Montana Aerospace (AERO) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales reached €408.8 million, up 15.1% year-over-year, driven by organic growth and market share gains in Aerostructures and Energy segments.

• EBITDA grew 32% to €48.5 million, with margin improving to 12% from 10% in Q1 2024.

• Net income rose to €5.3 million from €2.7 million, despite a €10 million non-cash FX impact.

• Operating and free cash flow improved significantly versus Q1 2024, though free cash flow remained negative.

• E-Mobility segment treated as discontinued operation; comparative figures restated accordingly.

Financial highlights

• Q1 2025 sales reached €408.8 million (+15.1% YoY), supporting full-year guidance of over €1.6 billion.

• EBITDA margin increased to 12%, up from 10% in Q1 2024.

• Net debt reduced to €210.9 million, 1.5x LTM EBITDA, down from 2.4x a year ago.

• Operating cash flow improved from -€15.8 million to -€5.4 million year-over-year.

• Trade working capital increased to €353.6 million, 25.1% of LTM sales.

Outlook and guidance

• Full-year 2025 guidance reiterated: sales above €1.6 billion, adjusted EBITDA over €200 million, positive net income and free cash flow, and reduced net debt.

• 2026 guidance: sales near €2 billion and adjusted EBITDA above €250 million.

• Management expects continued economies of scale and lower trade working capital by year-end 2025.

• Expectation of steady or improving margins in Aerostructures, with potential upside if OEM volumes increase.

• Positive industry tailwinds anticipated in both Aerostructures and Energy segments.