Embraer's 1Q26 performance aligned with guidance, supported by record revenue and a massive USD 32.1bn backlog. UBS maintains a positive view on its credit, specifically favoring the 2038 senior unsecured bonds.
Key Takeaways
- 1.Embraer's 1Q26 results were in line with expectations, featuring a record first-quarter net revenue and 44 aircraft deliveries.
- 2.The company reached a sixth consecutive all-time high firm backlog of USD 32.1bn, representing over four years of revenue.
- 3.Credit ratings are improving, with S&P upgrading the firm to BBB and Fitch/Moody's maintaining positive outlooks.
Table of Contents
- Embraer: Flying
- 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
- Risk Information
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Authors
Donald McLauchlan
Securities
Embraer 5.4% bond due 2038
Themes
Emerging Market Corporate Credit DeleveragingAerospace Order Backlog Growth
Regions
Latin AmericaBrazil