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.
Net Sales
In the first nine months of 2025, Montana Aerospace generated net sales of EUR 712.3 million, which is an increase of 15.5% compared to EUR 616.9 million in the first nine months of 2024. This positive net sales development was driven by organic growth across all sites, particularly those with greater exposure to Boeing platforms, given their ongoing ramp-up.
EBITDA
In the first nine months of 2025, Montana Aerospace generated an EBITDA of EUR 113.0 million, an increase of 28.6% compared to EUR 87.8 million in the same period of 2024. This translates to an increase in the EBITDA margin to 15.9%, compared to 14.2% in the first nine months of 2024. The increase in EBITDA is driven by a combination of top-line growth, efficiency initiatives, and operating leverage. The latter continues to drive EBITDA margin expansion as the top line scales, given the large fixed cost base resulting from the substantial investment program undertaken by Montana Aerospace following its IPO in 2021.
The two minor adjustments to the reported EBITDA in the first nine months of 2025 were legal costs (EUR 0.3 million) and expenses related to the Management Stock Option Program (MSOP) (EUR 0.6 million), totaling EUR 0.9 million. After adjusting for these items, EBITDA increased to EUR 113.8 million in the first nine months of 2025, compared to EUR 92.1 million in the same period last year.
Net Sales and adj. EBITDA development by segment
in EURm | Aerostructures | All other segments | ||
9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | |
Energy (discontinued operation) | |
9M 2024 | 9M 2025 |
Net Sales | 612.0 | 649.1 | n/a | 63.3 | 469.4 | 526.3 | ||||
yoy growth | +6.1% | n/a | +12.1% | |||||||
Adjusted EBITDA | 94.2 | 111.2 | n/a | 2.6 | 25.9 | 36.9 | ||||
yoy growth | +18.0% | n/a | +42.3% |
In the period from 1 January - 30 September 2025, Montana Aerospace's Aerostructures segment continued to drive the Group's growth trajectory. Aerostructures recorded net sales of EUR 649.1 million, up 6.1% (yoy), while adjusted EBITDA rose by 18.0% to EUR 111.2 million. All other segments, consisting of Alpine Metal Tech (re-acquired August 2024) and Group holding companies, reached net sales of EUR 63.3 million, while achieving an adjusted EBITDA of EUR 2.6 million.
The energy segment, which was divested on 24 September 2025 posted net sales of EUR 526.3 million, up 12.1% (yoy), while achieving a growth in adjusted EBITDA of 42.3% to EUR 36.9 million.
Operating result
In the first nine months of 2025, Montana Aerospace generated an EBIT of EUR 45.3 million, an increase of 81.7% compared to EUR 24.9 million in the same period of 2024. Total depreciation and amortization expenses totaled EUR 67.7 million in the first nine months of 2025, compared to EUR 62.9 million in the same period of 2024.
Total depreciation and amortization expenses amounted to EUR 67.7 million in the first nine months of 2025 compared to EUR 62.9 million in the same period of 2024. No adjustments to depreciation and amortization (impairment) were made.
Financial Result
In the first nine months of 2025, Montana Aerospace reported a financial result of EUR -45.4 million, compared to EUR -21.1 million in the same period of 2024. We note that the financial result has been negatively impacted by
non-cash foreign exchange losses, which contributed approximately EUR -30 million to the financial result in the first nine months of 2025.
Result from continuing operations
In the first nine months of 2025, Montana Aerospace reported a result from continuing operations of EUR 3.0 million, compared to EUR -1.3 million in the same period of 2024. The result was heavily affected by non-cash foreign exchange losses.
Cash flow statement
For the nine months ended 30 September(in TEUR) Cash and cash equivalents at the beginning of the period | 2025* 133,529 | 2024* 175,252 |
Net cash provided / used in operating activities | 87,128 | 31,724 |
Net cash used in investing activities | -135,529 | -54,223 |
Net cash used in / from financing activities +/- effect of exchange rate fluctuations on cash held | 5,717 -2,938 | -27,590 -1,791 |
Cash and cash equivalents at the end of the period | 87,907 | 123,372 |
*Cash flow statement includes continued and discontinued operations.
In the first three quarters of 2025, free cash flow decreased from EUR -22.5 million in Q3 2024 to EUR -48.4 million in Q3 2025. Net cash from operating activities was higher in the first nine months of 2025 (EUR 87.1 million) compared to the same period last year (EUR 31.7 million) driven by higher profitability and better working capital management. However, net cash flow from investing activities amounted to EUR -135.5 million in the first 9M 2025 (EUR -54.2 million1), primarily driven by disposal of Energy segment and payment of purchase price relating to previous years' acquisition.
