PLAN
FIGEAC AÉRO continues to roll out its strategic plan, PILOT 28, which it launched back in January 2024. To date, it is progressing in line with or even ahead of expectations:
▪ Business development:
FIGEAC AÉRO brought in new business totalling around €50 million in the first half of the year, corresponding to an annual amount out to FY 2027/28 of €8.5 million. It signed
3 Airbus, Boeing, Orders & Deliveries, at 31 October 2025.
4 Embraer, Backlog & Deliveries, at 30 September 2025, Commercial Aviation division alone.
5 Dassault Aviation, at 30 June 2025.
contracts with key aerospace & Defense majors such as Boeing and Bombardier, as well as with various Safran divisions.
Year-to-date at 30 September 2025, the Group has thus secured half of its target to generate €80 million to €100 million of annual revenue from new contracts. In keeping with the business development priorities set out in its PILOT 28 plan, 20% of this new business was brought in by FIGEAC AÉRO's US subsidiary and 8% by its Defense activities. The portfolio of business projects currently being negotiated will continue to propel the Group's business momentum over the coming months, in both the commercial and Defense segments.
▪ Financial performance:
Despite already achieving a great deal since it launched its PILOT 28 plan, FIGEAC AÉRO remains focused on improving its financial performance further by increasing its profitability and keeping its WC and investment spending under control.
Besides being boosted by revenue growth, the Group's profitability will also benefit from contract renegotiations, production transfers and procurement rationalisation efforts, as well as from the mix effects generated from new business. The Group thus has a current EBITDA margin target of over 17% for the year to March 2028. Based on the 16.1% margin it generated in FY 2024/25 and its full-year profitability forecast for the current year6 , the Group believes that its target is well within reach.
FIGEAC AÉRO is also focusing much of its efforts on optimising inventory as part of a drive that should have a positive impact on its full-year results. Another positive factor is that the situation in the aerospace industry is gradually improving. The Group still aims to reduce its inventory to 140 days of revenue in the year to March 2028 versus 181 at present.
Last of all, FIGEAC AÉRO again managed to keep its investment spending under control in the first half of the year and is on track to reduce investment spending to 8% of revenue in FY 2025/26 and then 6% in FY 2027/28. It will achieve this goal partly because its production facilities currently have excess capacity and partly because capacity is increasing thanks to cycle-time gains, a highly selective approach to making new investments and careful management of its industrial partner network.
▪ Non-financial performance:
Under its PILOT 28 plan, FIGEAC AÉRO has endeavoured to factor sustainability into its strategy and prioritise efforts to align itself with the aerospace industry's decarbonisation targets. For this purpose, the Group last year completed its drive to set up a dedicated CSR governance structure spanning all its business units, facilities and subsidiaries and to incorporate CSR at the very highest level of its hierarchy, i.e. the Board of Directors.
Where the environment is concerned, the Group began to improve its carbon accounting capabilities in the first half of the year by setting up two new native data sites (as opposed to extrapolated data) – these are to be effectively rolled out in the second half of the year. It also adopted the ACT methodology step by step, which will enable it to set quantified Groupwide carbon footprint reduction targets. Moreover, the Group will also obtain ISO 14001 environmental certification for a fourth site, its Aulnat facility, in the second half of the year.
And, lastly, the Group published its first sustainability report in the first half of the year. The next edition will also include the Group's Environment, Social, Sustainable Procurement,
6 Mid-range annual targets correspond to current EBITDA of €80 million and revenue of €480 million.
and Business Ethics and Fair Practices policies, all of which are in the process of being formalised.
▪ Innovation and transformation of the business model:
FIGEAC AÉRO continues to invest in innovation in order to make its production facilities ever more competitive, while also working to spread best practices and a standardised management model called the Figeac Aéro Operating System throughout the Group.
PROFITABLE GROWTH AND DELEVERAGING TO CONTINUE
FIGEAC AÉRO's half-year performance puts it on track to meet each of its full-year financial targets. Largely thanks to rising build rates, the Group expects the second half of the year to contribute more to its full-year revenues, profitability and cash generation alike, the latter also being boosted by ongoing inventory drawdown and optimisation initiatives as well as by careful management of investments.
The Group thus reiterates its financial targets for FY 2025/26 (ending 31 March 2026):
- Revenue between €470 million and €490 million;
- Current EBITDA between €77 million and €83 million;
- Free Cash Flow between €35 million and €40 million;
- Leverage ratio reduced to around 3x.
The Group boasts solid strategic positions in the commercial and military aerospace markets which offer an unprecedented degree of visibility, as reflected in its backlog which at €4.6 million is close to a record high; moreover, its PILOT 28 plan is being rolled out successfully. So, while keeping a close eye on macroeconomic developments, FIGEAC AÉRO feels confident about its development going forward and can confirm its trajectory out to March 2028:
- Revenue of over €600 million;
- Low level of debt, with a leverage ratio of less than 2x.
2
Condensed consolidated financial statements for the half-year period (ended 30 September 2025)
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
| ASSETS (€k) | Notes | 31.03.2025 | 30.09.2025 |
|---|---|---|---|
| Goodwill | Note 4 | - | - |
| Intangible assets | Note 4 | 103,324 | 105,663 |
| Property, plant and equipment | Note 5 | 133,385 | 132,122 |
| Rights of use | Note 6 | 44,836 | 41,709 |
| Non-current financial assets | Note 7 | 5,393 | 5,803 |
| Equity-accounted investments | Note 8 | 991 | 2,524 |
| Non-current derivative assets | Note 14 | - | 6,560 |
| Deferred tax assets | Note 26 | 23,405 | 23,523 |
| Non-current assets | 311,334 | 317,904 | |
| Inventory and work in progress | Note 10 | 215,058 | 222,105 |
| Contract assets | Note 9 | 12,815 | 12,912 |
| Trade and other receivables | Note 11 | 47,436 | 29,079 |
| Current tax assets | Note 26 | 2,929 | 1,808 |
| Other current assets | Note 11 | 15,902 | 21,719 |
| Cash and cash equivalents | Note 12 | 83,968 | 86,318 |
| Current assets | 378,109 | 373,941 | |
| TOTAL ASSETS | 689,442 | 691,845 | |
| LIABILITIES (€k) | Notes | 31.03.2025 | 30.09.2025 |
| Share capital | Note 15 | 5,139 | 5,298 |
| Reserves | Note 15 | 64,882 | 84,384 |
| Income (loss) for the year | 3,600 | (17,436) | |
| Capital issued and reserves attributable to owners of the parent company |
73,621 | 72,246 | |
| Non-controlling interests | - | - | |
| Total consolidated shareholders' equity | 73,621 | 72,246 | |
| Provisions | Note 16 | 8,855 | 9,911 |
| Non-current interest-bearing financial liabilities | Note 18 | 292,924 | 319,763 |
| Non-current financial derivatives | Note 14 | 19,266 | 26,664 |
| Non-current derivative liabilities | Note 14 | 1,361 | 64 |
| Deferred tax liabilities | Note 26 | 949 | 727 |
| Other non-current liabilities | Note 18 | 13,173 | 16,319 |
| Non-current liabilities | 336,528 | 373,447 | |
| Current interest-bearing financial liabilities | Note 18 | 62,591 | 44,954 |
| Trade and other payables | Note 20 | 110,197 | 106,381 |
| Contract liabilities | Note 19 | 27,730 | 24,114 |
| Current tax liabilities | Note 26 | 5,315 | 7,397 |
| Other current liabilities | Note 20 | 73,460 | 63,306 |
| Current liabilities | 279,293 | 246,152 | |
TOTAL LIABILITIES 689,442 691,845
CONSOLIDATED STATEMENT OF INCOME
| (€k) | Notes | 30.09.2024 | 30.09.2025 |
|---|---|---|---|
| Revenue | Note 22 | 199,957 | 215,266 |
| Other income | Note 24 | 2,148 | 1,874 |
| Change in inventories of finished goods and WIP | 6,699 | 3,887 | |
| Cost of bought-in goods and services and external expenses |
Note 24 | (132,113) | (136,291) |
| Personnel expenses | Note 24 | (50,059) | (52,890) |
| Taxes and duties | (1,361) | (1,711) | |
| Net depreciation, amortisation and provisions | Note 24 | (20,336) | (22,913) |
| Current operating income (loss) | 4,936 | 7,222 | |
| Other non-recurring operating income and expenses | Note 24 | (2,313) | (1,061) |
| Share of net income (loss) of joint ventures7 | Note 8 | (249) | (497) |
| Operating income (loss) | 2,374 | 5,664 | |
| Cost of net debt | Note 25 | (9,713) | (12,756) |
| Currency gains and losses | (2,552) | (5,006) | |
| Unrealised gains and losses on financial derivatives | 959 | (7,658) | |
| Other financial income and expenses | (544) | 788 | |
| Financial income (loss) | (11,849) | (24,632) | |
| Profit (loss) before tax | (9,476) | (18,968) | |
| Tax income (expense) | Note 26 | 5,070 | 1,532 |
| Income (loss) for the year | (4,406) | (17,436) | |
| Attributable: | |||
| to owners of the parent company | (4,397) | (17,436) | |
| to non-controlling interests | (9) | - | |
| Net income (loss) per share attributable to owners of the parent company (€) |
Note 27 | (0.11) | (0.41) |
| Basic earnings per share: profit / (loss) | (0.11) | (0.41) | |
| Diluted earnings per share: profit / (loss) | (0.11) | (0.41) |
7 In accordance with IAS 28, the FIGEAC AÉRO Group has restated its obligations towards Sami Figeac Aero Manufacturing (SFAM). At period-end, the Group estimated that it had no legal, contractual or implicit obligation to meet the company's liabilities or participate in a capital increase carried out by the company. The carrying amount of equity-accounted securities in SFAM was therefore reduced to zero.
