A vertically integrated, pure‑play aerostructures supplier exiting its conglomerate past—now positioned to harvest margin expansion and cash generation as the aerospace super‑cycle ramps.
Overview
Montana Aerospace has completed a major strategic transformation, emerging by late 2025 as a streamlined, pure-play aerospace structures supplier headquartered in Switzerland and positioned as a Tier 1 / high-end Tier 2 partner to Airbus, Boeing and key aerostructures primes. Its core differentiation is “Everything Under One Roof” vertical integration—spanning extrusion through machining, surface treatment and assembly—designed to reduce supply-chain friction and meet OEM demand for fewer, more reliable suppliers during an unprecedented production ramp. The company supplies a vast range of critical structural components (100,000+ part numbers) across major platforms (A320neo, 737 MAX, 787, A350, 777X) and is expanding into defense and space. Visibility is high via an order backlog >EUR 7B and long-duration, life-of-program contracts. Financially, FY2025 preliminary results mark an inflection: continuing-ops sales ~EUR 979.3M (+15.1% YoY) and adjusted EBITDA ~EUR 161M (~16.4% margin), alongside rapid deleveraging (net debt ~EUR 125M; ~0.8x net debt/EBITDA). Balance-sheet improvement was driven by the ASTA divestment (EUR 204M; proceeds staged into H1 2026) and a debt-to-equity conversion of profit certificates tied to ASCO. Management guides to >EUR 1.0B sales and >EUR 185M adjusted EBITDA in 2026, with an explicit ambition to reach net cash by end-2026 and to unlock meaningful free-cash-flow generation as fixed-cost absorption improves.