Q2 2026 Montana Aerospace AG Earnings Call Transcript
Key Points
- Montana Aerospace AG (MTASF) reported strong organic sales growth of 12% in H1 2026, with EBITDA up 12.2% to EUR 87.1 million and a margin of 16.8%.
- The Aerostructure segment delivered robust performance, with sales up over 13% and EBITDA margin expanding to 18.3%, nearly doubling from three years ago.
- The company's order book reached over EUR 7 billion, up from EUR 3.9 billion in 2021, providing long-term visibility across commercial, defense, and space platforms.
- Montana Aerospace AG (MTASF) is on track to achieve a net cash position by year-end 2026, supported by energy divestment proceeds and improved financial leverage.
- The company is expanding into high-growth areas like defense and space, with space revenues expected to reach ~10% of group revenue in 2026, and has approved additional growth CapEx for accretive projects.
- Montana Aerospace AG (MTASF) faced a negative impact from FX rates, with the USD/EUR exchange rate weakening from 1.17 to 1.09, reducing the growth dynamic.
- Free cash flow from operating activities was lower at EUR 26 million due to inventory buildup from pre-buying and higher metal prices, as well as the cessation of factoring for a financially troubled customer.
- Working capital increased above best practice levels, driven by inventory buildup and factoring changes, requiring progressive improvement in terms with customers and suppliers.
- The company reiterated its 2026 and 2027 guidance without raising it, citing conservative assumptions on OEM build rates and uncertainty in defense and space contract signings.
- The CEO search is ongoing, with no timeline for a decision, creating leadership uncertainty despite the company's operational stability.
Welcome everyone to the half year one 2026 earnings call of Montana Aerospace. Q2 , and therefore the first half of the year 2026, represent another chapter in Montana Aerospace's strong track record of revenue and results growth. As said, my name is Patrick Maurer, CFO of Montana Aerospace, and today I am joined by Vicky Welvaert, our CHRO, and as always, Mark Wesley in investor relations. In today's call, we will take you through the key developments of the first six months, our financial performance, the balance sheet and cash flow development, as well as going a bit deeper into selected strategic growth areas, giving some further insight into capital allocation priorities and finally, have an outlook for the remainder of 2026 and 2027.
Before we go into the numbers, I want to bring us all back on the same page why we in Montana Aerospace achieve industry leading performance in the aerospace industry. Over the past years, we have sharpened our portfolio significantly. This started with the divestment of the e-mobility segment in 2024 and energy in 2025.
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