Ladies and gentlemen, I hereby open this year's Ordinary Annual General Meeting of MTU Aero Engines AG. It is taking place as an in-person meeting today for the first time since 2019. Great to have you all. On behalf of the Supervisory Board and the Executive Board, I would like to extend a warm welcome to you all and greet all members of the Executive Board, in particular our new Executive Board members, Chairman Dr. Johannes Bussmann and Dr. Ottmar Pfänder. Welcome to you, as well as the members of the Supervisory Board. We are delighted that you all have accepted our invitation and are thus demonstrating your interest in and commitment to our company. For our non-German speaking shareholders, we provide simultaneous interpretation into English. You can pick up the headsets at the information desk in the entrance area.
Ladies and gentlemen, let me now explain the formalities regarding this Annual General Meeting. Let me point out to you that this General Meeting will be recorded until the start of the general debate and will later be available online on the internet. The general debate will not be available online. I would ask you, ladies and gentlemen, to refrain from making electronic recordings and to set your cell phones to silent mode while you are here in this room during the Annual General Meeting. I note that all members of the Executive Board and the Supervisory Board are present. The minutes of today's Annual General Meeting will be taken by Notary Public Dr. Henning Schwarz, whose offices are located in Munich, and whom I'd also like to welcome.
Today's Annual General Meeting was convened in due time by publishing the agenda in the Federal Gazette on March 26, 2026. A specimen copy of the published agenda is available to the notary. Information about the invitation to the Annual General Meeting was also sent to all shareholders who were entered in the company's share register at the beginning of the 21st day before the Annual General Meeting. The register of attendance is available at the information desk. Please scan your ticket on the tablet provided there. The company has not received any countermotions to the agenda in advance of today's Annual General Meeting.
For the purposes of stock corporation law, the venue for this Annual General Meeting is the entire area covered by the attendant system, namely this room in which we are seated, the lobby outside this room, and the atrium on the first floor, the two elevators and the staircase leading to the upper floor, as well as the restroom facilities on the ground floor and on the first floor. Allow me to point out that catering is available in the atrium on the first floor. We have reserved a few seats in the lobby for people with limited mobility. You can reach the atrium via the stairs and elevators in the lobby. If you need to step out of the Annual General Meeting for a moment, please be sure to take your admission ticket with you.
When you return, you will be allowed back into the meeting upon presentation of your admission ticket. This is the only way for us to be able to keep the register of attendance up to date. If you are leaving the Annual General Meeting for good, please check out at the exit counters and hand your admission ticket to the staff there. To ensure that you can continue to exercise your shareholder rights, you have the option of appointing another attendee at the Annual General Meeting to act as your proxy. You are also welcome to authorize the proxies designated by the company. Please let the ladies and gentlemen at the exit counters know. If you got any questions, please ask the ladies and gentlemen at the exit counters or at the information desk.
Following the general debate, you will have the opportunity to exercise your right to vote and vote on the agenda items of this Annual General Meeting. I will explain the voting procedure immediately before the vote. I would like to point out right now that voting will take place only here in this room. I would therefore ask you to return to this room for the vote and not to leave it during the ongoing vote. Thank you very much for your understanding. Following the Executive Board's report, we shall hold a general discussion on all items on the agenda. In this general debate, all shareholders and shareholder representatives can have their say and ask questions on all items on the agenda.
The company published Dr. Bussmann's speech and my speech today on the investor portal a week before today's meeting to give shareholders the opportunity to prepare for the meeting. Anyone who would like to speak should please come to the speaker's desk, state their name, and present their admission ticket. The speaker's desk is located to the left of the stage from where you are seated. If you have any motions regarding the rules of procedure, please submit them in writing along with your request to speak. We will then determine whether these should be given priority. Even if you have already submitted questions, motions or election proposals in writing prior to the Annual General Meeting, you will have to repeat them once again during the meeting verbally.
