Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — 9M 2025 Earnings Presentation
28 slides from Mtu Aero Engines's earnings presentation, Oct 23, 2025
Slide 1: 9M 2025 Results Conference Call
9 M 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 M UNICH, O CT O BER 23 r d , 2025 | MT U AERO ENG INES AG 1
Slide 2: Dr. Johannes Bussmann – CEO
Dr. Johannes Bussmann – CEO since September 1st, 2025 I Strong aerospace background and passionate aviation enthusiast I Previous CEO of TÜV Süd AG I Over 20 years of industry experience, including 7 years as CEO of Lufthansa Technik. I Holds a doctorate in aerospace engineering and combustion techn
Slide 3: Dr. Ottmar Pfänder to succeed Michael Schreyögg as Chief Program Officer
Dr. Ottmar Pfänder to succeed Michael Schreyögg as new Chief Program Officer I Appointed to the Executive Board effective January 1st, 2026 I Will be responsible for marketing & sales and program management across MTU’s MRO, commercial, and defense segments, including MTU Maintenance locations I Ove
Slide 4: 9M 2025: Strong performance resulting in EBIT and FCF guidance upgrade
9M 2025: Strong performance resulting in EBIT and FCF guidance upgrade REVENUE adj. | Group revenues increased by 22% in USD, driven by strong GROWTH performance in both Commercial OEM and MRO segments EUR +19% | Commercial OEM growth was supported by strong spare and lease 6,278 million engine sale
Slide 5: Positive market trends remain intact
Positive market trends remain intact Robust passenger traffic in August 2025 Opportunities outweighing current challenges + Mid-term commercial air traffic outlook of +3-4% p. a. remains encouraging 6,9% + Cargo traffic growth YTD remains solid with +3.3% 5,8% 5,0% + Ongoing strong demand for new ai
Slide 6: U.S. tariffs update — increased transparency on tariff implications
U.S. tariffs update — increased transparency on tariff implications Improved status regarding U.S. tariffs MTU tariff mitigating actions being carried out I Aviation exception for civil aircraft/engines I Adapting internal processes to meet U.S. tariff I Origin rules (as basis for application of rul
Slide 7: Key milestones in Q3 2025
Key milestones in Q3 2025 Strong market demand and product mix drive revenues and margin expansion going forward Military Commercial MRO | Germany signed contract for 52 EJ200 engines | MTU deepens collaboration with GE on IGTs | MTU Maintenance Berlin expands portfolio with the first PW800 engine i
Slide 8: Financial highlights 9M 2025 – On track for new records
Financial highlights 9M 2025 – On track for new records Revenue adj. | in m€ EBIT adj. | in m€ / Margin in % Net income adj. | in m€ Free cash flow adj. | in m€ +19% 6,278 +34% 5,293 995 15.9% +33% +31% 744 279 720 14.0% 541 213 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 | EBIT
Slide 9: OEM
OEM Revenue adj. | in m€ EBIT adj. | in m€ / Margin in % 2,057 +15% 1,794 1,639 +20% 640 1,368 31.1% 444 +44% 24.7% -2% 426 418 9M 2024 9M 2025 9M 2024 9M 2025 Commercial OEM Military Business | Organic USD commercial revenues up low I EBIT margin up due to favorable teens % business mix | Organic c
Slide 10: Commercial MRO
Commercial MRO Revenue adj. | in m€ Commercial MRO EBIT adj. | in m€ / Margin in % +20% 4,301 3,577 355 300 +18% 8.3% 8.4% 9M 2024 9M 2025 9M 2024 9M 2025 | USD MRO revenues up 24% | MRO EBIT adj. margin almost stable | GTF MRO revenue share at 40% | Strong at equity contribution | Revenues driven b
Slide 11: USD exchange rate / limited risk due to active hedging
USD exchange rate / limited risk due to active hedging Hedge book as of October 10th 2025 in million USD Hedging model / USD exposure | Approx. 75% of USD revenues are covered with USD costs via procurement (“natural hedging”) AVERAGE HEDGE RATE (US $/€) Additional hedges Hedge book H1 2025 | USD se
Slide 12: Guidance 2025 – upgraded outlook
Guidance 2025 – upgraded outlook Revenues expected at the lower end of the guidance range while EBIT adj. and FCF trending higher Organic Revenue Total group sales EBIT adj. absolute EUR 8.6-8.8 billion Up mid twenties % (previous: up low to mid Military Commercial OE twenties %) ~ up mid to high si
Slide 13: Key take aways from Q3 2025
