- Revenues of €756.7 million representing a continued growth of +7.2% (9.7% underlying growth, excluding the effects of the disposal of MADES in August 2025), driven by the strong ramp-up of customer demand and production plus the execution of commercial initiatives.
- Recurring EBITDA from continuing operations of €39.4 million; a significant improvement from 2024 Recurring EBITDA of €25.7million. This reflects the operational leverage coming from volume growth, and execution of the commercial measures tackling inflation.
- Cash flows from continuing operations turned positive at €10.5 million, an important inflexion point for the Group.
- Latecoere continues to invest in its platform, people, and a resilient business model, aligning with customer needs through quality and on-time delivery.
Regulatory News:
Latecoere (Paris:LAT), a Tier 1 supplier to major international aircraft manufacturers, announced that the Board of Directors approved Latecoere's financial statements for the year ended December 31, 2025.
André-Hubert Roussel, Group Chief Executive Officer, stated: "Our 2025 results mark a decisive step forward for Latecoere. With strong revenue growth, significant improvement in recurring EBITDA, and a return to positive operating cash flow, we are beginning to see the tangible impact of the actions we initiated to support OEM ramp-ups, strengthen our customer service and aftermarket activities, and reinforce our operational and financial discipline. These achievements reflect the commitment of our teams and the trust of our customers in a demanding and fast-evolving aerospace environment. Thanks to the divestment of MADES and improved operational performance, we have been able to reduce our net indebtedness and consequently strengthen our balance sheet as we move into 2026.
Looking ahead, Latecoere will build on its core strengths and will reinforce its ambition to be the long-term partner of choice for OEMs, MROs, and airlines worldwide, and will reflect this in our strategic roadmap. The progress achieved in 2025 gives us the momentum and confidence to execute this strategy with discipline. As we move into 2026, we will continue strengthening the foundations that underpin our long-term performance deploying best-in-class standards, accelerating digital and operational excellence, and advancing the efficiency and innovation of our production processes while monitoring carefully liquidity and key operating metrics of the Group. These efforts position us to build a more resilient and efficient Group, fully prepared to seize future opportunities and deliver sustainable value to all our stakeholders."
2025 Full year Results
Group
| Dec 31, 2024 | Dec 31, 2025 | ||
Revenue | 705,8 | 756,7 | ||
Reported growth | 13,4% | 7,2% | ||
Organic growth | 14,1% | 9,7% | ||
Recurring EBITDA | 25,7 | 39,4 | ||
Recurring EBITDA margin on revenue | 3,6% | 5,2% | ||
Operating free cash flows from continuing operations* | (7,4) | 10,5 | ||
Net Cash Flow | (25,7) | (2,7) | ||
Cash and cash equivalents | 59,4 | 56,7 | ||
Net Debt** | 170,9 | 151,3 | ||
* Excluding MADES disposal | ||||
** Net Debt is stated excluding RMF of 7.2 m€ |
Latecoere's unaudited financial results for the year ended December 31, 2025, reflects the general increased level of production in the aeronautical sector as a whole. Revenues amounted to €756.7 million, up €50.9 million or +7.2% on a reported basis. Underlying revenue growth was 9.7%, excluding the effects of the disposal of MADES in August 2025. This underlying increase in revenues was driven by higher production rates from OEMs, additional revenue from new business wins and the conclusion of commercial initiatives to offset inflation.
The Group reported a recurring EBITDA for 2025 of €39.4 million, a 53% improvement compared to the €25,7 million reported in 2024. This was mainly driven by the continued operating leverage from increased volumes, and the positive benefits coming from both operational and commercial initiatives undertaken by the Group. These positive benefits are still being partly offset by continued inflationary pressures and ongoing supply chain disruptions during the ramp up of the operations.
Latecoere's net financial result amounted to €(25.9) million in 2025, compared with €(14.8) million in 2024, reflecting net interest cost on the PGE loans and other indebtedness outstanding during the year and higher unrealised exchange losses on foreign currency denominated debt.
The Group's net result for 2025 amounted to €(32.1) million, compared with €(60.6) million for 2024.
Operating free cash flow from continuing operations amounting to €10.5 million primarily reflects:
- The recurring EBITDA of €39.4 million.
- Non-recurring cash costs of €7.1 million primarily related to the ongoing transfers of work and related restructuring.
- Further investments of €12.3 million into capital expenditures.
- A net decrease in total working capital of €2.3 million; and
- Tax payments of €5.5 million
At the end of 2025, cash and cash equivalent stood at €56.7 million. The net debt at the end of December 2025 stood at €151.3 million (excluding the Retour a Meilleur fortune ('RMF') obligation of €7.2 million).
As of December 2025, the hedging portfolio amounted to $656 million at an average EUR/USD rate of 1.1644. Since December 31, 2025, the Group has continued to put in place hedges for 2026 to 2027 at attractive terms.