I would like to ask those of you who have asked to speak to step up to the lectern which is on your right from where you are seated, so over there and to start speaking from there when your name is called. I will call the current speaker and the following speaker to wait in the wings so that you can get prepared. This concludes my introductory remarks on the formalities. Ladies and gentlemen, we now come to the agenda, the full text of which has been made available to you all.
Let me now call item one on the agenda: Presentation of the adopted annual financial statements, the approved consolidated financial statements, the combined management report for the company and the group and the report of the Supervisory Board including the explanatory report of the Executive Board on the statements pursuant to Sections 289a and 315a of the German Commercial Code HGB each for fiscal year 2025. I would like to state the following in this context. Sorry for that. The aforementioned documents have been made available on the company’s website since the Annual General Meeting was convened. The documents are also available for review today during this Annual General Meeting at the information desk in the entrance area. I would now like to present the report of the Supervisory Board.
In this context, I am referring to the report of the Supervisory Board printed on pages 10 and following of the annual report. Ladies and Gentlemen, MTU can look back on another successful fiscal year. The company is ideally positioned in the market and highly efficient in operational terms. This is reflected in the company's sustained profitable growth. Revenue and earnings figures for 2025 are better than originally forecast. Adjusted operating profit in particular saw marked growth along with free cash flow. Thanks to its technological edge, balanced portfolio and broad customer base, MTU is perfectly positioned to achieve a further rise in revenue and earnings on an adjusted basis in 2026 too and to go on growing in the years to come.
On behalf of the entire Supervisory Board, I would like to thank the Executive Board and all employees for their successful work and high level of commitment in 2025, which was yet another year that presented challenges. We would also like to thank the Works Council for their constructive cooperation and in particular the shareholders for the trust they have placed in the company in the past and in the current year. The Supervisory Board will continue its close and trusting cooperation with all stakeholders in 2026. Let me now comment on the Supervisory Board's activities in detail. The Supervisory Board fully performed the duties of oversight and advice entrusted to it by law, the articles of association and its Rules of Procedure with due care in 2025.
The Supervisory Board regularly advised the Executive Board on the management of the company, continuously supported and monitored the management of business activities and assured itself that the Executive Board's dealings were proper and lawful. The Supervisory Board and its committees were informed and consulted in a direct and timely manner on all decisions of consequence for the company. The Executive Board provided the members of the Supervisory Board with regular prompt and comprehensive information on the company situation. The Supervisory Board received monthly written reports on the company net assets, financial position and results of operations. At its meetings, the Supervisory Board also discussed the business performance of all companies affiliated with MTU. The Supervisory Board discussed strategy and all important projects with the Executive Board. After careful examination and deliberation, the Supervisory Board endorsed the company strategic direction with focus on sustainable and profitable growth.
The Supervisory Board passed resolutions on all transactions requiring approval after reviewing and discussing them with the Executive Board. If necessary, preparatory meetings also held without the Executive Board. Moreover, the Supervisory Board regularly schedules meetings without the Executive Board. As in previous years, in 2025, the Supervisory Board examined and oversaw MTU's internal control mechanisms. The main focus was on risk management system, Internal Control System, internal auditing, and legally compliant corporate governance. The Audit Committee involvement and preparatory work were essential in this regard. Through regular dialogue with the Executive Board, assessed adequacy and effectiveness of these systems. Furthermore, the Supervisory Board looked extensively at the company compliance. Regarding transactions with related parties, the company has an internal procedure in place to ensure compliance with stock corporation law requirements. During the reporting year, there were no transactions with related parties that required consent or disclosure.
