INTERIM FINANCIAL REPORT
9M 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 9M 2025 | MONTANA AEROSPACE AG
MONTANA AEROSPACE AG -SELECTED KEY FIGURES
For the nine months ended 30 September | |||
(financial figures in M€) | 2025 | 2024 restated** | yoy change |
Net Sales | 712.3 | 616.9 | 95.4 |
EBITDA | 113.0 | 87.8 | 25.2 |
Adjusted EBITDA | 113.8 | 92.1 | 21.7 |
Adjusted EBITDA margin (%) | 16.0% | 14.9% | 1.1% |
Operating result | 45.3 | 24.9 | 20.4 |
Result from continuing operations | 3.0 | -1.3 | 4.3 |
Result for the period | -11.0 | -28.4 | 17.4 |
Net Cash from operating activities | 87.1 | 31.7 | 55.4 |
Net Cash from investing activities | -135.5 | -54.2 | -81.3 |
Net Cash from financing activities | 5.7 | -27.6 | 33.3 |
Free Cash Flow | -48.4 | -22.5 | -25.9 |
CAPEX spent | -62.3 | -57.3 | -5.0 |
Trade Working Capital* | 328.7 | 353.6 | -24.9 |
Equity Ratio (%)* | 57.8% | 50.8% | 7.0% |
Net Debt (cash)* | 258.6 | 210.9 | 47.7 |
Total Assets* | 1,593.3 | 1,830.7 | -237.4 |
Employees | 6,222 | 6,127 | 95 |
* Comparison period is 31 December 2024.
** The comparative information has been restated due to a discontinued operation (see note 11). However, cash flow activities, free cash flow and Capex spent include continued and discontinued operations for both 2024 and 2025.
3 INTERIM REPORT 9M 2025 | MONTANA AEROSPACE AG
TABLE OF CONTENTS
MONTANA AEROSPACE AG - SELECTED KEY FIGURES 3
FINANCIAL OVERVIEW 5
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 10
ABOUT MONTANA AEROSPACE 31
DISCLAIMER 32
4 INTERIM REPORT 9M 2025 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Earnings
For the nine months ended 30 September(in TEUR) | 2025 | 2025 (adjustments) | 2024 2024 restated** (adjustments) | |
Net Sales | 712,330 | 616,900 | ||
Change in finished and unfinished goods Own work capitalized Other operating income Cost of materials, supplies and services Personnel expenses Other operating expenses EBITDA* | 1,535 | 18,840 7,260 19,568 -305,018 -172,980 -96,729 87,841 | ||
6,463 | ||||
26,019 -331,931 -203,027 -98,397 | ||||
112,992 | ||||
Legal costs Stock option plans (share-based payment) MSOP Adjusted EBITDA | 292 | 3,341 963 | ||
563 | ||||
113,848 | 92,145 | |||
Adjusted EBITDA margin Depreciation and amortization Operating Profit (EBIT) | 16.0% -67,693 | -62,907 24,934 | 14.9% | |
45,299 | ||||
Financial result Share of result of equity-accounted investees, net of tax | -45,429 - | -21,099 -2,717 | ||
Result before tax | -130 | 1,118 | ||
Income tax expense / income Result from continuing operations | 3,142 3,012 | -2,423 -1,305 | ||
Result from discontinued operation, net of tax*** Result for the period | -14,050 -11,038 | -27,111 -28,416 | ||
Thereof attributable to: Owners of Montana Aerospace AG Non-controlling interests | -28,188 -228 | |||
-11,076 38 | ||||
* 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 11).
*** 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 11.
5 INTERIM REPORT 9M 2025 | MONTANA AEROSPACE AG