Q3 2025 Embraer SA Earnings Call

November 4, 2025

Guilherme Paiva: Test is intended exclusively for the participants of these events and may not be reproduced or retransmitted without the express authorization of Embraer. This conference call will be conducted in English, but please let me say a short announcement for Portuguese speakers. Esta conferência será realizada originalmente em inglês. Para ouvir a tradução em português, pressione o botão "Interpretação" na plataforma e selecione o idioma desejado. Para melhorar a qualidade da transmissão em português, clique também em "Desativar o áudio original" na plataforma Zoom. My name is Guilherme Paiva, and I'm the head of Investor Relations, M&A, and Venture Capital for Embraer. I want to welcome you to our Q3 Earnings Conference Call. The numbers in this presentation contain non-GAAP financial information to help investors reconcile Eve's financial information in GAAP standards to Embraer's IFRS. We remind you Eve's results will be discussed at the company's conference call.

Both of these events and may not be reproduced or retransmitted without the express authorization of Embraer.

This conference call will be conducted in English, but please let me say a full announcement for Portuguese speakers.

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It is important to mention that all numbers are presented in U S dollars as it is our functional currency.

Guilherme Paiva: It is important to mention that all numbers are presented in US dollars, as it is our functional currency. This conference call may include statements about future events based on Embraer expectations and financial market trends. Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call. Except in accordance with the applicable rules, the company assumes no obligation to publicly update any forward-looking statements. For detailed financial information, the company encourages revealing publications filed by the company with the Brazilian Comissão de Valores Mobiliários, or CVM. At this time, all participants are in a listen-only mode. We will give instructions later on for participation in the two Q&A sessions. Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer, António Carlos Garcia, Chief Financial Officer, Valtésio Sousa, Corporate Communications Manager, and myself.

This conference call May include statements about future events.

He's on Embraer expectations and financial market trends.

Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call.

Except in accordance with the applicable rules the company assumes no obligation to publicly update any forward looking statements.

For a detailed financial information the company encourages revealing publications filed by the company with.

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At this time all participants are in a listen only mode will give instructions later on for participation in the Q&A sessions.

Participants on today's conference call are Francisco Gomes, Neto, President and CEO of Embraer.

Antonio Carlos Garcia, Chief Financial Officer.

Vault, SCO Soza corporate communications manager and myself.

This conference call will have three parts in the first part top management will present, the company's Q3 results in the second park will host the Q&A session only for investors and last but definitely not less in the third part we will host our dedicated Q&A session only for the press.

Guilherme Paiva: This conference call will have 3 parts. In the 1st part, top management will present the company's Q3 results. In the 2nd part, we will host a Q&A session only for investors. Last but definitely not least, in the 3rd part, we will host a dedicated Q&A session only for the press. It is my pleasure to now turn the conference call to our President and CEO, Francisco Gomes Neto. Please go ahead, Francisco.

It is my pleasure to now turn the conference call to our President and CEO for a sexual wellness NAPCO. Please go ahead Francisco.

Thank you Gail and good morning, everyone.

Francisco Gomes Neto: Thank you, Gui, and good morning, everyone. It's a pleasure to be here with you to share Embraer's Q3 2025 results. Embraer is currently experiencing a highly positive phase, a strong indication that our strategy, driven by efficiency and innovation, is delivering solid results and effectively supporting our sustainable growth. In commercial aviation, highlights include new orders for Avelo Airlines for 50 E195-E2s plus 50 options, and LATAM Airlines Group for 24 E195-E2s plus 50 options. These achievements have increased the division's backlog to $15.2 billion, with an impressive 2.7 to 1 book-to-bill ratio. In executive aviation, we achieved an all-time high for Q3 revenues, reaching approximately $580 million. We also celebrated a historic milestone: the delivery of our 2,000th business jet, marking a record for year-to-date deliveries.

It's a pleasure to be here with you to share in brass third quarter 2025 year results.

Embraer is currently experiencing a highly positive phase.

A strong indication that our strategy driven by efficiency and innovation is delivering solid results in effectively supporting our sustainable growth in commercial aviation highlights include New word this Florida Halo for 50, you want 95.

Plus 50 options and lepton for 'twenty for you on anti Friday, Twos, plus 50 options.

These achievements have inquisitive division's backlog to $15 2 billion with an impressive two seven to one book to Bill ratio.

Executive Aviation, we achieved an all time high for third quarter revenues, reaching approximately 580 million.

We also celebrated.

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Historically milestone the delivery of our 2000 business jets, marking a required before year to date deliveries.

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Our backlog in executive aviation notwithstanding at $7 3 billion supported by our robust two four to one book to bill ratio, reflecting continuous strong demand for our aircrafts.

Francisco Gomes Neto: Our backlog in executive aviation now stands at $7.3 billion, supported by a robust 2.4 to 1 book-to-bill ratio, reflecting continued strong demand for our aircraft. In defense and security, we continue to reinforce our global presence. Portugal confirmed the purchase of its sixth KC-390, including additional options to support future European acquisitions. We also signed new agreements for the A-29 Super Tucano with Panama and Sierra Nevada in the U.S., reinforcing the aircraft's relevance and versatility. The division closed the quarter with a $3.9 billion backlog and 1.3 to 1 book-to-bill ratio. Our service and support business maintained its accelerated growth path with expanding capabilities. We signed a new maintenance agreement with CommuteAir and launched Starlink connectivity solutions for Praetor and Legacy operators. As a result, the business unit finished the quarter with a $4.9 billion backlog and a 1.8 to 1 book-to-bill ratio.

This has increased the division's backlog to $15.2 billion, with an impressive 2.721 book-to-view ratio.

In defense and security, we continued to reinforce our global presence.

high for third quarter revenues reaching approximately 580 million

we also celebrated,

Portugal confirmed the purchase of 6K C 290, including additional venmo options to support future European acquisitions. We also signed a new agreement for the eighth and ninth Super Tucano with Panama in Sierra Nevada in the U S reinforcing the aircraft's relevance and versatility.

A historic milestone: the delivery of our 2,000th business jet, marking a record for year-to-date deliveries.

The division closed the quarter with a $3 9 billion backlog and 1.3 to one book to Bill ratio.

Our backlog in exactly Aviation now stands at 7.3 billion, supported by a robust, 2.4 to 1 book, to view ratio reflecting continuous stronger demand for our aircraft.

In Defence and security, we continue to reinforce our Global presence.

Our service and support business maintained its accelerated growth path with expanding capabilities.

The new maintenance of women with commute error in lunch at star links connectivity solutions for freighter in legacy operators.

As a result, the business unit finished the quarter with a 4.9 billion backlog in and 128 to one book to Bill ratio.

Portugal confirmed, the purchasing of its 6 case, City to 90, including additional additional options to support, future European Acquisitions. We also signed a new agreement for the 829 super tukano with Panama and Sierra Nevada. In the US, we enforcing the aircraft's relevance and versatility. The division closest the quarter with a 3.900 billion, backlog and 1.3 to 1 book to view ratio.

Embraer continues improvement is more than a process. It is a mindset.

Francisco Gomes Neto: At Embraer, continuous improvement is more than a process. It is a mindset. We successfully completed more than 800 Kaizen projects over the past 12 months. Now, by combining our Lean culture with AI tools, we are moving forward more rapidly in achieving productivity gains. Our production-level initiatives and the implementation of our Perfect Station concept led to a 16% increase in aircraft deliveries this year. From 2026 onwards, we expect even greater production stability in all product lines. The implementation of our Zero Defect methodology reduced our cost of poor quality by 12%. Another initiative that has been delivering significant results is the production lead time reduction. We have achieved important improvements, such as reducing the production time of Praetors by 40%, KC-390 by 33%, and EJAS by 27% compared to 2021 levels. More production with lower work in progress.

We successfully completed more than 800 kaizen projects over the past 12 months and now by combining our link culture with AI tools. We are moving forward more rapidly in achieving productivity gains or production 11 initiatives and the implementation of our perfect station concept that's too.

Our service and support business maintained, its accelerated growth path with expanding capabilities.

Besides the new maintenance agreement with Commute, we launched Starlink's connectivity solutions for operators and legacy operators.

And 16% increase in aircraft deliveries this year.

From 'twenty to 'twenty six onwards, we expect even greater production stability in all product lines. The implementation of our zero defect methodology, reducing our cost of poor quality by 12%. Another initiative that has been delivering significant results is the production lead time reduction.

As a result, the business unit finished the quarter with a 4.9 billion backlog, in an 1.8 to 1 book, to view ratio as embro. Continuous Improvement is more than a process. It is a mindset.

We have achieved the important improvements such as reducing the production time of greatest by 40%.

They see Tonight by 33% and Egest by 27% comparative to 'twenty or 'twenty, one levels more production with lower working progress, we made significant progress with new and expanded facilities.

We successfully completed more than 800 kaisen projects over the past 12 months. And now by combining link culture with AI tools, we are moving forward more rapidly in achieving productivity, gains our production level initiatives and the implementation of our Perfect Situation concept led to an 16% increase in aircraft deliveries this year.

Guilherme Paiva: This is intended exclusively for the participants of these events and may not be reproduced or retransmitted without the express authorization of Embraer. This conference call will be conducted in English, but please let me say a short announcement for Portuguese speakers. Esta conferência será realizada originalmente em inglês. Para ouvir a tradução em português, pressione o botão "Interpretação" na plataforma e selecione o idioma desejado. Para melhorar a qualidade da transmissão em português, clique também em "Desativar o áudio original" na plataforma Zoom. My name is Guilherme Paiva, and I'm the Head of Investor Relations, M&A, and the Venture Capital for Embraer. I want to welcome you to our third-quarter earnings conference call. The numbers in this presentation contain non-GAAP financial information to help investors reconcile EVE's financial information in GAAP standards to Embraer's IFRS. We remind you EVE's results will be discussed at the company's conference call.

Francisco Gomes Neto: We made significant progress with new and expanded facilities at key locations in the United States and Brazil, including new hangars, painting booths, and final assembly areas. These investments are designed to enable higher production volumes and faster deliveries, fully aligned with our growth strategy. At the same time, we are transforming our supply chain through Supply Chain Management 2.0, a comprehensive initiative that integrates digital technologies, proactive risk management, and the deployment of artificial intelligence for smarter planning and forecasting. These efforts have already started to pay off. Aircraft deliveries increased by 16%, and average shortage decreased by 25% compared to last year. I will now move on to operational results by segment. All figures are based on year-on-year comparisons. In commercial aviation, revenues increased a significant 31% because of better product mix and higher volumes and prices.

Key locations in the United States, and Brazil, including New hangars painting Booth and final assembly areas.

From 2026 onwards, we expect even greater production stability in all product lines. The implementation of our zero defective methodology, reducing our cost of poor quality by 12%. Another initiative that has been delivering significant results is the production lead time reduction.

These investments are designed to enable higher production volumes and faster deliveries.

Truly alignment with our growth strategy at the same time, we are transforming our supply chain through supply chain management 2.0 E.

We have achieved important improvements, such as reducing the production time of PTO, by 40% case City 90 by 33% in es by 27% compared to 2021 levels.

Comprehensive initiative that integrates digital technologies proactive risk management and the deployment of artificial intelligence for as Martha planning and forecasting. These efforts have already started to pay off aircraft. The deliveries increased by 16% and average shortage decreased by <unk>.

More production. With lower working progress, we made significant progress with new and expanded facilities at key locations in the United States and Brazil, including new hangars, painting booths, and final assembly areas.

This Investments are designed to enable higher production volumes and faster. Deliveries.

25% compared to last year I will now move on to operational results by segment.

Guilherme Paiva: It is important to mention that all numbers are presented in US dollars, as it is our functional currency. This conference call may include statements about future events based on Embraer expectations and financial market trends. Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call. Except in accordance with applicable rules, the company assumes no obligation to publicly update any forward-looking statements. For detailed financial information, the company encourages reviewing publications filed by the company with the Brazilian Comissão de Valores Mobiliários, or CVM. At this time, all participants are in a listen-only mode. We'll give instructions later on for participation in the two Q&A sessions. Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer; Antonio Carlos Garcia, Chief Financial Officer; Valtessio Souza, Corporate Communications Manager; and myself.

Figures are busy on a year on year comparisons in commercial aviation revenues, increasing at a significant 31% because of better product mix and higher volumes and prices adjusted EBIT margin improving from minus four 8% to plus 1.3.

Francisco Gomes Neto: Adjusted EBIT margin improved from -4.8% to +1.3%, supported by operating leverage and lower other operating expenses. In executive aviation, revenues increased 4%, helped by higher prices. Adjusted EBIT margin decreased 4.2 percentage points because of product mix, U.S. import tariffs (2.6 percentage points), and higher costs. Moving to defense and security, revenues grew 27% because of higher KC-390 volumes and one-off positive contract-related adjustments. Adjusted EBIT margin improved from 7.2% to 12.9% as a consequence of operating leverage and client mix. In service and support, revenues rose 16%, driven by higher volumes and the ramp-up of the OGMA GTF engine shop. Adjusted EBIT margin decreased 5 percentage points because of services and materials delays. Before I conclude, I would like to share a brief update on EVE's steady progress. The first full-scale engineering prototype test flight is planned for late 2025, early 2026.

Fully aligned with our growth strategy. At the same time, we are transforming our supply chain through Supply Chain management. 2.0 a comprehensive initiative that integrates digital Technologies, proactive risk management and the deployment of artificial intelligence for a smarter planning and forecasting. This is a force have already started to pay off.

Percent supported by operating leverage and lower <unk>.

The operating expenses.

And as active aviation revenues increase at 4% helped by higher prices.

Aircraft deliveries increased by 60% and average shortage decreased by 25% compared to last year. I will now move on to operational results by segment.

Adjusted EBIT margin decreased 4.2 percentage points because of product mix U S important therapies to six percentage.

Points and higher costs.

Moving to defense and security revenues grew 27% because of a higher KC 10, 90 volumes in an one off positive contract related adjustment.

All figures are based on year on year comparisons in commercial Aviation revenues increased, the a significant 31% because of better product mix and higher volumes and prices, adjusted ebit margin improvement from minus 4.8% to plus 1.3%, supported by operating leverage and lower other operating expenses.

Adjusted EBIT margin improved from seven 2% to 12 point, 90% as consequence of operating leverage and client mix in service and support revenues rose 16%.

And as active aviation revenues inquired, 4% helped by higher prices.

Guilherme Paiva: This conference call will have three parts. In the first part, top management will present the company's Q3 results. In the second part, we'll host a Q&A session only for investors. And last but definitely not least, in the third part, we will host a dedicated Q&A session only for the press. It is my pleasure to now turn the conference call to our President and CEO, Francisco Gomes Neto. Please go ahead, Francisco.

And by higher volumes and the ramp up of the argument GTS engine shop.

adjust EV margin decreased 4.2 percentage points because of product. Mix us important artifice 2.6 percentage points and higher costs.

The EBIT margin decrease at five percentage points because of services any material delays before I conclude I'd like to share a brief update on either steady progress. The first full scale engineering prototype test flights expanded for late 2025 early 2020.

Moving to defense and security, revenues grew to any 7% because of higher case, c290 volumes, and one-off positive contract-related adjustments.

Francisco Gomes Neto: Thank you, Guy, and good morning, everyone. It's a pleasure to be here with you to share Embraer's third quarter 2025 results. Embraer is currently experiencing a highly positive phase, a strong indication that our strategy, driven by efficiency and innovation, is delivering solid results and effectively supporting our sustainable growth. In commercial aviation, highlights include new orders for Avelo for 50 E195-E2s, plus 50 options, and LATAM for 24 E195-E2s, plus 50 options. These achievements have increased the division's backlog to $15.2 billion, with an impressive 2.7 to 1 book-to-bill ratio. In executive aviation, we achieved an all-time high for third-quarter revenues, reaching approximately $580 million. We also celebrated a historic milestone: the delivery of our 2,000 business jets, marking a record for year-to-date deliveries.

With that I'll now hand, it over to Antonio to walk us through the key financial highlights of the quarter. Thank you Francisco good morning, and good afternoon to everyone.

Francisco Gomes Neto: With that, I will now hand it over to António to walk us through the key financial highlights of the quarter.

Adjust the ebit to margin improve it from 7.2 percent to 12.9% as consequence of operating leverage and client. Mix in service and support revenues Rose, 16% driven by higher volumes in the ramp up of the Oghma gtf engine shop.

António Carlos Garcia: Thank you, Francisco. Good morning and good afternoon to everyone. Turning to the quarter, all my comments will be based on year-over-year comparisons, unless noted. Before we dive into our financial results for Q3 2025, I would like to start reiterating our 2025 guidance. We expect to deliver between 77 and 85 aircraft in commercial aviation, and 145 and 155 in executive aviation from an operational point of view. Meanwhile, we expect to achieve between $7 and $7.5 billion in revenues: 7.5% and 8.3% in adjusted EBIT margin, and more than $200 million in adjusted free cash flow from a financial perspective. These forecasts may appear conservative at first glance, but they reflect the supply chain risks we still face in Q4. Having said that, I'd like to reinforce our estimates reflect our confidence in our operational progress and the resilience of our business model.

Antonio Garcia: Thank you, Francisco. Good morning and good afternoon to everyone. Turning to the quarter, all my comments will be based on year-over-year comparisons, unless noted. Before we dive into our financial results for Q3 2025, I would like to start reiterating our 2025 guidance. We expect to deliver between 77 and 85 aircraft in commercial aviation, and 145 and 155 in executive aviation from an operational point of view. Meanwhile, we expect to achieve between $7 and $7.5 billion in revenues: 7.5% and 8.3% in adjusted EBIT margin, and more than $200 million in adjusted free cash flow from a financial perspective. These forecasts may appear conservative at first glance, but they reflect the supply chain risks we still face in Q4. Having said that, I'd like to reinforce our estimates reflect our confidence in our operational progress and the resilience of our business model.

Turning to the quarter all my comments will be based on year over year comparisons unless noted.

But before we dive into our financial results for the third quarter of 2025 hydroelectric start Hayter 80 hour 25 guidance.

We expect to deliver between 77 and 85 aircrafts in commercial aviation.

<unk> hundred 45, and 155 is active aviation from operational point of view. Meanwhile, we expect to achieve between seven and seven and a half billion eeriness, 7.5% and 83% in adjusted EBIT margin and more than 200 million.

Adjust ebit margin decreased 5 percentage points because of services and materials delays. Before I conclude, I'd like to share a brief update on if static progress, the First full scale engineering prototype, test flight is planned for late 2025, early 2026 with that. I will now hand it over to Antonio to walk us through the key financial highlights of the quarter. Thank you, Francisco. Good morning and good afternoon to everyone.

turning to the quarter, all my comments, we will be based on year-over-year comparisons, unless noted

Adjusted free cash flow from a financial perspective. This forecast may appears conservative at the first glance, but they reflect the supply chain risks.

