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• Adjusted revenue up 13% to €4.7 billion
• Adjusted EBIT reaches €692 million, adjusted net income €502 million – both plus 5%
• CCR anticipated to reach around 50 to 60% in 2026

Munich, July 30, 2026 | MTU Aero Engines AG continued on its growth trajectory throughout the first half of the year, increasing both revenue and earnings. Adjusted revenue grew by 13% from €4.1 billion to €4.7 billion. At €692 million, adjusted operating profit was 5% higher than in the first half of 2025 (1–6/2025: €657 million). The adjusted EBIT margin was 14.8% compared with 15.9% in the prior-year period. Adjusted net income also rose by 5% from €479 million to €502 million. 

“Despite the highly volatile situation in the Middle East, our results for the first six months of the year have been strong,” said Dr. Johannes Bussmann, CEO of MTU Aero Engines AG. “The conflict in the Middle East has not impacted our figures. Instead, we are experiencing consistently high demand in both the OEM and MRO segments, with no structural changes and zero canceled orders. Our growth trajectory remains on track, underpinned by our strong and balanced portfolio of engines. We are on course to meet our annual targets for 2026 and, as of today, are increasing our free cash flow guidance.”

Guidance for 2026

Chief Financial Officer Katja Garcia Vila added: “Our free cash flow has risen by 39% to €294 million in the first half of the year, our cash conversion rate of 59% clearly exceeds our expectations for the year as a whole. In light of this, we are now anticipating a cash conversion rate of between 50 and 60% for 2026.” MTU had previously announced a CCR target of between 45 and 55%. The cash conversion rate depicts the ratio of free cash flow to adjusted net income. All remaining guidance figures remain unchanged. For fiscal year 2026, MTU is aiming to achieve adjusted revenue of between €9.2 billion and €9.7 billion. All business areas are expected to contribute to this growth. The highest increase is expected to be in the commercial series business, with organic revenue growth in a percentage range in the mid-to-high teens. MTU is expecting organic revenue growth for the spare parts business to be in the low-to-mid-teens percentage range. Revenue from the military business is anticipated to be in the mid-teens percentage range. Expected organic revenue growth in the commercial maintenance business is 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 expected to develop in line with adjusted EBIT. This guidance is based on a U.S. dollar/euro exchange rate of 1.20.

Increased revenue from commercial maintenance and military business

MTU increased its adjusted revenue in both its commercial maintenance and military business in the first half of 2026.

In percentage terms, commercial maintenance (MRO) saw the highest revenue upswing, with adjusted revenue up 21% from €2.8 billion to €3.4 billion. Garcia Vila: ”On a U.S. dollar basis, revenue from commercial maintenance has grown by 29%.” Geared turbofan engines were the key drivers of growth in the MRO segment. MTU’s leasing and asset management business and its industrial gas turbine sector also contributed to the rise in revenue, along with the CF6 widebody program and the Boeing 757 and C-17 PW2000 engine. Geared turbofan MRO accounted for around 46% of commercial maintenance in the first half of 2026.

Revenue in the military business grew by 15% to €298 million (1–6/2025: €260 million). Revenue was driven mainly by the TP400-D6 for the A400M military transporter, with the EJ200 Eurofighter engine and the T408 for Sikorsky’s CH-53K heavy-lift helicopter also making important revenue contributions. Bussmann: “With regard to the next generation of European combat aircraft, we are committed to keep contributing our experience and expertise in the future. MTU is a key partner when it comes to military engines.”

In the commercial engine business, revenue was €1.1 billion in the first half of the year (1-6/2025: €1.2 billion). Within the commercial engine business, revenue growth for the commercial series business remained organically at a stable level on a U.S. dollar basis. “The product mix remains positive in this segment, particularly with regard to spare engines,” added Garcia Vila. In the spare parts business, organic revenue growth in U.S. dollars was in the mid-teens percentage range. The upswing in spare parts revenue 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.

