#1Montana Aerospace AG FY 2021 Earnings Presentation ΜΟΝΤΑΝΑ AEROSPACE 04 April 2022#2DISCLAIMER MONTANA AEROSPACE THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation, which includes oral statements made at the presentation hereof and any material distributed in connection with this presentation (together, the "Presentation"), contains confidential information regarding Montana Aerospace AG (the "Company") and each of its subsidiaries and controlled affiliates (jointly referred to as the "Group") and is being provided to you on a confidential basis. 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Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice. THIS PRESENTATION IS NOT AN INVITATION TO PURCHASE SECURITIES OF THE COMPANY OR THE GROUP#3000 000 Montana Aerospace -3- FY 2021 Earnings Call Presenters Dr. Markus Nolte CEO Dr. Michael Pistauer CFO Marc Vesely recte Riha Head of M&A and Investor Relations#4MONTANA AEROSPACE RESULT 2021#5SALES +24,9% >EUR 500M CASH NET DEBT <1,5x EBITDA ADJ. EBITDA +25,2% OVERPROPORTIONAL GROWTH EQUITY RATIO 50,5% (+200% YOY) RAMP-UP MARKET SHARE GAINS INDUSTRIALIZATION AFTER COVID-19#6DIVERSIFIED KNOW-HOW DRIVING OUR REVENUE GROWTH in EURM AEROSPACE 264,6 +7,7% 285,0 FY 2020 FY 2021 89,2 FY 2020 E-MOBILITY +37,3% - 6- 122,5 278,9 ENERGY +37,3% MONTANA AEROSPACE 383,0 FY 2021 FY 2020 FY 2021#7PROCEEDS FROM IPO TO SUPPORT THE EXECUTION OF IDENTIFIED M&A PIPELINE AND ORGANIC GROWTH PROJECTS MONTANA AEROSPACE Use of Proceeds Organic Projects Initiatives Expansion of capacities and ramp-up of new capabilities (e.g. Titanium, Composite) Status Capacity expansion on track and efficiency improvements (e.g. 3rd Heavy Press) M&A Projects Strategic acquisitions Additional M&A targets to further consolidate supply chain - 7- on track#8CAPEX PROGRAMS ON TRACK AND READY FOR RAMP-UP SITE FLOOR SPACE CAPEX MONTANA AEROSPACE UTILIZATION 2022 FULL UTILIZATION ON TRACK CONTRACT BASIS Baia Mare, RO 80,000 m² >EUR 150m -25% ~2024 Da Nang, VN 40,000 m² <EUR 100m -25% ~2024 3rd Heavy Press (3rd HP) 11,000 m² >EUR 35m <5% ~2024/25 Cast House & Recycling 3rd HP 3,000 m² >EUR 15m 0% ~2024/25 6. Bire therm -8-#9MONTANA GLOBAL FOOTPRINT STRENGTHENED BY SELECTED INVESTMENTS AND M&A AEROSPACE - 9 -#10PROCEEDS FROM IPO TO SUPPORT THE EXECUTION OF IDENTIFIED M&A PIPELINE MONTANA AEROSPACE Use of Proceeds Initiatives Expansion of capacities and ramp-up of new capabilities (e.g. Titanium, Composite) Organic Projects Capacity expansion and efficiency improvements (e.g. 3rd Heavy Press) M&A Projects Strategic acquisitions Additional M&A targets to further consolidate supply chain - 10- Status on track on track#11MONTANA AEROSPACE FOLLOWS ITS STRINGENT M&A PLAN - EXECUTING AND DELIVERING, AS PROMISED DURING THE IPO PHASE MONTANA AEROSPACE Montana Aerospace 2021 Deal Pipeline - 5 M&A transactions already executed within 9 months April 2021 • Montana Aerospace enlarges core competence in titanium through acquisition of 100% of CEFIVAL in France MA, 30 April 2021 Montana Aerospace enlarges core competence in titanium May 2021 Montana Aerospace acquires remaining 75% of IH TECH - a further step into the fields of automation and robotics August 2021 • Signing of acquisition of remaining 25% of ASTA PPE in Brazil • November 2021 Montana Aerospace signs