The Supervisory Board held five regular meetings in fiscal 2025. Four of these meetings were held in person and one meeting was held as a hybrid meeting, that is, some Supervisory Board members attended in person, others by video conference. In addition, there was an Extraordinary Meeting held in a hybrid format. All members attended all meetings. Attendance rate was thus 100%. This underscores the strong commitment of all members. In 2025, personnel decisions regarding the Executive Board were a key focus of the Supervisory Board's activities. During the reporting year, the Supervisory Board approved and successfully implemented several succession plans. All decisions were carefully prepared and made with a view to ensuring long-term stable corporate governance. Our shareholders were already aware of the decisions regarding Johannes Bussmann and Katja Garcia Vila as successors to Lars Wagner and Peter Kameritsch respectively prior to the last AGM in May 2025.
Another positive development is the fact that we have reached an agreement with Dr. Silke Maurer to extend her contract by five years through the end of January 2031. In July 2025, the Supervisory Board appointed Dr. Ottmar Pfänder to succeed Mr. Schrayer effective 1st of January 2026. Mr. Schrayer had already announced at an earlier point in time that he would not be available for another term. Through his wide ranging contributions, Mr. Schrayer has played a key role in shaping MTU's success story. He played a key role in driving the tremendous growth of the maintenance business by expanding the global service network, thereby significantly shaping MTU's strong position in both the commercial and military sectors. For this, we owe him our heartfelt thanks. In Dr. Pfänder , we have found a proven expert and a successor with an excellent professional network.
With his extensive business experience and strategic vision, he is now playing a leading role in MTU's success. In addition to these important personnel decisions, a key focus of our work was on MTU's strategic direction and its sustainable development. In several meetings, we discussed medium and long-term growth options, technological priorities, and investment and expansion projects, including those at international locations such as our facility in Fort Worth, Texas, or the MRO joint venture site in China. In addition, we addressed among other things, MTU's financial economic performance quarterly and half year results, the company's strategic direction, key operational projects, and the impact of geopolitical uncertainties, including supply chain risks and the aircraft on ground situation regarding the GTF engines. Other key topics included issues related to efficiency, supply chain resilience, IT security, and personnel and resource planning.
At the end of 2025, the Supervisory Board, as usual, devoted considerable attention to operational planning and the budget for the 2026 fiscal year. The planning was thoroughly scrutinized, critically evaluated, and ultimately approved. Another focus of our work was executive compensation. The Supervisory Board thoroughly examined the achievement of targets for 2025, as well as the determination of short and long-term performance based compensation or remuneration for subsequent years. In doing so, particular emphasis was placed on sustainability goals, ESG components, and an appropriate incentive structure. In the Supervisory Board's view, the compensation system is appropriate, transparent and performance oriented. The work of the Supervisory Board is largely carried out and supported by its committees. In addition to the nomination committee which met once last year, the Supervisory Board has three committees with equal representation: the Personnel Committee, the Audit Committee, and the Mediation Committee.
The full Supervisory Board receives regular reports on their work. The Audit Committee met 6x during the reporting year with a 100% attendance rate. It focused primarily on the annual and consolidated financial statements, accounting practices, sustainability reporting, the internal control and risk management system, the compliance organization, and the work of the Internal Audit Department. It carefully prepared the resolutions of the Supervisory Board. During its meetings and in additional direct discussions outside of meetings, the Audit Committee received reports from the external auditor regarding its audit strategy, audit process and quality assurance concept, thereby monitoring the independence and quality of the audit. As a result of its review, the committee recommended that the Supervisory Board adopt the annual financial statements, approve the consolidated financial statements, approve the combined management report and the non-financial statement, and approve the Management Board's proposal for the appropriation of profits.
After their review, the Supervisory Board approved the annual financial statements, the consolidated financial statements, the combined management report, the non-financial statement, and the compensation report, all of which were accompanied by unqualified audit opinions from the auditor at its meeting on the 17th of March 2026. This means that the annual financial statements are thus adopted. The Supervisory Board approved the Executive Board's proposal for the appropriation of net profits after weighing the interests of the shareholders and the company. The Personnel Committee met 4x during the fiscal year with an attendance rate of 100% too. It prepared all resolutions regarding appointments to the Executive Board, contract extensions, and compensation matters, and submitted the corresponding recommendations to the full Supervisory Board. Its deliberation also addressed issues of long-term succession planning and the further development of the compensation system.
