Montana Aerospace : Interim Finanzreport - 9M 2025

About this update from Montana Aerospace Ag

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 million 1 ), 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 ASSETS 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 EQUITY AND LIABILITIES 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 million 2 ), of which total non-current assets of EUR 1,018.7 million (EUR 1,037.6 million 2 ). Total non-current assets included mainly intangible assets and goodwill of EUR 283.2 million (EUR 309.8 million 2 ) and property, plant, and equipment of EUR 548.2 million (EUR 669.9 million 2 ). Within the total current assets of EUR 574.6 million (EUR 793.1 million 2 ), inventories amounted to EUR 288.9 million (EUR 389.4 million 2 ), trade receivables to EUR 122.9 million (EUR 181.8 million 2 ), other receivables and assets to EUR 52.8 million (EUR 60.5 million 2 ), and cash and cash equivalents to EUR 87.9 million (EUR 133.5 million 2 ). Total liabilities stood at EUR 672.6 million as of 30 September 2025 (EUR 901.3 million 2 ), 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 million 2 ), trade payables of EUR 92.1 million (EUR 235.2 million 2 ) and other liabilities and accruals of EUR 62.0 million (EUR 100.6 million 2 ). Non-current liabilities totaled EUR 460.7 million (EUR 474.8 million 2 ). Non-current liabilities included bank loans and borrowings of EUR 228.4 million (EUR 217.8 million 2 ), other financial liabilities of EUR 112.4 million (EUR 101.8 million 2 ) and other liabilities and accruals of EUR 41.0 million (EUR 48.9 million 2 ). Total equity decreased slightly to EUR 920.7 million (EUR 929.4 million 2 ) and included EUR 931.1 million of share premium (EUR 922.3 million 2 ). 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 operation 3 . 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 (in TEUR) ASSETS 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 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 9 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 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 16 to 30 are an integral part of these condensed consolidated interim financial statements. Consolidated statement of profit or loss (unaudited) (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 Share of result of equity-accounted investees, net of tax RESULT BEFORE TAX Income tax expense / income RESULT FROM CONTINUING OPERATIONS Result from discontinued operations, net of tax *** RESULT FOR THE PERIOD Thereof 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 01-09/2024 Notes 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 restated ** 616,900 18,840 7,260 19,568 -305,018 -172,980 -96,729 87,841 -62,907 24,934 6,182 -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 LOSS Remeasurements of the defined benefit liability (asset) *** Related taxes 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 Equity-accounted investees - share of OCI Related taxes OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Thereof attributable to: Owners of Montana Aerospace AG Non-controlling interests 01-09/2024 Notes 07-09/2025 01-09/2025 07-09/2024 -17,455 -11,038 -10,990 -28,416 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 * CASH FLOW FROM OPERATING ACTIVITIES 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 CASH FLOW FROM INVESTING ACTIVITIES 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 CASH FLOW FROM FINANCING ACTIVITIES 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 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 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 TRANSACTIONS WITH OWNERS OF THE COMPANY 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 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 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 TRANSACTIONS WITH OWNERS OF THE COMPANY 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". 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 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. 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. 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 Carrying amount Fair value 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 30 September 2025 (in TEUR) Financial assets - measured at fair value 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 Financial assets - not measured at fair value 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 Financial liabilities - measured at fair value Derivative financial instruments 6,734 6,734 6,734 0 0 0 6,734 6,734 6,734 Financial liabilities - not measured at fair value 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 Carrying amount Fair value 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 2024 (in TEUR) Financial assets - measured at fair value Derivative financial instruments 1,950 1,950 Securities 168 168 1,950 168 0 0 2,118 1,950 1,950 0 168 168 Financial assets - not measured at fair value 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 Financial liabilities - measured at fair value Derivative financial instruments 12,629 12,629 12,629 0 0 0 12,629 12,629 12,629 Financial liabilities - not measured at fair value 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. 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 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) 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 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.

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