agreement to acquire São Marco in South America Closing (e): Q2 2022 Closed successfully, September 2021 Montana Aerospace • signs full takeover of ASCO Industries - a leading supplier of high-end components and structures MA, 03 May 2021 Montana Aerospace acquires IH TECH MA, 07 September 2021 Montana Aerospace signs takeover of ASCO Industries MA, 29 November 2021 Montana Aerospace signs agreement to acquire São Marco in Brazil -11-#12MONTANA AEROSPACE FINANCIALS#13MONTANA AEROSPACE - FAST RECOVERY, FINANCIALS APPROACHING PRE-COVID LEVEL in EURM Net Sales FY 2020 FY 2021 yoy change 632,4 790,1 +24,9% Adj. EBITDA 44,8 56,1 +25,2% CAPEX spent* 133,3 121,4 -8,9% Net Debt 424,9 81,8 -343,1 Equity Ratio 17,0% 50,5% +197,1% (*) Acquisition of intangible assets and property, plant and equipment Montana Aerospace -13- MONTANA AEROSPACE#14SALES AND ADJ. EBITDA REFLECTING FINALIZATION OF CAPEX PROJECTS Net Sales in EURM 614,2 632,4 +25% 767,5 790,1 FY Updated 2020 FY 2020 FY Updated 2021 FY 2021 Adjusted EBITDA (1) in EURM 44,8 +25% 56,1 FY 2020 FY 2021 Net income in EURM -57,7 FY 2020 -15% -49,1 FY 2021 MONTANA AEROSPACE Strong sales recovery, supported by loyal customer basis and high demand, growth driven by aerospace business segment Updated revenue due to change in accounting - scrap sales now included (previously in other operating income) Further utilization of synergy effects from M&A deals seen in result IPO & MSOP cost make up for majority of adjustment volume Fixed cost optimization & effects through deferred taxes Streamlined production process reduced negative result (1) Ajdusted EBITDA refers to operating profit before interest, taxes, depreciation and amortization adjusted for one-off effects - in particular legal costs for the Arconic lawsuit, IPO related cost, MSOP (Management Stock Option Program) related cost, Other service cost from affiliated companies as well as expected rental income from affiliated companies -14- Montana Aerospace#15SEGMENT REPORTING PART OF REGULAR REPORTING OF MONTANA AEROSPACE MONTANA AEROSPACE Montana Aerospace Starting in the Annual Report 2021 we start reporting detailed segment results Total Reconciliation SEE ANNUAL Group REPORT (in TEUR) Aerospace E-mobility Energy 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 External net sales 284,587 264,515 122,493 88,978 382,972 278,893 790,052 632,386 790,052 632,386 Net sales between segments 378 132 1 179 379 312 -379 -312 0 Total net sales 284,965 264,647 122,494 89,157 382,972 278,893 790,431 632,698 -379 -312 790,052 632,386 Adjusted EBITDA 42,942 43,295 6,538 -4,943 8,564 8,221 58,044 46,573 -1,964 -1,724 56,080 44,849 Non-operative income and expenses -7,815 -12,397 2,044 1,216 -5,771 -11,181 -4,256 -377 -10,027 -11,558 EBITDA 35,127 30,898 8,582 -3,727 8,564 8,221 52,273 35,392 -6,220 -2,101 46,053 33,291 -15-#16NET SALES & ADJ. EBITDA BY SEGMENT - FY 2021 NET SALES in EURM FY 2020 FY 2021 Aerospace 264,6 (41,8% of total sales) 285,0 (36,1% of total sales) YoY change +7,7% E-Mobility 89.2 (14,1% of total sales) 122,5 (15,5% of total sales) +37,3% Energy 278,9 (44,1% of total sales) 383,0 (48,5% of total sales) Adj. EBITDA* in EURM FY 2020 FY 2021 Aerospace 43,3 (92,3% of adj. EBITDA) 42,9 (73,9% of adj. EBITDA) E-Mobility Energy -4,9 (negative) 8,2 (17,7% of