Welcome from my side. Hello to everybody. I'm Mike Pistauer, CFO and Co-CEO of Montana Aerospace, and I will guide you through the presentation, which was published or is published along with the talk for the H1 results, 2022 of Montana Aerospace. In general and upfront, a result which is in our view, quite solid and without any extraordinary items, following our path of constant growth and over proportional EBITDA growth, along also with a reduction of trade working capital, and so therefore, on a quarterly basis, a stronger and stronger free cash flow, and therefore also upfront, which is definitely in line with our guidance, which we will repeat then later on. Going on to the details of this presentation, let me start with our three segments.
We have the segments of Aerostructures, the main giver, E-Mobility and Energy. Let me shortly start with the second one, E-Mobility, the smallest segment. Here, we grew by more than 60% in comparison to year 2021. In comparison to last year, it was more or less stable. To be fair, you will see that later on, we are developing also stable concerning the EBITDA. Here we see in the moment that within, within, within our legacy business, which is the battery packs and the crash relevant panels for the EV cars, we are performing quite well and definitely over our internal budgets. However, we also do a lot of recycling business in this business here in E-Mobility, which we also sell to third parties.
This business has seen at a light dip in the last months due to, I would say, very cheap material, which was shipped over Turkey, and maybe not clear, and the gray areas shipped upfront there into, and customers not really taking too much care about sanctions. Therefore, we don't have that much sales in this area of external sales out of recycling, which you feel in the E-Mobility. However, the other two segments, Energy and Aerostructures, great performance on a year-to-year basis, on a quarterly basis, which you can see them later on. In comparison to last year, in comparison to two years ago, so strong growth in all areas with the strong growth in absolute terms, but also in terms of percentage within Aerostructures. What were the highlights in the last, I would say, six months?
I would like to name upfront Energy segment. Here we have a tailstorm in the market. The last years of energy crisis and growth, more or less worldwide, infrastructure programs. Those infrastructure programs can only be realized if we ship our products, so there is a, there's a run for capacities and we to support best, to support the transition of the energy systems worldwide. Within this tailstorm, we also see a very strong demand in E-Mobility, and exactly here we broke ground concerning the enlargement of the E-Mobility plant in China, in our, within our plant, which we want to finish by the year's end to already be in a serial production mode for the year 2023, and later than 2024.
Also very interesting, and I guess, worth to mention, is the selective but very creative win of multiple contracts within Aerostructures. We are in a position with our setup of this long value chain, integrated value chain under one roof, at countries still on a local to local, or plants on a local to local scale, but on a worldwide, I would say, structure. We are able to select and win contracts which are highly accretive for the segment, and therefore, also the company, as the leverage on the existing CapEx and infrastructure. Some to mention, a multi-year contract in the fast-growing and very attractive commercial space market.
I would say finally, with a good percentage of our sales ongoing in future, we can definitely say that Montana Aerospace is not only aero, but also space, with a good percentage of our sales there. We also leveraged our production capacities with a very interesting contract with Kawasaki Heavy Industries and Fuji Industries, started the series production for the so-called section 11 floor grid. It's a component in the nose fuselage for the Airbus Atlantic and the Airbus SE, mainly the Airbus A320, which is mostly delivered out of Europe, out of Romania, therefore also leveraging on our capacities there.
Further, I guess I want to mention that we, we have, we are working on strengthening our balance sheet, so therefore lowering our gross debt position and new financing structure, ongoing project, which we think that we can finish within the next months from now, and therefore, has been a full, I would say, reduction of or loosening the ties with our major shareholder, Montana Tech Components. This financing topic is the last one, which has some ties to the MTC group. Also, something to mention, which is also noted in the ad hoc, is a positive verdict in, from, a lawsuit we had into our regards, which finally also pushed us away from this ongoing burden over the last years, which we had. Let's switch to the details of the development on a quarterly basis.
