MTU announced adjusted 9m 23 figures above the market expectations. The main revenue driver was the GTF engine for the A320neo and this was supported by the growth in the spare parts business which expanded across all the businesses. The OEM EBIT margin was supported by a favourable business mix and FX tailwinds and, contrary to our expectations, the MRO EBIT margin held up well despite the high share of GTF. Given this strong performance, the company confirmed its FY23 guidance.
