Q4 2025 Embraer SA Earnings Call

March 6, 2026

Speaker #1: Punch deste evento. E não pode ser reproduzida ou retransmitida sem autorização expressa da EMBRAER. Essa conferência será conduzida em dois idiomas diferentes: inglês e português.

Speaker #1: Para melhorar a qualidade da transmissão em português, após selecionar o idioma, no botão "Interpretação", clique também em "Desativar o áudio original na plataforma Zoom".

Speaker #1: Agora, farei anúncio curto para os participantes que nos acompanham em inglês. This conference is being conducted originally in English. To switch, please press the interpretation button on the platform and then select the English language.

Speaker #1: Meu nome é Guido Paiva, e eu sou o diretor da área de Relações com Investidores Fusões e Aquisições e Venture Capital Corporativo. Sejam muito bem-vindos à conferência de resultados da EMBRAER, referente ao quarto trimestre de 2025.

Speaker #1: Os números desta apresentação contêm informações financeiras não GAAP para ajudar os investidores a reconciliar as informações financeiras da IVA nos padrões GAAP com as regras IFRS da EMBRAER.

Speaker #1: É importante mencionar que as informações relacionadas aos resultados da IVA serão discutidas na conferência da companhia. Informamos também que todos os números são apresentados em dólares norte-americano, pois é a moeda funcional da EMBRAER.

Speaker #1: Esta conferência pode incluir declarações sobre eventos futuros, baseadas nas expectativas da EMBRAER e nas tendências financeiras do mercado. Tais declarações estão sujeitas a incertezas que podem fazer com que os resultados sejam diferentes daqueles expressos ou implícitos nesta conferência.

Speaker #1: Exceto conforme previsto na regulamentação aplicável, a companhia não assume qualquer obrigação de atualizar publicamente quaisquer declarações prospectivas feitas nesse evento. Para informações financeiras detalhadas, a companhia incentiva a análise das suas publicações feitas junto à CVM.

Speaker #1: Neste momento, todos os participantes acompanham essa conferência como ouvintes. Mais tarde, forneceremos instruções para a participação na sessão de perguntas e respostas. Participam hoje desta conferência Francisco Gomes Neto, presidente e CEO; Antonio Carlos Garcia, vice-presidente executivo financeiro; Waltercio Souza, gerente de comunicação corporativa; além de mim.

Speaker #1: Esta conferência tem três partes. Na primeira parte, apresentaremos os resultados do quarto trimestre de 2025. Na segunda parte, faremos uma sessão de perguntas e respostas apenas para investidores.

Speaker #1: E, por último, na terceira parte, faremos uma sessão de perguntas e respostas dedicada apenas à imprensa. Eu tenho o prazer em passar a palavra ao nosso presidente e CEO, Francisco Gomes Neto, que dará início à apresentação dos resultados da companhia.

Speaker #1: Por favor, Francisco, pode prosseguir.

Speaker #2: Obrigado, Gui. Bom dia e boa tarde a todos. É prazer estar aqui para apresentar os resultados da EMBRAER do quarto trimestre e do ano de 2025.

Speaker #2: O ano de 2025 foi mais ano muito importante para a nossa companhia. Do lado operacional, cumprimos as estimativas de entregas e, do lado financeiro, tivemos desempenho acima do esperado.

Speaker #2: Esse resultado reforça a solidez da nossa trajetória. Nos últimos três anos, a EMBRAER tem registrado o crescimento anual de receita de dois dígitos. O ano também foi marcante para o programa E2, com vendas em todos os continentes, o que contribuiu para a consolidar a plataforma como uma referência no segmento de aeronaves narrowbody de menor porte.

Speaker #2: Como companhia, alcançamos receita recorde, e uma carteira de pedidos robusta, que oferece aos investidores uma visibilidade muito sólida na nossa capacidade de sustentar o crescimento ao longo dos próximos anos.

Speaker #2: Temos avançado na gestão dos desafios da cadeia de suprimentos, com uma atuação mais próxima junto aos fornecedores, uma maior digitalização dos processos e investimentos em ferramentas de inteligência artificial.

Speaker #2: As iniciativas de nivelamento de produção foram ampliadas para todas as plataformas, e devem contribuir para mais estabilidade operacional a partir de 2026. Estamos muito bem posicionados em mercados estratégicos, apoiados por discussões em andamento com parceiros globais, como na Índia, com a Mahindra e o grupo Adani, e nos Estados Unidos, com a Northrop Grumman.

Speaker #2: Essas parcerias reforçam nossa posição estratégica e dão suporte potencial ao crescimento de longo prazo tanto na aviação comercial quanto no segmento de defesa. E, para concluir, todas as nossas unidades de negócio estão performando muito bem, com desempenho sólido e uma carteira de pedidos muito robusta.

Speaker #2: Ao longo do trimestre, mantivemos bom ritmo de vendas em todas as unidades de negócios. Na aviação comercial, os principais destaques foram os novos pedidos da TrueNord, com 20 EU 95 E2, da Helvetic Airways, com 3 195 E2, além de quatro pedidos do E175 para a Costa do Marfim.

Speaker #2: Na aviação executiva, a receita atingiu nível recorde, em torno de 750 milhões de dólares, com a entrega de 53 jatos executivos, o maior número já registrado em único trimestre.

Speaker #2: Em defesa de segurança, reforçamos nossa presença internacional, com o pedido da Suécia de quatro aeronaves KC-390, além de nove opções. E, com Portugal, assinando o pedido de sua sexta aeronave, juntamente com dez opções para países da OTAN.

Speaker #2: Finalmente, em serviços de suporte, assinamos contrato do programa DEPUL do E195 E2 com a Air Link e uma extensão de serviço de manutenção com o Republic para sua frota E1.

Speaker #2: Passando agora para o desempenho de vendas do ano. Durante esses 12 meses, a aviação comercial registrou 157 novos pedidos do E2, em todos os continentes, além de 140 opções.

Speaker #2: Além disso, o programa E1 manteve sua relevância, com 64 novos pedidos e 68 opções. Com isso, a carteira de pedidos da divisão chegou a 14,5 bilhões de dólares, com índice de vendas por receita de 2,8 para 1.

Speaker #2: Na aviação executiva, as vendas totais alcançaram aproximadamente 2,3 bilhões de dólares, sustentadas por uma demanda forte em todo o portfólio, o, incluindo o sucesso contínuo do Feno 300, que completa 14 anos consecutivos como o jato leve mais vendido do mundo.

Speaker #2: A carteira de pedidos da divisão encerrou o ano em 7,6 bilhões de dólares, com índice de vendas por receita de 1,1 para 1. Na defesa e segurança, tivemos mais ano consistente, com a venda de cinco aeronaves KC-390 para dois países da OTAN, além de 19 opções adicionais, e a venda de dez aeronaves A-29 Super Tucano para Uruguai, Panamá e Sierra Nevada.

Speaker #2: A unidade encerrou o período com uma carteira de pedidos de 4,6 bilhões de dólares, com índice de vendas por receita de 1,4 para 1.

Speaker #2: Por fim, em serviços de suporte, o ritmo de vendas seguiu positivo ao longo do ano. O programa PUL adicionou aproximadamente 75 aeronaves, e o programa Executive Care firmou 37 novos contratos.

Speaker #2: Como resultado, a unidade encerrou o período com uma carteira de pedidos de 4,9 bilhões de dólares, e índice de vendas por receita de 1,2 para 1.

Speaker #2: De forma consolidada, a Embraer encerrou 2025 com índice de vendas por receita de 1,7 para 1. Na sequência, vou comentar os resultados operacionais do ano, sempre na comparação com o ano anterior.

Speaker #2: Na aviação comercial, a receita cresceu 7%, refletindo o aumento dos volumes de entrega. A margem EBIT ajustada avançou de 2,5 para 2,7%, beneficiada por menores despesas.

Speaker #2: A aviação executiva: a receita apresentou crescimento expressivo de 25%. A margem EBIT ajustada aumentou de 11,7 para 12%, com ganhos de volume preços e alavancagem operacional mais do que compensando o impacto negativo das tarifas norte-americanas.

Speaker #2: Em defesa de segurança, a receita cresceu 36%, principalmente em função do aumento dos volumes do KC-390 e do A-29 Super Tucano. A margem EBIT ajustada evoluiu de 6,2 para 7,9%, refletindo a maior alavancagem operacional e o mix de clientes.

Speaker #2: Em serviços de suporte, a receita cresceu 18%, impulsionada por maiores volumes e pelo avanço da oficina de motores GTF da OGMA. A margem EBIT ajustada recuou de 16,5 para 15,5%, principalmente em função do início de novas operações.

Speaker #2: Antes de encerrar, eu gostaria de trazer uma breve atualização sobre o avanço da EVE. O primeiro voo do protótipo do EVETOL, realizado em dezembro de 2025, foi passo importante para o programa, desde então o protótipo em escala real realizou 28 missões, somando mais de uma hora de voo em modo pairado.

Speaker #2: O programa segue avançando nos testes em voo, com foco no processo de certificação, previsto para 2027. Obrigado, Francisco. Bom dia, boa tarde a todos.

Speaker #2: Eu gostaria de começar destacando que, mesmo em ano marcado por desafios e volatilidade, a companhia manteve disciplina na execução. Avançando com consistência e entregando resultados em linha com os compromissos assumidos.

Speaker #2: Vamos agora analisar mais de perto nossos resultados financeiros do quarto trimestre. E do ano completo de 2025. Todos os meus comentários serão baseados em comparações ano contra ano, menos que eu indico ao contrário.

