Greece signs $661 million military jet deal with Embraer

Greece has finalized a major agreement to overhaul its aging military transport fleet with South American-designed hardware, adding another European partner to a rapidly growing defense procurement network. The deal marks a significant step in the modernization of the Hellenic Air Force's logistics and transport capabilities.

On November 2, 2026, the Hellenic Ministry of National Defense of Greece officially signed an intergovernmental contract to acquire three KC-390 Millennium military transport aircraft manufactured by Brazilian planemaker Embraer, with options to purchase three more. The deal, valued at approximately €590 million ($661 million), represents a comprehensive program package that includes the aircraft, electronic warfare systems, initial logistical support, training, and maintenance.

The transaction is structured as a government-to-government agreement between Greece and Portugal, with the first delivery scheduled for 2027. Portugal, an established operator of the KC-390, helped develop and certify the aircraft’s NATO-compatible configuration and serves as the procurement channel for this deal. According to Greek Defense Minister Nikos Dendias, who oversaw the signing alongside his Portuguese counterpart Nuno Melo in Athens, the acquisition marks the first time in Greek history that the nation will operate a jet-powered transport aircraft and a dedicated aerial refueling tanker.

For Embraer, the deal secures a critical foothold in Europe's defense landscape. Greece is now the seventh European nation to select the KC-390 Millennium, joining Portugal, Hungary, the Netherlands, Austria, the Czech Republic, and Sweden. The twin-engine jet, which can carry a 26-ton payload at speeds of 470 knots, is being acquired to replace older turboprop fleets, such as the Lockheed Martin C-130 Hercules, in some allied air forces.

This expanding European footprint is transforming Embraer from a regional commercial jet specialist into a globally competitive defense contractor. By utilizing Portugal's pre-approved procurement framework, European buyers can bypass lengthy bidding processes, accelerating Embraer's ability to convert pipeline interest into firm, revenue-generating backlog.

Embraer S.A. trades on the New York Stock Exchange under the ticker ERJ.