Montana Aerospace : Interim Financial Report - Q1 2026

About this update from Montana Aerospace Ag

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. Net Sales In the first quarter of 2026, Montana Aerospace generated consolidated net sales of EUR 248.2 million, an increase of 4.1% on the EUR 238.4 million generated in the first quarter of 2025. This positive net sales development was driven by organic growth, primarily due to increased volumes and gains in market share within the Aerostructures segment. We expect this positive trajectory to persist through the remaining quarters of 2026, supported by the typical seasonality of the aerospace sector, where deliveries are generally softer in the first quarter and strengthen as the year progresses. EBITDA Adjusted EBITDA totaled EUR 40.6 million, marking a 5.8% increase on the EUR 38.3 million generated in the first quarter of 2025. This translates to an increase in the Group's EBITDA margin to 16.4%, up from 16.1% in the same period last year. The increase in EBITDA was primarily driven by top-line growth and incremental margin expansion, reflecting continued strong operational performance. The Company expects continued production volume growth linked to the industry-wide ramp-up to contribute to further margin expansion by improving the utilization of the fixed cost base. Reported EBITDA was equal to adjusted EBITDA in the first quarter of 2026. Net Sales and adj. EBITDA development by segment in EURm Aerostructures Alpine Metal Tech Q1 2026 Q1 2025 Q1 2026 Q1 2025 Energy (discontinued operation) Q1 2026 Q1 2025 Net Sales 233.5 221.3 14.7 17.1 - 170.4 yoy growth +5.5% -14.1% n/a Adjusted EBITDA 42.5 39.9 -0.6 0.6 - 10.4 yoy growth +6.5% -190.4% n/a The Aerostructures segment generated net sales of EUR 233.5 million, an increase of 5.5% on the EUR 221.3 million generated in the first quarter of 2025. This growth was driven by continued expansion with existing customers, which was achieved through increased production rates and incremental gains in market share and was complemented by new business wins with leading aerospace companies. As a key strategic partner of leading OEMs, Montana Aerospace should continue to benefit from strong industry tailwinds arising from the growth of global air travel and the need to modernize fleets, which tailwinds have resulted in substantial order backlogs for our customers. The Company believes that this provides Montana Aerospace with an opportunity for future growth as their trusted supplier. Adjusted EBITDA for the Aerostructures segment increased from EUR 39.9 million in the first quarter of 2025 to EUR 42.5 million in the first quarter of 2026, representing growth of 6.5%. This growth rate exceeded the net sales growth of the segment. Consequently, the adjusted EBITDA margin expanded to 18.2%, up from 18.0% in the first quarter of 2025. Alpine Metal Tech segment The Alpine Metal Tech segment generated net sales of EUR 14.7 million, a decrease of 14.1% on the EUR 17.1 million generated in the first quarter of 2025. This decrease was attributed to certain delivery shifts. The segment's adjusted EBITDA was EUR -0.6 million in the first quarter of 2026, compared to EUR 0.6 million in the same period last year. Operating Result (EBIT) Depreciation and amortization expenses totaled EUR 23.4 million in the first quarter of 2026, up from EUR 22.7 million in the same period last year. No impairment losses were recorded in the first quarter of 2026. In line with EBITDA, EBIT increased to EUR 17.2 million in the first quarter of 2026, up from EUR 15.5 million in the same period last year. Consequently, the EBIT margin expanded to 6.9%, up from 6.5% in the first quarter of 2025. Financial Result The financial result totaled EUR -6.1 million in the first quarter of 2026, compared to EUR -13.8 million in the same period last year. This improvement was primarily driven by lower non-cash foreign exchange losses and net interest expenses. Result from continuing operations Result from continuing operations totaled EUR 10.5 million, marking a 130.7% increase on the EUR 4.5 million generated in the first quarter of 2025. This positive development was driven by improved operating performance and a better net financial result. This has also led to a strong increase in the earnings per share to EUR 0.17, up from EUR 0.07 in the same period last year. Trade working capital The trade working capital balance amounted to EUR 335.1 million at the end of March 2026, equivalent to around 34% of net sales over the last twelve months. This level of working capital intensity is within our sustainable range, reflecting the seasonal effects typical of the aerospace manufacturing production cycle and our initiative to add safety stock to protect against shortages of raw materials. Cash flow