2
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
3
The transaction includes a deferred cash payment in the mid-double-digit EUR
million amount, contingent on certain milestones being achievedby ASTA Group (formerly the Energy segment).
Montana Aerospace had planned to invest approx. €30 million in the ASTA Group in FY25 to support its expansion strategy. These investments have been covered by the new owner as part of the transaction.
The transformation of Montana Aerospace into an aerospace-focused group enables the expected conversion of over €66 million of debt into equity. This debt stems from the 'profit certificates' assumed as part of the ASCO acquisition.
4
9M 2024
yoy change
9M 2025
87.8
(14.2%)
113.0
(15.9%)
+28.6%
616.9
712.3
+15.5%
-57.3
-62.3
-5.0m
-1.3
3.0
+4.3m
in EURm
Net Sales |
EBITDA (EBITDA margin %) |
Result (cont. op.) |
CAPEX(1) |
-22.5
-48.4
-25.9m
346.2
258.6
-87.7m
-42.9
-40.4
+2.5m
-19.6
2.8
+22.4m
Free Cash Flow
Net Debt
(excl. Energy)
CAPEX(excl. Energy)
Note(s): (General) The income statement figures reflect the Aerostructures and Other segments, with the Energy and E-mobility segments being treated as discontinued operations. Comparative information has been restated to reflect these discontinued operations for the 5
nine months ending in 2024. Details of these discontinued operations can be found in Note 11 on pages 26-28 of the 9M 2025 Interim Financial Report; (1) Acquisition of intangible assets and property, plant and equipment as per cash flow statement
in EURm
+19%248.4
209.0
Q3 2024
Q3 2025
EBITDA margin
15%
15%
+17%36.0
30.9
Q3 2024
Q3 2025
In Q3 2025, Montana Aerospace generated net sales of €248.4 million (+18.8% compared to Q3 2024)
Positive net sales development was driven by organic growth, reflecting higher volumes on existing programs, market share gains and new business wins, primarily in the commercial aerospace sector
EBITDA increased to €36.0 million (+16.6% compared to Q3 2024)
Positive EBITDA development is largely driven by topline growth, with margins remaining stable
Historical financials have been restated to exclude the Energy and E-mobility segments in order to support year-on-year comparability
Note(s): (General) The income statement figures reflect the Aerostructures and Other segments, with the Energy and E-mobility segments being treated as discontinued operations. 6
Comparative information has been restated to reflect these discontinued operations for the nine months ending in 2024. Details of these discontinued operations can be found in
Note 11 on pages 26-28 of the 9M 2025 Interim Financial Report
36.0
Energy
Q3 2024
Q4 2024
-5.4
Q1 2025
Q2 2025
Q3 2025
17.4
o/w
48.6
43.9
86.4
144.1
19.8
26.0
-25.0
o/w Energy
Q3 2024
Q4 2024(1)
Q1 2025
Q2 2025
-49.4
Q3 2025(2)
-39.3
Note(s): (General) The cash flow figures include the results of both the Energy and E-mobility segments; (1) Q4 2024 includes the proceeds from the divestment of the E-mobility segment (closed in November 2024); (2) Q3 2025 includes net cash outflows relating to the 7
divestment of the Energy segment (closed in September 2025), as well as by payments relating to the purchase price of the acquisition made in previous years
% LTM Sales
24.1%
23.7%
25.1%
23.5%
34.7%
365.7
353.6
387.8
375.3
328.7
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
(x) LTM EBITDA
2.4x
1.3x
1.5x
1.3x
1.7x
346.2
210.9
252.5
237.6
258.6
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Note(s): (General) The historical balance sheet figures and ratios include the Energy segment for the period from Q3 2024 to Q2 2025 8
+2%
A220
435
61
56
56
53
374
432
441
454
62
45
A320
family
396
392
A330
20
18
36
B737
229
B767
15
B777
11
B787
36
61
29
20
330
35
A350
Note(s): (General) The figures are taken from reports and transcripts by Airbus and Boeing
Sep-22 Sep-23 Sep-24 Sep-25
+51%
328
51
371
85
440
110
291
62
277
286
330
229
Sep-22 Sep-23 Sep-24 Sep-25
Σ AIR, BA 763 859 788 947
9
Sales increase to >EUR 900m
Adj. EBITDA growth to >EUR 160m
Positive Net Income
Positive Free Cash Flow
Sales increase to >EUR 1bn
Adj. EBITDA growth to >EUR 185m
Net Cash Position
10
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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.
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