Montana Aerospace (AERO) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 net sales rose 4.1% year-over-year to EUR 248.2 million, driven by organic growth and strong performance in the Aerostructures segment.

• Adjusted EBITDA increased 5.8% to EUR 40.6 million, with margin expanding to 16.4% from 16.1% year-over-year.

• Result from continuing operations more than doubled to EUR 10.5 million, reflecting improved operating and financial performance.

• Robust order backlog exceeded EUR 7 billion as of March 2026, supporting high forward revenue visibility.

• Leadership transition underway following CEO resignation, with succession process launched and operational continuity maintained.

Financial highlights

• Net sales: EUR 248.2 million in Q1 2026, up 4.1% year-over-year.

• Adjusted EBITDA: EUR 40.6 million (+5.8%), margin at 16.4%.

• EBIT: EUR 17.2 million (6.9% margin), up from EUR 15.5 million.

• Result from continuing operations: EUR 10.5 million, up 130.7% year-over-year.

• Earnings per share: EUR 0.17, up from EUR 0.07.

• Free cash flow: EUR 55.9 million, up from EUR -25.0 million.

• Net debt reduced to EUR 73.3 million (0.4x LTM EBITDA).

Outlook and guidance

• 2026 guidance reaffirmed: net sales above EUR 1 billion, adjusted EBITDA above EUR 185 million, group margin ~18%.

• 2027 guidance: net sales above EUR 1.1 billion, adjusted EBITDA above EUR 210 million, group margin ~19%.

• Cash conversion expected around 50% for 2026, with maintenance CapEx of about EUR 50 million.

• Targeting net cash financial position by year-end 2026.

• Positive outlook maintained for 2027 and beyond, supported by strong order backlog and ramping aircraft production.