ITP Aero record revenues and EBITDA in 2023
The company created more than 500 new jobs
ITP Aero closed 2023 with record revenues of €1,305 million (+25% vs. 2022), posting solid growth in its commercial aviation and defence business units. The company achieved EBITDA of €217m, up from €146m in 2022 (+48%). ITP Aero closed 2023 with a total workforce of 5,007 employees, 11% more than in 2022 (+500 new employees). During the year, R&D activity continued to increase, with an investment of 66 million euros, compared to 60 million euros in 2022.
The company’s strong performance responds to the continued recovery of commercial aviation post Covid and the momentum of the defence sector. Over the past year, ITP Aero has demonstrated remarkable agility and adaptability to market conditions, accelerating deliveries despite the complex supply chain environment and offsetting inflationary pressure, resulting in higher margins across all its business lines.
By 2024, ITP Aero expects to continue to record significant revenue growth, accelerate deliveries and increase the service portfolio to meet customer demand. ITP Aero will remain committed to its growth strategy, which will include organic investments and one-off M&A actions, in order to strengthen its global presence and positioning in the MRO (aftermarket) market.
Eva Azoulay, CEO of ITP Aero Group, commented: “In our first full year under Bain Capital’s ownership, ITP Aero has delivered outstanding results, with record revenue growth of 25% – a significant achievement given the complex environment in which we find ourselves. In 2024, we will remain committed to our growth strategy, with record levels of investment driving our global expansion plan, while advancing our commitment to the development of future flight technologies and specific initiatives linked to decarbonisation”.
Since its acquisition by Bain Capital in 2022, ITP Aero has continued its growth trajectory. Bain Capital has been instrumental in the company’s growth, strengthening its management team and providing the capital investments necessary to expand the company’s global capabilities.
2023 Milestones
In 2023, the ITP Aero Board of Directors appointed Eva Azoulay as CEO of the ITP Aero Group and a member of the Board. The Board also appointed Carlos Alzola as Chief Executive Officer and member of the Board and Javier Lázaro, CFO, as a member of the Board.
Under the ownership of Bain Capital, ITP Aero announced in 2023 the launch of a technological 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 more than €20M, which will be fully operational by the end of 2024, and investments in its foundry business line, both in Barakaldo and in Mexico.
In the twin-aisle commercial aviation segment, ITP Aero delivered more than 260 low-pressure turbines from Rolls-Royce Trent engines and recorded significant progress in the UltraFan demonstrator. In terms of single-aisle aircraft, despite the impact on the GTF engine market, ITP Aero continued to grow with Pratt & Whitney, with new agreements in place.
In defense, phase 1B of the FCAS/NGWS (Future Combat Air System/Next Generation Weapon System) program began in March 2023. As the leader of the engine pillar in Spain, ITP Aero coordinates the national industry, technology centers and universities.
Within its MRO business, ITP Aero completed the acquisition of BP Aero, a leading provider of aftermarket aircraft engine services based in Irving, Texas, USA. This MRO acquisition is the first for ITP Aero and the first in the United States. This is one of several strategic investments that ITP Aero is making and that will result in further growth and development of new aftermarket services for customers around the world.
In terms of ITP Aero’s commitment to more sustainable aviation, the company was listed as a “Gold Medal” in the EcoVadis sustainability rating, ranking as part of the top 5% of global companies assessed. In addition, in terms of investments in R+D, ITP Aero has started key projects focused on the development of electric and hydrogen-based propulsion systems, as well as initiatives related to the use of SAF.
