Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Mtu Aero Engines Hldgs — H1 2025 Earnings Presentation
26 slides from Mtu Aero Engines's earnings presentation, Jul 24, 2025
Slide 1: H1 2025 Results Conference Call Analysts and Investors
H 1 2 0 2 5 R E S U LT S C O N F E R E N C E C A L L A N A LY S T S AND INVESTORS MUNICH, 24 JULY 2025 | MTU AERO ENGINES AG 24 July 2025 - H1 2025 Results Investor Relations 1
Slide 2: H1 2025: Strong underlying business supported guidance 2025 upgrade
H1 2025: Strong underlying business supported guidance 2025 upgrade EUR 4,141 billion | Group revenues supported by strong growth in commercial OEM and commercial MRO REVENUE adj. growth + 21% EUR 657 million /15.9% | Group EBIT driven by positive OEM business mix and improved MRO profitability EBIT
Slide 3: Paris Air Show 2025 – At a glance
Paris Air Show 2025 – At a glance Market environment Financial targets Robust long-term growth perspective Guidance 2025 raised New engine deliveries and MRO with double-digit growth 2030 targets: 13-14 billion EUR revenues / EBIT adj. margin 14.5-15.5% / HDD% CCR European push for defense sovereign
Slide 4: 2025 – Business driver
2025 – Business driver Strong market demand and product mix drive revenues and margin expansion Military Commercial OE Commercial spares Commercial MRO | Growing EJ200 deliveries for | GTF production volume | Spare parts portfolio growth | GTF MRO grows in volume core nations growing strongly influe
Slide 5: Guidance 2025 — Improved outlook confirms exceptional performance in 2025
Guidance 2025 — Improved outlook confirms exceptional performance in 2025 ORGANIC REVENUE 1.10 USD/EUR Total group sales EBIT adj. absolute EUR 8.6 — 8.8 billion Up low to mid twenties % Military Commercial OE (previous: EUR 8.3 – 8.5 billion) (previous: up mid teens %) ~ up mid to high single digit
Slide 6: Tariff environment
Tariff environment General situation as of 30th of June 2025 Further considerations | Tariff regimes remain volatile with respect to rates and exemptions | Open threats on further tariff increases from the US | Constantly evaluating current environment and implementation towards the EU and other cou
Slide 7: Financial highlights H1 2025
Financial highlights H1 2025 Revenue adj. | in m€ EBIT adj. | in m€ / Margin in % Net Income adj. | in m€ Free Cash Flow adj. | in m€ +21% +40% +40% 4,141 +101% 3,429 657 470 15.9 479 212 13.7 342 105 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Growth driven by | Group revenues d
Slide 8: OEM
OEM Revenue adj. | in m€ EBIT adj. | in m€ / Margin in % 1,411 +20% 1,176 +27% 1,151 903 415 288 29.4% 24.5% +44% -5% 272 260 H1 2024 H1 2025 H1 2024 H1 2025 Commercial OEM Military Business | Organic US$ commercial revenues up high single | OEM EBIT up due to favorable business mix digit % | Organi
Slide 9: Commercial MRO
Commercial MRO Revenue adj. | in m€ Commercial MRO EBIT adj. | in m€ / Margin in % +22% 2,799 2,304 241 183 8.6% +32% 7.9% H1 2024 H1 2025 H1 2024 H1 2025 | Organic US$ revenues up 23% | EBIT margin up due to business mix and higher | Revenue increase driven by PW1100G, profit contribution from at e
Slide 10: USD exchange rate / Hedge portfolio
USD exchange rate / Hedge portfolio Hedge book as of 24th of July 2025 in million USD Hedging Model—USD Exposure | Approx. 75% of USD revenues are covered with AVERAGE HEDGE RATE (US$/€) USD costs via procurement (“natural hedging”) 1.09 | USD sensitivity will rise over the next years due to increas
Slide 11: Summary — Key take aways
Summary — Key take aways Exceptionally strong H1 2025 results Strong order intake in Q2 on NBs/ WBs and progress towards FY guidance achieved Mid-term 2030 outlook published (as Ongoing investments in capacity to communicated at the Paris Air show) manage strong growth GTF fleet management plan on T
Slide 12: Appendix
Appendix 12 24 July 2025 - H1 2025 Results Investor Relations