The nomination committee met on an ad hoc basis in connection with the election of new shareholder representatives to the Supervisory Board. The mediation committee did not need to be convened during the reporting year. The Supervisory Board also once again critically examined the effectiveness of its own work as well as that of its committees. As part of a structured self-assessment supported by an external consultant, the organization information flow, culture of discussion, cooperation with the Executive Board, and strategic challenges were comprehensively analyzed. The results confirm an efficient and objective approach to work and simultaneously form the basis for continuous improvement. In summary, I can state the Supervisory Board closely monitored, critically examined, and actively supported MTU's development in fiscal year 2025. We are convinced that the company is strategically well positioned to remain successful even in a challenging environment.
On behalf of the Supervisory Board, I would like to thank the Executive Board for its open and constructive cooperation. Now, with regard to the changes in the company's governing bodies, I have already explained the changes in the Executive Board. There were two changes to the Supervisory Board in 2025. On the shareholder representative side, the term of office of Professor Dr. Marion Weissenberger-Eibl ended with the conclusion of the Annual General Meeting on the 8th of May 2025. The Supervisory Board would like to take this opportunity to once again thank Professor Dr. Marion Weissenberger-Eibl for her many years of service and her great dedication. Dr. Johannes Bussmann was elected to the Supervisory Board of MTU at the Annual General Meeting on the 8th of May 2024, but as you are aware, he resigned from his position due to his move to the Executive Board.
To replace Professor Dr. Weissenberger-Eibl and Dr. Bussmann at the Annual General Meeting on the 8th of May 2025, Dr. Detlef Kayser and Dr. Peter Weckesser were elected to the Supervisory Board of MTU as shareholder representatives. There were no changes on the employee representative side. That much for now from my side. I would now like to give the floor to Dr. Johannes Bussmann, our CEO, for him to present the report of the Executive Board. Over to you, Dr. Bussmann.
Really impressive pictures. They make an impression, don't they? You can see from these images why we love aviation: precision, power, and the ability to connect people. Already as a young boy, I always wanted to understand how something so heavy could fly at all. I grew up in a rural low-flying area, and I used to watch the jets pass by completely spellbound long after I had taken my hands off my ears. Shareholders, shareholder representatives, welcome to the Annual General Meeting of MTU for the year 2025. Two years ago, almost to the day, I introduced myself to you as a candidate for the Supervisory Board at that point. A lot has happened since then, obviously, and today I am in a position to report to you for the first time as CEO on how your company is doing.
In short, MTU is on the rise. MTU is growing. The whole MTU team is getting down to it for MTU today and for our future. Since January, our Executive Board team has been fully completed. In Katja, Silke, and Ottmar, we have an excellent mix of experience in MTU, aviation, and other sectors. This helps us a lot in our day-to-day work to preserve what is good, as well as to create fresh momentum. We have mapped a clear trajectory, and we are on our way at full thrust. What are the next minutes going to be about? Firstly, what did we deliver in 2025? Secondly, we are taking advantage of the major market opportunities ahead of us. And thirdly, we achieve this together as one MTU team to ensure that MTU will be even stronger tomorrow than it is today.
2025 was a strong year. Despite tariffs and a weak U.S. dollar, we delivered very reliable results. Our adjusted revenue was up 16%, adjusted EBIT was as much as 29% higher, and adjusted net income rose by 27%. What is particularly important is that our free cash flow doubled. Strong revenue, strong earnings, and strong cash flow. These impressive figures are no accident or coincidence. They show that we keep our word, and they are the result of operational strength. We did a number of things right in 2025 in the commercial and military business and, of course, in maintenance. I am sure that in our commercial business you want to know how things are going with the Geared Turbofan engine. As you are aware, 2.5 years ago, our consortium started an unscheduled recall to workshop of the GTF.
