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MTU Aero Engines: operating profit surpasses one-billion euro mark after nine months for the first time

• Adjusted revenue up 13% to €7.1 billion in first nine months

• Adjusted EBIT rises by 5% to €1.0 billion, adjusted net income by 4% to €751 million

• Updated guidance: revenue expected to reach between €9.5 billion and €9.7 billion in 2026, CCR around 55 to 60%

Munich, October 29, 2026 | MTU Aero Engines AG has presented its figures for the first nine months of 2026: the company has achieved revenue growth of 13% and its adjusted revenue has risen from €6.3 billion to €7.1 billion. At €1,042 million, adjusted operating profit was 5% higher than in the same period in 2025 (1–9/2025: €995 million). The adjusted EBIT margin was 14.6% (1-9/2025: 15.9%). Adjusted net income rose by 4% from €720 million to €751 million. 

“MTU has put in yet another strong performance, and remains on its successful trajectory,” said Dr. Johannes Bussmann, CEO of MTU Aero Engines AG. “Demand for our products and services is consistently high, which is why we are now updating our revenue guidance. We have also adjusted our cash conversion rate guidance, raising it for the second time this year.”

Guidance for 2026

Chief Financial Officer Katja Garcia Vila added: “In addition to strong demand, our revenue guidance also reflects a more favorable U.S. dollar/euro exchange rate. We are expecting revenue to reach between €9.5 billion and €9.7 billion in 2026.” Prior to this adjustment, MTU had been expecting adjusted revenue of between €9.2 billion and €9.7 billion for fiscal year 2026. The revenue guidance has been bolstered primarily by the commercial maintenance and spares parts business sectors. MTU has adjusted its outlook in both business segments, increasing its guidance for organic adjusted revenue on a U.S. dollar basis to the upper end of its previous guidance corridors. In the commercial maintenance business, MTU is anticipating an organic revenue growth rate in the mid-teens percentage range, which is an improvement to the previous assumption of growth in the low- to mid-teens. Organic revenue growth in the spare parts business is also anticipated to be in the mid-teens percentage range in 2026. Prior to the adjustment, the company had been expecting the spare parts business to grow at a rate in the low- to mid-teens percentage range. Guidance for organic revenue growth in the commercial series business has been adjusted to a percentage range in the mid to high single digits for 2026. Revenue in this sector had originally been expected to grow at a rate in the mid to high teens percentage range. The outlook for the military business remains unchanged with revenue expected to increase at a rate in the mid-teens percentage range in 2026. 

“Development of our free cash flow has also been strong. In the first nine months, the cash conversion rate reached 62%, thereby exceeding our expectations for the year as a whole,” continued Garcia Vila. “We are now once again adjusting our CCR guidance for the whole year.” MTU is now anticipating a cash conversion rate of between 55 and 60%. The CCR target was already adjusted mid-way through the year, increasing from 45 to 55% to 50 to 60%. The cash conversion rate depicts the ratio of free cash flow to adjusted net income. All other guidance figures remain unchanged: 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. This guidance is based on a U.S. dollar/euro exchange rate of 1.15 in the fourth quarter of 2026.

Revenue growth in commercial maintenance (MRO) and military business

MTU’s adjusted revenue from both the commercial maintenance and military business sectors has risen over the first nine months of 2026.

Rising by 19% to €5.1 billion, the company achieved its highest revenue growth rate in the commercial maintenance sector (1–9/2025:€4.3 billion). “On a U.S. dollar basis, revenue in the commercial MRO business grew by 23%,” added Garcia Vila. In addition to geared turbofan engines, the biggest revenue drivers were independent MRO, the leasing and asset management business, and parts repairs. Geared turbofan MRO accounted for around 45% of commercial maintenance in the first nine months of 2026. Garcia Vila: “In the geared turbofan maintenance business, we not only saw an increase in the number of shop visits, but also a rise in material content.”

Adjusted revenue from the military business increased by 13% in the first nine months, reaching €472 million (1–9/2025: €418 million).  The most important drivers of growth were the EJ200 Eurofighter engine and the TP400-D6 for the A400M military transporter. Bussmann: “We have also been expanding our expertise related to engines for the next generation of European combat aircraft. We want to continue contributing our expertise and experience in the future, helping us to remain a key partner in the area of military engines.”

Adjusted revenue in the commercial engine business was €1.6 billion in the first nine months, staying at a similar level to the same period last year (1–9/2025: €1.6 billion). Within the commercial engine business, organic percentage-based revenue growth for the commercial series business was in the mid single-digits on a U.S. dollar basis. “The product mix reveals a greater proportion of series engines and stable spare engine deliveries and, as such, a normalizing trend in the spare engine ratio,” explained Garcia Vila. In the spare parts business, organic revenue growth in U.S. dollars was in the mid-teens percentage range. The upswing in revenue from the spare parts business was underpinned above all by the V2500 for the classic A320 family, the PW1100G-JM for the A320neo, and the Pratt & Whitney Canada programs for business jets.

In total, adjusted revenue in the OEM business was 2% higher at €2.1 billion in the first nine months (1–9/2025: €2.1 billion).

Order backlog of €29.8 billion

The order backlog was valued at €29.8 billion at the end of September, at a similar level to the prior-year value (December 31, 2025: €29.5 billion). Engines from the Pratt & Whitney GTF™ engine family, especially the PW1100G-JM, as well as the V2500, made up the highest proportion of the order backlog.

Earnings hike in commercial maintenance

MTU’s adjusted EBIT from commercial maintenance increased by 15% from €355 million to €408 million in the first nine months of 2026. The adjusted EBIT margin in the MRO business was 8.0%, compared with 8.3% in the prior-year period. “In light of the ramp-up of operations at our site in Fort Worth and the increased share of geared turbofan MRO, this margin is very robust. Our MRO core business and our leasing and asset management sector both made strong contributions, which had a positive effect here,” explained Garcia Vila.

In its OEM business, MTU achieved an adjusted EBIT of €633 million over the first nine months, which is a similar level to the prior-year period (1–9/2025: €640 million). The adjusted EBIT margin was 30.3% compared with 31.1% in the prior-year period. 

€296 million for research and development

Research and development expenses amounted to €296 million in the first nine months of 2026, up 8% from the same period of the previous year (1-9/2025: €275 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 engine generations.

Free cash flow up 67% to €466 million

MTU’s free cash flow increased by 67% from €279 million to €466 million. The cash conversion rate was 62% (1–9/2025: 39%). Garcia Vila: “This strong performance once again emphasizes our good operational performance and the success of our disciplined cash management. MTU is successfully using its profitable growth to generate cash, while simultaneously continuing to invest in its future.” 

Net capital expenditure on property, plant and equipment up 82% to €280 million

Net capital expenditure on property, plant and equipment increased by 82% to €280 million in the first nine months of 2026 (1–9/2025: €154 million). This relates mainly to the expansion of production capacities in Germany and the US site in Fort Worth, as well as purchases to replace existing equipment and machinery and to expand capacity in the engine leasing and asset management business.

14,242 employees

MTU had 14,242 employees at the end of the quarter, 4% more than at year-end 2025 (December 31, 2025: 13,674 employees).

MTU Aero Engines – Key data for the third quarter of 2026

(Amounts in € million)

Guidance 2026

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.