Montana Aerospace AG Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-3.07	36.09	-37.95	-36.11	-49.01
Depreciation & Amortization	93.52	94.17	94.96	103.65	70.19
Other Amortization	5.29	4.38	4.79	4.05	1.51
Loss (Gain) From Sale of Assets	0.65	0.31	0.45	-18.87	0.26
Asset Writedown & Restructuring Costs	14.15	26.32	2.16	1.53	-0.6
Loss (Gain) From Sale of Investments	-0.03	1.24	-	-	-0.45
Loss (Gain) on Equity Investments	-1.13	2.72	-1.42	-	-
Other Operating Activities	69.98	-7.64	38.32	18.99	20.06
Change in Accounts Receivable	-21.32	4.47	17.73	-25.17	-42.68
Change in Inventory	40.49	-51.56	-11.16	-39.99	-49.44
Change in Accounts Payable	-27.32	8.02	17.56	110.96	22.97
Change in Other Net Operating Assets	-3.68	-0.37	-1.33	12.35	-0.65
Operating Cash Flow	167.53	118.14	124.1	131.4	-27.84
Operating Cash Flow Growth	41.80%	-4.80%	-5.55%	-	-
Capital Expenditures	-74.77	-87.05	-69.42	-85.96	-121.37
Sale of Property, Plant & Equipment	2.51	0.63	0.58	11.2	15.48
Cash Acquisitions	-29.78	-1.01	-0.19	-91.14	-4.32
Divestitures	-	1	-	8.48	-
Investment in Securities	-	-	-2.88	-0.83	8.45
Other Investing Activities	-44.53	89.86	0.38	7.98	15.69
Investing Cash Flow	-146.57	3.43	-71.53	-150.27	-86.07
Long-Term Debt Issued	276.7	179.48	328.87	137.38	230.84
Long-Term Debt Repaid	-299.89	-304.16	-589.67	-177.83	-234.73
Net Debt Issued (Repaid)	-23.19	-124.68	-260.8	-40.45	-3.89
Issuance of Common Stock	10.05	0.39	-	1.92	573.42
Other Financing Activities	-25.78	-37.97	-42.47	-27.9	-47.74
Financing Cash Flow	-38.92	-162.27	-303.27	-66.43	521.79
Foreign Exchange Rate Adjustments	-2.81	-1.03	-0.27	2.45	5.37
Net Cash Flow	-20.77	-41.72	-250.96	-82.84	413.26
Free Cash Flow	92.75	31.09	54.68	45.44	-149.21
Free Cash Flow Growth	198.31%	-43.14%	20.34%	-	-
Free Cash Flow Margin	9.39%	3.60%	4.17%	3.40%	-18.09%
Free Cash Flow Per Share	1.49	0.50	0.88	0.75	-3.57
Cash Interest Paid	25.66	37.97	42.47	27.9	18.59
Cash Income Tax Paid	8	5.94	-0.84	6.69	3.19
Levered Free Cash Flow	73.47	7.41	35.91	-39.15	-171.08
Unlevered Free Cash Flow	87.01	27.14	65.32	-18.52	-159.57
Change in Working Capital	-11.83	-39.44	22.8	58.15	-69.81

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.