The reason was a materials issue in a component produced by our partner Pratt & Whitney. Since then, we at MTU have been making a very substantial contribution to the solution. Our teams are focusing on working through this schedule reliably, and the problem should be resolved by no later than early 2027, and financial matters with customers as early as this year. Our customers will be happy with that because they rightly expect their aircraft to be up in the sky and able to earn money as soon as possible. Of course, we are happy as well ourselves. The GTF has been in operation since January 2016. In these 10 years, it has carried over 1.7 billion passengers, and it saved 10.6 billion liters of fuel and completed over 50 million flight hours. The GTF stands for strength in the present and for stability in the future.
Let us stay with the present for a little while longer. The focus on our business with military engines is greater than ever. Our most important products are the propulsion systems for the Eurofighter and the A400M transporter. The Eurofighter is currently protecting NATO's eastern flank, and new orders from Germany, Italy, and Turkey have secured volume production of the engines well into the 2030s. In the maintenance business, we service and repair engines at locations between Vancouver and Perth, between Zhuhai and São Paulo. In total, our network maintained around 1,500 engines in 2025, and this means we got fit an average of four engines every day for customers ranging from United Airlines through DHL down to China Southern. This makes us the number two worldwide.
Our focus is always on finding the best solution for our customers, and we are also constantly looking for ways to further improve our processes for them. For example, we recently acquired a stake in a software provider that digitizes data covering the entire life cycle of an engine. This is intended to make our leasing business even more convenient and straightforward for our customers. It is only a small example, but it makes one thing clear: You do not have to do everything yourself. Whenever we find good solutions on the market, we seize the opportunity, always with the customer's added value in mind. Our share price has reflected this operational strength since the Annual General Meeting a year ago. But despite strong results and good prospects, our share price has been under pressure in recent months, not least because of the conflicts in the Middle East.
We do not take your loyalty for granted. Thank you very much for your support. It is also one of the reasons for proposing a dividend of EUR 3.60 per share. That is EUR 1.40 more than last year and represents a payout ratio of 20% of MTU's adjusted net income. It is a clear signal that we intend to gradually return to our target payout of 40%. Our global MTU team is making today's and tomorrow's strengths possible. On behalf of the entire Executive Board, I therefore want to say thank you to almost 14,000 colleagues. Thank you for your passion, your expertise, and your commitment to MTU. Thank you. Getting down to it. That is our stance. We accept challenges, we seize opportunities, and we actively shape our future.
This will naturally also apply in 2026. The number of passengers carried worldwide is set to rise again this year to 5.2 billion. That is as if every person in Europe boards a plane 7x . Our order books are bulging, the backlog equating to more than three years work. Although the most recent conflict in the Middle East are currently weighing on aviation, we are confident that this will not change anything in the positive long-term trend. We are well represented with our modern engine products, and we are expanding this portfolio. This is what makes us resilient. For MTU, this means that we will continue to grow profitably and in all business areas, commercial, military, and naturally also in maintenance. Now, this translates into our firm 2026 targets.
We want to increase adjusted revenue to between EUR 9.2 billion and EUR 9.7 billion and generate an adjusted EBIT of between EUR 1.35 billion and EUR 1.45 billion. Adjusted net income is to follow a similar trajectory, and we aim to achieve a ratio of free cash flow to adjusted net income of between 45% and 55%. In short, we deliver, we grow, and we create value sustainably and profitably. Getting down to it does not end in the here and now. It is the driver of our future. Of course, we are shaping this future in all three areas: commercial, military, maintenance. Future in the commercial business means more aircraft and more sustainable aircraft. In the next 20 years, the number of aircraft in the sky will double, driven above all by growth in the middle class in India and Asia.