But before we dive into our financial results, for the third quarter of 2025, I'd like to start catering our 2025 guidance.

We expect to deliver between 77 and 85 aircraft in commercial Aviation.

We still face in Q4.

Having said that I'd like to reinforce our estimates reflects our confidence in our operational prowess and the resilience of our business model.

Francisco Gomes Neto: Our backlog in executive aviation now stands at $7.3 billion, supported by a robust 2.4 to 1 book-to-bill ratio, reflecting continued strong demand for our aircraft. In defense and security, we continue to reinforce our global presence. Portugal confirmed the purchase of its six KC-390, including additional options to support future European acquisitions. We also signed a new agreement for the A-29 Super Tucano with Panama and Sierra Nevada in the US, reinforcing the aircraft's relevance and versatility. The division closed the quarter with a $3.9 billion backlog and 1.3 to 1 book-to-bill ratio. Our service and support business maintained its accelerated growth path with expanding capabilities. We signed a new maintenance agreement with Commute Air and launched Starlink's connectivity solutions for Praetor and legacy operators. As a result, the business unit finished the quarter with a $4.9 billion backlog and a 1.8 to 1 book-to-bill ratio.

We remain comfortable with our outlook and feel confident we are on track to meet our full year guidance.

António Carlos Garcia: We remain comfortable with our outlook and feel confident we are on track to meet our four-year guidance. That said, let's take a look at our financial results for the quarter. Slide 12 delivers: Embraer delivered 62 aircraft in Q3 2025: 20 commercial jets, 41 executive jets, and one KC-390 military plane. This represents a 5% increase compared to the same period last year, with commercial aviation deliveries up 25% year-over-year and executive aviation stable. More importantly, for the first nine months, we have delivered 46 commercial jets, which is 57% of the midpoint of our guidance, and two percentage points above our five-year average for the period. In executive aviation, we have delivered 102 executive jets, or 68% of the midpoint of our guidance, and 11 solid percentage points higher than the 57% average from the past five years, which demonstrates our strong execution.

Antonio Garcia: We remain comfortable with our outlook and feel confident we are on track to meet our four-year guidance. That said, let's take a look at our financial results for the quarter. Slide 12 delivers: Embraer delivered 62 aircraft in Q3 2025: 20 commercial jets, 41 executive jets, and one KC-390 military plane. This represents a 5% increase compared to the same period last year, with commercial aviation deliveries up 25% year-over-year and executive aviation stable. More importantly, for the first nine months, we have delivered 46 commercial jets, which is 57% of the midpoint of our guidance, and two percentage points above our five-year average for the period. In executive aviation, we have delivered 102 executive jets, or 68% of the midpoint of our guidance, and 11 solid percentage points higher than the 57% average from the past five years, which demonstrates our strong execution.

That said, let's take a look at our financial results for the quarter.

Slide 12 delivers.

Embraer delivered 62 aircrafts in the third quarter 'twenty five.

And 145 and 155, in as active Aviation, from operational point of view, meanwhile, we expect to achieve between 7 and 7 and a half billion in revenues 7 and a half percent. And 8.3% in adjusted ebit margin and more than 200 million in adjusted free cash flow from a financial perspective. This forecast may appear as conservative at the first glance but they reflect the supply chain risks.

We still face in Q4.

The commercial jets and 41 <unk>.

As Vicki if he gets and won KC 390 military plan. This represents a 5% increase compared to the same period last year.

Having said that, I'd like to reinforce our estimates, which reflect our confidence in our operational progress and the resilience of our business model.

With commercial aviation deliveries up 25% year over year, and the executive aviation stable more importantly for the first nine months, we have delivered 46 commercial jets, which is 57% of the midpoint of our guidance and two percentage points above.

We remain comfortable with our Outlook and feel confident. We are on track to meet our 4 year guidance.

That said, let's take a look at our financial results for the quarter.

It's like the 12s.

The 25.

Our five years averaged for the periods in as active aviation, we have delivered 100 and chew executive Jets are 68%.

20 commercial Jets and 41 executive Jets, and 1, KC 390, military plan. This represents a 5% increase

compared to the same period last year.

The midpoint of our guidance and 11 four percentage points higher than the 57% average for the past five years, which demonstrates our strong execution.

Francisco Gomes Neto: At Embraer, continuous improvement is more than a process. It is a mindset. We successfully completed more than 800 Kaizen projects over the past 12 months, and now, by combining our lean culture with AI tools, we are moving forward more rapidly in achieving productivity gains. Our production-level initiatives and the implementation of our perfect station concept led to a 16% increase in aircraft deliveries this year. From 2026 onwards, we expect even greater production stability in all product lines. The implementation of our zero-defect methodology reduced our cost of poor quality by 12%. Another initiative that has been delivering significant results is the production lead time reduction. We have achieved important improvements, such as reducing the production time of Praetors by 40%, KC-390 by 33%, and E-Jets by 27%, compared to 2021 levels. More production with lower work in progress.

With commercial Aviation delivers up 25% year-over-year and executive. Aviation is stable more importantly, for the first 9 months.

Slide 13 backlog and revenue.

António Carlos Garcia: Slide 13 backlog and revenue: Our company-wide backlog reached $31.3 billion during the quarter, up a significant 38% and higher than our previous historical record. Looking at each division, Executive Aviation and Service and Support led the pack, with their backlogs up 65% and 40%, respectively, followed by Commercial Aviation up 37% and Defense and Security up 80%. I'd like to highlight the significant volumes of purchase options currently held by our customers, with a total of roughly $20 billion. These are not firm orders yet, but they provide a substantial upside potential for our backlog in the next few years, which could increase towards $50 billion. Moving to revenues, our top line was close to $2 billion for an increase of 18%.

Antonio Garcia: Slide 13 backlog and revenue: Our company-wide backlog reached $31.3 billion during the quarter, up a significant 38% and higher than our previous historical record. Looking at each division, Executive Aviation and Service and Support led the pack, with their backlogs up 65% and 40%, respectively, followed by Commercial Aviation up 37% and Defense and Security up 80%. I'd like to highlight the significant volumes of purchase options currently held by our customers, with a total of roughly $20 billion. These are not firm orders yet, but they provide a substantial upside potential for our backlog in the next few years, which could increase towards $50 billion. Moving to revenues, our top line was close to $2 billion for an increase of 18%.

Our company wide backlog a REIT at 31.

3 billion during the quarter up a significant 38% and higher than our previous historical record looking at each division executive aviation and servicing support led the pack with.

Their backlogs up 65% and 40% respectively, followed by commercial aviation up 37%.

In defense and security up 80% I'd like to highlight the significant volumes of purchased options.

We have delivered 46 commercial jets, which is 57% of the midpoint of our guidance and 2 percentage points above our 5-year average for the periods in executive aviation. We have delivered 1,002 executive jets, or 68% of the midpoint of our guidance, and 11 solid percentage points higher than the 57% average from the past 5 years, which demonstrates our strong execution in light of 13 backlog and revenue.

Helped by our customer which totaled roughly $20 billion. These are not <unk> yet but.

But did they provide substantial upside potential for our backlog in the next few years, which could decrease towards $50 billion more with your revenues. Our topline was close to $2 billion for an increase of 18% for a business perspective, the breakdown of our peers, well balanced commercial and the Zip.

Our companywide backlog reached at 3133 billion during the quarter up, a significant 38% and higher than our previous historical records. Looking at each division as active, Aviation and service and support, let the pack

António Carlos Garcia: For a business perspective, the breakdown appears well-balanced: commercial and executive aviation each contributed circa 30%, followed by service and support with 25%, and defense and security with 14%. Moving to the next slide, we generated $236 million in adjusted EBITDA in the Q3 2025 with an 11.8% margin. Now, adjusted EBIT for the quarter was $172 million, with an 8.6% margin. This compared to a $147 million, or 8.7% margin, in the Q3 2024, if we exclude the one-time impact of the Boeing agreement, which boosted the adjusted margin by approximately 900 basis points. For the first nine months of the year, the adjusted EBIT margin stands at 8.6%, a significant improvement of the 2.9% average over the last past five years. It's important to mention we still expect a relevant impact from US.

Antonio Garcia: For a business perspective, the breakdown appears well-balanced: commercial and executive aviation each contributed circa 30%, followed by service and support with 25%, and defense and security with 14%. Moving to the next slide, we generated $236 million in adjusted EBITDA in the Q3 2025 with an 11.8% margin. Now, adjusted EBIT for the quarter was $172 million, with an 8.6% margin. This compared to a $147 million, or 8.7% margin, in the Q3 2024, if we exclude the one-time impact of the Boeing agreement, which boosted the adjusted margin by approximately 900 basis points. For the first nine months of the year, the adjusted EBIT margin stands at 8.6%, a significant improvement of the 2.9% average over the last past five years. It's important to mention we still expect a relevant impact from US.

These aviation each contributed circuit of 30% followed by service and support with 25% and defense and security with 14%.

Francisco Gomes Neto: We made significant progress with new and expanded facilities at key locations in the United States and Brazil, including new hangars, painting booths, and final assembly areas. These investments are designed to enable higher production volumes and faster deliveries, fully aligned with our growth strategy. At the same time, we are transforming our supply chain through Supply Chain Management 2.0, a comprehensive initiative that integrates digital technologies, proactive risk management, and the deployment of artificial intelligence for smarter planning and forecasting. These efforts have already started to pay off. Aircraft deliveries increased by 16%. Average shortage decreased by 25% compared to last year. I will now move on to operational results by segment. Our figures are based on year-on-year comparisons. In commercial aviation, revenues increased a significant 31% because of better product mix, higher volumes, and prices.

With their backlogs up 65% and 40% respectively, followed by commercial aviation up 37% and defense and security up 80%, I'd like to highlight the significant volumes of purchase options currently held by our customer, which in total are roughly $20 billion. These are not few orders, yet.

Moving to the next slide we generated 236 million in adjusted EBITDA in the third quarter 'twenty Fives with 11 point to answer percent Marty.

Now I guess, the EBIT for the quarter was $172 million with about eight 6% margin.

This compares to 147 million or eight 7% in Miami in the third quarter plant before if we exclude the one time impact of the Boeing agreement, which boosted the adjusted margin by approximately 900 basis points for the first nine months of the year the adjusted EBIT.

But they provide a substantial upside the potential for backlog in the next few years, which could increase towards 50 billion move it to your revenues or Topline was close to 2 billion dollars for an increase of 18%. For a business perspective, the breakdown appears well, balanced commercial and executive. Aviation, each contributed Circuit of 30%, followed by service and support with 25%. And the defense and security with 40%,

<unk> stands at eight 6% a significant improvement of the two point the 9% average over the last past five years. However, it seems part that you mentioned you expect a relevant impact from U S import stars, which should weigh on our Q4 margin along with additional cost related.

Moving to the next slide. We generated $3,236 million in adjusted EBITDA in the third quarter of 2025, with an 11.8% margin.

Now, I just Abit for the quarter was 172 million with a 8.6% margin.

António Carlos Garcia: import tariffs, which should weigh on our Q4 margin, along with additional costs related to our return-to-office initiative. Let's move it now to the next slide. Embraer generated $300 million in adjusted free cash flow in Q3 2025, mainly supported by operating activities: $224 million in EBITDA and lower accounts receivable. Looking now at our investments, excluding EVE, we allocated a total of $99 million during the quarter, slightly lower than last year. The figures include: $39 million in CapEx, $37 million in addition to intangibles, $10 million in the pool program to support new contracts, and $30 million in research. Year-to-date, research investments have reached $33 million, or 12% of the $284 million total investment. These resources are focused on supporting sustainable growth and innovation.

Antonio Garcia: import tariffs, which should weigh on our Q4 margin, along with additional costs related to our return-to-office initiative. Let's move it now to the next slide. Embraer generated $300 million in adjusted free cash flow in Q3 2025, mainly supported by operating activities: $224 million in EBITDA and lower accounts receivable. Looking now at our investments, excluding EVE, we allocated a total of $99 million during the quarter, slightly lower than last year. The figures include: $39 million in CapEx, $37 million in addition to intangibles, $10 million in the pool program to support new contracts, and $30 million in research. Year-to-date, research investments have reached $33 million, or 12% of the $284 million total investment. These resources are focused on supporting sustainable growth and innovation.

For our return to our <unk> initiative.

Francisco Gomes Neto: Adjusted EBIT margin improved from -4.8% to +1.3%, supported by operating leverage and lower other operating expenses. In executive aviation, revenues increased 4%, helped by higher prices. Adjusted EBIT margin decreased 4.2 percentage points because of product mix, US import tariffs, 2.6 percentage points, and higher costs. Moving to defense and security, revenues grew 27% because of higher KC-390 volumes and a one-off positive contract-related adjustment. Adjusted EBIT margin improved from 7.2% to 12.9% as a consequence of operating leverage and client mix. In service and support, revenues rose 16%, driven by higher volumes and the ramp-up of the OGMA GTF engine shop. Adjusted EBIT margin decreased 5 percentage points because of services and materials delays. Before I conclude, I'd like to share a brief update on EVE's steady progress. The first full-scale engineering prototype test flight is planned for late 2025, early 2026.

Let's move now to the next of late Embraer generate a 300 at the meeting you had just said free cash flow in third quarter 'twenty five.

Mainly supported by operating activities $224 million in EBITDA and lower accounts receivable looking now at our investment exclude the eve we allocated a total of 19 9 million during the quarter in light of lower than last year.

The figures includes 30.

39 million Capex $37 million in addition to intangibles.

This compared to 147 million or 8.7% Mar in the third quarter 24, if we excluded the 1 time impact of the buying agreement, which boosted the adjusted Mari by approximately 900 basis points for the first 9 months of the year, they adjusted every tomorrow, it stands at 8.6% a significant Improvement of the 2.9% average over the last past 5 years. However, it's important that you mention, these 2 expect a relevant impact from us import Stars, which should wait on our Q4 margin along with additional cost related to our return to office initiative.

In the pool program to support the new contracts and 30 million in research.

Let's move it now to the next slide in Brier generate a 300 million in adjusted free, cash flow in third quarter to 25.

Year to date research investments heavy reached 33 million or 12% of the 284 are meaning total investment. These resources are focused on support the sustainable growth.

Innovation is like 16 net income.

António Carlos Garcia: Slide 16 net income: Let me walk you through the financial bridge from our reported EBIT to both reported and adjusted net income. We started with the quarter with almost $160 million in EBIT. After accounting for $53 million in net financial expenses, $22 million in tax credits, and $12 million in minority interests, we arrive at $170 million in reported net income. Adjusting for extraordinary items such as $30 million in deferred taxes and $32 million from Eve's results, we get to $54 million in adjusted net income. We closed the quarter with an adjusted margin of 2.7%, a sharp decline from 13.1% last year. I'd like to emphasize this $167 million reduction was mainly driven by the one-time positive impact of $150 million from the Boeing agreement recorded last year, as well as less favorable net financial results.

Antonio Garcia: Slide 16 net income: Let me walk you through the financial bridge from our reported EBIT to both reported and adjusted net income. We started with the quarter with almost $160 million in EBIT. After accounting for $53 million in net financial expenses, $22 million in tax credits, and $12 million in minority interests, we arrive at $170 million in reported net income. Adjusting for extraordinary items such as $30 million in deferred taxes and $32 million from Eve's results, we get to $54 million in adjusted net income. We closed the quarter with an adjusted margin of 2.7%, a sharp decline from 13.1% last year. I'd like to emphasize this $167 million reduction was mainly driven by the one-time positive impact of $150 million from the Boeing agreement recorded last year, as well as less favorable net financial results.

Let me walk you through the financial bridge from our reported EBIT.

Mainly supported by operating activities 224 million in a betta in lower accounts receivable. Looking now at our investment excluding if we allocated a total of 999 million during the quarter, you'd like to lower than last year.

The figures includes.

Both reported and adjusted net income.

We started with the quarter with almost 160 million in EBIT.

39 million capex, 37 million. In addition to intangibles, 10 million in the pool program, to support, the new contracts, and 30 million in research.

After accounting for 53 meeting net financial expenses 22 million tax credits.

And 12 million in minority interests, we arrive at a 107 million in reported net income then adjusting for extraordinary items, such as $30 million and deferred taxes and 32 million Pro <unk> results, we get to 54 million in adjusted net income.

Francisco Gomes Neto: With that, I will now hand it over to Antonio to walk us through the key financial highlights of the quarter.

Year to date research investment have reached at 33 million or 12% of the 284 million total investment. These resources are focused on supporting sustainable growth and Innovation is like 16 net income.

Antonio Carlos Garcia: Thank you, Francisco. Good morning and good afternoon to everyone. Turning to the quarter, all my comments will be based on year-over-year comparisons unless noted. Before we dive into our financial results for Q3 2025, I'd like to start reiterating our 2025 guidance. We expect to deliver between 77 and 85 aircraft in commercial aviation and 145 and 155 in executive aviation from an operational point of view. Meanwhile, we expect to achieve between $7 and 7.5 billion in revenues, 7.5% and 8.3% in adjusted EBIT margin, and more than $200 million in adjusted free cash flow from a financial perspective. These forecasts may appear conservative at first glance, but they reflect the supply chain risks we still face in Q4. Having said that, I'd like to reinforce our estimates reflect our confidence in our operational prowess and the resilience of our business model.

Let me walk you through the financial breach from our reported Habit, to both reported and adjusted net income.

We closed the quarter with an adjusted Meyerhof, two 7% a sharper decline 13% to one last year.

We started the quarter with almost $160 million in EBIT.

I'd like to emphasize this $167 million reduction was mainly driven by the onetime positive impact of $150 million from blank agreement requires the last year as well less favorable net financial results look at the evolution of earnings per share we have seen solid.

António Carlos Garcia: Looking at the evolution of earnings per share, we have seen solid sequential improvement over the past few years. Our EPS totaled $1.7 per ADS over the past 12 months, or substantially higher than -0.20% reported in 2021. Let's move to the next slide. First of all, I'd like to start this slide talking about our liquidity position. Embraer's standalone net debt position decreased by $646 million to only $439 million in Q3 2025, as the company continued to implement its debt liability strategy and reduce its financial gearing. We ended the quarter with a net debt/EBITDA ratio of only 0.5 times, excluding Eve, for a significant improvement from 1.3 times a year earlier. It is important to note this: the increase in leverage compared to year-end 2024 is temporary because of the business seasonality. We do expect to finish the year in a net cash position.

