ITP Aero Exceeds Expectations with Record €1.61 bn Revenue in 2024, Up 24%

• The company marks the second consecutive year of strong double-digit growth, driven by the strength of its commercial aviation business unit and the growth of the MRO market, with tailwind in its defence business.

• ITP Aero registered an EBITDA of €295 million, up 43% compared to 2023.

• ITP Aero also invested €102 million in R&T in 2024 representing a 55% increase over 2023.

• The company closed 2024 with a total workforce of 5,689 employees, a 13.6% increase compared to the previous year.

ITP Aero, global leader in the aerospace propulsion and commercial aviation industry, reported record revenues of €1.61 billion in 2024, a 24% increase compared to 2023. The company, majority owned by Bain Capital, also posted EBITDA of €295 million, representing a 43% increase from the €217 million achieved in 2023. In addition, the company invested €102 million in its research and development (R&D) activity, marking a significant growth from the €66 million invested in 2023.

In support of this growth, ITP Aero expanded its workforce in 2024 with the addition of more than 730 new employees, with more than 430 of them in Spain. Bringing ITP Aero’s total workforce to 5,689 employees—a 13.6% net increase from the previous year.

This outstanding performance was driven by continued robust demand for its products powering today’s most advanced commercial aviation platforms, combined with growth in MRO and in defence. The Commercial Aviation industry grew 10,4% (RPK – revenue passenger kilometre) last year and the trend is expected to continue into 2025. With more than 75% of ITP Aero’s business being in support of Commercial Aviation, ITP Aero is well positioned to continue to support the long-term growth of the industry.

Despite the challenges of a fluctuating global economy and complex supply chain dynamics, ITP Aero demonstrated impressive agility and resilience. In 2024, the company was able to significantly increase deliveries to its customers, while sustaining high levels of performance and efficiency. As such for 2025, ITP Aero expects to maintain strong growth momentum, with continued investment in expanding its delivery capabilities and enhancing its services portfolio to meet growing customer demand. The company is committed to driving further innovation through strategic investments and pursuing additional M&A opportunities to strengthen its global presence and focus on the MRO market.

Eva Azoulay, CEO of ITP Aero Group, commented: “2024 was an incredible year for our company, marked by exceptional performance and continued momentum. Our strong market position, in commercial aviation, defence and MRO combined with our relentless commitment to excellence and the passion and dedication of our incredible team have been the driving forces behind our success. Further, our investments in R&D and expanding our workforce highlight our long-term commitment to innovation and delivering sustainable growth.”

The CEO of ITP Aero Group added: “Looking ahead at 2025, we are confident in our ability to execute on our ambitious growth strategy and continue delivering outstanding results. With the strong support of our shareholders, we will expand our international footprint and advance critical technologies to sustain and grow our strong leadership in the commercial aerospace industry.”

2024 was another strong year in terms of investments in capacity and technology, with investments reaching more than €235 million since the acquisition by Bain Capital in 2022.

2024: A year of strategic growth and expansion for ITP Aero

In 2024, ITP Aero made significant strides in its global strategy through key acquisitions, facility expansions, and sustainability achievements.

Last year, ITP Aero completed the acquisition of BP Aero, an Irving (Texas, USA) based leading provider of aircraft engine aftermarket services. This acquisition in the MRO sector is a first for ITP Aero and its first in the United States. Further, it is one of several strategic investments ITP Aero is making as part of advancing its overall maintenance, repair and overhaul capabilities and global reach.

Additionally, in 2024 ITP Aero inaugurated its new casting manufacturing and logistics facilities at its Querétaro (Mexico) site. The expansion of ITP Aero’s facilities in Querétaro represents an investment of €28 million and the creation of up to 250 new jobs over the next three years. During 2024, ITP Aero workforce in Mexico surpassed 1,000 employees for the first time in its history.

In Commercial Aviation, ITP Aero continued growing with Pratt & Whitney with new agreements that expanded our relationship. Additionally, the company strengthened its collaboration with Rolls-Royce where ITP Aero delivers a wide range of components and modules; increasing deliveries by 15% for the Trent engine family.
In relation to defence, as the leader of the engine pillar in the FCAS/NGWS (Future Combat Air System / Next Generation Weapon System) programme, ITP Aero continued with the development of cutting-edge technology in coordination with its partners.

The company also opened its advanced manufacturing center ADMIRE, which will accelerate the company’s technology developments toward more sustainable aviation and employ more than 150 highly qualified professionals. ITP Aero invested €24 million in this cutting-edge technology center.

In terms of ITP Aero’s commitment towards a more sustainable aviation, the company was awarded last year “Platinum Medal” in EcoVadis sustainability rating, positioning itself in the top 1% of global companies assessed.