At the same time, these new aircraft must become more sustainable. So how can we achieve that? For example, with efficient and modern production. For almost two years now, we have been manufacturing turbine discs in the world's most advanced automated production building in Munich. In automatic processes, industrial robots equip components, tools, and machines, lathes, and milling machines work as part of a network. Today, we can output up to 6,000 low pressure turbine disks a year. For example, for the GTF. In 10 years time, this number may double. Automation increases capacity, quality, and profitability. We will achieve more sustainable aircraft by tapping into the wealth of experience from over 50 million GTF hours flown. We are enhancing the engine further, making it even more efficient, quiet, and even more economical.
I say even more because the GTF already has the lowest fuel consumption and the lowest CO2 emissions of all short and medium haul aircraft. The enhanced variant is called GTF Advantage. It meanwhile has all the approvals and the engine will take off in the course of this year. Customers can then use shop visits and let the GTF upgrade with the improved components of the Advantage. The same as it happens during a pit stop, the engine leaves more efficient than it arrived. The next step is to further develop the GTF so that it can power a next generation of aircraft. This timeline will take us into the second half of the next decade. In our industry, that is not as far as it sounds. I am sure that you can imagine it, that such an engine cannot just be developed and trialed overnight.
That is why we and our U.S. and Japanese partners decided already back last fall to take the GTF into the future together to develop the next generation jointly for more efficiency and fewer emissions. Future for us therefore means we are making our engines even more sustainable step by step. We are building them to our usual high standards of quality, and we are building more of them. The environment is more complex in the military business. It all appears clear. Future means that Germany needs greater military autonomy. The war in Ukraine, if nothing else, has made this painfully clear over the past four years. The status quo is that Germany depends on the United States for its air defense and will have to change that to ensure national defense capabilities and for European sovereignty. Autonomy is created by actions and not by words and waiting around.
As committed Europeans, we would be very disappointed if the decision regarding the next generation of European fighters continues to be further delayed. MTU has demonstrated its expertise in military engine construction for decades, especially in the Eurofighter. We are convinced that Europe needs a European fighter, not only for independence in defense, but also to create jobs and safeguard expertise in Germany. It is equally indisputable that a European fighter needs a European engine. The engine is its heart. Politicians must finally make a clear decision on how to proceed. Declarations of intent alone will certainly not make Europe more independent. At MTU, we have prepared in the past few months alternative scenarios for engine development, and we are ready to do our part. We do not waste time on either/or debates.
Manned fighter jets or unmanned drones, we need a combination of both, and that is why we are strategically expanding our portfolio. As a first step, we acquired a German provider of drone propulsion systems a month ago. With AeroDesignWorks, we gain immediate access to the market and an existing product, in this case, propulsion systems for light drones. These autonomous systems are becoming increasingly important in European defense strategy. Demand is growing rapidly, and over the next 10 years, the global market volume is expected to more than triple. The demand is there. European drone providers are there. What has been missing so far are European propulsion systems, and this is where MTU comes in. We bring decades of experience with military propulsion systems to the table. We can deliver reliable series production with the required quality.
With our industrial strength, we aim to give the European drone market additional momentum on the propulsion side because European sovereignty can only be achieved where we have our own industrial mastery of our own military capabilities. MTU has strategically positioned itself in this growth market. With AeroDesignWorks, we power light drones. Through our subsidiary, eMoSys, we can offer electric propulsion systems. For heavier drones, there are good opportunities to utilize conventional engine technology as well. We intend to expand our capabilities on this foundation. Looking ahead, we aim to be able to power a large portion of the drone spectrum. Wherever appropriate, we are happy to do so in collaboration with European partners. Our goal is for MTU to become the go-to partner for military engines in Europe, from rescue drones to fighter jets, from transport aircraft to helicopters.
Because here too, we are moving forward through our own initiative. Together with partners from France and Italy, we are working on a new, purely European next-generation helicopter engine. We have just received a funding commitment from the European Defence Fund for this project. All of these are examples of how we seize opportunities when they arise for our business. Because for us, future means that Europe needs to determine the course of its security policy and put it into practice, and that's what we at MTU are using our expertise for in a targeted manner. In the maintenance business, by contrast, the conditions are crystal clear. The global aircraft fleet in the sky will double, and their engines will naturally require maintenance. So how can we achieve that? We are growing through capacity, competence, and customer proximity.