1 First nine months of 2024.
Balance sheet
(in TEUR) | 30 September 2025 | 31 December 2024 |
Non-current assets | 1,018,694 | 1,037,619 |
Current assets | 574,646 | 793,112 |
o/w cash and cash equivalents | 87,907 | 133,529 |
Total Assets | 1,593,340 | 1,830,732 |
Total equity | 920,748 | 929,388 |
Non-current liabilities | 460,699 | 474,825 |
Current liabilities | 211,893 | 426,519 |
Total equity and liabilities | 1,593,340 | 1,830,732 |
As of 30 September 2025, Montana's total assets equaled EUR 1,593.3 million (EUR 1,830.7 million2), of which total non-current assets of EUR 1,018.7 million (EUR 1,037.6 million2). Total non-current assets included mainly intangible assets and goodwill of EUR 283.2 million (EUR 309.8 million2) and property, plant, and equipment of EUR 548.2 million (EUR 669.9 million2). Within the total current assets of EUR 574.6 million (EUR 793.1 million2), inventories amounted to EUR 288.9 million (EUR 389.4 million2), trade receivables to EUR 122.9 million (EUR 181.8 million2), other receivables and assets to EUR 52.8 million (EUR 60.5 million2), and cash and cash equivalents to EUR 87.9 million (EUR 133.5 million2).
Total liabilities stood at EUR 672.6 million as of 30 September 2025 (EUR 901.3 million2), of which current liabilities accounted for EUR 211.9 million, and down from EUR 426.5 million in 31 December 2024. Current liabilities included employee benefits of EUR 26.4 million (EUR 30.1 million2), trade payables of EUR 92.1 million (EUR 235.2 million2) and other liabilities and accruals of EUR 62.0 million (EUR 100.6 million2). Non-current liabilities totaled EUR 460.7 million (EUR 474.8 million2). Non-current liabilities included bank loans and borrowings of EUR 228.4 million (EUR 217.8 million2), other financial liabilities of EUR 112.4 million (EUR 101.8 million2) and other liabilities and accruals of EUR 41.0 million (EUR 48.9 million2).
Total equity decreased slightly to EUR 920.7 million (EUR 929.4 million2) and included EUR 931.1 million of share premium (EUR 922.3 million2).
On 30 September 2025, Montana Aerospace's trade working capital amounted to EUR 328.7 million compared to EUR 330.0 million on 30 September 2024. We expect to lower our TWC-level by the end of 2025 by reducing the inventory and optimizing receivables/payables ratio.
The main changes to the balance sheet positions pertain to the divestment of the Energy segment, which is also classified as discontinued operation3.
2 As of 31 December 2024.
3 See note 11 for details.
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 9M 2025 Interim Report:
- Organic Growth refers to increases in net sales (in %) excluding any contributions from acquired companies.
- EBITDA refers to operating profit before interest, taxes, depreciation and amortization.
- Adjusted EBITDA refers to operating profit before interest, taxes, 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 / provided in investing activities.
- Financing Cash Flow is defined as net cash used / provided in 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.
Due to the Group's dynamic growth, the trend in the number of employees is also an important non-financial indicator.
CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(unaudited)
30 SEPTEMBER 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 11
CONSOLIDATED STATEMENT OF PROFIT OR LOSS 12
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (OCI) 13
CONSOLIDATED STATEMENT OF CASH FLOWS 14
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2025 15
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2024 15
REPORTING ENTITY 16
SIGNIFICANT CHANGES IN THE REPORTING PERIODS 16
BASIS OF ACCOUNTING 16
USE OF JUDGEMENTS AND ESTIMATES 17
CHANGES IN MATERIAL ACCOUNTING POLICIES 17
SEGMENT REPORTING 18
FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT 21
OTHER FINANCIAL LIABILITIES 24
EQUITY 24
OTHER FINANCIAL EXPENSES 26
DISCONTINUED OPERATIONS 26
SHARE-BASED PAYMENT ARRANGEMENTS 29
CONSOLIDATED STATEMENT OF CASH FLOW 30
SUBSEQUENT EVENTS 30
Consolidated statement of financial position
(unaudited)
Notes | 30.09.2025 | 31.12.2024 |
283,200 | 309,780 | |
548,245 | 669,922 | |
5,211 | 5,211 | |
11.1.3. | 108,656 | 0 |
2,214 | 2,265 | |
70,294 | 37,155 | |
873 | 13,286 | |
1,018,694 | 1,037,619 | |
288,896 | 389,394 | |
20,984 | 25,257 | |
122,913 | 181,778 | |
148 | 500 | |
1,017 | 2,130 | |
52,781 | 60,524 | |
87,907 | 133,529 | |
574,646 | 793,112 | |
1,593,340 | 1,830,732 |
Intangible assets and goodwill Property, plant and equipment Equity-accounted investees Loans
Other financial assets
Other receivables and assets Deferred tax assets
Non-current assetsInventories 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 LIABILITIES9 | 56,985 | 56,501 |
9 | 931,107 | 922,326 |
9 | -67,344 | -47,207 |
9 | 920,748 | 931,620 |
9 | 0 | -2,232 |
9 | 920,748 | 929,388 217,798 |
228,433 | ||
8 | 112,392 | 101,831 40,009 39,335 18,130 8,821 48,902 474,825 18,450 |
31,358 22,803 | ||
13,516 | ||
11,237 | ||
40,961 460,699 | ||
2,000 | ||
8 | 3,650 | 6,315 |
6,528 | 6,802 | |
4,959 | 10,050 | |
26,354 | 30,089 | |
92,060 | 235,193 | |
14,331 | 19,006 | |
0 | 23 | |
62,011 | 100,591 | |
211,893 | 426,519 | |
672,592 | 901,344 | |
1,593,340 | 1,830,732 |
Share capital Share premium Retained earnings
Equity attributable to owners of Montana Aerospace AGNon-controlling interests
Total equityLoans and borrowings Other financial liabilities Deferred tax liabilities Provisions
Employee benefits Contract liabilities
Other liabilities and accruals
Non-current liabilitiesLoans 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 LIABILITIESThe notes on pages 16 to 30 are an integral part of these condensed consolidated interim financial statements.
Consolidated statement of profit or loss
(unaudited)
(in TEUR) Net SalesChange 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 RESULTInterest income Interest expenses Other financial income
Other financial expenses
FINANCIAL RESULTShare of result of equity-accounted investees, net of tax
RESULT BEFORE TAXIncome tax expense / income
RESULT FROM CONTINUING OPERATIONSResult from discontinued operations, net of tax***
RESULT FOR THE PERIODThereof attributable to:
Owners of Montana Aerospace AG Non-controlling interests
EARNINGS PER SHARE (IN EUR)Basic earnings per share Diluted earnings per share
EARNINGS PER SHARE - CONTINUING OPERATIONS (IN EUR)Basic earnings per share Diluted earnings per share
01-09/2024Notes | 07-09/2025 | 01-09/2025 | 07-09/2024 restated** |
6 | 248,355 | 712,330 | 209,022 1,159 2,740 11,895 -101,042 -60,011 -32,845 30,918 -21,102 9,816 4,107 -7,314 -6,093 |
-11,360 | 1,535 | ||
1,753 | 6,463 | ||
6,077 | 26,019 | ||
-108,290 | -331,931 | ||
-65,123 | -203,027 | ||
-35,368 | -98,397 | ||
36,044 | 112,992 | ||
-22,854 | -67,693 | ||
13,190 | 45,299 | ||
1,400 | 4,174 | ||
-7,252 | -18,851 | ||
2,106 | 4,949 | ||
10 | -2,439 | -35,701 | -2,165 -11,465 -3,100 -4,749 -7 -4,756 |
-6,185 | -45,429 | ||
0 | 0 | ||
7,005 | -130 | ||
-937 | 3,142 | ||
6,069 | 3,012 | ||
11 | -23,524 | -14,050 | -6,234 |
-17,455 | -11,038 | -10,990 |
18,840
7,260
19,568
-305,018
-172,980
-96,729
87,841-62,907
24,9346,182
-23,325
584
-4,540
-21,099-2,717
1,118-2,423
-1,305-27,111
-28,416-17,461 | -11,076 | -10,928 -62 | |
6 | 38 |
-28,188
-228
-0.28 | -0.18 | -0.17 -0.17 | |
-0.28 | -0.18 |
-0.45
-0.45
0.10 | 0.05 | -0.11 -0.11 | |
0.10 | 0.05 |
-0.01
-0.01
* 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 operations 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.
The notes on pages 16 to 30 are an integral part of these condensed consolidated interim financial statements.
