Montana Aerospace : Earnings Call Presentation - Annual Report 2025

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‌2 ‌- Highlights FY25 (1) : Net sales €979.3m (+15.1% vs. FY24) and adj. EBITDA (2) €161.3m (+25.1%) FX impact: Substantial non-cash net foreign exchange losses of €28.2m were incurred (vs. €17.6m gain in FY24) Balance sheet: Net debt of €128.1m (-€82.7m vs. FY24), Trade Working Capital of €294.7m (-€58.9m) and equity ratio of 62.5% Purchase price: The base enterprise value of ~€204m was achieved, with the majority of the cash proceeds to be realized in 2026 Debt-to-equity conversion: In connection with the divestment, ~€65m of liabilities related to the so-called 'profit certificates' have been converted into equity at ASCO operations, with no dilution for existing Montana Aerospace shareholders Guidance 2026: Net sales >€1bn, adj. EBITDA >€185m, with positive net income, free cash flow and net cash financial position Guidance 2027: Net sales >€1.1bn, adj. EBITDA >€210m, free cash flow of a high double-digit million euro amount Notes: (1) Financials only show the Aerostructures and Alpine Metal Tech segments, with the Energy and E-mobility segments being treated as discontinued operations. Comparative information has been restated to reflect these discontinued 3 operations for FY24. Details of these discontinued operations can be found in Note 23 on pages 168-171 of the 2025 Annual Report; (2) 'Adjusted EBITDA' refers to EBITDA adjusted for the management stock option program related expenses. Numbers and reconciliation can be found on page 141 of the 2025 Annual Report Successful divestment of the Energy and E-mobility segments Streamlined operations and reduced leverage drive robust financial profile Numerous high-return opportunities to deploy growth capital in the aerospace market ‌4 ‌in EURm +15% 979.3 851.0 2024 2025 adj. EBITDA % (Group) adj. EBITDA % (Aerostructures) 15.2% +1.3pp 16.5% +2.1pp 16.0% 18.1% +25% 161.3 129.0 2024 2025 In FY25, Montana Aerospace generated net sales of €979.3 million (+15.1% vs. FY24) Positive net sales development was driven by organic growth across all regions , complemented by the full-year consolidation of net sales from Alpine Metal Tech Adjusted EBITDA increased to €161.3 million (+25.1% vs. FY24) EBITDA growth is primarily due to the combination of top-line growth and margin expansion , driven by operating leverage and continued cost management efficiencies The Aerostructures segment achieved strong margin expansion to 18.1% , up from 16.0% in 2024 Adjustment only included management stock option program (€0.7 million) Note(s): (General) Financials only show the Aerostructures and Alpine Metal Tech segments, with the Energy and E-mobility segments being treated as discontinued 5 operations. Comparative information has been restated to reflect these discontinued operations for FY24. Details of these discontinued operations can be found in Note 23 on pages 168-171 of the 2025 Annual Report ‌in EURm 133.5 Cash and cash equivalents 1 January 2025 -299.9 344.4 167.5 Cash flow from operating activities -81.2 -65.4 Cash flow from investing activities -38.9 Cash flow from financing activities -2.8 Exchange rate fluctuations 112.8 Cash and cash equivalents 31 December 2025 In FY25, Montana Aerospace generated a positive FCF of €21.0 million (-€100.6 million vs. FY24) Operating cash flow increased to €167.5 million (+41.8% vs. FY24), driven by improved operating performance and efficient working capital management Investing cash flow totalled -€146.6 million (-€150.0 million vs. FY24), primarily driven by deferred payment relating to the ASCO acquisition and net cash outflows relating to the Gross debt 1 January 2025 Repayment of interest-bearing liabilities and other 276.7 Issuance of interest-bearing liabilities and other -29.7 Consol. scope changes 6.2 Accrued interest -56.8 Non-cash changes & FX translation 240.9 Gross debt 31 December 2025 divestment of the Energy segment - In FY25, gross debt decreased by €103.5 million as a portion of the outstanding loans was repaid and 'profit certificates' were converted into equity, following the successful divestment of the Energy segment 6 ‌ % LTM Sales 23.7% 25.1% 23.5% 34.7% 30.1% 353.6 387.8 375.3 -34.0 328.7 294.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (x) LTM EBITDA 1.3x 1.5x 1.3x 1.7x 0.8x -130.5 210.9 252.5 237.6 258.6 128.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note(s): (General) The historical balance sheet figures and ratios include the Energy segment for the period from Q4 2024 to Q2 2025 7 ‌Raw material costs are passed through directly to the end customer , in accordance with the contract terms Greater utilization of internal casting capabilities in Europe mitigates exposure to primary raw material supply constraints CPI escalation clauses are embedded in contracts with active energy hedging managed by the company through FY 2026 Robust and growing order backlogs at OEMs, with no cancellations expected due to the Middle East conflict Limited raw material price exposure Enhanced supply chain resilience Ability to protect against energy price volatility Structural tailwinds outweigh temporary headwinds 8 ‌YTD 12/24 YTD 12/25 A220 75 93 A320 family 602 607 A330 32 34 A350 57 59 B737 265 447 B767 18 30 14 35 +4% 661 92 735 96 766 89 793 93 569 639 677 700 Dec-22 Dec-23 Dec-24 Dec-25 Wide-body Narrow-body +72% 480 93 528 132 600 153 348 83 387 396 447 265 Dec-22 Dec-23 Dec-24 Dec-25 Wide-body Narrow-body B787 51 88 Σ AIR, BA 1,141 1,263 1,114 1,393 B777 Note(s): (General) The figures are taken from reports and transcripts by Airbus and Boeing 9 OEMs support consolidation trend Major aerospace OEMs/ Tier 