statement For the three months ended 31 March (in TEUR) Cash and cash equivalents at the beginning of the period 2026 112,759 2025 * 133,529 Net cash provided / used in operating activities 1,393 -5,403 Net cash used in / from investing activities 54,493 -19,613 Net cash used in / from financing activities -73,700 15,360 +/- effect of exchange rate fluctuations on cash held 694 -1,093 Cash and cash equivalents at the end of the period 95,639 122,780 * Including discontinued operation (Energy segment). In the first quarter of 2026, Montana Aerospace generated an operating cash flow of EUR 1.4 million, compared to EUR -5.4 million in the same period last year. This increase was primarily driven by improved net income and was further complemented by investing cash flow, which amounted to EUR 54.5 million in the first quarter of 2026, compared to EUR -19.6 million in the same period last year. Supported by the proceeds from the divestment of the Energy segment and overall, a robust performance, free cash flow in the period from January - March 2026 amounted to EUR 55.9 million, up from EUR -25.0 million in Q1 2025. Net cash from financing activities amounted to EUR -73.7 million (Q1 2025: 15.4 million) and reflects largely repayment of Group loans. Net debt (in TEUR) Gross Debt 31 March 2026 168,964 31 December 2025 240,879 Cash and cash equivalents 95,639 112,759 Net Debt 73,325 128,120 Leverage 0.4x 0.8x The net debt balance amounted to EUR 73.3 million at the end of March 2026, equivalent to 0.4x the reported EBITDA generated over the last twelve months (31 December 2025: 0.8x). The Company's continued improvement in financial position is made possible through the repayment of outstanding loans using improved cash flow from operating activities and the proceeds from the divestment of the Energy segment. This supports the Company's goal of achieving a net cash financial position by the end of 2026. Balance sheet (in TEUR) 31 March 2026 31 December 2025 ASSETS Non-current assets 942,264 1,014,082 Current assets 614,390 583,488 o/w cash and cash equivalents 95,639 112,759 Total Assets 1,556,654 1,597,570 EQUITY AND LIABILITIES Total equity 1,020,976 997,834 Non-current liabilities 286,524 358,012 Current liabilities 249,154 241,724 Total equity and liabilities 1,556,654 1,597,570 As of March 31st, 2026, total assets amounted to EUR 1,556.7 million (31 December 2025: EUR 1,597.6 million). Total non-current assets of EUR 942.3 million (31 December 2025: EUR 1,014.1 million) included mainly intangible assets and goodwill of EUR 277.7 million (31 December 2025: EUR 280.9 million) and property, plant, and equipment of EUR 541.9 million (31 December 2025: EUR 547.6 million). Within the total current assets of EUR 614.4 million (31 December 2025: EUR 583.5 million), inventories amounted to EUR 292.2 million (31 December 2025: EUR 270.2 million), trade receivables to EUR 153.9 million (31 December 2025: EUR 119.3 million), other receivables and assets to EUR 48.9 million (31 December 2025: EUR 50.8 million), and cash and cash equivalents to EUR 95.6 million (31 December 2025: EUR 112.8 million). Total liabilities were at EUR 535.7 million as of 31st of March 2026 (31 December 2025: EUR 599.7 million), of which EUR 249.2 million are current liabilities (31 December 2025: EUR 241.7 million) and EUR 286.5 million are non-current liabilities (31 December 2025: EUR 358.0 million). Non-current liabilities included mainly bank loans and borrowings of EUR 118.3 million (31 December 2025: EUR 188.3 million), other financial liabilities of EUR 45.0 million (31 December 2025: EUR 45.5 million) and other liabilities and accruals of EUR 38.7 million (31 December 2025: EUR 38.0 million). Current liabilities included mainly trade payables of EUR 120.6 million (31 December 2025: EUR 119.5 million) and other liabilities and accruals of EUR 63.2 million (31 December 2025: EUR 65.3 million). Total equity increased to EUR 1,021.0 million (31 December 2025: EUR 997.8 million) and included EUR 811.6 million of share premium (31 December 2025: EUR 808.4 million). Montana Aerospace equity ratio as of 31 March 2026 was 65.6% (31 December 2025: 62.5%) underlying Group's solid financial position. Supplemental financial information USAGE OF ALTERNATIVE PERFORMANCE MEASURES Montana Aerospace AG is managed in accordance with internally defined financial and non-financial key figures in the interest of achieving a sustainable increase in value. The following key financial figures are used for the purpose of value-oriented management and in the context of the Q1 2026 Interim Report: Organic Growth refers to increases in net sales (in %) excluding any contributions from acquired companies. EBITDA refers to result for the period before income tax expense, interest income, other financial income, interest