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME
| (€k) | Notes | 30.09.2024 | 30.09.2025 |
|---|---|---|---|
| Net income (loss) for the year | (4,406) | (17,436) | |
| Items reclassifiable as income (loss) | 5,517 | 7,611 | |
| Translation adjustments | 992 | 1,732 | |
| Remeasurement of hedging instruments | 6,064 | 7,888 | |
| Tax on other reclassifiable items of comprehensive income (loss) |
(1,539) | (2,009) | |
| Reclassifiable share of other items of comprehensive income (loss) of equity affiliates (net of tax) |
Note 8 | - | |
| Items not reclassifiable as income (loss) | (143) | (481) | |
| Remeasurement of net liabilities (assets) of defined benefit plans |
Note 17 | (222) | (691) |
| Tax on other non-reclassifiable items of comprehensive income (loss) |
78 | 210 | |
| Non-reclassifiable share of other items of comprehensive income (loss) of equity affiliates (net of tax) |
|||
| Total other items of comprehensive income (loss) | 5,373 | 7,130 | |
| Total comprehensive income (loss) for the year | 968 | (10,306) | |
| Attributable: | |||
| to owners of the parent company | 976 | (10,306) | |
| to non-controlling interests | (9) | - |
STATEMENT OF CHANGE IN CONSOLIDATED SHAREHOLDERS' EQUITY
| (€k) | Share capital | Additional paid-in capital |
Treasury shares | Translation adjustment |
defined benefit plans Reserves - hedging instruments and |
Other reserves | Net income (loss) | Other | reserves attributable Capital issued and to owners of the parent company |
Non-controlling interests |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 01.04.2024 | 4,967 | 39,736 | (5,023) | (3,351) | (148) | 34,625 | (12,229) | (849) | 57,728 | - | 57,728 |
| Income (loss) for the year | 3,600 | 3,600 | - | 3,600 | |||||||
| Other items of comprehensive income (loss) |
607 | (74) | 1,272 | 1,805 | 1,805 | ||||||
| Acquisitions / disposals of treasury shares |
2,513 | 2,513 | 2,513 | ||||||||
| Dividends | - | ||||||||||
| Allocation to income (loss) | (12,224) | 12,224 | - | - | |||||||
| Change in scope of consolidation |
- | - | |||||||||
| Capital increase | 171 | 9,247 | 9,418 | 9,418 | |||||||
| Correction of prior period errors |
(1,322) | (1,322) | (1,322) | ||||||||
| Other | (19,814) | 19,688 | 5 | (121) | (121) | ||||||
| 31.03.2025 | 5,138 | 29,169 | (2,510) | (2,744) | (222) | 42,039 | 3,600 | (849) | 73,621 | - | 73,621 |
| 01.04.2025 | 5,138 | 29,169 | (2,510) | (2,744) | (222) | 42,039 | 3,600 | (849) | 73,621 | - | 73,621 |
| Income (loss) for the year | (17,436) | (17,436) | - | (17,436) | |||||||
| Other items of comprehensive income (loss) |
1,732 | (481) | 5,879 | 7,130 | 7,130 | ||||||
| Acquisitions / disposals of treasury shares |
140 | 140 | 140 | ||||||||
| Dividends | - | - | |||||||||
| Net movements in treasury shares |
- | - | |||||||||
| Allocation to income (loss) | 3,600 | (3,600) | - | - | |||||||
| Change in scope of consolidation |
- | - | |||||||||
| Capital increase | 1608 | 8,6128 | 8,772 | 8,772 | |||||||
| Other | 20 | 20 | 20 | ||||||||
| 30.09.2025 | 5,298 | 37,781 | (2,370) | (1,013) | (703) | 51,538 | (17,436) | (849) | 72,246 | - | 72,246 |
8 Based on the decisions taken by the Chairman and Chief Executive Officer on 16 May, 16 and 25 June, 4, 17 and 31 July, and 5 September, the FIGEAC AÉRO Group carried out capital increases by way of the conversion of 341,033 ORNANEs at a conversion ratio of 3.9 shares per ORNANE, corresponding to a total of 1,330,028 shares. This has increased the Group's shareholders' equity by €8,772 thousand.
CONSOLIDATED CASH-FLOW STATEMENT
| (€k) | Notes | 30.09.2024 | 30.09.2025 |
|---|---|---|---|
| Net income (loss) for the year | (4,406) | (17,436) | |
| Depreciation, amortisation and provisions | Note 24 | 20,333 | 22,916 |
| Capital (gains)/losses on asset disposals | Note 24 | (118) | 318 |
| Other non-cash items | 1,756 | 1,949 | |
| Elimination of adjustment gains/losses (fair value) | (1,055) | 9,137 | |
| Cash flow after cost of debt and taxes | 16,510 | 16,884 | |
| Tax expense | 404 | 608 | |
| Cost of debt | Note 25 | 6,936 | 9,513 |
| Cash flow before cost of debt and taxes | 23,850 | 27,005 | |
| Change in working capital requirement | |||
| Change in inventories | Note 10 Note 11 |
(12,864) | (7,998) |
| Change in trade and other receivables | Note 11 | 40,146 | 13,908 |
| Change in trade and other payables | Note 20 | (7,755) | (3,677) |
| Net cash flow from operating activities | 43,377 | 29,238 | |
| Acquisitions of fixed assets | Note 4 Note 5 |
(17,215) | (24,101) |
| Disposals, reductions in fixed assets | Note 4 Note 5 |
2,156 | 1,957 |
| Change in receivables and payables on fixed assets | - | (10) | |
| Impact of scope changes on the cash position | - | - | |
| Net cash flow from investing activities | (15,059) | (22,154) | |
| Loan issues | Note 18 | 588 | 68,727 |
| Loan repayments | Note 18 | (21,403) | (41,661) |
| Repayment of lease liabilities | Note 6 | (5,032) | (5,010) |
| Acquisitions or disposals of treasury shares | 43 | 165 | |
| Capital increase | - | 8,772 | |
| Advances received on orders - Aerotrade | - | (8,812) | |
| Interest paid | Note 25 | (6,936) | (9,513) |
| Net cash flow from financing activities | (32,740) | 12,668 | |
| Increase (decrease) in cash | (4,422) | 19,752 | |
| Cash position - opening date | 77,128 | 64,809 | |
| Change in translation adjustment | (39) | (412) | |
| Miscellaneous | - | - | |
| Cash position - closing date | Note 12 | 72,666 | 84,149 |
3
Notes to the Group's consolidated financial statements
FIGEAC AÉRO (Zone Industrielle de l'Aiguille – 46100 Figeac) is a public limited company registered in France and traded continually on compartment B of the Euronext Paris exchange.
The condensed consolidated half-year financial statements (hereinafter "the consolidated financial statements") reflect the accounts of the FIGEAC AÉRO S.A. company and its subsidiaries, whether they are controlled directly or indirectly, exclusively or jointly, or over which it has significant influence (hereinafter referred to as the "Group") for the half-year ended 30 September 2025.
The Group's main business activities are the production of aerostructure and aeroengine parts for the aerospace industry and diversification activities.
The consolidated financial statements are shown in thousands of euros, and all values are rounded up or down to the nearest thousand unless otherwise stated. The Group's reporting currency, which is also FIGEAC AÉRO's functional currency, is the euro.
The consolidated financial statements at 30 September 2025 were approved by the Board of Directors on 16 December 2025.
ACCOUNTING PRINCIPLES AND ACCOUNTING POLICIES
The FIGEAC AÉRO Group's consolidated financial statements were prepared in accordance with accounting standard IAS 34 "Interim Financial Reporting". They do not include all the information required for annual financial statements and should be read in conjunction with the Group's financial statements for the financial year ended 31 March 2025, which were prepared in accordance with the IFRS as adopted by the European Union at the year-end date and mandatory at that date.
The Group experienced no significant seasonal effects in its business activity. Nonetheless, there is generally less activity in the first half of its financial year than in the second half because the first half has fewer business days, mostly due to the bank holidays in May and the summer holiday period.
The accounting policies applied by the Group to its consolidated financial statements at 30 September 2025 are identical to those applied to its consolidated financial statements at 31 March 2025, except for the following standards and amendments which became mandatory as from 1 January 2025:
Changes to accounting principles and policies
New standards, interpretations and amendments to IFRS standards applied since 1 April 2025:
▪ Amendments to IAS 21 – Lack of exchangeability.
The mandatory regulations applicable since 1 April 2025 have had no material impact on the Group's financial statements.
New standards, interpretations and amendments to IFRS standards published and adopted early by the Group from 1 April 2025:
None.
Standards, interpretations and amendments not adopted by the European Union at 30 June 2025 or not yet mandatory at 1 April 2025:
- IFRS 18 Presentation and disclosure in financial statements;
- IFRS 19 Subsidiaries without public accountability: disclosures;
- Amendments to IFRS 9 and IFRS 7 Amendments to the classification and measurement of financial instruments;
- Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Annual Improvements Volume 11.
NOTE 1 ESTIMATES
The preparation of financial statements in accordance with IFRS requires Group Management to exercise its judgement and make estimates and assumptions that affect the application of accounting policies and recognised amounts of assets and liabilities, income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable given the circumstances.
Underlying estimates and assumptions are re-examined on an ongoing basis. The impact of changes in accounting estimates is recognised during the period in which the change is made when only that period is affected, or during the period in which the change is made as well as any subsequent periods if they are also affected by the change.
Estimates are made primarily for the following items:
▪ Capitalised development costs: Note 4;
▪ Contract assets: Note 9;
▪ Fair value of derivative instruments: Note 14;
▪ Deferred tax assets: Note 26; ▪ Employee benefits: Note 17.
Management analysed the Group's operating outlook for the 12 months ahead and believes the Group has enough funds to meet its obligations.
The Group currently has limited exposure to the consequences of climate change, and its impact on the condensed consolidated financial statements at 30 September 2025 is deemed nonsignificant.
The Group nevertheless factors climate risks into its year-end assumptions to the best of its knowledge and incorporates their potential impact into its financial statements. In particular, the effects of climate change have been factored into its business plan, on which basis it performs its annual impairment tests.
NOTE 2 HIGHLIGHTS
As a complement to the content provided in the business report available in this document, the FIGEAC AÉRO Group also observed the following highlights in the first half of financial year 2025/26:
▪ €60 million bond issue:
FIGEAC AÉRO issued a €60 million bond on 23 July 2025. It raised these funds with a view to refinancing around €30 million of more costly debt, developing its growth strategy and reinforcing its cash position. The bond is set to mature on 23 July 2030 by way of a bullet repayment.
▪ Redemption of the ACE bond:
On 9 September 2025, FIGEAC AÉRO redeemed the €15.5 million bond that had been issued on ACE Aéro Partenaires' behalf as part of the financial restructuring of June 2022.
▪ Capital increase by way of ORNANE conversions:
Following the receipt of conversion orders from certain bondholders, the conversion of ORNANEs was officially recorded by decision of the Chairman and Chief Executive Officer. Based on the decisions taken on 16 May, 16 and 25 June, 4, 17 and 31 July, and 5 September, FIGEAC AÉRO carried out capital increases by way of the conversion of 341,033 ORNANEs at a conversion ratio of 3.9 shares per ORNANE, corresponding to a total of 1,330,028 shares. This has increased the Group's shareholders' equity by €8.8 million.