1 MA provides fully integrated product portfolio Target 3 Target 2 Target 1 Major aerospace OEMs/ Tier 1 Supplier Supplier Supplier Supplier Supplier Supplier Supplier Smaller suppliers and their higher fall-out risk expose the whole supply chain to uncertainty ‌High supply chain complexity Synergies and economies of scale Limited integration among the suppliers One integrated supply chain to reduce complexity Increased uncertainty and dependency Transfer of production volume to BCC facilities (1) Note(s): (1) Best cost country 10 ‌Sales increase to > EUR 1bn Adj. EBITDA growth to > EUR 185m Positive Net Income & Free Cash Flow Net Cash Position Sales increase to > EUR 1.1bn Adj. EBITDA growth to > EUR 210m Free Cash Flow of high double-digit EURm 11 ‌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 presentation, which includes oral statements made at the presentation hereof and any material distributed in connection with this presentation (together, the "Presentation"), contains confidential information regarding Montana Aerospace AG (the "Company") and each of its subsidiaries and controlled affiliates (jointly referred to as the "Group") and is being provided to you on a confidential basis. This Presentation has been prepared for information purposes only in connection with preliminary discussions in relation to the Group as set out in this Presentation and may in particular not be used in making any investment decision. This Presentation and its contents are solely for your information on a confidential basis and may not be reproduced, distributed, published, passed on or disclosed, in whole or in part, by any medium or in any form, to any other person or used for any other purpose, without the prior written consent of the Company. Any copyrights which may derive from this Presentation shall remain with the Company. Without limitation, copies of this Presentation may not be sent to countries, or distributed in or sent from countries, in which this is barred or prohibited by law. If you have received this Presentation and you are not an interested party or are not otherwise permitted by law to receive it, you must return it immediately to the Company. This Presentation has been prepared by the Company and includes information obtained from third party sources. This Presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Company and the Group. The information and opinions contained in this Presentation do not purport to be comprehensive and are provided as at the date of this Presentation or as of the date specified herein. Certain financial information (including percentages) in this Presentation may have been rounded according to commercial standards. As a result, the aggregate amounts may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this Presentation. The information in this Presentation is of a preliminary and abbreviated nature and may be subject to updating, revision and amendment, and may change materially. Certain financial data included in this Presentation consists of non-IFRS financial measures. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. No representation, warranty or undertaking, express or implied, is given as to the accuracy, fairness or completeness of the information, opinions, projections or estimates given or contained in this Presentation and no liability is accepted for any such information or opinions or for any errors or omissions or any loss howsoever arising, directly or indirectly, from use of this Presentation or its contents or otherwise arising in connection therewith. None of the Company or any other person is under any obligation to update or keep current the information contained in this Presentation or to correct any inaccuracies which may become apparent, and any opinions expressed herein are subject to change without notice. The Company reserves the right to amend or replace the Presentation at any time, and undertakes no obligation to provide the recipients with access to any additional information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. This Presentation contains specific forward-looking statements, beliefs or opinions, which are based on management's current beliefs, expectations and projections about future events and operational performance. These statements may contain terms like "potential", "believe", "assume", "anticipate", "expect", "forecast", "project", "may", "could", "might", "target", "estimate", "will" or similar expressions. All statements other than statements of historical facts included in this Presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans, intentions, beliefs, objectives and expectations of management for future operations, transactions, and customer or industry developments are forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may result in a substantial divergence between the actual results, financial situation, development or performance of the Company from those explicitly or implicitly presumed in these statements. Past developments cannot be relied on as a guide to future developments. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. In addition, forward-looking statements are not intended to give any assurances as to future results and statements regarding past trends should not be taken as a representation that they will continue in the future. The Company and their respective directors, officers, employees, shareholders, affiliates, agents and advisers each expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations or any change in the events, conditions or circumstances on which any such statement is based, unless otherwise required by law. 12 ‌13

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