expenses, other financial expenses and depreciation and amortization. Adjusted EBITDA refers to result for the period before income tax expense, interest income, other financial income, interest expenses, other financial expenses and depreciation and amortization adjusted for one-off effects. Operating Cash Flow is defined as net cash used / provided in operating activities. Investing Cash Flow is defined as net cash used in / from investing activities. Financing Cash Flow is defined as net cash used in / from financing activities. Free Cash flow is defined as the sum of operating cash flow and investing cash flow. CAPEX (capital expenditures) refers to payments made for purchase of PPE and intangible assets. Equity Ratio refers to total equity in % of total equity and liabilities. Trade Working Capital includes trade receivables and inventories less trade payables and advances received from customers. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 MARCH 2026 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 12 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 13 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 14 CONSOLIDATED STATEMENT OF CASH FLOWS 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2026 16 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2025 16 REPORTING ENTITY 17 BASIS OF ACCOUNTING 17 USE OF JUDGEMENTS AND ESTIMATES 18 CHANGES IN MATERIAL ACCOUNTING POLICIES 18 SEGMENT REPORTING 19 FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT 22 EQUITY 25 OTHER FINANCIAL EXPENSES 27 DISCONTINUED OPERATIONS 27 SHARE-BASED PAYMENT ARRANGEMENTS 28 CONSOLIDATED STATEMENT OF CASH FLOW 29 SUBSEQUENT EVENTS 29 Consolidated statement of financial position (unaudited) Notes 31.03.2026 31.12.2025 (in TEUR) ASSETS 277,723 280,940 541,933 547,609 6,336 6,336 47,810 108,785 213 2,214 66,953 66,931 1,296 1,268 942,264 1,014,082 292,207 270,203 19,654 26,335 153,852 119,280 3,175 3,113 1,002 1,035 48,861 50,763 95,639 112,759 614,390 583,488 1,556,654 1,597,570 Intangible assets and goodwill Property, plant and equipment Equity-accounted investees Loans Other financial assets Other receivables and assets Deferred tax assets Non-current assets Inventories Contract assets Trade receivables Income tax receivables Receivables from affiliated companies Other receivables and assets Cash and cash equivalents Current assets TOTAL ASSETS EQUITY AND LIABILITIES 7 57,224 57,057 808,422 116,757 982,236 15,598 997,834 811,594 136,501 1,005,319 15,657 1,020,976 11 118,302 188,302 45,018 45,451 39,423 40,189 20,616 20,616 12,470 12,595 12,024 12,902 38,672 37,956 286,524 358,012 219 417 5,425 6,709 7,067 9,196 5,862 6,015 32,410 25,927 120,581 119,462 14,371 8,732 0 15 63,219 65,251 249,154 241,724 535,678 599,736 1,556,654 1,597,570 Share capital Share premium Retained earnings Equity attributable to owners of Montana Aerospace AG Non-controlling interests Total equity Loans and borrowings Other financial liabilities Deferred tax liabilities Provisions Employee benefits Contract liabilities Other liabilities and accruals Non-current liabilities Loans and borrowings Other financial liabilities Tax liabilities Provisions Employee benefits Trade payables Contract liabilities Liabilities from affiliated companies Other liabilities and accruals Current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. Consolidated statement of profit or loss (unaudited) Notes 2026 2025 restated ** 5 248,192 238,391 4,751 2,089 9,662 -114,590 -69,303 -32,821 38,179 -22,665 15,514 1,413 -5,880 1,025 11,380 1,144 3,675 -122,222 -70,369 -31,212 40,588 -23,431 17,157 1,022 -3,840 3,855 8 -7,186 -10,341 -13,783 1,731 2,814 4,545 -6,149 11,008 -526 10,482 9 0 727 10,482 5,272 For the three months ended 31 March (in TEUR) Net Sales Change in finished and unfinished goods Own work capitalized Other operating income Cost of materials, supplies and services Personnel expenses Other operating expenses EBITDA * Depreciation and amortization OPERATING RESULT Interest income Interest expenses Other financial income Other financial expenses FINANCIAL RESULT RESULT BEFORE TAX Income tax result RESULT FROM CONTINUING OPERATIONS Result from discontinued operations, net of tax *** RESULT FOR THE PERIOD Thereof attributable to: 10,340 5,269 3 142 Owners of Montana Aerospace AG Non-controlling interests EARNINGS PER SHARE (IN EUR) 0.17 0.08 0.08 0.17 Basic earnings per share Diluted earnings per share EARNINGS PER SHARE - CONTINUING OPERATIONS 0.17 0.07 0.07 0.17 Basic earnings per share Diluted earnings per share * 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. The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. Consolidated statement of profit or loss and other comprehensive income (unaudited) Notes 2026 2025 10,482 5,272 For the three months ended 31 