Montana Aerospace (AERO) Q2 2026 earnings summary

Executive summary

• H1 2026 net sales rose 11.7% to €518.4m; EBITDA increased 12.2% to €87.1m, supported by organic growth, higher volumes, and Aerostructure market-share gains.

• Result from continuing operations improved to €29.7m from a €2.4m loss; EPS rose to €0.47 from -€0.04 in H1 2025.

• Commercial aerospace order book exceeded €7bn, with coverage across commercial and defense platforms; defense and space add growth opportunities.

• Vertical integration supports customer lead times, cost competitiveness, and supply-chain resilience.

Financial highlights

• EBIT increased 22.3% to €40.1m from €32.8m; EBIT margin rose to 7.7% from 7.1%.

• Free cash flow reached €67.3m, up from €1.0m in H1 2025; it included Energy divestment proceeds.

• Operating cash flow was €26.4m, down from €38.5m, mainly due to lower factoring; investing cash flow was €40.9m, including Energy segment loan repayments.

• Net cash from financing activities was -€87.5m, mainly due to repayment of interest-bearing liabilities; the equity ratio improved to 66.3% from 62.5% at year-end 2025.

Outlook and guidance

• FY 2026 guidance reiterated: net sales above €1bn and adjusted EBITDA above €185m; group EBITDA margin ~18%, with Aerostructure margin in the 19% range.

• FY 2027 guidance reiterated: net sales above €1.1bn and adjusted EBITDA above €210m; free cash flow targeted in the low triple-digit millions.

• Cash conversion targeted at ~50% in 2026 and above 50% in subsequent years; positive net cash is expected by year-end 2026.

• At least €50m of additional Energy divestment proceeds expected in H2 2026; FY 2027 outlook to be reviewed in Q3 or early Q4 as opportunities develop.