Speaker #2: Passando para o próximo slide, vamos falar sobre entregas. No último trimestre, a Embraer entregou 91 aeronaves 32 jatos comerciais 53 executivos e 6 aeronaves na defesa.

Speaker #2: Isso representa aumento de 21%. Com crescimento de 3% na aviação comercial e avanço expressivo de 20% na aviação executiva. Mais importante, no consolidado do ano, entregamos 78 aeronaves na aviação comercial, crescimento de 7%, em linha com as nossas estimativas de 77 a 85 aeronaves para o período.

Speaker #2: Na aviação executiva, foram entregues 155 jatos. crescimento relevante de 20% no ano. Atingindo o topo das nossas estimativas de 145 a 155 aeronaves para 2025.

Speaker #2: E o slide 12, backlog recente. O backlog da companhia atingiu 31,6 bilhões de dólares no trimestre, crescimento significativo de mais 20% acima do nosso recorde histórico anterior.

Speaker #2: O backlog da aviação comercial e de defesa e segurança cresceu mais 42% e mais 10%, respectivamente. Em serviços de suporte, mais 7%, e na aviação executiva, mais 3%.

Speaker #2: Além da carteira de time de pedidos, nós temos atualmente cerca de 20 bilhões de dólares em opções detidas por nossos clientes. Essas opções não estão incluídas no nosso backlog.

Speaker #2: Mas representam potencial relevante de crescimento nos próximos anos. À medida que essas opções forem exercidas, elas ponderam sustentar uma expansão significativa da nossa carteira de pedidos firme, com potencial de chegar a 50 bilhões ao longo do próximo técnico.

Speaker #2: Mais do que o tamanho da carteira de pedidos, é importante destacar a sua qualidade e composição. O backlog atual reflete mix de clientes mais atrativo, o que posiciona a companhia de forma mais favorável do ponto de vista de margem no médio e longo prazo.

Speaker #2: Qualquer potencial impacto financeiro desse novo mix de clientes continuará dependente da nossa execução do faseamento das entregas e de fatores externos. Em relação às receitas, nós tivemos crescimento superior a 15% e alcançamos quase 3 bilhões no quarto trimestre de 2025.

Speaker #2: Do ponto de vista dos negócios, as receitas permanecem beneficiadas entre os segmentos. A aviação comercial representou 37%, a aviação executiva cerca de 30%, serviços de suporte, aproximadamente 20%, e defesa e segurança 13%.

Speaker #2: No acumulado do ano, a receita totalizou 7,6 bilhões de dólares, acima do topo das nossas estimativas, representando crescimento de 18% em relação a 2024.

Speaker #2: Vamos ao próximo slide. Nós geramos 298 milhões de dólares em EBITDA ajustado no quarto trimestre, com margem de 11,3%. E 889 milhões no ano, com a margem de 11,7%.

Speaker #2: Comparado com uma margem de 12,1% no ano anterior, quando excluímos o impacto pontual do acordo com a boa. Slide 14, EBITDA ajustado. Agora, o EBITDA ajustado foi de 231 milhões no trimestre, com margem de 8,7% em comparação a 11,5% no mesmo período do ano anterior.

Speaker #2: Como destacamos na última teleconferência de resultados, já esperávamos o impacto relevante das tarifas de importação dos Estados Unidos no quarto trimestre. Além disso, enfrentamos custos adicionais relacionados à infraestrutura que pressionaram as margens.

Speaker #2: As tarifas totalizaram 27 milhões no trimestre, e os custos não recorrentes de infraestrutura atingiram 20 milhões no período. No acumulado do ano, geramos 657 milhões de EBITDA ajustado, com margem também de 8,7%.

Speaker #2: Em linha com o ano anterior, quando excluímos o efeito pontual da boa. Porém, superando nossas estimativas de 8,3% para 2025. Esse desempenho foi alcançado apesar do impacto das tarifas norte-americanas e reflete a nossa disciplina contínua em iniciativas de redução de custos e ganhos de eficiência.

Speaker #2: Vamos agora para o próximo slide. A Embraer gerou 738 milhões em fluxo de caixa livre ajustado no trimestre, principalmente sustentado pelas operações. Maior número de entregas da aeronave e pelas campanhas de vendas.

Speaker #2: Em 2025, geramos 491 milhões em fluxo de caixa livre ajustado. O que ajudou a companhia a converter em média cerca de 60% do EBITDA em fluxo de caixa livre ao longo dos últimos 3 anos.

Speaker #2: Esse valor se compara aos 676 milhões de 2024, quando inclui uma entrada pontual de 150 milhões relacionada ao acordo com a boa, nós superamos a nossa estimativa de 200 milhões ou mais, apoiados por esforços contínuos na redução da necessidade de capital de giro.

Speaker #2: Em relação aos investimentos, excluindo a IVE, alocamos quase 100 milhões no trimestre, esse montante inclui 27 milhões em CAPEX, 34 milhões em adições a intangíveis, 12 milhões no programa de pool para suportar novos contratos, em 27 milhões em pesquisa.

Speaker #2: No ano, a Embraer sem IVE investiu total de 383 milhões em 2025. Uma redução de 10% em relação às 428 milhões de 2024. A nossa alocação de capital segue direcionada a segmentos de maior retorno, como aviação executiva e serviços de suporte, principalmente nos Estados Unidos.

Speaker #2: Nós continuamos enxergando nível de investimento em torno de 400 milhões por ano durante os próximos períodos. E o slide 16, lucro líquido ajustado. Nós tivemos lucro líquido ajustado positivo em 153 milhões no trimestre, com margem ajustada de 5,8%.

Speaker #2: Em comparação a 7,5% no mesmo período do ano anterior. No acumulado do ano, encerramos 2025 com 253 milhões de lucro líquido ajustado. Frente a 461 milhões, em 2024.

Speaker #2: A margem ajustada anual foi de 3,3%. Abaixo dos 7,3% registrados em 2024. Gostaria de reforçar que essa queda foi principalmente impactada pelo efeito pontual de 150 milhões com a boa, por maiores despesas financeiras líquidas pelas tarifas de importação dos Estados Unidos.

Speaker #2: Vamos agora para o próximo slide. Eu gostaria agora de detalhar a reconciliação do nosso EBITDA reportado em 2025 até o lucro líquido reportado e ajustado.

Speaker #2: Nós encerramos o ano com 608 milhões de EBITDA, após considerar 340 milhões em despesas financeiras líquidas, principalmente decorrentes do efeito da marcação a mercado da valorização das nossas ações no escopo do plano de incentivo de longo prazo.

Speaker #2: 91 milhões em créditos tributários e 7 milhões em participação de minoritários. Chegamos a lucro líquido reportado de 352 milhões. Para chegar ao lucro líquido ajustado, excluímos os itens extraordinários.

Speaker #2: Esses ajustes incluíram o impacto negativo de 137 milhões de dólares relacionados a impostos diferidos parcialmente compensados por impacto positivo de 31 milhões nos resultados da IVE, com isso alcançamos 253 milhões de lucro líquido ajustado no ano.

Speaker #2: Se observarmos a evolução do lucro por ação, podemos ver uma melhora consistente nos últimos anos. O lucro por ação foi negativo em 0,20 dólar em 2021, evoluiu para 1,4 dólares positivo em 2024, excluindo efeito relacionado à boa, e atingiu 1,9 dólares em 2025.

Speaker #2: Essa trajetória evidencia a melhora estrutural da rentabilidade e a evolução que fizemos no fortalecimento do perfil de resultados da companhia nos últimos anos. Próximo slide, por favor.

Speaker #2: Ao longo do ano, nós seguimos reforçando nosso foco no fortalecimento do balanço da Embraer. Como resultado dessa disciplina financeira, nossa posição de liquidez evoluiu de forma significativa.

Speaker #2: A dívida líquida sem IVE foi reduzida em 220 milhões, e com isso encerramos 2025 com uma posição de caixa líquido de 109 milhões de dólares.

Speaker #2: Esse avanço nos deixa bem preparados para enfrentar eventuais volatilidades no cenário adiante. Como consequência, a nossa alavancagem excluindo a IVE melhorou de 0,1 vezes dívida líquida sobre EBITDA para 0,1 vezes caixa líquido sobre EBITDA ao final do ano.

Speaker #2: Vale lembrar que no terceiro trimestre anunciamos uma nova iniciativa de gestão de dívida, que foi integralmente executada. Com isso, o prazo médio da dívida da Embraer sem considerar a IVE aumentou de 3,7% para 9,1 anos.

Speaker #2: Melhorando significativamente o perfil dos vencimentos. Atualmente, 96% da nossa dívida é de longo prazo, o que nos confere maior flexibilidade financeira. De forma relevante, estas ações também resultaram na redução do custo médio da dívida, que caiu de 6,2% para 5,5% ao ano.

Speaker #2: Fortalecendo ainda mais nosso perfil financeiro. Passando para o próximo slide, nós declaramos total de 568 milhões de reais em 2025 de remuneração aos acionistas, combinando juros sobre capital próprio e dividendos.

Speaker #2: Esse montante corresponde a 0,78 centavos de reais por ação, e representa o retorno de dividendos aproximadamente de 0,9%. Vale lembrar que essas distribuições podem ser complementadas por dividendo adicional de forma a assegurar o cumprimento da distribuição mínima de 25% do lucro líquido exigido pelas legislações societárias brasileiras.

Speaker #2: O valor total será pago em uma única parcela após a assembleia geral ordinária de 2026. Slide 20, estimativas. Antes de apresentar as estimativas para 2026, eu gostaria de reforçar que a Embraer vem cumprindo consistentemente suas estimativas financeiras ano após ano desde 2021.

