Interim Finanzreport - 9M 2025

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

* 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

* 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 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

*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

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)

Intangible assets and goodwill Property, plant and equipment Equity-accounted investees Loans

Other financial assets

Other receivables and assets Deferred tax assets

Inventories Contract assets Trade receivables

Income tax receivables

Receivables from affiliated companies Other receivables and assets

Cash and cash equivalents

Share capital Share premium Retained earnings

Non-controlling interests

Loans and borrowings Other financial liabilities Deferred tax liabilities Provisions

Employee benefits Contract liabilities

Other liabilities and accruals

Loans and borrowings Other financial liabilities Tax liabilities

Provisions Employee benefits Trade payables Contract liabilities

Liabilities from affiliated companies Other liabilities and accruals

The notes on pages 16 to 30 are an integral part of these condensed consolidated interim financial statements.

Consolidated statement of profit or loss

(unaudited)

Change in finished and unfinished goods Own work capitalized

Other operating income

Cost of materials, supplies and services Personnel expenses

Other operating expenses

Depreciation and amortization

Interest income Interest expenses Other financial income

Other financial expenses

Share of result of equity-accounted investees, net of tax

Income tax expense / income

Result from discontinued operations, net of tax***

Thereof attributable to:

Owners of Montana Aerospace AG Non-controlling interests

Basic earnings per share Diluted earnings per share

Basic earnings per share Diluted earnings per share

18,840

7,260

19,568

-305,018

-172,980

-96,729

-62,907

6,182

-23,325

584

-4,540

-2,717

-2,423

-27,111

-28,188

-228

-0.45

-0.45

-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)

Remeasurements of the defined benefit liability (asset)***Related taxes

Effective portion of changes in fair value of cash flow hedges Foreign exchange differences

Equity-accounted investees - share of OCI Related taxes

Thereof attributable to:

Owners of Montana Aerospace AG Non-controlling interests

-1,321

214

-3,697

-7,618

-10

308

-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)

* 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)

* 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)

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)

1. 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.

2. 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).

3. 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.

4. 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.

   1. 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.

5. 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.

6. Segment reporting

   1. 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".

      Aerostructures

      The 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.

      Energy

      The 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

   2. 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

      	2025	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

      Aerostructures All other segments Group E-Mobility Energy For the nine months ended 30 September

      * 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.

   3. Entity-wide disclosures

      INFORMATION BY GEOGRAPHICAL SEGMENT For the nine months ended 30 September

      	2025		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 SERVICES

      The Group's revenues and trade receivables are split into the following products and services:

      For the nine months ended 30 September

      	2025		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

      KEY ACCOUNTS

      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.

7. 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.

   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

* 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.

* 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.

1. 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.

2. Equity

   1. 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.

   2. 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.

      	2025	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

      For the nine months ended 30 September

      (in EUR)

      2025

      2024

      EARNINGS PER SHARE

      Basic earnings per share	-0.18 -0.18	-0.45
      Diluted earnings per share		-0.45

      EARNINGS PER SHARE - CONTINUING OPERATIONS

      Basic earnings per share	0.05	-0.01
      Diluted earnings per share	0.05	-0.01

   3. Share premium

      For the current fiscal year, a total of TEUR 563 was recognized in equity as share-based remuneration (see note 12).

   4. 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.

   5. Dividends

      The Company has not paid any dividends in the periods presented.

3. 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.

4. Discontinued operations

   1. 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.

      1. 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

      2. 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

      3. 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.

      4. 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

   2. 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.

      1. Results of discontinued operation

         For the nine months ended 30 September (in TEUR) 2024

         External net sales 125,477

         Other income 6,494

         External expenses -134,785

         thereof depreciation and amortization -7,288

         Results from operating activities -2,814

         Income tax -790

         Results from operating activities, net of tax -3,604

         Impairment losses for write-downs of the discontinued operation -22,537

         Results from discontinued operations, net of tax -26,141

         Basic 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

5. Share-based payment arrangements

   1. 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.

   2. 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.

   3. 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.

   4. 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.

6. Consolidated statement of cash flow

   1. Other non-cash income and expenses

      The item "Other non-cash income and expenses" results mainly from foreign exchange effects (TEUR 32,043).

   2. 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.

   3. 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.

   4. 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.

7. 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.