INTERVIEW

The Swiss business portal moneycab.com – one of the best-known online media outlets for business, industry, and technology – recently interviewed our Co-CEO Kai Arndt and Co-CEO and CFO Michael Pistauer.

In the conversation, they offer exciting insights into our ongoing development as a pure aerospace company, explain the background behind our latest financial results, and discuss why the investments of recent years are now beginning to show their full impact. They also highlight the opportunities that come with our focused aerospace strategy and how we continue to strengthen our competitive position in the market.

Enjoy the read!

moneycab, Bob Buchheit
24 November 2025, 7 am

Moneycab.com: Mr. Pistauer, despite an 80 percent increase in operating profit, the investor community did not appreciate your nine-month results and sent the Montana Aerospace share price down by double digits. Were expectations higher?

Michael Pistauer: We assume that the new guidance for 2025 and 2026 was partly interpreted differently, so we would like to provide additional clarity. Montana Aerospace now reports as a pure aerospace company: all figures exclude the divested E-Mobility and Energy segments. For 2026, we initially communicated EBITDA of over EUR 250 million, of which around EUR 200 million would come from aerospace. We had to adjust this forecast slightly downward because currency effects and wage-agreement implications noticeably impact EBITDA.
Operationally, however, we are largely compensating for these factors, so guidance was only reduced to above EUR 185 million. Without the weak USD/EUR exchange rate, we could have even raised the forecast to around EUR 225 million.

Moneycab.com: The high investments led to a negative cash flow. What was most of the money
used for?

Kai Arndt: In recent years, Montana Aerospace has invested over EUR 800 million counter-cyclically in capacity expansion, new plants, machinery and technology centers. Our goal is to set ourselves clearly apart from the competition and become the preferred partner of the global aviation and aerospace industry—and to invest precisely when others cannot. A recent example confirming our strategy is the multi-year contract we signed with Airbus for the supply of aluminum extrusions. The contract value is in the high three-digit million range.

“Montana Aerospace has invested over EUR 800 million in recent years in capacity expansion, new plants, machinery and technology centers.”

Michael Pistauer: Your statement is not entirely accurate—in fact, the opposite is true. The negative cash flow results from the way a segment carve-out is presented under IFRS. The disposal of all cash assets is recorded as a reduction in cash flow, while the disposal of liabilities (gross debt) is not shown in the cash flow. Operationally, Montana Aerospace had a very strong cash flow in the first nine months, which you can also see in the operating cash flow.

Moneycab.com: This year, many Swiss companies have become “pure players,” including Montana Aerospace. How do you explain this trend?

Michael Pistauer: Our name is Montana AEROSPACE. It’s obvious that this is our core business—one characterized by remarkable growth, driven both by the market and by our positioning. Yes, it is currently a justified trend, as an industrial focus is easier for all stakeholders to handle—for investors, bank analysts and also for the company itself, for example when it comes to capital allocation.