Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Q1 2025 Earnings Presentation
26 slides from Mtu Aero Engines's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Results
Q1 2025 Results Call with Analysts and Investors May 6th, 2025
Slide 2: Passenger traffic in March 2025
Passenger traffic in March 2025 RPK March 2025 YTD I Passenger traffic continued to grow I Asia Pacific and Europe markets trend positively I Flight schedules for April and May look promising I Passenger load factors at 81% I Cargo traffic YTD 2.4% I Imposed US tariffs increase uncertainty for air t
Slide 3: GTF A received its FAA certification
GTF A received its FAA certification GTF benefits I 4-8% more takeoff thrust, better fuel efficiency 2,200+ 80+ I Improved durability GTF powered operators I Intermixable and interchangeable with todays GTF engine model aircraft worldwide I GTF A will become the new production standard I First produ
Slide 4: MTU Maintenance Zhuhai Jinwan Branch enters operations
MTU Maintenance Zhuhai Jinwan Branch enters operations I MTU’s additional branch in China positions company for strong growth I Strengthening GTF maintenance network with capacity and expertise MTU Maintenance Zhuhai Jinwan Branch The official opening was celebrated on March 13, 2025 I 50:50 JV betw
Slide 5: MTU Maintenance significantly expands footprint in North America
MTU Maintenance significantly expands footprint in North America I Strong commitment to facility in Fort Worth and expansion of portfolio I Introduction of LEAP-1A/1B services as Premier MRO service provider in North America I Implementation of GEnx MRO services under GBSA agreement MTU Fort Worth (
Slide 6: Tariff environment
Tariff environment Rapid development in global tariff environment Situation remains volatile with respect to rates and exemptions Assumptions and analysis results Assessment of Tariff impact has been made based on current tariff rates as of April 30, 2025: Estimated Impact and current activities Dai
Slide 7: Financial Highlights 3M 2025
Financial Highlights 3M 2025 Revenues adj. EBIT adj. Net income adj. Free Cash Flow adj. (in m€) (in m€) (in m€) (in m€) 2,092 +25% 1,675 300 218 (14.3%) +38% (13.0%) +41% 221 158 150 >300% 16 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 Q1 2025 Results - Investor Relations 7 May
Slide 8: OEM Segment
OEM Segment (in m €) 3M 2024 3M 2025 Change Revenues* 557 620 11% Military Business 124 113 -9% Commercial Business* 433 507 17% EBIT adj. 130 176 35% EBIT adj. margin % 23.4% 28.4% • Organic US$ commercial revenues up 12% • Commercial engine revenues up mid-single digit-% • Organic commercial spare
Slide 9: Commercial MRO
Commercial MRO (in m €) 3M 2024 3M 2025 Change Revenues 1,141 1,521 33% EBIT adj. 88 125 42% EBIT adj. margin % 7.7% 8.2% • Organic US$ Revenues up 29% • Increase driven by PW1100G, CF6-80, GEnx and GE90 • EBIT margin up due to business mix 9 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 10: Guidance 2025
Guidance 2025 Adjusting to different exchange rates –Impacts from tariffs or market tensions not included ORGANIC REVENUE 1,1 USD/€ Military Commercial OE Total group sales EBIT adj. absolute ~ up mid to high single digit % ~ up mid teens % EUR 8.3 – 8.5 bn € Up mid teens % Net income adj. FCF Growt
Slide 11: Appendix
Appendix 11 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 12: Group Order Book down 4%
Appendix Group Order Book down 4% 28.7 bn€ -4% 27.7 bn€ Order book 2024/12/31 Order book 2025/03/31 12 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 13: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of May 6th, 2025 in m$ 1,860 1,320 660 140 2025 2026 2027 2028 Average hedge 1.09 1.10 1.12 1.11 rate (€/US$) 13 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 14: Profit & Loss
