Madison Air Reports First Quarter 2026 Results
Rhea-AI Summary
Madison Air (NYSE: MAIR) reported Q1 2026 net sales of $923.7 million, up 33.8% (12.5% pro forma), with backlog up 115.5% and orders up 29.1% on a combined basis. GAAP net income was $43.0 million, down 6.9%, while adjusted net income rose 32.1% to $92.5 million. Adjusted EBITDA increased 38.7% to $233.4 million, yielding a 25.3% margin. Free cash flow was $50.4 million with 117.2% conversion. An April 2026 IPO and concurrent private placement raised $2,584.2 million in net proceeds, largely used to repay $2,661.2 million of term loans. Full-year 2026 guidance targets net sales of $3.75–$3.85 billion and adjusted EBITDA of $1.02–$1.065 billion.
AI-generated analysis. Not financial advice.
Positive
- Net sales grew 33.8% year-over-year to $923.7 million
- Adjusted EBITDA rose 38.7% to $233.4 million with a 25.3% margin
- Adjusted net income increased 32.1% to $92.5 million
- Backlog up 115.5% and orders up 29.1% on a combined basis
- Commercial segment net sales up 23.5% and organic growth of 17.2%
- Residential segment net sales up 59.8% and adjusted EBITDA up 83.6%
- Free cash flow of $50.4 million with 117.2% free cash flow conversion
- IPO and private placement raised $2,584.2 million in net proceeds at $27.00 per share
- $2,661.2 million of term loan borrowings repaid using IPO proceeds and cash on hand
- Post-IPO adjusted net leverage reported at 3.0x
- 2026 guidance for net sales of $3,750–$3,850 million
- 2026 guidance for adjusted EBITDA of $1,020–$1,065 million
Negative
- GAAP net income declined 6.9% to $43.0 million
- Net income margin fell to 4.7% from 6.7% year-over-year
- Continuing EPS decreased 8.6% year-over-year
- Residential organic net sales declined 1.9% despite acquisition-driven growth
- Residential adjusted EBITDA decreased by $1.4 million after considering the AprilAire acquisition
- Central and other costs rose 109.1% year-over-year
- Pre-IPO total debt stood at $5,712.5 million at quarter-end
- Capital expenditures increased to $7.4 million from $4.5 million year-over-year
Key Figures
Market Reality Check
Peers on Argus
No peers in the Building Products & Equipment group appeared in the momentum set, suggesting the setup was mainly stock-specific ahead of this earnings release.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 28 | Earnings call scheduling | Neutral | +4.0% | Announced date and access details for upcoming Q1 2026 earnings call. |
Recent news for Madison Air has centered on its transition to public markets and preparations for earnings disclosure. On Apr 28, 2026, the company announced scheduling details for its Q1 2026 earnings conference call, with the stock rising about 4.05% over the following 24 hours. Today’s detailed Q1 2026 results and guidance build directly on that event, providing the financial data investors were expecting after the prior call announcement.
Market Pulse Summary
This announcement highlights Madison Air’s first full earnings update as a public company, with Q1 2026 net sales of $923.7 million, Adjusted EBITDA of $233.4 million, and free cash flow of $50.4 million. Management also provided full-year 2026 guidance and detailed significant debt paydown using $2,584.2 million in IPO and private placement proceeds. Investors may focus on the balance between GAAP and non-GAAP metrics, acquisition-driven growth, and future leverage trends.
Key Terms
non-gaap financial measures financial
adjusted ebitda financial
free cash flow financial
free cash flow conversion financial
initial public offering regulatory
AI-generated analysis. Not financial advice.
- Backlog up
115.5% year-over-year and orders up29.1% on a combined basis*** - Net sales of
$923.7 million 33.8% , including12.5% on a pro forma basis** - Net income of
$43.0 million 6.9% , adjusted net income* up32.1% - Adjusted EBITDA* of
$233.4 million 38.7% , with adjusted EBITDA margin* of25.3% , up 89 bps - Cash flow from operations - continuing operations of
$57.8 million $50.4 million - Continued de-leveraging, pre-IPO down ~0.2x from year end, post IPO adjusted net leverage 3.0x
*This news release contains non-GAAP financial measures. Definitions and reconciliations of the non-GAAP financial measures can be found under "Selected Financial Data, Non-GAAP Measures and Definitions." |
"We delivered a strong start to the year, with record net sales increasing
Following the quarter, we successfully completed our initial public offering—an important milestone that gives us greater financial flexibility to support our long-term growth. As a public company, we have the capital structure to pursue our mission, execute our strategy, and continue investing in the business while delivering differentiated value for our customers.
