MAIR · Madison Air Solutions Corporation

Madison Air Solutions Corporation delivered robust Q1 2026 results, with GAAP net sales surging 33.8% to $923.7 million, propelled by the AprilAire acquisition and 11.7% organic growth. Commercial segment sales rose 23.5% to $609.8 million, with data center cooling contributing over half of organic gains, offset by declines in air handling and dehumidification; adjusted EBITDA margin expanded 39 bps to 26.4%. Residential segment exploded 59.8% to $315.6 million, almost entirely from acquisitions (61.1% contribution), though organic sales dipped 1.9%; adjusted EBITDA margin leaped 325 bps to 25.1%. Overall adjusted EBITDA climbed 38.7% to $233.4 million (25.3% margin, +89 bps), reflecting volume leverage, productivity, and acquisition synergies. Net income fell 6.9% to $43.0 million due to unspecified factors, but adjusted net income rose 32.1% to $92.5 million. CEO Jill Wyant highlighted the Return on Air value proposition, growth market focus, and operating model driving backlog (up 115.5% YoY combined) and orders (up 29.1%). Post-quarter IPO on April 17 generated $2,584.2 million net proceeds, plus cash on hand, to repay $2,661.2 million term loans, reducing pre-IPO net leverage ~0.2x from year-end to post-IPO adjusted 3.0x. Cash generation remained strong at $57.8 million operating cash flow and $50.4 million free cash flow (117.2% conversion). Full-year guidance signals confidence: net sales $3,750-$3,850 million, adjusted EBITDA $1,020-$1,065 million, positioning for sustained profitable growth amid market momentum.