Last year, we increased capacity at our site in China by opening a second plant and a second test cell in Poland. We have created new competence in Ludwigsfelde. New competence means that the workshop is developing skills for a new engine type, the PW800 engine for business jets, in this case. This segment has been on the rise again since the coronavirus pandemic and is turning into a market with much potential. We are developing greater competence, capacity, and customer proximity also at our site in Texas. We are expanding Fort Worth into a fully fledged location because we have acquired the license to serve the LEAP engine. In terms of quantities, that is one of the largest engine programs in the world, and it's used by both Airbus and Boeing.
I very recently spent time with the Site Manager, Gernot Sell, on-site, and the video you're going to see now gives you a glimpse behind the scenes of this visit. I'm here in Fort Worth, Texas. Behind me, you can see our new facility where we will initially repair the LEAP engine. This engine is mounted beneath the A320neo and the 737 MAX, and its population is huge. We are therefore looking forward to opening this facility. It's, of course, a lot of work to build such a location, but I'm pleased to be here today to take a good look at it. Hello.
Welcome to MTU Maintenance Fort Worth. We've achieved a great deal here. Come inside and take a look at what we've already accomplished.
I can't wait. Now, that's an impressive space.
That's right. We have all the space we need here. We will load the first LEAP engine in the order system in July. From here, we will serve the North American market in the future, serving LEAP and later also GEnx, and we will be able here as a support pillar for the future growth of MTU Maintenance.
I am looking forward to that. We will love to come back once the action has started.
We can hardly wait for things to start ourselves. Here we can see the area that we are constructing right now, so we can subsequently introduce the LEAP at the location. We will install the FORGE systems here which will later be available for disassembling and assembling the engines, and then the modules that will also be disassembled and assembled next door. Shall I show you the training center now?
Yes, let us go.
This is our training center, which we opened in November of last year. This is where we have launched the training of the first batch of 23 mechanical engineers whom we are training on LEAP-1B and on the MTU systems.
Hi, Austin. Good to see you, Austin.
Hey, good to see you.
Austin, what are we doing here?
Right now, we are in the heavy maintenance training portion of rolling into LEAP-1B. We are currently focusing on some major modules right now. We are actually working on a fan module right now.
This is really laying the foundation for quality. Put down the foundation for MTU DNA, for our commitment to quality, to deliver an airworthy engine of the highest quality to customers as we are used to.
Does it mean that at the end of this training program there will be exams and everybody will have to pass a test?
Yes, absolutely. Here we set both the practical and theory exam to ensure that we achieve and guarantee the relevant quality standards.
Very impressive facility. Really great. I am looking forward to when it starts in earnest. For now, wish you good start. Be back soon.
We are also looking forward to them.
Many thanks. Right. I am sure you have noticed their enthusiasm there, and our team is getting work done. By the way, the fourth system that Gernot mentioned stands for fixed overhaul system. The engine is suspended from it to make it easier and more efficient to work on it. In fact, that is something we developed ourselves. I am sure that you have seen just how fired up I was even after so many years in the aviation industry. It is something special for me when a shop like this is built from the ground up. Now, just imagine those enormous hole spaces you saw would be jam-packed with engines in a year's time. Now, for us future means that we are growing internationally, we are expanding our skills and we go where our customers are.
A single red thread runs through everything we do and that is balance. First, that means we think globally and we strengthen our international presence. We act in partnerships and we have a balanced business portfolio. We are at home in both the commercial and the military area with strong products. Now this balance protects us. It reduces risks and it strengthens our resilience. We invest to secure our stable position, investments that we can afford thanks to our operational strength in new sites, expanded sites and ensuring our team has the necessary qualifications in new product and systems, all these both globally and here in Germany. These investments are a sign of our confidence in MTU and also in Germany as a place to do business, an important and clear signal especially in our times. This faith in ourselves and potential translates into medium term outlook.