Looking ahead, we remain focused on serving our customers and team, executing with discipline and driving sustainable, profitable growth. With our market positions and continued momentum, we are confident in our ability to build on this progress in the quarters and years ahead."
Recent highlights include:
- On April 17, 2026, the Company completed its initial public offering ("IPO") of 95,096,154 Class A common stock, which includes shares issued after the underwriters fully exercised their option, at an offering price of
$27.00 $27.00 $2,584.2 million $77.1 million $2,661.2 million $2,425.7 million $35.4 million $158.4 million $41.6 million
First Quarter 2026 Results
(Unaudited) | |||||
Three months ended March 31, | |||||
(in millions, except per share amounts) | 2026 | 2025 | % Change | ||
GAAP Metrics | |||||
Net sales | $ 923.7 | $ 690.4 | 33.8 % | ||
Net Income (Loss) | 43.0 | 46.2 | (6.9) % | ||
Net Income (Loss) margin | 4.7 % | 6.7 % | 204 bps | ||
Continuing Earnings Per Share (EPS) | 33,617 | 36,762 | (8.6) % | ||
Cash from Operating Activities | 57.8 | 54.9 | 5.3 % | ||
Non-GAAP Metrics | |||||
Organic sales | 770.9 | 690.4 | 11.7 % | ||
Adjusted net income (loss) | 92.5 | 70.0 | 32.1 % | ||
Adjusted net income (loss) margin | 10.0 % | 10.1 % | 12 bps | ||
Adjusted EPS | 83,088 | 60,532 | 37.3 % | ||
Free cash flows (FCF) | 50.4 | 50.4 | — % | ||
Adjusted EBITDA | 233.4 | 168.3 | 38.7 % | ||
Adjusted EBITDA margin | 25.3 % | 24.4 % | 89 bps | ||
By Segment | |||||
Commercial | $ 609.8 | $ 493.6 | 23.5 % | ||
Residential | 315.6 | 197.5 | 59.8 % | ||
Eliminations | (1.7) | (0.7) | 142.9 % | ||
Net Sales | $ 923.7 | $ 690.4 | 33.8 % | ||
Commercial | $ 161.0 | $ 128.4 | 25.4 % | ||
Residential | 79.3 | 43.2 | 83.6 % | ||
Central and other costs | (6.9) | (3.3) | 109.1 % | ||
Adjusted EBITDA | $ 233.4 | $ 168.3 | 38.7 % | ||
Full-Year 2026 Guidance**
Current Guidance** | |
Net Sales | |
Adjusted EBITDA* |
*Note: When the Company provides expectations for non-GAAP measures on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort, because certain material reconciling items, such as depreciation and amortization, interest expense, and provision for income tax cannot be estimated due to factors outside of the Company's control and could have a material impact on the reported results. See "Selected Financial Data, Non-GAAP Measures and Definitions" below for additional information. |
First Quarter 2026 Results by Segment
Commercial Segment. Delivers highly engineered, custom and semi-custom air quality systems to support process control, regulatory compliance, energy efficiency and productivity in mission-critical environments.
(Unaudited) | |||||
Three months ended March 31, | |||||
(in millions) | 2026 | 2025 | % Change | ||
Net sales | $ 609.8 | $ 493.6 | 23.5 % | ||
Adjusted EBITDA | 161.0 | 128.4 | 25.4 % | ||
Adjusted EBITDA margin | 26.4 % | 26.0 % | 39 bps | ||
Net sales for our Commercial segment increased
Commercial segment Adjusted EBITDA increased
Residential Segment. Offers a full suite of healthy air solutions with an integrated portfolio of trusted brands.