▪ Capital increase of Nanshan Figeac Aero Industry:
As per the terms of the shareholders' agreement, FIGEAC AÉRO has contributed \$2 million to the Nanshan Figeac Aero Industry joint venture and will free up a further \$1 million during the course of the second half of this financial year.
NOTE 3 SCOPE OF CONSOLIDATION
The list of consolidated entities is as follows:
| Activity | % interest | Country | |
|---|---|---|---|
| FULLY-CONSOLIDATED ENTITIES | |||
| Europe | |||
| Figeac Aéro SA | Manufacturing of structural parts | 100.00% | France |
| M.T.I. SAS | General engineering and heavy sheet metal manufacturing |
100.00% | France |
| Mécabrive Industries SAS | Precision machining and surface treatment | 100.00% | France |
| FGA Picardie SAS | On-site and workshop assembly of aerospace sub assemblies |
100.00% | France |
| SCI Remsi | Real estate activity | 100.00% | France |
| SN Auvergne Aéronautique | Manufacturing of structural parts | 100.00% | France |
| FGA Group Services | Services company | 100.00% | France |
| Ateliers Tofer | General engineering and heavy sheet metal manufacturing |
100.00% | France |
| Tofer Holding | Services company | 100.00% | France |
| Tofer Service Industries | Services company | 100.00% | France |
| Tofer Europe Service | General engineering and heavy sheet metal manufacturing |
100.00% | Romania |
| Tofer Immobilier | Real estate activity | 100.00% | France |
| Mat Formation | Services company | 100.00% | France |
| SPV | Inventory holding company | 100.00% | France |
| North America | |||
| FGA North America Inc | Precision machining and surface treatment | 100.00% | USA |
| SCI Mexique | Real estate activity | 100.00% | Mexico |
| Africa | |||
| SARL FGA Tunisie | Manufacturing of structural parts | 100.00% | Tunisia |
| Figeac Aéro Maroc | Manufacturing of structural parts | 100.00% | Morocco |
| Casablanca Aéronautique | Manufacturing of structural parts | 100.00% | Morocco |
| Figeac Tunisia Process | Services company | 100.00% | Tunisia |
| Egima | Real estate activity | 100.00% | Morocco |
| JOINT VENTURES | |||
| Asia | |||
| Nanshan Figeac Aero Industry |
Manufacturing of structural parts | 50.00% | China |
| Middle East | |||
| Sami Figeac Aéro Manufacturing |
Manufacturing of structural parts | 40.00% | Saudi Arabia |
SCI Remsi
SCI Remsi, owned by Jean-Claude Maillard, Chairman and Chief Executive Officer of FIGEAC AÉRO Group, is consolidated because it is considered a special purpose entity. This company owns a specific asset (an industrial building) that is rented by the parent company FIGEAC AÉRO. The SCI (real estate partnership) was created as part of a Group investment initiative.
Nanshan Figeac Aero Industry
Nanshan Figeac Aero Industry is a company that was created in October 2018 and must be capitalised in the amount of \$20 million, of which 50% from FIGEAC AÉRO.
Some 50% of the capital, i.e. \$10 million, has been freed up (of which \$5 million by FIGEAC AÉRO).
The timeline for freeing up the capital is as follows: an additional 30% 24 months after registration, 20% 48 months after registration, and the remainder 60 months after registration. However, delays in certifying certain processes mean that the company's capital calls have been postponed. The Group will pay \$1 million over the course of the next 12 months.
Sami Figeac Aero Manufacturing LLC
Sami Figeac Aero Manufacturing LLC (SFAM), a company based in Jeddah, was set up on 27 April 2021 and FIGEAC AÉRO owns a 40% interest in it. This project is consistent with Saudi Arabia's economic diversification strategy, "Vision 2030". It is centred around a production plant built to make light alloy and hard metal parts for the commercial and military aircraft manufactured by the world's main prime contractors (Airbus, Boeing, Lockheed Martin, Safran, etc.). A capital increase was carried out in late June 2022 in the amount of SAR25 million. On completion of this capital increase, FIGEAC AÉRO's interest in the company remained at 40%.
NOTE 4 INTANGIBLE ASSETS
Intangible assets break down as follows:
| 31.03.2025 | 30.09.2025 | ||||||
|---|---|---|---|---|---|---|---|
| (€k) | Gross | Amort. / deprec. |
Net | Gross | Amort. / deprec. |
Net | |
| Development costs | 196,226 | (141,785) | 54,441 | 193,443 | (143,372) | 50,071 | |
| Concessions, patents and licences | 2,879 | (1,383) | 1,496 | 2,838 | (1,363) | 1,475 | |
| Software | 55,870 | (20,618) | 35,252 | 56,094 | (22,269) | 33,825 | |
| Goodwill | 459 | (459) | - | 459 | (459) | - | |
| Other intangible assets | 2,345 | (301) | 2,044 | 2,477 | (694) | 1,784 | |
| Intangible assets in progress | 10,090 | - | 10,090 | 18,508 | - | 18,508 | |
| Total | 267,869 | (164,545) | 103,324 | 273,819 | (168,156) | 105,663 |
The change in the value of intangible fixed assets breaks down as follows:
| (€k) | Gross | Amortisation / depreciation | Net |
|---|---|---|---|
| At 31.03.2025 | 267,869 | (164,545) | 103,324 |
| Capitalisation of development costs | 8,929 | - | 8,929 |
| Acquisitions | 2,436 | - | 2,436 |
| Disposals/write-offs | (4,533) | 4,465 | (68) |
| Depreciation and amortisation | - | (8,547) | (8,547) |
| Net provisions | - | - | - |
| Transfers | (151) | - | (151) |
| Translation adjustments | (732) | 469 | (262) |
| Changes in consolidation scope | - | - | - |
| At 30.09.2025 | 273,819 | (168,156) | 105,663 |
The Group is in the process of upgrading its IT system; the costs of this project are capitalised. At 30 September 2025, net capitalised development costs for the ERP project amounted to €51.9 million (versus €51.8 million at 31 March 2025).
At 30 September 2025, the continued instalment of the new ERP had incurred total costs of €0.1 million. The Group brought this new ERP online in April 2022.
Overview of net values by type:
| Type | Net amount |
|---|---|
| R&D projects | 68,908 |
| ERP project | 33,321 |
| Licences and software | 3,147 |
| Total | 105,375 |
The Group's Research & Development (R&D) investment policy focuses on new machining systems (aerostructures and aeroengines).
FIGEAC AÉRO must prepare for the arrival of new products on the market, make use of the most cutting-edge technologies and develop its industrial expertise. FIGEAC AÉRO must also work closely with its export clients and find new markets overseas.
FIGEAC AÉRO's R&D expenditure is substantial. Its pro-active R&D policy in France entitles it to a research tax credit (RTC) and significant grants (RTC of €1.25 million for the first half of 2026, versus €0.94 million in September 2024) recognised as "Other income" in the statement of financial position.
Its total R&D expenditure represented 4.1% of Group revenue in the first half of financial year 2025/26 versus 4.1% in September 2024. This expenditure is testament to the Group's determination to continue developing its operational processes.
Asset impairments
At the end of each financial year, the Group assesses whether there is any indication that an asset may be impaired.
The Group considers an indication of impairment to be any information resulting in a downward revision of at least 15% to the figure relative to the budget. The Group also considers as an indication of impairment any significant downward revision to build rates or the discontinuation of a major programme in the cash generating unit's (CGU) portfolio.
An impairment test is conducted if there is an indication of impairment: the net carrying amount of the asset is compared with its recoverable value. If its present value falls below its carrying amount, the latter is reduced to the present value.
This impairment loss is calculated by comparing the project's value in use (based on build rates indicated in the data provided by aircraft manufacturers positioned in time and discounted at an annual rate of 10%) with the net carrying amount of these projects at 30 September 2025 (based on the impairment schedule established initially).
These intangible assets are then incorporated into the asset base tested for impairment during tests carried out on each CGU (cf. Note 5).
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NOTE 5 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment break down as follows:
| 31.03.2025 | 30.09.2025 | |||||
|---|---|---|---|---|---|---|
| (€k) | Gross | Amort. / deprec. |
Net | Gross | Amort. / deprec. |
Net |
| Land | 4,550 | (832) | 3,718 | 4,459 | (838) | 3,621 |
| Buildings | 82,417 | (40,023) | 42,394 | 81,480 | (41,405) | 40,075 |
| Plant machinery, equipment and tools | 214,794 | (147,510) | 67,284 | 219,811 | (151,687) | 68,125 |
| Improvement and preparation of land | 26,336 | (20,165) | 6,171 | 27,166 | (20,970) | 6,197 |
| Transportation equipment | 450 | (358) | 91 | 435 | (367) | 68 |
| Office and IT equipment | 10,633 | (8,122) | 2,511 | 11,134 | (8,398) | 2,737 |
| Other property, plant and equipment | 658 | (20) | 638 | 711 | (33) | 678 |
| Property, plant and equipment in progress | 10,529 | (113) | 10,416 | 10,629 | (168) | 10,461 |
| Advances and down- payments on property, plant and equipment |
161 | - | 161 | 160 | - | 160 |
| Total | 350,527 | (217,142) | 133,385 | 355,987 | (223,865) | 132,122 |
The change in the value of property, plant and equipment breaks down as follows:
| (€k) | Gross | Amortisation / depreciation | Net |
|---|---|---|---|
| At 31.03.2025 | 350,527 | (217,142) | 133,385 |
| Acquisitions | 12,735 | - | 12,735 |
| Disposals/write-offs | (2,240) | 351 | (1,889) |
| Depreciation and amortisation | - | (9,628) | (9,628) |
| Net impairment | - | (58) | (58) |
| Transfers | 151 | - | 151 |
| Translation adjustment | (5,188) | 2,612 | (2,575) |
| Changes in consolidation scope | - | - | - |
| At 30.09.2025 | 355,987 | (223,865) | 132,122 |
Property, plant and equipment pledged as guarantees are described in detail in Note 29.
The main investments made over the period were as follows:
- Expansion of the Moroccan facility;
- Investments made as part of a customer project.
All new property, plant and equipment were acquired from external suppliers.
Asset impairment tests:
The Group did not perform any impairment tests on its Cash Generating Units (CGU) at 30 September 2025 as no indication of impairment had been identified during the period.