Aerostructures
Revenue for Latecoere's Aerostructures Division increased by +10.4% on a reported basis vs 2024. The segment's activity benefited from increased production rates and the benefit of commercial initiatives concluded in late 2024 plus growth in our aftermarket spares business.
The division's recurring EBITDA amounted to €12.9 million, representing a significant growth from the €(1.8) million loss reported in the prior year. This reflects the operating leverage from the volume increase, tight costs control, and better commercial terms and conditions achieved with customers plus growth in our Latecoere Services business (aftermarket spares).
The division's operating free cash-flows amounted to €(2.1) million, a significant improvement over prior year reflecting the improving EBITDA and working capital reduction.
Aerostructures
| Dec 31, 2024 | Dec 31, 2025 | ||
Consolidated revenue | 427,1 | 471,6 | ||
Reported growth | 12,1% | 10,4% | ||
Recurring EBITDA | (1,8) | 12,9 | ||
Recurring EBITDA margin on revenue | -0,4% | 2,7% | ||
Interconnection Systems
Revenues of €292.2 million a growth of 1% compared with 2024 on a reported basis. Underlying growth, taking into account the effect of the disposal of MADES in August 2025, is approximate 7%. This underlying performance reflects growth in both European and American programs plus growth in our Latecoere Services business (aftermarket spares business). Recurring EBITDA for the Interconnection Systems division reached €26.5 million, a reported decline of €1.0 million from €27.5 million from the prior year. Removing the effect of the MADES disposal, the underlying recurring EBITDA grew by €1.5 million or c.6%, reflecting tight costs control, and better commercial terms and conditions achieved with customers plus growth in our aftermarket spares business. The division's operating free cash-flows from continuing operations amounted to €12.6 million, improving by €8.1 million compared to 2024. This improvement primarily reflects the stronger underlying EBITDA.
Interconnection Systems | Dec 31, 2024 | Dec 31, 2025 | ||
Consolidated revenue | 288,9 | 292,2 | ||
Reported growth | 19,7% | 1,1% | ||
Recurring EBITDA | 27,5 | 26,5 | ||
Recurring EBITDA margin on revenue | 9,5% | 9,1% | ||
New Segmental reporting
On July 1, 2025, the group formalized a transformation towards a more integrated and customer-centric organization. The new structure moves from a product-oriented structure to an integrated matrix model, combining the product approach and the geographical approach and where regions focus on serial production of Aerostructures and Interconnection Systems activities for OEMs according to customer location. Latecoere Services presents a global offering with two platforms to serve its customers: Burlington Canada for US customers and Toulouse for other customers worldwide. These organizations now form the backbone of the Latecoere group.
In accordance with IFRS, the Group applied this new segment structure prospectively, starting with the annual consolidated financial statements for the year ended December 31, 2025. Therefore, the Group's historically defined business segments will be modified to reflect the Group's new organizational structure. The Group will operate through the following four activities: Aerostructures, Interconnection systems, Latecoere Services and Space, but only segmentally report Aerostructures, Interconnection System and Latecoere Services as the Space business does not individually exceed any of the thresholds defined by IFRS. For the year ending December 31, 2025 the Group's new segments reported the following results:
New Definition | Aerostructures | Interconnections Systems | Latecoere Services | Total Group |
Consolidated revenue | 411,8 | 234,3 | 110,6 | 756,7 |
Recurring EBITDA | 2,8 | 22,5 | 13,9 | 39,4 |
Recurring EBITDA margin on revenue | 0,7% | 9,6% | 12,6% | 5,2% |
2026 Outlook
Inflationary pressures and challenges arising from operating within a constrained aerospace supply chain will continue in 2026. OEM volume growth for commercial, business jet and defense market sub-segments continues to improve overall revenue, but the ramp-up in activity results in challenges and cost pressures for the whole industry. To alleviate these challenges, Latecoere continues to invest in its operating platform, people and geographic footprint, creating a more resilient business model better positioned to grow with customer requirements and it will continue to monitor its liquidity and key operating metrics very closely. We expect to see further improvements in profitability and cash flow resulting from increased volumes and the focus on improving operational efficiency across all parts of the business. We are also convinced that the business is well positioned to capitalise on the continuing, strong market demand for civil, military and space products and from the strong prospects for our customer services and after-market business. Latecoere's outlook for FY 2026 includes:
- Volume growth across most major programs
- A full year effect of the operational and commercial initiatives started in 2024 and 2025
- Continued cost inflation across bill of materials and labour cost but largely counterbalanced by (i) new commercial negotiation; (i) restricting indirect operating costs whilst accommodating volume growth; and (iii) delivering cost savings from our value creation programs. Our value creation programs are focused on (i) cost improvement from optimization of our industrial operations; (ii) improving direct labour efficiency across our manufacturing sites and (iii) driving purchasing related savings across both direct materials and indirect cost centre spending;
- Overall growth in EBITDA, resulting from the above realization of operational and commercial initiatives, an improving supply chain situation and increased activity across key commercial, business jet and defense market sub-segments; and
- Improvements in operational free cash flow reflecting the improvements in operational and commercial initiatives partially offset by restructuring costs, increased working capital due to sales growth and key investments to strengthen Latecoere's competitive position.