Antonio Garcia: Looking at the evolution of earnings per share, we have seen solid sequential improvement over the past few years. Our EPS totaled $1.7 per ADS over the past 12 months, or substantially higher than -0.20% reported in 2021. Let's move to the next slide. First of all, I'd like to start this slide talking about our liquidity position. Embraer's standalone net debt position decreased by $646 million to only $439 million in Q3 2025, as the company continued to implement its debt liability strategy and reduce its financial gearing. We ended the quarter with a net debt/EBITDA ratio of only 0.5 times, excluding Eve, for a significant improvement from 1.3 times a year earlier. It is important to note this: the increase in leverage compared to year-end 2024 is temporary because of the business seasonality. We do expect to finish the year in a net cash position.

Sequential improvement over the past few years, our EPS it totaled $1 $7 paid yes over the past 12 months are substantially higher than negative between central to report that in 2021, let's move to the next a light first of all I'd.

After accounting for 53 million, net Financial expenses, 22 million tax credits and 12 million in minority interests. We arrived at 170 million in reported net income. Then adjusting for Extraordinary items, such as 30 million in deferred taxes and 32 million from ifs results. We get you 54 million in adjusted net income.

An adjusted Mark of 2.7%, a sharp decline from 13.21 last year.

I'd like just started this slide talking about our liquidity position <unk> stand alone net debt position decreased by $646 million to only 439 million in the third quarter 'twenty five as the company continues to implement its deputy liability strategy and reduce its financial.

Here, we ended the quarter with a net debt EBITDA ratio of only 0.5 times is grew the eve for a significant improvement for a one three times a year earlier. It is important that you'll notice the increase in leverage compared to year end 'twenty 'twenty four it's temporary because of the Beast.

Antonio Carlos Garcia: We remain comfortable with our outlook and feel confident we are on track to meet our four-year guidance. That said, let's take a look at our financial results for the quarter. In slide 12, deliveries. Embraer delivered 62 aircraft in Q3 2025: 20 commercial jets, 41 executive jets, and one KC-390 military plane. This represents a 5% increase compared to the same period last year, with commercial aviation deliveries up 25% year-over-year and executive aviation stable. More importantly, for the first nine months, we have delivered 46 commercial jets, which is 57% of the midpoint of our guidance and 2 percentage points above our five-year average for the period. In executive aviation, we have delivered 102 executive jets, or 68% of the midpoint of our guidance, and 11 solid percentage points higher than the 57% average from the past five years, which demonstrates our strong execution.

I'd like to emphasize that this $167 million reduction was mainly driven by the one-time positive impact of $150 million from the buying agreement required last year, as well as the favorable net financial results. Looking at the evolution of earnings per share, we have seen solid sequential improvement over the past few years. Our EPS totaled $1.70 per ADS over the past 12 months, which is substantially higher than the negative $0.20 reported in 2021. Let's move to the next slide. First of all,

This seasonality we do expect you finished the year in a net cash position our liability management strategy remains focused on extended depth and duration and reduce our cost of debt. The average loan maturity is now five to nine years with a 96% of our debt in long term contracts to concur.

António Carlos Garcia: Our liability management strategy remains focused on extended debt duration and reducing our cost of debt. The average loan maturity is now 5.9 years, with 96% of our debts in long-term contracts. To conclude, I'd like to remind you we announced a new liability management initiative in Q3 2025, which will be fully concluded in November. The company issued a $1 billion long 12-year bond at a 5.4% coupon. We will repurchase a total of $809 million from 2028 and 2030 bonds. We will share an updated debt maturity profile and average cost of debt with our full-year financials. Slide 18 Shareholder Remuneration: Before I finish my presentation, I'd like to take a moment to thank our shareholders for their trust and highlight the recent developments in our shareholder remuneration initiatives. First, I want to share an exciting milestone.

Antonio Garcia: Our liability management strategy remains focused on extended debt duration and reducing our cost of debt. The average loan maturity is now 5.9 years, with 96% of our debts in long-term contracts. To conclude, I'd like to remind you we announced a new liability management initiative in Q3 2025, which will be fully concluded in November. The company issued a $1 billion long 12-year bond at a 5.4% coupon. We will repurchase a total of $809 million from 2028 and 2030 bonds. We will share an updated debt maturity profile and average cost of debt with our full-year financials. Slide 18 Shareholder Remuneration: Before I finish my presentation, I'd like to take a moment to thank our shareholders for their trust and highlight the recent developments in our shareholder remuneration initiatives. First, I want to share an exciting milestone.

I'd like to remind you we announced that a new liability management initiative in third quarter 25.

Would you be fully it concluded in November the company issued 1 billion long 12 years bonds at 5.4% coupon.

I'd like to start this slide talking about our liquidity position on the net deposition, decreased by 646 million to only 439 million in the 30425, as the company. Continued to implement its debt reliability strategy, and reduce its financial gain. We ended the quarter with a net depth, a bit. The ratio of only 0.5 times excluding if for a significant improvement from 1.3 times per year earlier, it is important that you notice, this the increase in leverage compared to year end 2024, it's temporary because of the business seasonality, we do expect to finish the year in a net cash position, our liability management

And we will repurchase a total of 809 million from 2028, and 2030 bonds, we will share an update depth and maturity profile and average cost of debt with our full year financials.

The 18th shareholder remuneration before I finish my presentation I'd like to take a moment to thank our shareholders for their trust.

Strategy remains focused on extended Deputy duration and reduce our cost of that. The average loan maturity is now 5.9 years with a 96% of our debts in long-term contracts to conclude. I'd like to remind you, we announced a new liability management initiative in 304 to 25.

Antonio Carlos Garcia: In slide 13, backlog and revenue. Our company-wide backlog reached $31.3 billion during the quarter, up a significant 38% and higher than our previous historical record. Looking at each division, executive aviation and service and support led the pack, with their backlogs up 65% and 40% respectively, followed by commercial aviation up 37%, and defense and security up 80%. I'd like to highlight the significant volumes of purchase options currently held by our customers, which total roughly $20 billion. These are not firm orders yet, but they provide a substantial upside potential for our backlog in the next few years, which could increase towards $50 billion. Moving to revenues, our top line was close to $2 billion for an increase of 18%. From a business perspective, the breakdown appears well-balanced.

And highlight recent developments in our shareholder remuneration initiatives first I want to share an exciting milestones yesterday, we officially update our ticker symbol <unk>, which means embraer jets.

António Carlos Garcia: Yesterday, we officially updated our ticker symbol to MBJ, which means Embraer Jets, to better reflect the company's current strategy and vision for the future. Second, Embraer declared nearly $210 million in interest on equity over the past two quarters, which translates into 2,028 Brazilian cents per share for a 0.35% dividend yield. Just a quick reminder: this amount may be complemented by a top-up dividend if needed to meet the minimum 25% net income distribution required by Brazilian corporate law. The full amount will be paid in a single installment after our 2026 annual shareholders' meeting. With that, I will hand it back to Francisco for his final remarks. Thank you very much.

Antonio Garcia: Yesterday, we officially updated our ticker symbol to MBJ, which means Embraer Jets, to better reflect the company's current strategy and vision for the future. Second, Embraer declared nearly $210 million in interest on equity over the past two quarters, which translates into 2,028 Brazilian cents per share for a 0.35% dividend yield. Just a quick reminder: this amount may be complemented by a top-up dividend if needed to meet the minimum 25% net income distribution required by Brazilian corporate law. The full amount will be paid in a single installment after our 2026 annual shareholders' meeting. With that, I will hand it back to Francisco for his final remarks. Thank you very much.

To better reflect the company's oriented strategy and vision for the future second embraer declare nearly 210 million Brazilian reais interest on equity over the past two quarters, which translated into 28 cents per share quarter zero point, 35% dividend.

Which will be fully concluded in November. The company issued $1 billion long-term, 12-year bonds at 5.4% coupon, and we repurchased a total of $89 million from the 2028 and 2030 bonds. We will share an update on the deputy maturity profile and average cost of debt for a full year. Financials you like the 18 shareholder remuneration. Before I finish my presentation, I'd like to take a moment to thank our shareholders for their trust.

Just a quick reminder, this amount may be complemented by a top up dividend if needed.

Meet the minimum 25% net income distributions required by Brazilian corporate law the format to be paid in a single installment after our 26 handle shareholders' meeting with that I'll hand, it back to <unk> for his final remarks. Thank you very much. Thank you want on your I'd like to take a moment.

And highlight the recent developments in our shareholder remuneration initiatives. First, I want to share an exciting Milestone. Yesterday, we officially update, our ticker symbol to mbj which means hamburger Jets.

Valtésio Sousa: Thank you, António. I'd like to take a moment to reflect on our recent key achievements and share a few final thoughts. In commercial aviation, strong E1 sales and the continued consolidation of the E2 platform marketed our best sales year. Executive aviation continues to see robust demand across its entire portfolio, reflecting the strength of our products and customer relationships. In defense and security, the KC-390 is gaining traction in key global campaigns, including India and NATO, with Sweden's recent order reinforcing its growing international relevance. Meanwhile, service and support continues to expand, highlighted by the groundbreaking of a new MRO facility in the US, further strengthening our global footprint. Looking forward, we expect substantial midterm growth while strategically investing in new technologies to prepare the company for a more ambitious and long-term expansion, always grounded in our culture of safety first and quality always.

Francisco Gomes Neto: Thank you, António. I'd like to take a moment to reflect on our recent key achievements and share a few final thoughts. In commercial aviation, strong E1 sales and the continued consolidation of the E2 platform marketed our best sales year. Executive aviation continues to see robust demand across its entire portfolio, reflecting the strength of our products and customer relationships. In defense and security, the KC-390 is gaining traction in key global campaigns, including India and NATO, with Sweden's recent order reinforcing its growing international relevance. Meanwhile, service and support continues to expand, highlighted by the groundbreaking of a new MRO facility in the US, further strengthening our global footprint. Looking forward, we expect substantial midterm growth while strategically investing in new technologies to prepare the company for a more ambitious and long-term expansion, always grounded in our culture of safety first and quality always.

To reflect on our recent key achievements and share a few final thoughts.

Antonio Carlos Garcia: Commercial and executive aviation each contributed circa 30%, followed by service and support with 25%, and defense and security with 14%. Moving to the next slide, we generated $236 million in adjusted EBITDA in Q3 2025, with an 11.8% margin. Now, adjusted EBIT for the quarter was $172 million, with an 8.6% margin. This compared to $147 million, or 8.7% margin, in the third quarter 2024, if we excluded the one-time impact of the Boeing agreement, which boosted the adjusted margin by approximately 900 basis points. For the first nine months of the year, the adjusted EBIT margin stands at 8.6%, a significant improvement of the 2.9% average over the past five years. However, it's important to mention we still expect a relevant impact from US import tariffs, which should weigh on our Q4 margin, along with additional costs related to our return to office initiative.

In commercial aviation strong view on sales and the continuous consolidation of the two proto-form market. Our best sales year Executive aviation continues to see robust demand across its entire portfolio, reflecting the strength of our products and customer.

Ships in defense and security the K excuse me 90 is gaining traction in key global campaigns, including India and NATO with <unk> recent order reinforced its growing international relevance.

To better reflect the company's current strategy and vision for the future. Second employer, declare nearly 210 million, Brazilian eyes, interest on Equity, over the past 2 quarters, which translate into 28, Brazil cents, per share for a 0.35% dividend yield. Just a quick reminder. This amount may be complemented by a Top-Up dividend. If needed to meet the minimum 25%. Net income distribution required by Brazilian corporate law, the full amount, you'll be paying a single installment. After our 2026 annual shareholders meeting with that, I will hand it back to Francisco for his final. Remark, thank you very much. Thank you, Antonio. I'd like to take a moment to reflect on our recent key, achievements, and share the few final thoughts.

Servicing support continues to expand highlighted by the ground breaking of a new MRO facility in the U S. Further strengthening our global footprint looking forward, we expect it to be special and midterm growth, while strategically investing in new technologies to prepare the company.

For a more ambitious and long term expansion always grounded in our culture of safety first and quality all is well.

I would like to move on to the Q&A session.

In commercial Aviation strong, E1 sales, and the continuous consolidation of the E2 platform Market. Our best sales here as active. Aviation continues to see robust demand across its entire report portfolio reflecting the strength of our products and customer relationships in the finishing security. The cases within 90 is gaining Traction. In key Global campaigns including India and NATO with Sweden's recent order, reinforce its growing International relevance, meanwhile, service in support.

Valtésio Sousa: With that, I would like to move on to the Q&A session.

Francisco Gomes Neto: With that, I would like to move on to the Q&A session.

Antonio Carlos Garcia: Let's move it now to the next slide. Embraer generated $300 million in adjusted free cash flow in the third quarter 2025. Mainly supported by operating activities, $224 million in EBITDA, and lower accounts receivable. Looking now at our investment, excluding EVE, we allocated a total of $99 million during the quarter, slightly lower than last year. The figures include $39 million in CapEx, $37 million in additions to intangibles, $10 million in the pool program to support new contracts, and $30 million in research. Year-to-date, research investments have reached $33 million, or 12% of the $284 million total investment. These resources are focused on supporting sustainable growth and innovation. Slide 16, net income. Let me walk you through the financial bridge from our reported EBIT to both reported and adjusted net income. We started the quarter with almost $160 million in EBIT.

Yeah.

Well now start the question and answer session.

Guilherme Paiva: We will now start the question and answer session. We remind you again this conference is being recorded. Its broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without the express authorization of Embraer. We also highlight this conference call is being conducted in English with translation to Portuguese. Please, let me say a short announcement for Portuguese speakers. Esta conferência está sendo realizada originalmente em inglês. Para ouvir a tradução em português, pressione o botão "Interpretação" da plataforma Zoom e selecione o idioma português. Após selecionar o idioma no botão "Interpretação", clique também em desativar o áudio original na plataforma para melhorar a qualidade da transmissão em português. We request participants interested in asking questions to press the "Raise a Hand" button on the platform. When your name is announced, make sure your microphone is on and start your question.

Guilherme Paiva: We will now start the question-and-answer session. We remind you again this conference is being recorded. Its broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without the express authorization of Embraer. We also highlight this conference call is being conducted in English with translation to Portuguese. Please, let me say a short announcement for Portuguese speakers.[Fl]. We request participants interested in asking questions to press the "Raise a Hand" button on the platform. When your name is announced, make sure your microphone is on and start your question.

We remind you again this conference is being recorded.

It's broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without express authorization of Embraer.

What continues to expand? Highlighted by the groundbreaking of a new mro facility in the US further. Strengthening our Global Footprints looking forward. We expect substantial midterm growth while strategically investing in new technologies. To prepare the company for a more ambitious, and long-term expansion always grounded in our culture of Safety, First and quality always.

We also highlight this conference call is being conducted in English, which translate translation to Portuguese.

With that, I would like to move on to the Q&A session.

Please let me say a short announcement for Portuguese speakers.

Ethical settings, this tussle or how does that what is your <unk> English.

And answer session.

They're all the same put together.

We remind you again. This conference is being recorded.

One of our hotels and the Protocell financial he said listen regional partners.

Our citizenry German bottle <unk> clicking them being in India that you've that allows us now on a path of pharma, but a minute adequately that such as diesel and petrol gas.

Its broadcast is intended exclusively for the participants of this event and may not be reproduced or represented, without the express authorization of Embraer.

We request participants interested in asking questions to press that raise a hand button on the platform. When your name is announced make sure. Your microphone is on and start your question.

We also highlight this conference call as being conducted in English with translation, translation to Portuguese.

Please.

Antonio Carlos Garcia: After accounting for $53 million in net financial expenses, $22 million in tax credits, and $12 million in minority interest, we arrive at $170 million in reported net income. Then, adjusting for extraordinary items such as $30 million in deferred taxes and $32 million from EVE's results, we get to $54 million in adjusted net income. We closed the quarter with an adjusted margin of 2.7%, a sharp decline from 13.1% last year. I'd like to emphasize this $167 million reduction was mainly driven by the one-time positive impact of $150 million from Boeing agreements recorded last year, as well as less favorable net financial results. Looking at the evolution of earnings per share, we have seen solid sequential improvement over the past few years. Our EPS totaled $1.7 EPS over the past 12 months, or substantially higher than negative $0.20 reported in 2021. Let's move to the next slide.

Let me say a short announcement for Portuguese speakers.

To give everyone a chance to participate we request to ask just one question per time.

Guilherme Paiva: To give everyone a chance to participate, we request to ask just one question per time. If you need assistance, please use the Q&A button on the platform. We will also answer questions sent via the platform chat. The first part of the Q&A session will be exclusively for equity research, analysts, and investors. The second part of the Q&A will be only for the press. We'll start the Q&A session dedicated to research, analysts, and investors. The first question comes from Kristine Liwag with Morgan Stanley. Please go ahead.

Operator: To give everyone a chance to participate, we request to ask just one question per time. If you need assistance, please use the Q&A button on the platform. We will also answer questions sent via the platform chat. The first part of the Q&A session will be exclusively for equity research, analysts, and investors. The second part of the Q&A will be only for the press. We'll start the Q&A session dedicated to research, analysts, and investors. The first question comes from Kristine Liwag with Morgan Stanley. Please go ahead.

If you need assistance. Please use the Q&A button on the platform. We will also ask a question sent fear the platform chat.

The first part of the Q&A session will be exclusively for equity research analysts and investors. The second part of the Q&A will be only for the press.

Yeah.

We'll start the Q&A session dedicated to research analysts and investors. The first question comes from Cristina <unk> with Morgan Stanley. Please go ahead.

We request participants interested in asking questions to press the raise the hand button on the platform. When your name is announced, make sure your microphone is on and start your question to give everyone a chance to participate. We request to ask just 1 question per time.

If you need assistance.

Please use the Q&A button on the platform.

Yeah.

Hey, good morning, everyone. Good morning, Francisco until you're in geese.

We will also answer questions sent via the platform chat.

Kristine Liwag: Hey, good morning, everyone. Good morning, Francisco, António, and Gui.

Good morning.

[Company Representative] (Embraer): Morning.

Firstly, I'm Antonio that the balance sheet and the financial strength of the company is pretty remarkable, especially with you know what we saw in 2020 with Covid and all the changes with a net cash position are slated for the company by year end I was wondering how you guys think about feature.

Kristine Liwag: First, you know, I mean, António, the balance sheet and the financial strength of the company is pretty remarkable, especially with, you know, what we saw in 2020 with COVID and all the changes. With the net cash position slated for the company by year-end, I was wondering how you guys think about future return to shareholders, especially if you're not going to build another big R&D cycle. Would you consider share buybacks or increasing dividends? How do we think about returns to shareholders?

The first part of the Q&A session will be exclusively for equity, research analysts. And investors. The second part of the Q&A, will be only for the Press.

