ITP Aero reports record revenue and EBITDA in 2023

More than 500 new employees joined the company

ITP Aero reported record cash revenues of 1,305M€ in 2023 (+25% increase vs 2022), with solid growth across its commercial and defence business units. The company reported Cash EBITDA of 217M€ vs 146M€ in 2022 (+48%). ITP Aero closed 2023 with a total workforce of 5,007 employees, an 11% increase compared to 2022 (+500 new employees). During the year, R&D activity continued to increase, amounting to 66M€ vs 60M€ in 2022.

This solid performance was driven by the continued recovery of commercial aviation and tail winds in the defence business. ITP Aero has demonstrated remarkable agility and adaptability to the prevailing market conditions, significantly accelerating deliveries despite a challenging supply chain environment and successfully offsetting inflationary pressures resulting in higher margins across its business lines.

For 2024, ITP Aero expects to continue to see significant revenue growth, ramping-up deliveries and increasing its services portfolio to meet customer demand. ITP Aero will continue to be committed to its investment growth strategy, with organic investments and targeted M&A initiatives, reinforcing its global presence and focusing on the MRO market.  

Eva Azoulay, CEO of ITP Aero Group, commented: “In our first full year under Bain Capital’s ownership, ITP Aero delivered outstanding results, with record breaking revenues up 25%, which is a significant achievement given the complexity of the operating environment. In 2024, we will continue to deliver on our ambitious growth strategy, with record investment levels fuelling an international expansion plan, while progressing on our commitment towards the development of future-flight technologies and to decarbonization through a number of targeted initiatives”.

Since its acquisition by Bain Capital in 2022, ITP Aero has continued on its significant growth path.  Bain Capital has been instrumental in enabling the company on this growth journey by strengthening its management structure and providing the necessary capital investments to expand its global capabilities.

2023 milestones

In 2023, the Board of ITP Aero appointed Eva Azoulay as ITP Aero Group CEO and Board member. The Board also appointed Carlos Alzola as Managing Director and Board member and Javier Lázaro, CFO, as Board member.

Under Bain Capital ownership, ITP Aero announced the launch of its technology and industrial growth plan. The plan includes the construction of ADMIRE (ADvance ManufacturIng aeRospace centEr), a new advanced manufacturing R&D center with an investment of 20M€+, which will be fully operational by the end of 2024, and investments in ITP Aero’s Castings facilities both in Barakaldo and México.

Within the double-aisle segment of commercial aviation, ITP Aero delivered more than 260 low pressure turbines for Rolls-Royce’s Trent engine family and saw relevant progress on the UltraFan demonstrator. In relation to single aisle, despite GTF engine related market impacts, ITP Aero continued growing with Pratt & Whitney with new agreements in place.   

In relation to defence, phase 1B of the FCAS/NGWS (Future Combat Air System / Next Generation Weapon System) programme began in March 2023. As the leader of the engine pillar in Spain, ITP Aero coordinates national industry, technology centers and universities.

Within its MRO business, ITP Aero acquired majority ownership of BP Aero, an Irving (Texas, USA) based leading provider of aircraft engine aftermarket services. This MRO acquisition is a first for ITP Aero and its first in the United States. It’s one of several strategic investments ITP Aero is making and will result in continued growth and the development of new and valued aftermarket services for customers globally.

In terms of ITP Aero’s commitment towards a more sustainable aviation, the company was awarded “Gold Medal” in EcoVadis sustainability rating, positioning itself in the top 5% of global companies assessed. As it regards R&D investments, ITP Aero launched key projects focused on hydrogen powered and full electric engine systems, as well as initiatives related to SAF usage.