MTU revenue rises 13% to 2.429 billion euros, lifting 2026 outlook to 9.7 billion

Key Facts

MTU Aero Engines raised its adjusted revenue forecast for 2026 to a range of 9.5–9.7 billion euros, from its previous range of 9.2–9.7 billion euros, after reporting third-quarter revenue of 2.429 billion euros, up 13% year over year. The company said in its results statement that strong demand and a more favorable exchange rate for the dollar against the euro supported the revision. The move comes as maintenance and spare-parts activity expands, which the company expects to deliver organic growth in the mid-teens during the year. In the first nine months, adjusted revenue reached 7.116 billion euros, compared with 6.278 billion euros in the corresponding period, according to MTU's results table. The higher forecast raises the lower end of the annual revenue target while leaving the upper end unchanged.

Adjusted revenue in the third quarter was 2.429 billion euros, compared with 2.138 billion euros in the third quarter of 2025. Over the first nine months, revenue increased from 6.278 billion euros to 7.116 billion euros, reflecting sales growth extending beyond the most recent quarter. MTU attributed its forecast revision to strong demand and an improvement in the dollar's exchange rate against the euro, two factors the company said support revenue. It also expects organic growth in the mid-teens in commercial maintenance and spare-parts revenue in 2026. This forecast puts aftermarket services at the center of the expected increase, alongside growth in the company's other businesses.

Adjusted operating profit exceeded 1 billion euros for the first time after nine months, reaching 1.042 billion euros, up 5% from 995 million euros in the same period of 2025. But the adjusted EBIT margin fell to 14.6% from 15.9%, meaning the increase in profit came alongside a year-over-year decline in the margin. Adjusted net income rose 4% to 751 million euros from 720 million euros. The results show growth in absolute profit at a slower pace than the 13% increase in revenue in the first nine months. The figures in the statement did not provide a detailed explanation for the margin decline, so the comparison remains at the level of reported profit and margin.

In the military business, adjusted revenue rose 13% to 472 million euros in the first nine months, compared with 418 million euros a year earlier. The company said growth was driven mainly by the EJ200 engine used in the Eurofighter fighter jet and the TP400-D6 engine used in the A400M transport aircraft. On orders, the order backlog stood at 29.8 billion euros at the end of September, compared with 29.5 billion euros at the end of 2025. That put the backlog value close to the earlier comparison, according to MTU's description. These figures provide context for the volume of contracted business, alongside the performance of commercial and military aviation revenue during the year.

In July, MTU raised its annual cash conversion rate forecast to a range of 50–60%, from 45–55%. The chief executive at the time said demand had remained consistently high in the engine manufacturing and maintenance sectors, adding: "There have been no structural changes, and no orders have been canceled." Those remarks came in the context of the first-half results, while the higher revenue forecast in the third-quarter results provides a more recent indication of the demand the company said supports its business. The annual cash conversion rate forecast remains in the range the company announced in July, according to the information provided. The results presented here do not include a new cash conversion rate figure following the revenue revision.

MTUAY shares closed at $185.52 on October 28, according to EL7 data. The available data did not include the session's high and low prices, so the stock movement reported here is limited to the closing price. The company set November 30, 2026, as the date for its Capital Markets Day. The third-quarter results conference was scheduled for October 29 at 11:00 a.m. Central European Time. The upcoming Capital Markets Day gives investors a later dated milestone on the company's calendar, following publication of the nine-month results and an update to its annual forecast.