NOTE 6 LEASES
Right-of-use assets break down as follows:
| 31.03.2025 | 30.09.2025 | ||||||
|---|---|---|---|---|---|---|---|
| (€k) | Gross | Amort. / deprec. |
Net | Gross | Amort. / deprec. |
Net | |
| Right-of-use property assets | 13,729 | (12,362) | 1,366 | 13,650 | (13,157) | 494 | |
| Right-of-use production equipment assets | 124,585 | (93,336) | 31,249 | 126,418 | (96,514) | 29,904 | |
| Right-of-use transportation equipment assets | 1,743 | (1,020) | 723 | 1,725 | (1,173) | 552 | |
| Other right-of-use assets | 16,879 | (5,382) | 11,497 | 16,847 | (6,087) | 10,759 | |
| Total | 156,936 | (112,100) | 44,836 | 158,640 | (116,931) | 41,709 |
The change in the value of right-of-use assets breaks down as follows:
| (€k) | Gross | Amortisation / depreciation | Net |
|---|---|---|---|
| At 31.03.2025 | 156,936 | (112,100) | 44,836 |
| Increase in right-of-use assets | 1,839 | - | 1,839 |
| Terminations and transfers | (11) | 11 | - |
| Depreciation and amortisation | - | (4,903) | (4,903) |
| Net impairment | - | - | - |
| Transfers | - | - | - |
| Translation adjustment | (124) | 61 | (63) |
| Changes in consolidation scope | - | - | - |
| At 30.09.2025 | 158,640 | (116,931) | 41,709 |
NOTE 7 FINANCIAL ASSETS
Financial assets include the following:
| 31.03.2025 | 30.09.2025 | ||||||
|---|---|---|---|---|---|---|---|
| (€k) | Gross | Amort. / deprec. |
Net | Gross | Amort. / deprec. |
Net | |
| Non-consolidated investments | 100 | - | 100 | 80 | - | 80 | |
| Loans | 2,361 | - | 2,361 | 2,385 | - | 2,385 | |
| Other financial assets | 2,933 | - | 2,933 | 3,339 | - | 3,339 | |
| Total | 5,393 | - | 5,393 | 5,804 | - | 5,804 |
The change in other financial assets breaks down as follows:
| (€k) | Gross | Amortisation / depreciation | Net |
|---|---|---|---|
| At 31.03.2025 | 5,393 | - | 5,393 |
| Acquisitions | 436 | - | 436 |
| Disposals/write-offs | (20) | - | (20) |
| Depreciation and amortisation | - | - | - |
| Net impairment | - | - | - |
| Transfers | - | - | - |
| Translation adjustments | (5) | - | (5) |
| Changes in consolidation scope | - | - | - |
| At 30.09.2025 | 5,804 | - | 5,803 |
NOTE 8 EQUITY-ACCOUNTED INVESTMENTS
The Group owns interests in the Nanshan Figeac Aero Industry joint venture, which it recognises according to the equity-accounted method, as well as in the Sami Figeac Aero Manufacturing (SFAM) joint venture. The financial information on equity-accounted companies is summarised below:
| 31.03.2025 | 30.09.2025 | |||
|---|---|---|---|---|
| (€k) | Total | Nanshan Figeac Aero Industry |
Sami Figeac Aero Manufacturing |
Total |
| Non-current assets | 25,564 | 8,274 | 16,142 | 24,416 |
| Current assets other than cash and cash equivalents | 7,021 | 58 | 6,157 | 6,215 |
| Cash and cash equivalents | 3,328 | 1,549 | 278 | 1,827 |
| Subscribed share capital not called | - | - | - | - |
| Other non-current liabilities | - | - | - | - |
| Non-current financial liabilities | - | - | - | - |
| Other current liabilities | (22,385) | (241) | (16,918) | (17,159) |
| Current financial liabilities | (25,860) | (3,743) | (22,244) | (25,988) |
| Net assets | (12,332) | 5,897 | (16,585) | (10,689) |
| Group share | - | 50% | 40% | |
| Gross value of equity-accounted investments | (4,644) | 2,948 | (6,634) | (3,686) |
| Limit on the net carrying amount (IAS 28)9 | 6,085 | 6,634 | 6,634 | |
| Restatement of internal transactions (IAS 28) | (450) | (423) | - | (423) |
| Net value of equity-accounted investments | 991 | 2,525 | - | 2,525 |
| 31.03.2025 | 30.09.2025 | |||
| (€k) | Total | Nanshan Figeac Aero Industry |
Sami Figeac Aero Manufacturing |
Total |
| Revenue | (2,721) | (25) | (360) | (385) |
| Operating income (loss) | 11,985 | 702 | 2,736 | 3,439 |
| Cost of debt | (150) | - | 58 | 58 |
| Tax | - | - | - | - |
| Net income (loss) | (9,115) | (678) | (2,434) | (3,111) |
| Other items of comprehensive income (loss) | - | - | - | - |
| Total comprehensive income (loss) | (9,115) | (678) | (2,434) | (3,111) |
| Group share | 50% | 40% | ||
| Share of net income (loss) of equity-accounted companies |
(3,759) | (339) | (973) | (1,312) |
| Limit on the share of deficit (IAS 28)9 | 3,194 | 973 | 973 | |
| Restatement of internal transactions (IAS 28) | (158) | (158) | ||
| Share of net income (loss) of equity-accounted companies |
(566) | (497) | - | (497) |
30
9 In accordance with IAS 28, the FIGEAC AÉRO Group has restated its obligations towards Sami Figeac Aero Manufacturing (SFAM). At period-end, the Group estimated that it had no legal, contractual or implicit obligation to meet the company's liabilities or participate in a capital increase carried out by the company. The carrying amount of equity-accounted securities in SFAM was therefore reduced to zero.
NOTE 9 CONTRACT ASSETS
The change in assets recognised on costs incurred to obtain or execute contracts with customers breaks down as follows:
| 31.03.2025 | 30.09.2025 | |||||
|---|---|---|---|---|---|---|
| (€k) |
Gross | Amort. / Net deprec. | Gross Amort. / deprec. |
Net | ||
| Cost of obtaining contracts | - | - | - | - | - | - |
| Cost of executing contracts | 17,799 | (4,794) | 12,816 | 17,591 | (4,679) | 12,912 |
| Total | 17,799 | (4,794) | 12,816 | 17,591 | (4,679) | 12,912 |
After revising certain assumptions regarding aircraft manufacturer build rates, the recoverable value of certain contracts was adjusted by €0.1 million.
The change in the value of contract assets and liabilities breaks down as follows:
| Contract assets | Contract liabilities | |||||||
|---|---|---|---|---|---|---|---|---|
| (€k) | Retained amount |
Additions | Reversals | Balance | Retained amount |
Additions | Reversals | Balance |
| Total | 17,799 | 754 | (962) | 17,591 | 27,230 | - | (3,667) | 24,114 |
NOTE 10 INVENTORY AND WORK IN PROGRESS
Inventory and work in progress break down as follows:
| (€k) | 31.03.2025 | 30.09.2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Gross | Depreciation | Net | Gross | Depreciation | Net | |||
| Raw materials inventory | 53,216 | (1,523) | 51,693 | 55,766 | (2,301) | 53,465 | ||
| Other supplies inventory | 42,631 | (209) | 42,422 | 42,630 | (181) | 42,449 | ||
| Production and services in progress |
69,069 | (1,028) | 68,042 | 72,574 | (1,222) | 71,352 | ||
| Finished goods inventory | 57,334 | (4,433) | 52,901 | 59,234 | (4,395) | 54,839 | ||
| Total | 222,251 | (7,193) | 215,058 | 230,204 | (8,099) | 222,105 |
Inventories of raw materials rose by €2.5 million mostly due to increased activity.
Inventories of other supplies remained stable.
Inventories of production in progress and finished goods increased for reasons relating to:
- the postponement of certain customer programmes;
- longer production cycles for certain products.
The raw materials inventory includes inventory carried by Aerotrade.
The change in inventory and work in progress breaks down as follows:
| (€k) | Gross | Depreciation | Net |
|---|---|---|---|
| At 31.03.2025 | 222,251 | (7,193) | 215,058 |
| Change over the period | 7,998 | - | 7,998 |
| Net impairment | - | (921) | (921) |
| Transfers | 1,418 | - | 1,418 |
| Translation adjustment | (1,464) | 15 | (1,449) |
| Changes in consolidation scope | - | - | - |
| At 30.09.2025 | 230,204 | (8,099) | 222,105 |
In days of sales, net inventory represented 188 days at 30 September 2025 versus 182 days at 31 March 2025.
NOTE 11 TRADE AND OTHER RECEIVABLES
| 31.03.2025 | 30.09.2025 | ||||||
|---|---|---|---|---|---|---|---|
| (€k) | Gross | Depreciation | Net | Gross | Depreciation | Net | |
| Trade receivables and related accounts |
52,706 | (5,270) | 47,436 | 34,377 | (5,298) | 29,079 | |
| Tax receivables | 2,929 | - | 2,929 | 1,808 | - | 1,808 | |
| Other current assets | |||||||
| Advances and down payments made on orders |
1,616 | - | 1,616 | 1,760 | - | 1,760 | |
| Other receivables | 10,444 | (995) | 9,449 | 15,030 | (169) | 14,861 | |
| Prepaid expenses | 4,837 | - | 4,837 | 5,098 | - | 5,098 | |
| Total other current assets | 16,897 | (995) | 15,902 | 21,889 | (169) | 21,719 | |
| Total | 72,532 | (6,265) | 66,267 | 58,074 | (5,467) | 52,607 |
The change in trade and other receivables breaks down as follows:
| (€k) | Gross | Depreciation | Net | |
|---|---|---|---|---|
| At 31.03.2025 | 72,532 | (6,265) | 66,267 | |
| Change over the period | (13,950) | - | (13,950) | |
| Net impairment | - | 794 | 794 | |
| Translation adjustment | (509) | 5 | (504) | |
| Changes in consolidation scope | - | - | - | |
| At 30.09.2025 | 58,074 | (5,467) | 52,607 |
The Group transfers trade receivables to a factoring company.
Trade receivables transferred to the non-deconsolidating factoring company amounted to €2.1 million at 30 September 2025 versus €18.9 million at 31 March 2025.
Under the factoring agreement, transfers involving the transfer of rights to future cash flows from receivables and the transfer of the risks and benefits associated with ownership of receivables (payment default, risk of late payment and other reasons) resulted in the derecognition of these receivables from the balance sheet in the amount of €47.0 million (€38.7 million at 31 March 2025).