Significant Events in the Period
On April 4th, 2025, the company announced the disposal of Malaga Aerospace, Defense and Electronics Systems (MADES) to Circa Group. This transition closed in August 2025.
Post-closing events
No material matters to report, although the Group continues to monitor the ongoing situation in Iran to assess the potential risks and opportunities arising from the economic impact of this crisis.
About Latecoere
As a Tier 1 partner to major industrial OEMs (Airbus, BAE Systems, Boeing, Bombardier, Dassault Aviation, Embraer, Honda Aircraft Company, Lockheed Martin, Thales), Latecoere pushes the boundaries of aerospace industrial excellence by leading and innovating towards a sustainable world.
The Group operates across all segments of the industry (commercial, regional, business aviation, defense), throughout the entire product lifecycle, primarily in four business areas:
- Aerostructures: doors, fuselage, wings and empennage, rods;
- InterconnectionSystems: wiring, avionics racks, on-board systems, test benches;
- Latecoere Services: customer support, maintenance, repair, video systems;
- Space solutions: electrical harnesses and sub-assemblies for satellites, launchers, and space vehicles.
At December 31, 2025, the Group employed 6,000 people in 13 countries. Latecoere is listed on Euronext Paris Compartment B, ISIN Code: FR001400JY13 Reuters: AEP.PA Bloomberg: AT.FP
Consolidated financial statements (IFRS)
Consolidated Income statement
In thousands of euros | Dec 31, 2024 | Dec 31, 2025 | ||
Sales figures | 705 825 | 756 714 | ||
Other operating income | 2 907 | 454 | ||
Stocked production | 20 731 | 11 017 | ||
Purchases and external charges | -422 583 | -470 239 | ||
Personnel expenses | -268 785 | -258 634 | ||
Taxes | -7 761 | -8 324 | ||
Depreciation, amortization and impairment | -37 031 | -36 455 | ||
Net additions to operating provisions | 2 307 | 8 816 | ||
Net additions to current assets | -14 150 | -3 603 | ||
Other products | 13 973 | 7 629 | ||
Other expenses | -11 638 | -7 372 | ||
OPERATING INCOME RECURRING | -16 205 | 2 | ||
Other non-recurring operating income | 5 982 | 22 920 | ||
Other non-current operating expenses | -30 809 | -21 121 | ||
OPERATING INCOME | -41 032 | 1 800 | ||
Cost of net financial debt | -12 611 | -10 433 | ||
Foreign exchange gains and losses | -1 719 | -11 270 | ||
Unrealized gains and losses on derivative financial instruments | 215 | -180 | ||
Other financial income and expense | -693 | -3 989 | ||
FINANCIAL RESULT | -14 808 | -25 873 | ||
Income tax | -4 709 | -8 069 | ||
NET INCOME FROM CONTINUING OPERATIONS | -60 550 | -32 141 | ||
NET INCOME FROM DISCONTINUED OPERATIONS | 0 | 0 | ||
NET INCOME | -60 550 | -32 141 |
Consolidated Balance sheet
In thousands of euros | Dec 31, 2024 | Dec 31, 2025 | ||
Goodwill | 17 970 | 14 227 | ||
Intangible assets | 119 949 | 95 339 | ||
Property, plant and equipment | 101 679 | 89 552 | ||
Other financial assets | 6 408 | 6 446 | ||
Deferred taxes | 1 755 | 0 | ||
Derivative financial instruments | 0 | 3 704 | ||
Other long-term assets | 0 | 0 | ||
TOTAL NON-CURRENT ASSETS | 247 760 | 209 268 | ||
Inventories and work-in-progress | 246 396 | 232 813 | ||
Trade and other receivables | 126 998 | 108 990 | ||
Tax receivables | 4 380 | 8 089 | ||
Derivative financial instruments | 150 | 11 582 | ||
Other current assets | 11 058 | 3 789 | ||
Cash and cash equivalents | 59 791 | 56 769 | ||
TOTAL CURRENT ASSETS | 448 773 | 422 032 | ||
TOTAL ASSETS | 696 533 | 631 300 |
In thousands of euros | Dec 31, 2024 | Dec 31, 2025 | ||
Capital | 126 198 | 127 231 | ||
Additional paid-in capital | 326 021 | 326 087 | ||
Treasury stock | -443 | -447 | ||
Other reserves | -286 650 | -341 732 | ||