Antonio Carlos Garcia: First of all, I'd like to start this slide talking about our liquidity position. Embraer's standalone net debt position decreased by $646 million to only $439 million in the third quarter 2025, as the company continued to implement its debt liability strategy and reduce its financial gearing. We ended the quarter with a net debt/EBIT ratio of only 0.5x, excluding EVE, for a significant improvement from 1.3x a year earlier. It is important to note this: the increase in leverage compared to year-end 2024 is temporary because of the business seasonality. We do expect to finish the year in a net cash position. Our liability management strategy remains focused on extended debt duration and reducing our cost of debt. The average loan maturity is now 5.9 years, with 96% of our debts in long-term contracts.

We'll start the Q&A session dedicated to research analysts and investors. The first question comes from

Return to shareholders, especially if you're if you're not going to build a another big R&D cycle on would you consider.

Christine vwag with Morgan Stanley, please go ahead.

Good morning, everyone. Good morning, Francisco, Antonio, and Guilherme.

Share buybacks or increasing dividends on how do we think about our returns to shareholders.

Morning.

Thanks, Kristina for the Great question.

Francisco Gomes Neto: Thanks, Kristine, for the great question. I was expecting this already. I would say we, to be honest, we start to repay or resume dividends this end of last year. We, I would say, we are very happy that we are able to do it. Point one. Point two, we are evaluating our capital structure. It's a valid question you are raising right now. We do not have today a firm opinion on how to move forward. I do not see additional dividends at this point in time. We are already paying 25% of the net income of the year, which is already for a heavy, intensive business, already a lot.

<unk> is already I would say.

To be honest, we start to repay resuming dividend geez end of last year now we would say we are very happy that we're able to do is 0.1.

Two we are evaluating our capital structure is a valid question you are raising right now.

We do not have it today.

A female opinion of how to move forward I do not see additional dividends at this point in time, we are paying 25% of the net income of the year, which is alright.

So, um, first, you know, I mean, Antonio, the, the balance sheet, uh, and the financial strength of the company is pretty remarkable, especially with, you know, what we saw in 2020 with Co and all the changes with the net cash position, uh, slated for the company by year end. Um, I was wondering how you guys think about, uh, future uh, return to shareholders especially if, if you're not going to build a uh, another big R&D cycle. Um, would you consider uh, share BuyBacks um or increasing dividends on how do we think about uh, returns to shareholders?

Uh, thanks Christina for the great question. I was expecting this already. I would say we

Uh huh.

Heavy intensity D&C busyness, I read a lot I would say.

Antonio Carlos Garcia: To conclude, I'd like to remind you we announced a new liability management initiative in Q3 2025, which will be fully concluded in November. The company issued a $1 billion long 12-year bond at a 5.4% coupon, and we will repurchase a total of $809 million from our 2028 and 2030 bonds. We will share an updated debt maturity profile and average cost of debt with our full-year financials. Slide 18, shareholder remuneration. Before I finish my presentation, I'd like to take a moment to thank our shareholders for their trust and highlight the recent developments in our shareholder remuneration initiatives. First, I want to share an exciting milestone. Yesterday, we officially updated our ticker symbol to MBJ, which means Embraer Jets, to better reflect the company's current strategy and vision for the future.

We do not have a response right now, but we are evaluating further move in this direction and yard to for example buyback is something thats on the table right now to be discussed, but we do not have that answer right now, but we are really taking payout nation to disappoint as well.

Francisco Gomes Neto: I would say we do not have a response right now. We are evaluating further moves in this direction in order, for example, buyback is something that's on the table right now to be discussed. We do not have an answer right now. We are really paying attention to this point as well.

To be honest, we start to repay resume dividends these uh end of last year and we I say we are very happy that we are able to do it 0.1.

Point 2, we are evaluate. Our capital structure is a valid question you are raising right now.

Great. Thank you if I could do a follow up you know I'm a few weeks ago American Airlines are announced that they're retrofitting their their E Jets, a fleet and you need to do the overhead bin I think you guys are doing the work on that but I was wondering since they want ideal for our interior refresh is there an expansion of work scope that you can now at.

Kristine Liwag: Great, thank you. If I could do a follow-up, you know, a few weeks ago, American Airlines announced that they're retrofitting their EJets fleet, you know, to do the overhead bin, I think you guys are doing the work on that. I was wondering, since they want to do a full interior refresh, is there an expansion of work scope that you can now address, especially as you've increased your services offering? Are you doing the complete retrofit for American, or are you only doing portions of it? How do we think about, you know, if other airlines in the US decide to also retrofit their fleet with your more expanded services capability? How do you think about that market, and could you capture more of that?

We do not have today uh uh a firm opinion. How to move forward? I do not see additional dividends at this point in time we are at paying 25% of the net income of the year which is already

Dress I, especially as you increase your services offering are you doing a complete retrofit for American or are you only doing portions of it and how do we think about you know if other airlines in the U S. S sides also retrofit there their fleet with your more expanded services capability, how do you think about that.

For a heavy intensive intensive business. I read a lot, I would say uh we do not have a response right now but we are evaluating further move on this direction. In order. For example buy back is something that's on the table right now to be discussed but we do not have an answer right now but we are really taking pay attention to this point as well.

Great, thank you. And if I can do a follow-up, you know, um, a few weeks ago, um,

Antonio Carlos Garcia: Second, Embraer declared nearly $210 million in interest on equity over the past two quarters, which translates into $0.128 per share for a 0.35% dividend yield. Just a quick reminder, this amount may be complemented by a top-up dividend if needed to meet the minimum 25% net income distribution required by Brazilian corporate law. The full amount will be paid in a single installment after our 2026 annual shareholder meeting. With that, I will hand it back to Francisco for his final remarks. Thank you very much. Thank you, Antonio. I'd like to take a moment to reflect on our recent key achievements and share a few final thoughts. In commercial aviation, strong year-end sales and the continued consolidation of the E2 platform mark our best sales year. Executive aviation continues to see robust demand across its entire portfolio, reflecting the strength of our products and customer relationships.

Market and could you capture more of that.

Oh, Thanks, San Francisco speaking to Sidney Thanks for the question and Oh. This is part of our initiative.

Francisco Gomes Neto: Oh, thanks. Francisco speaking. Kristine, thanks for the question. Well, this is part of our initiative to improve the E175, E1. I mean, this first movement was with the interior, and this includes not only the bins, but includes seats, new seats, Recaro seats. This includes the lighting, a new and modern lighting, and also available better connectivity for the aircraft. I mean, yes, we have a program with American Airlines, but this, I would say, this kit is available for other customers, and we can do it if they want at our new MRO in Dallas.

Initiatives to improve the EUR 75, you won.

And it is the first movement to us so with the interior and this includes not only the things, but I think it was seats new seats. Ricardo seats. This includes the lightning and you win more than lightning and are also available at better connectivity for the aircrafts. So.

American Airlines, uh, announced that they're retrofitting their, their ejects, uh, Fleet and you know, to do the overhead bin. I think you guys are doing the work on that, but I was wondering, um, since they want to do a full, uh, interior refresh. Is there an expansion of work scope that you can now address? Uh, especially as you increase your Services offering? Are you doing, uh, the complete retrofit for American or are you only

Only doing portions of it and how do we think about, um, you know, if other airlines in the US decide to also retrofit their, their Fleet, with your more expanded Services, uh, capability. How do you think about that market? And could you capture more of that?

So yes, we are we have a program with American lines, but this I'll say this our kit is a available for other customers and we can do it if they want it our new MRO in Dallas.

Oh, thanks. Francisco speaking. Christina, thanks for the question. And, well, this is part of our initiative to improve the E175 EU1.

Great well, thank you very much looking forward to more contracts.

Kristine Liwag: Great. Well, thank you very much. Looking forward to more contracts.

Oh, Thank you Ritu.

Francisco Gomes Neto: Oh, thank you. We too.

Okay.

The next question comes from Marcelo Motta with Jpmorgan. Please go ahead.

Guilherme Paiva: The next question comes from Marcelo Motta with JP Morgan. Please go ahead.

Operator: The next question comes from Marcelo Motta with JP Morgan. Please go ahead.

I mean, this, the first movement was within the interior, and this includes, not only the beings but includes seats new seats Ricardo seats. This includes the, the lightning, a new modern lightning. And, uh, also available a better connectivity for the aircraft.

Hi, everyone. Thank you for taking my question. My question is regarding to the EBIT margin on the US equity segment I mean, your comment about you know the impact of product mix and higher cost. So just wondering you know when we look at the component of higher cost.

Antonio Carlos Garcia: In defense and security, the KC-390 is gaining traction in key global campaigns, including India and NATO, with Sweden's recent order reinforcing its growing international relevance. Meanwhile, servicing support continues to expand, highlighted by the groundbreaking of a new MRO facility in the US, further strengthening our global footprint. Looking forward, we expect substantial mid-term growth while strategically investing in new technologies to prepare the company for a more ambitious and long-term expansion, always grounded in our culture of safety first and quality always. With that, I would like to move on to the Q&A session.

Marcelo Motta: Hi, everyone. Thank you for taking my question. My question is regarding the debit margin on the executive segment. I mean, you comment about, you know, the impact of product mix and higher cost. Just wondering, you know, when we look at the component of higher cost, if you think this is more structural, is more like a one-off on this quarter, and then if you could explain also what helped the defense debit margin, that would be great as well? Thank you very much.

And we can do it if they want at our new mro in Dallas.

Great. Well, thank you very much. Looking forward to more contracts.

If you think this is more structural was more like a one off on this quarter and then if you could explain also what helped with the defense EBIT margin that would be great as well. Thank you very much.

Oh, thank you. We too.

The next question comes from Marcelo Motor with JP Morgan. Please go ahead.

I must say Hello. This is <unk> good morning, and thanks for the question.

Guilherme Paiva: Hi, Marcelo. This is Gui. Good morning, and thanks for the question. In executive aviation, we have seen, like in other businesses, cost inflation. That's something that has been a trend in the industry for the past few years, and we would expect that to continue. We have been obviously being very resilient in protecting our margins in the business, but we obviously will see some fluctuations on a quarter-to-quarter basis. Regarding defense, there was an impact on the higher KC volumes and just the client mix where we had a higher participation of foreign clients.

As active remediation, we have seen like in other business cost inflation, that's something that has been in training the industry for the past few years.

And we would expect that to continue.

<unk> been obviously been very resilient in protecting your margins in the business, but we obviously, we will see some fluctuations on a quarter to quarter basis.

Regarding defense.

<unk> an impact on the higher case volumes and <unk>.

Hi everyone. Thank you for taking my question. My question is regarding the the Abit margin on the executive segment. I mean you comment about you know the impact of product makes and higher cost. So just wondering, you know, when we look at the the component of higher cost uh if you think this is more, structural is more like a 1 off on this quarter and then if you could explain also what helped the, the defense a bit margin? That would be great as well. Thank you very much.

The client mix, where we had a higher participation of flooring beforehand or foreign clients and.

Operator: We will now start the question and answer session. We remind you again this conference is being recorded. Its broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without the express authorization of Embraer. We also highlight this conference call is being conducted in English with translation to Portuguese. Please, let me say a short announcement for Portuguese speakers. Esta conferência está sendo realizada originalmente em inglês. Para ouvir a tradução em português, pressione o botão "Interpretação" da plataforma Zoom e selecione o idioma português. Após selecionar o idioma no botão "Interpretação", clique também em "Desativar o áudio original na plataforma" para melhorar a qualidade da transmissão em português. We request participants interested in asking questions to press the "Raise a Hand" button on the platform. When your name is announced, make sure your microphone is on and start your question.

And Marcelo.

Just to complement your hey, guys curious active aviation. Please next to our content with one year ago, we didn't have at saracen than they.

Francisco Gomes Neto: Marcelo, just to complement you in regards to executive aviation, please take into account that one year ago, we didn't have tariffs, and they have impact on the executive aviation margins, also the tariffs. It's eating up some 2% to 2.5% of our margin on a comparable basis. I would say that explains the deviation as well.

Have impacting their executive aviation margins also the dose.

Laura is eating up some two or three and a half a percent of our margin on a comparable basis I would say that the expansive aviation as well.

Okay.

Perfect. Thanks very much.

Marcelo Motta: Perfect. Thank you very much.

The next question comes from Luca <unk> with BTG Pactual. Please go ahead.

I must tell this is G. Good morning and thanks for the, the question, um, in as active variation. Uh, we have seen like, in other business cost inflation. That's something that has been a trend in the industry for the past few years. Um, and I we would expect that to continue. Uh, we have been obviously being very resilient and protecting your margins in the business, but we obviously will see some fluctuations on a quarter to quarter basis, um, regarding defense. Um, there was, um, an impact on the higher case volumes, um, and just the climax, uh, where we had a higher participation of foreign foreign or foreign clients.

Guilherme Paiva: The next question comes from Lucas Marquiori with BTG Pactual. Please go ahead.

Operator: The next question comes from Lucas Marquiori with BTG Pactual. Please go ahead.

Thanks, Hey, guys. Good morning. My question is just on the.

[Analyst] (BTG Pactual): Thanks. Hey, guys. Morning. Yeah, my question is just on the one-offs on the margin as well, especially on commercial aviation. Just trying to understand what are these tax credits that you guys mentioned you guys had on this Q, I mean, particularly to what they relate to, and how should we think about, I mean, their recurrency going forward. Also on the defense as well, what exactly is this one-off contract-related adjustment? Is this a change in a contract of a foreign client that helped on the margin? I mean, just trying to kind of clear that out. Thanks for the clarifications.

Lucas Marquiori: Thanks. Hey, guys. Morning. Yeah, my question is just on the one-offs on the margin as well, especially on commercial aviation. Just trying to understand what are these tax credits that you guys mentioned you guys had on this Q, I mean, particularly to what they relate to, and how should we think about, I mean, their recurrency going forward. Also on the defense as well, what exactly is this one-off contract-related adjustment? Is this a change in a contract of a foreign client that helped on the margin? I mean, just trying to kind of clear that out. Thanks for the clarifications.

One off on the margin as well, especially on commercial aviation just trying to understand what are these tax credits that you guys mentioned that you guys had on the SKU I mean, particularly to what they relate to and how should we think about I mean there.

And Marcelo just to compliment you, in regards to Executive Aviation, please take it to our confident 1 year ago. We didn't have a terrorist and they have impact on the executive. Aviation Mar is also, the terrorists. More is eating up some 2 3 and a half percent of our margin in a comparable base. I would say that explains the litigation as well.

Perfect, thank you very much.

There are requirements going forward and also on the defense as well what exactly is these one off contract related adjustment of these these are changing the contract rather frame client that helped on the margin I mean, just trying to kind of clear that out thanks for the clarification.

Operator: To give everyone a chance to participate, we request to ask just one question per time. If you need assistance, please use the Q&A button on the platform. We will also answer questions sent via the platform chat. The first part of the Q&A session will be exclusively for equity research analysts and investors. The second part of the Q&A will be only for the press. We'll start the Q&A session dedicated to research analysts and investors. The first question comes from Kristine Liwag with Morgan Stanley. Please go ahead.

The next question comes from Lucas maturity with btg pactual, please go ahead.

Hi, Lucas get here good morning, and thanks for the question again.

Guilherme Paiva: Hi, Lucas. Gui here. Good morning. Thanks for the question again. In commercial aviation, the tax credits are related to some import parts that we did a study, and we were able to kind of claim these credits, okay? On defense, we reassign a plane in the production to a different client that was already, let's call it, halfway in its production. Given that it is percentage of completion, we recalculate the revenues and the profitability of the contract given that it was already halfway through.

So E in commercialization the tax credits are related to some import parts than we did a study and we're able to kind of claimed as credits okay.

And on dish on defense.

We reassign a plane in the production to a different clients that was already.

Call It halfway is production.

So given that it is percentage of completion, we recalculate the revenues and the profitability of the contract given that it was already halfway through.

Thanks. Hey, guys morning yeah. My question is just on the uh, 1 off on the margin as well, especially on, uh, commercial Aviation. Just try to understand what are these tax credits, that you guys mentioned you guys had on this queue? I mean, particularly to what they relate to, and how should we think about? I mean, their, uh, their recurrency going forward and also on the defense as well. What exactly is this 1 off contract related adjustment is these are changing the contract of a foreign client that helped on the margin. I mean, just trying to kind of a clear that out. Thanks for the clarification.

Kristine Liwag: Hey, good morning, everyone. Good morning, Francisco, Antonio, and Guy.

Francisco Gomes Neto: Morning.

Awesome. Thank you.

Kristine Liwag: So first, you know, I mean, Antonio, the balance sheet and the financial strength of the company is pretty remarkable, especially with, you know, what we saw in 2020 with COVID and all the changes. With the net cash position slated for the company by year-end, I was wondering how you guys think about future return to shareholders, especially if you're not going to build another big R&D cycle. Would you consider share buybacks or increasing dividends? How do we think about returns to shareholders?

[Analyst] (BTG Pactual): Awesome. Thanks, Gui.

Lucas Marquiori: Awesome. Thanks, Gui.

Thanks Lucas.

Francisco Gomes Neto: Thanks, Lucas.

The next question comes from Andrea <unk> with Citi. Please go ahead.

Guilherme Paiva: The next question comes from André Mazini with Citi. Please go ahead.

Operator: The next question comes from André Mazini with Citi. Please go ahead.

Hi, guys Francisco Antonio E.

Hi, Lucas G here. Good morning, thanks for the question again. Um, so in in in commercialization the the tax credits are related to some import parts that we did a study and were able to kind of claim these credits. Okay. Um, and on the on defense, uh we reassign a plane in the production to a different client that was already.

André Mazini: Hi, guys. Francisco, António, Gui. My question is on the state of the Pratt GTF engines. The competitor A220 product is having some major issues with the Pratt. We read in a piece of news saying that 17% of the A220 fleet is grounded because of the Pratt GTF. We understand the engines are not the same, right? The A220 uses the PW1500, while the PW1900. The question is if the PW1900 is indeed having no issues whatsoever. That's the first one. The second one, if I may, totally different topic. This November, of course, the world is looking to Brazil for the COP and the Amazon. I wanted to ask about an old program, the SIVAM program, the Amazon surveillance system that you guys participated, call it 25 years ago. The planes from that program were Embraer's 145s.

My question is on the state of the Pratt GTS engines, so the competitor or <unk> to 'twenty product is having some major issues with the with the Pratt where we're at.

Let's call it halfway in its production. Um, so given that it is percentage of completion. We recalculate, um, the revenues and the profitability of the contract given that it was already halfway through.