Speaker #2: Refletindo uma abordagem disciplinada de planejamento e execução. Para concluir a minha apresentação, passo agora para os detalhes das estimativas para 2026. Em termos operacionais, estimamos que a aviação comercial entregue entre 80 a 85 aeronaves, já na aviação executiva projetamos entregas entre 160 a 170 jatos, o que representa crescimento anual de aproximadamente 6% em ambos os segmentos, considerando o ponto médio das faixas.

Speaker #2: Do ponto de vista financeiro, projetamos crescimento consistente de dois dígitos, estimamos que a receita fique entre 8,2 a 8,5 bilhões de dólares com o ponto médio 10% acima do resultado gerado no ano passado.

Speaker #2: Para o EBIT, estimamos uma margem entre 8,7 a 9,3% no ano, o que implica cerca de 750 milhões de dólares no ponto médio. Aproximadamente 15% acima do EBIT ajustado de 657 milhões gerados em 2025.

Speaker #2: Por fim, em relação à geração de caixa, estimamos fluxo de caixa livre ajustado e excluindo a IVE de 200 milhões ou mais no ano, vale a pena lembrar que o nosso objetivo de médio prazo é converter 50% do

Speaker #1: They beat the influx of cash . Considering periodo de dois Cerca de quatro billion or Approximativement 20% . De EBITDA increased de cerca de billones resultados de cinco .

Speaker #1: In as much as para important destacar estimativa Operational antes de favor , por tanto anterior a rodada , mais de alterations na en Estados Unidos .

Speaker #1: In this moment , nos estamos postura conservadora durante de aumento de la politica e aguada . Ma visibilidad antes de la qualquer nossas nosotros as estimativa .

Speaker #1: Six . How long do is presentation of Francisco para sua consideraciones ? Muito obrigado . Obrigado .

Speaker #2: Antonio . Para construir dois Marco a consolidation da estratégia da Embraer em todas as unidades de negocios comercial . O record pedidos contribuyen para consolidation da plataforma de dois reforzar su relevancia global e ampliando a visibilidade de longo prazo de negocio Sao .

Speaker #2: A forte demanda tanto no varejo quanto entry operadores aliada a maiores volumes de entrega relativo a solids do nosso portfolio reforzado o anuncio da proxima geracao dos pretos quinientos e cientos indices seguranca seguimos avanzando globalmente na companhias do cassette 1990 , incluindo oportunidades estratégicas relevantes em servicios de support ampliacao da nossa presencia global fortalecer o mais a capacidade de gerasim receitas recorrentes nosso focus continuo em efficiency disciplina financeira em todas as companhia seguem trazendo resultados especificos , assim Como nossos servicos de ciencia , Q supporting nossos clientes olhando para a frente esperamos crescimento substantial no médio prazo , enquanto preparamos a companhia para uma expansao mais relevant de longo prazo apoyado por uma nova geracao de produtos e tecnologias , tendo Como alecensa nossa cultura seguranca e primeiro lugar e qualidade e sempre com isso passo agora para sessao de perguntas e respostas

Speaker #3: Perguntas e respostas a conferencia de sua transmissao esclusivamente as participants . To is podem reproduced or transmitted authorization of the Embraer refers in English contract for Portuguese Anuncio participants .

Speaker #3: The Portuguese Conference is being held in English to listen to the audio in Portuguese press . The interpretation button on the platform and choose Portuguese .

Speaker #3: After picking your language in the interpretation button , you can also mute original audio to improve the quality of the broadcast . In Portuguese Na plataforma Anunciado active microphone inside the Para todos a chance to participate .

Speaker #3: Uma pergunta por si over necessidade de assistencia solicit via plataforma também responderemos perguntas enviadas através do forma a primera parte de esta para participation de analysts , investigators , a segunda parte dedicada a journalists As perguntas Pergunta de Marcelo Motta com J.P.

Speaker #3: Morgan Obrigado Duvida relacionadas . Passages estratégicas cu empresa anunciou Queria saber . Como esta , por exemplo , temos angel a commercial de defesa e también de Estados Unidos para defesa .

Speaker #3: Obrigado , obrigado , Marcelo Francisco , ma a nossa sessao Sin tenemos un foco imparcial estratégicas para aumentar o crescimento de longo prazo para EMBRAER S.A.

Speaker #3: as duas principais . Some danger in nos estamos trabajando in frentes Tenemos aqui de transporte menu com a force area Indiana . Estamos dois anos e uma parceria uma mahindra Esperamos AFP does clientes A segunda parte o grupo De aviation executiva civil para melhorar conectividade entre na India .

Speaker #3: Ambas oportunidades trazem bom potencial de crescimento de negocios para EMBRAER S.A. Na Construindo eso Ainda in foram as lanzamiento de angel R in Estados Unidos .

Speaker #3: Antonio EMBRAER S.A. na uma parceria com a Northrop Grumman desenvolver as capacidades nos temos de . There is an option de fazer a complementation de Estados Unidos com as noventa para isso definido mas estamos trabajando Como cinco .

Speaker #3: Recentemente , vamos a hacer para demonstrations nos Estados Unidos para as things Muito obrigado , Francisco Antonio de nada Marcelo De Kristine Liwag the Morgan Stanley Ola .

Speaker #3: Obrigado por pergunta perguntar uma pergunta a Northrop Grumman . Essa capacidade de casa interesante voces podem ser mais detalhes o mais sobre estrutura da e Como é divisao de responsabilidades de forma strategic important colocar bom para competitividad , principalmente no contexto de Angus na oportunidades possiveis de longo do tempo Obrigado , Christine A Northrop Grumman A a capacidade de nosso cassette millennium .

Speaker #3: Integration de un sistema de abastecimento autonomo e solutions de combate ages . Isso é para atender as necessidades futuras da foresight americana is nations aliadas Estados Unidos .

Speaker #3: Ainda nao tem prazo no nosso principal proposito aqui e participated as a conversa com a Americana , e fazer o caso entrar complemento , a fruit É fundamental na base de vamos competir com o otro pancada estratégico Perdido Produzida nos Estados Unidos nao foram ainda nao sabemos o tamanho no tenemos to visibilidade .

Speaker #3: Obrigado . Follow up pode ser uma ambient da cadena de supplements para commercial executiva principais restrictions melhoraram bastante obrigada Ano pasado , unos pasamos algumas dificuldades com suplementos no entanto Como empresa conseguimos superar os problemas e conseguimos entregar muitas aeronaves no ano Supplements Important Conseguimos anticipate os problemas e Como efetividade .

Speaker #3: Como fazer isso em janeiro De passado . Muito obrigado

Speaker #4: Apenas Apenas uma information manda uma pergunta por escrito , por favor . Use Q&A de plataforma a pergunta de Myles Walton com world Research para seguir por favor .

Speaker #4: Obrigado . EU gostaria sobre perspectiva de margin por segment , talvez podemos pouco mais de informacao seria muito bom , alguma informacion sobre las margens .

Speaker #4: EU acho q v q as es uno guidance imagino Q incremental uno contra uno e poderiam uma informa imagens sem as tarifas e também se podem falar pouco sobre o acontecendo in the segment obrigado Ola Myles Walton obrigado por la pregunta uma das maneras de pensamos sobre a perspectiva com as margens é observar aqueles millones de dolares em tarifas , mas nos estamos trabajando de dos mil e cinco para o nosso stock de Para eso , tal vez , estamos falando de algo mas o menos de 70 or sim basis com assim Como pasar do tempo e Miles Antonio complementar Orlando cuatro macro observa reportamos o agora o maior impacto sobre vale na avea na Aviacion comercial .

Speaker #4: O qué significa aqui nao interesse over o nenhuma sempre uma maneira de fazer uma compensation olhar a aviacao executiva era de servicios de estar espacio de dois digitos .

Speaker #4: Entao nos estamos agora nada de defesa EU diria também estamos en digitos e o nosso desafio é commercial porque a gente che e mid-single digits .

Speaker #4: Entao , vamos chegou perto de dois a margin otimo e talvez mais uma pergunta sobre o desempenho do caso de fluxo de no passado .

Speaker #4: EU tiveram alguma coisa de de fazer o existing . Alguns outros atributos estao elevado desempeno olha Iwasaki entregamos mais aeronaves , principalmente aviation comercial quando entregamos mais quando comparado ao trimesters por causa .

Speaker #4: The tamanho dos anticipations de pagamento EU diarrhea . Alguns fatores muitas entregas foram concentrados no quatro three e felizmente tivemos também pagamento anticipate the defesa e sincero também fazer uma boa campana de vendas in December .

Speaker #4: In December , entao , quando tudo isso , juntos tivemos bom desenvolvimento de desempenho no Q3 se sabe é muito dificil para a gente fazer a previsao do guidance de mais mas , mais ou menos tivemos aqui foi o Q aconteceu também dois quatro otimo muito obrigado Proxima pergunta Vendo Goldman Sachs , Noah , por favor Bom dia EU gostaria de fazer follow up .

Speaker #4: Quanto entregas EU perfil El comercial sobre voltar a numero de same . Me para q a cadena de suplemento . Tampoco a seria interesante v q q talvez o low end guidance to EU gostaria de saber quando EU conseguir chegar no de Follow sobra potencialmente aumentar a capacidad para atingir a marca de dos pontos .

Speaker #4: Talvez qual seria uma data aproximada para atingir a la marca . Relacao a aviacao executiva obrigada novo aqui EU Francisco SIM , EU o seu ponto , mas estamos muito forcados para mas no meio do guidance as entregas a comercial Como mencioné antes de estamos melhor preparados para quem é o mesmo tempo .