Consolidated statement of profit or loss and other comprehensive income (OCI)
(unaudited)
(in TEUR) Result for the period ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSSRemeasurements of the defined benefit liability (asset)***Related taxes
ITEMS THAT ARE OR MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSSEffective portion of changes in fair value of cash flow hedges Foreign exchange differences
Equity-accounted investees - share of OCI Related taxes
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX TOTAL COMPREHENSIVE INCOME FOR THE PERIODThereof attributable to:
Owners of Montana Aerospace AG Non-controlling interests
01-09/2024Notes | 07-09/2025 | 01-09/2025 | 07-09/2024 |
-17,455 | -11,038 | -10,990 |
0 | 0 | -2,326 377 -1,949 | |
0 | 0 | ||
0 | 0 |
-1,321
214
-1,107-2,522 | 5,947 | 1,587 | |
9,844 | -11,097 | -6,954 | |
0 | 0 | 195 | |
454 | -1,589 | -116 | |
7,776 | -6,739 | -5,288 | |
7,776 | -6,739 | -7,237 | |
-9,679 | -17,777 | -18,227 |
-3,697
-7,618
-10
308
-11,017 -12,124 -40,540-9,556 | -17,937 | -18,255 | |
-123 | 160 | 28 |
-40,342
-198
*** For the nine months ended 30 September 2025 remeasurements of the defined benefit liability (asset) were not taken into account as they are considered as not material. The notes on pages 16 to 30 are an integral part of these condensed consolidated interim financial statements.
Consolidated statement of cash flows
(unaudited)
For the nine months ended 30 September(in TEUR) Notes | 2025* | 2024* |
Result before tax | -6,450 | -23,277 | |
Net interest expense / income | 24,593 | 28,836 | |
Share of result of equity-accounted investees, net of tax | 0 | 2,717 | |
Depreciation and amortization | 90,154 | 99,900 | |
Measurement of financial assets | 0 | 1,346 | |
Gains and losses from disposals of property, plant and equipment and intangible assets | 601 | -68 | |
Gains and losses from disposal of financial assets | -30 | -103 | |
Other non-cash income and expenses | 13 | 33,928 | 5,375 |
Subtotal | 142,796 | 114,726 | |
Changes in assets and liabilities: | |||
Inventories | 21,536 | -42,728 | |
Trade receivables and other current assets | -29,570 | -18,185 | |
Trade payables and other current liabilities | -39,712 | -15,332 | |
Provisions and liabilities for employee benefits | -1,402 | -471 | |
Subtotal | -49,147 | -76,716 | |
Income taxes paid | -6,522 | -6,286 | |
NET CASH FROM OPERATING ACTIVITIES | 87,128 | 31,724 | |
Acquisition of subsidiaries, net of cash acquired 13 Disposal of subsidiaries, net of cash disposed of | -29,782 0 | -824 1,000 |
Disposal of discontinued operation, net of cash disposed of 13 | -50,667 | 0 |
Acquisition of intangible assets and property, plant and equipment | -62,250 | -57,255 |
Disposal of intangible assets and property, plant and equipment | 2,203 | 2,024 |
Loans granted to joint ventures Other payments received for investing activities | 0 80 | -2,000 108 |
Interest received | 4,886 | 2,724 |
NET CASH FROM INVESTING ACTIVITIES | -135,529 | -54,223 |
Payments received for capital increase 9 | 8,701 | 386 |
Issuance of interest-bearing liabilities | 34,725 | 148,530 |
Repayment of interest-bearing liabilities | -14,311 | -133,788 |
Payments of lease liabilities 13 | -696 | -13,291 |
Interest paid | -22,703 | -29,427 |
NET CASH FROM FINANCING ACTIVITIES | 5,717 | -27,590 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -42,684 | -50,089 |
Cash and cash equivalents as at 1 January | 133,529 | 175,252 |
Effect of exchange rate changes on cash and cash equivalents | -2,938 | -1,791 |
Cash and cash equivalents as at 30 September | 87,907 | 123,372 |
* 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 16 to 30 are an integral part of these condensed consolidated interim financial statements.