Here you see on this chart, the quarterly sales and also the adjusted EBITDA. There is an ongoing growth plan, which we follow, with a clear, also, like, increased growth to happen in the next quarters from now, in comparison to what we had first quarter to second quarter, 2023. In general, and the focus on higher growth or overproportional growth on the so-called adjusted EBITDA. There you see, for instance, Q1 2023, in comparison to Q2 2023, showed, again, a growth also in the EBITDA and EBITDA margin. Our business in the meantime, has the stronger end at the year's end, so there is more to await for the Q3 and especially in the Q4 of 2023.
The more, the very important, something which we also mentioned, starting last year already, that we have a focus on the operating or the cash flow per se. Here you see the operating and also the free cash flow of Montana Aerospace as total. The development, we gave a guidance for 2023 to generate a positive cash flow by year's end. The first step is already done with the positive free cash flow in the second quarter, 2023. Please note what you see already also here on this page, is that, of course, we did some, I would say, window dressing by late payments of liabilities by the end of 2022, and early payments in 2023.
Taking a bit of a, I would say, mitigate those two topics, you see that we have a constant, ongoing, more positive development since then, and something which we want also to follow for the next quarters to come in 2023. Trade working capital is in regards of cash flow and, I would say, asset management, I see a very crucial element. We gave guidance in September 2022, that we have reached, out of our view, the highest trade working capital value those days. Since then, we are reducing, constantly trying to align within the different segments we have.
I would say, the % which we want to reach, with a single-digit amount of trade working capital in the areas of Energy, is double-digit, very low % amount in mobility, and I would say around 50%, 35% in Aerostructures. Since that time of September 2022, we constantly reduced and also, along with the higher sales, you see that we have a small reduction in Q2 in comparison to Q1, and more to follow also in the next quarters from now. The details concerning the segments that illustrate the picture I've tried to show. The Aerostructures is the, in terms of growth and also concerning development of the EBITDA, a very strong segment.
It's a strong, strongest in growth, with 29% on a year-on-year comparison, with $332 million total sales. It's also the largest segment since some while in, within the three segments of Montana Aerospace. What is more important is the focus on EBITDA. Here we increased proportionally the EBITDA to $37.8 million, which more or less reflects a 41.6 CAGR over the last 2 year, or let's say the last year. Flattish in mobility, in sales, but also in EBITDA. Still here, also, we expect a very strong second half of it. Flattish in sales, because of the reason of, I would say, not the legacy business, which is developing strong.
The E-Mobility business itself, but the business of, I would say, recycled material for external customers, is weak in the first six months, out of the given reasons, when starting my presentation. This, of course, also has some reflection within the EBITDA, but also here, we guide for at least the same development like we have done in the last year, with a very strong third and also fourth quarter, concerning earnings and also concerning sales. Energy, a tail storm in the market, but here we have reached more or less our capacity constraints, so we are building on expanding our capacities here. Only 24% growth in sales, as it's more or less, as I said, at the capacity constraints.
However, the tail storm is best shown in the development of the EBITDA, with more than 300%. That is a very positive and definitely supporting statement within the EBITDA development. In total, 22% sales, more or less three times faster growth in adjusted EBITDA, reflecting the clear focus of the company on EBITDA margins, free cash flow, net income. The result for the period, still negative with EUR 23 million, but as to tell, we come to that one later on. A good portion out of it is based on a negative development of the balance sheet structure, some non-cash financial results.
Taking this one out of the account and also the adjustments, the first half year 2023 would be more or less zero result, or let's say, a positive zero on the result for the period. We still guide for the total year 2023 with a positive result for the full year, taking all the topics into account, which are in the balance sheet and also the P&L. Production performance, personnel expenses, number of employees, more or less show the main KPIs, and best illustrating the performance of the company. Production performance with 17% and a growth of number of employees of more or less stable development of the employees, shows that we bring out more with more or less the same employees or people, very crucial.