In a piece of news, saying that 17% of the <unk> hundred 20 fleet is grounded because of the Pratt GTS. We understand engines are not the same right. The 820 users the PW 1500, while the true DPW 1900.

Awesome. Thank you.

Thanks Lucas.

Francisco Gomes Neto: Thanks, Kristine, for the great question. I was expecting this already. I would say, to be honest, we started to repay or resume dividends at the end of last year. Now, I would say we are very happy that we are able to do it. Point one. Point two, we are evaluating our capital structure. It's a valid question you are raising right now. We do not have, today, a firm opinion on how to move forward. I do not see additional dividends at this point in time. We are already paying 25% of the net income of the year, which is already, for a capital-intensive business, already a lot. I would say. We do not have a response right now, but we are evaluating further moves in this direction; in order, for example, buyback is something that's on the table right now to be discussed.

The next question comes from Andrea mazini with City. Please go ahead.

But the question is if the PW 90 to 100 is indeed, having no issues whatsoever.

So that's the first one and the second one if I may a totally different topic. There is November of course. The award is looking to Brazil for the Cup and Amazon. So I wanted to ask about the node program. The <unk> program. The Amazon surveillance system that you guys participated call. It 25 years ago, the planes from that program more Embraer 145.

Hi, guys, Francisco, Antonio, G. Uh, so my my question is on the states of the Pratt gtf engines. So the competitor rate to 2020 product is having some major issues with the, with the Pratt we read in a piece of news saying that 17% of the ho 20 Fleet is grounded, uh, because of the PDF.

So if there is any renewal renewal program for our plan for for those planes and the status of the Amazon surveillance systems and Embraer participation overall, thank you.

André Mazini: If there's any renewal program or plan for those planes and the status of the Amazon Surveillance Systems and Embraer's participation overall. Thank you.

Hey, Andrea Francesco speaking thanks for your question So first start to read the.

Francisco Gomes Neto: Hey, André. Francisco speaking. Thanks for your question. First, start with the E2 GTF. I mean, you know, the E2, I mean, uses the third generation of the PW1900G engine, which has incorporated several upgrades and improvements. On top, the E2 is a lighter, much lighter aircraft compared to the others, which means less demand on the engines. That's why the E2 has suffered much less than the competition. Now, I mean, the engines are getting better and better with new improvements being implemented. We expect much better performance and durability of the engines, I mean, going forward for the E2s, which is good news for the airlines. About this Amazon program, I mean, we don't have any project at this point of time with this project.

Into GTS I mean, you know the two I mean, you're using the third generation of the EBITDA grew 19, hundreds G engine, which it has incorporated several upgrades and improvements.

Francisco Gomes Neto: But we do not have an answer right now. But we are really paying attention to this point as well.

Kristine Liwag: Great. Thank you. If I could do a follow-up, you know, a few weeks ago, American Airlines announced that they're retrofitting their E-Jets fleet. And, you know, to do the overhead bin, I think you guys are doing the work on that. But I was wondering, since they want to do a full interior refresh, is there an expansion of work scope that you can now address, especially as you've increased your services offering? Are you doing the complete retrofit for American, or are you only doing portions of it? And how do we think about, you know, if other airlines in the US decide to also retrofit their fleet with your more expanded services capability? How do you think about that market, and could you capture more of that?

On top.

<unk> two is a it's a lighter much lighter aircrafts compared to the others.

Which makes our which means there's less demand on the owned agents. So that's why the the two has suffered much less than the competition.

We understand the engineers are not the same, right? The a220 uses. The PW 1500 while the 2, the PW 1900. But the question is, if the pw1 1900 is indeed having no issues whatsoever? Uh, so that's the, the first 1 and the second 1. If I met, uh, totally different topic is November. Of course, the word is looking to Brazil for the, the cop and the Amazon. So I want you to ask about an old program that sea van programmed, the Amazon surveillance system that you guys participated call it 25 years ago, the planes from that program were embarrass 1, 145. So if there's any renewal renewal program for, uh, or plan for, for those planes and the status of the Amazon surveillance systems, and embrace participation overall, thank you

Hey, Andrea, Francisco, speaking. Thanks for your question. So first start with the

E2 gtf.

I mean, the engines are getting better and better with new improvements being implemented.

So we expect a much better performance and durability of the engineers I mean going going forward.

Incorporated several upgrades and improvements.

For the two of us.

She is a good news for the airlines.

About is Amazon program I mean, we don't have.

Any project at this point of time with the.

Francisco Gomes Neto: Oh, thanks. Francisco speaking. Christine, thanks for the question. Well, this is part of our initiative to improve the E175. I mean, this first movement was with the interior. And this includes not only the bins, but includes seats, new seats, Recaro seats. This includes the lighting, a new and modern lighting, and also available better connectivity for the aircraft. So, I mean, yes, we have a program with American Airlines, but this, I would say, this kit is available for other customers, and we can do it if they want at our new MRO in Dallas.

With this.

With these projects.

We are working with the Brazilian enforcing stone process, but.

Francisco Gomes Neto: I mean, we are working with the Brazilian force in some projects, but not this one as far as I know.

Not this one.

As far as I know.

Okay.

Very clear thank you Francisco.

André Mazini: Very clear. Thank you, Francisco.

Thanks Sandra.

The next question comes from and their theater with Bradesco BPI. Please go ahead.

Francisco Gomes Neto: Thanks, André.

Guilherme Paiva: The next question comes from André Ferreira with Bradesco BBI. Please go ahead.

Operator: The next question comes from André Ferreira with Bradesco BBI. Please go ahead.

Yes. Good morning. Thank you for taking my question I have two here. So first one going back to the tax credits and commercialization, we saw a 56 million higher in the quarter Theyre looking at the ICR. So just wanted to make sure if that is all in.

André Ferreira: Yes. Good morning. Thank you for taking my question. I have two here. First one, going back to the tax credits in commercial aviation, we saw BRL 56 million in the Q looking at the ITR. Just wanted to make sure if that is all in the commercial aviation segment, which would mean that the tax credits were more or less 1.5% in terms of EBIT positive impact on EBIT margin. Also, second point about the tariffs. The total impact, adding executive aviation and service, was, if I'm correct, $17 million, right? Which seems lower than initial expectations, but there could be, you know, some help from inventories here. You expect a higher impact in the Q4, or I mean, not just from seasonality, but also even on a more comparable basis. That's it from my side.

And, uh, on top Day 2 is, uh, a lighter much lighter. Aircraft compared to the others. So, which makes, uh, which means the less demands on the, on the engines. So that's why they, they do have suffered much less than the competition. And now, I mean the the engines are getting better and better with new improvements being implemented. So we expect uh, much better performance and durability of the engine is coming going. Going forward? Uh for the EOS which is a good news for the airlines uh about this uh Amazon program. We don't have uh any project at this point of time with the with this uh,

With this project. I mean we we are working with with the Brazilian force and some projects but uh

Not this one at, as far as I know.

Kristine Liwag: Great. Well, thank you very much. Looking forward to more contracts.

Very clear. Thank you, Francisco.

Commercial aviation segments, which would mean.

Francisco Gomes Neto: Oh, thank you. We too.

Thanks Sandra.

But the tax credits were more or less one 5%.

Operator: The next question comes from Marcelo Motta with JPMorgan. Please go ahead.

In terms of EBIT positive impact on EBIT margin.

The next question comes from Andrea FAA with rhodesco BPI, please go ahead.

And also a second points about the tariff so the total impact so adding.

Marcelo Motta: Hi, everyone. Thank you for taking my question. My question is regarding the EBIT margin on the executive segment. I mean, you comment about, you know, the impact of product mix and higher costs. So just wondering, you know, when we look at the component of higher cost. If you think this is more structural, it's more like a one-off on this quarter. And then if you could explain also what helped the defense EBIT margin, that would be great as well. Thank you very much.

Adding executive Aviation and service was I'm correct $17 million right.

Which seems lower than than our initial expectations, but there could be some help from inventories here. So.

You expect a higher impact in the fourth quarter or I mean, not just from seasonal seasonality, but also even on a more comparable basis.

Yes, good morning, thank you for uh, taking my question. I have 2 here. So, first, 1 going back to the text, right? It's in commercial. Aviation we saw, uh, 56 million highs in the quarter, looking at the ITR. So just wanted to make sure if that is all, uh, in the commercial Aviation segments, which would mean

That's it from my side.

Francisco Gomes Neto: Hi, Marcelo. This is Guy. Good morning, and thanks for the question. In executive aviation, we have seen, like in other businesses, cost inflation. That's something that has been a trend in the industry for the past few years. We would expect that to continue. We have been obviously being very resilient in protecting our margins in the business, but we obviously will see some fluctuations on a quarter-to-quarter basis. Regarding defense, there was an impact on the higher KC volumes and just the client mix where we had a higher participation of foreign clients.

Hi, Good morning. Thanks for the question. This is <unk> here in terms of the tax credits.

That the tax credits were more or less, uh, 1.5% um, in terms of a bit positive impact on a bit margin.

André Mazini: Hi, good morning. Thanks for the question. This is Gui here. In terms of the tax credits, it is going to be low single-digit value. It is less than the BRL 56 million that you alluded to. In terms what's the second question? Sorry, on the tariffs. The tariffs in the quarter were BRL 17 million and a total of BRL 27 million year to date. We originally mentioned after Q1 results that we expected to be around BRL 62 to 65 million for the full year. That would imply that we still have about BRL 35 to 38 million to go. The company has been working hard to reduce its exposure, and we hope that we can finish the year under the original amount that we mentioned. It was, yes, the inventory cycle has played a role so far.

To be low single digits value.

So it's less than the 56 million react that you alluded to.

And also, uh, second points about the tariffs. So the the total impact. So adding executive, Aviation and service was time, correct? 17 million dollars, right?

And intense.

The second question sorry on the AR on the tariffs the tariffs in the quarter were $17 million and a total of 27 million in the year to date, we recently.

<unk>.

Q1 results that we expect it to be around 60 to 65 million for the full year. So that would imply that we still have about $35 38 million to go but the company has been working hard to reduce its exposure and we hope that we can finish the year under the original amount that we that we mentioned.

Uh, which seems lower than than initial expectations, but there could be, you know, some help from inventories here. So you expect a higher impact in the fourth quarter? Or I mean, not just from seasonal seasonality, but also even on a more comparable basis.

Uh, that's it from my side.

Antonio Carlos Garcia: Marcelo, just to complement you in regards to executive aviation, please take into account that one year ago it didn't have tariffs. They have impact on the executive aviation margins. Also, the tariffs is eating up some 2%, 2.5% of our margin in a comparable basis. I would say that explains the deviation as well.

Hi, good morning. Thanks for the question. This is G here in terms of the tax credits. Um, I'm just going to be low single digit value, um, so it's, it's less than the 56 million Ras that you alluded to

And he was yes, the inventory cycle has played a role.

So far.

Just a gesture complemented this one off the second request forgetting about the submission is normal business as usual now we have a temporary reputation when we had the changes in the supply chain here, we get the credit there's nothing that is something special is just part of their daily life here.

Francisco Gomes Neto: Just to complement Gui, this one-off is the second question I'm getting about the same issue. Is normal business as usual? We have temporary importation. When we have changes in the supply chain here, we get the credit. There's nothing that is something special. It's just part of the daily life here. Just that you guys don't believe it's something extraordinary.

Marcelo Motta: Perfect. Thank you very much.

Operator: The next question comes from Lucas Marquiori with BTG Pactual. Please go ahead.

Just to let you guys don't believe us.

Um, and in terms, um, what's the second question, sorry, on the, uh, on the Terrace, The Terrace and the quarter were 17 million and a total of 27 million a year to date. We originally um, mentioned um after q1 results that we expected to be around 60 to 65 million for the full year. So that would imply that we still have about 35, 38 million to go. But the company has been working hard to reduce its exposure and we hope that we can finish the year. Under the original amount that we, uh, that we mentioned.

Lucas Marquiori: Thanks. Hey, guys. Morning. Yeah, my question is just on the one-off on the margin as well, especially on commercial aviation. Just try to understand what are these tax credits that you guys mentioned you guys had on this Q1. I mean, particularly to what they relate to and how should we think about, I mean, their recurrency going forward. And also on the defense as well, what exactly is this one-off contract-related adjustment? Is this a change in a contract of a foreign client that helped on the margin? I mean, just trying to kind of clear that out. Thanks for the clarifications.

<unk> started in RV.

Very clear thank you.

And it was yes, inventory cycle has played a role uh so far.

Thanks.

André Ferreira: Very clear. Thank you.

Francisco Gomes Neto: Thanks, André.

The next question comes from Anthony <unk> with Ito DPA. Please go ahead.

Guilherme Paiva: The next question comes from Gabriel Rezende with Itaú BBA. Please go ahead.

Operator: The next question comes from Gabriel Rezende with Itaú BBA. Please go ahead.

Hi, good morning, I would like to make.

Gabriel Rezende: Hi. Good morning. I would like to make just a touch on the company's guidance, especially on the profitability side. Just wondering how relevant could be the supply chain risks for Q4, as well as the impact from US tariffs that made the company choose to not revise its guidance supports, especially considering that you have already delivered in the year-to-date figure this very high EBIT margin, which is already above what you're expecting for the full year. Just trying to understand which one of these effects should be more relevant, either the potential delays on deliveries due to supply chain issues or the US tariffs impact for Q4. Thank you.

Just to touch on the Companys guidance, especially on the profitability side just wondering.

How relevant it could be the supply chain risks for the fourth quarter as well as the impact from U S tariffs.

Uh I just uh just to compliment. You just uh 1 off is the second question, you're getting about. The same issue is the normal business as usual. We we having temporary importation when we have changes in the the supply chain here, we get the credit that there's nothing. That is something special. It's just part of the daily life here. Just from that you guys don't believe this. Uh something is extraordinary.

Francisco Gomes Neto: Hi, Lucas. Guy here. Good morning. Thanks for the question again. So in commercial aviation, the tax credits are related to some import parts that we did a study and we were able to kind of claim these credits. Okay? And on defense, we reassign a plane in the production to a different client that was already, let's call it, halfway in its production. So given that it is percentage of completion, we recalculate the revenues and the profitability of the contract given that it was already halfway through.

That made the company to choose to not revise its guidance upwards, especially considering that you have already delivered in the.

All right, sir. Thank you.

For that.

Year to date figure at these these are very high EBIT margin, which is already above what youre expecting for the full year. So just trying to understand which one of these effects should be more relevant either potential delays on deliveries due to supply chain issues or they use U S tariff impact for the fourth quarter. Thank you.

The next question comes from Gabriel with BPA. Please go ahead.

Gabriel <unk> or half of the question in front of real complements.

Francisco Gomes Neto: All right. Gabriel, I answer half of the question, António will complement the answer. Well, regarding the supply chain, I mean, the risk for the supply chain in 2025, I mean, is over. I mean, we have all the parts we need to assemble the aircraft. It's up to us to assemble the aircraft. You know, we have a concentration of aircraft to be delivered in the next two months. That's why we decided to keep the guidance as it is. Again, no risk with supply chain at this point of time. We are working hard to make sure we have a better 2026 in terms of production stability, production leveling, than it was in 2025. About the EBIT, António, do you want to comment? Just to complement what Francisco is saying.

The answer.

Lucas Marquiori: Awesome. Thanks, Guy.

Regarding the supply chain.

Francisco Gomes Neto: Thanks, Lucas.

Hi, good morning. I would like to make uh just to touch on the company's guidance, especially on the profitability side, just wondering how relevant it could be. The supply chain risks for the fourth quarter, as well as the the impact from us tariffs. Uh, that made the company to not. Revise. Its guidance supports especially considering that you have already delivered in the

I mean, the risk for the supply chain in 2025 I mean.

Operator: The next question comes from Andrea Mazzini with Citi. Please go ahead.

It's over I mean, we have all the price the price we need to assemble the aircrafts now it's up to us.

in the year to date figure this this uh, very high a bit margin, uh, which is already above

So a samba to assemble the aircrafts, but you know we have a concentration of aircraft to be delivered.

Andrea Mazzini: Hi, guys. Francisco, Antonio, Guy. So my question is on the state of the Pratt GTF engines. So the competitor A220 product is having some major issues with the Pratt. We read in a piece of news saying that 17% of the A220 fleet is grounded because of the Pratt GTF. We understand the engines are not the same, right? The A220 uses the PW1500, while the PW1900. But the question is if the PW1900 is indeed having no issues whatsoever. So that's the first one. And the second one, if I may, a totally different topic. This November, of course, the world is looking to Brazil for the COP and the Amazon. So I wanted to ask about an old program, the CVAM program, the Amazon surveillance system that you guys participated, call it, 25 years ago. The planes from that program were Embraer 145s.

What you're expecting for the the full year. So just trying to understand which 1 of the these effects to be more relevant, either the potential delays and deliveries due to supply chain issues or the use us terrorists impact for the fourth quarter. Thank you.

I know in the next two months.

That's why we decided to keep the guidance as it is.

Again, no risk go forward supply chain at this point of time, though we are working hard to make sure. We will have a better 2026 in terms of production stability progression of loving the NDA to us in 2025, while the EBIT that you want to comment on just your complement for <unk> assuming that we.

Gabrielle, I, I want to half of the question and then I'm trying to view compliments. Uh, the answer, well, regarding this supply chain.

I mean the the risk for the supply chain in 2025, I mean,

It's up to us.

We would be able to get the aircrafts out of the door.

Francisco Gomes Neto: Assuming that we will be able to get the aircraft out of the door, I would say we look more from the high end than for the lower end. I would say, as I mentioned in my first comment, we calculated the risk. You could take 0.3% EBIT margin comparing with the 8.6% we have in the last nine months. If everything goes well, I would say there's nothing that goes against that we may be able to even surpass the high end of the margin. We need to deliver. There's a lot of aircraft to be delivered to the end of December just because of it. Please do not forget, our guidance was not to contemplate the tariffs. It seems to be conservative, but we were able to offset the guidance, and we are still there.

We look more from the eye and then for the lower end I would say.

As I mention mice.

For his comments.

We calculated the risk.

You could take a 0.3% EBIT margin compared with $58 six we are having in the last nine months, if everything goes well I would say it was nothing that goes against that we may be able to even surpassed the high end of the market, but we need to deliver it and there's a lot of aircrafts to be delivered to end of December.

Andrea Mazzini: So if there's any renewal program or plan for those planes and the status of the Amazon surveillance systems, and Embraer's participation overall. Thank you.

