Montana Aerospace AG: strong 9M 2026 results with Aerostructures sales growing by 12.5% and EBITDA by 17.9%

Reinach (pta005/12.11.2026/07:00 UTC+1)

AD HOC ANNOUNCEMENT
Reinach (Aargau), 12 November 2026
[Ad hoc announcement pursuant to art. 53 LR]

Montana Aerospace delivers strong 9M 2026 results with Aerostructures sales growing by 12.5% and EBITDA by 17.9%

Montana Aerospace AG (the "Company") and its operating subsidiaries (the "Group" or "Montana Aerospace"), a leading supplier of system components and complex assemblies for the aerospace industry, with worldwide engineering and manufacturing operations, today publishes its 9M 2026 results.

HIGHLIGHTS 9M 2026

• Group Financials: Net sales increased by 9.7% year-on-year to EUR 781.4 million, while adjusted EBITDA increased by 13.7% to EUR 129.1 million, outpacing net sales growth and reflecting continued operating leverage. Consequently, EBIT increased to EUR 58.0 million, up from EUR 45.3 million in the prior-year period. The result from continuing operations amounted to EUR 57.4 million, up from EUR 3.0 million in 9M 2025, driven by improved operating performance and a better net financial result.
• Aerostructures deep dive: The Aerostructures segment maintained its strong growth trajectory, with net sales rising by 12.5% year-on-year and adjusted EBITDA increasing by 17.9%. This resulted in a margin expansion to 17.9%.
• Cash Flow & Balance Sheet: Operating cash flow totaled EUR 70.3 million, while investing cash flow amounted to EUR 12.9 million. This included proceeds of EUR 61.8 million from the Energy divestment received in 9M 2026, with an additional EUR 36.2 million received in October and to be accounted for in Q4 2026. Net debt declined to EUR 52.8 million (0.3x LTM reported EBITDA).
• Investor site visit: On 6 October 2026, Montana Aerospace hosted investors and analysts at its Dumbrăvița and Baia Mare production facilities in Romania, providing first-hand insight into the Group's highly integrated manufacturing footprint.
• Capital allocation: Between the 2026 and 2027 financial years, Montana Aerospace plans to invest around EUR 80 million in accretive margin and growth capital expenditure across its key manufacturing sites, in order to meet the increasing demand for its products in the commercial aerospace, defense, and space sectors. In parallel, the Board of Directors is evaluating additional capital allocation initiatives, including a potential dividend and share buyback program.
• Guidance 2026 re-confirmed: Montana Aerospace expects to generate net sales of over EUR 1 billion and adjusted EBITDA of over EUR 185 million. The Company aims to achieve a cash conversion[1] towards 50%, which, together with the cash proceeds from the Energy divestment, should result in a net cash position by year's end.
• Guidance 2027 re-confirmed: Montana Aerospace expects to generate net sales of over EUR 1.1 billion and adjusted EBITDA of over EUR 210 million. The Company aims to generate free cash flow in the low triple-digit millions of euros, implying a cash conversion1 rate of over 50% of EBITDA.

Continued operational momentum reinforces position as a leading pure-play aerospace supplier

Montana Aerospace delivered another strong set of financial results in the first nine months of 2026, reflecting sustained demand across commercial aerospace, defense and space end-markets together with continued operational execution. Net sales and profitability improved year-on-year as the Company continued to benefit from higher production rates, increasing operating leverage and disciplined cost management.

Following the successful divestment of the Energy segment, Montana Aerospace has completed its transformation into a pure-play aerospace company with a significantly strengthened balance sheet. With the help of transaction proceeds, the Company has further reduced leverage, enhancing financial flexibility to support future organic growth initiatives, selective M&A opportunities, and shareholder returns.

Backed by a record order backlog of more than EUR 7 billion, expanding customer programs and structural growth across the global aerospace industry, Montana Aerospace remains well positioned to continue delivering profitable growth, improving cash conversion and long-term value creation. Accordingly, the Company re-confirms both its 2026 and 2027 financial guidance.

9M 2026 results

In the first nine months of 2026, Montana Aerospace generated consolidated net sales of EUR 781.4 million, an increase of 9.7% on EUR 712.3 million generated in the first nine months of 2025. Net sales growth was driven by higher production volumes and continued market share gains in the Aerostructures segment, reflecting strong customer demand. The Company expects this positive momentum to continue throughout the remaining quarter of 2026.