Yes, we have been looking at the personnel expenses, integrated ASCO last year, or let's say the acquisition in 2022. Our first quarter was not part of the P&L. Taking this one into account, you see that the personnel expenses itself developed under proportionate, proportionate to the net sales performance and also to the production performance. Means that, that's something also we focus on to the future, so as an under proportionate development of personnel expenses in comparison to our production performance and other KPIs. Trade working capital, crucial element for our business, on the one hand, but also it blocks a lot of, I would say, cash. Therefore, a clear focus on reducing or aligning, let's say, the trade working capital onto the business is essential.
We have seen, as I said, the peak of trade working capital in September 2022. Since then, there's a program to align the % of trade working capital in all different segments. Our crucial element is that, even so we expanded the sales, more or less, the inventory stay stable. Our trade with receivables and trade payables are also better in shape, and will be also in better shape, by the year's end, sorry, and focus on that point. Therefore, our trade working capital in comparison to also what we have seen in Q1 2023, was slightly reduced, and that's a trend we also keep on going for the next months to come.
Finally, the balance sheet structure, strong equity, more or less equal to debt structure, focus still on, I would say, the non-current assets, but most of the CapEx projects finalized. Current assets in combination with the trade working capital and the high portion of cash is the main elements which are in the current assets. Cash is crucial, and therefore, Montana Aerospace announced already the last quarter or quarterly earning calls, earnings calls, that we have a clear, not only a guidance, but also a clear focus on generating cash. We want to be back on this track of generating cash in all the different segments. We had a very strong cash flow, positive free cash flow in Energy, in E-Mobility, and also Aerostructures, still slightly negative, but it's improving steadily.
If you look at, therefore, the operating cash flow, H1 2023 versus H1 2022, improved. If you look at the quarterly development, you would see that the operating and also the free cash flow was positive in the second quarter 2023. Mostly triggered by strong EBITDA, less CapEx, and the reduction of trade working capital. That's, as said, this is also the tendency for the next months to come, as most of the CapEx projects are more or less finished, and we are more and more into the, I would say, road of only sustainable and maintenance capital for the CapEx programs. Finally, net debt and cash position.
End of year, we had EUR 279 million of net debt, knowing that we have already, as announced already within this call, optimized the balance sheet by late payments in accordance with our suppliers, and then early payments in 2023. The amount was even higher than what we had here in the net debt development in the first half of the year. Also, first half, first quarter, 2023 showed a higher net debt position than what we have right now in the second quarter, or let's say H1, 2023. The net debt position to the year end should again decrease to the level more or less what we have seen in 2022.
Therefore, I would like to reconfirm our guidance for the year 2023. We guide for total sales over EUR 1.5 billion. Looking at the first half year, there is a kind of, I would say, seasonality with the stronger quarters, we said, and mostly in the fourth quarter. That's something which is, I would say, changed in the industry, mostly in the Aerostructures within the last years from now, with around EUR 750 million-EUR 800 million in detail for the segment of Aerostructures. In Mobility, around EUR 200 million, slightly above. Also a strong half year expected.
Energy, as it is more or less operating in, at the capacity constraints, doubling what we have right now, concerning sales with a bit more than EUR 550 million for the full year guidance of the different segments. Concerning EBITDA, we keep on guiding EUR 430 million to EUR 150 million on total EBITDA. As said, there are stronger quarters, mainly in the third and the fourth quarter to be expected. The reason is that a lot of, I would say, elements are invoiced within those quarters, and therefore, have an impact within the quarterly results of those months and quarters to come. Cash out, heavily reduced to comparison also to the last year, to the final finalization of the last large CapEx programs.
Therefore, we also reiterate and our guidance for a positive net income and a positive free cash flow. We also want to give a small outlook for the year 2024, where we continue our path of positive free cash flow and net income. The key goal, the next key goal for 2024, is to be at least in the ability to pay dividends then, which, which should be then paid by 2025. Saying that, hand over to the operator, and I'm happy to answer any questions from your side.
Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one. If you wish to remove yourself from the question queue, you may press star followed by two. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. We have our first question from Cara from Berenberg. Please go ahead with your question.
Hi, it's Cara from Berenberg here. Thanks for that. I just had 2 questions. Actually, one was around kind of OEM build rates. I know that you've always typically been more conservative than the OEMs, but I wondered if you have kind of any contracts in place with Airbus, for example, you know, on rate 75 in any kind of way, and what kind of build rates you're seeing on the A320 and 75 currently?
Yes, thank you. Thank you. It, it's definitely a crucial element of the Aerostructures segment, but what we have seen that, in the past, and we always, I would say, tried to, to guide in this way also within our... Since the IPO, I would say, a lot of OEMs tried to announce high build rates, and they didn't come as high than as they were announced. We always calculated always with less than what was announced. It's something which is unchanged. However, you also saw that, we have performed even very good results or even better results or sales, even in months or quarters where the build rates were not so effectively, not so high, than at the OEMs, than what was expected.
The reason is mostly that we are more and more, I would say, either this way or that way, positively impacted. Either the build rates are high, then we have good sales on that point, or they're a bit lower, but that means that many customers, let's see, many companies within the aerospace business, suffer from supply chain issues, and in many cases, we then are able or asked to jump in, which brings us an extra boost in sales and also EBITDA. That's something we focus on. However, the build rates per se right now, Airbus announced again 75 for 2026. They said it's going to be shaky within the supply chain, 2024, something also we calculate. Although in Boeing 737, they calculate with 50 in 2026.
Right now they are working at, in the 30s, up and down, to be fair enough, so 35 to 38. There is, there are plans clear to go over 40 within a short period of time. Something we see, we should see this year already, but that's where we are right now. So we calculate ongoing also in the future with around, I would say, 50% less due to supply chain issues, than what was announced by the large OEMs.
Perfect. Thank you so much. Then I just had one more question, which is, around ASTA. Sorry from this earlier, I just wondered if you could give us an update on your thoughts there.
Sorry, the line was really bad. The connection was really bad, could you please? It was on ASCO, if I got it right, and ASTA. I didn't know which name you asked for.
I'm sorry, it was on ASTA.
Okay, sorry. ASTA, the Energy segment?
Thank you.
Yeah, yeah. Perfect. Yeah, the Energy segment, you saw the numbers, is performing fantastic. Yeah, we have a complete different market environment, which we operate. We are mission critically here. We are really asked worldwide, mostly, I would say, in the Americas, in Europe, but also ongoing more in Asia, as the solution provider or the mission-critical provider for these components, which are so necessarily needed for this energy transition. This more or less reflects then in high EBITDA. Yes, we build up the infra also the capacities in Europe. We started with E-Mobility increasing the capacities in China. This is all going accordingly to the plan, and I would say to the clear, I would say, tailwind we have on the market there.
There are plans concerning a potential, I would say, partial path out IPO. How is it there? We have not made any decision yet. We have very openly discussed with many investors. There are many positive, I would say, statements from them concerning the industry, concerning the company. On the other hand, we know where the market is right now, therefore we have, I would say, to see how development is after summer, and then let's make a decision whether we go for a partial carve out IPO or to develop it differently, where there are enough possibilities. This way or that way, after, the Energy segment will make its way, and we will make also this plan of going into this $1 billion of total sales happen within this decade.
Thank you very much.
Ladies and gentlemen, I repeat, if you would like to ask a question, please press star and 1. It seems to be no further questions for today, and I hand back to Michael Pistauer for closing comments.
Thank you for this one question. Finally, we have published a result which is self-explaining. Now, it was a very clear, solid, I would say, development. We want to continue a very clear and solid development. No extraordinaries, no nothing special, but we'll focus on what we say concerning KPIs, and I guess the stronger quarters are still here to come. Even so, we showed some good development in the second quarter. The company, the contracts, everything is in line, and aware of that one, and hopefully we see you again, then with the next earnings call.