Francisco Gomes Neto: Hey, Andrea. Francisco speaking. Thanks for your question. So first, starting with the E2 GTF. I mean, you know, the E2, I mean, uses the third generation of the PW-1900G engine, which has incorporated several upgrades and improvements. And on top, the E2 is a lighter, much lighter aircraft compared to the others. So which makes, which means less demand on the engines. So that's why the E2 has suffered much less than the competition. And now, I mean, the engines are getting better and better with new improvements being implemented. So we expect much better performance and durability of the engines, I mean, going forward for the E2s, which is good news for the airlines. About this Amazon program, I mean, we don't have any project at this point of time with this project.

Yes because of it.

And please do not forget our our guidance it was not contemplated.

Contemplated in tariffs.

To assemble to assemble the aircraft. But you know we have a concentration of aircraft to be delivered and know in the next 2 months. That's why we decided to to keep the guns as it is uh again no risk of with supply chain at this point of time. Now we are working hard to to make sure we have a better 2026 in terms of production, stability production leveling. Then it was in 2025. But the important point you want to comment know, just to complement that first, 6 is saying assuming that we, we will be able to get the aircraft out of the door. I would say, we look more from the high end, then for the lower end, I would say, as I mentioned my, uh, first comment

Seems to be conservative, but we were able to offset the guidance and we are still there.

And more or less I would say real quick for the high end and the low end I would say is.

Francisco Gomes Neto: More or less, I would say, looking for the high end and the lower end, I would say, is a remarkable achievement for our company here.

A remarkable achievement for our company here.

Yeah.

Yeah, it's definitely well noted.

André Ferreira: Yeah, definitely well noted, António. Thanks, Francisco, as well.

Thanks Francisco Oswald.

Okay.

We calculated the risk, you could take 0.3% to be it margin comparing with the 8.6. We have an last 9 months if everything goes. Well, I would say. It's nothing that goes against that. We may be able to even surpass the high end of the market, but we need to deliver. There's a lot of aircrafts to be delivered to end of December.

The next question comes from Lucas Lackey with XP investments. Please go ahead.

Just because of it.

Guilherme Paiva: The next question comes from Lucas Laghi with XP Investimentos. Please go ahead.

Operator: The next question comes from Lucas Laghi with XP Investimentos. Please go ahead.

Good morning, everyone and thank you for taking my question I would like to focus on the on services Division I mean, we have been seeing this increasing profile of agnostic revenues, an acceleration off Jeff engines contracts on augment I guess you guys were very clear.

[Analyst] (BTG Pactual): Good morning, everyone. Thank you for taking my question. I would like to focus on the services division. I mean, we have been seeing this increase in profile of agnostic revenues and acceleration of GTF engines contracts on OGMA. I guess you guys were very clear during the investor day on the potential for this top-line pocket that you guys are aiming. Could you please elaborate on the profitability profile of this division going forward? I mean, should be margins below or higher considering this shift in top-line new profile toward these agnostic revenues? Just getting to know, I mean, a bit more about profitability given this new profile of revenues. Thinking specifically on Q3, I mean, we saw this decline on EBIT margin on services. We know it's hard to, I mean, to get all the factors on a quarter-to-quarter basis.

Lucas Laghi: Good morning, everyone. Thank you for taking my question. I would like to focus on the services division. I mean, we have been seeing this increase in profile of agnostic revenues and acceleration of GTF engines contracts on OGMA. I guess you guys were very clear during the investor day on the potential for this top-line pocket that you guys are aiming. Could you please elaborate on the profitability profile of this division going forward? I mean, should be margins below or higher considering this shift in top-line new profile toward these agnostic revenues? Just getting to know, I mean, a bit more about profitability given this new profile of revenues. Thinking specifically on Q3, I mean, we saw this decline on EBIT margin on services. We know it's hard to, I mean, to get all the factors on a quarter-to-quarter basis.

And please do not forget. Our guidance did not contemplate the terms. It seems to be conservative, but we were able to offset the guidance. We are still there and, more or less, I would say looking for the high end and the lower end. I would say it is a remarkable achievement for our company here.

Yeah, it's definitely well noted. Uh, Antonio, thanks for Cisco as well.

During the Investor day on the potential for.

This topline bucket that you guys are aiming.

Francisco Gomes Neto: I mean, we are working with the Brazilian force in some projects, but not this one as far as I know. Very clear. Thank you, Francisco.

But could you. Please elaborate on the profitability profile of this division going forward I mean that should be margins lower or higher considering this shifting topline no new profile toward this agnostic revenues.

The next question comes from. Lucas, Lackey. With XP Investments. Please go ahead.

Antonio Carlos Garcia: Thanks, Andrea.

Operator: The next question comes from Andre Ferreira with Bradesco BBI. Please go ahead.

I'm, just getting to know a bit more about profitability.

Given this new profile of revenues and thinking specifically of Oh I'm on the third quarter I mean, we saw this decline.

Andrea Mazzini: Yes. Good morning. Thank you for taking my question. I have two here. So first one, going back to the tax credits in commercial aviation, we saw BRL 56 million in the quarter looking at the ITR. So just wanted to make sure if that is all in the commercial aviation segment, which would mean that the tax credits were more or less 1.5% in terms of a bit positive impact on EBIT margin. And also, second point about the tariffs. So the total impact, so adding executive aviation and service was, if I'm correct, $17 million, right? Which seems lower than initial expectations, but there could be some help from inventories here. So you expect a higher impact in Q4 or, I mean, not just from seasonality, but also even on a more comparable basis. That's it from my side.

On EBIT margin on services, we know it's hard to I mean.

So to get all of the factors on a quarter on quarter basis, but.

Was this related to this different revenue stream I mean that youre seeing where there's increasing revenues from other sources or was it a matter of conjunct refractors are actually highlighted in the release just to.

[Analyst] (BTG Pactual): Was this related to this different revenue stream, I mean, that you're seeing with this increase in revenues from other sources, or was it a matter of conjuncture factors, as you highlighted in the release? Just to clarify on profitability here as well. Thank you very much.

Lucas Laghi: Was this related to this different revenue stream, I mean, that you're seeing with this increase in revenues from other sources, or was it a matter of conjuncture factors, as you highlighted in the release? Just to clarify on profitability here as well. Thank you very much.

Clarify on profitability here as well.

Good morning everyone. Thank you for taking my question. I would like to focus on on Services Division. I mean there have been seen this uh, increasing profile of agnostic revenues and acceleration of gtf engines, contracts on augma. I guess you, you guys were very clear, uh, during the investor day on the potential for, um, for for this Top Line pocket that you, you, you, you guys are aiming, uh, but could you, uh, please elaborate on the profitability profile, uh, of this division going forward. I mean, there should be margins below it or higher considering this, um, shift in Top Line, uh, new profile toward this agnostic revenues. Um, just getting to know, I mean, a bit more about profitability given this new profile of, of, of revenues and and thinking specifically

Thank you very much.

Okay. Thanks for the question Anthony speaking here I'm going to answer the Q3, and then persistence going to complement the long term view for the Marty what has happened on the surface. We have some bad guys throughout the year the special hours in Q3, meaning if a delay parts.

Francisco Gomes Neto: Lucas, thanks for the question. António speaking here. I'm going to answer the Q3, and then Francisco is going to complement the long-term view for the margin. What is happening on the service? We have some bad guys throughout the year, especially also in Q3. Means, if you delay parts to the customer, you have to pay giving credit or pay penalties. Then we get the, I would say, liquidate the damage from suppliers in Q4. It's just, in my opinion, a time lapse from bad guys to good guys, I would say. We should be fine with the normally 14%, 15% EBIT margin for a service for this year. I would say around 15%. It's just a, I would say, a time window here between Q3 and Q4.

Specifically uh um on the third quarter. I mean we saw this decline. Uh, on ebit margin on Services, we know. It's, it's hard to I mean, uh, to to get all the the the factors on a quarter on quarter basis. But uh was this related to this different? Um, Revenue.

The customer heavy to be giving credits are paid peanuts, and then we get to the I would say a liquidated damage foreign suppliers in Q4. It is just my opinion timelapse.

Francisco Gomes Neto: Hi, good morning. Thanks for the question. This is Guy here. In terms of the tax credits, it's going to be low single-digit value. So it's less than the BRL 56 million that you alluded to. And in terms. What's the second question? Sorry, on the tariffs. The tariffs in the quarter were BRL 17 million, and a total of BRL 27 million year-to-date. We originally mentioned after Q1 results that we expected to be around BRL 62 to 65 million for the full year. So that would imply that we still have about BRL 35 to 38 million to go. But the company has been working hard to reduce its exposure, and we hope that we can finish the year under the original amount that we mentioned. And it was, yes, the inventory cycle has played a role so far.

Stream. I mean that you're seeing with this increasing um uh, revenues from other sources, or was it a matter of conjuncture factors uh as you highlighted in the release, just to uh, clarify on on profitability here as well.

They're the guys, who would guys I would say that we should be fine with the normally 14, 15% EBIT margin for our services for this year I would say around 15%. If there is a I would say timing window here between Q3 and Q4.

Thank you very much.

And for the for the future Lucas we you know.

Francisco Gomes Neto: For the future, Lucas, you know, the service and support is 1 of our most important growth drivers in the organization. That's why we have been investing a lot. I mean, last year, we duplicated our structure to support our business jets in the US. This means more service at Embraer MROs, more revenues, more profit. Now we are doing the same with commercial jets with this project in Dallas, in Texas. Again, we expect important growth in terms of revenues and profitability in the next 5 years from our service and support division.

Servicing support is one of our most important growth drivers in the organization. That's why we have been investing a lot.

I mean last year, we we duplicated our structure to support our business jets in the U S. This means more more service at the Embraer Air Mro's more more revenue as more profit and now we are doing the same with commercial jets with this project.

Okay, thanks for the question, Tony speaking here, I going to answer the Q3 and then for assist is going to compliment the long term View for the Mari. What is happening on the surface? We have some bad guys throughout the year, the special laws in Q3 means if you delay parts to the customer have to pay uh giving credit or pay pain notes and then we get the, I would say liquidate the damage from suppliers in Q4. It's just a, my opinion A Time Lapse from bad guys to good guys, I would say we should be fine with the normally 14, 15% a bit margin for a service for this year. I would say around 15%. It's just a, I would say a time window here between Q3 and Q4.

Antonio Carlos Garcia: Just to complement you, this one-off is the second question I'm getting about the same issue. It's normal business as usual. We have temporary importation. When we have changes in the supply chain here, we get the credit. There's nothing that is something special. It's just part of the daily life here. That you guys don't believe it's something extraordinary.

In Dallas, Texas. So again, we expect our important growth in terms of our revenues and profitability in the next five years, you know from our servicing report the division.

Great. Thank you very much guys haven't I state.

André Ferreira: Great. Thank you very much, guys. Have a nice day.

Lucas Laghi: Great. Thank you very much, guys. Have a nice day.

Thanks Lucas neutral.

Francisco Gomes Neto: Thanks, Lucas. You too.

The next question comes from Alberto Valerio with UBS. Please go ahead.

Guilherme Paiva: The next question comes from Alberto Valerio with UBS. Please go ahead.

Operator: The next question comes from Alberto Valerio with UBS. Please go ahead.

Andrea Mazzini: Very clear. Thank you.

Francisco Gomes Neto: Thanks, Andrea.

Good morning, Francis control and again, thank you for taking my questions.

Operator: The next question comes from Gabriel Araujo with Itaú BBA. Please go ahead.

[Analyst] (BTG Pactual): Good morning, Francisco, António, Gui. Thank you for taking my questions. I focus on the bottom line just to see some recurring and non-recurring items going forward. Financial expenses come a little bit above what we were expecting. Wondering whether the offer of EVs inside that I saw on the cash flows, that's $12.6 million? Another one is about the non-controlled interest, also come a little bit higher than we were expecting, just to know the recurring of these $12.2 million on non-controlled interest. Thank you very much.

Alberto Valerio: Good morning, Francisco, António, Gui. Thank you for taking my questions. I focus on the bottom line just to see some recurring and non-recurring items going forward. Financial expenses come a little bit above what we were expecting. Wondering whether the offer of EVs inside that I saw on the cash flows, that's $12.6 million? Another one is about the non-controlled interest, also come a little bit higher than we were expecting, just to know the recurring of these $12.2 million on non-controlled interest. Thank you very much.

I'll focus on the bottom line just to see some recurring and nonrecurring items going forward.

Gabriel Araujo: Hi, good morning. I would just like to make just a touch on the company's guidance, especially on the profitability side. Just wondering how relevant could be the supply chain risks for the fourth quarter, as well as the impact from US tariffs that made the company choose to not revise its guidance supports, especially considering that you have already delivered, in the year-to-date figure, this very high EBIT margin, which is already above what you're expecting for the full year. So just trying to understand which one of these effects should be more relevant, either the potential delays on deliveries due to supply chain issues or the US tariffs impact for the fourth quarter. Thank you.

And, uh, and for, for the, for the future, Lucas, we, you know, the service and support is 1 of our most important, growth drivers in the organization. That's why we have been investing a lot. I mean, last year, we we duplicated our structure to support, uh, our business jet in the US, this means more more service at the embryo mros more, more Revenue, more profit. And now we are doing the same with commercial jets with this uh, project in Dallas Texas. So again, we expect an important growth in terms of revenues Imp profitability in the next 5 years, you know, from our services and support division.

<unk> since it's come a little bit above what we would expect each wondering whether the author of evs inside that I saw on the cash flow that's $12 6 million.

Great, thank you very much, guys. Have a nice day.

You too.

And another one is about the Noncontrolling interest also come a little bit higher than you were expecting just to know the recurring off these $12 2 million on non controlling interest. Thank you very much.

The next question comes from, Alberto Valerio with UPS. Please go ahead.

Good morning, Alberto speaking here for the.

Francisco Gomes Neto: Good morning, Alberto. This is António speaking here. For the net financial result, it's very simple. When the share price goes up, you have market-to-market obligation to our long-term incentive. You have a hit in the net financial results because the interest you are paying and the interest you are earning, I would say, is $50 million. I would say the big hit is because of it. No-controlled interest, let me have a look here, is just that if it was in the market-to-market, in Q3, it was positive. That's why it generates a positive impact for the other shareholders just because of it. Again, it's a temporary advantage because probably if it's going to be more value in Q4 than Q3, that this credit is going to be reversed. I hope to be able to answer you.

The net financial result is very simple when the share price goes up you have mark to market obligation to our longer term incentive then who have a hit in the net financial results because.

There is interest in ERP and.

Antonio Carlos Garcia: All right, Gabriel, I answered half of the question, and then Antonio will complement the answer. Well, regarding the supply chain, I mean, the risk for the supply chain in 2025, I mean, is over. I mean, we have all the parts we need to assemble the aircraft. Now it's up to us to assemble the aircraft, but you know we have a concentration of aircraft to be delivered in the next two months. That's why we decided to keep the guidance as it is. Again, no risk with supply chain at this point of time. Now we are working hard to make sure we have a better 2026 in terms of production stability, production leveling than it was in 2025. About the EBIT, Antonio, do you want to comment?

The <unk> I would say $50 million I would say, it's a big hit is because it fits.

And Noncontrolling interests, let me have a look here is just that if it was in the market tomorrow.

Good morning, uh, Francisco. Thank you for for taking my questions. Um, I focus on the bottom line, uh, just to see some recurring and non-recurring items to going forward Financial expenses, come a little bit above what we were expecting wondering whether the offer of TVs inside that I saw on on the cash flows, that's 12.6 million. Uh, and another 1 is about the no controlling interest. Also come a little bit higher than we were expecting, just to know the recurring off of this 12.2 million on controlled interest. Thank you very much.

In Q3 was positive.

Good morning Alberto. This is here for the

That's why generate a positive impact for the other shareholders just because of it but again is a temporary advantage because probably ive is going to be more valuable in Q4 than Q3 that is this credit is going to be a revert.

For the net, Financial results is very simple. When the share price goes up, you have Mark to marked obligation to our long-term incentive. Then we have a hit and the net Financial results because

there is interest, we are paying and, uh,

I hope to be able to answer you.

Very clear thanks, very much on plan.

The interest you are earning I would say is 50 million. I would say it's a big hit is because of it.

Thank you.

[Analyst] (BTG Pactual): Very clear. Thank you very much, António.

Francisco Gomes Neto: Very clear. Thank you very much, António.

Francisco Gomes Neto: Thank you.

Thank you. Our next question comes from the <unk>.

Guilherme Paiva: Thank you. Our next question comes from the chat. It's from Cenk Orcan. Thanks for the presentation. Can you provide some color on expected US tariff impact on coming quarters? Thanks.

Operator: Thank you. Our next question comes from the chat. It's from Cenk Orcan. Thanks for the presentation. Can you provide some color on expected US tariff impact on coming quarters? Thanks.

And no controlling interest. Let me have a look here. It's just that Eve was in the Market to Market.

Got it.

And it's from Frank or Ken. Thanks for the presentation can you provide some color on expected U S tariff impact on coming quarters. Thanks.

Antonio Carlos Garcia: No, just to complement what Francisco is saying, assuming that we will be able to get the aircraft out of the door, I would say we look more from the high end than for the lower end. I would say. As I mentioned in my first comment, we calculated the risk. You could take 0.3% EBIT margin comparing with the 8.6% we have in the last nine months. If everything goes well, I would say there's nothing that goes against that we may be able to even surpass the high end of the margin. But we need to deliver. There's a lot of aircraft to be delivered to end of December. Just because of it. And please do not forget our guidance was not contemplating the tariffs. It seems to be conservative, but we were able to offset the guidance, and we are still there.

In Q3 was positive. That's why I generate a positive impact for the other shareholders just because of it. But again is a temporary Advantage because

Hey, thanks.

probably Eve is going to be more value in Q4 than Q3. That is my this credit is going to be revert.

Morning, and thanks for the question.

André Mazini: Hi, Cenk. Good morning, and thanks for the question. We originally guided for about $60, 65 million of US import tariffs for the full year. As I mentioned, year to date, we have already recognized about $27 million of those. We should, based on the regional guidance, we do have about $35 million left in Q4. It's important that the company has been working hard to reduce the size of that potential bill through different initiatives. We do expect it to be lower. Let's see when we publish our full-year numbers what's the actual total. Thank you.

I hope to be able to answer you.

We originally guided for about $60 million to $65 million less import tariffs for the for the full year and as I mentioned year to date, we have already recognized about $27 million of those so we should based on the original guidance. We still have about 35 lastly in Q4, but it's important that the company has been working.

Okay, thank you very much, Antonio.

Thank you.

Our next question comes from the chat and it's from s working.

Thanks for the presentation.

Hard to reduce the size of that potential deal through.

Can you provide some color on expected U.S. turf impact from the coming quarters? Thanks.

Through different initiatives and we do expect it to be lower so let's see when we publish our full year numbers.

Once the extra total.

Thank you very much. This concludes the question and answer session for equity research analysts and investors.

