Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Mtu Aero Engines Hldgs — FY 2025 Earnings Presentation
37 slides from Mtu Aero Engines's earnings presentation, Feb 24, 2026
Slide 1: Preliminary FY 2025 Results
Preliminary FY 2025 Results Conference Call 2026-02-24 | MTU AERO ENGINES AG
Slide 2: Business Review
01 Business Review Dr. Johannes Bussmann Chief Executive Officer 2026-02-24 Results FY 2025 – Investor Relations 2 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 3: MTU's way forward: Key strategic priorities
MTU’s way forward Key strategic priorities Executing MTU’s growth agenda Advancing technology for next generation engines and emission-free flying Strengthening MTU’s global presence Driving shareholder value 2026-02-24 Results FY 2025 – Investor Relations 3 © MTU Aero Engines AG | The information c
Slide 4: FY 2025 Guidance achieved, new record results
FY 2025 Guidance 2025 achieved New record results Growth Growth Growth 8,717 1,351/15.5% 378/39% +16% +29% +107% REVENUE adj., m€ EBIT adj./Margin, m€ FCF/CCR, m€ Group revenues increased by strong Group absolute EBIT increase driven FCF improved, with stronger cash performance in both Commercial OE
Slide 5: Aviation market strength underpins further growth
Aviation market strength underpins further growth Macro environment influenced by geopolitical developments - managed successfully PLF and airline net profits expected to strengthen, supported by resilient demand KPIs progressing fully in line with our 2030 guidance, providing strong strategic visib
Slide 6: Commercial OEM
Commercial OEM Contract wins exceeding 2 billion US$, driven by GTF, GEnx and GE9X GTF after 10 years in operation GTF Advantage: first engine modules delivered; EIS expected in 2026 • >13,000 GTF engines orders GTF Fleet management program on track – support by improved TAT, • > 50 million flight h
Slide 7: Military OEM
Military OEM Strong order momentum for EJ200 engines with more than 80 aircraft ordered by core nations Germany, Italy, Spain and export customer Turkey Sustained demand for the CH-53K heavy-lift helicopter, with the US Marines ordering 99 CH-53K helicopters powered by T408 engines OEM Business for
Slide 8: Commercial MRO
Commercial MRO EME Aero: 2nd engine test cell in operation Jinwan: 1st overhauled GTF engine delivered in June 2025 Fort Worth: preparation for ramp up of LEAP and GEnx MRO Berlin: Expands product portfolio with PW800; Construction of a new IGT hall is underway MTU deepens collaboration with GE on L
Slide 9: Technology
Technology GTF Advantage received its FAA and EASA certification GTF Advantage delivers tangible improvements: higher thrust, greater durability and lower emissions IAE consortium publicly reaffirmed its commitment to advancing the GTF architecture as the foundation for the next generation of narrow
Slide 10: ESG
ESG Geothermal plant in Munich operational since December 2025; designed to cover ~ 80% of heating needs CO2-free CO2 emission significantly reduced by 42% (~37,000 tons CO2 e) between 2019 and 2024 Target: -63% CO2 emission across all MTU sites by 2035 (vs. 2024) Granted EcoVadis silver medal once
Slide 11: Financials
02 Financials Katja Garcia Vila Chief Financial Officer 2026-02-24 Results FY 2025 – Investor Relations 11 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 12: FY 2025 Guidance outperformed – new record highs on all KPIs
FY 2025 Guidance outperformed – new record highs on all KPIs Initial Guidance 2025 Guidance 2025 Actuals 2025 as of November 29, 2024 as of October 23, 2025 8.7 bn€ Group Revenues 8.3 – 8.5 bn€ 8.6 – 8.8 bn€ (Growth + 16%) 1,351 m€ (15.5%) EBIT adj. / (in %) Up low to mid teens % Up mid twenties % (
Slide 13: Financial highlights FY 2025 – Exceptional performance trajectory
Financial highlights FY 2025 – Exceptional performance trajectory for 2025 +16% +29% +27% 8,717 +107% 7,488 378 1,351 968 1,050 15.5% 764 14.0% 183 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Revenue adj. EBIT adj. Net income adj. Free cash flow adj. in m€ in m€/Margin in % in m€
Slide 14: OEM with strong margin performance, beating EBIT guidance
OEM with strong margin performance, beating EBIT guidance Revenue adj. Growth Q4 2025 FY 2025 ’24 vs. ‘25 in m€ Revenue adj. Revenue adj. 817 2,875 2,531 +14% OEM • Organic commercial OE sales up • Organic commercial OE sales 2,057 621 low to mid teens % up 10% with positive mix 196 2,260 +18% Com.