March (in TEUR) Result for the period 520 4,954 -7,833 -1,350 -4,229 -4,229 1,043 8,769 31 9,320 9,320 19,802 ITEMS THAT ARE OR MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS Effective portion of changes in fair value of cash flow hedges Foreign exchange differences Related taxes OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 19,744 952 58 91 Thereof attributable to: Owners of Montana Aerospace AG Non-controlling interests The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. Consolidated statement of cash flows (unaudited) For the three months ended 31 March (in TEUR) Notes 2026 2025 * CASH FLOW FROM OPERATING ACTIVITIES Result before tax Net interest result 11,008 2,818 5,873 8,152 Depreciation and amortization 23,431 24,896 Result from disposals of property, plant and equipment and intangible assets 19 8 Result from disposal of financial assets 32 0 Other non-cash income and expenses Subtotal 299 37,606 5,666 44,595 Changes in assets and liabilities: Inventories -21,542 -426 Trade receivables and other current assets Trade payables and other current liabilities -24,465 13,361 -15,622 -32,801 Provisions and liabilities for employee benefits -687 -587 Subtotal Income taxes paid -33,333 -2,881 -49,436 -563 NET CASH FROM OPERATING ACTIVITIES 1,393 -5,403 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of subsidiaries, net of cash acquired 0 -1,500 Disposal of subsidiaries, net of cash disposed of 11 1,969 0 Disposal of discontinued operations, net of cash disposed of 0 760 Acquisition of intangible assets and property, plant and equipment -10,966 -21,718 Disposal of intangible assets and property, plant and equipment 429 2,035 Repayment of loans granted to related parties 11 62,073 0 Interest received 988 809 NET CASH FROM INVESTING ACTIVITIES 54,493 -19,613 CASH FLOW FROM FINANCING ACTIVITIES Payments received for capital increase 7 3,339 0 Issuance of interest-bearing liabilities Repayment of interest-bearing liabilities 11 92 -72,092 24,187 -5,868 Payments of lease liabilities 11 -2,107 3,891 Interest paid -2,932 -6,850 NET CASH FROM FINANCING ACTIVITIES -73,700 15,360 NET CHANGE IN CASH AND CASH EQUIVALENTS -17,814 -9,656 Cash and cash equivalents as at 1 January 112,759 133,529 Effect of exchange rate changes on cash and cash equivalents 694 -1,093 Cash and cash equivalents as at 31 March 95,639 122,780 * The Group has chosen to present a consolidated cash flow statement that breaks down all cash flows in their entirety - that is, including continuing and discontinued operations. The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. Consolidated statement of changes in equity 2026 (unaudited) Attributable to owners of the Company (in TEUR) Notes Share capital Share premium Foreign Exchange Differences Fair Value Reserve Other retained earnings Total Retained earnings Total Non-controlling interest Total equity Balance as of 1 January 2026 57,057 808,422 -489 6,779 110,467 116,757 982,236 15,598 997,834 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Result for the period 10,340 10,340 10,340 142 10,482 Other comprehensive income for the period, net of tax 8,659 745 0 9,404 9,404 -84 9,320 Total 8,659 745 10,340 19,744 19,744 58 19,802 TRANSACTIONS WITH OWNERS OF THE COMPANY Capital increase 7 168 3,171 3,339 3,339 Total 168 3,171 3,339 3,339 Balance as of 31 March 2026 57,224 811,594 8,170 7,524 120,807 136,501 1,005,319 15,657 1,020,976 Consolidated statement of changes in equity 2025 (unaudited) Attributable to owners of the Company (in TEUR) Notes Share capital Share premium Foreign Exchange Differences Fair Value Reserve Other retained earnings Total Retained earnings Total Non-controlling interest Total equity Balance as of January 1, 2025 56,501 922,326 8,405 1,725 -57,337 -47,207 931,620 -2,232 929,388 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Result for the period 5,269 5,269 5,269 3 5,272 Other comprehensive income for the period, net of tax -7,921 3,604 0 -4,317 -4,317 88 -4,229 Total -7,921 3,604 5,269 952 952 91 1,043 TRANSACTIONS WITH OWNERS OF THE COMPANY Effect of share-based payments 170 170 170 Total 170 170 170 Balance as of March 31, 2025 56,501 922,495 484 5,329 -52,068 -46,254 932,742 -2,141 930,601 The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. NOTES to the condensed consolidated interim financial statements (unaudited) Reporting entity Montana Aerospace AG ("Montana Aerospace" or "the Company") is a worldwide supplier of structural parts for the aerospace and energy industries and was incorporated on 25 November 2019 in Switzerland with its registered office in Reinach, Switzerland. These condensed consolidated interim financial statements as at and for the three months ended 31 March 2026 comprise the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies'). The controlling parent company of Montana Aerospace is Montana Tech Components AG. Basis of accounting These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2025 ("last annual financial statements"). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. The accounting policies adopted are consistent with those of the previous financial year (last annual consolidated financial statements of Montana Aerospace as of 31 December 2025). Amendments to IFRS accounting standard that are effective as of 1 January 2026 have no material effect on the Group's financial statements. The Group's sales were not subject to seasonal variations during the reporting period. The consolidated interim financial statements have been prepared under the historical cost convention, unless otherwise indicated. All amounts are in thousands of euros unless otherwise stated. These interim financial statements were authorised for issue by the Board of Directors on 4 May 2026. Use of judgements and estimates In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainties were the same as those described in the last annual financial statements of Montana Aerospace. Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Changes in material accounting policies The accounting policies applied in these consolidated interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2025. Amendments which apply for the first time in 2026 had no material impact on the condensed interim financial statements. Segment reporting Basis for segmentation Operating segments requiring to be reported are determined on the basis of a management approach. Accordingly, external segment reporting reflects the internal organizational and management structure used within the Group as well as internal financial reporting to the chief operating division maker. In the case of Montana Aerospace, the chief operating decision maker is the Board of Montana Aerospace AG. The reporting is divided into the reportable segments "Aerostructures" and "Alpine Metal Tech". In addition, unallocated facts are reported separately under "Corporate & Eliminations". Aerostructures The Aerostructures segment is a key partner for aircraft manufacturers. The segment develops and manufactures aircraft parts. The Group's product portfolio ranges from structural components for fuselage, wings and landing gear to critical engine components subject to high thermal and mechanical loads, and functional components for the cabin interior. Alpine Metal Tech The Alpine Metal Tech segment is one of the leading international industrial companies and is a provider of customized high-tech solutions for the Steel, Automotive and Aerospace industries. The accounting and measurement policies for the segment reporting are based on the IFRS used in the present consolidated financial statements. The Board of Directors (CODM) uses adjusted EBITDA for management purposes. The adjustments are made to eliminate non-operational expenses and income not attributed to management performance. The following were incurred during the reporting and comparison period: For the three months ended 31 March (in TEUR) 2026 2025 EBITDA as reported 40,588 38,179 Stock option plans (share-based payments) 170 Adjusted EBITDA 40,588 38,349 Information according to reportable segments The management variables, which are used to assess the performance of the operating segments, are shown below: Reportable segments Discontinued operations * (in TEUR) 2026 2025 2026 2025 2026 2025 2026 2025 External net sales 233,528 221,323 14,664 17,068 248,192 238,391 Total Net Sales 233,528 42,468 221,323 14,664 -558 17,068 -1,322 248,192 40,588 238,391 Adjusted EBITDA 39,893 617 -2,161 38,349 Non-operative income and expenses -170 -170 EBITDA 42,468 39,812 -558 617 -1,322 -2,250 40,588 38,179 Depreciation and amortization -22,541 -21,520 -1,049 -1,197 159 52 -23,431 -22,665 Operating result 17,157 15,514 Financial result -6,149 11,008 -13,783 Result before tax 1,731 Income tax result -526 2,814 Result from continuing operations 10,482 4,545 Result from discontinued operation, net of tax 727 Result for the period 10,482 5,272 Investments 8,121 23,138 553 637 59 119 8,733 23,894 2026 2025 170,377 170,377 10,359 10,359 -2,231 6,278 Aerostructures Alpine Metal Tech Corporate & Eliminations Group Energy For the three months ended 31 March * Further information relating to discontinued operations see note 9. A summary of the elimination of intra-Group interdependencies is provided in the "Corporate & Eliminations" column. This column also contains facts that are not directly allocated to any segment. Entity-wide disclosures INFORMATION BY GEOGRAPHICAL SEGMENT For the three months ended 31 March 2026 2025 Non-current Non-current (in TEUR) Net Sales * assets ** Net Sales * assets ** Switzerland 513 72 117 46 Germany 