adj. EBITDA) +37,3% YoY change +0,9 6,5 (11,2% of adj. EBITDA) +10,0 8,6 (15,3% of adj. EBITDA) * Segment adj. EBITDA not adjusted for reconciliations on a group level (intra-group interdependencies and facts that cannot be directly allocated to any segment) -16- Montana Aerospace +0,7 MONTANA AEROSPACE#17POSITIVE DEVELOPMENT OF KEY KPIS Production Performance in EURM Montana Aerospace 623,0 -9,4 Personnel expenses in EURM ▲ in finished & unfinished goods Net Sales +30% 811,9 21,8 FY 2020 FY 2021 +11% 174,0 157,0 FY 2020 FY 2021 MONTANA AEROSPACE Other operating expenses in EURM +9% 102,4 93,7 FY 2020 FY 2021 Output strong as deliveries approach pre-Covid level, displaying high level of production process agility During steep production ramp-up, personnel expense was held stable with underproportional increase Risen average FTEs in 2021 compared due to ramp-up of current production and contracted sales growth FTE count growth exceeds FTE expense growth External fees supported cost & efficiency optimization Legal advisory cost reduces financial risk of potential future lawsuits -17-#18SOLID FINANCIAL BASIS FOR FUTURE GROWTH ◉ Net Debt in EURM Montana Aerospace -87% 639,9 81,8 FY 2020 FY 2021 Equity Ratio in % 17% +34% 51% FY 2021 FY 2021 Cash proceeds from IPO of EUR 394m gross receipts and non- redeemable loan (approx. EUR 154m) contributed to attractive improvement Adverse impact by negative Free Cash Flow IPO and capital increase strengthening equity basis However, Net result with negative influence on ratio -18- Number of Employees in absolute figures, ΕΟΥ 4.788 +16% 5.554 2020 2021 MONTANA AEROSPACE Increase reflects ramp-up related frontloading primarily in Romania and Vietnam#19SOLID FINANCIAL BASIS FOR FUTURE GROWTH Trade Working Capital in EURM Cash vs. Debt 2021 in EURM +66% 263,7 159,1 245,4 Inventories 184,5 Trade Receivables 87,5 129,1 Trade -112,9 -110,8 Payables TWC 2020 TWC 2021 MONTANA AEROSPACE Balance Sheet Structure in EURM 590,8 1.792,4 1.792,4 509,1 -81,8 Equity 904,9 853,8 Non-Current Assets Cash Financial Debt* ◉ Inventory build-up in (new) plants responsible for part of the increase Large raw material reserve sustained to avoid constraints in global supplies Sales growth included - receivables up vs. prev. period Cash proceeds from IPO of EUR 394m gross receipts and converted non-redeemable loan (approx. EUR 154m) contributed to attractive improvement Majority of debt guaranteed by Montana Tech Components AG via promissory notes *Non-current financial debt Montana Aerospace -19- " Debt 887,5 938,5 Current Assets Liabilities Assets Strong Equity position gives us firepower & resilience Net result currently negative, impacting the Equity ratio negatively#20SOLID FINANCIAL BASIS FOR FUTURE GROWTH Operating Cashflow in EURM Montana Aerospace 9,3 -37,1 -27,8 FY 2020 FY 2021 CAPEX in EURM +11,9 -121,4 -133,3 FY 2020 FY 2021 Financing Cashflow in EURM -10,7 MONTANA AEROSPACE +532,5 521,8 FY 2020 FY 2021 Operating cash flow in 2021 lower, mainly due to high inventory build-up (+60,9m) • Investments in line with strategy, from now on approximation to sustainable capital expenditure IPO + capital increase responsible for strong cash flow from investing activities -20-#21ONTANA ROSPACE MONTANA AEROSPACE ACQUISITION OF ASCO MONTANA AEROSPACE asco#22WORLD