Embraer (EMBJ): OGMA site visit takeaways

研报英文原文证据摘录

Embraer (EMBJ): OGMA site visit takeaways

Goldman Sachs Embraer (EMBJ)

Exhibit 1: OGMA portfolio overview

Aircraft MRO

Embraer Embraer Lockheed Martin Airbus Leonardo

Defense Commercial Defense Defense Defense

Super Tucano E2-Jet F-16 C-295 EH-101

ERJ 145 AEW E-Jet C-130

C-390 ERJ 145 P-3

Lineage

Legacy

Engines MRO

Rolls Royce Rolls Royce Rolls Royce Pratt & Whitney Honeywell

Defense Defense Comm / Exec Commercial Defense

AE2100 A AE1107 C AE3007 GTF 1100 G APU GTCP85/95

Saab 2000 Bell V-22 Osprey EMBJ ERJ Airbus A320 Fam. LMT C-130 H

Cessna Citation X LMT P-3

AE2100 D3 T56 GTF 1900 G

LMT C-130 J LMT C-130 H EMBJ E2

LMT P-3

NOC C-2

Aerostructures

Embraer Embraer Dassault Daher Pilatus

Defense Commercial Executive Civil Civil

C-390 Legacy F2000 / F6X / F7X TBM PC12

Main LG doors Frames Panels Wings Fuselage

Elevator Pylons Wings

Aponson E2 Ducts Composite Parts

Fuselage Composites Parts

Airbus Airbus Lockheed Martin

Helicopters Defense Defense

AS365 Dauphin C295 C-130 J

Fuselage Fuselage Wings Trailing Edge

Nacelles

NH90

Engine Parts

Interiors Parts

Source: Company data, Goldman Sachs Global Investment Research

Strategic priorities. Since OGMA’s privatization in 2004, the company has increasingly

focused on higher margin commercial and executive aviation work, notably in engines.

OGMA performs MRO work on the P&W GTF, which is a key focus area for the company.

OGMA expects to service 55 GTF engines this year, 60 next year, and ~100 in 2028. By

2035, the majority of company revenues are expected to come from engine MRO, but

OGMA also sees opportunity to service more defense aircraft given European budget

trajectories and national security objectives across the continent.

Financials. In 2025 OGMA generated 343mn EUR (~$390mn USD) in revenue and 22.4