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 | |
Result for the period | -11,076 | -11,076 | -11,076 | 38 | -11,038 | ||
Other comprehensive income for the period, net of tax | -11,219 | 4,358 | -6,861 | -6,861 | 122 | -6,739 | |
Total | -11,219 | 4,358 | -11,076 | -17,937 | -17,937 | 160 | -17,777 |
Capital increase | 9 | 483 | 8,218 | 8,701 | 8,701 | |||||
Effect of share-based payments | 9/12 | 563 | 563 | 563 | ||||||
Acquisition of NCI without a change in control* | -2,200 | -2,200 | -2,200 | 2,073 | -127 | |||||
Total | 483 | 8,781 | -2,200 | -2,200 | 7,064 | 2,073 | 9,137 | |||
Balance as of September 30, 2025 | 56,985 | 931,107 | -2,814 | 6,083 | -70,613 | -67,344 | 920,748 | 0 | 920,748 |
* As of 30 September 2025, the acquisition of NCI without a change in control did not result in a cash outflow.
The notes on pages 16 to 30 are an integral part of these condensed consolidated interim financial statements.
Consolidated statement of changes in equity 2024
(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, 2024 | 56,480 | 921,061 | 39,932 | 9,935 | -91,247 | -41,380 | 936,161 | -1,803 | 934,358 | |
Result for the period | -28,188 | -28,188 | -28,188 | -28,188 | -228 | -28,416 | ||
Other comprehensive income for the period, net of tax | -7,655 | -3,392 | -1,107 | -12,154 | -12,154 | -12,154 | 30 | -12,124 |
Total | -7,655 | -3,392 | -29,295 | -40,342 | -40,342 | -40,342 | -198 | -40,540 |
Capital increase | 21 | 365 | 386 | 386 | ||||||
Effect of share-based payments | 9 / 12 | 963 | 963 | 963 | ||||||
Total | 21 | 1,328 | 1,349 | 1,349 | ||||||
Balance as of September 30, 2024 | 56,501 | 922,388 | 32,277 | 6,543 | -120,542 | -81,721 | 897,168 | -2,001 | 895,167 |
The notes on pages 16 to 30 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 nine months ended
30 September 2025 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.
Significant changes in the reporting periods
On 24 September 2025, the Group divested its Energy segment ("ASTA Group") by way of a sale of 100% shares in ETV Montana Tech Holding GmbH (see note 11.1).
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 2024 ("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 2024). Amendments to IFRS accounting standard that are effective as of 1 January 2025 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 10 November 2025.
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 2024. Amendments which apply for the first time in 2025 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 "Energy" (sold in September 2025; see note 11). In addition, all other segments as well as unallocated costs are reported separately under "All other segments".
AerostructuresThe Aerostructures segment is a 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.
EnergyThe Energy segment produces components for the energy infrastructure. The segment specializes in copper processing and has high-level expertise in copper refinement and insulation systems.
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 nine months ended 30 September(in TEUR)
2025
2024
EBITDA as reported
112,992
87,841
Legal costs
292
3,341
Stock option plans (share-based payment)
563
963
Adjusted EBITDA
113,848
92,145
Information according to reportable segments
The management variables, which are used to assess the performance of the operating segments, are shown below:
Reportable segment Discontinued operations*(in TEUR)
2025
2024
2025
2024
2025
2024
External net sales
649,073
610,539
63,257
6,361
712,330
616,900
Net sales between segments
649,073
1,462
63,257
-1,462
0
712,330
Total Net Sales
612,001
4,899
616,900
Adjusted EBITDA
111,218
94,229
2,630
-2,084
113,848
92,145
Non-operative income and expenses
-292
-3,341
-563
-963
-856
-4,304
EBITDA
110,926
90,888
2,066
-3,047
112,992
87,841
Depreciation and amortization
-64,122
-62,487
-3,571
-420
-67,693
-62,907
Operating result
45,299
-45,429
24,934
Financial result
-21,099
Share of result of equity-accounted investees, net of tax
-2,717
Result before tax
-130
1,118
Income tax expense / income
3,142
-2,423
Result from continuing operations
3,012
-1,305
Result from discontinued operation, net of tax
-14,050
-11,038
-27,111
Result for the period
-28,416
Investments
49,953
39,783
1,361
114
51,314
39,897
Aerostructures All other segments Group E-Mobility Energy For the nine months ended 30 September2025
2024
2025
2024
125,477
526,344
469,420
558
526,344
126,035
469,420
4,571
36,881
25,913
4,571
36,881
25,913
-7,288
-7,040
-7,168
4,642
22,232
15,512
* Further information relating to discontinued operations see note 11.
A summary of the elimination of intra-Group interdependencies is provided in the "All other segments" column. This column also contains all other segments as well as facts that are not directly allocated to any segment, such as the effect of share-based payments.
