MTU AERO ENGINES (+) : Postcard from Dublin

研报英文原文证据摘录

MTU AERO ENGINES (+) : Postcard from Dublin

EQUITIES

AEROSPACE & DEFENSE

MTU AERO ENGINES OUTPERFORMPRICE* EUR300.3  TARGET PRICE EUR410 (UPSIDE 37%)

FLASH NOTE

Postcard from Dublin

11 JUNE 2026 Securities Research Report Production time: 08:15* (London time)

Research Analyst & Publishing Entities

Sebastian Growe BNP Paribas SA (+49) 69 4272 97323 sebastian.growe@bnpparibas.com

What happened?

We hosted a roadshow with MTX’s HIR Thomas Franz in Dublin yesterday, which echoed the constructive message

conveyed by eg Airbus and Safran at our CEO conference last week. Key talking points included 2030 targets and the

underlying assumptions vis-à-vis relevant margin levers, the mid-term FCF potential and updates on GTF AOGs, the

company’s positioning in regards to next generation aircraft and differentiating factors in MRO.

BNPP View:

Current trading: We understand that demand has remained healthy since Q1 and actual discussions with airlines do

not point to a slowdown either, thus mirroring the constructive, if not positive tone struck by eg Safran’s CFO last week.

GTF: On AOGs, MTU has not faced any relevant surprises compared to the initial plan that was put together in reaction

to the metal powder defects that were disclosed in 2023. Related customer compensation typically comes at a c. 80/20

split between direct compensation payments – these are scheduled to phase out by the end of the current fiscal year –

and bilateral agreements with customers in regards to aftermarket activities.

MRO: Based on its position as the world’s largest independent commercial MRO provider, MTU differentiates from

competition via its role as a risk-sharing partner in major engine programs (see above) and its broad portfolio with over