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9M 2025 RESULTS C O N F E R E N C E C A L L A N A LY S T S A N D I N V E S T O R S MUNICH, OCTOBER 23 rd , 2025 | MTU AERO ENGINES AG 1
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Dr. Johannes Bussmann – CEO since September 1st, 2025 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 2 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 technology I Dr. Johannes Bussmann part of MTU’s Supervisory Board May 2024 – May 2025
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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 Over 25 years of experience with MTU I Held various leadership positions, including: I Head of commercial programs I Head of strategy I Holds a doctorate in Business Administration Dr. Ottmar Pfänder to succeed Michael Schreyögg as new Chief Program Officer 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 3
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9M 2025: Strong performance resulting in EBIT and FCF guidance upgrade REVENUE adj. EUR 6,278 million | Group revenues increased by 22% in USD, driven by strong performance in both Commercial OEM and MRO segments | Commercial OEM growth was supported by strong spare and lease engine sales EUR 995 million / 15.9% EBIT adj./ Margin EUR 279 million / 39% FCF / CCR | Group absolute EBIT increase driven by continued positive OEM business mix and robust MRO margin | FCF mainly driven by GTF Fleet management, improved MRO cash inflow and conscious cash flow management 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 4 GROWTH +19% GROWTH +34% GROWTH +31%
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Positive market trends remain intact 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 5 + Mid-term commercial air traffic outlook of +3-4% p. a. remains encouraging + Cargo traffic growth YTD remains solid with +3.3% + Ongoing strong demand for new aircraft + Further stabilization of supply chain + Demand for spare/lease engines and spare parts elevated + Aircraft and aircraft parts exempt from U.S. tariffs, but challenges remain + Strong defense demand environment sustained by raising budgets - FCAS: Government decision expected by end of year - Weakening USD 5,0% 6,9% 1,9% 5,8% Total market RPK International RPK Domestic RPK Forecast FY 2025 RPK Robust passenger traffic in August 2025 Source: IATA RPK August 2025 YTD Opportunities outweighing current challenges
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U.S. tariffs update — increased transparency on tariff implications 6 I Adapting internal processes to meet U.S. tariff compliance requirements and ensure saving of duties I Review and impact analysis of derivative U.S. tariffs on aluminium and steel derivates I Ongoing contractual negotiations with suppliers / customers / partners to mitigate impacts I Aviation exception for civil aircraft/engines I Origin rules (as basis for application of rules) still in alignment between EU and U.S. I EU: No counter tariffs towards U.S. I Tariff clarification for machineries, engine stands, etc. still outstanding Improved status regarding U.S. tariffs MTU tariff mitigating actions being carried out 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations
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Key milestones in Q3 2025 Strong market demand and product mix drive revenues and margin expansion going forward 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Military Commercial programs Commercial MRO | GTF fleet management program remains on track | GTF A received its EASA certification | Strong order intakes for Embraer E195–E2 powered exclusively by GTF | MTU deepens collaboration with GE on IGTs | MTU Maintenance Berlin expands portfolio with the first PW800 engine induction | MTU Maintenance Lease Services opens parts supply warehouse in China | Germany signed contract for 52 EJ200 engines 7
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213 279 9M 2024 9M 2025 541 720 9M 2024 9M 2025 744 995 9M 2024 9M 2025 5,293 6,278 9M 2024 9M 2025 Financial highlights 9M 2025 – On track for new records 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Growth driven by | Strong commercial OEM and MRO | In USD up 22% | Commercial OEM growth was supported by strong spare and lease engine sales | EBIT benefitted from favorable business mix in Commercial OEM and strong EBIT contribution in MRO | Ramp-up GTF MRO in Q3 | Net Income up in line with EBIT | FCF in line with full year expectation | Headwind from GTF fleet management program | Tailwind from strong cash contribution in MRO segment EBIT adj. | in m€ / Margin in %Revenue adj. | in m€ Net income adj. | in m€ Free cash flow adj. | in m€ 14.0% 15.9% +31% 8 +19% +34% +33%
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OEM | Organic USD commercial revenues up low teens % | Organic commercial OE sales up high single digit % with high share of spare/lease engines | Organic spare parts sales up in the low teens % | Military revenues down 2% but up 3% in Q3 compared to PY 426 418 1,368 1,639 9M 2024 9M 2025 1,794 2,057 +20% -2% +15% 444 24.7% 640 31.1% 9M 2024 9M 2025 +44% Revenue adj. | in m€ EBIT adj. | in m€ / Margin in % Commercial OEM Military Business 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 9 I EBIT margin up due to favorable business mix
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3,577 4,301 9M 2024 9M 2025 Commercial MRO | USD MRO revenues up 24% | GTF MRO revenue share at 40% | Revenues driven by NB, mature WB and MLS | MRO EBIT adj. margin almost stable | Strong at equity contribution | Ramp up impact MTU Forth Worth 300 8.4% 355 8.3% 9M 2024 9M 2025 Commercial MRO EBIT adj. | in m€ / Margin in %Revenue adj. | in m€ 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 10 +20% +18%
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1,860 1,320 660 140 140 580 260 120 2025 2026 2027 2028 Additional hedges Hedge book H1 2025 USD exchange rate / limited risk due to active hedging AVERAGE HEDGE RATE (US $/€) 1.10 1.13 1.14 | Approx. 75% of USD revenues are covered with USD costs via procurement (“natural hedging”) | USD sensitivity will rise over the next years due to increasing net USD exposure | Continuous exchange rate analysis and new hedging contracts | Hedging period: maximum 20 following quarters | Target for hedge coverage: | Year 0: 100% | Year +1: 75 – 90% | Year +2: 30 – 70% | Year +3: 0 – 50% Hedge book as of October 10th 2025 in million USD Hedging model / USD exposure Rolling hedging model 1.16 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 11