Entity-wide disclosures
INFORMATION BY GEOGRAPHICAL SEGMENT For the nine months ended 30 September2025
2024
Non-current
Non-current
(in TEUR)
Net Sales*
assets**
Net Sales*
assets**
Switzerland
1,129
47
1,125
Germany
125,376
15,668
96,845
14,265
Austria
5,123
33,046
797
56,767
UK
77,979
1,050
71,441
1,260
Poland
6,414
3,555
Slovenia
59
1
Turkey
4,131
5,084
France
24,216
3,571
21,503
3,877
Spain
3,380
2
1,866
Italy
9,176
3,738
4,883
3,400
Finland
605
293
Sweden
2,152
295
Romania
6,807
326,140
8,425
335,941
Belgium
40,535
185,575
34,826
184,984
Rest of Europe
44,877
30
31,363
13,076
USA
288,674
163,361
272,223
175,389
Canada
13,041
20,963
11,197
24,021
Mexico
569
115
Brazil
2,390
141
355
35,711
Rest of America
297
59
China
11,767
72
6,751
8,330
India
4,988
2,727
7,340
Vietnam
3,762
78,041
5,877
82,076
Rest of Asia
31,312
32,760
Africa, Australia and New Zealand
3,571
2,534
Total
712,330
831,445
616,900
946,437
* 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 SERVICESThe Group's revenues and trade receivables are split into the following products and services:
For the nine months ended 30 SeptemberKEY ACCOUNTS2025
2024
(in TEUR)
Net Sales
Trade receivables
Net Sales
Trade receivables
thereof product sales
704,552
119,036
615,849
174,770
thereof service sales
7,778
3,877
1,051
3,989
Total
712,330
122,913
616,900
178,759
For the nine months ended 30 September 2025 - as for the nine months ended 30 September 2024 - revenue with a single external customer accounted for 10% or more of the Group sales. This customer contributed a total of 16% of the Group sales (9M/2024: 15%). This revenue is entirely attributable to the Aerostructures segment.
Financial instruments - fair values and risk management
Accounting classifications and fair valuesThe 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.
The put options granted to non-controlling shareholders that are presented in other financial liabilities are categorised as Level 3 within the fair value hierarchy.
Total
Level 1 Level 2 Level 3 | Total |
Derivative financial instruments | 10,735 | 10,735 | |||
Contingent consideration | 40,000 | 40,000 | |||
10,735 | 40,000 | 0 | 0 | 50,735 |
10,735 | 10,735 |
40,000 | 40,000 |
Escrow account | 2,800 | 2,800 | |||||||
Loans granted to related companies | 108,656 | 108,656 | |||||||
Contract assets | 20,984 | 20,984 | |||||||
Trade receivables | 122,913 | 122,913 | |||||||
Receivables from affiliated companies | 1,017 | 1,017 | |||||||
Other financial assets | 2,214 | 2,214 | |||||||
Other receivables and assets | 35,661 | 35,661 | |||||||
Cash and cash equivalents | 87,907 | 87,907 | |||||||
0 | 0 | 382,152 | 0 | 382,152 | |||||
Derivative financial instruments | 6,734 | 6,734 | ||
6,734 | 0 | 0 | 0 | 6,734 |
6,734 | 6,734 |
Loans and borrowings | 230,433 | 230,433 | |||
Other financial liabilities* | 81,462 | 81,462 | |||
Lease liabilities | 34,545 | 34,545 | |||
Trade payables** | 91,626 | 91,626 | |||
Other liabilities from associated companies | 991 | 991 | |||
Accruals | 35,623 | 35,623 | |||
Other liabilities*** | 3,693 | 3,693 | |||
0 | 0 | 0 | 478,373 | 478,373 |
* Does not include accrued interest TEUR 35.
** Does not include other payments received TEUR 434.
*** Does not include deferred income TEUR 3,250, derivatives TEUR 6,734, government aid & grants TEUR 40,909 and liabilities from other taxes as well as in the context of social security TEUR 11,771.