Slide 15: Strong commercial MRO revenue outperformance with resilient EBIT margin
Strong commercial MRO revenue outperformance with resilient EBIT margin Revenue adj. Growth Q4 2025 FY 2025 ’24 vs. ‘25 in m€ Revenue adj. Revenue adj. 1,659 5,960 5,066 +18% • USD MRO revenues up 22% • USD MRO revenues up 23% 4,301 • GTF MRO revenue share at • GTF MRO revenue share at 41% 40% • Str
Slide 16: USD exchange rate – risk limited due to active hedging
USD exchange rate – risk limited due to active hedging Hedge book as of February 24th, 2026 in million USD Hedging model/USD exposure Average hedge rate • Approx. 75% of USD revenues are covered with (US$/€) USD costs via procurement (“natural hedging”) • USD sensitivity will rise over the next year
Slide 17: Corporate Finance
Corporate Finance Net debt of ~€1.1 bn and a net-debt-to-EBITDA ratio below 1 provide strong financial headroom to deliver on our priorities Launch of new Convertible Bond 600 m€, due 2033 Successful early redemption of 500 m€ Convertible Bond, due 2027 Dividend proposal of 3.60 € per share, an incr
Slide 18: Guidance 2026
03 Guidance 2026 2026-02-24 Results FY 2025 – Investor Relations 18 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 19: Guidance 2026 – Key business driver
Guidance 2026 – Key business driver OEM Commercial MRO Commercial OE Commercial spare parts Military Business Commercial MRO • Increase in new engine • V2500 spare parts benefit • Increase in EJ200 deliveries • Independent MRO benefits from strong deliveries, growing share of from intense utilizatio
Slide 20: Guidance 2026 supports 2030 mid-term ambition
Guidance 2026 supports 2030 mid-term ambition Total group sales EBIT adj. ~9.2 – 9.7 bn€ ~1.35 – 1.45 bn€ Guidance 2026 supports 2030 Net income adj. mid-term ambition Cash conversion rate ~ Growth in line ~ 45 – 55% with EBIT adj. Guidance 2026 based on US$/€ 1,20 2026-02-24 Results FY 2025 – Inves
Slide 21: On track to deliver our 2030 ambition
On track to deliver our 2030 ambition Revenue adj. EBIT adj. Cash conversion rate ~CCR in bn € in m€/Margin in % in % ~14.5 – high ~13 – double 15.5% 14 digit % 1,351 ~1,350 – ~9.2 – (15.5%) 1,450 9.7 1,050 8.7 7.5 (14.0%) 45 – 55% 39% 24% FY 2024 FY 2025 2026 E … 2030 G FY 2024 FY 2025 2026 E … 203
Slide 22: Key take aways
FY 2025 Key take aways Excellent operative performance reflected in FY 2025 results Technology Roadmap consequently executed Strong guidance 2026 fully supporting 2030 ambition Excellent operative Technology Roadmap Strong guidance 2026 fully Outstanding performance reflected consequently executed s
Slide 23: Appendix
04 Appendix 2026-02-24 Results FY 2025 – Investor Relations 23 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 24: Group order book up 3%
Appendix Group order book up 3% - Strong order intake compensating weaker USD in bn€ 28.7 bn€ 29.5 bn€ 28,7 29,5 +3% Order book Dec 31, 2024 Order book Dec 31, 2025 2026-02-24 Results FY 2025 – Investor Relations 24 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU a
Slide 25: Profit & Loss
Appendix Profit & Loss (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change Revenues 2,125 2,434 15% 7,411 8,763 18% Revenues adjusted 2,195 2,439 11% 7,488 8,717 16% Total cost of sales -1,819 -1,975 -6,178 -7,075 Gross profit 307 459 50% 1,233 1,688 37% R&D according to IFRS -32 -35 -106 -111 SG
