<span item_type="fundamental" item_id="57cf8057adda438efba97ccd98d17889" counter_id="ST/US/MAIR" env="prod"></span><span item_type="announcement" item_id="647513112891560193" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 923.7 M.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 151 M.</p><p></p><h4>Operational Metrics</h4><p>Madison Air Solutions Corporation’s net sales were $923.7 million in the first quarter of 2026, marking a 33.8% increase compared to $690.4 million in the first quarter of 2025, with pro forma net sales up 12.5% year-over-year. Organic sales for the first quarter of 2026 reached $770.9 million, an 11.7% increase from $690.4 million in the prior year period. Net income for the first quarter of 2026 was $43.0 million, a 6.9% decrease from $46.2 million in the first quarter of 2025, resulting in a net income margin of 4.7%, down 204 basis points from 6.7% in the same period last year. Adjusted net income rose by 32.1% to $92.5 million from $70.0 million in the first quarter of 2025, with an adjusted net income margin of 10.0%, a decrease of 12 basis points from 10.1% in the prior year period. Adjusted EBITDA increased by 38.7% to $233.4 million from $168.3 million in the first quarter of 2025, and the adjusted EBITDA margin was 25.3%, an increase of 89 basis points from 24.4% in the first quarter of 2025. Gross profit was $343.5 million in the first quarter of 2026, compared to $247.0 million in the first quarter of 2025, with a gross profit margin of 37.2%, up from 35.8%. Adjusted gross profit was $353.0 million in the first quarter of 2026, compared to $254.4 million in the first quarter of 2025, and the adjusted gross profit margin was 38.2%, up from 36.8%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2098430/000162828026033860/a20261q8k_ex-991.htm"></span></p><h4>Cash Flow</h4><p>Cash flow from operating activities for continuing operations was $57.8 million, an increase of 5.3% from $54.9 million in the first quarter of 2025. Free cash flow was $50.4 million, consistent with $50.4 million in the first quarter of 2025. Purchases of property, plant and equipment were - $7.4 million in the first quarter of 2026, compared to - $4.5 million in the first quarter of 2025. FCF Conversion was 117.2%, an increase of 812 basis points from 111.5% in the prior year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2098430/000162828026033860/a20261q8k_ex-991.htm"></span></p><h4>Unique Metrics</h4><p>Backlog increased by 115.5% year-over-year, and orders increased by 29.1% on a combined basis. Total debt was $5,712.5 million at quarter-end, and $5,648.7 million as of March 31, 2026 (Actuals), compared to $5,650.4 million as of December 31, 2025. Net debt was $5,483.9 million as of March 31, 2026 (Actuals), compared to $5,510.6 million as of December 31, 2025, with pro forma net debt at $2,899.7 million as of March 31, 2026. Actual net leverage was 5.7x as of March 31, 2026, down from 5.9x as of December 31, 2025, and post-IPO adjusted net leverage was 3.0x. As of March 31, 2026, Madison Air Solutions Corporation had $228.6 million in cash and cash equivalents.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2098430/000162828026033860/a20261q8k_ex-991.htm"></span></p><h4>Segment Revenue and Adjusted EBITDA</h4><p>Net sales for the Commercial segment increased by 23.5% to $609.8 million in the first quarter of 2026, from $493.6 million in the first quarter of 2025. The Commercial segment’s adjusted EBITDA increased by 25.4% to $161.0 million, from $128.4 million in the prior year period, with an adjusted EBITDA margin of 26.4%. Organic net sales for the Commercial segment increased by 17.2%, with acquisitions contributing $25.7 million or 5.2% to net sales. For the Residential segment, net sales increased by 59.8% to $315.6 million in the first quarter of 2026, from $197.5 million in the first quarter of 2025. The Residential segment’s adjusted EBITDA increased by 83.6% to $79.3 million, from $43.2 million in the prior year period, with an adjusted EBITDA margin of 25.1%. Acquisitions contributed $120.7 million or 61.1% to net sales in the Residential segment, while organic net sales for this segment decreased by 1.9%. Eliminations for net sales were - $1.7 million in 2026, compared to - $0.7 million in 2025. Central and other costs for adjusted EBITDA were - $6.9 million in 2026, compared to - $3.3 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2098430/000162828026033860/a20261q8k_ex-991.htm"></span></p><h4>Outlook / Guidance</h4><p>For the full year 2026, Madison Air Solutions Corporation anticipates net sales to be between $3,750 million and $3,850 million. Adjusted EBITDA is projected to range from $1,020 million to $1,065 million for the full year. These projections are based on information as of May 12, 2026, and are subject to external factors.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2098430/000162828026033860/a20261q8k_ex-991.htm"></span></p>

Madison Air Solutions | 8-K: FY2026 Q1 Revenue: USD 923.7 M