The payment schedule for trade receivables and related accounts is as follows:
| (€k) | 30.09.2025 | Not yet due | <30 days | 31 to 90 days |
90 to 180 days |
181 days to 1 year |
>1 year |
|---|---|---|---|---|---|---|---|
| Trade receivables and related accounts |
30,925 | 11,080 | 3,483 | 2,922 | 2,062 | 5,704 | 5,673 |
| Non-performing trade receivables |
3,452 | - | - | - | - | - | 3,452 |
| Provisions | (5,298) | - | - | - | - | - | (5,298) |
| Net amount | 29,079 | 11,080 | 3,483 | 2,922 | 2,062 | 5,704 | 3,827 |
NOTE 12 CASH AND CASH EQUIVALENTS
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Marketable securities | 9,795 | 4,558 |
| Sight deposits | 74,174 | 81,760 |
| Total | 83,968 | 86,318 |
| Short-term bank overdrafts & advances and similar | (233) | (79) |
| Factoring | (18,926) | (2,089) |
| Net cash in the statement of consolidated cash flows | 64,809 | 84,149 |
The change in cash and cash equivalents breaks down as follows:
(€k)
| At 31.03.2025 | 83,968 |
|---|---|
| Changes over the period | 2,761 |
| Translation adjustments | (412) |
| Changes in consolidation scope | - |
| At 30.09.2025 | 86,318 |
NOTE 13 FAIR VALUE OF FINANCIAL ASSETS
The table below shows the net carrying amount of the Group's financial assets at 30 September 2025 and at 31 March 2025:
| At 30.09.2025 | Balance sheet value | ||||
|---|---|---|---|---|---|
| (€k) | Amortised cost | through profit or Fair value loss |
comprehensive through other Fair value items of income |
Total | |
| Non-current financial assets | 5,803 | - | - | 5,803 | |
| Non-current derivative assets | - | - | 6,560 | 6,560 | |
| Other current assets | 21,719 | - | - | 21,719 | |
| Trade and other receivables | 29,079 | - - |
29,079 | ||
| Cash and cash equivalents | 81,760 | 4,558 | - | 86,318 | |
| Total financial assets | 138,362 | 4,558 | 6,560 | 149,479 |
| At 31.03.2025 | Balance sheet value | ||||
|---|---|---|---|---|---|
| (€k) | Amortised cost | through profit or Fair value loss |
comprehensive through other Fair value items of income |
Total | |
| Non-current financial assets | 5,393 | - | - | 5,393 | |
| Non-current derivative assets | - | - | - | - | |
| Other current assets | 15,902 | - | - | 15,902 | |
| Trade and other receivables | 47,436 | - | - | ||
| Cash and cash equivalents | 74,174 | 9,795 | - | 83,968 | |
| Total financial assets | 142,905 | 9,795 | - | 152,700 |
At 30 September 2025 and at 31 March 2025, the fair value of the Group's financial assets was identical to their net carrying amount.
Fair value of financial assets
The Group used the fair value hierarchy established by IFRS 13 to determine the levels at which financial assets recognised at their fair value should be classified:
- Level 1 "market price": financial instruments that are listed on an active market;
- Level 2 "model with observable inputs": financial instruments measured using valuation techniques based on observable inputs; and
- Level 3 "model with unobservable inputs": financial instruments measured using valuation techniques based for all or part on unobservable inputs; an unobservable input being defined as an input whose value is the result of assumptions or correlations that are based neither on transaction prices observable in markets for the same instrument on the valuation date, nor on observable market data available on the same date.
At 30 September 2025, the Group held the following financial assets recognised at their fair value:
| (€k) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Non-current financial assets | - | - | 5,803 | 5,803 |
| Non-current derivative assets | - | 6,560 | - | 6,560 |
| Other current assets | - | - | 21,719 | 21,719 |
| Trade and other receivables | - | - | 29,079 | 29,079 |
| Cash and cash equivalents | 86,318 | - | - | 86,318 |
| Total at 30.09.2025 | 86,318 | 6,560 | 56,602 | 149,479 |
At 31 March 2025, the Group held the following financial assets recognised at their fair value:
| (€k) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Non-current financial assets | - | - | 5,393 | 5,393 |
| Non-current derivative assets | - | - | - | - |
| Other current assets | - | - | 15,902 | 15,902 |
| Trade and other receivables | - | - | 47,436 | 47,436 |
| Cash and cash equivalents | 83,968 | - | - | 83,968 |
| Total at 31.03.2025 | 83,968 | - | 68,732 | 152,700 |
NOTE 14 DERIVATIVE INSTRUMENTS
14.1 Mark-to-Market (MtM)
The Group faces currency risks as it operates in an international environment and some of its French clients pay their bills in US dollars (USD). US dollar risk is hedged using futures and option tunnels.
Invoices issued by the Group's French companies in USD correspond to 63% of consolidated full-year revenues.
The Group has developed a natural hedging policy by making some of its purchases in USD, mainly its purchases of raw materials, supplies and sub-contracting.
The Group also holds some of its debt in USD.
This year, the Group's natural USD hedge covered around 50% of its exposure.
The Group uses currency hedging and interest-rate hedging instruments to hedge its remaining net exposure.
Interest-rate derivative instruments
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Fair value at beginning of period | 368 | 116 |
| Pre-tax impact on income (loss) | (232) | - |
| Balance sheet impact | (21) | (116) |
| Fair value at end of period | 116 | - |
Foreign exchange derivative instruments
| Bal | ance sheet val | ue | Maturity | |||
|---|---|---|---|---|---|---|
| (€k) | Assets | Liabilities | Notional amount | <1 year | 1 year to 5 years |
>5 years |
| Instruments that do not qualify for hedge accounting: | ||||||
| EUR/USD accumulators | - | (63) | 61,880 | 2,860 | 59,020 | - |
| EUR/USD currency options | - | - | - | - | - | - |
| Cash-flow hedges: | ||||||
| EUR/USD currency futures | 5,810 | - | 100,000 | 77,000 | 23,000 | - |
| EUR/USD currency options | 750 | - | 35,600 | 35,000 | 600 | - |
| Total foreign exchange derivative instruments that qualify for hedge accounting |
6,560 | (63) | 197,480 | 114,860 | 82,620 | - |
Impact of derivative instruments not eligible for hedge accounting:
| (€k) | 31.03.2025 | 30.09.2025 | |
|---|---|---|---|
| Fair value at beginning of period | (19) | - | |
| Pre-tax impact on income (loss) | 19 | (63) | |
| Fair value at end of period | - | (63) |
Impact of future cash flow hedges:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Shareholders' equity - hedging instruments (net of tax) at start of period | (2,412) | (1,108) |
| Effective portion of the fair value adjustment | 1,739 | 8,037 |
| Reclassification to income (loss) | - | - |
| Tax effect on changes during the period | (435) | (2,009) |
| Fair value at end of period | (1,108) | 4,920 |
Breakdown of unrealised gains / losses on derivative instruments:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Unrealised gains and losses on derivative instruments | (9,086) | (7,627) |
| Income (loss) from forex hedging | 19 | (63) |
| Income (loss) from interest-rate hedging | 21 | - |
| Income (loss) from the ORNANE derivative | (8,181) | (7,430) |
| Restatement of treasury shares | (424) | (165) |
14.2 Derivative component of the bond redeemable into cash and/or convertible into new and/or existing shares (ORNANE)
Under IFRS 9, the ORNANE is a bond liability made up of two components:
- A bond component recognised as debt at amortised cost;
- A derivative component recognised as debt at mark-to-market value.
The Group uses the direct method to measure the derivative component of the ORNANE, which is determined by an external expert. The change in the value of this component is recognised in the statement of income.
There were two main reasons for the fair value adjustment of the ORNANE's derivative component recognised during the year. First of all, the Group partially bought back its ORNANEs on the market, which automatically reduced the instrument's outstanding amount and consequently the value of
the associated derivative. Secondly, the Group's share price surged during the period, resulting in a revaluation of the option component for converting the ORNANEs into shares.
Combined, these two elements had an impact on the valuation of the derivative component as described below:
(€m)
| Value of the derivative component at 31 March 2025 | 19.3 |
|---|---|
| Change recognised in the statement of income resulting from the redemption/conversion of ORNANEs | (4.9) |
| Change recognised in the statement of income resulting mainly from the variation in the share price | 12.3 |
| Value of the derivative component at 30 September 2025 | 26.7 |
The values calculated for the bond component and the derivative component are very sensitive to two parameters: the borrowing cost and the yield spread. The Group estimates these parameters in consultation with the external expert who will assess the value of the bond's derivative component. For interpretation purposes, a sensitivity analysis was carried out on the value of the derivative component.
This table shows how the different assumptions for borrowing cost and yield spread affect the Group's statement of income.
Sensitivity
| Borrowing cost / Spread | 450.00 | 550.00 | 650.00 |
|---|---|---|---|
| 0.00% | 571 | (119) | (787) |
| 5.00% | 679 | - | (679) |
| 10.00% | 787 | 98 | (570) |
NOTE 15 SHAREHOLDERS' EQUITY
The Group's primary objective in terms of capital management is to maintain a balance between its shareholders' equity and its debt in order to support its business activity and increase shareholder value.
To maintain or adjust the structure of its shareholders' equity, the Group may propose to pay dividends to its shareholders or carry out further capital increases.
The main ratio monitored by the Group to manage its shareholders' equity is the debt/equity ratio.
The objectives, policies and procedures for managing share capital remained unchanged over the period.
At 30 September 2025, the Share Capital consisted of 44,151,252 shares, of which 33,629,559 had double voting rights.
The par value of one share stood at €0.12.
Liquidity contract – Treasury shares – Share price
Since 13 January 2014, the Company has entrusted TP ICAP (formerly Louis Capital Markets) with implementing a liquidity contract for its shares as part of an agreement that complies with the Code of Ethics of the AMAFI (French association of financial markets). This contract aims to support trading liquidity and the regular trading of shares as well as to avoid share price timing differences that are not justified by market trends.
An initial amount of €2,000,000 was allocated to this liquidity contract.
At 30 September 2025, the Company held 36,196 treasury shares solely under this contract.
Under the share buyback agreement which expired last year, the Company held 3,320 shares at 30 September 2025.
The share price at 30 September 2025 stood at €12.00.
NOTE 16 PROVISIONS
Provisions break down as follows:
| Decreases | |||||||
|---|---|---|---|---|---|---|---|
| (€k) | 31.03.2025 | Increases | Used | Unused | Changes in consolidation scope |
Other | 30.09.2025 |
| Provisions for risks and litigation |
5,600 | 255 | (248) | - | - | - | 5,607 |
| Provisions for restructuring | - | - | - | - | - | - | - |
| Provisions for loss-making contracts |
1,141 | - | - | - | - | - | 1,141 |
| Other provisions | - | - | - | - | - | - | - |
| Total provisions | 6,741 | 255 | (248) | - | - | - | 6,748 |
Non-current provisions mainly consist of:
- Provisions for social risks and labour litigation: €1,329 thousand;
- Provisions for customer litigation: €4,260 thousand;
- Provisions for loss-making contracts: €1,141 thousand.
