Spanish propulsion specialist ITP Aero is forecasting another period of strong growth in 2026, after reporting double-digit revenue and profit increases last year.
Bilbao-based ITP in 2025 recorded revenues of €1.88 billion, a 17% year-on-year increase, with EBIT at €321 million, up more than 30% on 2024.
Commercial aerospace, which represents 70% of ITP’s business, led the charge, buoyed by continued demand for new aircraft.
Major milestones during the year included the delivery of the 10,000th low-pressure turbine (LPT) module to long-term partner – and former owner – Rolls-Royce; overall, it shipped 300 widebody LPT modules in 2025.
ITP continues to diversify its operation, last year also handing over the first combustor it built for Pratt & Whitney PW1500G and PW1900G engines.
MRO activities, currently 13% of the total business, are likely to take a larger share in coming years as acquisitions in the sector bear fruit.
In 2023, ITP bought US MRO provider BP Aero and in February this year completed the purchase of Aero Norway, which will further boost performance.
Additional MRO growth can be expected in 2027, when the first PW1500G/PW1900G engines – which power the Airbus A220 and Embraer E-Jet-E2 series – are inducted into the firm’s Ajalvir facility near Madrid.
P&W in 2025 designated the site as part of its global network of maintenance providers for its geared turbofan (GTF) engines.
ITP is investing €100 million in Ajalvir to upgrade the operation to accommodate the GTF MRO work.
Additionally, ITP’s participation in the Eurojet consortium making the EJ200 for the Eurofighter Typhoon will continue to be a strong contributor to its performance, with 160 engines ordered last year as multiple new commitments for the programme were booked.
“2025 has been another exceptional year for ITP Aero. This strong performance is first and foremost the result of our people’s commitment and expertise,” says Eva Azoulay, ITP Aero group chief executive.
“It is also what allows us to continue investing decisively in our capabilities, our industrial footprint and our future technologies, while positioning ITP Aero to play a leading role in the aerospace platforms of tomorrow.”
ITP invested €117 million in R&D activities in 2025, plus a further €101 million in capital expenditure. Those levels are set to be sustained this year.
Under its current five-year plan, ITP is targeting a doubling of profits by 2030.
