Report published August 26, 2026
Embraer Credit Strategy: 2Q26 Review & Bond Analysis by UBS
Source and citation context
- Issuer
- UBS
- Report date
- August 26, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Donald McLauchlan
Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Embraer reported solid 2Q26 results with aircraft deliveries rising to 65 units, EBITDA margins expanding to 15.9%, and firm backlog reaching a record USD 34.5bn. UBS reiterates a favorable view on Embraer bonds, particularly recommending the 5.4% bond due 2038 for duration and total return potential.
Key Takeaways
- 1.Embraer's 2Q26 financial results met expectations with aircraft deliveries rising to 65 units and firm order backlog reaching a new record of USD 34.5bn (up 16.1% y-o-y).
- 2.Leverage improved to 2.5x total debt/EBITDA as of June 2026, supported by strong liquidity of over USD 2.9bn covering short-term debt by more than 19x.
- 3.UBS favors the Embraer 5.4% bond due 2038 (YTW of 5.8715% at 96.122) for hold-to-maturity investors, expecting it to outperform peers over the next 12-18 months.
Table of Contents
- In line with expectations
- Sound debt indicators
- Liquid balance sheet
- Another new record backlog
- 2026 guidance
- Credit ratings
- Risk factors
- Our bottom line
- Required disclosures
- UBS CIO risk views
- UBS CIO valuation views
- Sell recommendations
- Issuer valuation views
- Risk Information
Report data
Table 1 - Embraer - Quarterly financial data — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Aircraft Deliveries | 65 aircraft | 45 executive jets and 20 commercial aircraft delivered during 2Q26 |
| Net Revenues | 2235 USDmn | Quarterly net revenue performance |
| EBITDA | 356 USDmn | Quarterly EBITDA performance |
| EBITDA Margin | 15.9% | Quarterly EBITDA profitability margin |
| Leverage (Total Debt / Trailing EBITDA) | 2.5 x | 12-month trailing leverage ratio |
Reports in this series
Emerging markets bonds for all investors is shown in chronological order through this edition, published on August 26, 2026.
Part of the Emerging markets bonds for all investors series — view all 5 editions
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Authors / Editors
Reported Data Context
- 2Q26 Aircraft Deliveries: 65 aircraft (2Q26) · Source: Company reports
- Net Revenues: 2235 USDmn (2Q26) · Source: Company reports
- EBITDA: 356 USDmn (2Q26) · Source: Company reports
- EBITDA Margin: 15.9 % (2Q26) · Source: Company reports
- Leverage (Total Debt / Trailing EBITDA): 2.5 x (06/2026) · Source: Company reports