Montana Aerospace Ag · SIX:AERO
Montana Aerospace — 9M 2024 Earnings Presentation
18 slides from Montana Aerospace's earnings presentation, Nov 1, 2024
Slide 1: Montana Aerospace
A MONTANA
Slide 2: Speaking to you today
SPEAKING TO YOU TODAY A KAI ARNDT C0-CEO MICHAEL PISTAUER CO-CEO & CFO A A
Slide 3: Highlights 9M 2024
- Highlights 9M 2024: Net sales €1,086.3m (+18.8% vs. 9M 2023), adj. EBITDA(1) €118.1m (+56.1%) and result from cont. operations €-2.3m (€+35.8m) - Balance sheet: Net debt of €346.2m (€-12.5m vs. 9M 2023), TWC €365.7m (€-16.0m vs. 9M 2023) and equity ratio of 46.5% - Operating result: The operating
Slide 4: 9M 2024 key figures vs 9M 2023
in EURm 9M 2023 9M 2024 yoy change Net Sales 914.8 1,086.3 +18.8% ✓ Adj. EBITDA 75.6 118.1 +56.1% ✓ Result (cont. op.) -38.0 -2.3 +35.8 ✓ CAPEX spent(1) 46.9 57.3 10.4 ~ TWC 381.7 365.7 -16.0 ✓ Net debt 358.7 346.2 -12.5 ✓ Equity Ratio 44.1% 46.5% +2.4% ✓ Free Cash Flow(2) -45.2 -22.5 +22.7 ✓ Notes:
Slide 5: Group net sales and adj. EBITDA Q3 2024
in EURm . adj. EBITDA margin - In Q3 2024, Montana Aerospace generated net sales of €366.8 million (+22.0% compared to Q3 2023) 9% 6% 7% 11% +114% - Largest contribution made by +22% Aerostructures segment +149% (€203.0 million), closely followed by Energy segment (€157.7 million) 366.8 +87% - Adjus
Slide 6: Group net sales and adj. EBITDA 9M 2024
in EURm . adj. EBITDA margin - In 9M 2024, Montana Aerospace generated net sales of €1,086.3 million (+18.8% compared to 9M 2023) 8% 6% 8% 11% +133% - Largest contribution made by +19% Aerostructures segment +211% (€612.0 million), closely followed by Energy segment (€469.4 million) +56% 1,086.3 - A
Slide 7: Aerostructures Q3 2024
in EURm . adj. EBITDA margin - In Q3 2024, Aerostructures segment generated net sales of €203.0 million (+23.0% compared to Q3 2023) 19% 6% 11% 15% +154% - Despite lower build rates from major OEMs +23% such as Airbus and Boeing in Q3 2024 than +100% expected, Aerostructures was able to largely comp
Slide 8: Aerostructures 9M 2024
in EURm . adj. EBITDA margin - In 9M 2024, Aerostructures segment generated net sales of €612.0 million (+23.0% compared to 9M 2023) 14% 8% 11% 15% +210% - Despite lower build rates from major OEMs +23% such as Airbus and Boeing in 9M 2024 than +244% expected, Aerostructures was able to largely comp
Slide 9: Airbus and Boeing aircraft build rates
YTD 09/21 YTD 09/24 +2% A220 34 45 488 497 422 435 56 56 47 61 A320 family 341 396 432 441 375 374 A330 11 20 Sep-21 Sep-22 Sep-23 Sep-24 A350 36 36 Wide-body Narrow-body -21% 370 325 B737 179 229 48 84 291 237 62 58 277 286 229 B767 24 15 179 Sep-21 Sep-22 Sep-23 Sep-24 B777 20 11 Wide-body Narrow-
Slide 10: Aerostructures quarterly net sales and adj. EBITDA
+23% 206.8 207.8 201.2 203.0 166.0 165.0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 +68% 33.1 34.2 29.4 30.7 22.6 18.3 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 10
Slide 11: Energy Q3 2024
in EURm . adj. EBITDA margin - In Q3 2024, Energy segment generated net sales of €157.7 million (+16.0% compared to Q3 2023) 3% 6% 4% 5% +57% - The Energy segment continues to reap +16% benefits from structural market shift as +171% evidenced by higher production volumes and better pricing, for exam
Slide 12: Energy 9M 2024
in EURm . adj. EBITDA margin - In 9M 2024, Energy segment generated net sales of €469.4 million (+12.3% compared to 9M 2023) 3% 3% 5% 5% +63% - The Energy segment continues to reap +12% benefits from structural market shift as +192% evidenced by higher production volumes and better pricing, for exam
Slide 13: Energy quarterly net sales and adj. EBITDA
+16% 164.0 157.7 142.2 136.0 149.3 147.6 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 +38% 10.0 8.2 7.3 6.3 6.3 5.3 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 13
Slide 14: Quarterly cash flow
116.7 39.4 44.4 36.0 11.5 -15.8 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 97.8 27.0 30.1 19.8 -8.2 -34.1 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Notes: (General) The Group has chosen to present a consolidated cash flow statement that breaks down all cash flows in their entirety – that
Slide 15: Trade working capital and FX
-4% 372.0 381.7 365.7 346.6 342.2 294.7 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 FX income / loss (non-cash) -10.6 3.7 5.5 1.3 -9.3 -5.2 -6.9 -11.5 -16.6 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Notes: (General) The comparative information for P&L items has been restated due to a disco
Slide 16: Guidance 2024 and 2025
Sales increase to >EUR 1.5bn Adj. EBITDA growth to ~EUR 165m Positive Free Cash Flow Positive Net Income (cont. operation) Sales increase to >EUR 1.6bn Adj. EBITDA growth to >EUR 200m 16
Slide 17: 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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