Speaker #4: Estamos preparando A empresa para atingir mas aeronaves glue trabalhando para q estamos trabajando para la capacidad para seguir a marca no maximo in dois mas acreditamos a mesma coisa aviacao executive .

Speaker #4: Estamos trabajando estamos ampliando a capacidade . In alguns casos de producao . Nessa Marcia estamos falando algum tempo . Estamos trabajando na nossa senhora de producao .

Speaker #4: Agora produzidos o preto e un final na metade do tempo campo leva para fazer isso in portanto estamos acelerando nossa producao para a gente possa atingir .

Speaker #4: O objetivo no proximo e temos também pedidos para essas aeronaves . Okay otimo e Como é o ritmo de crescimento de servicos Q estava melhor o inicio do guidance dos Como aqui .

Speaker #4: SE comparar in cinco Nova aqui o Antonio novamente na de servicio e support também estar no espacio de dois digitos e deve ser mais e para ser esta crescendo até mais do temos outros contratos .

Speaker #4: Também é por isso , Q nos nos vemos un crecimiento rapido para area de servicio e support quando comparado com a aria de aviacion , tanto comercial quanto executivo , por tanto , na nos dois anos .

Speaker #4: Muito obrigado , obrigado nova

Speaker #3: Lucas Marquiori BTG Pactual Obrigado . Bonjour Perguntar Qual é nesse caso ? 16 diferentes areas investigation e Jesse Nascimento Agora é zero . Confirmar por cuanto tiempo de forma quasi Da Outra coisa tem alguma diferencia de tarifas para EMBRAER S.A.

Speaker #3: comparado com principais concorrentes as principais e vice De competitividad de competitividad para casa de aumento queria saber obrigado , obrigado por la pregunta Lucas SIM confirmar Q para todos os motores e pessoas da EMBRAER S.A.

Speaker #3: . Nos temos a de 30% in those in which fevereiro un poco de stock pelo Estados Unidos E Para A EMBRAER S.A. era unica fabricante estava pagando tarifas para caes relacionadas a aeronaves antes e s vai beneficia os clientes americanos assim as linhas aéreas conseguem renovar a sua continuar comprar pessoas dos Estados Unidos , porque mas de percent das nossas aeronaves tem dos Estados Unidos FOI muito positive EMBRAER S.A.

Speaker #3: , mas também as clientes americanos use fornecedores americanos também perguntar também foi quanto tempo leva na Longo prazo E Observando eso bem de Puerto e se encontro continuamos concentrados mais mas esperamos uma grande mudanca Como é com essa estacao politica de volatility , mas nos estamos assim e continuaremos reforzar o nosso posicionamento .

Speaker #3: EU posicionamento da industria aerospace en Estados Unidos Mais Para Perfil de guidance pontos positivos negativos porque no estamos pagando tarifas mas esperar Q claro pode ser muy complicado Como nos vemos en todos Santos dia .

Speaker #3: Claro . Muito obrigado . Tem uma dia também . Obrigado Lucas De Alberto Valerio do UBS vontade Bom dia Francisco Neto . Obrigado .

Speaker #3: Por gostaria de do ano . Vemos esperar uma questao de uma vez acima de guidance . Nos temos procedures comerciais executivos Obrigado Roberto Antonio Expectativa , Companhia de vendors pergunta es altamente aqui a a book to bill para Pouco mais , por ejemplo , para as comerciais porque algumas de suplemento .

Speaker #3: Obrigado Alberto Bueno com vendors de cinco Novas vendors mais options is a plataforma futuro continua também Agora pouco nos estamos preparando para aumentar a nossa producao de e-jets para anos In de vendors esperamos cinco algo acima de para vendors , nosso book to bill .

Speaker #3: De supplements conforme também estamos trabajando com os fornecedores para a conseguir mitigar problemas e entregar muito bem . Nosso guidance Da method of guidance empresa para aumentar a producao .

Speaker #3: No caso dos e-jets Muito obrigado

Speaker #4: Uma pergunta e Andre Mazini com o citi , por favor , pode procedure Olha Francisco , Antonio e aqui EU tenho duas perguntas a primeira pergunta e sobre a defesa politica topico .

Speaker #4: Aumento faria sentido acelerar a aplicacao de defesa para IV poderia aumentar o eloi pagamentos e talvez o break even , mais rapido seria muito importante para EMBRAER S.A.

Speaker #4: e também EU gostaria de ver obvious opinion . Sobre isso é a primeira pergunta foi segunda pergunta sobre el programa de buyback Vou , says Puder , pouco sobre o programa de buyback dos meses de programa , preferring eso para as assembleia or busca outro programa mais mais abrangente e mais uma forma geral , Como says insurance trade off buyback trazer dinheiro la empresa e novos desenvolvimento , so de janeiro de volta pro buyback o novos desenvolvimento de aeronaves ou de estruturas aeronauticas obrigado André alvo responder uma pergunta primeira pergunta depois EU posso a parar responder o nosso foco e o processo de certification de programa .

Speaker #4: Temos o sem e EU sei estamos outras oportunidades , mas next moment , o foco principal in a certification of the program até o final de para outras perguntas e Presentation da porque da mais detalhes Andrea , aqui é Antonio .

Speaker #4: Com relacao ao buyback é muito simples . SE voce observa o fato relevante nos estamos pensando in substituir o swap de mercado . Basicamente , estamos mudando reduzindo o swap the equity in asns para a gente possa Foca no programa de incentivos muito mais rapido do meses de o tres dias para ser concluido , mas nao estamos aumentando as estamos mudando en vez equity swap para o share buyback o buyback de soins as a empresa .

Speaker #4: No faz essa compra de assis com o remuneration total essa para fazer o hedge do Plano de Plano de longo prazo . Entao empresa continua investor bastante no sistema nos temos alto Muito obrigado A proxima pergunta Luiza mussi do safra pode procedure O la EU tenho uma pergunta do follow up porque nos observamos alguns relatorios da media indicando Q a India .

Speaker #4: The colocou receita para 60 unidades de sua aeronave is seria Perspectiva . This negocio de Como para q a genomica da companhia . Evoluiu evoluir e Como voce pode se distinguir quando comparado ao outros concorrentes Luiza Mussi obrigada pela pergunta Q Francisco .

Speaker #4: Estamos muito as oportunidades porque Q temos a proposito de valor para India com o nosso produto ou É muito competitivo muito moderno e muito bom para esse seguimiento e também estamos trabajando com a mahindra Com muitas atividades qui nos coloca in conformidade com o made in India , E expectativas portanto estamos muito trabajando bastante para ganar essa elicitation porque sera uma etapa muito importante para o programa do cash , Singh S o Plano plan da India para comprar 1860 , numero intermediario .

Speaker #4: Isso poderia ser millones de dolares em termos de oportunidades de receita Okay , muito obrigado . Thank you

Speaker #3: Lucas Laghi Bonjour . To the bank . Obrigado Follow up a primeira divisao de servicos e com a desempenho forte Principais drivers in this trimestre , por exemplo , raw materials compreender isso SE continuamos trabalhando com diabetes Essa pode usar para nos Follow up , do guidance Margin Mas o menos millones de de impacto de considerado as tarifas de percent .

Speaker #3: Incluido Como for guidance Considera Como un punto positivo Agora estamos 0% . O tamanho da possibilidade de melhoria para tarifas . Muito obrigado , Lucas Marquiori Antonio .

Speaker #3: Obrigado pela sinceramente EU LeVar a kilo do quarto trimestre para de servicos e continuar con aumento acontece no quarto trimestre . Problemas e no quarto trimestre e compensation de fornecedores tudo mais a gente vai 20% no quarto trimestre .

Speaker #3: No estamos Mas 6% . Ver mas 26 . Cinco millones , cinco millones de stock . Gente pode usar esses proxy . Mas a gente vai of No impacto de inventory in No beneficio sendo cyano continua Como espero sim e a gente vai ter Thurso .

Speaker #3: This beneficios in Claro obrigado , obrigado vos Lukas A vendo Andre Ferreira Para Los resultados o guidance para Vamos avere un effetto positivo in numero de margin de qualquer forma virar pacto .

Speaker #3: No guidance , intrigue o Resposta ao Lucas . Entao vamos a proxima por favor .

Speaker #4: Proxima pergunta também vendo chat de Kristine Liwag No follow up sobre pergunta de cadera suplemento a alma disputa publica inter are a entrega dos motores para a perspectiva de entrega comercial in quanto conservador Ismo foi colocado na sua premisa e a Pratt também tem capacidades dar support a isso muito obrigado pela sua pergunta , assim Como EU antes , nos temos nos estamos agora a trabalhamos em algumas permisos para dos mil mas ou seja estamos trabalhando para uma maneira muito colaborador colaborativa com os nossos fornecedores .

Speaker #4: Estamos tentando nos ajudar mutuamente e novamente . Estamos muito conscientes Q podriamos entregar a aeronave Q esta para aquilino E nao temos uma questao dependent com a Pratt cyano Muito obrigado a perguntas e respostas para analysts e investidores agora vamos e respostas para empresa .

Speaker #4: In primeiro lugar , vamos responder preguntas em seguida responderemos as perguntas e portugues também responderemos perguntas enviadas pela plataforma , por favor . Enquanto as perguntas Primeira pergunta Pablo Diaz , por favor pode procedure Hello .

Speaker #4: Bonjour e muito obrigado por Pergunta jovem sim You a pergunta sobre joint venture . Com avenida India e a nova linha de producao para a cinco Linha de producao Vai focar no A1 e se qualquer possibilidade dessa linha .

