Montana Aerospace Ag · SIX:AERO
Montana Aerospace — H1 2024 Earnings Presentation
16 slides from Montana Aerospace's earnings presentation, Aug 14, 2024
Slide 1: H1 2024 Earnings Call
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 H1 2024
- Highlights H1 2024: Net sales €719.5m (+17.2% vs. H1 2023), adj. EBITDA(1) €79.3m (+44.4%), result from cont. operations €9.2m (+€30.6m) - Balance sheet: Net debt of €342.4m (€+19.9m vs. Q1 2024), TWC €342.2m (€-4.4m vs. Q1 2024) and equity ratio of 48.0% (-0.9% vs. Q1 2024) - Result from cont. op
Slide 4: H1 2023 vs H1 2024 key figures
in EURm H1 2023 H1 2024 yoy change Net Sales 614.0 719.5 +17.2% ✓ Adj. EBITDA 54.9 79.3 +44.4% ✓ Result (Cont. Op.) -21.4 9.2 +30.6 ✓ CAPEX spent(1) -31.8 -38.8 -7.0 ~ TWC(2) 346.6 342.2 -1.3% ✓ Total assets(2) 1,910.4 1,900.5 -0.5% ✓ Net debt(2) 322.5 342.4 +19.9 ~ Free Cash Flow -75.3 -42.3 +33.0
Slide 5: Q2 2024 group net sales and adjusted EBITDA
in EURm . adj. EBITDA margin - In Q2 2024, Montana Aerospace generated net sales of €364.5 million (+18.4% compared to Q2 2023) 9% 6% 11% 12% +135% - Largest contribution made by +18% Aerostructures segment (€201.2 +216% million), closely followed by Energy segment (€164.0 million) 364.5 +27% 307.9
Slide 6: Q2 2024 Aerostructures segment net sales and adjusted EBITDA
in EURm . adj. EBITDA margin - In Q2 2024, Aerostructures segment generated net sales of €201.2 million (+21.2% compared to Q2 2023) 10% 9% 14% 17% +219% - Despite lower build rates from major OEMs +21% such as Airbus and Boeing in Q2 2024 +465% compared to previous quarters, Aerostructures was able
Slide 7: Airbus and Boeing aircraft deliveries
YTD 06/21 YTD 06/24 A220 21 28 316 323 295 295 34 35 37 40 A320 family 237 261 258 255 281 289 A330 7 13 Jun-21 Jun-22 Jun-23 Jun-24 A350 30 21 Wide-body Narrow-body 265 213 49 24 175 B737 113 137 154 38 41 189 216 113 137 B767 13 9 Jun-21 Jun-22 Jun-23 Jun-24 B777 14 7 Wide-body Narrow-body B787 14
Slide 8: Aerostructures quarterly net sales and adjusted EBITDA
+21% 206.8 207.8 201.2 166.8 166.0 165.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 +51% 33.1 34.2 29.4 22.6 18.3 15.2 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 8
Slide 9: Q2 2024 Energy segment net sales and adjusted EBITDA
in EURm . adj. EBITDA margin - In Q2 2024, Energy segment generated net sales of €164.0 million (+15.3% compared to Q2 2023) 3% 1% 4% 6% +66% - The Energy segment continues to reap +15% benefits from structural market shift as +192% evidenced by higher production volumes and better pricing 164.0 +59
Slide 10: Energy quarterly net sales and adjusted EBITDA
+15% 164.0 139.8 142.2 136.0 149.3 147.6 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 +59% 10.0 8.2 7.2 6.3 6.3 5.3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 10
Slide 11: H1 2024 E-Mobility segment net sales and adjusted EBITDA
in EURm . adj. EBITDA margin - In H1 2024, E-Mobility segment generated net sales of €80.9 million (-10.4% compared to H1 2023) 5% 1% - Negative net sales development is mainly due -10% to lower demand for billets on the external -87% market - Adjusted EBITDA declined to €0.6 million 90.3 (-86.9% co
Slide 12: Quarterly cash flow development
116.7 39.4 44.4 11.5 -15.8 -76.4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 97.8 27.0 30.1 -8.2 -34.1 -102.3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Notes: (General) The Group has chosen to present a consolidated cash flow statement that breaks down all cash flows in their entirety – th
Slide 13: Trade working capital and net result by quarter
391.3 372.0 381.7 346.6 342.2 294.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 3.7 5.5 -5.2 -6.9 -16.3 -16.6 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Note: (General) The comparative information for P&L items has been restated due to a discontinued operation (details on the disposal group
Slide 14: Guidance 2024 and 2025
Sales increase to >EUR 1.5bn Adj. EBITDA growth to >EUR 165M Positive Free Cash Flow Positive Net Income Streamline Trade Working Capital Sales of >EUR 1.7bn Adj. EBITDA growth to >EUR 240M 14
Slide 15: 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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