Appendix Profit & Loss (in m €) 3M 2024 3M 2025 Change Revenues 1,650 2,111 28% Revenues adjusted 1,675 2,092 25% Total cost of sales -1,390 -1,741 Gross profit 260 370 42% R&D according to IFRS -26 -21 SG&A -52 -82 Other operating income (expense) -9 -11 P&L of companies accounted at equity and equ
Slide 15: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2024 3M 2025 Change EBIT reported 188 314 67% Adjustment (PPA Depreciation & Amortization) 5 5 Adjustment (IAE Upshare) 6 7 Adjustment (PW1100G Powder Metal) 19 -25 EBIT adjusted 218 300 38% thereof P&L of companies accounted
Slide 16: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2024 3M 2025 Change Revenues 1,650 2,111 28% Adjustment (PW1100G Powder Metal) 19 -25 Adjustment (IAE Upshare) 6 7 Revenues adjusted 1,675 2,092 25% 16 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 17: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) 3M 2024 3M 2025 Change Revenues Group* 1,675 2,092 25% OEM Commercial* 433 507 17% OEM Military 124 113 -9% MRO 1,141 1,521 33% Consolidation -24 -49 EBIT adjusted Group 218 300 38% OEM (Commercial / Military) 130 176 35% MRO 88 125 42% Consolidation
Slide 18: Research & Development
Appendix Research & Development (in m €) 3M 2024 3M 2025 Change Total R&D 80 108 34% Customer funded R&D -24 -30 -21% Company expensed R&D 56 78 39% Capitalization of R&D -21 -48 Amortisation 8 8 Total R&D impact P&L (on EBIT) 43 38 -11% thereof booked into sales and COGS 16 16 thereof booked into R
Slide 19: Financial Result
Appendix Financial Result (in m €) 3M 2024 3M 2025 Change Interest income 8 10 24% Interest expense -10 -22 -119% Interest result -2 -12 <-300% Financial result on other items -10 13 US$ / non cash valuations / others -4 19 Interest for pension provisions -6 -6 Financial result -12 1 105% 19 May 6th
Slide 20: MTU's Cash development January – March 2025
Appendix MTU’s Cash development January – March 2025 93 Free Cashflow: +150 -137 0 5 0 -46 -6 -5 283 1,840 1,747 Adjusted Non-operating exceptional items: +5 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Financing
Slide 21: Cash Flow
Appendix Cash Flow (in m €) 3M 2024 3M 2025 Change Net Income IFRS 126 224 77% Depreciation and amortization 87 102 Change in provisions and liabilities 49 -185 Change in working capital -161 148 Taxes 4 56 Interest, derivatives, others 12 -61 Cash Flow from operating activities 117 283 143% Net Inv
Slide 22: Net debt
Appendix Net debt (in m €) 31.12.2024 31.03.2025 Change Bonds and notes 1,358 1,371 Convertible bonds 492 493 Promissory note 308 311 Financial liabilities to bank 7 50 Revolving Credit Facility 0 0 Financial lease liabilities 261 270 Loans from related companies and third parties 2 4 Other financin
Slide 23: Working capital
Appendix Working capital (in m €) 31.12.2024 31.03.2025 Change Inventories 1,753 1,600 Prepayments -373 -366 Receivables 4,017 3,760 Payables -2,572 -2,318 Working Capital 2,825 2,677 -5% 23 May 6th, 2025 Q1 2025 Results - Investor Relations
Slide 24: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2024 31.03.2025 Change Intangible assets 1,313 1,310 Property, plant, equipment 1,767 1,810 other non-current assets 1,885 1,827 Total non-current assets 4,965 4,948 0% Current assets 7,519 7,237 -4% Total assets 12,484 12,185 -2% Equity 3,438 3,694 7% Non-curre
Slide 25: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) 3M 2024 3M 2025 Change OEM 54 58 MRO 32 45 Total depreciation / amortization* 87 103 19% PPA OEM 5 5 PPA MRO 0 0 IAE Upshare OEM 6 7 PPA depreciation / amortization & IAE Upshare amortization (EBIT adjustments) 11 11 5% OEM 44 47 MRO 32 45 Depreciati
Slide 26: Proprietary Notice Cautionary note regarding forward-looking statements
Proprietary Notice This document contains proprietary information of the MTU Aero Engines AG group companies. The document and its contents shall not be copied or disclosed to any third party or used for any purpose other than that for which it is provided, without the prior written agreement of MTU