INTERIM FINANCIAL REPORT
3M 2025
WE SHAPE THE FUTURE.
WITH EXPERIENCE, A SPIRIT OF INNOVATION AND THE
HIGHEST STANDARDS,
WE ARE SETTING OUT FOR NEW HORIZONS.
2 INTERIM REPORT 3M 2025 | MONTANA AEROSPACE AG
MONTANA AEROSPACE AG -SELECTED KEY FIGURES
For the three months ended 31 March | |||
(financial figures in M€) | Q1 2025 | Q1 2024 restated* | yoy change |
Net Sales | 408.8 | 355.0 | +53.8 |
EBITDA | 48.5 | 36.7 | +11.8 |
Adjusted EBITDA | 48.8 | 37.2 | +11.6 |
Adjusted EBITDA margin (%) | 11.9% | 10.5% | +1.4% |
Operating result | 23.6 | 14.1 | +9.5 |
Result from continuing operations | 5.3 | 3.7 | +1.6 |
Result for the period | 5.3 | 2.7 | +2.6 |
Cash Flow from operating activities | -5.4 | -15.8** | +10.4 |
Cash Flow from investing activities | -19.6 | -18.3** | -1.3 |
Cash Flow from financing activities | +15.4 | -14.0** | +29.4 |
Free Cash Flow | -25.0 | -34.1** | +9.1 |
CAPEX spent | -21.7 | -17.7** | -4.0 |
Trade Working Capital | 387.8 | 353.6*** | +34.2 |
Equity Ratio (%) | 51.1% | 50.8%*** | +0.3% |
Net Debt (cash) | 252.5 | 210.9*** | +41.6 |
Total Assets | 1,821.7 | 1,830.7*** | -9.0 |
Employees | 7,773 | 7,571*** | +202 |
* The comparative information has been restated due to a discontinued operation (see Note 10).
** including discontinued operation (E-Mobility segment).
*** comparison period is December 2024.
3 INTERIM REPORT 3M 2025 | MONTANA AEROSPACE AG
TABLE OF CONTENTS
MONTANA AEROSPACE AG - SELECTED KEY FIGURES 3
FINANCIAL OVERVIEW 5
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 10
THE MONTANA AEROSPACE EQUITY STORY 29
ABOUT MONTANA AEROSPACE 31
DISCLAIMER 32
4 INTERIM REPORT 3M 2025 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Earnings
For the three months ended 31 March(in TEUR) | 2025 | 2025 (adjustments) | 2024**2024 restated (adjustments) | |
Net Sales | 408,768 | 355,034 | ||
Change in finished and unfinished goods Own work capitalized Other operating income Cost of materials, supplies and services Personnel expenses Other operating expenses EBITDA* | 10,938 | 17,546 2,128 4,993 -235,753 -68,186 -39,080 36,682 | ||
2,089 | ||||
9,831 -256,973 -82,925 -43,189 | ||||
48,539 | ||||
Legal costs | 81 | 78 | ||
M&A and PMI related expenses | - | - | ||
Stock option plans (share-based payment) MSOP ASTA IPO preparation costs Adjusted EBITDA | 170 | 37,152 | 391 | |
- | - | |||
48,789 | ||||
Adjusted EBITDA margin Depreciation and amortization Operating Profit (EBIT) | 11.9% | 10.5% -22,554 14,128 | ||
-24,896 | ||||
23,643 | ||||
Financial result Share of result of equity-accounted investees, net of tax | -17,770 | -9,723 -213 | ||
- | ||||
Result before tax | 5,873 | 4,192 | ||
Income tax expense / income | -601 | -466 | ||
Result from continuing operations | 5,272 | 3,726 | ||
Result from discontinued operation, net of tax*** Result for the period | - | -991 2,735 | ||
5,272 | ||||
Thereof attributable to: Owners of Montana Aerospace AG Non-controlling interests | 5,269 | 2,809 -74 | ||
3 | ||||
* EBITDA is calculated as result for the period before income tax expense, interest income, other financial income, interest expenses, other financial expenses and depreciation and amortization.
** The comparative information has been restated due to a discontinued operation (see Note 10).
*** The Group has elected to present the result after tax of the discontinued operation in a separate amount in the statement of comprehensive income and has disaggregated this separate amount into revenue, expenses and result before tax in Note 10.
5 INTERIM REPORT 3M 2025 | MONTANA AEROSPACE AG