📈 The margin engine

Not one military aircraft left Embraer's hangars for a customer between April and June. Defense & Security still grew faster than any of the Brazilian manufacturer's other businesses, with revenue up 38% from a year earlier to USD 304 million and its adjusted operating margin widening from 9.2% to 11.9%.

Military contracts are recognized on a percentage-of-completion basis, so revenue is recognized in the

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