IR News

• Adjusted figures for 2025: revenue €8.7 billion, EBIT €1.35 billion, net income €968 million
• 2025 guidance fully met
• Guidance for 2026: revenue €9.2 to €9.7 billion, EBIT €1.35 to €1.45 billion, CCR 45 to 55%
• Proposed dividend: €3.60 per share 

Munich, February 24, 2026 | MTU Aero Engines AG continued to grow in fiscal 2025: adjusted revenue climbed 16% from €7.5 billion to a new all-time high of €8.7 billion. At €1.4 billion, adjusted operating profit was up 29% on the previous record of €1.1 billion set in 2024. The adjusted EBIT margin rose from 14.0% to 15.5%. Adjusted net income likewise hit a new high of €968 million, up 27% year over year (2024: €764 million). 

“We made the most of market opportunities in 2025 and stayed on our successful course despite ongoing challenges,” concluded Dr. Johannes Bussmann, CEO of MTU Aero Engines AG. “The long-term growth prospects for our industry are positive, and we believe we are extremely well positioned to reap the benefits. In 2026, we will channel our Passion for Engines into achieving further growth.”

“These figures show that we not only achieved new all-time highs but also delivered on what we promised. We raised our guidance several times during the year and fully met it across the board,” added CFO Katja Garcia Vila. “We translated strong demand into strong performance and strong results, which means we are moving forward from a position of strength.”

Guidance for 2026

MTU is aiming for adjusted revenue of between €9.2 billion and €9.7 billion in fiscal 2026 with growth across all business areas. The commercial series business is likely to see the strongest gains, with percentage organic revenue growth in the mid- to high teens. In the spare parts business, percentage organic revenue growth is expected to be in the low to mid-teens. In the military business, MTU anticipates percentage revenue growth in the mid-teens. Revenue in the commercial maintenance business is also expected to grow organically, probably in the low to mid-teens percentage range. Adjusted EBIT of €1.35 billion to €1.45 billion is anticipated in 2026. Adjusted net income is likely to develop in line with adjusted EBIT. MTU’s cash conversion rate (the ratio of free cash flow to adjusted net income) is expected to reach between 45% and 55% in 2026. This guidance is based on a U.S. dollar/euro exchange rate of 1.20. 

Bussmann: “This guidance underpins our medium-term goals and shows that we are consistently maintaining our growth trajectory.” MTU has set itself a revenue target of between €13 billion and €14 billion by 2030. The adjusted EBIT margin is expected between 14.5% to 15.5% by that point and the cash conversion rate is forecast to reach high double-digits.

Higher revenue in the OEM and MRO businesses

MTU posted year-over-year revenue growth in both the OEM business and the MRO business in 2025.

Commercial maintenance (MRO) saw the highest upswing, with adjusted revenue up 18% from €5.1 billion to €6.0 billion. Garcia Vila: “Revenue in commercial maintenance was up 23% on a dollar basis, which far exceeded our expectations. In the second half of the year particularly, we benefited from both improved material availability and higher volumes of work. We also succeeded in reducing turnaround times significantly.” In commercial maintenance, MTU had expected percentage organic revenue growth in the mid- to high teens on a dollar basis. The growth drivers in MRO were broad-based, ranging from narrowbody engines such as the Geared Turbofan programs and the V2500, to the CF6-80 and GE90 widebody engines, all the way through to MTU’s industrial gas turbine, leasing, and asset management business. As expected, Geared Turbofan MRO accounted for around 40% of commercial maintenance in 2025.

Revenue in the OEM business grew by 14% to €2.9 billion (2024: €2.5 billion).

Adjusted revenue in the commercial engine business climbed by 18% from €1.9 billion to €2.3 billion. Within the commercial engine business, organic revenue for commercial series business increased by around 10% on a U.S. dollar basis. On the same basis, the spare parts business saw percentage growth in the low teens. “This means that organic revenue growth in the spare parts business is in line with our expectations, while slightly below expectations in the series business. Overall, however, the product mix of new, spare and lease engines in the commercial OEM business was extremely positive,” said Garcia Vila. The Pratt & Whitney GTF™ engine family and the GEnx were the main drivers in the series business. The Geared Turbofan engines are used in the A320neo family, the A220 and Embraer’s E2 jets, while the GEnx is used in the Boeing 787 Dreamliner and 747-8. In the spare parts business, revenue growth was underpinned in particular by engines for narrowbody aircraft and by mature widebody engines.