Speaker #4: Também migrar para o oh , talvez o processo de certification , talvez a esteja em andamento obrigado , Pablo . Muito obrigado pela sua pergunta nesse momentum .

Speaker #4: Nos temos uma joint venture ainda mou com a empresa para la oportunidad nesta de Aviacion Civil . Estamos falando no unsatisfying e un grupo obrigado

Speaker #3: A Curt Epstein the aviation International News Obrigado . Todo bom dia de impacto na aviation executive por parte de tarifas no ano En dia Ashoka .

Speaker #3: Pharmacist Mas o menos cinco percent de Na executive por of Mrs. de Abril E por A zero . Kurt Muito obrigado . Obrigado Obrigado .

Speaker #3: Concluimos perguntas e para imprensa Agora perguntas in Portuguese para inglés a interpretation of the Plataforma e English agora .

Speaker #5: Vamos a respostas in Portuguese Pergunta vendo shot E Nelson during the match . Cinco de marzo Casa gripping montado in gaviao comprimento Bosco e pessoal de Defesa .

Speaker #5: Star definido a participation in contracts de gripping Colombia and others possible contracts

Speaker #2: Obrigado pela pergunta a na nada contrato mas nos temos uma colaboracion con saab estao trabalhando para contribui . Is it possible to casos para aproveitar estrutura aqui ?

Speaker #2: Tenemos instalada Nada , confirmed in contrast to the

Speaker #5: Muito obrigado pergunta de Jesse Nascimento com vale and favor Nascimento Favor A moment Jesse Nascimento . Proxima . Pergunta a Nelson during também church and Como EMBRAER S.A.

Speaker #5: scenarios . Como aluminio assim Como components criticos Motors on tanto para military and civil

Speaker #2: Nelson Pergunta a nossa esperamos a melhor cinco Fornecedores ainda com alguns dificuldades algumas pessoas materia prima nao é uma delas prima nos directed bem Como prima com temos Outro muito de para garantir a production total de uno mas uma mulher distribution .

Speaker #2: The production longo do to trabalhando muito fornecedores desde o inicio do ano , mas estamos assim positivo con as entregas de

Speaker #5: Muito obrigado novamente pergunta a Jesse Nascimento com valor continues to favor seguir

Speaker #2: Ola Francisco Bom dia desculpas e pelo método aqui no meu equipamento anteriormente EU tem perguntas basicas primeira consegui EMBRAER S.A. a época s a EMBRAER S.A.

Speaker #2: naquele periodo q ov a questao do caso ela propose uma vez uma reuniao com o representantes da chancelloria brasileira de de empresa em Nova York , exatamente para tentar Alina , a das Tarifas .

Speaker #2: Essa é uma pergunta kaiser EU for.so as outras duas depois Na verdade a EMBRAER S.A. a non participa diretamente , this event a gente accompany you was this event was , we facilitate participation , directness Acquisto sobre esta Cenk Orcan recent Estados Unidos de the president to a tudo questionado sido questionado pelo tribunais poderia fazer questao de tarifas are Embraer privé Ver estas tarifas a mais e quanto mais foram cobrado , de acordo com o departamento financiero da Embraer Sobre recuperar refers to a compound as de nossos parties Como resultados conseguir para a o nosso movimento sobre o valor , Antonio declared Millions of dollars Por fim , Francisco a gente vai uma escalada da guerra no mundo e paises buscando reforzar a questao de defesa a Embraer Atuando muito principalmente com o produto do Casio Super Tucano também entra escapo EU queria saber si a Embraer desenvolvendo pensar em desenvolver novos equipamentos para dar defesa e para poder atender uma eventual necessidade mundial Nelson estamos temos produto novo lanzado in A moment come a opportunity .

Speaker #2: Super Tucano e nossos subsidiaries nos Como mas fazendo Mental in the moment . Obrigado

Speaker #5: Obrigada pergunta do event Alves . Com Journal of Ali a EMBRAER S.A. Para India . Quando quanto dura processo , quando o resultado e componentes de la

Speaker #2: Vamos a la Pergunta a gente a gente esta processo . No de dominio sobre prazos indiano para Q Proposta important process Was proposed tempo para avaliar a decidir is no Clara visibilidade e concorrentes this process .

Speaker #2: Some Lockheed Martin Estados Unidos Com 63 workplace Airbus de Europa . Com

Speaker #5: Muito obrigado . A pergunta vem com Bloomberg News O

Speaker #6: Tempo queria Valor declarado the story for us . Is to make sure that specifica segment agreed a

Speaker #2: Falando 80% of this executive Support so we até agora passado e a partir de quatro mais de novo nebulosa

Speaker #5: Muito obrigado a proxima pergunta . Ela também E Paulo Ricardo Martins , Folha de Sao Paulo , Como impacta Embraer entrega de aeronaves para .

Speaker #2: Ricardo Paulo Paulo Ricardo para pergunta bom no momentum monitoring muito diario principal é o numero nossas pessoas na regiao diariamente para poder as expectativas a cada familia .

Speaker #2: Estamos também monitoring the fornecedores a de indirect e regiao e até agora caso critical a comprometer as nossas entregas e também not impacto de entregas e name event curto prazo as aqui é monitorar para para poder tomar as a mitigation in tempo para entregar to

Antonio Carlos Garcia: Slide 12, backlog and revenue. Our company-wide backlog reached $31.6 billion during the quarter, up a significant 20% and higher than our previous record. The backlog for commercial aviation and defense and security increased +42% and +10% respectively. For 7 supports +7%, and for executive aviation +3%. In addition to our firm backlog, we currently have approximately $20 billion in options held by our customers. These are not included in our backlog, but they represent a meaningful upside potential over the coming years. As these options are exercised, they could support a significant expansion of our backlog, potentially dropping it towards $50 billion over time. Beyond the size of the backlog, it is also important to focus on its quality and overall composition.

Antonio Carlos Garcia: The current backlog reflects a more attractive customer mix, which positions the company for a more favorable from margin profile perspective over time. Any financial impacts from this mix will continue to depend on execution, delivery phasing, and external factors. Moving on to revenues. Our top line increased 15% and almost reached $3 billion in Q4 2025. From a business perspective, our revenue remained well diversified across segments. Commercial aviation accounted for 37%, executive aviation approximately 30%, service and support around 20%, and defense and security 13%. Our top line of $7.6 billion for the full year was above the high end of our guidance, an increase of +18% when compared to 2024. Moving to the next slide, please.

Our top line of $7.6 billion for the four-year period was above the high end of our guidance, an increase of plus 18% when compared to 2024.

Antonio Carlos Garcia: We generated $298 million in adjusted EBITDA in Q4 2025, with an 11.3% margin, and $889 million in the year with an 11.7% margin, compared to 12.1% margin a year ago if we exclude the one-time impact of the Boeing settlement. Slide 14, adjusted EBIT. Adjusted EBIT was $231 million for the quarter with an 8.7% margin, compared to 11.5% in the same period a year ago. As we highlighted in our last earnings call, we expected a relevant impact from US imported tariffs in Q4. In addition, we faced additional infrastructure related costs which weighed on margins. Tariffs total $27 million during the period and no recurring infrastructure costs reached $20 million.

Moving to the next slide, please.

We generated $298 million in adjusted EBITDA in Q4 2025 with an 11.3% margin, and $889 million in the year with an 11.7% margin.

Compared to a 12.1% margin a year ago. If we exclude the ones and impacts of the buying agreement,

Antonio Carlos Garcia: For the year, we generated $657 million with the same 8.7% margin, in line with last year if we exclude the one-time Boeing settlement and surpassing the upper end of our 8.3% guidance for 2025. This performance was achieved despite the impact of US import tariffs and reflects our discipline in our ongoing cost reduction initiatives and efficiency gains. Let's move now to the next slide. Embraer generated $738 million in adjusted free cash flow in the quarter, mainly supported by operations, higher number of aircraft delivered, and sales campaign. For 2025, we generated $491 million in adjusted free cash flow and helped the company to cover an average close to 60% of its EBITDA in free cash flow over the past 3 years.

July 14th, I just ate a bit. Now, I just ate, it was $231 million for the quarter with an 8.7% margin compared to 11.5% in the same period a year ago. As we highlighted in our last earnings call, we expected a relevant feedback from us in particulars in Q4. In addition, we faced additional excess structure-related costs which weighed on margins, totaling $27 million during the period and no recurring price. Infrastructure costs are reached at $20 billion for the year. We generated $657 million with the same 8.7% margin, in line with last year, if we exclude the one-time buying gift and surpassing the upper end of our 8.3% guidance. For 2025, this performance was achieved despite the impact of us in part starters, and reflections, our discipline in our ongoing.

Cost reduction initiatives and efficiency gains that are moving out to the next level.

Generated $738 billion in adjusted free cash flow in the quarter.

Many supported by operations, higher number of aircraft delivered, and sales campaign for 2025. We generated $491 million in adjusted free cash flow.

Antonio Carlos Garcia: The 2025 figure compares to $676 million in 2024, which include a one-off $150 million inflow related to the Boeing agreement. We exceeded our guidance of $200 million or higher, supported by our continued efforts to reduce working capital requirements. Looking now at our investments, excluding IF, we allocated almost $100 million during the quarter. The figure includes $27 million in CapEx, $34 million in addition to intangibles, $12 million in the Pool Program to support new contracts, and $27 million in research. On a yearly basis, Embraer standalone invested a total of $383 million in 2025, 10% lower compared to $428 million in 2024. Our capital allocation continues to be geared towards segments with higher returns, such as executive aviation service and support, mainly in the US.

