MTU Aero Engines stock rises 1.21 percent as Citi turns bullish

Published on 09/25/2026 at 14:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

MTU Aero Engines stock posted a 14.8 percent adjusted EBIT margin in H1 2026, when adjusted EBIT reached EUR 692 million. Cash conversion rose to 59 percent.

Fotorealistisches Turbofan-Triebwerk unter einem Flugzeugflügel in einer industriellen Wartungshalle; Techniker in blauer Arbeitskleidung laufen neben Gerüsten, warmes Deckenlicht spiegelt sich im polierten Triebwerksgehäuse — Fotorealistisches Turbofan-Triebwerk an Verkehrsmaschine in Wartungshalle. MTU Aero Engines AG, ISIN DE000A0D9PT0, Illustration mit AI erstellt.

MTU Aero Engines stock (ISIN DE000A0D9PT0) traded at EUR 368.10 on Xetra on September 24, 2026 at 5:35 p.m. CET, up 1.21 percent from the prior close. On September 24, 2026, Citi double-upgraded MTU from Sell to Buy and raised its price target to EUR 445, according to Investing.com. The change puts cash generation at the center of the investment case.

Citi sees cash conversion inflection

Citi expects MTU's cash conversion to rise from 55 percent in 2026 to 80-90 percent by 2030, supported by long-term service agreements and lower compensation payments linked to GTF powder-metal issues, Investing.com reported. The bank also opened a positive Catalyst Watch on the stock, making the cash conversion trajectory the key valuation test.

The bullish view contrasts with UBS. The bank kept its Sell rating and EUR 320 price target after its September 16, 2026 research note, while pointing to MTU's planned capital markets day at the end of November, according to Finanznachrichten. The EUR 125 difference between the two targets shows how sharply analysts disagree over the pace of the cash recovery.

H1 adjusted EBIT reaches EUR 692 million

MTU reported H1 2026 revenue growth of 13 percent, adjusted EBIT of EUR 692 million and an adjusted EBIT margin of 14.8 percent. Adjusted net income reached EUR 502 million, while free cash flow increased 39 percent year over year to EUR 294 million, according to the Yahoo Finance transcript.

Cash conversion reached 59 percent in the first half, prompting MTU to raise its full-year 2026 cash conversion guidance to 50-60 percent from 45-55 percent. The same company update cited a EUR 30.4 billion order book at the end of H1 2026, giving the earnings outlook a substantial backlog base.

Bernstein kept its Outperform rating and EUR 450 target on September 22, 2026, citing full order books and resilient air traffic despite geopolitical risks, according to Finanznachrichten. Marketscreener lists October 28, 2026 as the date for MTU's Q3 earnings release, according to its Marketscreener company page.

MTU stock trades above prior close

MTU Aero Engines stock was trading at EUR 368.10 on Xetra on September 24, 2026 at 5:35 p.m. CET, after gaining 1.21 percent on the session. The next catalysts are the October 28 results and the end-November capital markets day, with cash conversion and GTF-related costs likely to shape the debate between the EUR 320 UBS target and the EUR 445 Citi target.