MTU Aero continues to perform well ahead of the major civil volume ramp-ups. The current year is being boosted by favourable FX and lower R&D. However, medium- to long-term growth is being embedded by an increased participation in both existing engines and current development programmes and in terms of original equipment (OEM) and maintenance repair & overhaul (MRO) services. While the current investment constrains near-term returns on civil OEM activity, both sales and margins should rise significantly over the second half of the current decade.