Total
Level 1 Level 2 Level 3 | Total |
Derivative financial instruments | 1,950 | 1,950 | |||
Securities | 168 | 168 | |||
1,950 | 168 | 0 | 0 | 2,118 |
1,950 | 1,950 |
0 168 | 168 |
Escrow account | 7,295 | 7,295 | |||||||
Contract assets | 25,257 | 25,257 | |||||||
Trade receivables | 181,778 | 181,778 | |||||||
Receivables from affiliated | |||||||||
companies | 2,130 | 2,130 | |||||||
Other financial assets | 2,265 | 2,265 | |||||||
Other receivables and assets | 44,819 | 44,819 | |||||||
Cash and cash equivalents | 133,529 | 133,529 | |||||||
0 | 0 | 397,073 | 0 | 397,073 | |||||
Derivative financial | |||||
instruments | 12,629 | 12,629 | |||
12,629 | 0 | 0 | 0 | 12,629 |
12,629 | 12,629 |
Loans and borrowings | 236,248 | 236,248 | |||
Other financial liabilities* | 80,915 | 80,915 | |||
Lease liabilities | 27,168 | 27,168 | |||
Trade payables** | 234,759 | 234,759 | |||
Trade payables from | |||||
affiliated companies | 21 | 21 | |||
Other liabilities from affiliated companies | 2 | 2 | |||
Other liabilities from | |||||
associated companies | 1,117 | 1,117 | |||
Accruals | 38,643 | 38,643 | |||
Other liabilities*** | 30,664 | 30,664 | |||
0 | 0 | 0 | 649,537 | 649,537 |
300 | |
300 | |
* Does not include accrued interest TEUR 62.
** Does not include other payments received TEUR 434.
*** Does not include deferred income TEUR 7,480, derivatives TEUR 12,629, government aid & grants TEUR 43,800 and liabilities from other taxes as well as in the context of social security TEUR 15,159.
Other financial liabilities
Other financial liabilities are composed as follows:
(in TEUR)
30.09.2025
31.12.2024
Lease liabilities
34,545
27,168
Other*
81,497
80,977
Other financial liabilities
116,042
108,146
Thereof non-current
112,392
101,831
Thereof current
3,650
6,315
* Item "Other" results mainly from profit certificates in the amount of TEUR 66,532 (including accrued dividends): The Belgian Federal Holding and Investment Company ("FPIM / SFPI") holds profit certificates in Asco, issued against a cash consideration in the amount of TEUR 54,312. These profit certificates were subscribed respectively in 2008, 2012 and 2020. A
put option is granted to FPIM / SFPI, currently exercisable for all Profit Certificates during a period of 30 calendar days after the 31st of March 2028, and thereafter each time during a period of 30 calendar days after each consecutive period of 3 years after the 31st of March 2028. The price to be paid when the put option is exercised is the initial cash consideration of TEUR 54,312, to be increased with any dividends related to the past financial year(s) that have not been paid. This put option is recognized as a financial liability.
Equity
Share capital
In the current fiscal year, the Company executed capital increases. Therefore, 454,066 new ordinary shares of a nominal value of CHF 1.00 each out of its authorized capital were issued.
As of 30 September 2025, the total authorized and issued number of ordinary shares comprises 62,460,320 shares with a nominal value of CHF 1.00 each. The split of the capital stock is shown in the table below.
CAPITAL STOCK
30 September 2025
31 December 2024
Nominal value per share (CHF)
1.00
1.00
Total number of shares
62,460,320
62,006,254
Total amount of share capital (CHF)
62,460,320
62,006,254
Total amount of share capital (EUR)
56,984,753
56,501,344
The Principal Shareholder (Montana Tech Components AG) holds 45.37% of the shares as of 30 September 2025.
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
30 September 2025.
For the nine months ended 30 September2025
2024
Weighted average of ordinary shares in circulation as of 30 September
62,195,473
61,992,533
For the nine months ended 30 September(in TEUR)
2025
2024
Result of the period attributable to owners of Montana Aerospace AG
-11,076
-28,188
EARNINGS PER SHARE(in EUR)
2025
2024
EARNINGS PER SHARE - CONTINUING OPERATIONSBasic earnings per share
-0.18
-0.18
-0.45
Diluted earnings per share
-0.45
Basic earnings per share
0.05
-0.01
Diluted earnings per share
0.05
-0.01
Share premium
For the current fiscal year, a total of TEUR 563 was recognized in equity as share-based remuneration (see note 12).
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 increase in other financial expenses for the nine months ended 30 September 2025 compared to the nine months ended 30 September 2024 mainly relates to higher exchange rate losses.
Discontinued operations
Energy (ASTA Group)
The segment "Energy" was sold in September 2025. Since this group represented a major line of business of the group, it is to be classified as a discontinued operation.