Revenue in the military business remained stable in 2025 at €614 million (2024: €612 million), driven mainly by the EJ200 engine for the Eurofighter. “Despite a strong fourth quarter, sales in the military business fell short of our expectations. This was primarily due to revenue shifts caused by ongoing supply chain issues,” explained Garcia Vila.

Order backlog of €29.5 billion

The order backlog at the end of 2025 was €29.5 billion, up 3% year over year (December 31, 2024: €28.7 billion). The Pratt & Whitney GTF™ engine family, primarily the PW1100G-JM and the V2500, accounted for the largest share. “Our order backlog also reflects high demand and MTU’s solid market position,” said Garcia Vila. “In purely mathematical terms, the order backlog equates to more than three years’ work.” 

Higher earnings in all business areas

MTU’s adjusted earnings climbed in both the OEM business and the MRO business in 2025.

In the OEM business, adjusted EBIT was up 43% to €873 million (2024: €612 million) and the adjusted EBIT margin climbed from 24.2% to 30.4%. “The positive product mix delivered an exceptionally high margin in the OEM business that far exceeded our expectations for the year,” said Garcia Vila.

In the commercial maintenance business, adjusted EBIT increased by 9% from €438 million to €478 million. The adjusted EBIT margin in 2025 was 8.0% compared with 8.7% in the previous year. “The change in the margin reflects the higher proportion of Geared Turbofan MRO as well as the costs associated with the ramp-up of our Fort Worth site. In contrast, our joint ventures – particularly MTU Maintenance Zhuhai – made strong earnings contributions,” added Garcia Vila.

Proposed dividend of €3.60 per share

The Executive Board and Supervisory Board of MTU Aero Engines AG wish to propose a dividend of €3.60 per share to the Annual General Meeting on May 7, 2026. This would be an increase of €1.40 or 64% over the previous year (dividend for fiscal 2024: €2.20 per share) and a payout ratio of 20%. Garcia Vila: “Our dividend proposal sends a strong signal that we intend to gradually return to our target payout ratio of 40%.” MTU temporarily suspended this payout target due to the costs arising from the Geared Turbofan fleet management plan.

€377 million for research and development

Research and development spend increased by 10% to €377 million in fiscal 2025 (2024: €342 million). MTU’s R&D activities focused on enhancing the performance of the Geared Turbofan programs and on technology studies for future evolutionary and revolutionary propulsion generations. “Through our R&D activities today, we are shaping the aviation propulsion technologies of tomorrow in close cooperation with our partners,” said Bussmann.

Free cash flow at €378 million

MTU more than doubled its free cash flow in fiscal 2025 to €378 million (2024: €183 million). “Despite the ongoing impact of the Geared Turbofan fleet management plan, we have also posted a record free cash flow,” said Garcia Vila. “This highlights the success of our stringent cash management and our progress in improving cash conversion.” The cash conversion rate reached 39.1% in 2025. 

Net capital expenditure of €344 million on property, plant, and equipment

Net capital expenditure on property, plant and equipment was €344 million in 2025 compared with €401 million in 2024.

13,674 employees

MTU had 13,674 employees at the end of the fiscal year, 6% more than at year-end 2024 (December 31, 2024: 12,892 employees).

 MTU Aero Engines – Key data for 2025   

(Amounts in € million)

Cautionary note regarding forward-looking statements

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, competition from other countries in MTU Aero Engines’ industry and MTU Aero Engines’ ability to retain or increase its market share, the cyclicality of the airline industry, risks relating to MTU Aero Engines’ participation in consortia and risk and revenue sharing agreements for new aero engine programs, risks associated with the capital markets, currency exchange rate fluctuations, regulations affecting MTU Aero Engines’ business and MTU Aero Engines’ ability to respond to changes in the regulatory environment, and other factors. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. MTU Aero Engines assumes no obligation to update any forward-looking statement.