Mountain Alliance AG publishes 2026 half-year financial statements – Defense Tech portfolio offers significant value appreciation potential

Mountain Alliance AG publishes 2026 half-year financial statements – Defense Tech portfolio offers significant value appreciation potential

• NAV as of June 30, 2026, at EUR 43.96 million or EUR 5.38 per share
• Operational progress in the Defense Tech portfolio opens up significant value appreciation potential
• Destinus benefits from strong industrial partnerships and high growth momentum
• Potential value appreciation of Defense Tech investments not yet fully reflected in carrying amounts

Munich, September 16, 2026 – Mountain Alliance AG (MA, ISIN DE000A12UK08) today published its 2026 half-year financial statements, prepared in accordance with the provisions of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG), as well as its Net Asset Value as of June 30, 2026. In the first half of 2026, the Company consistently continued the strategic realignment initiated last year and further expanded its portfolio, particularly in the high-growth areas of Defense Tech and dual-use technologies.

In the first half of 2026, Mountain Alliance generated revenue of EUR 114,062, compared with EUR 102,317 in the prior-year period. The net loss amounted to EUR -391,486, compared with net income of EUR 439,724 in the first half of 2025. The prior-year figure was significantly influenced by investment income of EUR 942,400, while no corresponding investment income was generated in the first half of 2026.

The balance sheet structure was further strengthened during the reporting period. Total assets increased to EUR 35.7 million as of June 30, 2026, compared with EUR 34.2 million at year-end 2025. Equity rose from EUR 30.0 million to EUR 31.2 million, corresponding to an equity ratio of approximately 87%. The main driver was the capital increase successfully completed in May 2026. At the same time, cash and cash equivalents increased significantly from EUR 0.1 million at year-end 2025 to EUR 1.4 million at the end of the first half of the year.

Non-current assets amounted to approximately EUR 32.7 million as of the reporting date, compared with EUR 32.5 million as of December 31, 2025. The increase of around EUR 0.2 million was primarily attributable to new portfolio investments. Liabilities increased from EUR 4.1 million to EUR 4.5 million, mainly due to higher trade payables and liabilities to affiliated companies.

As of June 30, 2026, the Net Asset Value (NAV) of Mountain Alliance AG amounted to EUR 43.96 million (December 31, 2025: EUR 40.4 million), or EUR 5.38 per share (December 31, 2025: EUR 5.33 per share). Based on the Xetra closing price of EUR 3.10 on June 30, 2026, this represents a discount of approximately 42% to NAV.

The first half of 2026 was characterized by strategic initiatives to enable further growth and the consistent continuation of the Company’s refocused activities. With the cash capital increase successfully completed in May 2026, generating gross proceeds of EUR 1.6 million, Mountain Alliance strengthened the basis for the targeted further expansion of its investment portfolio. The new focus on Defense Tech and dual-use technologies, with an emphasis on companies in the fields of drone and satellite technology, cybersecurity and Artificial Intelligence, is developing into a key driver of portfolio value growth.

With Destinus, the Company holds an anchor investment in a European Defense Tech company that develops and industrially manufactures advanced drones, missiles and defense systems. Destinus has production capacity of more than 2,000 systems per year and generated revenue of approximately USD 250 million in 2025. Destinus further strengthened its industrial positioning in 2026. Of particular importance is the Rheinmetall Destinus Strike Systems joint venture with Rheinmetall, which is intended to create additional production capacity in Germany and advance the serial production of advanced drone solutions for European and allied armed forces. This is complemented by a strategic cooperation with Quantum Systems to integrate reconnaissance, data and effect systems. Destinus also added further technological expertise through the acquisition of Swiss AI specialist Daedalean. The transaction underscores the increasing convergence of Artificial Intelligence, autonomy and advanced defense systems.

In addition to Destinus, Mountain Alliance further diversified its Defense Tech portfolio by investing in MindGuard, a provider of AI-powered solutions designed to strengthen resilience in the defense sector. The Swiss company combines Artificial Intelligence with insights from cognitive science, military psychology and neuroscience and is currently in the validation phase.

Furthermore, in the first quarter of 2026, Mountain Alliance invested in another Defense Tech company that develops collaborative autonomous mission systems for reconnaissance and surveillance, air defense and early warning and already generates revenue in the double-digit millions from contracts in more than five countries.

In the Management Board’s assessment, the dynamic development of the Defense Tech market and the operational progress of the portfolio companies offer Mountain Alliance significant additional value appreciation potential. At Destinus in particular, industrial scaling, strategic partnerships and valuation indications point to potential hidden reserves.

“In the first half of 2026, we consistently continued our strategic realignment and deliberately positioned Mountain Alliance in some of Europe’s most dynamic technology markets. The successful capital increase provides us with additional scope to further advance this strategy. We are particularly pleased with the development of our activities in the Defense Tech sector. Destinus has reached important milestones through its industrial partnerships and continued technological expansion. At the same time, we have added further promising companies to our portfolio. We are convinced that the operational development and increasing market maturity of our Defense Tech investments have the potential to be reflected much more clearly in the value of our portfolio over time.”

For the second half of 2026 and beyond, Mountain Alliance will consistently pursue its chosen strategy. The focus will be on further investments in Defense Tech and dual-use technologies, as well as in drone and satellite technology, cybersecurity and Artificial Intelligence. The objective remains to sustainably increase Net Asset Value and create long-term value for shareholders through targeted capital allocation, early-stage investments in promising technology companies and active portfolio management.

The 2026 Half-Year Report is available for download on the Mountain Alliance AG website.

About Mountain Alliance AG:

Mountain Alliance AG (MA) (ISIN: DE000A12UK08) is an investment company whose shares are listed in the m:access SME segment of the Munich Stock Exchange and in the Basic Board of the Frankfurt Stock Exchange. As a lean, transparent and intelligent investor with many years of expertise and an excellent network, the company invests in innovative technology businesses. Its aim is to hold self-contained stakes in companies and business models that actively shape future technology trends. In this way, the company gives shareholders straightforward access, via the stock exchange, to a diversified portfolio of technology-oriented hidden champions.

Contact:

Mountain Alliance AG
Dr. Hans Ulrich Tetzner
Management Board
Theresienstr. 40
80333 Munich
Email: tetzner@mountain-alliance.de
www.mountain-alliance.de

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Investor Relations
Bahnhofstr. 98
82166 Gräfelfing/Munich
Phone: +49 89 1250903-30
Email: sh@crossalliance.de
www.crossalliance.de