INTERIM FINANCIAL REPORT
Q1 2026
WE SHAPE THE FUTURE.
WITH EXPERIENCE, A SPIRIT OF INNOVATION AND THE
HIGHEST STANDARDS,
WE ARE SETTING OUT FOR NEW HORIZONS.
2 INTERIM REPORT Q1 2026 | MONTANA AEROSPACE AG
MONTANA AEROSPACE AG -SELECTED KEY FIGURES
For the three months ended 31 March | |||
(financial figures in M€) | 2026 | 2025 restated* | yoy change |
Net Sales | 248.2 | 238.4 | 9.8 |
EBITDA | 40.6 | 38.2 | 2.4 |
Adjusted EBITDA | 40.6 | 38.3 | 2.2 |
Adjusted EBITDA margin (%) | 16.4% | 16.1% | 0.3% |
Operating result | 17.2 | 15.5 | 1.6 |
Result from continuing operations | 10.5 | 4.5 | 5.9 |
Result for the period | 10.5 | 5.3 | 5.2 |
Net Cash from operating activities | 1.4 | -5.4 | 6.8 |
Net Cash from investing activities | 54.5 | -19.6 | 74.1 |
Net Cash from financing activities | -73.7 | 15.4 | -89.1 |
Free Cash Flow | 55.9 | -25.0 | 80.9 |
CAPEX spent | -11.0 | -21.7 | 10.8 |
Trade Working Capital | 335.1 | 294.7** | 40.3 |
Equity Ratio (%) | 65.6% | 62.5%** | 3.1% |
Net Debt (cash) | 73.3 | 128.1** | -54.8 |
Total Assets | 1,556.7 | 1,597.6** | -40.9 |
Employees | 6,468 | 6,346** | 122 |
* The comparative information has been restated due to a discontinued operation (see note 9). However, cash flow activities, free cash flow, CAPEX spent, and balance sheet positions include continued and discontinued operations.
** Comparison period is 31 December 2025.
3 INTERIM REPORT Q1 2026 | 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 29
DISCLAIMER 30
4 INTERIM REPORT Q1 2026 | MONTANA AEROSPACE AG
FINANCIAL OVERVIEW
Earnings
For the three months ended 31 March(in TEUR) | 2026 | 2026 (adjustments) | 2025 2025 restated** (adjustments) | |
Net Sales | 248,192 | 238,391 | ||
Change in finished and unfinished goods Own work capitalized Other operating income Cost of materials, supplies and services Personnel expenses Other operating expenses EBITDA* | 11,380 | 4,751 2,089 9,662 -114,590 -69,303 -32,821 38,179 | ||
1,144 | ||||
3,675 -122,222 | ||||
-70,369 | ||||
-31,212 | ||||
40,588 | ||||
Stock option plans (share-based payments) Adjusted EBITDA | 170 | |||
40,588 | 38,349 | |||
Adjusted EBITDA margin Depreciation and amortization Operating Profit (EBIT) | -23,431 | 16.4% | -22,665 15,514 | 16.1% |
17,157 | ||||
Financial result | -6,149 11,008 | -13,783 | ||
Result before tax | 1,731 | |||
Income tax result Result from continuing operations | -526 10,482 | 2,814 4,545 | ||
Result from discontinued operations, net of tax*** Result for the period | 727 5,272 | |||
10,482 | ||||
Thereof attributable to: Owners of Montana Aerospace AG Non-controlling interests | 10,340 | 5,269 3 | ||
142 | ||||
* 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 9).
*** 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 9.
5 INTERIM REPORT Q1 2026 | MONTANA AEROSPACE AG