Slides
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The leading partner for major aerospace manufacturers Investor presentation February 2026
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2 Highlights Investor presentation - February 2026 1. 19th consecutive quarter of revenue growth New all-time high for quarter revenue 2. Acceleration of growth in Q3 Annual target in sight 3. Fire at the Aulnat facility 4. Aerospace market : a very strong 2025 Momentum likely to continue in 2026 5. Gradual improvements in supply chain performance 6. FY26 targets maintained despite fire FY28 ambitions confirmed
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Market dynamics01
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4 Commercial: air traffic momentum & resiliency Market dynamics01 Investor presentation - February 2026 Source: IATA, data as at 31 December 2025, Airbus, Boeing, Embraer, market outlook 2025-2044 - 2,0 4,0 6,0 8,0 10,0 12,0 2019 2020 2021 2022 2023 2024 2025E 2026E Milliers Passenger traffic (in RPK tn) Projections 2025-2044 ▪ Passenger: +3.6% – 4.2% pa ▪ Cargo: +3.7% pa ▪ New aircraft demand: env. 43,500 ▪ 39% already in OEM backlog Growth drivers ▪ Global economic growth ▪ Emerging economies (South-East Asia, China & India) ▪ E-commerce growth 2024 ▪ Passenger +10.4 % ▪ Cargo +11.3 % Narrowbody 79% Widebody 19%Cargo 2% APAC 46% North America 18% Europe 19% ME-Africa 11%Others 6% 2025 ▪ Passenger +5.3 % ▪ Cargo +3.4 % 5bn passengers in 2025 2026E ▪ Passenger +4.9 % ▪ Cargo +2.6 % 1990-2025 Passenger traffic x5
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5 Deliveries Net orders Book-to-bill Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 136 170 201 286 793 204 198 112 375 889 1.1 -4.2% -6.1% +15.5% +6.3% +3.5% +20.0% +41.4% -66.9% +110.7% +7.6% 126 144 155 153 578 204 421 149 278 1,052 1.8 +57.5% +63.6% +38.4% +194.2% +74.1% +55.7% ns +14.6% +164.8% +179.0% 7 19 20 32 78 0 120 73 1 194 2.5 -63.2% 0.0% +25.0% +3.2% +6.8% -100.0% +500.0% +812.5% ns +64.4% TOTAL 269 333 376 471 1,449 408 739 334 654 2,135 1.5 +17.5% +15.6% +24.5% +33.8% +23.7% +4.3% +332.2% -29.8% +131.1% +61.6% Commercial : 2025 annual review Market dynamics01 Présentation investisseurs - Février 2026 Source : Airbus, Boeing, Embraer, data as at 31 december 2025, excluding military and business jets
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6 Commercial: production rates set to increase to new record high Order backlog Market dynamics01 Investor presentation - February 2026 8 754 51% 6 632 39% 459 3% 1 132 7% Airbus Boeing Embraer COMAC Source: Airbus, Boeing, Embraer, data as at 31 December 2025, excluding military aircraft & business jets, COMAC, data as at December 2025, IBA Insight, Forecast International, Avia Solutions, various press outlets, management estimates Projected deliveries 0 500 1000 1500 2000 2500 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F 16,977 2018 peak production
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7 Commercial / Narrowbodies: A320 family Order backlog Market dynamics01 Investor presentation - February 2026 A220 467 A320 7 163 A330 294 A350 830 Source: Airbus, data as at 31 December 2025, management estimates 1 Based on current backlog & 2025 delivery data Projected deliveries & program backlog 626 642 446 483 516 571 602 607 900 541 654 263 437 770 1675 615 560 6056 6068 5885 5839 6093 7197 7210 7163 4000 4500 5000 5500 6000 6500 7000 7500 8000 0 200 400 600 800 1000 1200 1400 1600 1800 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F Deliveries Net orders Backlog A319 18 A320 1 797 A321 5 348 8,754 Theoretical backlog duration1 > 11.8 years Target rate : 75 / month by 2027 Latest orders : Air China – 60 A321 Flydubai - 150 A321 Vietjet Air - 100 A320
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8 Commercial / Narrowbodies: B737 family Order backlog Market dynamics01 Investor presentation - February 2026 B737 4 855 B767 20 B787 1 076 B777 681 Source: Boeing, data as at 31 December 2025, management estimates 1 Based on current backlog & 2025 delivery data Projected deliveries & program backlog 561 107 29 245 374 387 260 440 624 675 -51 -511 370 561 883 244 526 4675 4517 3977 4102 4289 4785 4769 4855 1000 1500 2000 2500 3000 3500 4000 4500 5000 -600 -400 -200 0 200 400 600 800 1000 1200 1400 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F Deliveries Net orders Backlog B737-800 2 B737-7 289 B737-8 2 964 B737-9 205 B737-10 1 395 6,632 Theoretical backlog duration1 > 11.0 years Target rate : 42 / month by end 2025 52 / month by end 2026 Latest orders : Alaska Airlines – 105 B737 Flydubai - 75 B737-9/-10 Ethiopian Airlines – 11 B737-8
