Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — FY2024 Earnings Presentation
28 slides from Mtu Aero Engines's earnings presentation, Feb 19, 2025
Slide 1: FY 2024 Results – Conference call with Investors and Analysts
FY 2024 Results – Conference call with Investors and Analysts 02/19/2025 - Investor Relations
Slide 2: Review 2024 – Outlook 2025
Review 2024 – Outlook 2025 I Market environment remains favorable for the A&D sector (IATA) Passenger and Cargo Traffic growth I Robust passenger and cargo traffic to continue in 2025 11,3% I Limited availability of new aircraft 10,4% I High utilization of mature aircraft platforms and engines I Tig
Slide 3: Update on the GTF
Update on the GTF GTF Fleet Management Plan transformed into a well-structured execution plan I Solid track record in reducing TAT and identifying cost-saving opportunities within the GTF MRO network I Powder Metal availability improving I TAT can be reduced below 100 days with optimal part availabi
Slide 4: FY 2024 Review
FY 2024 Review COMMERCIAL MRO BUSINESS MILITARY BUSINESS TECHNOLOGY I Contract wins of 5.6 bn US$ in 2024 I Strong order momentum for Eurofighter I Advancements in gas turbine technology I 45 years of MTU Maintenance with over aircraft development as well as for the Flying Fuel 25,000 shop visits I
Slide 5: New CEO and CFO at MTU Aero Engines AG
New CEO and CFO at MTU Aero Engines AG New CEO in 2025 New CFO from July 1, 2025 Dr. Johannes Bussmann Katja Garcia Vila 55 years 52 years I Current CEO of TÜV Süd AG I Former CFO at Continental (2021-2024) I Contract term will be for five years I Contract term will be for three years I Over 20 year
Slide 6: FY 2024 Review - Financials
FY 2024 Review - Financials MTU share price reached a new all time high at 349,90 € on January 23, 2025 I >1 bn Euro EBIT target achieved one year ahead of schedule Since IPO in 2025 share price increased ~15x I Strong outlook for 2025 published MTU vs. Euro Stoxx TMI Aerospace & Defense 01.01.2024
Slide 7: Full year results in line with our Guidance 2024
Full year results in line with our Guidance 2024 Initial Guidance 2024 Actuals 2024 Revenues adj. ~ 7.3 - 7.5 bn€ 7,488 m€ EBIT adj. (margin) > 890 m€* (>12%) 1,050 m€ (14.0%) Net income adj. Growth in line with EBIT adj. 764 m€ Free cashflow adj. (CCR in %) Low triple digit million € number 1
Slide 8: Financial Highlights FY 2024
Financial Highlights FY 2024 Revenues adj. EBIT adj. Net income adj. Free Cash Flow adj. (in m€) (in m€) (in m€) (in m€) 7,488 +18% 1,050 (14.0%) 6,326 +28% 818 (12.9%) 764 +29% 594 352 -48% 183 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Results FY 2024 - Investor Relations 8 19
Slide 9: OEM Segment
OEM Segment (in m €) FY 2023 FY 2024 Change Revenues* 2,212 2,531 14% Military Business 538 612 14% Commercial Business* 1,675 1,919 15% EBIT adj. 488 612 25% EBIT adj. margin % 22.1% 24.2% • Organic US$ Commercial revenues up mid teen % • Commercial Engine Revenues up low 20% range • Organic Commer
Slide 10: Commercial MRO
Commercial MRO (in m €) FY 2023 FY 2024 Change Revenues 4,225 5,066 20% EBIT adj. 329 438 33% EBIT adj. margin % 7.8% 8.7% • Organic US$ Revenues up 20% • Increase driven by GE90, V2500, GEnx and Asset/Leasing Business • EBIT margin up due to business mix 10 19 February 2025 Results FY 2024 - Invest
Slide 11: Guidance 2025 updated – Revenue growth continues
Guidance 2025 updated – Revenue growth continues ORGANIC REVENUE 1,05 USD/€ Military Commercial OE Total group sales EBIT adj. absolute ~ up mid to high single digit % ~ up mid teens % EUR 8.7 – 8.9 bn € Up mid teens % Net income adj. FCF Growth in line with EBIT adj. Low triple digit million € Expe
Slide 12: Appendix
Appendix 12 19 February 2025 Results FY 2024 - Investor Relations
Slide 13: Group Order Book up 17%
Appendix Group Order Book up 17% 28.6 bn€ 17% 24.4 bn€ Order book 2023/12/31 Order book 2024/12/31 13 19 February 2025 Results FY 2024 - Investor Relations
Slide 14: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of February 19th, 2025 in m$ 1,780 1,300 660 140 2025 2026 2027 2028 Average hedge 1.09 1.10 1.12 1.10 rate (€/US$) 14 19 February 2025 Results FY 2024 - Investor Relations