Guilherme Paiva: Thank you very much. This concludes the question-and-answer session for equity research analysts and investors. Now we'll start the Q&A session dedicated to the press. First, we'll be answering questions in English, and then we'll be answering questions in Portuguese. We'll also answer questions sent via the platform chat. Please hold while we compile the questions. Please hold while we compile the questions. The first question comes from Nelson During. I'm sorry, just one second because this question is in Portuguese. The next question comes from the first question is in Portuguese. I'm sorry, everyone. There are no answers in English, so we'll be answering the Portuguese questions for now. A primeira pergunta vem do Nelson During. Índia: como está a campanha do KC-390 na Índia? A recente visita do VP brasileiro avançou a negociação? Qual é o escopo com o Mahindra Group? A Índia foca em produção local.

Operator: Thank you very much. This concludes the question-and-answer session for equity research analysts and investors. Now we'll start the Q&A session dedicated to the press. First, we'll be answering questions in English, and then we'll be answering questions in Portuguese. We'll also answer questions sent via the platform chat. Please hold while we compile the questions. Please hold while we compile the questions. The first question comes from Nelson During. I'm sorry, just one second because this question is in Portuguese. The next question comes from the first question is in Portuguese. I'm sorry, everyone. There are no answers in English, so we'll be answering the Portuguese questions for now.[Fl]

Antonio Carlos Garcia: And more or less, I would say looking for the high end and the lower end, I would say, is a remarkable achievement for our company here.

Now we'll start the Q&A session dedicated to depress first we'll be answering questions in English and then we will be answering questions in Portuguese.

Gabriel Araujo: Yeah, definitely well noted, Antonio. Thanks, Francisco, as well.

Also answer questions sent a question sent via the platform chat.

Operator: The next question comes from Lucas Laghi with XP Investimentos. Please go ahead.

Okay.

Thanks, um, good morning, and thanks for the question. Um, we really guided for about 6 to 65 million of us import terrorists for the, for the full year. And as I mentioned, um, years to date, we have already recognized about 27 million of those. So we should, you know, based on the original guidance, we do have about 35 left in Q4. But, um, it's important that the company has been working hard to reduce that, uh, the size of that potential Bill, uh, through different initiatives. And, uh, we do expect it to be lower. So let's see, when we publish our full year numbers. Uh, what's the, what's the actual total?

Please hold while we compile the question.

So, thank you.

Lucas Marquiori: Good morning, everyone. Thank you for taking my question. I would like to focus on the services division. I mean, we have been seeing this increase in profile of agnostic revenues and acceleration of GTF engines contracts on OGMA. I guess you guys were very clear during the investor day on the potential for this top-line pocket that you guys are aiming. But could you please elaborate on the profitability profile of this division going forward? I mean, there should be margins below or higher considering this shift in top-line new profile toward these agnostic revenues. Just getting to know, I mean, a bit more about profitability given this new profile of revenues. And thinking specifically on Q3, I mean, we saw this decline on EBIT margin on services. We know it's hard to, I mean, to get all the factors on a quarter-on-quarter basis.

Yeah.

Thank you very much. This concludes the question and answer session for equity, research analysts and investors.

Now, we will start the Q&A session dedicated to the press.

Yeah.

Please hot finally compiled for questions.

First, we'll be answering questions in English and then we'll be answering questions in Portuguese.

The first question comes from Nelson.

We'll also answer questions. Send question sent via the the platform chat.

Nelson do you mean.

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I'm sorry, just one second because this this question is in Portuguese.

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The first question comes from Nelson.

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Lucas Marquiori: But was this related to this different revenue stream, I mean, that you're seeing with this increase in revenues from other sources, or was it a matter of conjunctural factors as you highlighted in the release? Just to clarify on profitability here as well. Thank you very much.

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Antonio Carlos Garcia: Lucas, thank you for the question. Tony speaking here. I'm going to answer the Q3, and then Francisco is going to complement the long-term view for the margin. What has happened on the service? We have some bad guys throughout the year, especially also in Q3. Means if you delay parts to the customer, having to pay, giving credit or pay penalties. And then we get the, I would say, liquidated damages from suppliers in Q4. It's just, in my opinion, a time lapse from bad guys to good guys. I would say we should be fine with the normal 14, 15% EBIT margin for service for this year. I would say around 15%. It's just, I would say, a time window here between Q3 and Q4.

Guilherme Paiva: Será com partes produzidas no Brasil ou todo na Índia?

There's no answers in English.

And with regard to put up with water.

So we'll be answering the Portuguese questions for now.

Francisco Gomes Neto: Muito obrigado pela pergunta. O projeto Índia está caminhando muito bem, avançando do nosso lado e do lado indiano. A inauguração do escritório da Embraer há 2 semanas em New Delhi foi passo importante para nós. É verdade, tivemos a participação no evento do Vice-Presidente Geraldo Alckmin, do Ministro da Defesa, José Múcio, do Comandante da Força Aérea Brasileira. A gente está muito bem posicionado e nós acreditamos que o KC-390 é uma excelente solução para a Força Aérea Indiana. A nossa parceria com a Mahindra inclui a parte de marketing, apoio também à parte marketing, vendas e a parte industrial, uma vez que esse contrato do MTA, do Middle Aircraft Transportation, Middle Transport Aircraft, MTA, ele exige nível de localização de pelo menos 50%.

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Francisco Gomes Neto: For the future, Lucas, Service and support is one of our most important growth drivers in the organization. That's why we have been investing a lot. I mean, last year, we duplicated our structure to support our business jets in the US. This means more service at Embraer MROs, more revenues, more profit. And now we are doing the same with commercial jets with this project in Dallas, Texas. So again, we expect an important growth in terms of revenues and profitability in the next five years from our service and support division.

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Francisco Gomes Neto: A produção das peças vão continuar sendo muitas peças produzidas no Brazil e peças de nossos fornecedores, provavelmente uma boa parte deve ser ou produzida na India ou enviadas diretamente na India, onde será feita a montagem final de boa parte dos aviões. A estratégia final de localização ainda não está pronta. Nós estamos trabalhando nisso, vai ser uma colaboração entre o Brazil e a India, ou seja, aspectos positivos para ambos os países com este novo negócio. Negócio que, para o KC-390, é negócio enorme, uma quantidade de aviões parecida com a quantidade total que nós vendemos até agora.

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Gabriel Araujo: Great. Thank you very much, guys. Have a nice day.

Vendors.

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Antonio Carlos Garcia: Thanks, Lucas.

Francisco Gomes Neto: You too.

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Operator: The next question comes from Alberto Valerio with UBS. Please go ahead.

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Andrea Mazzini: Good morning, Francisco, Antonio, and Guy. Thank you for taking my questions. I focus on the bottom line just to see some recurring and non-recurring items going forward. Financial expenses come a little bit above what we were expecting. Wondering whether the outflow of EVE's inside that I saw on the cash flows, that's $12.6 million. And another one is about the non-controlling interest, also come a little bit higher than we were expecting, just to know the recurring of these $12.2 million on non-controlling interest. Thank you very much.

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Guilherme Paiva: Obrigada. A segunda pergunta, por favor. A próxima pergunta vem de Xandu Alves, com o jornal O Vale. Prezado Francisco Gomes Neto, como está a negociação com o U.S. Government para a retirada da taxa de 10% nos aviões? Essa taxa prejudica a Embraer?

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Antonio Carlos Garcia: Good morning, Alberto. This is Antonio speaking here. For the net financial result, it's very simple. When the share price goes up, you have mark-to-market obligation to our long-term incentive, then you have a hit in the net financial result because the interest you are paying and the interest you are earning, I would say, is $15 million. I would say it's a big hit because of it. And non-controlling interest, let me have a look here, is just that Eve was in the mark-to-market. In Q3 was positive. That's why it generates a positive impact for the other shareholders, just because of it. But again, it's a temporary advantage because probably Eve is going to be more value in Q4 than Q3, that this credit is going to be reversed. I hope to be able to answer you.

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Francisco Gomes Neto: Muito obrigado pela pergunta. Bom, a negociação ocorre entre os dois governos. A Embraer não participa dessa negociação diretamente com os dois governos. Eu diria que está caminhando muito bem. Vocês estão acompanhando aí o encontro do Presidente Lula lá em Kuala Lumpur, que aconteceu na semana passada. Foi passo muito importante. Agora os dois países continuam com esse processo de negociação. Nós estamos muito positivos com esse processo. Uma vez ocorrendo acordo bilateral entre os dois países, as chances da avião e suas partes voltar para a alíquota zero é muito boa, como a gente tem visto acontecer nos demais acordos bilaterais que ocorreram com o Reino Unido, com a Europa, com o Japão, e com a Indonésia, onde, em todos esses casos, o avião e suas partes voltaram para a alíquota zero. Sim, a segunda parte. Obrigado.

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Andrea Mazzini: Very clear. Thank you very much, Antonio.

Antonio Carlos Garcia: Thank you.

Operator: Thank you. Our next question comes from the chat, and it's from Senk Orkin. Thanks for the presentation. Can you provide some color on expected US tariff impact on coming quarters? Thanks.

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Francisco Gomes Neto: Hi, Senk. Good morning, and thanks for the question. We originally guided for about $60-65 million of US import tariffs for the full year. As I mentioned, year-to-date, we have already recognized about $27 million of those. So we should, based on the original guidance, we do have about $35 million left in Q4. But it's important that the company has been working hard to reduce the size of that potential bill through different initiatives. We do expect it to be lower. So let's see when we publish our full year numbers, what's the actual total. But thank you.

Francisco Gomes Neto: A segunda parte, sim, é prejudicial em dois aspectos. aspecto é as peças que a Embraer envia para os Estados Unidos para a montagem dos aviões executivos. Elas estão sofrendo o pagamento da alíquota e que isso aumenta as despesas da Embraer e deixa o produto mais caro. No caso dos aviões comerciais, ela penaliza o avião porque ele fica mais caro com as tarifas e isso pode desestimular as companhias aéreas a receber os aviões que eles compraram no futuro ou até fazer novas compras.

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Operator: Thank you very much. This concludes the question and answer session for equity research analysts and investors. Now we'll start the Q&A session dedicated to the press. First, we'll be answering questions in English, and then we'll be answering questions in Portuguese. We'll also answer questions sent via the platform chat. Please hold while we compile the questions. Please hold while we compile the questions. The first question comes from Nelson Djuring. I'm sorry, just one second, because this question is in Portuguese. The first question is in Portuguese. I'm sorry, everyone. There are no answers in English. So we'll be answering the Portuguese questions for now. A primeira pergunta vem do Nelson Djuring. Índia, como está a campanha do KC-390 na Índia? A recente visita do VP brasileiro avançou a negociação? Qual é o escopo com o grupo Mahindra? A Índia foca em produção local.

Guilherme Paiva: Muito obrigada. Gostaria de dar anúncio, breve anúncio para os falantes em inglês. This Q&A session is now being conducted in Portuguese. To switch to English, please press the interpretation button on the platform and then select English. A próxima pergunta vem de Jessé Nascimento. Por favor, pode prosseguir.

This is Q&A session is now being conducted in Portuguese to switch to English. Please press the interpretation pattern on the platform and then select English.

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André Mazini: Oi, Francisco. Bom dia. O senhor me ouve?

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Francisco Gomes Neto: Perfeitamente, Jessé. Siga em frente. Bom dia.

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André Mazini: O senhor disse no começo aí da apresentação que a Embraer planeja uma expansão mais ambiciosa. Como é que vai ser essa expansão? O senhor pode já nos fornecer detalhes, por gentileza?

This Q&A session is now being conducted in Portuguese to switch to English. Please press the interpretation button on the platform and then select English.

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Francisco Gomes Neto: Tá bom. Bom, muito bem. Nós temos atualmente portfólio de produtos muito moderno e competitivo. Isso a gente pode observar no nosso backlog de pedidos, que hoje chega a $31 billion e, com as opções, encosta nos $50 billion. Esses produtos, nós continuamos focando na venda desses produtos e, com esse backlog, a gente espera crescimento muito importante da companhia nos próximos 5 years. Nós estamos pensando além desses 5 years, além de 10 years. Nós estamos investindo nesse momento em novas tecnologias, investimentos importantes em novas tecnologias, para a Embraer estar preparada para ciclo de crescimento futuro com base em novos produtos, novos aviões, que podem ser aviões, pode ser avião ou aviões na versão executiva, na versão comercial ou na defesa. Esta é a nossa visão de curto e longo prazo.

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Francisco Gomes Neto: Muito obrigado pela pergunta. O projeto Índia está caminhando muito bem, avançando do nosso lado e do lado indiano. A inauguração do escritório da Embraer há duas semanas em New Delhi foi passo importante para nós. E é verdade, tivemos a participação no evento do vice-presidente Geraldo Alckmin, do ministro da Defesa, José Múcio, do comandante da Força Aérea Brasileira. Então, a gente está muito bem posicionado e nós acreditamos que o KC-390 é uma excelente solução para a Força Aérea Indiana. A nossa parceria com a Mahindra inclui a parte de marketing, apoio também à parte marketing e vendas, e a parte industrial. Uma vez que esse contrato do MTA, do Medium Transport Aircraft, MTA, ele exige nível de localização de pelo menos 50%.

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Francisco Gomes Neto: Esta expansão que eu mencionei no comentário, novos produtos significam oportunidades de maior crescimento da companhia no futuro.

It's just normal sort of do it yourself.

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André Mazini: Esses novos produtos são podem ser produtos na aviação comercial, aviões maiores do que o E195-E2?

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Francisco Gomes Neto: Podem ser maiores ou menores. Nós estamos olhando também novas tecnologias. Então, assim, propulsão elétrica, nós estamos investindo no eVTOL. Pode ser propulsão híbrida para aviões de médio tamanho. Ou seja, nós não temos ainda uma definição de qual o rumo que a gente vai seguir. Por isso, nós estamos investindo em novas tecnologias, né para a gente estar preparado para fazer essa decisão em algum momento no futuro.

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André Mazini: Para a gente entender, Francisco, por gentileza, a respeito do KC-390, né ou do C-390 Millennium, com a India, é pelo que eu entendi aí, a Embraer dá o negócio como certo lá com os indianos, é isso?

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Francisco Gomes Neto: A produção das peças vai continuar sendo, muitas peças produzidas no Brasil e peças de nossos fornecedores, provavelmente uma boa parte deve ser ou produzida na Índia ou enviadas diretamente na Índia, onde será feita a montagem final de boa parte dos aviões. A estratégia final de localização ainda não está pronta. Nós estamos trabalhando nisso, mas vai ser uma colaboração entre o Brasil e Índia, ou seja, aspectos positivos para ambos os países com este novo negócio. E negócio que para o KC-390 é negócio enorme, uma quantidade de aviões parecida com a quantidade total que nós vendemos até agora.

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Francisco Gomes Neto: Não, de forma alguma. Isso é uma concorrência muito difícil. Nós estamos concorrendo com avião americano, que é avião consolidado no mercado. Nós estamos concorrendo com avião francês, nós achamos que o C-390, o KC-390, está muito bem posicionado para essa aplicação. Daí até ganhar, assinar contrato, tem muita água ainda que vai passar embaixo da ponte. Muito trabalho para a gente fazer.

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André Mazini: Só uma última, por gentileza. Eu sei que talvez você diga para eu participar lá da conferência da Eve, mas em relação aos testes em escala real com os carros voadores, esses testes acontecerão aqui no Brazil?

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No, this is a very tough competition. We are competing.

Operator: Obrigada. A segunda pergunta. Segundo, por favor. A próxima pergunta vem de Xandu Alves com o Jornal Ovale. Prezado Francisco Gomes Neto, como está a negociação com o governo americano para a retirada da taxa de 10% nos aviões? Essa taxa prejudica a Embraer?

A strong summer quarters change Aquino, Brazil as interest better GAC premiered to Daiichi they were going to see it and if you know this year and are committed to keeping.

Francisco Gomes Neto: Os testes estão acontecendo aqui no Brazil. A gente espera que esse primeiro voo da Eve deva acontecer no final desse ano, começo do ano que vem. A gente segue trabalhando firme no desenvolvimento deste produto que nós consideramos que vai ser muito importante para a Embraer no futuro. Agora, realmente, esse é mais detalhes. Era bom você participar da conferência da Eve, que ocorre depois da nossa. Os testes, sim, estão sendo realizados na nossa fábrica de Gavião Peixoto.

With a US aircraft an American aircraft. Well, Consolidated in the market, we're also competing with a French aircraft but we believe that our aircrafts are very well positioned for that kind of application. But

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Francisco Gomes Neto: Muito obrigado pela pergunta. Bom, a negociação ocorre entre os dois governos. A Embraer não participa dessa negociação diretamente com os dois governos, mas eu diria que está caminhando muito bem. Vocês estão acompanhando aí o encontro do presidente Lula lá em Kuala Lumpur, que aconteceu na semana passada. Foi passo muito importante. Agora os dois países continuam com esse processo de negociação. Nós estamos muito positivos com esse processo. Uma vez ocorrendo acordo bilateral entre os dois países, as chances de avião e suas partes voltar para a tarifa zero é muito boa, como a gente tem visto acontecer nos demais acordos bilaterais que ocorreram com o Reino Unido, com a Europa, com o Japão, e com a Indonésia, onde em todos esses casos o avião e suas partes voltaram para a tarifa zero. E sim, a segunda parte, obrigado. A segunda parte, sim, é prejudicial em dois aspectos.

Good morning totally gather.

Maybe you will tell me that I should participate in Eve's conference call, but in terms of the actual flight tests with the flying aircraft, will the task be conducted in Brazil? Yeah, they are occurring in Brazil.

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Guilherme Paiva: Muito obrigada. Agora, a próxima pergunta é em inglês. Deixe-me falar breve anúncio para os falantes em português. Para mudar para português, por favor, aperte o botão "Interpretação" na plataforma e selecione "Português". The next question will be conducted in English. It comes from Jonathan Hemmerdinger. Please go ahead. The next question comes from Jonathan Hemmerdinger.

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So, we hope that if first flight should occur late this year or early next year, and so we are working very hard in the development of the product.

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Which we believe to be very important for Embraer in the future. But if you need more details, you should just join.

The next question will be conducted in English.

It comes from Jon Hemmerdinger. Please go ahead.

Eve's conference call which will follow ours, but the tasks are being conducted in our plant in Gabby on.

Thank you very much.

Okay.

Now, our next question.

Will be in English.

The next question comes from John right.

Can you hear me Oh, yes, yes.

Francisco Gomes Neto: Yep. Sorry, can you hear me all?

Go ahead, yeah, hey, thanks for thanks for taking the question.

Guilherme Paiva: Yes.