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9 Commercial / Widebodies: A350 family Order backlog Market dynamics01 Investor presentation - February 2026 A220 467 A320 7 163 A330 294 A350 830 Source: Airbus, data as at 31 December 2025, management estimates 1 Based on current backlog & 2025 delivery data Projected deliveries & program backlog 93 112 59 55 60 64 57 57 144 40 32 -11 2 10 281 138 185 657 577 507 454 404 621 702 830 0 100 200 300 400 500 600 700 800 900 -50 0 50 100 150 200 250 300 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F Deliveries Orders Backlog A350-900 491 A350-1000 258 A350F 81 8,754 Theoretical backlog duration1 > 14.6 years Target rate : 12 / month by 2028 Latest orders : Air Europa – 20 A350-900 Flydubai - 40 A350-900 IndiGo – 30 A350-900
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10 Defense: Rafale Market dynamics01 Investor presentation - February 2026 Source: Dassault Aviation, data as at 31 December 2025, management estimates 1 Based on current backlog & 2025 delivery data Projected deliveries & program backlog 12 26 13 25 14 13 21 26 48 12 0 0 49 92 60 30 26 101 75 62 86 164 211 220 220 0 50 100 150 200 250 0 10 20 30 40 50 60 70 80 90 100 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F Deliveries Orders Backlog Theoretical backlog duration1 > 8.5 years Target rate : 4 / month by 2028/29 Target rate of 5 / month under review Latest orders and news: India – 26 Rafale F4 Marine LOI Ukraine – 100 Rafale F4 [potential] India – 114 Rafale F4 [potential] Indonesia – 18 Rafale F4 Production capacity increased
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Q3 & 9M revenue 2025/2602
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12 Q3 & 9M revenue Q3 & 9M revenue 2025/2602 Investor presentation - February 2026 AIRBUS ATLANTIC 26% SAFRAN 22% AIRBUS 14% SPIRIT 6% EMBRAER 2% COLLINS 2% BOMBARDIER 2% MHI 1% AERNNOVA 1% AIRBUS HELICOPTERS 1% LATECOERE 1%GKN 1% DASSAULT AVIATION 1% ROLLS ROYCE 1% THALES 1%KNDS 1% OTHERS 17% Revenue by customer A320 25% A350 18%LEAP 8% A330 4% GLOBAL 7500 3% E2 2% CF34 1% LEGACY 450 2% RAFALE 2% PEARL 700 1% GLOBAL 5500 1% G650 1% OTHERS 32% Revenue by program Q3 2025/26 9M 2025/26 Revenue (€m) Breakdown ▪ Aerospace : strong growth in Airbus programs & LEAP ▪ Defense & Energy : deliveries in Hydro & good Defense momentum 103,0 16,9 1,5 -0,2 121,1 3Q24/25 Aero Defense & Energy FX & scope 3Q25/26 17.3% +17.6% +17.8% org.+17.6% +17.8% org. 303,0 35,4 2,2 -4,1 336,4 9M24/25 Aero Defense & Energy FX & scope 9M25/26 9.1% +11.0% +12.4% org. +11.2% +12.7% org. ▪ Perfectly aligned with annual revenue target €470m - €490m Based on identifiable revenue across programmes and customer, in relation to year-to-date consolidated revenue
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13 Sales momentum Q3 & 9M revenue 2025/2602 Investor presentation - February 2026 ▪ 25 new agreements for revenue >€41m in FY28 ▪ In line with main areas of development: North America & defense ▪ 7 new agreements for revenue €10m in FY28 New customers, new part numbers, increased market share ▪ Major renewals & renegotiations ▪ Solid portfolio of RFQs with submitted bids YTD 2025/26 Commercial 90% Defense 10% A320 36% B737 29% A220 6% Business jets 16%Military 10% Helicopters 0% Multi-platform 3% France 40% North America 34% North Africa 26% Target 52% secured Since PILOT 28 launch Breakdown of new business (since PILOT 28 launch)
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Outlook 03
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15 Strong and healthy backlog Outlook03 Investor presentation - February 2026 Aerospace backlog breakdown1 1 Breakdown data based on full-year identifiable revenue projections across programs and customer, excludes SNAA, Mécabrive Industries, FGAM & Casablanca Aéronautique, FGA Mexico & non-aerospace activities 2 Breakdown data based on full-year identifiable revenue projections across programs and customers, includes management estimates Increase linked to renegotiations and new business Total backlog €4.6bn 31 December 2025 +1.2% vs 31 October 2025 Total backlog breakdown by segment2 71% related to Airbus programs A320 28% A350 37% B737 9% A330 4% E2 4% GLOBAL 7500 3% LEGACY 450 2% RAFALE 3% OTHER PROGRAMS 10% COMMERCIAL 94% MILITARY 6%
