Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Mtu Aero Engines Hldgs — Q1 2026 Earnings Presentation
33 slides from Mtu Aero Engines's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Quarterly Results Conference Call
Q1 2026 Quarterly Results Conference Call 2026-04-30 | MTU AERO ENGINES AG
Slide 2: Market Environment & Business Review
01 Market Environment & Business Review Dr. Johannes Bussmann Chief Executive Officer April 30, 2026 Q1 2026 Results – 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: Q1 2026 – Successful start into the year underpins 2026 guidance
Q1 2026 Q1 2026 – Successful start into the year underpins 2026 guidance Growth Growth Growth 2,244 320/14.2% 177/77% +7% +6% +18% REVENUE adj., m€ EBIT adj. m€ /Margin FCF m€ /CCR Group revenues increase mainly driven Group EBIT adj. supported by both OEM Strong FCF in Q1 2026, driven by lower CF b
Slide 4: Well positioned to manage macroeconomic challenges
Well positioned to manage macroeconomic challenges Impact – What we see Mitigation – How we manage Increased geopolitical tensions affecting passenger Diversified and fuel-efficiency-driven product portfolio traffic and supply chains stabilizes demand Jet fuel prices at record highs, with local phys
Slide 5: Resilient product portfolio and strong order book
Resilient product portfolio and strong order book Confidence – Why are we confident Group order book demonstrates resilience Growth in military programs unaffected Continuous strong demand across core platforms such as GTF Strong orderbook in both OEM and MRO Resilient portfolio mix and strong MRO p
Slide 6: Military business – Strategic step to capture future revenue potential in emerging drone market
Military business – Strategic step to capture future revenue potential in emerging drone market MTU acquires AeroDesignWorks to enter the fast growing UAV* market entry: Strategic potential for MTU across UAV* market three power classes Rapid and substantial access to fast-growing UAV propulsion mar
Slide 7: GTF update – Fleet management plan on track
GTFTM update – Fleet management plan on track; GTFTM A certified for A320neo GTFTM fleet management plan on track AoG* compensation payments will be settled in 2026 Continuous improvement in AOG* situation expected over the course of the year PW1100-JM MRO network output up 23% yoy GTFTM A certified
Slide 8: Financials
02 Financials Katja Garcia Vila Chief Financial Officer April 30, 2026 Q1 2026 Results – Investor Relations 8 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 9: Financial highlights Q1 2026 – Successful start in line with FY expectations
Financial highlights Q1 2026 – Successful start in line with our FY expectations +7% 2,244 +6% +3% 2,092 +18% 300 320 14.3% 14.2% 221 229 177 150 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Revenue adj. EBIT adj. Net income adj. Free cash flow adj. in m€ in m€/Margin in % in m€ i
Slide 10: OEM with ongoing strong margin performance
OEM with ongoing strong margin performance Revenue adj. Growth Q1 2026 Revenue adj. ’25 vs. ‘26 in m€ 620 621 • Organic Commercial OEM US$ up 5% +0% OEM • Organic commercial OE sales stable • Lower engine deliveries in Q1 26 with higher 507 479 -5% Com. OEM number of spare engines compared to Q1 25
Slide 11: MRO US$ revenues support full year expectation with solid EBIT margin
MRO US$ revenues support full year expectation with solid EBIT margin Revenue adj. Growth Q1 2026 Revenue adj. ’25 vs. ‘26 in m€ • US$ MRO revenues up 20% 1,640 1,521 +8% • Core US$ MRO revenues remained stable compared to Q1 25 • GTF MRO revenue share at 44% (Q1 25: 34%) Q1 2025 Q1 2026 EBIT adj. G
Slide 12: FCF tailwinds and headwinds – FCF strong within Q1 with CCR 77%
FCF tailwinds and headwinds – FCF strong within Q1 with CCR 77% FCF – Q1 2026 Growth Q1 2026 Major tailwinds Q1 2026 ’25 vs. ‘26 in m€ 177 • Lower cash flow from investing activities 150 +18% • Higher dividend payments received in Q1 2026 • Less GTFTM AOG compensation payments yoy Major headwinds Q1
Slide 13: USD exchange rate – risk limited due to active hedging
USD exchange rate – risk limited due to active hedging Hedge book as of April 15th, 2026 in US$ m Hedging model/US$ exposure Average hedge rate • Approx. 75% of US$ revenues are covered with (US$/€) US$ costs via procurement (“natural hedging”) • US$ sensitivity will rise over the next years due to
Slide 14: Corporate Finance – Financial flexibility and a strong balance sheet
Corporate Finance – Financial flexibility and a strong balance sheet support MTU’s long-term growth strategy Debt maturity profile Net debt of ~€1.1 bn and a net-debt-to-EBITDA ratio < 1 provide strong Nominal in m€ financial headroom to deliver on our priorities Leverage target of 0.5 to 1.5 No nea
Slide 15: Guidance 2026 confirmed
03 Guidance 2026 confirmed Dr. Johannes Bussmann Chief Executive Officer April 30, 2026 Q1 2026 Results – Investor Relations 15 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 16: Guidance 2026 confirmed – Key business drivers remain unchanged
Guidance 2026 confirmed – Key business drivers remain unchanged 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$/€ 1,20 April 30, 20
Slide 17: Key take aways