And helped the company to cover an average close to 60% of its EBITDA in free cash flow over the past 3 years. The 2025 figure compares to $676 million in 2024, which includes a one-off and $150 million inflow related to the bond agreement. We exceeded our guidance of $200 million efforts to reduce.

working capital requirements.

Looking now at our investments excluding—if we allocated almost $100 million during the war,

The figure includes Sprint, $77 million in capex, $34 million in addition to intangible.

12 million in the pool program to support new contracts, and 27 million. New research on a yearly basis in very standalone, invested a total of 383 billion in 2025.

Antonio Carlos Garcia: We continue to see our CapEx run rate at close to $400 million per year in the near future. In slide 16, adjusted net income. Our adjusted net income was positive $153 million for the quarter, supported by a 5.8% adjusted margin compared to 7.5% in the same period last year. Meanwhile, we ended the year with $253 million in the adjusted net income compared to $461 million in the prior year. We finished the year with a 3.3% adjusted margin. It was lower than 7.2% recorded in 2024.

In 2024, our capex allocation continues to be geared towards segments with higher returns, such as existing Aviation service and support. Mainly in the US, we continue to see our capex run at a rate close to $400 million per year in the near future.

It's like 16; I just add income.

Our address and added income was positive $153 million for the port, supported by a 5.8% adjustment. Mark,

Compared to 7.5% in the same period last year.

Meanwhile, we ended the year with $253 million in India, just net income.

Compared to $461 million in the prior year.

We finished the year with a 3.3% adjustment.

Antonio Carlos Garcia: I would like to emphasize the decline was mainly driven by the one-time $150 million impact from the Boeing agreement, less favorable net results, and US import tariffs. Turning to our next slide, let me walk you through the financial bridge from our reported EBIT in 2025 to both reported and adjusted net income. We finished the year with a $680 million in EBIT. After accounting for $240 million net financial expense, mainly inflated by the mark-to-market gains of our share price in our stock-based compensation plan. $91 million in tax credit and $7 million in minority interest. We arrive at $352 million in reported net income. To arrive at adjusted net income, we exclude extraordinary items.

It was lower than the 7.2% recorded in 2024.

I would like to emphasize the decline was mainly driven by the one-time, $150 billion impact from the BOI agreement.

Less favorable net results and U.S. imports does turn into an excess slide. Let me walk you through the financial bridge from our reported EBIT in 2025 to both reported and adjusted net income.

We finished the year with $680 million in EBIT.

After accounting for $340 million net, financial experience mainly inflated by the mark-to-market gains of our share price in our stock-based compensation plan.

$91 million in tax credit and $7 million in minority interest.

We arrived at $352 million in reported netting.

Antonio Carlos Garcia: These adjustments included a negative $137 million related to deferred taxes, which was partially offset by a positive $38 million from Eve's results. With that, we get $253 million in adjusted net income for the year. Looking at the evolution of our earnings per share, we have seen solid sequential improvement over the past few years. EPS was negative $0.02 per ADS in 2021. Improved to $1.4 per ADS in 2024. If we exclude the one-off related effect, it reaches $1.9 per ADS in 2025. This trajectory highlights the structural improvements in profitability and the progress we have made in strengthening the company's earnings profile over the past few years. In slide 18, financial position. We continued to strengthen our balance sheet throughout the year.

To arrive at just net income, we exclude extraordinary items.

These adjustments included a negative $137 million related to deferred taxes.

Which was partially offset by a positive $38 billion from—if the results—with that, we get $2,503 million in adjusted net income for the year.

Looking at the evolution of our earnings per share.

We have seen solid secretion improvement over the past few years.

EPS was negative 0.2 dollars per share in 2025.

Improves to $1.4 per period in 2024.

If we exclude the one-off related effects and reach, it's $1.9 per lead in 2025.

This trajectory, I like to be structural improvements in profitability and the progress we have made in strengthening the company's earnings profile over the past few years. You slide the 18s.

Antonio Carlos Garcia: As a consequence, our liquidity position has increased significantly. Our standalone net debt decreased by $220 million, reaching a net cash position of $109 million at the end of 2025. The solid position for our balance sheet ensures the company remains well-prepared to navigate potential volatility ahead. Consequently, our leverage position exclude Eves improved further from 0.1x net debt to EBITDA to 0.1x net cash to EBITDA by the year end. As a reminder, in Q3, we announced a new liability management initiative, which was fully executed. The average maturity of Embraer debt without Eves increased to 9.1 from 3.7 years, significantly improving our debt maturity profile. Today, 96% of our debt is long term, which provide us with financial flexibility.

We continued to strengthen our balance sheet throughout the year.

And as a consequence, our liquidity position has increased significantly, and standalone net debt decreased by $220 million, resulting in a net cash position of $199 million at the end of 2025.

The solid position for the balance sheet is first. The company remains well prepared to navigate potential volatility ahead.

Consequently, our leverage position, excluding this, is improved further from 0.1 times net, the Activa 20.1 times net cash, to a bit by the year.

As a reminder, in the Turk work, we are offered a new liability management initiative.

Which was fully executed.

The average market of rebirth without it is at 9.1%. We can significantly improve it or adapt to the maturity profile.

Today, 96% of our depth is long-term.

Antonio Carlos Garcia: Importantly, these actions also led to a reduction in our average cost of debt, which declined to 5.5% from 6.2%, further strengthening our financial profile. Slide 19, shareholder remuneration. We declare a total of 568 million BRL in 2025 in shareholder remuneration, combining Interest on Equity and dividends. This amount corresponded to BRL 0.78 per share and represents a dividend yield of approximately 0.9%. As a reminder, this distribution should be complemented by an additional dividend to ensure compliance with the minimum 25% net income distribution required under the Brazilian Corporate Law. The full amount will be paid in a single installment following our 2026 annual shareholders meeting. Slide 20, guidance.

Which provides us with financial flexibility. Importantly, these actions also led to a reduction in our average cost of debt, which declined to 5.5% from 6.2%.

Further is straightening our financial pro.

Slide 19. Share, holder remuneration.

We declare a total of R$568 million for 2025 in shareholder remuneration.

Combining interest in equity and dividend.

286. And our shareholders be

Antonio Carlos Garcia: Before I present our 2026 guidance, I would like to remind you Embraer has delivered its financial estimates year in, year out since 2021, reflecting a disciplined approach to planning and execution. To conclude my presentation, let me go over the details of our 2026 guidance. In terms of operations, we forecast commercial aviation should deliver between 80 and 85 aircraft. Meanwhile, for executive aviation, we forecast 160 to 170 jets, representing a year-over-year increase of approximately 6% in both segments based on the midpoint of the range. Turning to financials, we forecast a consistent double-digit growth. We estimate top line to settle between $8.2 and $8.5 billion, with the midpoint of the range 10% higher than what we generated last year.

You slide the 20, guide us.

Before I present our 2026 guidance, I would like to remind you that Embraer has delivered its financial estimates here. In route, 2021 reflected a disciplined approach to planning and execution. Now, to conclude my presentation, let me go over the details of our 2026 timeline. In terms of operations, we forecast commercial aviation should deliver between 80 and 85 aircraft. Meanwhile, for executive aviation, we forecast 160 to 170 jets.

Representing a year-over-year increase of approximately 6% in both segments, based on the midpoint of the range. Turning to financials, we forecast consistent double-digit growth.

Antonio Carlos Garcia: We forecast EBIT margin between 8.7 and 9.3% for the year, which would imply around $750 million at the midpoint of the range, and approximately 15% higher than the adjusted $657 million EBIT generated in 2025. Finally, if we move to free cash flow generation, we estimate an adjusted free cash flow without EVEs of $200 million or higher for the year. Remember, our midterm goal is to convert 50% of our EBITDA in free cash flow. If we look from 2024 to 2026, we should generate circa $1.4 billion or more in free cash flow. Which is 50% of circa $2.8 billion implied EBITDA by our 2024 and 2025 financials and our 2026 guidance.

We estimate top line to settle between $8.2 and $8.5 billion, which is the midpoint of the range—10% higher than what we generated last.

We forecast a EBIT margin between 8.7% and 9.3% for the year.

Which would imply around 750 million at the midpoint of the range, and approximately 15% higher than the adjusted 657 million AIT generated in 2025. Finally, if we move it to free cash flow generation,

We estimate an adjusted free cash flow, without EAS, of $200 million or higher per day. Remember, our midterm goal is to convert fifty for a better free cash flow. If we look from 2024 to 2026, we should generate circa $1.4 billion or more in free cash flow.

Antonio Carlos Garcia: It is important to highlight this guidance reflects our assessment of the operating environment prior to 20 February, before the latest round of changes to US import tariffs. We are taking a conservative approach at this point in time because of decreased policy uncertainty. We prefer to wait for additional visibility before making any changes to our output. We will update or reiterate our 2026 guidance on a quarterly basis as the years goes by. Let me stop here. Let me now hand it back to Francisco for his final remarks. Thank you very much.

Which is 50% of circa $2.8 billion implied a bit by our 2024 and 2025 for actors and our 2026 gap. It is important to highlight this guidance reflects our assessment of the operating environment prior to February 2020.

Before the latest round of changes to us in Porters,

We are taking a conservative approach at this point in time because of decreased policy uncertainty.

and prefer to wait for additional visibility before making any changes to our

Office. We will update our H2 or 2026 guidance on a quarterly basis as the year goes by.

