JP Carnevalli Embraer, the Brazilian aircraft manufacturer ( EMBJ ), reported a record firm order backlog of $31.6 billion at the end of the fourth quarter, marking a 20% increase from a year earlier, according to a securities filing released on Tuesday. The company delivered 91 aircraft in the quarter, a 21% increase from the year-ago period. The stock ( EMBJ ) advanced 1.1% in extended trading t...
JP Carnevalli Embraer, the Brazilian aircraft manufacturer ( EMBJ ), reported a record firm order backlog of $31.6 billion at the end of the fourth quarter, marking a 20% increase from a year earlier, according to a securities filing released on Tuesday. The company delivered 91 aircraft in the quarter, a 21% increase from the year-ago period. The stock ( EMBJ ) advanced 1.1% in extended trading to $80.75 and is up 98% in the past year. More on Embraer Embraer Remains Undervalued As Margins And Free Cash Flow Improve Embraer: The Aerospace Comeback Story That Just Keeps Flying Higher Embraer S.A. (EMBJ) Q3 2025 Earnings Call Transcript Embraer targets return to triple-digit jet deliveries as demand surges China flies new unmanned cargo aircraft on maiden mission
tum3123/iStock via Getty Images Despite heightened concerns around global trade tensions driven by U.S. policy and ongoing geopolitical conflicts, we believe EM fundamentals remain resilient, and we expect this backdrop to continue in 2026. Specifically, EM growth is projected to be roughly 3.7% on a gross domestic product (GDP)-weighted basis (broadly in line with 2025), supporting stable fiscal ...
tum3123/iStock via Getty Images Despite heightened concerns around global trade tensions driven by U.S. policy and ongoing geopolitical conflicts, we believe EM fundamentals remain resilient, and we expect this backdrop to continue in 2026. Specifically, EM growth is projected to be roughly 3.7% on a gross domestic product (GDP)-weighted basis (broadly in line with 2025), supporting stable fiscal positions and debt-to-GDP ratios across most countries. At the same time, benign inflation should allow continued monetary easing, while AI-related productivity gains provide an additional tailwind to growth. External accounts stand out as a key strength. Persistent capital inflows, robust foreign direct investment, and healthy current account balances underpin solid balance-of-payments positions. Although U.S. tariffs rose sharply in 2025, their impact proved less severe than initially feared, and EMs are increasingly insulated as intra-EM trade now exceeds half of total trade. This reduced reliance on advanced economies should help EMs weather softer developed-market growth, keeping default risk contained and fundamentals constructive. Technical conditions remain supportive. We believe net new issuance should stay below historical averages, aided by ongoing bilateral and multilateral funding, while underallocation among global investors leaves room for higher EM exposure in 2026. Valuations are constructive: hard-currency spreads are tight but all-in yields remain elevated, with scope for further compression - especially in high yield - alongside lower U.S. Treasury yields, supporting benchmark returns. We continue to see opportunities in select EM corporates and frontier markets. We believe frontier debt is supported by high real yields, improving external balances, and selective room for further rate cuts, while EM corporates may offer spread pickup over sovereigns. Below, we break down some of our largest active hard currency positions in each beta bucket. Beta-Bucket ...