Adjusted EBITDA totaled EUR 129.1 million, marking a 13.7% increase on EUR 113.6 million generated in the first nine months of 2025. This translates to an increase in the Group's adjusted EBITDA margin to 16.5%, up from 15.9% in the prior-year period. This growth in EBITDA was driven by higher net sales, improved operating leverage, and continued operational execution, particularly within the Aerostructures segment. As production rates continue to increase across the aerospace industry, the Company expects further margin expansion through improved utilization of its manufacturing footprint and fixed cost base. The only adjustment to the reported EBITDA was related to stock option plans, amounting to EUR 0.3 million, compared with EUR 0.6 million in the prior-year period.

Depreciation and amortization expenses totaled EUR 70.7 million in the first nine months of 2026, up from EUR 67.7 million in the prior-year period. No impairment losses were recorded in the first nine months of 2026. In line with EBITDA, EBIT increased to EUR 58.0 million in the first nine months of 2026, up from EUR 45.3 million in the prior-year period. Consequently, the EBIT margin expanded to 7.4%, up from 6.4% in the first nine months of 2025.

The financial result totaled EUR 6.2 million in the first nine months of 2026, compared with EUR -45.4 million in the prior-year period. The improvement primarily reflects better non-cash foreign exchange effects together with reduced net interest expense.

The result from continuing operations totaled EUR 57.4 million, compared with EUR 3.0 million in the first nine months of 2025. This positive development was driven by improved operating performance and a better net financial result. As a result, earnings per share improved to EUR 0.92 from EUR 0.05 in the first nine months of 2025.

Net Sales and adjusted EBITDA development by segment

Aerostructures segment

The Aerostructures segment generated net sales of EUR 730.0 million, an increase of 12.5% on EUR 649.1 million generated in the first nine months of 2025. This growth was driven by continued expansion with existing customers, achieved through increased production rates and incremental gains in market share across commercial, defense and space end-markets. This was complemented by new business wins with leading aerospace companies.

As a strategic partner to leading aerospace OEMs, Montana Aerospace remains well positioned to benefit from the long-term structural growth of global air travel and continued fleet renewal. These trends continue to support record order backlogs across the industry, providing a strong foundation for future production growth and reinforcing the Company's role as a trusted supplier.

Adjusted EBITDA for the Aerostructures segment increased from EUR 110.9 million in the first nine months of 2025 to EUR 130.8 million in the first nine months of 2026, representing growth of 17.9%. Adjusted EBITDA grew faster than net sales, resulting in further margin expansion to 17.9% from 17.1% in the prior-year period.

Alpine Metal Tech segment

The Alpine Metal Tech segment generated net sales of EUR 51.4 million, a decrease of 18.7% on EUR 63.3 million generated in the first nine months of 2025. The decline primarily reflects the timing of project deliveries. Adjusted EBITDA amounted to EUR 2.9 million, compared with EUR 5.7 million in the prior-year period. The Company expects a strong recovery in the fourth quarter of 2026 as projects are being delivered to customers.

Trade Working Capital

The trade working capital balance was EUR 353.4 million at the end of September 2026, compared with EUR 294.7 million at the end of December 2025. The higher level of trade working capital at the end of September 2026 primarily reflects lower Group factoring, higher sales, as well as higher metal costs and deliberate build-up of inventory to strengthen supply chain resilience.

Cash Flow

In the first nine months of 2026, Montana Aerospace generated an operating cash flow of EUR 70.3 million, compared with EUR 87.1 million in the prior-year period. The year-on-year decrease primarily reflects lower utilization of factoring and higher trade working capital.

Investing cash flow amounted to EUR 12.9 million, compared with EUR -135.5 million in the prior-year period. This included proceeds of EUR 61.8 million from the divestment of the Energy segment, partially offset by capital expenditure during the period. The Company expects to receive a total of around EUR 150 million from the divestment of the segment. An additional EUR 36.2 million in proceeds was received in October and will be accounted for in the fourth quarter of 2026. The remainder relating to the earn-out component is expected to be received in 2027.

Net Debt

The net debt balance amounted to EUR 52.8 million at the end of September 2026, equivalent to 0.3x the reported EBITDA generated over the last twelve months (31 December 2025: 0.8x). This decrease in leverage is driven by the Group's continued EBITDA expansion, as well as the receipt of cash proceeds totaling EUR 61.8 million from the divestment of the Energy segment. The Group expects to achieve a net cash financial position by the end of 2026, driven by positive free cash flow and receipt of the remaining cash proceeds from the divestment of the Energy segment.

Investor Site Visit

On 6 October 2026, Montana Aerospace hosted international institutional investors and analysts at its Dumbrăvița and Baia Mare production facilities in Romania, providing first-hand insight into the Group's highly integrated manufacturing footprint. The visit showcased the full value chain for aerospace structural components, from melting and casting through extrusion, machining and metal forming to surface treatment and final assembly. It also demonstrated the highly experienced local management team that ensures best-in-class continuous operating performance at the sites. Recent strategic investments of approximately EUR 90 million in a new casthouse, a third heavy extrusion press and a titanium extrusion press are strengthening this platform, supporting new business wins, program industrialization and increasing production volumes.