Francisco Gomes Neto: Thank you, Antonio. To conclude, 2025 clearly marked the consolidation of our strategy across all businesses. In commercial aviation, record orders supported the consolidation of the E2 platform as they reinforced its global relevance and provided long-term visibility for the business. In executive aviation, stronger retail and fleet demand, supported by higher delivery volumes, reflected the strength of our portfolio, which was further reinforced by the recent announcement of the next generation of the Praetor 500 E and 600 E. In defense and security, we continued to advance KC-390 campaigns globally, including key strategic opportunities. In service and support, the growing footprint of our operations is strengthening our ability to generate recurring revenues. Our continued focus on driving efficiency and financial discipline across all areas of the company is paying off as our best-in-class operations and services that support our customers.

Let me stop here, and now I'll hand it back to Francisco for his final remarks. Thank you very much. Thank you, Antonio.

To conclude, 2025 is clearing the market and the consolidation of our strategy across all businesses.

Commission. Aviation record orders supported the consolidation of the E2 platform.

As they reinforced, its global relevance and provided long-term visibility for the business. Inactive. Aviation.

Stronger. We tell you in Q4, demand supported by higher delivery volumes reflected the strength of our portfolio, which was further reinforced by the recent announcement of the next generation of the E175-E2 and E190-E2.

In the sense of security, it continues to advance K69 campaigns globally, including key strategic opportunities.

Francisco Gomes Neto: Looking ahead, we expect substantial growth over the midterm while we prepare the company for more ambitious long-term expansions, supported by a new generation of products and technologies, always grounded in our culture of safety first and quality always. With that, I would like to move on to the Q&A session.

He serves and supports the growing footprint of our operations, which is strengthening our ability to generate recurring revenues. Our continuous focus on driving efficiency and financial discipline across all areas of the company is paying off, as our best-in-class operations and services support our customers looking at

And we expect substantial growth over the military while we prepare the company for more ambitious long-term expansions, supported by a new generation of products and technologies, always grounded in our culture of Safety First and quality of office.

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

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. We request participants interested in asking questions to press the Raise a Hand button on the platform. When your name is announced, please make sure your microphone is on and start your question. 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.

We will now start the question and answer session.

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 represented without the express authorization of Embraer.

We also highlight that this conference call is being conducted in English with Portuguese translation.

Please let me see a short announcement for Portuguese speakers.

Change.

We request participants interested in asking questions to press the Raise Hand button on the platform.

When your name is announced, please make sure your microphone is on and start your question.

To give everyone a chance to participate, we request that you ask just one question for time.

If you need assistance, please use the Q&A button on the platform.

Operator: The first part of the Q&A session will be exclusively for equities research analysts and investors. The second part of the Q&A will be only for the, for the press. Please hold while we collect questions. The first question comes from Marcelo Mota with J.P. Morgan. Please go ahead.

We will also answer questions sent via the platform chat.

The first part of the Q&A session will be exclusively for equities, research analysts, and investors.

The second part of the Q&A will be only for the Press.

Please hold while we collect questions.

The first question comes from Marcelo Ma with JP Morgan. Please go ahead.

Marcelo Mota: Hi, everyone. Thanks for taking my question. The question is regarding the strategic partnerships that the company has been announcing. Just wondering if you can provide us an update on, you know, the stage of each one, you know, in India for the commercial and for the defense, and also in the US for defense. Thank you very much.

Hi, everyone. Uh, thanks for taking my question. Uh, the question is regarding the strategic partnerships that the company has been announcing. So just wondering if you can provide us an update on, you know, the stage of it once, you know, the—in India—for the commercial and for the defense, and also in the US for defense. Thank you very much.

Francisco Gomes Neto: Oh, thank you, Marcelo. Francisco speaking. A good question to start the Q&A today. Yes, we are focused on strategic partnerships to support long-term growth for Embraer, and the two main ones are India, where we have been working two fronts. The MTA, mid-transportation aircraft with Indian Air Force that we've been working for, you know, a few years already. In a more recent partnership, this one with Mahindra. We expect an RFP from the customers still this year. The second one is with the Adani Group, is to focus on the executive civil aviation to improve connectivity between smaller cities in India. Both opportunities can bring a relevant business and potential growth for Embraer. Again, defense, we expect RFP for this year.

Uh, thank you. Marcelo Francisco speaking.

Good question to start Q&A today. So yes, we are focused on strategic partnerships to support long-term growth for Korea. The two main ones are India, where we have, uh,

We have been working with France. Uh, the MTA, you meet the transportation aircraft with India, Air Force, that we've been working for a few years already, and a more recent partnership—this is one with Mahindra. So, we expect an RFP from the customers this year. And the second one is with the AD Group, which is to focus on executive civil aviation and improve connectivity between small cities in India. Both opportunities can bring a reference business and potential growth for Embraer. So again, uh,

Francisco Gomes Neto: Civil aviation, we are still building the case, but we have said that if we get orders still in 2026, we can do the rollout of jets by 2028 in India.

Defense. We expect our P for this year and, uh, City Aviation. We are distributing the case. But, uh, we have said that if we get orders still in 2026, we can do the roll out of jets by 2028.

Marcelo Mota: US.

In India.

Francisco Gomes Neto: In the US. Sorry. Thank you, Antonio. In the US, we announced recently the partnership with Northrop Grumman to develop the boom capability for the C-390 as an option to complement the tanker fleet of US Air Force with our KC-390. This we don't have a timeline defined, but we are working very hard. We recently took the KC-390 for demonstrations in the US.

Uh in the US. Sorry. Thank you Antonio in the US. We we are, we are now recently the partnership with the Northrop groomer to develop the the boom capability for the c39

As an option to complement the tanker, split of US Air Force with our KC-390.

We don't have a timeline to finance it, but we are working very hard. We recently took the KC for demonstrations in the US.

Guido Penido: Super clear. Thank you very much, Francisco Antonio.

Francisco Gomes Neto: You are welcome, Marcelo.

Super clear. Thank you very much, Francisco.

You're welcome, Michelle.

Operator: The next question comes from Kristine Liwag with Morgan Stanley. Please go ahead.

The next question comes from Christine Lee with Morgan Stanley. Please go ahead.

[Analyst] (Morgan Stanley): Hi, this is Gabby on for Kristine. Thank you for taking the question. Just a follow-up on the Northrop Grumman partnership. On the partnership around adding boom capability to the KC-390, could you provide any more detail or color on the structure of the partnership and how responsibilities are being split strategically? How significant is adding a boom for the KC-390's competitiveness, particularly in the context of end gas, and how should we think about the potential size of the opportunity over time? Thank you.

Gabby Knafelman: Hi, this is Gabby on for Kristine. Thank you for taking the question. Just a follow-up on the Northrop Grumman partnership. On the partnership around adding boom capability to the KC-390, could you provide any more detail or color on the structure of the partnership and how responsibilities are being split strategically? How significant is adding a boom for the KC-390's competitiveness, particularly in the context of end gas, and how should we think about the potential size of the opportunity over time? Thank you.

Hi. This is Gabby on for Christine. Thank you for taking the question. Um, just to follow up on on the north of grammar and partnership. Um, on the partnership around, having a boom capability to the KC 390, which provide any more detail or color on the structure of the partnership and how responsibilities are being split strategically. Um, how significant is adding a boom for the Casey 390s competitiveness?

Particular, particularly in the context of NAS, and how should we think about the potential size of the opportunity over time? Thank you.

Francisco Gomes Neto: Well, thank you. Good questions, Kristine. At this point we have signed a MOU with Northrop Grumman, and the main focus is the collaboration to enhance the capabilities of the KC-390 Millennium, focusing on the integration of an autonomous boom refueling system and Agile Combat Employment solutions. This is designed to meet the future needs of US Air Force and allied nations, not only US. We don't have a timeframe defined yet, but the main purpose is really to engage this discussion with the US Air Force and have the KC-39 to complement the fleet they have. We don't see this, you know, This collaboration, our strategy is based on the premise that it does not compete with the KC-46 or any other strategic tanker, but rather it's a complementary capability.

Well, thank you, good questions, Christine. So, at this point, we have signed an MOU with Not Drop Groomer.

Francisco Gomes Neto: Our intention, if we get a sizable order, this aircraft will be assembled and produced in the US.

Guido Penido: Don't know the size.

Frame Define it yet but uh the the main purpose is really to engage this discussion with the US Air Force and and have the KC to 9 to complement the fleet they have, we don't see this, you know, the this collaboration our strategy is based on the premise that it has not compete with the KC 46 or any other strategic tanker. But rather, it's a complimentary capability and Our intention. If we get a sizeable order, this aircraft will be assembled and produced in, in the US.

Francisco Gomes Neto: We don't know the size yet, we don't have a clear view about timeframe, Kristine.

Don't know the size.

[Analyst] (Morgan Stanley): Great. Thank you so much. Just a quick follow-up if I can. Can you just provide a quick update on the supply chain environment across both commercial and executive aviation? What are the major constraints you're still seeing and what areas have you seen improvement in? Thank you so much.

Gabby Knafelman: Great. Thank you so much. Just a quick follow-up if I can. Can you just provide a quick update on the supply chain environment across both commercial and executive aviation? What are the major constraints you're still seeing and what areas have you seen improvement in? Thank you so much.

We don't—I don't know the size yet, and we don't have a clear view about the time frame. Crostini.

Great, thank you so much, and just a quick follow-up if I can. Um, can you just try to give a quick update on the supply chain environment across both commercial and executive aviation? What are the major constraints you're still seeing and in what areas? Have you seen improvement in any areas? Thank you so much.

Francisco Gomes Neto: Well, last year we faced some issues in supply chain. Even then we as a company were able to overcome the issues and deliver the planned aircraft in the year. This year we see the supply chain improving, but it's still with a few bottlenecks that we want to be even more proactive this year than we were last year to anticipate all the issues and act with great effectiveness. We have started doing that already in January. Yes, we are, I would say, we are monitoring the situation. We are positive that this year is going to be better than last year.