(Unaudited) | |||||
Three months ended March 31, | |||||
(in millions) | 2026 | 2025 | % Change | ||
Net sales | $ 315.6 | $ 197.5 | 59.8 % | ||
Adjusted EBITDA | 79.3 | 43.2 | 83.6 % | ||
Adjusted EBITDA margin | 25.1 % | 21.9 % | 325 bps | ||
Net sales for our Residential segment increased
Residential segment Adjusted EBITDA increased
Cash Flows and Balance Sheet
(Unaudited) | |||||
Three months ended March 31, | |||||
(In millions) | 2026 | 2025 | % Change | ||
Net cash flows provided by operating activities — continuing operations | $ 57.8 | $ 54.9 | 5.3 % | ||
Purchases of property, plant and equipment | (7.4) | (4.5) | |||
FCF | $ 50.4 | $ 50.4 | — % | ||
FCF Conversion | 117.2 % | 111.5 % | 812 bps | ||
Madison Air generated
As of March 31, 2026, prior to the completion of its initial public offering, the Company had cash and cash equivalents of
JJ Foley, Chief Financial Officer, said, "Our cash flow and balance sheet demonstrate the discipline at the core of our business. We delivered strong free cash flow in the quarter, with capital expenditures less than
SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS
Following are tables that present the Company's selected financial data.
Madison Air reports its financial results in accordance with United States GAAP. We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparison with such other companies. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measurements.
Organic sales and organic sales growth are non-GAAP financial measures. We define organic sales and organic sales growth rate as net sales and net sales growth rate as adjusted for acquisitions and divestitures and currency exchange rates. Sales from acquired businesses are excluded from the organic sales and organic sales growth calculation for the first 12 months following the acquisition date, while sales from divested businesses are excluded for the 12 months preceding the divestiture. Organic sales and organic sales growth are based on continuing operations and exclude sales from discontinued operations.
Free Cash Flow ("FCF") is a non-GAAP liquidity measure. We define FCF as net cash flows provided by operating activities—continuing operations less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment.
Free Cash Flow Conversion is a non-GAAP liquidity measure. We define Free Cash Flow Conversion as free cash flow divided by adjusted net income (loss) from continuing operations.
Adjusted Gross Profit is a non-GAAP financial measure. We define Adjusted Gross Profit as net sales less cost of goods sold, excluding the purchase accounting impacts of acquisitions such as amortization related to technology-related intangible assets.
Adjusted Gross Profit Margin is a non-GAAP financial measure. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by net sales.
Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) as adjusted for net (income) loss from discontinued operations, interest and financing expenses, income tax expense (benefit), depreciation and amortization, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, and non-recurring professional and consulting expenses.
Adjusted EBITDA Margin is a non-GAAP financial measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales for the same period.
Adjusted Net Income (Loss) is a non-GAAP financial measure. We define Adjusted Net Income (Loss) as net income (loss) as adjusted for certain items that impact comparability from period to period. These adjustments include net (income) loss from discontinued operations, amortization expense, acquisition and divestiture expenses, restructuring expenses, equity appreciation rights expense, non-operating expenses (income), allocated Madison Industries costs, non-recurring professional and consulting expenses, and the tax effect of net income (loss) adjustments.
Adjusted Earnings Per Share is a non-GAAP financial measure. We define Adjusted Earnings Per Share as Adjusted Net Income (Loss) divided by outstanding shares. The most directly comparable GAAP financial metric is earnings per share.
Adjusted Net Income Margin is a non-GAAP financial measure. We define Adjusted Net Income Margin as Adjusted Net Income divided by net sales for the same period.
Net debt is a non-GAAP liquidity measure. We define net debt as total debt adjusted for discounts and financing fees, net and cash and cash equivalents.
Net leverage is a non-GAAP liquidity measure. We define Net Leverage as net debt divided by Adjusted EBITDA on a trailing twelve-month basis ("TTM").
Backlog is a key performance indicator used to assist us in evaluating the performance of our business. Backlog represents the total expected future revenue from confirmed customer orders that have been received but not yet shipped or rendered as of a given date. Backlog is applicable to sales of products and systems and services. However, the timing and conversion of backlog is subject to numerous uncertainties and risks and are not necessarily indicative of the amount of revenue to be earned in the upcoming fiscal year.