CLASS LEADER OF HIGH LIFT DEVICES, LARGE STRUCTURAL PARTS AND COMPLEX MECHANICAL ASSEMBLIES MADE OUT OF ALUMINUM, TITANIUM AND STEEL MONTANA AEROSPACE € up to 260m revenue p.a. between 2018-20 4 Manufacturing Sites High Lift Mechanisms Montana Aerospace Overview + ~1,100 Employees ~140k m² Covered Industrial Surface asco ONE STOP SOLUTION FOR HIGH-LIFT MECHANISMS & COMPLEX MECHANICAL SUB-ASSEMBLIES Product Portfolio Complex Structural Parts & Assemblies Interfaces & Attachments Own IP & single source on important high-lift mechanisms - 22- Titanium and hard metal machining specialist Aluminium high-speed machining for large complex components#23THE COLLABORATION OF TWO LEADING PLAYERS WOULD CREATE A STRONG INDUSTRIAL CHAMPION BEST POSITIONED TO LEVERAGE CUSTOMER NEEDS OF TOMORROW MONTANA AEROSPACE O МАЙНК Montana Aerospace asco asco #1 Aerostructures Supplier - Quality - Costs - Reliability - Innovation - Carbon Footprint #1 AIRBUS BOEING COMAC LOCKHEED MARTIN Gulfstream etc... -23- DANGER ΜΟΝΤΑΝΑ AEROSPACE CYRIL BATH#24DEAL STRUCTURE ASCO PRODUCTS (an excerpt) - 24- Montana Aerospace DEAL TERMS Payment split in cash & 1 share consideration Earn-out option until 2025 2 amounting to EUR 30m MONTANA AEROSPACE 1 Goal: 15% EBITDA margin at EUR 300m revenue INVESTMENT RATIONALE 2 On top high synergy potential in Group, adding further benefit#25MONTANA AEROSPACE GUIDANCE 2022#264 MINIMAL EXPOSURE TO REGION MITIGATES POTENTIAL COMPANY RISK MONTANA AEROSPACE Montana Aerospace UKRAINE (UA) RUSSIA (RU) For 2022, direct impact of approx. €8.0m sales at risk o/w €4.5m are already received as a prepayment Overall, indirect risks on energy price development as well as impact on raw material prices On raw material, minimal direct risk for Montana Aerospace due to long value chain; potentially some tailwind due to high prices for margins as well as jumping into new contracts Montana Aerospace: no offices or facilities in RU or UA Overall, company risk at low level due to high recycling capabilities (less dependent from material supply) and minimal geographic exposure to crisis region -26-#271 2 EXPECTATIONS FOR 2022 Aerostructures: worldwide sales expected to grow further based on build rate development Vertical integration positions Montana Aerospace as the one- stop-shop for development of future airplane types 3 Revenue expected to roughly double within two years with approx. EUR 1.4bn sales in 2023 and approx. EUR 1.6 bn in 2024 4 2023 means an inflection point for Montana Aerospace as we have the goal to generate a positive Free Cash Flow again -27-#28OUTLOOK Montana Aerospace 1 MONTANA AEROSPACE Global demand for new, efficient aircrafts on high level, keeping OEM build rates rising to record levels Vertical integration positions Montana Aerospace as the one-stop-shop for OEMs 2 २० 3 Revenue expected to roughly double within two years with approx. EUR 1.4bn sales in 2023 and approx. EUR 1.6 bn in 2024 4 2023 means an inflection point for Montana Aerospace as we have the goal to generate a positive Free Cash Flow again -28-#29FURTHER SEGMENT GUIDANCE 2022 Montana Aerospace AEROSPACE - Aerostructures sales worldwide to increase sharply, build rates ramp up continuing with fastened speed - Ongoing cost pressure and local to local approach as well as ESG need – additional