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16 Build rate poised to accelerate Outlook03 Investor presentation - February 2026 Improving bottlenecks Airbus Production back under control Boeing ▪ Narrowbody : ▪ A320 engine: +28% LEAP in 2025, +15% in 2026, new LEAP-1A assembly line in Morocco end of 2027 ▪ A220 wings / fuselage / pylons: Spirit facilities fully under Airbus control ▪ Missing 4Q deliveries delayed in early 2026 ▪ Widebody : ▪ A350 fuselage / wings: Spirit facilities fully under Airbus control ▪ B737 MAX : ▪ Transition from 38 B737 / mo to 42 / mo ▪ MAX 10 certification entering final phase (2026) ▪ 2026 target : 47 to 52 / mo ▪ Strong sales momentum: ▪ 1,052 net orders (vs 889 for AIR) ▪ o/w 526 B737 (vs 560 for AIR) ▪ +10% aircraft deliveries in 2026 (B737 +12%) ▪ New B737 assembly line 2026/27 Strong potential for acceleration A350, A320 & A220 Increased confidence in Boeing outlook Source : Airbus, Boeing, GE Aerospace, Safran
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17 FY26 & FY28 guidance Outlook03 Investor presentation - February 2026 REVENUE CURRENT EBITDA FREE CASH FLOWS 1 2 3 FY25/26e €470-490m €77-83m €35-40m LEVERAGE 4 3-3.5x FY27/28e >€600m >17% >€60m <2x
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Q&A
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Appendices
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20 Strategic positions on the main aircraft programs Appendices Investor presentation - February 2026 A220 A220 Shipset value1: €0.03m / aircraft AEROSTRUCTURES E2-Jets E2 Shipset value1: €0.2m / aircraft AEROSTRUCTURES A320 A320 Shipset value1: €0.2m / aircraft AEROSTRUCTURES A350 A350 Shipset value1: €1.3m / aircraft AEROSTRUCTURES Rafale RAFALE Shipset value1: €0.2m / aircraft B737 B737 Shipset value1: €0.1m / aircraft AEROSTRUCTURES Global 7500 GLOBAL 7500 Shipset value1: €0.5m / aircraft AEROSTRUCTURES 1 Includes revenue generated from the engines equipping this programme AEROENGINES LEAP-1A AEROENGINES TRENT XWB AEROENGINES LEAP-1B AEROENGINES PASSPORT 20 AEROENGINES M88 AEROSTRUCTURES AEROENGINES AEROENGINES Commercial programmes Military programmes Rafale A400M Shipset value1: €0.4m / aircraft AEROENGINES TP400 AEROSTRUCTURES
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21 Aerospace & Defense recent transactions Appendices Investor presentation - February 2026 Source : S&P Global Market Intelligence, Mergermarket, Oddo-BHF, press outlets, company websites, management estimates Acquirer Industrial Private equity Industrial Industrial Industrial Private equity Private equity Private equity Transaction date Jan 2026 Jul 2025 Jun 2025 Dec 2024 Feb 2024 2024 Feb 2025 Feb 2025 EV / EBITDA (estimated, forward-looking) 13.3 13.1 n/a 9-10 11.5 10.1 11.0 15.8 Average EV/EBITDA multiple > 10x (offer rejected by Board) Division aérostructures
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22 Glossary Appendices Investor presentation - February 2026 Term / indicator Definition OEM (Original Equipment Manufacturer) Aircraft manufacturers, engine manufacturers and other airframers Build-to-Print The manufacture of parts and sub-assemblies by a sub-contractor based on plans and specifications provided by the client OTD (On-Time Delivery) Percentage of line items in a purchase order delivered to the client on time Current EBITDA / EBITDAc Current EBITDA = Current operating income (loss) adjusted for net depreciation, amortisation and provisions before the breakdown of R&D expenses capitalised by the Group by type Backlog Sum of orders received and to be received extrapolated over a 10-year period for each contract and request for proposals won, based on build rates announced and then projected and a EUR/USD exchange rate of 1.12 Organic At constant scope and exchange rates DIO (Days of Inventory Outstanding) Average number of days of revenue for which an item of inventory is held Net debt Debt, net of cash, excluding non-interest bearing debt Leverage Ratio of net debt to current EBITDA Capex Investments in fixed assets ORNANE Bonds redeemable into cash and/or new and/or existing shares EBITDA-to-FCF Free Cash Flows divided by current EBITDA ROCE (Return On Capital Employed) Net operating income after taxes (NOPAT) divided by the economic assets (fixed assets and working capital) Free cash-flow / net Net cash-flow from operating activities before cost of financial debt and taxes, minus net cash-flow from investing activities / after cost of financial debt and taxes