MTU Aero Engines (MTX) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with adjusted revenue of EUR 8.7 billion, EBIT of EUR 1.35 billion, and net income at all-time highs, surpassing guidance on all key metrics.

• Strong performance in Commercial OEM and MRO segments drove revenue and EBIT growth, supported by robust airline demand and traffic growth.

• Strategic focus on technology advancement, emission-free flying, and global expansion, with continued investments in sustainability initiatives.

• GTF fleet management plan remains on track, supporting operational reliability despite ongoing costs.

• Order book reached $29.5 billion, effectively selling out capacity for the next three years.

Financial highlights

• Adjusted revenue grew 16% year-over-year to EUR 8.7 billion; in USD terms, up 21%.

• Adjusted EBIT rose 29% to EUR 1.35 billion, with margin improving to 15.5%.

• Adjusted net income increased 27% to EUR 968 million; adjusted EPS up 27% to EUR 17.79.

• Free cash flow reached EUR 378 million, more than doubling year-over-year.

• Dividend proposal of EUR 3.60 per share, a 64% increase, with a payout ratio of 20%.

Outlook and guidance

• 2026 guidance: adjusted revenue EUR 9.2–9.7 billion, adjusted EBIT EUR 1.35–1.45 billion, and cash conversion rate 45–55%.

• All business areas expected to grow, with commercial OE and MRO revenues targeting mid to high teens organic growth and low to mid-teens for spare parts and MRO.

• GTF MRO revenue share forecasted at 40–45%.

• 2030 ambition: revenue EUR 13–14 billion and EBIT margin 14.5–15.5%.