Montana Aerospace (AERO) H1 2025 earnings summary

Executive summary

• Net sales grew 14.1% year-over-year to €820.6 million in H1 2025, with EBITDA up 34.9% to €101.4 million and net income turning positive at €6.4 million, driven by Aerostructures and Energy segments.

• Strategic focus on becoming an aerostructures-only company, with the E-Mobility segment sold and Energy segment sale negotiations nearing completion at an EV above €200 million.

• Free cash flow improved to €1.0 million in H1 2025 from -€42.3 million in H1 2024, with Q2 2025 free cash flow at €26.0 million versus -€8.2 million in Q2 2024.

• Net debt reduced from €342.4 million to €237.6 million year-over-year, lowering net debt/EBITDA from 2.5x to 1.3x.

• Discontinued E-Mobility operations, with comparative figures restated and proceeds contributing to cash flow.

Financial highlights

• EBITDA reached €101.4 million in H1 2025, up 34.9% year-over-year, with an adjusted EBITDA margin of 12.4%.

• Net income turned positive at €6.4 million, up €23.8 million year-over-year, despite non-cash FX losses.

• Free cash flow improved to €1.0 million in H1 2025 from -€42.3 million in H1 2024.

• Operating result (EBIT) was €52.1 million versus €28.7 million in H1 2024.

• Equity ratio increased to 51.5% from 50.8%.

Outlook and guidance

• 2025 guidance reaffirmed: sales above €1.6 billion, adjusted EBITDA above €200 million, and ongoing positive net income and free cash flow.

• 2026 outlook targets sales around €2 billion and adjusted EBITDA above €250 million.

• Aerostructures segment guidance for 2025: €850 million in sales and €150 million in EBITDA.

• Focus on operational efficiency, disciplined cash management, and investing in future growth opportunities.

• Streamlining trade working capital remains a priority.