Slide 26: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change EBIT reported 233 346 49% 955 1,379 44% Adjustment (PPA Depreciation & Amortization) 5 5 19 19 Adjustment (IAE Upshare) 6 7 25 26 Adjustment (PW1100G Powder Metal) 63 -2 52 -73 EBIT
Slide 27: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change Revenues 2,125 2,434 15% 7,411 8,763 18% Adjustment (PW1100G Powder Metal) 63 -2 52 -73 Adjustment (IAE Upshare) 6 7 25 26 Revenues adjusted 2,195 2,439 11% 7,488 8,717 16% 2026-02-2
Slide 28: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change Revenues Group* 2,195 2,439 11% 7,488 8,717 16% OEM Commercial* 551 621 13% 1,919 2,260 18% OEM Military 186 196 6% 612 614 0% MRO 1,489 1,659 11% 5,066 5,960 18% Consolidation -31 -38 -109 -118 EBIT adjus
Slide 29: Research & Development
Appendix Research & Development (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change Total R&D 88 102 16% 342 377 10% Customer funded R&D -30 -43 -46% -112 -138 -23% Company expensed R&D 58 59 1% 231 239 4% Capitalization of R&D -17 -15 -93 -93 Amortisation 10 10 36 36 Impairment -4 0 21 0 Total R
Slide 30: Financial Result
Appendix Financial Result (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change Interest income 12 6 -46% 39 30 -23% Interest expense -23 -23 0% -60 -86 -42% Interest result -12 -17 -47% -22 -56 -158% Financial result on other items -16 1 -38 39 US$ / non cash valuations / others -9 8 -11 66 Intere
Slide 31: MTU's Cash development January – December 2025
Appendix MTU’s Cash development January – December 2025 -491 Free Cash Flow: +378 848 0 14 0 -485 1,747 1,256 -838 -16 -14 Adjusted Non-operating exceptional items: +14 CF from operating Payments for liquidity Acquisition payments for Translation differences / Cash and cash Cash and cash activities
Slide 32: Cash Flow
Appendix Cash Flow (in m €) FY 2024 FY 2025 Change Net Income IFRS 642 1,028 60% Depreciation and amortization 482 416 Change in provisions and liabilities 214 -167 Change in working capital -696 -404 Taxes 47 113 Interest, derivatives, others 23 -137 Cash Flow from operating activities 714 848 19%
Slide 33: Net debt
Appendix Net debt (in m €) 31.12.2024 31.12.2025 Change Bonds and notes 1,358 853 Convertible bonds 492 496 Promissory note 308 308 Financial liabilities to bank 7 11 Revolving Credit Facility 0 0 Financial lease liabilities 261 326 Loans from related companies and third parties 2 1 Other financing
Slide 34: Working capital
Appendix Working capital (in m €) 31.12.2024 31.12.2025 Change Inventories 1,753 2,018 Prepayments -373 -379 Receivables 4,017 4,215 Payables -2,572 -2,622 Working Capital 2,825 3,232 14% 2026-02-24 Results FY 2025 – Investor Relations 34 © MTU Aero Engines AG | The information contained herein is p
Slide 35: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2024 31.12.2025 Change Intangible assets 1,313 1,490 Property, plant, equipment 1,767 1,978 other non-current assets 1,885 1,671 Total non-current assets 4,965 5,139 4% Current assets 7,519 7,582 1% Total assets 12,484 12,721 2% Equity 3,438 4,375 27% Non-curren
Slide 36: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change OEM 143 67 336 239 MRO 39 50 142 175 Total depreciation / amortization* 182 117 -36% 478 415 -13% PPA OEM 5 5 18 18 PPA MRO 0 0 0 0 IAE Upshare OEM 6 7 25 26 PPA depreciation / amortization & IAE Upshare
Slide 37: 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
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