Slide 13: Group Order Book down 13%
Appendix Group Order Book down 13% 28.7 bn€ -13% 25.0 bn€ Order book 2024/12/31 Order book 2025/06/30 13 24 July 2025 - H1 2025 Results Investor Relations
Slide 14: Profit & Loss
Appendix Profit & Loss (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change Revenues 1,740 2,087 20% 3,389 4,197 24% Revenues adjusted 1,755 2,048 17% 3,429 4,141 21% Total cost of sales -1,430 -1,628 -2,820 -3,369 Gross profit 310 459 48% 569 828 46% R&D according to IFRS -22 -26 -49 -47 SG&A -77
Slide 15: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change EBIT reported 232 390 68% 421 704 67% Adjustment (PPA Depreciation & Amortization) 5 5 9 9 Adjustment (IAE Upshare) 6 7 12 13 Adjustment (PW1100G Powder Metal) 9 -45 28 -70 EBIT adju
Slide 16: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change Revenues 1,740 2,087 20% 3,389 4,197 24% Adjustment (PW1100G Powder Metal) 9 -45 28 -70 Adjustment (IAE Upshare) 6 7 12 13 Revenues adjusted 1,755 2,048 17% 3,429 4,141 21% 16 24 Jul
Slide 17: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change Revenues Group* 1,755 2,048 17% 3,429 4,141 21% OEM Commercial* 470 645 37% 903 1,151 27% OEM Military 148 147 -1% 272 260 -5% MRO 1,163 1,278 10% 2,304 2,799 22% Consolidation -27 -21 -50 -70 EBIT adjuste
Slide 18: Research & Development
Appendix Research & Development (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change Total R&D 99 83 -16% 179 190 6% Customer funded R&D -27 -33 -20% -52 -62 -21% Company expensed R&D 72 50 -30% 128 128 0% Capitalization of R&D -41 -16 -62 -64 Amortisation 9 9 17 17 Total R&D impact P&L (on EBIT)
Slide 19: Financial Result
Appendix Financial Result (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change Interest income 9 6 -33% 18 17 -6% Interest expense -12 -18 -47% -23 -41 -79% Interest result -3 -12 -268% -5 -24 <-300% Financial result on other items -7 30 -17 43 US$ / non cash valuations / others 0 37 -4 56 Interes
Slide 20: MTU’s Cash development January – June 2025
Appendix MTU’s Cash development January – June 2025 -474 Free Cashflow: +212 -212 0 9 0 -658 -18 -9 414 1,747 1,273 Adjusted Non-operating exceptional items: +9 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Financi
Slide 21: Cash Flow
Appendix Cash Flow (in m €) 6M 2024 6M 2025 Change Net Income IFRS 288 513 78% Depreciation and amortization 175 203 Change in provisions and liabilities 139 -194 Change in working capital -311 -48 Taxes 38 101 Interest, derivatives, others 21 -160 Cash Flow from operating activities 350 414 18% Net
Slide 22: Net debt
Appendix Net debt (in m €) 31.12.2024 30.06.2025 Change Bonds and notes 1,358 865 Convertible bonds 492 494 Promissory note 308 302 Financial liabilities to bank 7 89 Revolving Credit Facility 0 0 Financial lease liabilities 261 271 Loans from related companies and third parties 2 5 Other financing
Slide 23: Working capital
Appendix Working capital (in m €) 31.12.2024 30.06.2025 Change Inventories 1,753 1,733 Prepayments -373 -389 Receivables 4,017 3,632 Payables -2,572 -2,103 Working Capital 2,825 2,874 2% 23 24 July 2025 - H1 2025 Results Investor Relations
Slide 24: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2024 30.06.2025 Change Intangible assets 1,313 1,429 Property, plant, equipment 1,767 1,821 other non-current assets 1,885 1,742 Total non-current assets 4,965 4,992 1% Current assets 7,519 6,789 -10% Total assets 12,484 11,781 -6% Equity 3,438 3,909 14% Non-cur
Slide 25: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q2 2024 Q2 2025 Change 6M 2024 6M 2025 Change OEM 56 59 111 117 MRO 32 41 64 86 Total depreciation / amortization* 89 100 13% 175 204 16% PPA OEM 5 5 9 9 PPA MRO 0 0 0 0 IAE Upshare OEM 6 7 12 13 PPA depreciation / amortization & IAE Upshare amortiza
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
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