Key take aways from Q3 2025 Well on track to achieve Excellent operative performance upgraded FY 2025 guidance reflected in 9M 2025 results Unchanged group revenue guidance despite weaker USD Market environment remains supportive Higher profitability outlook Limited impact from US tariffs Improved F
Slide 14: Appendix
Appendix 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 14
Slide 15: Group order book down 16%, majority driven by weaker US$
Appendix Group order book down 16%, majority driven by weaker US$ 28.7 bn€ -16% 24.1 bn€ Order book 2024/12/31 Order book 2025/09/30 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 15
Slide 16: Profit & Loss
Appendix Profit & Loss (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Revenues 1,897 2,132 12% 5,286 6,329 20% Revenues adjusted 1,864 2,138 15% 5,293 6,278 19% Total cost of sales -1,539 -1,732 -4,359 -5,101 Gross profit 357 400 12% 927 1,229 33% R&D according to IFRS -25 -30 -74 -77 SG&A -
Slide 17: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change EBIT reported 301 329 9% 722 1,033 43% Adjustment (PPA Depreciation & Amortization) 5 5 14 14 Adjustment (IAE Upshare) 6 7 19 20 Adjustment (PW1100G Powder Metal) -39 -1 -11 -71 EBIT
Slide 18: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Revenues 1,897 2,132 12% 5,286 6,329 20% Adjustment (PW1100G Powder Metal) -39 -1 -11 -71 Adjustment (IAE Upshare) 6 7 19 20 Revenues adjusted 1,864 2,138 15% 5,293 6,278 19% 9M 2025
Slide 19: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Revenues Group* 1,864 2,138 15% 5,293 6,278 19% OEM Commercial* 465 488 5% 1,368 1,639 20% OEM Military 153 158 3% 426 418 -2% MRO 1,274 1,502 18% 3,577 4,301 20% Consolidation -28 -11 -78 -80 EBIT adjuste
Slide 20: Research & Development
Appendix Research & Development (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Total R&D 75 84 13% 254 275 8% Customer funded R&D -30 -32 -5% -82 -94 -15% Company expensed R&D 45 52 18% 172 181 5% Capitalization of R&D -14 -14 -76 -77 Amortisation 34 9 51 26 Total R&D impact P&L (on EBIT) 65
Slide 21: Financial Result
Appendix Financial Result (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Interest income 10 7 -25% 27 24 -13% Interest expense -15 -22 -49% -37 -62 -67% Interest result -5 -15 -196% -10 -39 -287% Financial result on other items -5 -5 -22 38 US$ / non cash valuations / others 2 1 -2 58 Intere
Slide 22: MTU’s Cash development January – September 2025
Appendix MTU’s Cash development January – September 2025 -512 Free Cashflow: +279 3000 2500 -261 0 10 0 530 2000 -762 -18 -10 1500 1000 1,747 1,235 500 Adjusted Non-operating exceptional items: +10 0 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cas
Slide 23: Cash Flow
Appendix Cash Flow (in m €) 9M 2024 9M 2025 Change Net Income IFRS 499 763 53% Depreciation and amortization 301 302 Change in provisions and liabilities 130 -157 Change in working capital -459 -316 Taxes 86 124 Interest, derivatives, others 0 -186 Cash Flow from operating activities 556 530 -5% Net
Slide 24: Net debt
Appendix Net debt (in m €) 31.12.2024 30.09.2025 Change Bonds and notes 1,358 844 Convertible bonds 492 495 Promissory note 308 305 Financial liabilities to bank 7 17 Revolving Credit Facility 0 0 Financial lease liabilities 261 289 Loans from related companies and third parties 2 3 Other financing
Slide 25: Working capital
Appendix Working capital (in m €) 31.12.2024 30.09.2025 Change Inventories 1,753 1,974 Prepayments -373 -341 Receivables 4,017 3,898 Payables -2,572 -2,390 Working Capital 2,825 3,142 11% 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 25
Slide 26: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2024 30.09.2025 Change Intangible assets 1,313 1,443 Property, plant, equipment 1,767 1,816 other non-current assets 1,885 1,707 Total non-current assets 4,965 4,966 0% Current assets 7,519 7,225 -4% Total assets 12,484 12,191 -2% Equity 3,438 4,114 20% Non-curr
Slide 27: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change OEM 82 55 193 173 MRO 39 39 103 125 Total depreciation / amortization* 121 95 -22% 296 298 1% PPA OEM 5 5 14 14 PPA MRO 0 0 0 0 IAE Upshare OEM 6 7 19 20 PPA depreciation / amortization & IAE Upshare amor
Slide 28: Proprietary Notice and 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