We expect revenue between EUR 13 billion and EUR 14 billion in 2030, which is 50%-60% than 2025. Adjusted EBIT margin planned to be between 14.5% and 15.5%. When you look at your own securities account, not likely see companies forecast such growth rates right now. MTU's success starts with our products, and it is evident in the fact that we reliably supply customer intend keep it that way in future. That's why we are committed to tackling aviation's greatest challenge, achieving zero emissions. It is our duty to provide solutions for this, after all technical challenges are best solved through engineering and not in an ideological way. In the short term, the c omprehensive use of sustainable fuels could a lot. The engines are already able to b urn this fuel today, and the airport infrastructure needed is also working as well.
With this s olution, we could use all infrastructures we have today. Or simply put, as soon as we have enough green fuel very quickly. We can fly sustainably. The actual challenge is production. Large quantities at affordable prices are required. In the medium term, we want to further improve the Geared Turbofan which is already a vision today just I talked about it. Conventional engines will remain a key component in the future, especially for long haul flights. But our perspective does not end here. In aviation we have to look decades ahead. Firstly, we need this vision because of our extended development and production cycles. Secondly, real technological change can only be achieved with vision. In the long term, hydrogen has this potential because of its energy density.
It is at present the only technology which we consider emission free flying feasible on a commercial scale. Build such a future, it needs real development work. MTU is working on the Flying Fuel Cell to provide the propulsion system for our hydrogen powered aircraft. I've b rought something for you. This plate represents our opportunity to rethink flying. I still remember, what I thought when I first saw it how unremarkable, but in essential component for an aircraft that will one day only emit water vapor. This fuel cell c onverts hydrogen and oxygen into electrical energy and water. In other words, exactly what a fuel cell aircraft is intended to use for propulsion, respectively for emission. In the animation here, you can see that we stack these cells. They thus provide enough voltage for the electric propulsion system, which in turn drives the propeller.
With such a propulsion system, we aim to reduce current emissions to zero. No carbon dioxide, no nitrogen oxide, no particles that form contrails. Ladies and gentlemen, why am I showing you this? Because it's an example of how we are developing the technology for the next generation of aviation. There is still some way to go, but we are making progress through actions, not words. Work on the technology is underway. The challenge will be getting it into the aircraft. This is why we agreed with Airbus last summer to collaborate on the development of such propulsion systems. This automatically brings me to my last point for today, getting down to it together now and in the future. We have always worked successfully in partnerships in the commercial and military business.
We are counting over 15 partnerships in total. We work just as closely with our suppliers and customers. A cornerstone of partnerships is that the partners can rely on each other. Our partners can do so because they know a healthy and high performing MTU is at their side. Our suppliers can do so because they can count on us even in challenging times. Our customers can do so because we look for the best possible solution for them. We are also reliable for our employees as an employer now and in the future. Together as the MTU team, we are after all tackling one of the most beautiful challenges there is, profitable growth. Of course, we are reliable for you, our shareholders.
We reward your loyalty. We systematically let you share in MTU success in the form of attractive dividends. Reliability is more than a word for us. It's our promise. Ladies and gentlemen, what was my focus today? Firstly, we achieved a lot in 2025 and we are planning much, much more. Secondly, we are financially strong and a technological leader. Thirdly, we are getting down to it for the future of Europe and our MTU for sustainable and profitable growth. For this, we drive innovations. We invest and we deliver with a clear trajectory and at full thrust because we know our tomorrow will be even better than our today because we take it in our own hands.
Ultimately, there is one driving force and one responsibility that unites us and that's our passion for engines. We connect people and we make sure that millions of people travel safely. Thank you for walking this path together with us. Thank you for your attention.