Farnborough Air Show: Montana: Commercial Ramp on Track, Solid Space Momentum

Research evidence excerpt

Farnborough Air Show: Montana: Commercial Ramp on Track, Solid Space Momentum

USA | Aerospace & Defense Electronics EquityJulyResearch21, 2026

Farnborough Air Show: Montana: Commercial

Ramp on Track, Solid Space Momentum

We met with Patrick Mayer (Group CFO) and Marc Vesley (IR) at Farnborough.

Key takes: 1) stronger supply chain support and clearer communication

help improved supplier confidence into investing in production; 2) organic

investment favored near term; 3) space is a small but fast-growing; and 4) RHM-

related opportunities could emerge over time in Romania.

What Still Holds Back the Ramp? Management overall sees Boeing on track to ramp up to rate

47 above, with an increase to rate 50 already in the group's plans. They also suggested the supply

chain backdrop is improving, with production execution tracking more closely to planned ramp-up

schedules and supplier confidence benefiting from stronger OEM support. While Montana faces

little supply chain challenges itself, the broad aerospace sector remains constrained by supplier

qualification and certification processes. In many cases, alternative suppliers or replacement parts

could help alleviate shortages, but approval processes remain slow due to limited certification

capacity at the OEM level. The group also believes some suppliers may be hesitant to invest after

several years of production schedule revisions across the industry. More broadly, management

highlighted that OEM behavior remains important in supporting supplier confidence, noting that

proactive support of suppliers has helped build trust across parts of the supply chain, while clear

communication remains critical in underpinning investment decisions.

Capital Allocation Focused on Organic Growth. While management reiterated that the balance