After the first annual loss in its history, Munich-based engine manufacturer MTU has once again had a record year in 2023. Despite the ongoing engine recall of thousands of Airbus jet engines, the DAX group clearly returned to the black in 2024 and earned more than one billion euros in day-to-day business before interest, taxes and special items for the first time.
Last year, MTU increased its sales by 18 percent to almost 7,5 billion euros, if you exclude the effects of the engine recall in both years. Adjusted for these and other special items, operating profit rose by 28 percent to 1,05 billion euros. The bottom line was a profit of 764 million euros, after a loss of almost 100 million euros in the previous year. At that time, MTU had set aside almost one billion euros for the engine recall.
For 2025, MTU CEO Lars Wagner now expects sales of 8,7 to 8,9 billion euros and an adjusted operating profit that is expected to increase by around 15 percent. However, Wagner will leave the company during the course of the year and move to the world's largest aircraft manufacturer, Airbus. His successor at MTU will be former Lufthansa Technik boss Johannes Bussmann. MTU CFO Peter Kameritsch will also leave the group.
On the stock market, MTU shares initially reacted with losses after analysts criticized the cash outflow in the fourth quarter. Chief Financial Officer Peter Kameritsch attributed this to the expenses for the engine recall.
Since mid-2023, the MTU Group and its US partner Pratt & Whitney have had to repair around 3000 geared turbofan engines, which are mainly used in Airbus jets from the A320 Neo model family. These Airbus aircraft are the most in-demand aircraft type in the world. Work on the engines takes several months because spare parts and workshop capacity are scarce. According to the manufacturer Pratt & Whitney, around 450 Airbus jets are therefore grounded worldwide.
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