Reconciliations
The following table reconciles Adjusted Gross Profit to GAAP Gross Profit, the most directly comparable GAAP measure:
Actuals | |||
Three months ended March 31, | |||
2026 | 2025 | ||
Net sales | $ 923.7 | $ 690.4 | |
Cost of goods sold (excluding intangible amortization) | (570.7) | (436.0) | |
Technology intangible amortization | (9.5) | (7.4) | |
Gross Profit | 343.5 | 247.0 | |
Technology intangible amortization | 9.5 | 7.4 | |
Adjusted Gross Profit | 353.0 | 254.4 | |
Gross Profit Margin | 37.2 % | 35.8 % | |
Adjusted Gross Profit Margin | 38.2 % | 36.8 % | |
The following table reconciles Adjusted Net Income to net income (loss), the most directly comparable GAAP measure in each of the periods:
Actuals | Pro Forma(1) | ||||
Three months ended March 31, | Three months | ||||
2026 | 2025 | 2025 | |||
Net income (loss) | $ 43.0 | $ 46.2 | $ (5.7) | ||
Adjustments: | |||||
Net (income) loss from discontinued operations(2) | — | (1.0) | (1.0) | ||
Amortization expense | 40.9 | 25.2 | 40.6 | ||
Transaction related expenses(3) | 4.0 | 0.9 | 45.0 | ||
Restructuring expenses(4) | 2.3 | 0.1 | 2.0 | ||
Equity appreciation rights expense(5) | 10.4 | 5.2 | 8.8 | ||
Non-operating expenses (income)(6) | 0.7 | (3.1) | (3.1) | ||
Allocated Madison Industries costs(7) | 10.0 | 3.2 | 3.2 | ||
Non-recurring professional and consulting expenses(8) | 1.1 | 1.0 | 1.0 | ||
Gain on insurance proceeds(x) | — | — | — | ||
Gain on legal settlement(x) | — | — | — | ||
Tax effect of net income (loss) adjustments(9) | (19.9) | (7.7) | (22.8) | ||
Adjusted Net Income | 92.5 | 70.0 | $ 68.0 | ||
Net sales | 923.7 | 690.4 | |||
Net income (loss) margin | 5 % | 7 % | |||
Adjusted Net Income (loss) margin | 10 % | 10 % | |||
(1) | Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. See the unaudited pro forma combined statements of operations filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q for a description of the adjustments and assumptions underlying the Pro Forma financial information. |
(2) | Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. |
(3) | Represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business. Acquisition and divestiture expenses for the three months ended March 31, 2026 included |
(4) | Represents costs and expenses in connection with various restructuring initiatives. |
(5) | Represents compensation expense under the equity appreciation rights plan (the "EAR Plan") and amended equity appreciation rights plan (the "Amended EAR Plan"). |
(6) | Represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended March 31, 2026, these charges and gains primarily included the following: |
(7) | Represents indirect costs for support received from Madison Industries Holdings LLC ("Holdings") for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Holdings central and infrastructure-related services that will no longer be incurred following the consummation of the Company's IPO. This does not include services that will continue to be provided by Madison Industries International Holdings LLC ("Madison Industries International") following the consummation of the offering pursuant to the Transition Services Agreement. |
(8) | Represents expenses for professional and consulting services related to non-recurring transactions. For the three months ended March 31, 2026, these services primarily included |
(9) | The tax effect from the above adjustments assumes an estimated worldwide marginal current tax rate of |
The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and Adjusted EBITDA Margin to net income (loss) margin, the most directly comparable GAAP measure, in each of the periods:
Actuals | Pro Forma(1) | ||||
Three months ended March 31, | Three months | ||||
2026 | 2025 | 2025 | |||
Net income (loss) | $ 43.0 | $ 46.2 | $ (5.7) | ||
Adjustments: | |||||
Net (income) loss from discontinued operations(2) | — | (1.0) | (1.0) | ||
Interest and financing expenses | 90.7 | 65.8 | 99.0 | ||
Income tax expense (benefit) | 17.3 | 14.7 | (0.9) | ||
Depreciation and amortization | 53.9 | 35.3 | 53.6 | ||
Transaction related expenses(3) | 4.0 | 0.9 | 45.0 | ||
Restructuring expenses(4) | 2.3 | 0.1 | 2.0 | ||
Equity appreciation rights expense(5) | 10.4 | 5.2 | 8.8 | ||
Non-operating expenses (income)(6) | 0.7 | (3.1) | (3.1) | ||
Allocated Madison Industries costs(7) | 10.0 | 3.2 | 3.2 | ||
Non-recurring professional and consulting expenses(8) | 1.1 | 1.0 | 1.0 | ||
Adjusted EBITDA | 233.4 | 168.3 | $ 201.9 | ||
Net sales | 923.7 | 690.4 | 820.9 | ||
Net income (loss) margin | 4.7 % | 6.7 % | (0.7) % | ||
Adjusted EBITDA Margin | 25.3 % | 24.4 % | 24.6 % | ||
(1) | Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. See the unaudited pro forma combined statements of operations filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q for a description of the adjustments and assumptions underlying the Pro Forma financial information. |