42,729 15,659 43,725 14,273 Austria 428 35,051 2,120 58,153 UK 26,891 1,030 32,594 1,189 Poland 1,195 1,844 Turkey 1,233 1,203 France 8,756 3,403 9,018 3,843 Spain 949 2 1,026 2 Italy 1,975 2,547 4,055 4,124 Sweden 507 613 Romania 1,212 308,862 3,485 337,044 Belgium 9,835 186,379 15,483 189,302 Ireland 9,649 7,263 Netherlands 4,587 4,585 Hungary 3,605 1,519 Rest of Europe 2,195 20 1,581 21,401 USA 106,014 163,061 86,446 180,742 Canada 3,460 21,056 4,715 22,945 Mexico 135 214 Brazil 543 112 748 37,892 Rest of America 47 130 China 3,727 66 3,446 9,088 India 2,020 1,175 7,468 Vietnam 2,820 82,335 1,178 83,927 Rest of Asia 12,157 8,854 Africa, Australia and New Zealand 1,011 1,254 Total 248,192 819,656 238,391 971,439 * The geographic information on revenues in the table above is based on the customers' location. ** Non-current assets include in this respect property, plant and equipment and intangible assets. PRODUCTS AND SERVICES The Group's revenues and trade receivables are split into the following products and services: For the three months ended 31 March 2026 2025 (in TEUR) Net Sales Trade receivables Net Sales Trade receivables thereof product sales 246,415 152,225 236,293 178,822 thereof service sales 1,778 1,627 2,098 2,171 Total 248,192 153,852 238,391 180,993 KEY ACCOUNTS For the three months ended 31 March 2026, net sales with 2 customers accounted for 10% or more each of the Group's net sales. These customers contributed 30% and 26% respectively to the Group's net sales and are entirely attributable to the Aerostructures segment. For the three months ended 31 March 2025, net sales with 3 customers (whereas 2 of these merged in December 2025) accounted for 10% or more each of the Group's net sales. These customers contributed 29%, 12% and 11% respectively to the Group's net sales and are entirely attributable to the Aerostructures segment. Financial instruments - fair values and risk management Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Fair values for trade and other receivables, trade and other payables, bank loans and borrowings and loan liabilities from affiliated companies are not included in the table below. Their carrying amount is a reasonable approximation of fair value. Bank loans and borrowings are mainly bearing variable interest rates. Total Other assets and liabilities Measured at fair measured at fair Financial assets value - hedging value in profit measured at Other financial instruments or loss amortised cost liabilities Level 1 Level 2 Level 3 Total 31 March 2026 Carrying amount Fair value (in TEUR) Financial assets - measured at fair value Derivative financial instruments 4,083 4,083 Contingent consideration 40,000 40,000 4,083 40,000 0 0 44,083 4,083 4,083 40,000 40,000 Financial assets - not measured at fair value Escrow account 2,800 2,800 Loans granted to related companies 47,810 47,810 Contract assets 19,654 19,654 Trade receivables 153,852 153,852 Receivables from affiliated companies 1,002 1,002 Other financial assets 213 213 Other receivables and assets 40,887 40,887 Cash and cash equivalents 95,639 95,639 0 0 361,857 0 361,857 Financial liabilities - measured at fair value Derivative financial instruments 4,663 4,663 4,663 0 0 0 4,663 4,663 4,663 Financial liabilities - not measured at fair value Loans and borrowings 118,521 118,521 Other financial liabilities * 14,555 14,555 Lease liabilities 35,866 35,866 Trade payables ** 118,887 118,887 Other liabilities from associated companies 545 545 Accruals 40,747 40,747 Other liabilities *** 4,116 4,116 0 0 0 333,237 333,237 * Does not include accrued interest TEUR 22. ** Does not include other payments received TEUR 1,698. *** Does not include deferred income TEUR 4,378, derivatives TEUR 4,663, government aid & grants TEUR 38,886 and liabilities from other taxes as well as in the context of social security TEUR 8,550. Total Other assets and liabilities Measured at fair measured at fair Financial assets value - hedging value in profit measured at Other financial instruments or loss amortised cost liabilities Level 1 Level 2 Level 3 Total 31 December 2025 Carrying amount Fair value (in TEUR) Financial assets - measured at fair value Derivative financial instruments 4,646 4,646 Securities 40,000 40,000 4,646 40,000 0 0 44,646 4,646 4,646 40,000 40,000 Financial assets - not measured at fair value Escrow account 2,800 2,800 Loans granted to related companies 108,785 108,785 Contract assets 26,335 26,335 Trade receivables 119,280 119,280 Receivables from affiliated companies 1,035 1,035 Other financial assets 2,214 2,214 Other receivables and assets 44,304 44,304 Cash and cash equivalents 112,759 112,759 0 0 417,512 0 417,512 Financial liabilities - measured at fair value Derivative financial instruments 2,142 2,142 2,142 0 0 0 2,142 2,142 2,142 Financial liabilities - not measured at fair value Loans and borrowings 188,718 188,718 Other financial liabilities * 15,244 15,244 Lease liabilities 36,895 36,895 Trade payables ** 118,929 118,929 Trade payables from affiliated companies 15 15 Other liabilities from associated companies 956 956 Accruals 36,927 36,927 Other liabilities *** 4,014 4,014 0 0 0 401,698 401,698 * Does not include accrued interest TEUR 21. ** Does not include other payments received TEUR 533. *** Does not include deferred income TEUR 3,198, derivatives TEUR 2,142, government aid & grants TEUR 39,911 and liabilities from other taxes as well as in the context of social security TEUR 16,059. Equity Share capital In the current fiscal year, the Company executed capital increases amounting to TEUR 3,339. Therefore, 153,668 new ordinary shares of a nominal value of CHF 1.00 each out of its authorized capital were issued. As of 31 March 2026, the total authorized and issued number of ordinary shares comprises 62,680,300 shares with a nominal value of CHF 1.00 each. The split of the capital stock is shown in the table below. CAPITAL STOCK 31 March 2026 31 December 2025 Nominal value per share (CHF) 1.00 1.00 Total number of shares 62,680,300 62,526,632 Total amount of share capital (CHF) 62,680,300 62,526,632 Total amount of share capital (EUR) 57,224,264 57,056,651 The Principal Shareholder (Montana Tech Components AG) holds 43.04% of the shares as of 31 March 2026. Earnings per share The calculation of earnings per share has been based on the profit or loss attributable to shareholders of Montana Aerospace AG as presented in the consolidated statement of profit or loss and the weighted average of shares in circulation as of 31 March 2026. 2026 2025 Weighted average of ordinary shares in circulation as of 31 March 62,603,466 62,006,254 For the three months ended 31 March (in TEUR) 2026 2025 Result of the period attributable to owners of Montana Aerospace AG 10,340 5,269 For the three months ended 31 March (in EUR) 2026 2025 EARNINGS PER SHARE Basic earnings per share 0.17 0.17 0.08 Diluted earnings per share 0.08 EARNINGS PER SHARE - CONTINUING OPERATIONS Basic earnings per share 0.17 0.07 Diluted earnings per share 0.17 0.07 Nature and purpose of reserves The translation reserves comprise all foreign currency differences arising from the translation of the financial statements of foreign operations. Remeasurements of the net defined benefit liabilities are charged or credited to other comprehensive income in the period in which they arise. Dividends The Company has not paid any dividends in the periods presented. Other financial expenses The decrease in other financial expenses for the three months ended 31 March 2026 compared to the three months ended 31 March 2025 mainly relates to lower exchange rate losses. Discontinued operations Energy (ASTA Group) The segment "Energy" was sold on 25 September 2025. Since this group represented a major line of business of the group, it is to be classified as a discontinued operation. The previous year's figures in the consolidated statement of comprehensive income were adjusted accordingly to show the discontinued operation separately from continuing operations. Results of discontinued operation For the three months ended 31 March (in TEUR) 2025 External net sales 170,377 Other income 7,717 External expenses -173,952 thereof depreciation and amortization -2,231 Results from operating activities 4,142 Income tax -3,415 Results from discontinued operations, net of tax 727 Basic earnings (loss) per share (EUR) 0.01 Diluted earnings (loss) per share (EUR) 0.01 Cash flows from discontinued operation For the three months ended 31 March (in TEUR) 2025 Net cash from operating activities -4,013 Net cash from investing activities -6,915 Net cash from financing activities 13,946 Net cash flows for the year 3,018 Share-based payment arrangements Management stock option program 2021 (MSOP 2021) The management stock option program (MSOP) was launched by the parent company Montana Tech Components AG, Reinach, Switzerland, to allow employees to subscribe to ordinary shares in Montana Aerospace AG. The vesting period on which the program is based amounts to five years. The share-based payment arrangement requires employees to be in an active employment relationship with the company whenever options are exercised. As of 16 December 2022, Montana Tech Components AG and Montana Aerospace AG agreed to transfer all rights and obligations in relation to the options vesting from 2023, to Montana Aerospace AG. The expense in the income statement (personnel expenses) for share-based payment as well as the effects in equity were completely recognized by 31 December 2025. Management stock option program 2022 (MSOP 2022) In 2022, a further management stock option program (MSOP) was launched