Montana Aerospace Ag · SIX:AERO
Montana Aerospace — FY2024 Earnings Presentation
17 slides from Montana Aerospace's earnings presentation, Apr 3, 2025
Slide 1: Montana Aerospace
A MONTANA AEROSPA
Slide 2: Speaking to you today
SPEAKING TO YOU TODAY KAI ARNDT C0-CEO A MICHAEL PISTAUER CO-CEO & CFO A MARC VESELY HEAD OF M&A AND IR A
Slide 3: Highlights FY24
- Highlights FY24(1): Net sales €1,493.7m (+17.6% vs. FY23), adj. EBITDA(2) €164.8m (+41.2%) and net income €35.8m (€+74.2m) - Balance sheet: Net debt of €210.9m (€-64.9m vs. FY23), TWC €353.6m (€+58.9m) and equity ratio of 50.8% - Aerostructures: Net sales €815.6m (+15.8% vs. FY23) with an adj. EBI
Slide 4: We are mission-critical in two segments
WE ARE MISSION-CRITICAL IN TWO SEGMENTS: AEROSTRUCTURES “MISSION-CRITICAL AEROSTRUCTURES FOR EVERY AIRCRAFT IN THE SKY” ENERGY “POWERING GREEN INNOVATION TO DRIVE THE ENERGY TRANSITION”
Slide 5: Streamlined operational set-up to strengthen equity case
Operational complexity with three distinct segments Streamlined operational set-up to strengthen equity case Slowdown in automotive industry dragging performance Increased capital structure flexibility to enable further growth Opportunity to divest Energy at a favorable point in the cycle Opportunit
Slide 6: FY24 net sales and adjusted EBITDA
. adj. EBITDA margin - In FY24, Montana Aerospace generated net sales of €1,493.7 million +17.6% (+17.6% compared to FY23) 1,493.7 116.7 9.2% 164.8 11.0% - In line with our expectations, sales growth benefited from organic drivers in both 1,270.3 407.4 Aerostructures and Energy, as well as the dives
Slide 7: Quarterly earnings and cash development
116.7 86.4 44.4 36.0 11.5 -15.8 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 144.1 97.8 30.1 19.8 -8.2 -34.1 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 7
Slide 8: Trade working capital and net debt
% LTM Sales 26.8% 20.6% 23.5% 23.0% 24.1% 23.7% 381.7 346.6 365.7 353.6 342.2 294.7 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (x) LTM EBITDA 2.1x 2.3x 2.4x 2.5x 2.4x 1.3x 358.7 342.4 346.2 322.5 275.8 210.9 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 8
Slide 9: Free cash flow and net debt development
3.4 +69.0 118.1 121.6 -162.3 - In FY24, Montana Aerospace generated a 175.3 133.5 positive FCF of €121.6 million (+€69.0 million -1.0 52.6 vs. FY23) - We continue to build on last year's Cash and cash Cash flow from Cash flow Cash flow Exchange rate Cash and cash 2023 2024 milestone (first time posi
Slide 10: Aerostructures segment net sales and adj. EBITDA
. adj. EBITDA margin - In FY24, the Aerostructures segment achieved net sales of €815.6 million (+15.8% vs. FY23) +15.8% - The Aerostructures segment showed 815.6 89.2 12.7% 130.5 16.0% resilient performance amid a series of headwinds facing the global commercial 704.5 203.6 aerospace industry in 20
Slide 11: Airbus and Boeing aircraft deliveries
2021 2024 +4% A220 51 75 735 766 661 96 89 611 77 92 A320 family 483 602 639 677 534 569 A330 19 32 2021 2022 2023 2024 A350 53 57 Wide-body Narrow-body -34% 480 528 B737 263 265 132 340 93 348 77 83 387 396 B767 32 18 263 265 2021 2022 2023 2024 B777 24 14 Wide-body Narrow-body B787 14 51 AIR, BA
Slide 12: Energy segment net sales and adj. EBITDA
. adj. EBITDA margin - In FY24, the Energy segment achieved net sales of €642.6 million (+13.3% vs. FY23) +13.3% - The Energy segment continues to benefit 642.6 25.1 4.4% 35.5 5.5% from exceptional tailwinds from the 567.3 energy transition 173.2 - Global power transmission & generation Q4 149.3 mar
Slide 13: Energy segment: ASTA equity story
EBITDA Margin to Manufacturing Sales 12% 26% 21% 26% ~80-85% 139 122 89 69 23 25 35 9 FY21A FY22A FY23A FY24A Net sales Raw materials EBITDA Manufacturing sales High single-digit CAGR over the cycle Pass-through of raw material costs Entrenched position with OEM customers Highly accretive value-add
Slide 14: Siemens Energy and ASTA Europe long-term copper contract
- Siemens Energy & ASTA Europe have signed a long-term contract to supply copper conductors to large-power transformers - The signing marks a milestone for the transformer supply chain industry, representing the structural shift from short- to long-term agreements: - Secured purchasing volumes 2024-
Slide 15: Guidance 2025 and 2026
Sales increase to >EUR 1.6bn Adj. EBITDA growth to >EUR 200m Positive Net Income Positive Free Cash Flow Streamline Trade Working Capital Sales increase to ~EUR 2bn Adj. EBITDA growth to >EUR 250m 15
Slide 16: Disclaimer
THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This
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