With no specific guidelines set out in IFRS 15, provisions are set aside for loss-making customer contracts in accordance with IAS 37 applicable to onerous contracts. The amount to be provisioned corresponds to the surplus of unavoidable costs over and above the economic benefits expected from the contract.
NOTE 17 EMPLOYEE BENEFITS
Pension liabilities
Pursuant to IAS 19 "Employee benefits", the purpose of the provision for pensions recognised as liabilities in the balance sheet is to record the pension benefits of employees vesting at the end of the period. Pension liabilities are fully provisioned and not covered by dedicated plan assets.
The assumptions used in the calculations for French companies are as follows:
- a retirement age of 67 years;
- reference to the INSEE 2024 mortality table;
- an average salary increase rate of 1.5%;
- a staff turnover rate depending on the company and employee status (managerial or nonmanagerial);
- a discount rate of 3.5%.
A sensitivity analysis of changes in the discount rate shows that:
- a +1% variation in the discount rate would have a negative impact of €(418) thousand on consolidated income (loss);
- a -1% variation in the discount rate would have a positive impact of €509 thousand on consolidated income (loss).
The change in gross liabilities is as follows:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Liabilities at beginning of period | 1,766 | 2,019 |
| Change in accounting policy - IAS 19 | - | - |
| Cost of services rendered | 152 | 177 |
| Interest expense | 60 | 72 |
| Actuarial gains or losses | 41 | 792 |
| Liabilities at end of period | 2,019 | 3,060 |
Long-service awards
The assumptions used in the calculations for French companies are as follows:
- a retirement age of 67 years;
- reference to the INSEE 2024 mortality table;
- an average salary increase rate of 1.5%;
- a staff turnover rate depending on the company and employee status (managerial or nonmanagerial);
- a discount rate of 3.5%.
The change in gross liabilities is as follows:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Liabilities at beginning of period | 82 | 95 |
| Change in accounting policy - IAS 19 | - | - |
| Cost of services rendered | 6 | 7 |
| Interest expense | 3 | 3 |
| Actuarial gains or losses | 4 | 16 |
| Liabilities at end of period | 95 | 121 |
NOTE 18 INTEREST-BEARING AND NON-INTEREST-BEARING FINANCIAL LIABILITIES
Interest-bearing and non-interest-bearing financial liabilities include the following:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Bond issues (ORNANEs) | 33,788 | 24,375 |
| Other bond issues | 27,378 | 74,491 |
| Loans from credit institutions | 207,206 | 198,888 |
| Lease liabilities | 21,485 | 18,698 |
| Repayable advances | - | 764 |
| Other financial liabilities | 1,266 | 1,148 |
| Accrued interest not yet due | 1,800 | 1,398 |
| Total non-current financial liabilities | 292,924 | 319,763 |
| Bond issues (ORNANEs) | - | - |
| Other bond issues | - | - |
| Loans from credit institutions | 29,051 | 29,930 |
| Lease liabilities | 8,432 | 8,171 |
| Repayable advances | 5,926 | 4,661 |
| Other financial liabilities | 23 | 23 |
| Short-term bank overdrafts & advances and similar | 233 | 79 |
| Factoring | 18,926 | 2,089 |
| Total current financial liabilities | 62,591 | 44,954 |
| Total financial liabilities | 355,515 | 364,717 |
On 18 October 2017, FIGEAC AÉRO issued 3,888,025 bonds redeemable into cash and/or convertible into new and/or existing shares (ORNANEs) for a nominal amount of €25.72 each, i.e. a total nominal amount of €100 million. The ORNANEs were issued with a maturity date of 18 October 2022 and yielding interest at a rate of 1.125%
The Group repurchased 454,310 ORNANEs, in order to cancel them, during the financial periods ended prior to its financial restructuring.
Some 777,605 ORNANEs were repurchased over the course of 2022 for the purposes of the Group's financial restructuring, while the remaining bonds formed part of its debt restructuring arrangements. The new maturity date is 18 October 2028. Since the restructuring, 1,617,547 ORNANEs have either been repurchased or converted, of which 411,189 during this half-year period.
The bonds yield interest at a rate of 1.75% following the 62.5-basis point increase agreed on when the maturity date was extended. ORNANEs are considered to be hybrid instruments containing an equity component and a debt component.
The "Other bond issues" item consists of the €60 million bond and the bonds issued by the consolidated entity, SPV.
The outstanding amount of the transaction with Aerotrade is not included in interest-bearing financial liabilities.
The change in this item breaks down as follows:
(€k)
| At 31.03.2025 | 355,515 |
|---|---|
| Increase in long-term borrowings | 68,727 |
| Decrease in long-term borrowings | (41,661) |
| Change in short-term financing | (151) |
| Total changes resulting from cash flows | 26,914 |
| Net change in lease liabilities | (2,980) |
| Accrued interest | (402) |
| Change in short-term financing | (16,837) |
| Capitalisation of bond interest payments | 1,505 |
| Translation adjustments | (594) |
| Fair value adjustment of liabilities hedged using interest-rate instruments | 1,194 |
| Repayable advance converted into a grant | - |
| Total non-cash changes | (18,115) |
| At 30.09.2025 | 364,717 |
The table below shows the net carrying amount of the Group's financial liabilities at 30 September 2025 and at 31 March 2025:
| (€k) | 31.03.2025 | Cash flows | Fair value adjustment |
Change in scope of consolidation |
Currency effects |
Other changes |
Non-cash total |
30.09.2025 |
|---|---|---|---|---|---|---|---|---|
| Bond issues (ORNANEs) |
33,788 | (11,142) | 1,728 | - | - | - | 1,728 | 24,375 |
| Other bond issues | 27,378 | 45,951 | (343) | - | - | 1,505 | 1,162 | 74,491 |
| Loans from credit institutions |
236,257 | (7,125) | (192) | - | (525) | - | (717) | 228,415 |
| Lease liabilities | 29,916 | - | - | - | (66) | (2,980) | (3,047) | 26,869 |
| Repayable advances |
5,926 | (501) | - | - | - | - | - | 5,425 |
| Other financial liabilities |
1,289 | (118) | - | - | - | - | - | 1,171 |
| Accrued interest not yet due |
1,800 | - | - | - | - | (402) | (402) | 1,398 |
| Short-term bank overdrafts & advances and similar |
233 | (152) | - | - | (2) | - | (2) | 79 |
| Factoring | 18,926 | - | - | - | - | (16,837) | (16,837) | 2,089 |
| Total non-current interest-bearing financial liabilities |
355,513 | 26,914 | 1,194 | - | (594) | (18,714) | (18,114) | 364,717 |
Analysis of interest-bearing and non-interest-bearing financial liabilities by maturity (local currencies converted into euros):
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| <1 year | 62,245 | 44,954 |
| >1 year and <5 years | 281,565 | 298,702 |
| 5 years and more | 11,705 | 21,061 |
| Total | 355,515 | 364,717 |
Breakdown of liabilities by currency (local currencies converted into euros):
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| EUR | 336,185 | 346,887 |
| TND | 78 | 1,411 |
| MAD | 6,443 | 5,936 |
| USD | 12,808 | 10,482 |
| Total | 355,515 | 364,717 |
Analysis of interest-bearing financial liabilities by interest rate (local currencies converted into euros):
| (€k) | 31.03.2025 | % | 30.09.2025 | % |
|---|---|---|---|---|
| Fixed rate | 271,281 | 77 % | 293,032 | 81% |
| Floating rate | 82,386 | 23 % | 68,323 | 19% |
| Total | 353,667 | 100% | 361,355 | 100% |
Analysis of financial liabilities with covenants by interest rate (local currencies converted into euros):
All covenants on borrowings must be audited at the end of each half-year period. Covenants apply to 70% of borrowings, i.e. €255,156 thousand.
Borrowings with covenants at 30 September 2025 are described in the table below:
| (€k) | Type of credit | Fixed rate | Floating rate | capital due at Remaining 30/09/2025 |
Maturity | Covenant |
|---|---|---|---|---|---|---|
| Conventional credit | 1-month Euribor + spread | 223,009 | 30/09/28 | (1)(2) | ||
| Conventional credit | 1-year Euribor + spread | 32,147 | 30/09/28 | (1)(2) | ||
| Total | 255,156 |
(1) Net debt / EBITDA > 4.3
These covenants were complied with at 30 September 2025.
(2) Group cash position > 70
NOTE 19 CONTRACT LIABILITIES
Contract liabilities break down as follows:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Advances and down-payments received | 20,639 | 19,617 |
| Deferred income | 7,091 | 4,497 |
| Total | 27,730 | 24,114 |
FIGEAC AÉRO arranged permanent advances with two of its key customers in late September 2024. FIGEAC AÉRO will thus receive advances from these customers, which will then be deducted from the payments made on sales invoices to be issued for the delivery of products manufactured as part of a firm order. These advances correspond to the definition of a contract liability under IFRS 15.
NOTE 20 TRADE AND OTHER PAYABLES
Trade and other payables break down as follows:
| (€k) | 31.03.2025 | Changes over the period |
Changes in consolidation scope |
Translation adjustments |
Transfers | 30.09.2025 |
|---|---|---|---|---|---|---|
| Trade payables | 108,471 | (3,097) | - | (708) | - | 104,666 |
| Payables on fixed assets and related accounts |
1,726 | (10) | - | (0) | - | 1,716 |
| Total trade and other payables |
110,197 | (3,107) | - | (709) | - | 106,381 |
| Tax liabilities | 5,315 | 2,162 | - | (80) | - | 7,397 |
| Other current liabilities | ||||||
| Advances and down payments received on orders |
30,182 | (3,238) | - | (267) | 2,439 | 29,116 |
| Social security liabilities |
27,997 | (1,932) | - | (77) | - | 25,988 |
| Other payables | 6,157 | (1,525) | - | (22) | - | 4,610 |
| Deferred income | 9,125 | (3,903) | - | (62) | (1,567) | 3,593 |
| Total other current liabilities |
73,462 | (10,599) | - | (428) | 872 | 63,306 |
| Total | 188,973 | (11,544) | - | (1,217) | 872 | 177,084 |
NOTE 21 OVERVIEW OF FINANCIAL LIABILITIES
The table below shows the net carrying amount of the Group's financial liabilities at 30 September 2025 and at 31 March 2025:
At 30.09.2025 Balance sheet value
| (€k) | Amortised cost | Fair value through profit or loss |
Fair value through other items of comprehensive income |
Total |
|---|---|---|---|---|
| Non-current interest-bearing financial liabilities |
319,763 | - | - | 319,763 |
| Current interest-bearing financial liabilities |
44,954 | - | - | 44,954 |
| Non-current derivative liabilities | - | 26,728 | - | 26,728 |
| Current derivative liabilities | - | - | - | - |
| Other liabilities | - | - | - | - |
| Trade and other payables | 169,687 | - | - | 169,687 |
| Total financial liabilities | 534,404 | 26,728 | - | 561,132 |
At 31.03.2025 Balance sheet value
| (€k) | Amortised cost | Fair value through profit or loss |
Fair value through other items of comprehensive income |
Total |
|---|---|---|---|---|
| Non-current interest-bearing financial liabilities |
292,924 | - | - | 292,924 |
| Current interest-bearing financial liabilities |
62,591 | - | - | 62,591 |
| Non-current derivative liabilities | - | 20,627 | - | 20,627 |
| Current derivative liabilities | - | - | - | - |
| Other liabilities | - | - | - | - |
| Trade and other payables | 183,658 | - | - | 183,658 |
| Total financial liabilities | 539,173 | 20,627 | - | 559,800 |
At 30 September 2025 and at 31 March 2025, the fair value of the Group's financial liabilities was identical to their net carrying amount.
