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Achieved record revenue and a $31.6 billion backlog, providing long-term visibility driven by a 1.7:1 consolidated book-to-bill ratio in 2025.
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Consolidated the E2 program as a small narrow-body benchmark with 157 new orders and 140 options across all continents during the year.
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Executive Aviation reached record revenues of approximately $750 million in Q4, supported by the Phenom 300’s 14-year streak as the world’s best-selling light jet.
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Defense & Security growth of 36% was primarily attributed to higher volumes of the KC-390 and A-29 Super Tucano, benefiting from improved client mix and operating leverage.
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Implemented production stability initiatives through digitalization and AI tools to mitigate ongoing supply chain bottlenecks and support 2026 growth.
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Strategic positioning was reinforced through new partnerships with Mahindra and Adani Group in India and Northrop Grumman in the U.S. to expand market footprint.
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Service and Support revenue rose 18% due to volume increases and the ramp-up of the OGMA GTF engine shop, despite temporary margin pressure from new operation costs.
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Forecasts 2026 revenue between $8.2 billion and $8.5 billion, representing 10% year-over-year growth at the midpoint.
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Commercial Aviation delivery guidance is set at 80 to 85 aircraft, with management aiming for the high end of the range as supply chain conditions improve.
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Executive Aviation targets 160 to 170 jet deliveries for 2026, supported by capacity expansion in production bottlenecks and efficiency gains.
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EBIT margin guidance of 8.7% to 9.3% assumes a conservative stance regarding U.S. import tariffs, with potential upside if current 0% rates remain stable.
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Midterm goals focus on converting 50% of EBITDA into free cash flow, with a 2026 adjusted free cash flow target of $200 million or higher.
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U.S. import tariffs resulted in a $27 million impact in Q4 and $54 million for the full year 2025, primarily affecting the Executive Aviation segment.
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Non-recurring infrastructure costs of $20 million weighed on Q4 margins, though partially offset by ongoing cost reduction initiatives.
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Achieved a net cash position of $109 million by year-end 2025, significantly improving the balance sheet from a previous net debt position.
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Executed liability management that extended average debt maturity from 3.7 to 9.1 years while reducing the average cost of debt to 5.5%.
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