Francisco Gomes Neto: Yes, I can, John. Go ahead. Yeah. Hey, thanks for taking the question. I just want to touch on, Francisco, you mentioned new commercial products, and you've talked about some of this before, but I also heard you mention potential larger aircraft than the 195. Would you be willing to give any sort of updated timeline on when you might expect to make a decision on what comes next on the commercial side? If so, what is that timeline?

Let me just give a brief announcement to Portuguese speakers to switch to Portuguese.

Just wanted to touch on Francisco, you mentioned, new commercial products and you've talked about some of this before but I also heard you mention potential larger aircraft than the 195.

Please press the interpretation button on the platform and select Portuguese.

Would you be willing to give any sort of updated timeline on when you might expect to make a decision on what comes next in the commercial side.

Francisco Gomes Neto: É as peças que a Embraer envia para os Estados Unidos para a montagem dos aviões executivos. Elas estão sofrendo o pagamento da tarifa e que isso aumenta as despesas da Embraer e deixa o produto mais caro. E no caso dos aviões comerciais, ela penaliza o avião porque ele fica mais caro com as tarifas e isso pode desestimular as companhias aéreas a receber os aviões que eles compraram no futuro ou até fazer novas compras.

And if so what is that timeline.

Joining me actually John this is the most frequent.

Oh, yep. All right. Can you hear me all

André Ferreira: Actually, John, this is the most frequent question I have had in the past, you know, the past year. Again, I mean, the answer remains the same. We keep investing in new technologies. I mean, we want to be at to have our, let's say, technology readiness for to go for a new product that might be, you know, an executive aircraft or a commercial aircraft, bigger or smaller. We don't have a timeline definition at this point of time.

Frequent <unk>.

I have had in the past.

The best year, but again I mean, the answer is it remains the same we are we keep investing in new technologies I mean, we want to be at to have our let's say technology readiness.

Right. Yeah. Hey, thanks for taking the question. I just want to touch on Francisco. You mentioned new commercial products, and you've talked about some of this before. Uh, but I also heard you mention potential larger aircraft than the 195.

For to go for a new product that might be you know.

Active aircraft or commercial aircrafts bigger or smaller, but we don't have a timeline definition this point of time.

If you have any sort of updated timeline on, when you might expect to make a decision on what comes next, in the commercial side.

And if so, what is that timeline?

Operator: Muito obrigada. Gostaria de dar anúncio, breve anúncio para os falantes em inglês. This Q&A session is now being conducted in Portuguese. To switch to English, please press the interpretation button on the platform and then select English. A próxima pergunta vem de Jessé Nascimento. Por favor, pode prosseguir.

Yeah fair enough if I can follow that up with a question about the.

Francisco Gomes Neto: Yeah, fair enough. If I can follow that up with a question about the US government shutdown, has that affected any of the FAA work that you're doing, the certification work with Eve, any of the airworthiness ticketing for the aircraft, the E2s or the E1s, for that matter? Has it affected any discussions about tariffs? Are these things delayed because of the shutdown?

U S government shutdown has has that affected any of the FAA work that youre doing the certification work with E S.

Any of the airworthiness ticketing.

For the aircraft.

To or that you want for that matter and any has it affected any discussions about tariffs or are these things delayed because of the shutdown.

Francisco Gomes Neto: Oi, Francisco. Bom dia. O senhor me ouve? Perfeitamente, Jessé. Siga em frente. Bom dia. O senhor disse no começo aí da apresentação que a Embraer planeja uma expansão mais ambiciosa. Como é que vai ser essa expansão? O senhor pode já nos fornecer detalhes, por gentileza?

No no no no there are no Jon I mean again I mean in terms of our certification work. We continue to we're working very closely with a neck in Brazil and also with the contacts with the FAA and the tariffs I mean, I don't see any any any be an issue because of the shutdown affecting the tariffs.

André Ferreira: No, no. Not that I know, John. I mean, again, I mean, in terms of certification work, we continue working very closely with ANAC in Brazil and also with the contacts with the FAA. The tariffs, I mean, I don't see any issue because of the shutdown affecting the tariffs negotiation between Brazil and the US.

Negotiation between Brazil, and the U S.

Thank you for taking my question.

Antonio Carlos Garcia: Sim.

Francisco Gomes Neto: Vamos lá. Eu estou entendendo que é uma expansão mais ambiciosa no futuro, é isso? Isso, exatamente. Tá bom. Bom, muito bem. Nós temos atualmente portfólio de produtos muito moderno e competitivo. Isso a gente pode observar. No nosso backlog de pedidos, que hoje chega a $31 bilhões de dólares e com as opções encosta nos $50 bilhões de dólares. Esses produtos, nós continuamos focando na venda desses produtos e com esse backlog a gente espera crescimento muito importante da companhia nos próximos cinco anos. Mas nós estamos pensando além desses cinco anos, além de dez anos. Então, nós estamos investindo nesse momento em novas tecnologias, investimentos importantes em novas tecnologias para a Embraer estar preparada para ciclo de crescimento futuro com base em novos produtos, novos aviões, que podem ser aviões, pode ser avião ou aviões na versão executiva, na versão comercial ou na defesa.

Francisco Gomes Neto: Thank you for taking my question.

Thanks, John Thank you John.

António Carlos Garcia: Thanks, John.

Antonio Garcia: Thanks, John.

You're fair enough. Uh, but if I can follow that up with a, a question about the, uh, US Government shutdown, has has that affected any of the FAA work that you're doing the certification work with Eve. Um, any of the, uh, airworthiness ticketing, uh, for the aircraft, uh, the e2s or, or the E1, for that matter. And any has it affected any discussions about tariffs or are these things delayed? Because of the shutdown.

André Ferreira: Thank you, John.

The next question comes from <unk>. Please go ahead.

Guilherme Paiva: The next question comes from Chidozie Uzoezie. Please go ahead. Your microphone is muted on your side.

The next question comes from CIT Dozy, usually see your microphone is muted.

On your site.

Yeah.

Thank you for taking my question.

Hello, Hello, Good afternoon, everyone My name and she does her uncle uncle logos lazy.

André Ferreira: Hello. Hello. Good afternoon, everyone. My name is Chidosi. I'm calling from Lagos, Nigeria. Thank you, Francisco, for having your voice again this afternoon. I'm African, I have an African question. Africa is underprivileged. From what you said, Embraer is in a highly positive phase of peace operation this year. With that having been said, does Embraer have any plans to increase its commitment to build capacity in Africa? Oh, Chidosi, thanks for the question. Africa is a very important market for Embraer, very important region. We have many aircraft in operation in the continent. More recently, we delivered aircraft for Airlink South Africa, the E2. We have many customers operating aircraft in Africa. Again, we will continue to invest in that region, I mean, to introduce more and more Embraer aircraft and our Embraer services in the continent.

Chidozie Uzoezie: Hello. Hello. Good afternoon, everyone. My name is Chidosi. I'm calling from Lagos, Nigeria. Thank you, Francisco, for having your voice again this afternoon. I'm African, I have an African question. Africa is underprivileged. From what you said, Embraer is in a highly positive phase of peace operation this year. With that having been said, does Embraer have any plans to increase its commitment to build capacity in Africa?

Francisco Suarez with optimal Aqua unsold agnostic on the question on Africa is underprivileged so locomotives that umbrella haile physicals or piece of puzzle.

I wouldn't have said Doug.

<unk> plans to launch two.

To build a capacity in Africa.

Francisco Gomes Neto: Então, esta é a nossa visão de curto e longo prazo. Então, esta expansão que a gente, que eu mencionei no comentário, novos produtos significa oportunidades de maior crescimento da companhia no futuro. Esses novos produtos são, podem ser produtos na aviação comercial. Aviões maiores do que o E195-E2?

Thanks for the question Africa is a very important.

Francisco Gomes Neto: Oh, Chidosi, thanks for the question. Africa is a very important market for Embraer, very important region. We have many aircraft in operation in the continent. More recently, we delivered aircraft for Airlink South Africa, the E2. We have many customers operating aircraft in Africa. Again, we will continue to invest in that region, I mean, to introduce more and more Embraer aircraft and our Embraer services in the continent.

Market for Embraer very important region, we have many aircrafts.

In operation in the in the continent, and more recently with delivery of the aircrafts for Airlink South Africa the Youtube.

So we have many customers operating aircrafts.

In Africa. So again, we will continually invest in the region to introducing more and more embraer aircraft in our Embraer services in the continent.

Antonio Carlos Garcia: Podem ser maiores ou menores. Nós estamos olhando também novas tecnologias. Então, assim, propulsão elétrica, nós estamos investindo no eVTOL. Pode ser propulsão híbrida para aviões. De médio tamanho. Ou seja, nós não temos ainda uma definição de qual o rumo que a gente vai seguir. Por isso, nós estamos investindo em novas tecnologias para a gente estar preparado para fazer essa decisão em algum momento no futuro.

So is there any plan to increase.

Public sector capacity cannot be done.

André Ferreira: Is there any plan to increase the commitment to building capacity in Africa? In terms of services, yeah. As much as we deliver more aircraft, then we need more service and support depending on the region. Today, we already have a good structure, service structure to support our aircraft in operation in the continent. Thank you, Francisco. Thank you, Chidosi.

Chidozie Uzoezie: Is there any plan to increase the commitment to building capacity in Africa?

In terms of in terms of services, yeah as much as we deliver more aircrafts than we needed more servicing support depending on the region, but today, we already have.

Francisco Gomes Neto: In terms of services, yeah. As much as we deliver more aircraft, then we need more service and support depending on the region. Today, we already have a good structure, service structure to support our aircraft in operation in the continent.

A good restructure services structure to support our aircrafts in operation in the continent.

Francisco Gomes Neto: Para a gente entender, Francisco, por gentileza, a respeito do KC-390 ou do C-390 Millennium com a Índia, pelo que eu entendi aí, a Embraer dá o negócio como certo lá com os indianos, é isso?

Thank you Francisco.

Chidozie Uzoezie: Thank you, Francisco.

Thank you to dosing.

Francisco Gomes Neto: Thank you, Chidosi.

Thank you very much. The next question comes from the chat and at film Edgardo, Jim Andy's muscle from Aviation line.

Guilherme Paiva: Thank you very much. The next question comes from the chat, and it's from Edgardo Gimenez Mazik from Aviacionline. Is there any update regarding the suspension of the development of the new Embraer turboprop? How long can this program realistically remain paused before its initial design assumptions and market analysis become obsolete? He's got also a question number two, but if you'd like to answer this one first, please go ahead.

Antonio Carlos Garcia: Não, de forma alguma. Isso é uma concorrência muito difícil. Nós estamos concorrendo com avião americano, que é avião consolidado no mercado. Nós estamos concorrendo com avião francês, mas nós achamos que o C-390, o KC-390, está muito bem posicionado para essa aplicação. Mas daí até assinar contrato, tem muita água ainda que vai passar embaixo da ponte. Muito trabalho para a gente fazer.

Is there any update regarding the suspension of the development of the new Emperor.

Prop how long can this program realistically remain paused before its initiatives.

Initial design assumptions and Mark market analysis become obsolete and he's got also a question number two if he'd like to answer. This one first please go ahead.

Francisco Gomes Neto: Só uma última, por gentileza. Eu sei que talvez você diga para eu participar lá da conferência da IVI, mas em relação aos testes em escala real com os carros voadores, esses testes acontecerão aqui no Brasil?

Sure. Thanks for the question, whether the turbo prop project or initiative.

André Ferreira: No, sure. Thanks for the question. Well, the turboprop project or initiative has been canceled by us. I mean, we don't have at this point of time any project or initiative in that direction anymore. It might change in the future, but at this point of time, the project has, I mean, it's not on hold. It has been canceled. What is on hold is the E175-E2. That one is on hold because of the scope clause in the U.S. We are following, well, following the scope clause. If any change happens, then we will consider to restore the work on the E175-E2. Again, turboprop project has been canceled.

It has been cancelled by us.

We we don't have at this point of time.

Any any any projects or initiatives in that direction anymore. It might change in the future, but at this point of time. The project has an army southern hold it has been cancelled.

Antonio Carlos Garcia: Os testes estão acontecendo aqui no Brasil. A gente espera que esse primeiro voo da EVE deva acontecer no final desse ano, começo do ano que vem. E a gente segue trabalhando firme no desenvolvimento deste produto que nós consideramos que vai ser muito importante para a Embraer no futuro. Agora, realmente, Jessé, mais detalhes era bom você participar da conferência da EVE que ocorre depois da nossa. Mas os testes, sim, estão sendo realizados na nossa fábrica de Gavião Peixoto.

What is on hold is EUR 75, <unk> to that one is on hold because of this scope clause in the U S. We are.

We are following.

Following this scope clause if any change. It happens then we will consider to restore the work on the 175 Youtube, but again turboprop has been project has been canceled.

Operator: Muito obrigada. Agora, a próxima pergunta é em inglês. Deixe-me falar breve anúncio para os falantes em português. Para mudar para português, por favor, aperte o botão "Interpretação" na plataforma e selecione "Português". The next question will be conducted in English. It comes from Jonathan Hammerdinger. Please go ahead. The next question comes from Jonathan Hammerdinger.

Thank you very much sir.

Second question as I would like to know if that there has been any updates regarding the AD anemias Argentina's order for the E 195, EQ aircraft, which was put on hold after the change of government.

Guilherme Paiva: Thank you very much, sir. His second question is, I would like to know if there have been any updates regarding the Aerolíneas Argentinas order for the E195-E2 aircraft, which was put on hold after the change of government.

Yeah.

No no changes no updates we.

André Ferreira: No, no changes and no updates. We hope one day they will come back and consider that program that is a natural replacement of the old E190-E1s by the E2 family. At this point of time, we don't have any update on that sales campaign.

We hope that one day, they will come back and.

To consider that program that is a natural replacement of the ODU one int Eh you once.

By the <unk> family or at this point of time, we don't have any update on that.

Lucas Marquiori: Yes, sorry. Can you hear me all?

Operator: Yes.

Antonio Carlos Garcia: Yes, I can, John. Go ahead.

This campaign.

Lucas Marquiori: Yeah, hey, thanks for taking the question. I just want to touch on, Francisco, you mentioned new commercial products, and you've talked about some of this before. I also heard you mention potential larger aircraft than the 195. Would you be willing to give any sort of updated timeline on when you might expect to make a decision on what comes next on the commercial side? And if so, what is that timeline?

Thank you very much Sir thank you everyone for participating this has concluded.

Guilherme Paiva: Thank you very much, sir. Thank you, everyone, for participating. This has concluded the Q&A session of the Embraer Conference. Concluímos as sessões de perguntas e respostas e a conferência de resultados da Embraer. Muito obrigado pela sua participação.

The Q&A session of the Empire Conference.

Claims assessor, she painful disease process your confidence it isn't that the thing that I'm going to break out the kind of supports that so thanks.

Antonio Carlos Garcia: Actually, John, this is the most frequent question I have had in the past year. But again, I mean, the answer remains the same. We keep investing in new technologies. I mean, we want to have our, let's say, technology readiness to go for a new product that might be executive aircraft or commercial aircraft, bigger or smaller, but we don't have a timeline definition at this point of time.

We now concluded.

Empire's conference call.

Lucas Marquiori: Yeah, fair enough. But if I can follow that up with a question about the US government shutdown, has that affected any of the FAA work that you're doing, the certification work with EVE, any of the airworthiness ticketing for the aircraft, the E2, or the E1 for that matter? And has it affected any discussions about tariffs? Are these things delayed because of the shutdown?

Antonio Carlos Garcia: No, no. Not that I know, John. I mean, again, in terms of certification work, we continue working very closely with ANAC in Brazil and also with the contacts with the FAA. And the tariffs, I mean, I don't see any issue because of the shutdown affecting the tariffs negotiation between Brazil and the US.

Lucas Marquiori: Thanks for taking my question.

Antonio Carlos Garcia: Thank you, John.

Francisco Gomes Neto: Thank you, John.

Operator: The next question comes from Chidozie Uzozie. Please go ahead. The next question comes from Chidozie Uzozie. Your microphone is muted on your side.

Andrea Mazzini: Hello. Hello, good afternoon, everyone. My name is Chidozie. I'm calling from Lagos, Nigeria. Thank you, Francisco, for giving us the opportunity this afternoon. I'm African, so I have an African question. Africa is underprivileged. So from what you said, Embraer is in a highly positive phase of its operation this year. With that having been said, does Embraer have any plans to increase its commitment to build capacity in Africa?

Antonio Carlos Garcia: Well, Chidozie, thanks for the question. Africa is a very important market for Embraer, a very important region. We have many aircraft in operation in the continent. And more recently, we delivered aircraft for Air Link, South Africa, the E2. But we have many customers operating aircraft in Africa. So again, we will continue to invest in that region, I mean, to introduce more and more Embraer aircraft and our Embraer services in the continent.

Andrea Mazzini: So is there any plan to increase the commitment to build capacity in Africa?

Antonio Carlos Garcia: In terms of services, yeah, as much as we deliver more aircraft, then we need more servicing support depending on the region. But today, we already have a good structure, service structure to support our aircraft in operation in the continent.

Andrea Mazzini: Thank you, Francisco.

Antonio Carlos Garcia: Thank you, Chidozie.

Operator: Thank you very much. The next question comes from the chat, and it's from Edgardo Jimenez Muscle from Aviation Line. Is there any update regarding the suspension of the development of the new Embraer turboprop? How long can this program realistically remain paused before its initial design assumptions and market analysis become obsolete? And he's got also a question number two, but if you'd like to answer this one first, please go ahead.

Antonio Carlos Garcia: No, sure. Thanks for the question. Well, the turboprop project or initiative has been canceled by us. I mean, we don't have at this point of time any project or initiative in that direction anymore. It might change in the future, but at this point of time, the project has, I mean, it's not on hold. It has been canceled. What is on hold is the E-175-E2. That one is on hold because of the scope clause in the US. So we are following the scope clause. If any change happens, then we will consider to restore the work on the E-175-E2. But again, turboprop project has been canceled.

Operator: Thank you very much, sir. His second question is, I would like to know if there have been any updates regarding the Aerolíneas Argentinas order for the E195-E2 aircraft, which was put on hold after the change of government.

Antonio Carlos Garcia: No, no changes and no updates. We hope one day they will come back and to consider that program, that is a natural replacement of the old E-190-E1s by the E2 family. At this point of time, we don't have any updates on that sales campaign.

Operator: Thank you very much, sir. Thank you, everyone, for participating. This has concluded. The Q&A session of the Embraer Conference. Concluímos as sessões de perguntas e respostas e a conferência de resultados da Embraer. Muito obrigado pela sua participação.

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