The Group used the fair value hierarchy described in Note 13 to determine the levels at which financial liabilities recognised at their fair value should be classified.
At 30 September 2025, the Group held the following financial liabilities recognised at their fair value:
| (€k) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Non-current interest-bearing financial liabilities | - | - | 319,763 | 319,763 |
| Current interest-bearing financial liabilities | - | - | 44,954 | 44,954 |
| Non-current derivative liabilities | - | 26,728 | - | 26,728 |
| Current derivative liabilities | - | - | - | - |
| Other liabilities | - | - | - | - |
| Trade and other payables | - | - | 169,687 | 169,687 |
| Total | - | 26,728 | 534,404 | 561,132 |
At 31 March 2025, the Group held the following financial liabilities recognised at their fair value:
| (€k) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Non-current interest-bearing financial liabilities | - | - | 292,924 | 292,924 |
| Current interest-bearing financial liabilities | - | - | 62,591 | 62,591 |
| Non-current derivative liabilities | - | 20,627 | - | 20,627 |
| Current derivative liabilities | - | - | - | - |
| Other liabilities | - | - | - | - |
| Trade and other payables | - | - | 183,658 | 183,658 |
| Total | - | 20,627 | 539,173 | 559,800 |
<-- PDF CHUNK SEPARATOR -->
NOTE 22 REVENUE
Breakdown of revenue by business segment
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Aerostructures & Aeroengines | 184,664 | 199,276 |
| Diversification Activities | 15,293 | 15,991 |
| Total | 199,957 | 215,266 |
Breakdown of revenue by region
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| France | 110,546 | 131,909 |
| Export | 89,411 | 83,357 |
| Total | 199,957 | 215,266 |
NOTE 23 SEGMENT INFORMATION
In accordance with IFRS 8, the information provided by business segment is based on the approach taken by Group Management, meaning the manner in which Group Management allocates resources depending on how well the different segments perform. The Group presents information on two segments which offer distinct products and services and are managed separately insofar as they require different technological and commercial strategies.
Breakdown of Group companies by business segment
Aerostructures & Aeroengines
| Figeac Aéro SA | Manufacturing of structural parts | Europe | France |
|---|---|---|---|
| SCI Remsi | Real estate activity | Europe | France |
| SN Auvergne Aéronautique | Manufacturing of structural parts | Europe | France |
| FGA Group Services | Services company | Europe | France |
| SPV | Inventory holding company | Europe | France |
| SARL FGA Tunisie | Manufacturing of structural parts | Africa | Tunisia |
| Figeac Aéro Maroc | Manufacturing of structural parts | Africa | Morocco |
| Casablanca Aéronautique | Manufacturing of structural parts | Africa | Morocco |
| Figeac Tunisia Process | Services company | Africa | Tunisia |
| Egima | Real estate activity | Africa | Morocco |
| FGA North America Inc | Precision machining and surface treatment | North America | USA |
| FGA Picardie SAS | On-site and workshop assembly of aerospace sub-assemblies |
Europe | France |
| SCI Mexique | Real estate activity | North America | Mexico |
| Diversification Activities | |||
| M.T.I. SAS | General engineering and heavy sheet metal manufacturing |
Europe | France |
| Ateliers Tofer | General engineering and heavy sheet metal manufacturing |
Europe | France |
| Tofer Holding | Services company | Europe | France |
| Tofer Service Industries | Services company | Europe | France |
| Tofer Europe Service | General engineering and heavy sheet metal manufacturing |
Europe | Romania |
| Tofer Immobilier | Real estate activity | Europe | France |
| Mecabrive Industries SAS | Precision machining and surface treatment | Europe | France |
| Mat Formation | Services company | Europe | France |
23.1. Consolidated operating income (loss) by activity
| Aerostructures & Aeroengines | Diversification Activities | |||
|---|---|---|---|---|
| (€k) | 30.09.2024 | 30.09.2025 | 30.09.2024 | 30.09.2025 |
| Total revenue | 185,290 | 200,149 | 17,524 | 18,662 |
| Of which intersegment sales | 626 | 873 | 2,231 | 2,671 |
| Revenue | 184,664 | 199,276 | 15,293 | 15,991 |
| Other income | 2,108 | 1,517 | 40 | 357 |
| Change in inventories of finished goods and WIP |
6,340 | 3,106 | 359 | 780 |
| Cost of bought-in goods and services over the year and external expenses |
(124,640) | (128,009) | (7,473) | (8,282) |
| Personnel expenses | (42,692) | (45,057) | (7,367) | (7,833) |
| Taxes and duties | (1,245) | (1,573) | (116) | (138) |
| Net depreciation, amortisation and provisions | (18,872) | (21,495) | (1,464) | (1,418) |
| Current operating income (loss) | 5,664 | 7,765 | (728) | (543) |
| Other non-recurring operating income and expenses |
(2,363) | (1,003) | 50 | (58) |
| Share of net income (loss) of joint ventures | (249) | (497) | - | - |
| Operating income (loss) | 3,052 | 6,265 | (678) | (601) |
Aerostructures & Aeroengines:
The growth momentum in the Aero activities was mostly attributable to higher build rates on Airbus programmes and the LEAP engine programme. Increased business activity, combined with careful management of fixed costs and a solution found to a major source of losses in the Mexican subsidiary, pushed the Aerostructures & Aeroengines division's operating margin upwards.
Diversification Activities:
The Diversification Activities division's revenue and margin remained stable despite a temporary disruption at the Brive facility.
23.2. Statement of consolidated financial position by activity
| ASSETS | Aerostructures & Aeroengines | Diversification Activities | ||
|---|---|---|---|---|
| (€k) | 31.03.2025 | 30.09.2025 | 31.03.2025 | 30.09.2025 |
| Intangible assets | 97,712 | 102,315 | 2,778 | 3,348 |
| Property, plant and equipment | 120,876 | 125,561 | 5,878 | 6,561 |
| Other fixed assets | 56,753 | 74,713 | 5,065 | 5,407 |
| Fixed assets | 275,341 | 302,589 | 13,722 | 15,315 |
| Inventory and work in progress | 187,062 | 205,588 | 16,585 | 16,517 |
| Trade and other receivables | 32,941 | 27,299 | 1,395 | 1,780 |
| Other assets | 116,039 | 116,693 | 6,638 | 6,064 |
| Current assets | 336,042 | 349,580 | 24,618 | 24,361 |
| TOTAL ASSETS | 611,383 | 652,169 | 38,339 | 39,677 |
| LIABILITIES | Aerostructures & Aeroengines | Diversification Activities | ||
|---|---|---|---|---|
| (€k) | 31.03.2025 | 30.09.2025 | 31.03.2025 | 30.09.2025 |
| Provisions | 7,534 | 9,489 | 731 | 423 |
| Non-current interest-bearing financial liabilities | 305,486 | 314,111 | 6,626 | 5,651 |
| Other non-current liabilities | 6,394 | 43,417 | 387 | 356 |
| Non-current liabilities | 319,414 | 367,017 | 7,744 | 6,430 |
| Current interest-bearing financial liabilities | 52,354 | 41,158 | 2,077 | 3,796 |
| Trade and other payables | 82,644 | 98,948 | 7,019 | 7,434 |
| Other liabilities | 112,651 | 87,095 | 7,816 | 7,722 |
| Current liabilities | 247,649 | 227,200 | 16,912 | 18,952 |
| TOTAL LIABILITIES | 567,063 | 594,218 | 24,656 | 25,382 |
NOTE 24 BREAKDOWN OF OTHER COMPONENTS OF OPERATING INCOME (LOSS)
Other income
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Research tax credit | 1,203 | 1,252 |
| Operating grants | 367 | 306 |
| Other operating income | 578 | 316 |
| Total | 2,148 | 1,874 |
Cost of bought-in goods and services over the period and external expenses
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Supplies, raw materials and other | (94,082) | (95,926) |
| Goods for resale | ||
| Change in inventory | 7,103 | 3,996 |
| Contract assets | (110) | 348 |
| Subcontracting | (17,539) | (20,451) |
| Purchases not held in inventory | (8,899) | (7,971) |
| External services | (18,587) | (16,286) |
| Total | (132,113) | (136,291) |
Personnel expenses
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Wages and salaries | (37,543) | (42,315) |
| Payroll taxes | (9,879) | (9,549) |
| Temping staff expenses | (2,546) | (787) |
| Other payroll expenses | (1,434) | (1,656) |
| Operating expenses transferred (presented as a reduction in personnel expenses) |
1,343 | 1,417 |
| Total | (50,059) | (52,890) |
Net depreciation, amortisation and provisions
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Net depreciation and amortisation charges | ||
| on intangible assets | (8,211) | (8,378) |
| on property, plant and equipment | (9,623) | (9,273) |
| on finance leases | (3,412) | (3,421) |
| on right-of-use assets | (1,014) | (1,482) |
| Share of grants transferred to the statement of income | 615 | 638 |
| Total net depreciation and amortisation charges | (21,644) | (21,915) |
| Total net provisions | 1,309 | (998) |
| Net depreciation, amortisation and provisions | (20,336) | (22,913) |
Other non-recurring operating income and expenses
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Reversals of non-current provisions | 3 | - |
| Other non-recurring income | 790 | 165 |
| Capital gains / losses from asset disposals | 118 | (318) |
| Allocations to non-current provisions | (1) | (4) |
| Other non-recurring expenses | (3,224) | (904) |
| Total | (2,313) | (1,061) |
NOTE 25 COST OF NET DEBT
| (€k) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Financial income | 332 | 293 |
| Financial expenses - borrowings | (7,526) | (6,977) |
| Financial expenses - factoring | (669) | (847) |
| Interest expense on lease liabilities | (724) | (980) |
| Additional financial expenses under IFRS 9 | (1,433) | (1,739) |
| Other financial expenses | 307 | (2,507) |
| Financial expenses | (10,045) | (13,049) |
| Cost of net debt | (9,713) | (12,756) |
The average debt rate for the financial period ended 30 September 2025 was 7.0% versus 5.5% for the financial period ended 30 September 2024.
