Embraer E190 E2 Singapore 2022
HIGHLIGHTS
- 2025 Guidance reiterated. From an operations perspective, the company estimates Commercial Aviation deliveries of 77 to 85 aircraft and Executive Aviation deliveries of 145 to 155 aircraft. From a financial point of view, revenues in the $7 to $7.5 billion range, adjusted EBIT margin between 7.5% and 8.3%, and adjusted free cash flow of $200 million or higher for the year.
- S&P upgraded the credit rating from “BBB-” to “BBB” (two notches above the IG threshold) and, in addition, Fitch Ratings and Moody’s revised their outlook for the company from stable to positive (“BBB-” and “Baa3” ratings or one notch above the IG threshold).
- Revenues totaled $2,004 million in 3Q25 – an all-time high 3Q – +18% YOY. Highlights for Commercial Aviation and Defense & Security revenues with +31% and +27% YOY growth.
- Adjusted EBIT reached $172 million with an +8.6% margin in 3Q25 (+17.6% in 3Q24; +8.7% ex Boeing agreement). U.S. import tariffs totaled $17 million during the quarter (85bp); $27 million YTD.
- Adjusted free cash flow w/o Eve was $300 million during the period because of a higher number of aircraft delivered and lower accounts receivable.
- Embraer delivered 62 aircraft in 3Q25, of which 20 were commercial jets (13 E2s and 7 E1s), 41 were executive jets (23 light and 18 medium), while one was defense (KC-390 Millennium); +5% versus 59 aircraft delivered yoy.
- Firm order backlog of $31.3 billion in 3Q25 – an all-time high.
- Download the full announcement here.
Notes
- Embraer is having an excellent year, and the numbers demonstrate that it is arguably its best year ever.
- Embraer is rightly focusing on reducing production times. With the E2 coming into its own and the A220 clearly struggling to deliver even a dozen per month, faster delivery times are a key advantage.
- In terms of their commercial aircraft, something easily overlooked is that 2025 E2 deliveries outpace E175 deliveries. This has not happened before and reflects a significant change among US regional airlines. The downstream impact should not be discounted.
- If the high-volume model is now seeing less activity, what does this mean for Embraer? The E175 has not seen as much market demand outside the US. India is a natural for it, as is the African market.
- Here’s our Embraer delivery tracker. The E195-E2 is their most popular. The market is also upsizing for Embraer.
AirInsight
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