Brazilian Aerospace: Feedback Lider Aviação: Demand Remains Strong in Brazil with Some Signs of Accommodation in the US

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Brazilian Aerospace: Feedback Lider Aviação: Demand Remains Strong in Brazil with Some Signs of Accommodation in the US

J P M O R G A N Latin America Equity Research

16 July 2026

Brazilian Aerospace

Feedback Líder Aviação: Demand Remains Strong in

Brazil with Some Signs of Accommodation in the US

Today we hosted Líder Aviação Aircraft Sales Director Anderson Markiewicz to Latin American Capital Goods

ACdiscuss the latest trends in the Brazil executive aviation market (around 1/10 of US Marcelo Motta

market size), as well as the sector’s dynamics. Our main takeaways were: i) demand (55-11) 4950-6712

in Brazil remains resilient, supported by the country's continental size and a change marcelo.g.motta@jpmorgan.com

in habits post-COVID-19; ii) there is some accommodation in bizjet demand in the US Banco J.P. Morgan S.A.

as days on market for 2nd hand jets available for sale have increased in recent months, Jonathan S. Koutras

albeit from low levels and still below pre-COVID-19; and iii) eVTOL market growth (55-11) 4950-3549

jonathan.s.koutras@jpmchase.com

remains a question mark as the aircraft still have a high cost (similar to helicopters) Banco J.P. Morgan S.A.

despite lower operational costs. All-in, the event corroborated our bullish view on Aerospace & Defense

Embraer - with bizjets deliveries reaching 185 by 2028 vs 155 in 2025 - as demand

remains strong. Moreover, recall Embraer’s book-to-bill in the segment remains at Seth M. Seifman, CFA

(1-212) 622-5597

1.1x and is already selling new delivery slots for 2029. We see EMBJ at 8.0x EV/ seth.m.seifman@jpmorgan.com

EBITDA for 2027 vs. General Dynamics at 14.1x, Dassault at 10.5x, Textron at 9.3x J.P. Morgan Securities LLC

and Bombardier at 14.5x.

• Executive aviation industry totals roughly 4.2k aircraft in

Brazil.