MTU Aero Engines (MTX) Q1 2025 earnings summary

Executive summary

• Group revenues in Q1 2025 reached €2.1 billion, up 25% year-over-year, with strong growth in both OEM and MRO segments; adjusted EBIT rose 38% to €300 million and adjusted net income increased 41% to €221 million.

• Maintained profitable growth across all segments, with robust commercial maintenance and engine business performance.

• Expansion in China and North America strengthened the global MRO footprint and increased capacity and service offerings.

• GTF A engine received FAA certification in February 2025, with first deliveries to Airbus expected later in the year.

• Order backlog stood at €27.7 billion at quarter-end, with the largest share from Geared Turbofan engines.

Financial highlights

• Adjusted revenues: €2,092 million (+25% YoY); adjusted EBIT: €300 million (+38% YoY, margin 14.3%); adjusted net income: €221 million (+41% YoY); free cash flow: €150 million in Q1 2025.

• Commercial MRO revenues up 33% to €1.5 billion; adjusted EBIT up 42% to €125 million (margin 8.2%).

• OEM segment revenues up 17% to €507 million; OEM adjusted EBIT up 35% to €176 million (margin 28.4%).

• EPS adjusted rose to €3.99 (+36% YoY); EBITDA (reported) increased 52% to €417 million.

• Group order book decreased 4% to €27.7 billion as of March 31, 2025.

Outlook and guidance

• 2025 revenue outlook revised to €8.3–8.5 billion due to FX changes; USD-based outlook unchanged.

• Guidance for adjusted EBIT, adjusted net income, and free cash flow (€250–300 million) confirmed; expects mid-teens % growth in EBIT and net income.

• Commercial OE and MRO segments forecasted to grow mid to high teens %; military up mid to high single digit %.

• No tariff impacts included in guidance due to ongoing volatility and uncertainty.

• Medium-term guidance and further details to be provided at the upcoming capital market day.