Results of discontinued operation
(in TEUR)
External net sales
01-09/2025
526,344
01-09/2024
469,420
Other income
7,482
16,268
External expenses
-515,458
-484,732
thereof depreciation and amortization
-7,040
-7,168
Results from operating activities
18,368
956
Income tax
-7,730
-1,926
Results from operating activities, net of tax
10,638
-970
Result on sale of discontinued operation
-24,688
Profit (loss) from discontinued operations, net of tax
-14,050
-970
Basic earnings (loss) per share (EUR)
-0.23
-0.02
Diluted earnings (loss) per share (EUR)
-0.23
-0.02
Cash flows from discontinued operation
(in TEUR)
01-09/2025
01-09/2024
Net cash from operating activities
14,619
19,734
Net cash from investing activities
-16,583
-20,724
Net cash from financing activities
29,754
-112
Net cash flows for the year
27,790
-1,102
Effect of disposal on the financial position of the Group
(in TEUR)
Intangible assets and goodwill
2025
-4,076
Property, plant and equipment
-89,873
Other financial assets
-71
Other receivables and assets
-41,734
Deferred tax assets
-8,086
Inventories
-67,819
Contract assets
-766
Trade receivables
-56,633
Income tax receivables
-221
Receivables from affiliated companies
-252
Cash and cash equivalents
-54,427
Loans and borrowings
27,533
Loans from affiliated companies*
108,798
Other financial liabilities
2,149
Provisions
19,754
Employee benefits
14,542
Contract liabilities
408
Liabilities from affiliated companies
1,287
Other liabilities and accruals
20,934
Tax liabilities
2,424
Trade payables
83,130
Net assets and liabilities
-43,000
Consideration received, satisfied in cash
3,000
Cash and cash equivalents disposed of
-54,427
Net cash outflows
-51,427
* Loans from affiliated companies relate to retained loans by Montana Aerospace.
Cash flows from discontinued operation
(in TEUR)
2025
Consideration received, satisfied in cash
3,000
Contingent consideration
40,000
Disposed net assets
-43,000
Result on sale
0
Impairment losses for write-downs of the discontinued operation
-15,421
Reclassification of accumulated foreign exchange differences
-9,267
Result on sale of discontinued operation
-24,688
E-Mobility
The segment "E-mobility" was sold in November 2024. Since this group represented a major line of business of the group, it is to be classified as a discontinued operation.
Results of discontinued operation
For the nine months ended 30 September (in TEUR) 2024External net sales 125,477
Other income 6,494
External expenses -134,785
thereof depreciation and amortization -7,288
Results from operating activities -2,814Income tax -790
Results from operating activities, net of tax -3,604Impairment losses for write-downs of the discontinued operation -22,537
Results from discontinued operations, net of tax -26,141Basic earnings (loss) per share (EUR) -0.42
Diluted earnings (loss) per share (EUR) -0.42
11.2.2. Cash flows from discontinued operation
For the nine months ended 30 September
(in TEUR)
2024
Net cash from operating activities
-1,257
Net cash from investing activities
-4,391
Net cash from financing activities
-26,919
Net cash flows for the year
-32,567
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 recognized in the income statement (personnel expenses) for share-based payment came to TEUR 543 in the current fiscal period. The effects in equity amounted to TEUR 543 and consisted of allocations from the forward projection of the MSOP.
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 recognized in the income statement (personnel expenses) for share-based payment came to TEUR 20 in the current fiscal period. The effects in equity amounted to TEUR 20 and consisted of allocations from the forward projection of the MSOP.
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 recognized in the income statement (personnel expenses) for share-based payment came to TEUR 1 in the current fiscal period. The effects in equity amounted to TEUR 1 and consisted of allocations from the forward projection of the MSOP.
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
Other non-cash income and expenses
The item "Other non-cash income and expenses" results mainly from foreign exchange effects (TEUR 32,043).
Acquisition of subsidiaries less cash acquired
The item "Acquisition of subsidiaries less cash acquired" refers to payments of purchase price relating to previous years' acquisition.
Disposal of discontinued operation, net of cash disposed of
The item "Disposal of discontinued operation, net of cash disposed of" refers to net cash outflows relating the disposal of the Energy segment amounting to TEUR -51,427 (see note 11.1.3) as well as to payments received relating to previous years' disposal amounting to TEUR 760.
Payments of lease liabilities
As of 30 September 2025, the decrease in payments of lease liabilities compared to the nine months ended 30 September 2024 year mainly relates to repayments received relating to previous years' lease payments amounting to TEUR 5,630.
Subsequent events
No events took place between 30 September 2025 and 10 November 2025 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.