Strong Outlook for 2026/27

Supported by strong structural demand across the global aerospace industry, a record order backlog of more than EUR 7 billion and continued operational execution, Montana Aerospace remains confident in its ability to deliver sustainable profitable growth throughout the remainder of 2026 and into 2027. Increasing production rates across major commercial aerospace programs, together with growing demand from defense and space customers, continue to provide a favorable backdrop for the Company's long-term development.

To support this continued growth, Montana Aerospace plans to invest around EUR 80 million over the 2026 and 2027 financial years to expand capacity and improve its margin profile across its key manufacturing sites. As capacity utilization continues to increase, these investments will enable the Company to meet growing customer demand across the commercial aerospace, defense and space markets while further strengthening its competitive position and supporting long-term profitable growth.

Alongside these investments, the Company continues to monitor attractive acquisition opportunities that could strengthen its market position. The fragmented aerostructures market continues to present compelling consolidation opportunities, enabling Montana Aerospace to expand shipset content on key growth platforms, broaden its manufacturing capabilities – particularly further downstream in the value chain – and selectively extend its international manufacturing footprint by leveraging its best-cost country strategy.

For the guidance on both 2026 and 2027, the Company is assuming an exchange rate of EUR/USD of 1.16, which is above the current spot rate. The Company's hedging strategy continues to provide visibility of earnings and support stable cash generation, in line with these planning assumptions.

2026 guidance re-confirmed

For the 2026 financial year, the Company re-confirms its guidance to generate:

• Net sales of over EUR 1.0 billion
• Adjusted EBITDA of over EUR 185 million, corresponding to a Group EBITDA margin of around 18%, and the Aerostructures segment margin of around 19%

The Company remains focused on delivering strong net income and free cash flow, targeting a cash conversion rate towards 50% of EBITDA. This is expected to be supported by increasing production volumes, continued operational execution and the benefits of the counter-cyclical investments made in recent years. Together with the remaining cash proceeds from the divestment of the Energy segment, this is expected to support a net cash financial position by the end of the 2026 financial year.

The Board of Directors continues to evaluate additional capital allocation alternatives, including a potential dividend and share buyback program. Any such program would be considered within the Company's broader capital allocation framework, follow any required capital expenditure programs, remain subject to the relevant corporate approvals and be aimed at enhancing long-term shareholder value.

2027 guidance re-confirmed

For the 2027 financial year, the Company re‑confirms its guidance to generate:

• Net sales of over EUR 1.1 billion
• Adjusted EBITDA of over EUR 210 million, corresponding to a Group EBITDA margin of around 19%, with the Aerostructures segment crossing a margin of 20%

The Company intends to continue generating strong free cash flow and expects its cash conversion rate to exceed 50% of EBITDA, excluding the expansionary capital expenditure program and M&A activities. In addition, due to a strong increase in customer demand, particularly in the space market, the Company plans to issue updated guidance for 2027 at the beginning of the year.

Conference Call

A conference call will take place today from 1:00pm-2:00pm CET. Participants may pre-register and will receive dedicated dial-in details to easily access the call: [click here]

The presentation for the 9M 2026 earnings call will be available on the website in the Investors section shortly before the call.

The full 9M 2026 report is available online at (click here)

Head of M&A and Investor Relations
Marc Vesely recte Riha
Phone: +43 664 61 26 261
E-mail: ir@montana-aerospace.com

Press contact
Jürgen Beilein
Phone: +43 664 831 2 841
E-mail: communication@montana-aerospace.com

About Montana Aerospace AG

Montana Aerospace AG is a leading supplier of system components and complex assemblies for the aerospace industry, with worldwide engineering and manufacturing operations. The Company employs around 6,700 highly skilled people at 16 locations on three continents, where they design, develop and produce groundbreaking technologies for tomorrow's aerospace industry using aluminium, titanium, composites and steel.

Disclaimer

Statements contained herein may constitute "forward-looking statements". Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal", "aim" or "target" or the negative of these words or other variations of these words or comparable terminology.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

[1] Cash Conversion (%) = (EBITDA – Maintenance CapEx – Δ Working Capital – Net Interest Expense) / EBITDA.

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Emitter:	Montana Aerospace AG Alzbachstrasse 27 5734 Reinach Switzerland
Contact Person:	Marc Vesely Recte Riha
Phone:	+41 62 5614460
E-Mail:	m.vesely@montana-aerospace.com
Website:	www.montana-aerospace.com
ISIN(s):	CH1110425654 (Share)
Stock Exchange(s):	SIX Swiss Exchange