Slide 15: Profit & Loss
Appendix Profit & Loss (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change Revenues 1,711 2,125 24% 5,363 7,411 38% Revenues adjusted 1,678 2,195 31% 6,326 7,488 18% Total cost of sales -1,389 -1,819 -5,245 -6,178 Gross profit 321 307 -5% 118 1,233 >300% R&D according to IFRS -32 -32 -114 -106 SG
Slide 16: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change EBIT reported 249 233 -7% -161 955 >300% Adjustment (PPA Depreciation & Amortization) 5 5 19 19 Adjustment (IAE Upshare) 6 6 23 25 Adjustment (Impairment / Ukraine Impacts) 0 0 -21 0
Slide 17: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change Revenues 1,711 2,125 24% 5,363 7,411 38% Adjustment (PW1100G Powder Metal) -40 63 917 52 Adjustment (Exceptional Items Credit- and Litigation Risk) 2 0 23 0 Adjustment (IAE Upshare)
Slide 18: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change Revenues Group* 1,678 2,195 31% 6,326 7,488 18% OEM Commercial* 419 551 31% 1,675 1,919 15% OEM Military 171 186 9% 538 612 14% MRO 1,117 1,489 33% 4,225 5,066 20% Consolidation -29 -31 -111 -109 EBIT adju
Slide 19: Research & Development
Appendix Research & Development (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change Total R&D 82 88 7% 306 342 12% Customer funded R&D -28 -30 -4% -83 -112 -34% Company expensed R&D 53 58 9% 223 231 4% Capitalization of R&D -16 -17 -77 -93 Amortisation 8 10 32 36 Impairment 0 -4 0 21 Total R&D im
Slide 20: Financial Result
Appendix Financial Result (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change Interest income 9 12 29% 29 39 33% Interest expense -13 -23 -82% -41 -60 -46% Interest result -4 -12 -212% -12 -22 -78% Financial result on other items -9 -16 -32 -38 US$ / non cash valuations / others -1 -9 -4 -11 Inte
Slide 21: MTU's Cash development January – December 2024
Appendix MTU’s Cash development January – December 2024 863 Free Cashflow: +183 17 -73 736 -603 0 96 714 -24 1.747 883 Adjusted Non-operating exceptional items: +73 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Fin
Slide 22: Cash Flow
Appendix Cash Flow (in m €) FY 2023 FY 2024 Change Net Income IFRS -97 642 >300% Depreciation and amortization 332 408 Change in provisions and liabilities 964 214 Change in working capital -81 -621 Taxes -345 47 Interest, derivatives, others 5 23 Cash Flow from operating activities 777 714 -8% Net
Slide 23: Net debt
Appendix Net debt (in m €) 31.12.2023 31.12.2024 Change Bonds and notes 607 1,358 Convertible bonds 489 492 Promissory note 0 308 Financial liabilities to bank 7 7 Revolving Credit Facility 0 0 Financial lease liabilities 170 261 Loans from related companies and third parties 0 2 Other financing lia
Slide 24: Working capital
Appendix Working capital (in m €) 31.12.2023 31.12.2024 Change Inventories 1,629 1,753 Prepayments -347 -373 Receivables 3,000 3,955 Payables -2,373 -2,585 Working Capital 1,908 2,750 44% 24 19 February 2025 Results FY 2024 - Investor Relations
Slide 25: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2023 31.12.2024 Change Intangible assets 1,200 1,313 Property, plant, equipment 1,501 1,767 other non-current assets 1,904 1,911 Total non-current assets 4,604 4,991 8% Current assets 5,599 7,506 34% Total assets 10,204 12,497 22% Equity 2,933 3,438 17% Non-curr
Slide 26: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q4 2023 Q4 2024 Change FY 2023 FY 2024 Change OEM 59 59 215 252 MRO 36 39 116 142 Total depreciation / amortization* 95 97 2% 331 394 19% PPA OEM 5 5 18 18 PPA MRO 0 0 0 0 IAE Upshare OEM 6 6 23 25 PPA depreciation / amortization & IAE Upshare amorti
Slide 27: Guidance for PPA and IAE Upshare Amortization; Guidance for R&D Amortization
Appendix Guidance for PPA and IAE Upshare Amortization (in m€) 2024 2025E 2026E 2027E PPA depreciation / amortization 19 19 15 15 IAE Upshare 25 26 26 26 Adjustments PPA / IAE Upshare 43 44 41 41 Guidance for R&D Amortization (in m€) 2024 2025E 2026E 2027E R&D amortization 57 36 41 46 27 19 February
Slide 28: 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