In This Article:
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Revenue Growth: Increased by over 17% to EUR 1.493 billion in 2024.
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Adjusted EBITDA: Grew by over 40% to over EUR 164 million in 2024.
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Net Income: Positive net income of EUR 35 million, an increase of over EUR 74 million compared to 2023.
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Net Debt: Reduced to EUR 210 million.
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Equity Ratio: Over 50%, specifically 50.8%.
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Aerostructures Revenue: Increased by over 15% to EUR 850 million.
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Energy Segment Revenue: Rose by 13% to EUR 640 million.
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Adjusted EBITDA Margin: Increased by around 2 percentage points to over 10%.
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Trade Working Capital: Increased by more than EUR 50 million compared to Q4 2023.
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Free Cash Flow: Impacted by divestment of the mobility group, with a strong finish in Q4.
Release Date: April 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Montana Aerospace AG (XSWX:AERO) reported a significant increase in sales, growing over 17% to nearly EUR 1.5 billion in 2024.
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The company achieved a notable growth in adjusted EBITDA, increasing by over 40% to more than EUR 164 million.
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Net income saw a substantial rise, reaching EUR 35 million, which is an increase of over EUR 74 million compared to the previous year.
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The company successfully reduced its net debt to EUR 210 million, indicating a promising start for 2025.
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Montana Aerospace AG (XSWX:AERO) maintained a strong equity ratio of 50.8%, reflecting financial stability.
Negative Points
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The trade working capital remains high, posing a challenge for the company.
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The aerospace segment was impacted by a Boeing strike, affecting demand and deliveries.
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The company faces potential impacts from tariffs, which could affect financial performance.
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Montana Aerospace AG (XSWX:AERO) is below its targeted net sales for 2025, indicating slower growth than anticipated.
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The company anticipates challenges in 2025, including potential surprises and disruptions in the supply chain.
Q & A Highlights
Q: Can you clarify the discrepancy in the 2025 guidance figures, which seem to fall short of the projected EUR 1.6 billion in sales? Also, how do you anticipate the impact of tariffs on your business? A: The discrepancy is due to the inclusion of the AMT group and other segments that contribute to the total sales figure. Regarding tariffs, while they exist in some segments, the impact is expected to remain within a single-digit percentage. Our guidance for 2025 remains unchanged despite these factors. (Michael Pistauer, Co-CEO & CFO)
Q: What are the assumptions behind the projected growth in aerospace for 2026, given the current delivery rates? A: Our assumptions are based on conservative estimates of delivery rates, particularly for Boeing's 737 and Airbus's 320 programs. We anticipate that inventory levels will balance out, leading to increased demand. This, combined with higher asset utilization, should improve profitability. (Kai Arndt, Co-CEO)