chances for Montana - E-MOBILITY MONTANA AEROSPACE - Globally, massive challenges concerning Material, HR, Energy and Inflation on costs as well as Transportation - We can grow over proportionally due to our set up and strategic positioning - E-Mobility continuing to be the driver for mobility sector growth in 2022 and onwards Automotive high challenges due to supply chain issues, however E-Mobility „,favoured" in comparison to other automotive segments ENERGY Globally, we see still high need for infrastructural expansion programs Electricity production (especially green energy) and grid performance projects are key in many regions for meeting their goals - within this environment we expect to grow over proportionally - 29 -#30GUIDANCE FOR 2022 " Total Sales in EURbn Montana Aerospace 0.79 ~45% >1.1 FY 2021 2022 Guidance Sales Split in EURbn >1.1 >0.9 MONTANA AEROSPACE Segment Sales Guidance in EURm, approximated -190 ~500 >0.1 Total Organic In-organic ~440 Aerospace E-Mobility Energy Sales increase driven by sustainable growth in all segments Aerospace as key driver of growth and re-established as largest segment Total revenue estimated to grow by approximately 40%, partly due to organic effects, partly due to acquisitions Aerospace driver of growth, re- gaining position as largest segment E-Mobility and Energy with further positive outlook and stable growth -30 -#31GUIDANCE FOR 2022 Adj. EBITDA margin (approx.) in % CAPEX cash-out in EURM Montana Aerospace 7,1 -10% >7.5 FY 2021 B 2022 121,4 -26% MONTANA AEROSPACE OUTLOOK 2023 & ONWARDS Sales increase by 2023 1 another 20% 90,0 2 Overproportional EBITDA growth 3 Massive CAPEX reduction FY 2021 B 2022 4 Positive Free Cash Flow Slightly overproportional development of EBITDA margin in 2022 Cash out in 2022 approximately EUR 90m, representing a further decrease towards only sustainable CAPEX 5 Full Utilization of CAPEX programs 2024 Highly accretive business & 6 -31- synergy effects#32MONTANA AEROSPACE BUILD RATE GUIDANCE: AN EXPECTED NEW NORMAL MONTANA AEROSPACE Montana Aerospace guidance is based on the following build rates Build rates by key platforms AIRBUS 2022 2023 2024 2025 A220 A320 family 6/mo 8/mo 10/mo 10/mo 51/mo 60/mo 62/mo 63/mo A330 2/mo 2/mo 2/mo 2/mo AS-AIRBUS A350 BOEING 5/mo 5/mo 6/mo 6/mo 2022 2023 2024 2025 B737 24/mo* 40/mo 48/mo 53/mo MAX American B767 2/mo 2/mo 2/mo 3/mo Austrian B777 American B787 American 2/mo 4/mo - 32 - Montana Aerospace Note(s): for yearly build rate assumptions Airbus build rates need to be multiplied by 11,5x; Boeing build rates by 12x; *only fuselage 3/mo 3/mo 4/mo 6/mo 6/mo 7/mo#33- KEY AREAS OF FOCUS IN 2022 ENERGY COST INFLATION 2020-2021: COVID-19 2022: BUILD RATE RAMP-UP HUMAN RESOURCES MONT AEROS Pass-through clauses cover >2/3 of current global energy cost rise Establishing independent energy supply (e.g. solar panels) Chasing for talent - skilled employees required for fast ramp-up Our global footprint enables international workforce sourcing Montana Aerospace -33- - MONTANA AEROSPACE TRANSPORTATION MATERIAL Supply chain under pressure, cost is passed through Integrated value chain reduces cost & increases flexibility Stable and diversified supply with materials & high inventory Establishing independent energy supply (e.g. solar panels)#34CH MONTANA MAEROSPACE