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Embraer (EMBR3) investor relations material
Embraer Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record second quarter revenue of $1.8 billion, up 22% year-over-year, with the highest Q2 adjusted EBIT margin in a decade and backlog reaching an all-time high of $29.7 billion, up 40% year-over-year, driven by strong demand across all business units.
Deliveries increased 30% year-over-year, with book-to-bill ratio near 2:1, reflecting operational efficiency and production leveling initiatives.
Major orders included SAS (45 E195-E2s), SkyWest (60 E175s), and Portugal and Lithuania expanding KC-390 orders, reinforcing defense momentum in Europe.
Executive Aviation led growth with revenue up 64% year-over-year and deliveries up 41%.
U.S. tariffs remain a concern, but recent reductions and ongoing negotiations may provide upside if resolved; 2Q25 results were not materially impacted.
Financial highlights
Q2 revenue reached $1.8 billion, up 22% year-over-year, marking the best second quarter in company history.
Adjusted EBIT margin reached 10.5%, the highest Q2 margin in ten years; adjusted EBITDA margin was 13.5%.
Adjusted net income was a loss of $5 million (-0.3% margin) due to non-cash impacts and deferred taxes; reported net income was BRL79 million (4.3% margin).
Adjusted free cash flow was negative in Q2, mainly due to a $312 million increase in working capital in preparation for higher deliveries in H2.
Cash position at quarter-end was $1.36 billion; gross debt reduced to $2.05 billion year-over-year.
Outlook and guidance
2025 guidance reaffirmed: revenue between $7.0–$7.5 billion, adjusted EBIT margin 7.5–8.3%, and adjusted free cash flow of $200–$300 million or higher.
Expected deliveries: 77–85 commercial aircraft and 145–155 executive jets for the year.
Guidance remains cautious due to anticipated higher tariff impact (80% of annual effect in H2), inflationary pressures, and FX volatility.
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