Tear Sheet: Aernnova Aerospace Corp. S.A.

Demand for air travel continues to rise and aircraft manufacturers are producing planes as fast as their supply chain allows. Key customer Airbus targets 820 commercial aircraft deliveries in 2025, although narrowbody production continues to outpace widebody planes (Aernnova has material concentration to the A350, which contributes about 21% to the company?s revenue). Aernnova should continue to benefit from its position as a key supplier of components to commercial programs like the next-generation A320 and A220, as well as its growing market share in the Embraer E1 and E2 platforms. We forecast that Aernnova?s revenue should continue to expand by 5%-6% in 2025, after strong growth of about 11.5% in 2024. Aernnova has a good operating leverage position, which means

...March 31, 2025 We expect demand for Aernnova's products and services to remain robust in 2025. Demand for air travel continues to rise and aircraft manufacturers are producing planes as fast as their supply chain allows. Key customer Airbus targets 820 commercial aircraft deliveries in 2025, although narrowbody production continues to outpace widebody planes (Aernnova has material concentration to the A350, which contributes about 21% to the company's revenue). Aernnova should continue to benefit from its position as a key supplier of components to commercial programs like the next-generation A320 and A220, as well as its growing market share in the Embraer E1 and E2 platforms. We forecast that Aernnova's revenue should continue to expand by 5%-6% in 2025, after strong growth of about 11.5% in 2024. Supply chain turbulence should start easing, but we expect it will continue to weigh on Aernnova's operating performance in 2025, translating into slightly weaker credit metrics versus our earlier...

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