Overview Key strengths Key risks Strong engineering capabilities, with the group operating as a design and build, vertically integrated, tier 1 and 2 supplier. Significant customer concentration, as the top 2 customers (Airbus and Embraer) account for about 65% of the total group?s revenue. Leading market positions in empennage (No. 3 globally), wings, and composites due to presence in over 30 programs (both widebody and narrowbody), including next-generation programs. The group is undertaking some restructuring activity that will temporarily pressure EBITDA margins towards 11% in 2024 and weigh on cash flow generation. Long-standing relationships of more than 30 years with global original equipment manufacturers (OEMs) such as Airbus, Embraer, and Boeing. Supply chain delays and bottlenecks persist across the wider