(2) | Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. |
(3) | Represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business. Acquisition and divestiture expenses for the three months ended March 31, 2026 included |
(4) | Represents costs and expenses in connection with various restructuring initiatives. |
(5) | Represents compensation expense under the EAR Plan. |
(6) | Represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended March 31, 2026, these charges and gains primarily included the following: |
(7) | Represents indirect costs for support received from Madison Industries Holdings LLC ("Madison Industries") for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madison Industries corporate and infrastructure-related services that will no longer be incurred following the consummation of the Company's IPO. This does not include services that will continue to be provided by Madison Industries International Holdings LLC ("Madison Industries International") following the consummation of the offering pursuant to the Transition Services Agreement. |
(8) | Represents expenses for professional and consulting services related to non-recurring transactions. For the three months ended March 31, 2026, these services primarily included |
The following table reconciles Adjusted EPS to EPS from continuing operations, the most directly comparable GAAP measure in each of the periods:
Three months ended March 31, | |||
2026 | 2025 | ||
EPS - continuing operations | $ 33,617 | $ 36,762 | |
Adjustments: | |||
Net (income) loss from discontinued operations(1) | — | (1,000) | |
Amortization expense | 40,900 | 25,200 | |
Transaction related expenses(2) | 4,000 | 900 | |
Restructuring expenses(3) | 2,300 | 100 | |
Equity appreciation rights expense(4) | 10,400 | 5,200 | |
Non-operating expenses (income)(5) | 675 | (3,100) | |
Allocated Madison Industries costs(6) | 10,000 | 3,200 | |
Non-recurring professional and consulting expenses(7) | 1,100 | 1,000 | |
Tax effect of net income (loss) adjustments(8) | (19,904) | (7,730) | |
Adjusted EPS - continuing operations | $ 83,088 | $ 60,532 | |
(1) | Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. |
(2) | Represents direct transaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other direct costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustments, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business. Acquisition and divestiture expenses for the three months ended March 31, 2026 included |
(3) | Represents costs and expenses in connection with various restructuring initiatives. |
(4) | Represents compensation expense under the EAR and Amended EAR Plan. |
(5) | Represents foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended March 31, 2026, these charges and gains primarily included the following: |
(6) | Represents indirect costs for support received from Holdings for certain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Holdings central and infrastructure-related services that will no longer be incurred following the consummation of the Company's initial public offering. This does not include services that will continue to be provided by Madison Industries International following the consummation of the offering pursuant to the Transition Services Agreement. |
(7) | Represents expenses for professional and consulting services related to non-recurring transactions. For the three months ended March 31, 2026, these services primarily included |
(8) | The tax effect from the above adjustments assumes an estimated worldwide marginal current tax rate of |
The following table reconciles Free Cash Flows to cash flows provided by (used in) operating activities, the most directly comparable GAAP measure, and calculates FCF Conversion in each of the periods:
Three months ended March 31, | |||
2026 | 2025 | ||
Net cash flows provided by operating activities | $ 57.8 | $ 54.6 | |
Net cash flows (used in) provided by operating activities – discontinued operations | — | (0.3) | |
Net cash flows provided by operating activities— continuing operations | 57.8 | 54.9 | |
Purchases of property, plant and equipment | (7.4) | (4.5) | |
Proceeds from disposal of property, plant and equipment | — | — | |
FCF | $ 50.4 | $ 50.4 | |
Net income (loss) from continuing operations | 43.0 | 45.2 | |
Operating cash flow conversion—continuing operations | 134.4 % | 121.5 % | |
FCF Conversion | 117.2 % | 111.5 % | |
The following table reconciles Organic Sales to net sales, the most directly comparable GAAP measure in each of the periods:
Actuals | |||
Three months ended March 31, | |||
2026 | 2025 | ||
Net sales | $ 923.7 | $ 690.4 | |
Less: Net income (loss) attributable to AprilAire | (152.8) | — | |
Organic sales | 770.9 | 690.4 | |