by the companies Montana Tech Components AG, Reinach, Switzerland (300,000 options; exercise price CHF 25.65), and Montana Aerospace AG, Reinach, Switzerland (150,080 options; exercise price CHF 18.00), to allow employees to subscribe to ordinary shares in Montana Aerospace AG. The vesting period on which the program is based amounts to three years. The share-based payment arrangement requires employees to be in an active employment relationship with the company whenever options are exercised. The expense in the income statement (personnel expenses) for share-based payment as well as the effects in equity were completely recognized by 31 December 2025. Management stock option program 2023 (MSOP 2023) In 2023, a further management stock option program (MSOP) was launched by Montana Aerospace AG, Reinach, Switzerland, to allow employees to subscribe to ordinary shares in Montana Aerospace AG. The vesting period on which the program is based amounts to two years. The share-based payment arrangement requires employees to be in an active employment relationship with the company whenever options are exercised. The expense in the income statement (personnel expenses) for share-based payment as well as the effects in equity were completely recognized by 31 December 2025. Management stock option program 2024 (MSOP 2024) In 2024, a further management stock option program (MSOP) was launched by Montana Aerospace AG, Reinach, Switzerland, to allow employees to subscribe to ordinary shares in Montana Aerospace AG. The vesting period on which the program is based amounts to one year. The share-based payment arrangement requires employees to be in an active employment relationship with the company whenever options are exercised. The expense in the income statement (personnel expenses) for share-based payment as well as the effects in equity were completely recognized in 2024. Consolidated statement of cash flow Disposal of subsidiaries, net of cash disposed of The item "Disposal of subsidiaries, net of cash disposed of" refers to cash inflows relating to previous years' disposal. Repayment of loans granted to related parties The item "Repayment of loans granted to related parties" refers to payments received from the Energy segment sold in the previous year. Repayment of interest-bearing liabilities Item "Repayment of interest-bearing liabilities" mainly refers to early repayment of loans (EUR 30 million) as well as to temporary lower utilization of revolving credit facilities (EUR 40 million). Payments of lease liabilities As of 31 March 2026, the increase in payments of lease liabilities compared to the three months ended 31 March 2025 mainly relates to repayments received in the previous year in connection with lease prepayments. Subsequent events No events took place between 31 March 2026 and 4 May 2026 that would require adjustments to the carrying amounts of the assets or liabilities in these condensed consolidated interim financial statements or would need to be disclosed here. ABOUT MONTANA AEROSPACE ~CHF 1.600m Market capitalization (as per 31 March 2026) International Reporting Standard at SIX Swiss Exchange in Zurich Stock Exchanges Free Float Number of shares 62,680,300 Montana Tech Components AG May 12th 2021 Initial listing AERO Ticker symbol CH1110425654 /111 042 565 ISIN SHAREHOLDER STRUCTURE BASIC INFORMATION Montana Aerospace focus on key parts and technologies in the aerospace market with a global operational presence. Montana Aerospace manufactures state-of-the-art components for the aerospace industry due to its multi-material capabilities and outstanding technical expertise. As a customer-oriented company, Montana Aerospace drives the research and development of new parts and solutions together with its customers. Due to the high level of integration in the aerospace value chain and the unique business model, Montana Aerospace meets the needs of its customers and has built long-term relationships over decades. DISCLAIMER Some of the information contained in this press release may be forward-looking statements. Montana Aerospace cautions that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward- looking statements as a result of various factors. Montana Aerospace undertakes no obligation to publicly update or revise any forward-looking statements. All figures contained in this report are unaudited. This Q1 2026 report can be downloaded at https://www.montana-aerospace.com CONTACT Marc Vesely recte Riha. MSc (WU) Head of M&A and Investor Relations Montana Aerospace AG [email protected] M: +43 664 61 26 261 T: +43 1 961 0692 189 PUBLISHED AND EDITED BY Montana Aerospace AG, Reinach, Switzerland DESIGN Peter Rieder, flammen.at Büro X Wien, buerox.at © Montana Aerospace AG 2026

View stock analysis, news, and events for Montana Aerospace Ag