Madison Air Solutions (MAIR) investor relations material

Executive summary

• Q3 net sales rose 25.4% YoY to $1,126.7M; Adjusted EBITDA increased 18.6% to $298.3M, while margin declined to 26.5%.

• Record backlog reached $3,187.2M, up 119.3% YoY; Q3 orders rose 25.9%.

• FY26 sales and Adjusted EBITDA guidance were raised, supported by strong demand and backlog visibility.

Financial highlights

• Q3 net income was $107.4M; adjusted net income was $199.3M, up 100.4%, and Adjusted EPS was $0.38 versus $0.28.

• 9M net sales were $3,041.7M and Adjusted EBITDA was $797.5M, up from $2,408.4M and $645.4M, respectively.

• 9M adjusted net income was $442.6M versus $256.0M; free cash flow was $298.0M versus $312.4M.

• Q3 operating cash flow from continuing operations was $172.0M and free cash flow was $158.0M.

Outlook and guidance

• FY26 net sales guidance rose to $4,050–$4,125M from $3,825–$3,925M; pro forma growth is expected in the high teens.

• FY26 Adjusted EBITDA guidance rose to $1,040–$1,070M from $1,020–$1,065M; pro forma growth is expected from low double digits to mid-teens.

• Q4 sales growth is expected in the low double digits; orders are expected to decline YoY due to a large non-repeat Q4 2025 order.

• Assumptions include low-20s Commercial sales growth, low-single-digit Residential growth, FCF conversion above 100%, CapEx below 1.5% of sales and an ~27% tax rate.

• The ebm-papst acquisition is expected to close soon after year-end, subject to customary conditions and regulatory approvals; financing and integration planning are underway.