The following table reconciles Net Leverage to total debt, the most directly comparable GAAP measure, and calculates Net Leverage Ratio in each of the periods:
Pro Forma(1) | Actuals | ||||
March 31, 2026 | March 31, 2026 | December 31, | |||
Total debt | $ 3,064.5 | $ 5,648.7 | $ 5,650.4 | ||
Adjustments: | |||||
Discounts and financing fees, net | 63.8 | 63.8 | 68.6 | ||
Cash and cash equivalents | (228.6) | (228.6) | (208.4) | ||
Net Debt | $ 2,899.7 | $ 5,483.9 | $ 5,510.6 | ||
Net income (loss), TTM(1) | $ 106.8 | $ 106.8 | $ 58.1 | ||
Adjusted EBITDA, TTM(1) | $ 968.1 | $ 968.1 | $ 936.6 | ||
Total debt to Net income (loss) | 28.7 x | 52.9 x | 97.3 x | ||
Net Leverage | 3.0 x | 5.7 x | 5.9 x | ||
(1) | Financial information presented on a Pro Forma basis to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025 and prepayment of debt of |
FORWARD-LOOKING STATEMENTS. This press release and the corresponding presentation contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. Forward-looking statements are subject to risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our guidance, financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "positions," "likely," "target," "goal," "strategy" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our future results of operations, estimated and projected costs, expenditures, cash flows, margin expansion, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies are forward-looking statements.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: our estimates of the size of the markets we serve, including our total addressable market and the runway for growth in those markets, prove to be inaccurate; an inability to reduce or effectively manage our significant indebtedness and interest expense; a failure to develop and maintain effective internal control over financial reporting, including a failure to design and implement sufficient controls to remediate our material weaknesses; the markets into which we sell our products and services decline, do not grow as expected, experience cyclicality or shift towards products or services outside of our portfolio; changes in the general economy, the housing market or other business conditions; difficulties executing, integrating or realizing expected benefits from acquisitions, dispositions or joint ventures, or exposure to unexpected liabilities from such transactions; the restrictions imposed on our ability to conduct primary follow-on equity offerings during the two-year period following the organizational transactions and associated limitations on our ability to raise equity capital to fund growth initiatives, acquisitions or other strategic opportunities; increasing competitive pressures in our industry and the markets in which we operate; difficulties implementing our 80/20 operating model or other strategies intended to improve organic growth, including our AI initiatives; an inability to demonstrate or communicate the benefits of our Return on Air value proposition; the loss of key customers; delays, failures or other challenges in developing and commercializing new versions of our products or new features and accessories; unsuccessful efforts to expand into adjacent markets; supplier shortages, rising raw material costs or disruptions in our distribution network; disruption of our operations in our manufacturing facilities, wholesale locations or key customer operations, including as a result of tariffs or other trade policies; changes in government regulations, trade policies and tariffs; and other factors disclosed in our filings with the Securities and Exchange Commission.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this press release and in the accompanying presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
Conference Call Details
Madison Air will host a conference call at 8:30 a.m (ET) today to discuss first quarter results. A live webcast and replay will be available at https://investors.madisonair.com/events. In connection with this press release and conference call, the Company has posted an investor presentation for the three months ended March 31, 2026 on its website at https://investors.madisonair.com.
About Madison Air
Madison Air (NYSE: MAIR) is an air quality solutions provider serving priority commercial and residential markets. Through its portfolio of trusted brands, including Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor, the Company helps customers improve performance, protect critical assets and create healthier indoor environments. Madison Air's mission is to make the world safer, healthier and more productive through the power of better air.
Investor Relations:
Email: IR@MadisonAir.com
Media Contact:
Email: ccarey@MadisonAir.com
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SOURCE Madison Air Solutions Corporation