INTERIM FINANCIAL REPORT
FIRST HALF-YEAR 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 FIRST HALF-YEAR 2025 | MONTANA AEROSPACE AG
MONTANA AEROSPACE AG -SELECTED KEY FIGURES
For the six months ended 30 June | |||
(financial figures in M€) | 2025 | 2024 | yoy change |
Net Sales | 820.6 | 719.5 | +101.1 |
EBITDA | 101.4 | 75.2 | +26.2 |
Adjusted EBITDA | 102.0 | 79.3 | +22.7 |
Adjusted EBITDA margin (%) | 12.4% | 11.0% | +1.4% |
Operating result | 52.1 | 28.7 | +23.4 |
Result for the period | 6.4 | -17.4 | +23.8 |
Net Cash from operating activities | 38.5 | -4.3 | +42.8 |
Net Cash from investing activities | -37.5 | -38.0 | +0.5 |
Net Cash from financing activities | -3.5 | -20.7 | +17.2 |
Free Cash Flow | 1.0 | -42.3 | +43.3 |
CAPEX spent | -41.1 | -38.8 | -2.3 |
Trade Working Capital* | 375.3 | 353.6 | +21.7 |
Equity Ratio (%)* | 51.5% | 50.8% | +0.7% |
Net Debt (cash)* | 237.6 | 210.9 | +26.7 |
Total Assets* | 1,792.3 | 1,830.7 | -38.4 |
Employees | 7,774 | 7,553 | +221 |
* Comparison period is 31 December 2024
3 INTERIM REPORT FIRST HALF-YEAR 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 FIRST HALF-YEAR 2025 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Earnings
For the six months ended 30 June(in TEUR) | 2025 | 2025 (adjustments) | 2024 2024 (adjustments) |
Net Sales | 820,636 | 719,549 | |
Change in finished and unfinished goods | 16,717 | 30,603 | |
Own work capitalized | 4,710 | 4,558 | |
Other operating income | 21,115 | 7,857 | |
Cost of materials, supplies and services | -510,197 | -464,070 | |
Personnel expenses | -165,993 | -139,159 | |
Other operating expenses | -85,545 | -84,118 | |
EBITDA* | 101,442 | 75,220 | |
Legal costs | 163 | 3,443 | |
Stock option plans (share-based payment) MSOP | 406 | 681 | |
Adjusted EBITDA | 102,011 | 79,344 | |
Adjusted EBITDA margin | 12.4% | 11.0% | |
Depreciation and amortization | -49,314 | -46,545 | |
Operating Profit (EBIT) | 52,128 | 28,675 | |
Financial result | -47,416 | -17,624 | |
Share of result of equity-accounted investees, net of tax | - | 383 | |
Result before tax | 4,713 | 11,434 | |
Income tax expense / income | 1,705 | -2,239 | |
Result from continuing operations | 6,417 | 9,195 | |
Result from discontinued operation, net of tax** | - | -26,621 | |
Result for the period | 6,417 | -17,426 | |
Thereof attributable to: | |||
Owners of Montana Aerospace AG | 6,385 | -17,260 | |
Non-controlling interests | 32 | -166 |
* 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 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 FIRST HALF-YEAR 2025 | MONTANA AEROSPACE AG