MTU Aero Engines (MTX) Q2 2025 earnings summary

Executive summary

• Revenues rose 23.9% year-over-year to €4,197 million in H1 2025, driven by strong growth in both commercial OEM and MRO segments.

• Adjusted EBIT increased 40% to €657 million, with a margin of 15.9%, reflecting a favorable business mix and improved MRO profitability.

• Free cash flow more than doubled to €212 million, supported by strong MRO cash contribution and lower working capital increase.

• Record order intake of $1.75 billion at the Paris Air Show, mainly for GTF engines powering the A320neo family.

• Upward revision of 2025 guidance and announcement of 2030 targets: revenues of €13–14 billion, adjusted EBIT margin of 14.5%-15.5%.

Financial highlights

• Adjusted revenue reached €4,141 million in H1 2025, up 21% year-over-year.

• Adjusted net income increased 40% to €479 million; basic EPS was €9.37, adjusted EPS €8.76.

• Commercial OEM revenues up 27% to €1,151 million; commercial business up 27% to €1,151 million.

• MRO revenues increased 22% to €2,799 million; GTF MRO share at 35% in H1.

• Net financial debt increased to €1,147 million as of June 30, 2025.

Outlook and guidance

• 2025 group revenues expected between €8,600–8,800 million, with military business growth in mid to high single digits and commercial OE in mid-teens.

• Adjusted EBIT growth forecasted in the low to mid 20% range; adjusted net income to grow in line.

• Free cash flow guidance for 2025 is €300–350 million.

• 2030 targets: revenues €13–14 billion, adjusted EBIT margin 14.5%-15.5%, high double-digit cash conversion.