AERO Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue: H1 2026 net sales of EUR 518.4m, up 11.7% on EUR 464.0m. No consensus is available for the Swiss listing, so no formal beat or miss is published.
- EPS: EUR 0.47 against EUR (0.04) a year ago, on result from continuing operations of EUR 29.7m versus EUR (2.4)m. No consensus available.
- Guidance re-confirmed on both years: 2026 net sales above EUR 1.0bn with adjusted EBITDA above EUR 185m; 2027 net sales above EUR 1.1bn with adjusted EBITDA above EUR 210m.
- The one thing that matters: the 2026 guide needs a materially stronger second half than the first delivered. H1 adjusted EBITDA of EUR 87.1m against a full-year target of "over EUR 185m" implies at least EUR 98m in H2, and the guided ~18% full-year margin sits well above the 16.8% booked in H1. The release attributes the step-up to volume and utilisation but does not quantify it.
- Tone flag: the CEO has resigned and the release defers the management-team update to Q3, while simultaneously floating a buyback. Confidence in the numbers is not matched by clarity at the top.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (consolidated net sales, H1) | EUR 518.4m | API Ninjas estimate unavailable | Not scored | Not scored |
| EPS (reported, continuing operations, H1) | EUR 0.47 | API Ninjas estimate unavailable | Not scored | Not scored |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Net sales | EUR 518.4m | EUR 464.0m | +11.7% |
| EBITDA | EUR 87.1m | EUR 77.6m | +12.2% |
| EBITDA margin | 16.8% | 16.7% | +10bps |
| EBIT | EUR 40.1m | EUR 32.8m | +22.3% |
| Operating cash flow | EUR 26.4m | EUR 38.5m | -31.4% |
| Net debt | EUR 64.7m | — | 0.4x LTM EBITDA, from 0.8x at Dec-25 |
Aerostructures net sales rose 12.9% to EUR 485.2m with adjusted EBITDA margin at 18.3%; Alpine Metal Tech fell 2.3% to EUR 33.3m.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- The profit swing is financial, not operational. Result from continuing operations improved EUR 32.1m year on year while EBIT improved only EUR 7.3m; the financial result swung EUR 33.7m, to EUR (5.5)m from EUR (39.2)m, on better non-cash FX and lower net interest.
- No adjustments this half. Reported EBITDA equalled adjusted EBITDA at EUR 87.1m, and no impairment losses were recorded, so the 12.2% growth is clean.
- Cash generation moved the other way. Operating cash flow fell 31% to EUR 26.4m on lower factoring utilisation while trade working capital rose to EUR 343.2m from EUR 294.7m at December; the EUR 40.9m investing inflow is the EUR 62.0m Energy disposal proceeds, not operations.
Gotchas & watch items
- Net debt fell to EUR 64.7m largely on the EUR 62.0m disposal receipt, with a further ~EUR 88m of proceeds still outstanding against the ~EUR 150m total expected; the net cash target for year end depends on that cash arriving.
- Prior-period figures are restated to exclude the divested Energy segment, which contributed EUR 356.7m of net sales in H1 2025 — group sales are not comparable to previously reported totals.
- Both guidance years assume EUR/USD of 1.18–1.19, which the company states is above the current spot rate.
- Alpine Metal Tech adjusted EBITDA fell 56.6% to EUR 1.1m on a 2.3% sales decline, attributed to delivery timing with no recovery quantified.
Event: https://web.quartr.com/companies/14832/events/557847/overview Retrieved: 2026-08-13T10:30:00Z Comparison mode: maximal · Scorecard contract: v1 Montana Aerospace reports on a half-year basis, so every figure above is H1 despite the Q2 2026 event label; the 13:30 CEST call had not been held when this was written.