德国MTU航空发动机公司业绩展望略低于预期，股价下跌

Core Viewpoint - MTU Aero Engines expects an increase in adjusted revenue for 2026, targeting between €9.2 billion and €9.7 billion, despite a recent decline in stock price due to lower-than-expected cash flow guidance [1][3][8] Group 1: Financial Performance - In 2025, MTU's commercial engine business saw an adjusted revenue growth of 18%, reaching €2.26 billion, while military engine business remained flat [5][9] - The adjusted revenue for Q4 2025 rose to €2.44 billion, exceeding analyst expectations of €2.39 billion [5][9] - The adjusted EBIT target for 2026 is set between €1.35 billion and €1.45 billion, with previous analyst expectations at €1.41 billion [4][8] Group 2: Market Reaction - Following the announcement of the 2026 cash flow and profit guidance, MTU's stock price fell by 7.7%, narrowing its year-to-date gain to 3.3% [3][4][8] - Analysts expressed disappointment over MTU's performance outlook, indicating that weaker cash flow guidance overshadowed the strong Q4 results [4][8] Group 3: Business Segments - The company reported strong growth in its commercial series business, primarily in engine module manufacturing, which is expected to drive revenue for the current year [4][6][8] - The adjusted revenue for 2025 was revised to €8.72 billion, up from the previous guidance of €8.6 billion to €8.8 billion [4][6]