Derivative financial instruments effective portion | -36 211 | 9 701 | ||
Net income loss for the period | -60 550 | -32 141 | ||
ISSUED CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY | 68 365 | 88 699 | ||
NON-CONTROLLING INTERESTS | 0 | 0 | ||
TOTAL SHAREHOLDERS' EQUITY | 68 365 | 88 699 | ||
Borrowings and financial liabilities | 203 359 | 186 869 | ||
Repayable advances | 20 543 | 25 603 | ||
Commitments to employees | 12 379 | 12 553 | ||
Non-current provisions | 26 169 | 19 253 | ||
Deferred taxes | 6 798 | 9 525 | ||
Derivative financial instruments | 16 235 | 1 446 | ||
Other non-current liabilities | 6 488 | 99 | ||
TOTAL NON-CURRENT LIABILITIES | 291 971 | 255 349 | ||
Borrowings and bank overdrafts | 33 909 | 28 289 | ||
Repayable advances | 2 360 | 2 313 | ||
Current provisions | 9 075 | 10 648 | ||
Trade and other payables | 180 173 | 165 329 | ||
Tax payable | 3 513 | 4 239 | ||
Contract liabilities | 27 100 | 39 746 | ||
Other current liabilities | 60 657 | 36 658 | ||
Derivative financial instruments | 19 412 | 30 | ||
TOTAL CURRENT LIABILITIES | 336 198 | 287 252 | ||
TOTAL LIABILITIES | 628 169 | 542 601 | ||
TOTAL EQUITY AND LIABILITIES | 696 533 | 631 300 |
Consolidated cash flow statement
In thousands of euros | Dec 31, 2024 | Dec 31, 2025 | ||
Net income for the period | -60 550 | -32 141 | ||
Adjustment for: | 0 | 0 | ||
Depreciation and provisions | 37 198 | 30 633 | ||
Elimination of revaluation gains/losses (fair value) | 215 | 180 | ||
(Gains)/losses on asset disposals | 3 553 | -9 610 | ||
Other non-cash items | -8 504 | -44 | ||
Other | 4 823 | 2 917 | ||
CASH FLOW AFTER COST OF NET DEBT AND TAX | -23 265 | -8 065 | ||
Of which cash flow from discontinued operations | 0 | 0 | ||
Income tax expense | 4 709 | 8 069 | ||
Cost of debt | 12 611 | 10 433 | ||
CASH FLOW FROM OPERATIONS BEFORE COST OF DEBT AND TAX | -5 945 | 10 437 | ||
Change in inventories net of provisions | -30 773 | -12 865 | ||
Change in trade and other receivables net of provisions | -1 514 | 19 468 | ||
Change in trade and other payables | 24 346 | 8 067 | ||
Tax paid | -6 194 | -5 414 | ||
CASH FLOW FROM OPERATING ACTIVITIES | -20 080 | 19 692 | ||
Of which cash flow from operating activities related to discontinued operations | 0 | 0 | ||
Impact of changes in scope of consolidation | 0 | 27 998 | ||
Acquisitions of tangible and intangible fixed assets (including change in fixed asset suppliers) | -20 002 | -17 785 | ||
Acquisition of financial assets | 0 | 0 | ||
Change in loans and advances | 32 | 499 | ||
Disposal of property, plant and equipment and intangible assets | 5 533 | 365 | ||
Dividends received | 0 | 2 | ||
CASH FLOW FROM INVESTING ACTIVITIES | -14 437 | 11 077 | ||
Of which cash flow from investing activities related to discontinued operations | 0 | 0 | ||
Capital increase | 0 | 1 100 | ||
Purchase or sale of treasury shares | -4 | -3 | ||
Bond issues | 35 116 | 2 451 | ||
Loan repayments | -1 675 | -14 052 | ||
Repayment of lease obligations | -10 474 | -11 817 | ||
Interest paid | -13 738 | -10 433 | ||
Cash flow from repayable advances | -46 | -178 | ||
Other flows from financing activities | 0 | 0 | ||
CASH FLOW FROM FINANCING ACTIVITIES | 9 179 | -32 932 | ||
+/- impact of exchange rate fluctuations | -390 | -497 | ||
CHANGE IN NET CASH AND CASH EQUIVALENTS | -25 728 | -2 659 | ||
Of which net cash from discontinued operations | 0 | 0 | ||
Opening cash and cash equivalents (net of bank overdrafts) | 85 102 | 59 374 | ||
Closing cash and cash equivalents (net of bank overdrafts) | 59 374 | 56 715 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260406758510/en/
Contacts:
Thierry Mahé Media Relations
+33 (0)6 60 69 63 85
LatecoereGroupCommunication@latecoere.aero
Investor Relations
mandataires-ag-latecoere@latecoere.aero
