Press release

| Adjusted revenue up 21% to €4.1 billion
| Adjusted EBIT up 40% to €657 million
| Adjusted net income up 40% to €479 million
| Free cash flow doubled to €212 million
| Recently raised guidance for 2025 confirmed

Munich, July 24, 2025 | MTU Aero Engines AG is continuing its growth trajectory and closed the first half of the year with an increase in revenue and earnings. The company posted adjusted revenue of €4.1 billion, an increase of 21% (1–6/2024: €3.4 billion). Adjusted EBIT¹ rose by 40% to €657 million compared with €470 million in the first half of 2024. The adjusted EBIT margin climbed from 13.7% to 15.9%. Adjusted net income² rose by 40% from €342 million to €479 million. 

“These half-year results reaffirm and underscore MTU’s ability to perform. We are right on track to achieve our raised targets for the full year,” concludes Lars Wagner, CEO of MTU Aero Engines AG. The company had raised its revenue and earnings guidance in mid-June and confirms it today.

Revenue growth in commercial engine business and commercial maintenance 
Commercial engine business saw the highest revenue increase in the first six months with revenue up 27% from €903 million to €1,151 million. The biggest revenue generator was the PW1100G-JM. Within the commercial engine business, percentage growth in organic revenue for commercial series business was in the mid to high single-digits on a U.S. dollar basis. On the same basis, the spare parts business saw high single-digit percentage growth. “Spare and lease engines accounted for a large proportion of revenue in the series business. The increase in spare parts is mainly attributable to narrowbody and mature widebody engines,” adds CFO Katja Garcia Vila.

Revenue in commercial maintenance climbed by 22% to €2.8 billion (1–6/2024: €2.3 billion). “The main revenue drivers were the PW1100G-JM engine for the A320neo, the V2500 for the classic A320 family and the CF6-80, GEnx and GE90 widebody engines, as well as our leasing business,” says Garcia Vila. The key revenue drivers in the commercial MRO business were the PW1100G-JM and the V2500. Geared Turbofan MRO accounted for around 35% of commercial maintenance. “For the full year, we expect Geared Turbofan maintenance to account for around 40%,” says Garcia Vila.

Revenue in the military business amounted to €260 million in the first six months, compared with €272 million in the same period of the previous year. Garcia Vila: “There were revenue shifts in the repair business that should balance out over the course of the year.” The main revenue generator in this segment was the EJ200 engine for the Eurofighter. 

Order backlog of €25.0 billion
MTU’s order backlog was €25.0 billion at the end of the first six months, (31 December, 2024: €28.7 billion). The majority of orders were for the Pratt & Whitney GTF™ engine family, especially the PW1100G-JM, and the V2500. “The record orders from the Paris Air Show are not yet included in the order backlog. They provide the basis for a healthy backlog going forward and are a clear endorsement of market confidence in Geared Turbofan technology,” says Wagner. MTU received orders worth U.S.$1.75 billion at the Paris Air Show in June.

Earnings up in both segments
MTU saw an increase in its half-year results in both business areas.

In the OEM business, adjusted earnings rose by 44% in the first six months, from €288 million to €415 million. “A profitable revenue mix in series production with a high proportion of spare and lease engines bolstered earnings, as did high spare parts sales,” explains Garcia Vila. The adjusted EBIT margin in the OEM business climbed from 24.5% to 29.4%. 

MTU improved its adjusted earnings in commercial maintenance by 32% to €241 million (1–6/2024: €183 million). The adjusted EBIT margin increased from 7.9% to 8.6%. “MTU Maintenance Zhuhai and our joint venture EME Aero in Poland made particularly strong earnings contributions,” adds Garcia Vila.

€190 million for research and development
Research and development expenses amounted to €190 million in the first six months of 2025, up from €179 million year-on-year. MTU’s R&D activities focused on enhancing the performance of the Geared Turbofan programs and on technology studies for future evolutionary and revolutionary engine generations. Wagner: “In the first half of the year we have set the course for the future in both commercial and military R&D. For example, we are pushing ahead with hydrogen fuel cell propulsion systems, and working on propulsion technologies for the next generation of European military rotorcraft with Safran Helicopter Engines and now also Avio Aero.”

Free cash flow doubled to €212 million
At €212 million, MTU’s free cash flow has doubled (1–6/2024: €105 million). “As expected, free cash flow in the first six months was affected by the Geared Turbofan fleet management plan. We managed to counteract this with strong cash inflows from the MRO segment and improved earnings performance, and so generate free cash flow in line with our expectations,” says Garcia Vila.

Net capital expenditure of €126 million on property, plant, and equipment
Net capital expenditure on property, plant and equipment was €126 million in the first half of the year, compared with €171 million in the same period of 2024.

13,211 employees
At the end of the second quarter, MTU had 13,211 employees (December 31, 2024: 12,892 employees).

Guidance
MTU confirms its guidance for fiscal 2025, which it raised in mid-June. The company aims to generate revenue of €8.6 billion to €8.8 billion in 2025, with revenue growth across all areas of the business. Commercial maintenance is likely to see the strongest gains, with percentage growth in organic revenue reaching the mid to high teens; MTU expects Geared Turbofan MRO to account for around 40%. 2025 percentage growth in organic revenue is forecast in the mid-teens for the commercial series business, and in the low to mid-teens for the spare parts business. In the military business, MTU anticipates percentage revenue growth in the mid to high single-digits. Adjusted EBIT is set to increase in the low to mid-twenties percentage range in 2025. Adjusted net income is likely to rise in line with adjusted EBIT. Free cash flow of between €300 and €350 million is anticipated for 2025. MTU’s guidance includes initial assessments of the impact of U.S. tariff policy and is based on a dollar exchange rate of US$1.10 per euro.

MTU Aero Engines – Key data for the first half of 2025

(Amounts in € million)
 

¹ Adjusted EBIT = adjusted earnings before interest and taxes

² Adjusted net income = adjusted income after income taxes

Cautionary note regarding forward-looking statements
Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, competition from other countries in MTU Aero Engines’ industry and MTU Aero Engines’ ability to retain or increase its market share, the cyclicality of the airline industry, risks relating to MTU Aero Engines’ participation in consortia and risk and revenue sharing agreements for new aero engine programs, risks associated with the capital markets, currency exchange rate fluctuations, regulations affecting MTU Aero Engines’ business and MTU Aero Engines’ ability to respond to changes in the regulatory environment, and other factors. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. MTU Aero Engines assumes no obligation to update any forward-looking statement.