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Guidance 2025 – upgraded outlook Revenues expected at the lower end of the guidance range while EBIT adj. and FCF trending higher Organic Revenue Military ~ up mid to high single digit % Commercial OE ~ up mid teens % Commercial spares ~ up low to mid teens % Commercial MRO ~ up mid to high teens % GTF share ~40% Total group sales EUR 8.6-8.8 billion EBIT adj. absolute Up mid twenties % (previous: up low to mid twenties %) Net income adj. Growth in line with EBIT adj. FCF EUR 350 – 400 million (previous: EUR 300 – 350 million) → Tariff impact included → Expected effective FX-rate for 2025 ~1.13 USD/EUR 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 12
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Key take aways from Q3 2025 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 13 Outlook 2026 to be published in February 2026 with preliminary FY 2025 release Market environment remains supportive Excellent operative performance reflected in 9M 2025 results Limited impact from US tariffs Well on track to achieve upgraded FY 2025 guidance Unchanged group revenue guidance despite weaker USD Higher profitability outlook Improved FCF outlook
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14 Appendix 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations
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Order book 2024/12/31 Order book 2025/09/30 15 Group order book down 16%, majority driven by weaker US$ Appendix 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 24.1 bn€ -16% 28.7 bn€
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16 Profit & Loss 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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 -62 -83 -191 -243 Other operating income (expense) 3 6 -13 -13 P&L of companies accounted at equity and equity investments 28 35 74 137 EBIT reported 301 329 9% 722 1,033 43% EBIT adjusted 273 339 24% 744 995 34% EBIT adjusted margin % 14.7% 15.8% 14.0% 15.9% Financial result -10 -20 -32 -1 Profit before tax (EBT) 291 309 6% 690 1,032 50% Taxes (IFRS) -81 -58 -191 -269 Net Income reported 211 250 19% 499 763 53% Net Income adj. 199 241 541 720 EPS reported* 3.90 4.63 9.21 14.00 EPS adj.* 3.68 4.46 9.99 13.21 * without non-controlling interests
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179M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 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 adjusted 273 339 24% 744 995 34% thereof P&L of companies accounted "at equity" 28 34 73 136 Interest result -5 -15 -10 -39 Interest for pension provisions -6 -7 -19 -20 EBT adj. w/o P&L "at equity" 234 283 21% 641 801 25% Tax rate normalized -27% -27% -27% -27% Taxes -63 -77 -173 -216 Net Income adj. 199 241 21% 541 720 33% EPS adj.* 3.68 4.46 21% 9.99 13.21 32% * without non-controlling interests
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189M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 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%
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19 Segment Revenues and EBIT adj. 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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 adjusted Group 273 339 24% 744 995 34% OEM (Commercial / Military) 156 225 44% 444 640 44% MRO 118 114 -3% 300 355 18% Consolidation 0 0 0 1 EBIT adjusted margin Group 14.7% 15.8% 14.0% 15.9% OEM (Commercial / Military) 25.2% 34.8% 24.7% 31.1% MRO 9.2% 7.6% 8.4% 8.3% * adjusted
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20 Research & Development 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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 47 -27% 148 129 -12% thereof booked into sales and COGS 40 18 74 53 thereof booked into R&D according to IFRS (P&L) 25 30 74 77
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21 Financial Result 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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 Interest for pension provisions -6 -7 -19 -20 Financial result -10 -20 -102% -32 -1 98%
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22 MTU’s Cash development January – September 2025 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix 1,747 1,235 0 500 1000 1500 2000 2500 3000 CF from operating activities CF from investing activities Payments for liquidity management Sales Financing Cash and cash equivalents Sep 30th Cash and cash equivalents Jan 1st -512 Acquisition payments for program shares CF from financing activities Translation differences / others Adjustments +279Free Cashflow: Adjusted Non-operating exceptional items: +10 530 -261 10 0 -762 -18 -10 0
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239M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 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 Investment in intangible assets -55 -58 Net Investment in R&D payments and entry fees -33 -36 Net Capital expenditure on property, plant and equipment -248 -154 Net Investments in financial assets 18 -13 Cash Flow from investing activities -318 -261 18% Adjustments -25 10 Free Cash Flow 213 279 31% Cash Flow from financing activities 799 -762 -195% Cash and cash equivalents at 30.09. 1,910 1,235
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249M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 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 liabilities (financing component) 405 434 thereof arising from acquisition of program participations 55 153 thereof from compensation payments due to program participations 350 280 Gross financial debt 2,833 2,387 -16% Cash and cash equivalents 1,747 1,235 Loans to third parties 26 33 Financial assets 1,773 1,268 -28% Net financial debt 1,061 1,120 6%
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25 Working capital 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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%
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26 Balance Sheet 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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-current liabilities 2,997 3,036 1% Current liabilities 6,049 5,040 -17% Total equity and liabilities 12,484 12,191 -2% thereof pension provisions 724 717
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27 PPA Depreciation / Amortization 9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations Appendix (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 amortization (EBIT adjustments) 11 11 1% 32 34 3% OEM 71 44 161 139 MRO 39 39 103 125 Depreciation / amortization w/o PPA and w/o IAE Upshare 110 83 -24% 264 265 0% * incl. amortization of intangible assets, capitalized program assets and purchased development
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9M 2025 Results – Earnings Call | Oct 23rd, 2025 – Investor Relations 28 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 Aero Engines AG. 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, withoutlimitation, 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.