The OEM business generated total revenue of €1.3 billion in the first six months of this year, compared to €1.4 billion in the first half of 2025.

Order backlog of €30.4 billion

The order backlog was valued at €30.4 billion at the end of June, 3% higher than the prior-year value (December 31, 2025: €29.5 billion). “This corresponds to a production workload of a good three years,” explained Garcia Vila. Engines from the Pratt & Whitney GTF™ engine family, especially the PW1100G-JM, and the V2500 made up the highest proportion of the order backlog. “Our success at the Farnborough International Airshow last week, where we took orders worth around $500 million, emphasizes the future viability of our broad and balanced portfolio of engines across all segments,” added Bussmann. Orders taken during the trade show are not yet included in the order backlog.

Earnings hike in commercial maintenance

The adjusted EBIT from commercial maintenance increased by 13% from €241 million to €271 million in the first six months of 2026. The adjusted EBIT margin in the MRO business was 8.0%, compared with 8.6% in the prior-year period. “The margin development reflects the higher proportion of geared turbofan MRO and also the costs related to the ramp-up of our sites in Fort Worth and Jinwan,” said Garcia Vila. “This development is balanced out by a more favorable product mix and the positive contributions from our leasing and asset management business.”

In its OEM business, MTU achieved an adjusted EBIT of €421 million in the first half of the year, which is a similar level to the prior-year period (1–6/2025: €415 million). The adjusted EBIT margin increased from 29.4% to 31.2%. “The product mix had a positive impact on profitability, which is reflected in yet another margin increase compared to the prior-year period,” said Garcia Vila.

€195 million for research and development

Research and development expenses amounted to €195 million in the first six months of 2026, up from €190 million year-on-year. 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. “We want to pool our work on the Flying Fuel Cell under a joint venture with Airbus. We will be incorporating the developments we have achieved so far and want to work together to launch the commercial aviation sector’s first ever hydrogen fuel cell engine,” said Bussmann. This non-binding agreement is subject to standard regulatory approvals and the completion of social processes at both European and national levels. The new joint venture is expected to start operations in 2027.

Free cash flow up 39% to €294 million

MTU’s free cash flow increased by 39% from €212 million to €294 million in the first half of the year. The cash conversion rate was 59% (1–6/2025: 44%). “With this, we are on track towards our mid-term CCR target of 75 to 99%,” explained Garcia Vila. CEO Bussmann added: “We want to use these funds to support our organic growth with shares in new programs in both the OEM and MRO business. Going forward, we will also focus on shareholder returns and potential M&A activities.”

Net capital expenditure of €173 million on property, plant, and equipment

Compared to the first half of 2025, net capital expenditure on property, plant and equipment increased by 37% to €173 million (1–6/2025: €126 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.

14,085 employees

MTU had 14,085 employees at the end of the first six months (December 31, 2025: 13,674 employees).

MTU Aero Engines – Key figures for the 1st half 2026  

(Amounts in € million)

 About MTU Aero Engines 

MTU Aero Engines AG is a globally recognized expert in commercial and military aircraft engines. MTU‘s high-tech expertise ranges from the development and production of high-quality components to the final assembly of complete engines and the maintenance of aircraft engines and stationary gas turbines. In the financial year 2025, the DAX-listed company generated adjusted revenues of 8.7 billion euros. MTU technology can be found providing reliable thrust in one in three commercial aircraft worldwide. And every year, MTU maintains around 1,500 engines and industrial gas turbines. At 19 locations on five continents, more than 13,000 employees from over 80 nations contribute to safe global mobility. Together with other European engine manufacturers, MTU has also been ensuring and supporting the operational readiness of air forces for decades. To continue to benefit from the sustained growth of the aviation industry in the years to come, the company is investing in its expertise, industrial capacities and in future commercial and military engine concepts in Germany and worldwide. With the passion and innovative strength of its employees, MTU is shaping modern aviation – today, tomorrow and in the decades to come.

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.