Q1 2026 Key take aways Successful start in Q1 2026 Guidance 2026 confirmed Strategic expansion into highly attractive UAV propulsion market GTF fleet management plan well on track Successful start in Q1 2026 Strategic expansion into highly GTF fleet management plan Guidance 2026 confirmed attractive
Slide 18: Appendix
04 Appendix April 30, 2026 Q1 2026 Results – Investor Relations 18 © MTU Aero Engines AG | The information contained herein is proprietary to the MTU aero engines group companies. | MTU proprietary information
Slide 19: Guidance 2026 – Key business driver
Guidance 2026 – Key business driver OEM Commercial MRO Commercial OE Commercial spare parts Military Business Commercial MRO • Increase in new engine • V2500 spare parts benefit • Increase in EJ200 deliveries • Independent MRO benefits from strong deliveries, growing share of from intense utilizatio
Slide 20: Group order book supports resilience of MTU's business
Appendix Group order book supports resilience of MTU’s business in bn€ 31.6 29.5 +7% Strong order book at € 31.6 bn – technically sold out for three years Order book up 5% organically, 2% from change in the US$ spot rate MRO contract wins in Q1 26 of US$ 878 m Com. OEM order intakes mainly for GTF a
Slide 21: Profit & Loss
Appendix Profit & Loss (in m €) 3M 2025 3M 2026 Change Revenues 2,111 2,231 6% Revenues adjusted 2,092 2,244 7% Total cost of sales -1,741 -1,859 Gross profit 370 372 1% R&D according to IFRS -21 -26 SG&A -82 -85 Other operating income (expense) -11 -12 P&L of companies accounted at equity and equit
Slide 22: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2025 3M 2026 Change EBIT reported 314 303 -3% Adjustment (PPA Depreciation & Amortization) 5 4 Adjustment (IAE Upshare) 7 6 Adjustment (PW1100G Powder Metal) -25 6 EBIT adjusted 300 320 6% thereof P&L of companies accounted "
Slide 23: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2025 3M 2026 Change Revenues 2,111 2,231 6% Adjustment (PW1100G Powder Metal) -25 6 Adjustment (IAE Upshare) 7 6 Revenues adjusted 2,092 2,244 7% April 30, 2026 Q1 2026 Results – Investor Relations 23 © MTU Aero Engines AG |
Slide 24: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) 3M 2025 3M 2026 Change Revenues Group* 2,092 2,244 7% OEM Commercial* 507 479 -5% OEM Military 113 142 25% MRO 1,521 1,640 8% Consolidation -49 -18 EBIT adjusted Group 300 320 6% OEM (Commercial / Military) 176 188 7% MRO 125 132 5% Consolidation -1 0
Slide 25: Research & Development
Appendix Research & Development (in m €) 3M 2025 3M 2026 Change Total R&D 108 99 -9% Customer funded R&D -30 -37 -26% Company expensed R&D 79 61 -22% Capitalization of R&D -48 -27 Amortisation -13 9 Impairment 21 0 Total R&D impact P&L (on EBIT) 38 43 13% thereof booked into sales and COGS 17 18 the
Slide 26: Financial Result
Appendix Financial Result (in m €) 3M 2025 3M 2026 Change Interest income 10 7 -37% Interest expense -22 -25 -12% Interest result -12 -19 -55% Financial result on other items 13 -9 US$ / non cash valuations / others 19 -2 Interest for pension provisions -6 -7 Financial result 1 -27 <-300% April 30,
Slide 27: MTU's Cash development January – March 2026
Appendix MTU’s Cash development January – March 2026 +165 Free Cash Flow: +177 257 0 0 3 5 1.421 -75 -5 -20 1.256 Adjusted Non-operating exceptional items: -5 Cash and cash CF from CF from Payments for Sales Financing Acquisition CF from Translation Adjustments Cash and cash equivalents Jan operatin
Slide 28: Cash Flow
Appendix Cash Flow (in m €) 3M 2025 3M 2026 Change Net Income IFRS 224 200 -11% Depreciation and amortization 102 106 Change in provisions and liabilities -185 80 Change in working capital 148 -222 Taxes 56 33 Interest, derivatives, others -61 60 Cash Flow from operating activities 283 257 -9% Net I
Slide 29: Net debt
Appendix Net debt (in m €) 31.12.2025 31.03.2026 Change Bonds and notes 853 861 Convertible bonds 496 486 Promissory note 308 311 Financial liabilities to bank 11 33 Revolving Credit Facility 0 0 Financial lease liabilities 326 434 Loans from related companies and third parties 1 1 Other financing l
Slide 30: Working capital
Appendix Working capital (in m €) 31.12.2025 31.03.2026 Change Inventories 2,018 1,982 Prepayments -379 -424 Receivables 4,215 4,406 Payables -2,622 -2,514 Working Capital 3,232 3,450 7% April 30, 2026 Q1 2026 Results – Investor Relations 30 © MTU Aero Engines AG | The information contained herein i
Slide 31: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2025 31.03.2026 Change Intangible assets 1,490 1,490 Property, plant, equipment 1,978 2,075 other non-current assets 1,671 1,599 Total non-current assets 5,139 5,164 0% Current assets 7,582 7,890 4% Total assets 12,721 13,054 3% Equity 4,375 4,561 4% Non-current
Slide 32: PPA Depreciation/Amortization
Appendix PPA Depreciation/Amortization (in m €) 3M 2025 3M 2026 Change OEM 58 59 MRO 45 47 Total depreciation / amortization* 103 106 3% PPA OEM 5 4 PPA MRO 0 0 IAE Upshare OEM 7 6 PPA depreciation / amortization & IAE Upshare amortization (EBIT adjustments) 11 10 -9% OEM 47 49 MRO 45 47 Depreciatio
Slide 33: Proprietary Notice
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
Mtu Aero Engines Hldgs — Q1 2026 Earnings Presentation on 6ix