On cancelling or converting ORNANEs, the additional expense resulting from the EIR was reversed. This expense is usually spread over the remaining duration of the underlying debt and corresponds to €1.2 million.
Stripping out the one-off and non-cash effect of this cancellation, the average debt rate was 5.8% versus 5.5% for the financial period ended 30 September 2024.
NOTE 26 TAX
Reconciliation between theoretical tax and effective tax
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Income (loss) for the year | 3,600 | (17,436) |
| Current tax income (expense) | (426) | (608) |
| Provisions for tax | - | - |
| Deferred tax income (expense) | 10,455 | 2,140 |
| Total tax income (expense) | 10,028 | 1,532 |
| Profit (loss) before tax | (6,428) | (18,968) |
| Legal tax rate of the parent company | 25% | 25.0% |
| Theoretical tax | 1,607 | 4,742 |
| Impact of permanent differences | - | - |
| Impact of tax loss carryforwards | 7,843 | (3,450) |
| Impact of changes in tax rates | - | - |
| Impact of overseas tax rates | 163 | 95 |
| Impact of tax credits | 235 | 284 |
| Other impacts | 180 | (139) |
| Total tax income (expense) | 10,028 | 1,532 |
| Effective tax rate | N/A | N/A |
Deferred tax assets and liabilities
Deferred taxes are recognised using the balance sheet liability method.
The change in deferred taxes was as follows:
| (€k) | 31.03.2025 | 30.09.2025 |
|---|---|---|
| Deferred tax assets | 11,426 | 23,405 |
| Deferred tax liabilities | (164) | (949) |
| Opening deferred taxes | 11,262 | 22,456 |
| Deferred taxes recognised in the statement of income | 10,455 | 2,140 |
| Deferred taxes recognised directly in shareholders' equity | (400) | (1,799) |
| Transfers | 1,140 | - |
| Translation adjustments | (1) | (1) |
| Changes in consolidation scope | - | - |
| Closing deferred taxes | 22,456 | 22,796 |
| of which deferred tax assets | 23,405 | 23,523 |
| of which deferred tax liabilities | (949) | (727) |
The main types of deferred taxes were as follows:
| (€k) | 31.03.2025 | 30.09.2025 | |
|---|---|---|---|
| Property, plant and equipment and intangible assets | (5,925) | (6,016) | |
| Financial instruments | 4,984 | 4,957 | |
| Employee benefits | 528 | 795 | |
| Regulatory provisions | - | - | |
| Capitalisation of tax losses | 22,606 | 22,606 | |
| Construction contracts under IAS 11 / IFRS 15 | 393 | 278 | |
| Other | 116 | 175 | |
| Net deferred tax assets / (deferred tax liabilities) | 22,456 | 22,796 |
Tax loss carryforwards
The Group expects to generate profits in the coming years as FIGEAC AÉRO's key customers have increased their build rates. Some of the Group's companies have accumulated a stock of tax losses in recent years, which means that the Group will probably generate tax savings as a result of these tax losses. The Group has therefore opted, in accordance with IAS 12, to make use of deferred tax assets in the amount of €22.6 million. The Group did not use any further tax loss carryforwards during the half-year period.
NOTE 27 EARNINGS PER SHARE
| (in number of shares / in €) | 30.09.2024 | 30.09.2025 |
|---|---|---|
| Average number of outstanding shares | 41,393,044 | 43,366,825 |
| Treasury shares | 448,347 | 39,516 |
| Weighted average number of shares | 40,944,697 | 43,327,309 |
| Stock option plan | - | - |
| Potential conversion of ORNANEs into shares | 9,030,774 | 4,129,956 |
| Earnings (group share) in euros | (4,396,989) | (17,845,762) |
| Earnings per share | (0.11) | (0.41) |
| Diluted earnings per share | (0.11) | (0.41) |
Treasury shares
| (€k) | 31.03.2025 | 30.09.2025 | |
|---|---|---|---|
| Liquidity agreement | 114,924 | 36,196 | |
| Share buyback plan | 333,423 | 3,320 | |
| Total | 448,347 | 39,516 |
NOTE 28 WORKFORCE
| (€k) | 31.03.2025 | 30.09.2025 | |
|---|---|---|---|
| Headcount - France | 1,564 | 1,593 | |
| Headcount - outside France | 1,798 | 1,989 | |
| Total10 | 3,362 | 3,582 |
The workforce at 30 September 2025 breaks down by business segment as follows:
| (In number of employees) | Managerial staff | Non-managerial staff | Total |
|---|---|---|---|
| Aerostructures & Aeroengines | 322 | 2,919 | 3,241 |
| Diversification Activities | 49 | 292 | 341 |
| Total10 | 371 | 3,211 | 3,582 |
61
10 Data excluding temping staff and persons working in Mexico who are associated with FIGEAC AÉRO via a shelter programme. Economically, the Group employs a workforce of more than 3,800 people.
NOTE 29 OFF-BALANCE SHEET COMMITMENTS AND CONTINGENT LIABILITIES
Commitments received by the Group at the end of the financial period were as follows:
| 30.09.2025 | 31.03.2025 | ||||
|---|---|---|---|---|---|
| (€k) | <1 year | 1 to 5 years | >5 years | Total | Total |
| Pledges, mortgages and collateral securities |
16,823 | 110,454 | - | 115,178 | 149,010 |
| Total | 16,823 | 110,454 | - | 115,178 | 149,010 |
Guarantees received consisted of:
- guarantees on State-guaranteed loans (PGE) corresponding to 90% of the outstanding amount;
- guarantees on BPI export pre-financing credit contracts corresponding to 50% of the outstanding amount.
Commitments given by the Group at the end of the financial period were as follows:
| 30.09.2025 | 31.03.2025 | ||||
|---|---|---|---|---|---|
| (€k) | <1 year | 1 to 5 years | >5 years | Total | Total |
| Pledges, mortgages and collateral securities |
4,724 | 97,305 | 7,832 | 109,861 | 40,397 |
| Total | 4,724 | 97,305 | 7,832 | 109,861 | 40,397 |
NOTE 30 RELATED PARTIES
Related parties of the FIGEAC AÉRO Group are defined in accordance with IAS 24 and presented below with details of the transactions carried out at 30 September 2025.
Related parties are defined as such due to the equity investments made by Jean-Claude Maillard in MP USICAP and Avantis Engineering. Jean-Claude Maillard, Chairman and Chief Executive Officer of FIGEAC AÉRO, is also the chairman of the Union Sportive Montalbanaise, so this association is considered a related party.
Related-party transactions
Permanent services cover the following areas:
- legal, accounting and administrative assistance;
- programming services for production equipment;
- sub-assembly study services; and
- sponsorships.
| (€k) | Income | Expenses | Receivables | Payables |
|---|---|---|---|---|
| MP USICAP | 92 | (612) | (3) | (1,379) |
| AVANTIS ENGINEERING | - | - | - | (23) |
| AVANTIS MANUFACTURING | - | (15) | - | (17) |
| AVANTIS PROJECT | - | (28) | - | (20) |
| AVANTIS Concept | - | (31) | - | - |
| UNION SPORTIVE MONTALBANAISE | - | - | - | - |
| Total | 92 | (685) | (3) | (1,440) |
NOTE 31 EVENTS AFTER THE CLOSING DATE
The Group carried out a capital increase on 27 October 2025 by issuing 166,353 new shares created from the conversion of convertible bonds into ordinary shares.
4
Statutory auditors' report on the interim financial information (in French only)
Figeac Aéro
ZI de L'Aiguille - 46100 Figeac
Rapport des commissaires aux comptes sur l'information financière semestrielle 2026
Période du 1er avril 2025 au 30 septembre 2025
Mesdames, Messieurs les Actionnaires,
En exécution de la mission qui nous a été confiée par votre Assemblée générale et en application de l'article L.451-1-2 III du Code monétaire et financier, nous avons procédé à :
- l'examen limité des comptes semestriels consolidés condensés de la société, relatifs à la période du 1er avril 2025 au 30 septembre 2025, tels qu'ils sont joints au présent rapport ;
- la vérification des informations données dans le rapport semestriel d'activité.
Ces comptes semestriels consolidés condensés ont été établis sous la responsabilité du conseil d'administration. Il nous appartient, sur la base de notre examen limité, d'exprimer notre conclusion sur ces comptes.
I - Conclusion sur les comptes
Nous avons effectué notre examen limité selon les normes d'exercice professionnel applicables en France.
Un examen limité consiste essentiellement à s'entretenir avec les membres de la direction en charge des aspects comptables et financiers et à mettre en œuvre des procédures analytiques. Ces travaux sont moins étendus que ceux requis pour un audit effectué selon les normes d'exercice professionnel applicables en France. En conséquence, l'assurance que les comptes, pris dans leur ensemble, ne comportent pas d'anomalies significatives obtenue dans le cadre d'un examen limité est une assurance modérée, moins élevée que celle obtenue dans le cadre d'un audit.
Sur la base de notre examen limité, nous n'avons pas relevé d'anomalies significatives de nature à remettre en cause la conformité des comptes semestriels consolidés condensés avec la norme IAS 34, norme du référentiel IFRS tel qu'adopté dans l'Union européenne relative à l'information financière intermédiaire.
II - Vérification spécifique
Nous avons également procédé à la vérification des informations données dans le rapport semestriel d'activité commentant les comptes semestriels consolidés condensés sur lesquels a porté notre examen limité.
Nous n'avons pas d'observation à formuler sur leur sincérité et leur concordance avec les comptes semestriels consolidés condensés.
Labège, le 23 décembre 2025 Labège, le 23 décembre 2025
KPMG SA Forvis Mazars
Mathieu Leruste Delphine Gardinal François Jayr
Associé Associée Associé