Montana Aerospace : Earnings Call Präsentation - Annual Report 2024

About this update from Montana Aerospace Ag

- 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. EBITDA of €130.5m (+46.3%) - Energy: Net sales €642.6m (+13.3% vs. FY23) with an adj. EBITDA of €35.5m (+41.6%) - E-Mobility: Successfully divested ✓ - Guidance 2025: Net sales: >€1.6bn, adj. EBITDA: >€200m with strong positive net income and free cash flow - Segment guidance: Aerostructures net sales: >€850m, Energy net sales: ~€680m - with margin expansion expected in both segments - Guidance 2026: Net sales: ~€2bn, adj. EBITDA: >€250m with strong positive net income and free cash flow Notes: (1) Financials only show Aerostructures, Energy & Other segment - E-Mobility treated as discontinued operation; comparative information has been restated due to the discontinued operation for FY 2023 as well - details on discontinued operation can be found in Note 24 in the annual report 2024 on page 156; (2) 'Adjusted EBITDA' as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for legal costs (mainly for the final costs for the Arconic lawsuit) and the management stock option program related expenses - numbers and reconciliation can be found on page 130 in the annual report 2024 All figures in EURm Notes: (General) Financials only show Aerostructures, Energy & Other segment - E-Mobility treated as discontinued operation; comparative information has been restated due to the discontinued operation for FY 2023 as well - details on discontinued operation can be found in Note 24 in the annual report 2024 on page 156 - In FY24, Montana Aerospace generated net sales of €1,493.7 million (+17.6% compared to FY23) - In line with our expectations, sales growth benefited from organic drivers in both Aerostructures and Energy, as well as the divestiture of the low-growth e-mobility business - Adjusted EBITDA rose to €164.8 million (+41.2%) - Adjustments mainly due to legal costs for the Arconic lawsuit (€3.4 million) and share- based compensation (€0.9 million) - EBITDA growth is primarily attributed to the drop-through of topline growth and margin expansion in both segments from better overhead absorption as production volumes increased 116.7 44.4 Q3 2023 Q4 2023 86.4 36.0 11.5 -15.8 Q1 2024 Q2 2024 Q3 2024 Q4 2024 97.8 30.1 Q3 2023 Q4 2023 144.1 19.8 -8.2 -34.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 % LTM Sales 26.8% 20.6% 381.7 294.7 Q3 2023 Q4 2023 23.5% 23.0% 24.1% 23.7% 346.6 342.2 365.7 353.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (x) LTM EBITDA 2.1x 2.3x 358.7 275.8 Q3 2023 Q4 2023 2.4x 2.5x 2.4x 1.3x 322.5 342.4 346.2 210.9 Q1 2024 Q2 2024 Q3 2024 Q4 2024 All figures in EURm - In FY24, Montana Aerospace generated a positive FCF of €121.6 million (+€69.0 million vs. FY23) - We continue to build on last year's milestone (first time positive FCF) with improved operating performance and efficient working capital management - Full- year CAPEX amounted to €87.0 million, reflecting the completion of the ramp-up phase in Aerostructures and the ongoing ramp-up in Energy - In FY24, gross debt decreased by €106.6 million as part of the outstanding loans were repaid following the successful divestment of the e-mobility business - Net debt reduced by €64.9 million with implied net debt to EBITDA ratio of 1.3x (-1.0x vs. FY23), providing flexibility in the company's capital structure All figures in EURm - In FY24, the Aerostructures segment achieved net sales of €815.6 million (+15.8% vs. FY23) - The Aerostructures segment showed resilient performance amid a series of headwinds facing the global commercial aerospace industry in 2024 - Due to our unique platform position as a one-stop-shop supplier, we continue to benefit greatly from our exposure to the extrusion value chain, gaining market share from less integrated peers - Adjusted EBITDA increased to €130.5 million (+46.3%) - EBITDA growth is driven by the drop- through of sales growth and better absorption of fixed costs 10

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