Maintenance, repair and overhaul (MRO)
Maintenance, repair and overhaul (MRO) providers service airline fleets, engines and components. Most large MROs are segments of airline or engineering groups; these profiles show each one as its owner reports it.
Company profiles
Lufthansa Technik
H1 2026 revenue €4,428m, adjusted EBIT €315m and a 7.1% margin; 78% of revenue came from external customers.
ST Engineering Commercial Aerospace
H1 2026 Commercial Aerospace revenue S$2,694m and EBIT S$288m; detailed scope separates MRO, aerostructures and asset management.
AAR
Q1 FY2027 sales US$918m and adjusted EBITDA US$117m. MRO Holdings remained a pending acquisition on 2 November 2026.
HAECO
H1 2026 revenue HK$12,875m and recurring attributable profit HK$662m; operational detail explains the changed airframe footprint.
AFI KLM E&M
H1 2026 maintenance revenue €2,807m, including €1,224m from third parties; adjusted operating profit €120m.
What to compare across MRO providers
MRO covers several businesses with different units of work, revenue mixes and contract structures.
Guide · reporting periods and company definitions remain important
- Airframe maintenance
- Heavy checks, modifications and cabin work use hangar capacity and skilled labour. Manhours or maintenance lines measure activity or capacity, not the same thing as aircraft supported.
- Engines and components
- Shop visits and overhauls describe engine activity. Component support can cover a fleet under a long-term contract. Keep wholly owned operations separate from joint ventures.
- Customer and reporting mix
- Distinguish work for the parent airline from external sales. Parts distribution, leasing and aerostructures can sit alongside repair revenue; total segment revenue is not always pure MRO.
- Read the period and margin basis
- Compare H1 with H1 or full year with full year. Check adjusted versus reported profit and whether internal sales are included before calculating or comparing margins.
Sources: Lufthansa MRO segment · ST Engineering sub-segment definitions · HAECO operating metrics.
At a glance
Latest full financial year for each company, in its own currency and on its own definitions. Read across a row, not down a column: measures differ between companies and are labelled.
| MRO | Latest full year | Revenue | Operating result (measure) | Owner / scope | Employees | Notes |
|---|---|---|---|---|---|---|
| Lufthansa Technik | 2025 · 31 Dec · € | 8,049m (segment revenue) | 603m (adjusted EBIT) | MRO segment of Lufthansa Group | 22,989 | 6,044m from outside the group (calculated) |
| ST Engineering Commercial Aerospace | 2025 · 31 Dec · S$ | 4,986m (segment revenue) | 487m (EBIT before one-offs); 542m reported | Segment of ST Engineering (SGX) | Not published by segment | Aerospace MRO revenue 2,923m |
| AAR | FY to 31 May 2026 · US$ | 3,308m (sales) | 277.8m (operating income); 337.0m adjusted | NYSE-listed; parts supply and repair | Not given | 72% commercial |
| HAECO | 2025 · 31 Dec · HK$ | 23,856m (revenue) | 1,165m (recurring profit); 936m attributable | Aviation Division of Swire Pacific | Not given | Recurring profit 2023: 465m |
| AFI KLM E&M | 2025 · 31 Dec · € | 5,570m (segment revenue) | 267m (operating result) | Maintenance segment of Air France-KLM | Not given | 2,307m third-party revenue |
Source and method
Most MRO businesses are reported as a segment of a larger group, in that group’s currency and financial year. Segment figures are shown as reported; they are not added to or compared with group totals. Each profile lists its primary sources.
Next reporting dates for these companies are in the earnings calendar. Other industry sections: aircraft lessors, engine makers and aircraft manufacturers.
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