Stifel maintains Madison Air Solutions at Buy, raises price target to $36 from $35

Madison Air Solutions reported Q3 commercial adjusted EBITDA margin of 26%, with margin pressure from data center cooling. Residential net sales rose 3% to $356M, with adjusted EBITDA up 12% to $105M. The company raised full-year net sales and EBITDA guidance, expecting low double-digit Q4 sales growth. Madison Air plans to acquire ebm-papst, with $2.25B raised via PIPE offering. Data center demand remains strong, with no major capacity investments planned for 2027.

Madison Air (MAIR) raised its 2026 net sales outlook to $4.05B-$4.125B and targets $160M in cost synergies. Q3 results showed 26% quarterly and 33% year-to-date order growth, with a record backlog of $3.2B, up 119% year-over-year, according to the company.

Madison Air Solutions Corp (MAIR) reported Q3 2026 earnings, highlighting a $3.2 billion commercial backlog and a Q3 book-to-bill ratio of 1.3. CEO Jill Lyon and CFO JJ Foley discussed margin compression due to data center growth, expected margin improvements in 2027, and resilient demand despite potential moratoriums. The company expects over 70% of the backlog to convert to revenue in 2027, with strong commercial orders growth driven by data center cooling.

Madison Air Solutions (MAIR) reported Q3 2026 revenue of $3.95B, 26.2% EBITDA margins, and $428M in free cash flow. The company highlights growth in commercial and residential segments, strong order growth, and a record backlog of $3.2B. MAIR focuses on high-value niches in air performance and sees a $40B North American market opportunity.

Madison Air Solutions Corporation (MAIR) reported Q3 Non-GAAP EPS of $0.38, exceeding estimates by $0.09, with revenue of $1.12B, surpassing expectations by $60M. The company also announced a $2.25B private placement.

Madison Air Solutions Corp (MAIR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Madison Air Reports Third Quarter 2026 Results • Backlog of $3,187.2 million up 119.3% year-over-year and orders up 25.9% • Net sales of $1,126.7 million, up 25.4% • Net income of $107.4 million, up 89.1%, with net income margin of 9.5% and adjusted net income* of $1