Well, last year, we

We see some issues in supply chain, but even then we, as a company, we're able to overcome the issues and delivery and delivery. The plan with aircraft in the area, we see the supply chain improving but it's still with a few bottlenecks.

That, uh, we—we want to be even more proactive this year than we were last year, to anticipate all the issues and act with greater effectiveness. And we have started, uh, doing that already and, uh, in January and, uh, yes, we are. I say.

We are monitoring the situation, but uh, we are positive that this year is going to be better than last year.

[Analyst] (Morgan Stanley): Thank you so much.

Gabby Knafelman: Thank you so much.

Guido Penido: Thank you.

Thank you so much.

Thank you.

Operator: Excuse me, just a short announcement for participants. If you wish to write a question via the chat, please click on the Q&A button on the Zoom platform. The next question comes from Myles Walton with Wolfe Research. Please go ahead.

Back up, excuse me, just a short announcement. For instance, if you wish to write a question via the chat, please click on the Q&A button on the Zoom platform.

The next question comes from Mi Walton with Wolf Research. Please go ahead.

Myles Walton: Great. Thank you. I was hoping you could touch on the margin outlook by segment, maybe just a little bit more color below the surface. Pretty, pretty good to have margin expansion. I think service and support probably going against you, and I think I heard that the tariffs are in the guidance, and I would imagine those would be incremental year-over-year given a full year of effect. Maybe just talk to what the margins would be without tariffs, and then also any color of where the uplift is happening within the segments. Thanks.

Great, thank you. Um, I was hoping you could turn to the margin outlook by segment—maybe just a little bit more color below the surface. Pretty good to have margin expansion, I think. Service and support probably going against you, and I think I heard that the tariffs are in the guidance, and I would imagine those would be incremental year-on-year, giving a full year of effect. So maybe just talk to what the margins would be without tariffs, and then also any color on where the uplift is happening within the segments. Thanks.

Guido Penido: Myles, good morning, and thanks for the question. This is Gui. I think one way to kind of think about the outlook for margins is to account that last year we paid $54 million in tariffs and we are carrying over around 2025 from inventory into 2026. You know, if you adjust for that, we're probably looking for something close to 75 to 100 basis over time as both of them align.

Hey, Miles. Uh, good morning, and thanks for the question. It's ghee. I think one way to kind of think about the outlook for margins is to account that last year we paid $54 million in tariffs.

And we are carrying over around 2,025 from inventory, um, into '26. Um, so, um, you know, if you adjust for that, we're probably looking for something close to 75 to 100 basis over time, as both of them are online.

Francisco Gomes Neto: Myles, this is Antonio speaking here. Just to complement, I would say overall picture now. If you see what we have a report and the trajectory that we are right now, and the huge impact on tariffs was in executive aviation. We delivered the same number we delivered last year in percentage-wise, which means it doesn't matter if you have a tariffs or if you have a crisis, always find a way to compensate. I would say, if you take service and executive aviation, is already on double-digit space on the margin profile. We are moving towards defense, I would say, it's up to speed also to grow also to double-digit, I would say. We keep on the, our challenge here with commercial aviation to move to mid-single-digit.

And, uh, okay, speaking here just to complement, I would say overall picture. Now, if you see what we have reported and—

The trajectory that we are on right now and the huge impact on Turboprops was in Executive Aviation, and we delivered the same number as last year, percentage-wise, which means it doesn’t matter if you have the tires or if you have a crisis, you always find a way to compensate. And I would say if Tech Services and Executive Aviation are already at double-digit pace on the margin profile and we are moving towards Defense, I would say—

Francisco Gomes Neto: I would say on a consolidated level, we are coming closer to double digit EBIT margin for this company here.

Myles Walton: Okay, great. Then maybe just one other one on cash flow performance in Q4. Is this similar to last year where some of the defense orders came through with higher advances, or were there other attributes driving the performance?

Uh, it's up to speed. Also, to go also to double digits. That would say, then we keep, uh, on our challenge here with Commercial Aviation to move to meet single digits—don't say, I'm not consolidated level. We are coming closer to double digits, B8 margin for this company here.

Okay, great. And then maybe just one other one on cash flow performance. In the fourth quarter, is this similar to last year where some of the Defence orders came through with higher advances, or were there other attributes driving the performance?

Francisco Gomes Neto: Myles, I would say, some effects we for sure that we have, we deliver more than 90 aircraft in Q4. Especially in commercial aviation, when we deliver, get more cash than compared with the others because of the size of the PDPs, the advanced payment, and by delivery get more cash than compared with the others because of the size of the PDPs, the advanced payment, and by delivery get more money. I would say two, three effects. A lot of deliveries concentrate in Q4. Luckily, we got some final anticipation and advanced payment from defense customers. To be honest, also nice sales campaign in December on Executive Aviation, I would say sum up all together, we brought this nice development in Q4. You know that it's hard for us to predict.

Miles, the, I would say, uh, some effects. We, for sure, that we have—we deliver more than 90 aircraft in Q4. That's, and especially in Commercial Aviation, where the

a lot of deliveries concentrating in Q4, and

Luckily, we got some, uh, final anticipation and advanced payment from the fence customer, if you put—

Francisco Gomes Neto: That's why you see the guidance 200+ again. It was more or less the same as happened in 2024.

And to be honest, also nice, uh, sales campaign in the—in December on a directory of the Asian, I would say, sum up all together. Uh, we brought these nice developing you for—you know, that it's hard for us to predict. That's why you see the guy that's 200-plus again.

But it was more or less the same as happened in 2024.

Antonio Carlos Garcia: Sounds good. Thank you.

Sounds good. Thank you.

Francisco Gomes Neto: Thank you.

Thank you.

Operator: The next question comes from Noah Poponak with Goldman Sachs. Please go ahead.

The next question comes from No OpenAcc, West, Goldman Sachs. Please go ahead.

Noah Poponak: Hey, good morning, guys. Can you hear me?

Hey, good morning, guys.

Francisco Gomes Neto: Morning, Noah.

Antonio Carlos Garcia: Yes.

Noah Poponak: Just wanted to follow up on the delivery, projections and profile here. You know, I know at commercial you've talked about getting back above 100. I hear you. It sounds like supply chain is still a bit of a hurdle. I guess it's a little surprising to see the low end of the guidance pretty much flat. Maybe you could just talk about the hurdles left to get back to 100, when you think you can get there. On the executive side, similar question. I know you've talked about potentially expanding capacity to get to 200 there. What's the latest thinking and timeframe to get to those types of numbers on the executive side? Thank you.

Capacity to get to 200 there. Um, what's the latest thinking? And timeframe to get to those types of numbers on the executive side? Thank you.

Francisco Gomes Neto: Thank you, Noah. Francisco speaking. Yes, I understand your point, we are very focused this year to be from the mid to the high end of the guidance in terms of commercial aviation deliveries. I said before, we believe we are better prepared this year with the supply chain to get there, while we are preparing the ground to, you know, to reach 100 aircraft probably in 2027. We are working that direction and not confirmed yet for sure, but we are working that direction to create capacity to be there, by 2027, maximum 2028. We believe 2027 will be feasible. Same on the Executive Aviation. We are working in two fronts. We are expanding capacity in some bottlenecks of the production.

Thank you for speaking. Uh, yes. I understand your points, but we are very focused this year to be from the needs to the high end of the guidance in terms of Commercial, Aviation deliveries, and as I said before, we believe we are—

Francisco Gomes Neto: We have been doing that already for a couple of years, while we work on improving efficiency in our production lines. Now we produce one Praetor or one feet in half of the time that we used to do back in 2021. We are moving, I say we're moving fast to reach those targets, production targets in the next years.

Better prepared this year with the supply chain to get there. While we are preparing the ground to, you know, to reach 100, aircraft. Probably in 2027, we are working that direction and not confirmed yet for sure, but we are working that direction to create capacity to be there. Uh, by 27, maximum 2028, We Believe 2027 will be feasible. Same, same on this active. Aviation we are working in 2 front. We are expanding capacity in some, uh, bottlenecks of the production. We have been doing that already for a couple of years while we work on improving efficiency in our in our production lines. So now we we we produce 1 predator for 1 fee in half of the time that we used to do back in 2021. So we are moving

Antonio Carlos Garcia: We have orders for that.

Francisco Gomes Neto: We have order for that, which is the best news, right? Yes.

Noah Poponak: Yes. Okay, great. How does the rate of growth in services that you've embedded in this initial 2026 guidance, how does that compare to what you saw in 2025?

I see, we're moving fast to reach those targets, production targets in the, in the next, uh, the next years. And we have orders for that, and we have order for the attribute to the best news, right? Yes, yes.

Okay, great. And how does the rate of growth in Services that you've embedded in this initial 2026 guidance—how does that compare to what you saw in 2025?

Antonio Carlos Garcia: Noah, Antonio speaking here. It was nice to talk to you again. We are seeing service and support also in the double-digit space in regards to growth, I would say. To be honest, it's growing faster than the aircraft divisions because we have other contracts as well, and that's why we see even a fast speed growth for service and support comparing with the aircraft delivery on the other three segments. I would say, more than double-digit for service and support to move forward for the next two, three years.

Uh, we know it isn't only speaking here. It's nice to talk to you again. Uh, we are seeing service and support as a service, and support is also in the double-digit space in regards to growth, I would say. And to be honest, it's growing faster than the aircraft divisions, because, uh, we have other contracts as well. And that's why we see even a faster speed of growth for service and support compared with the aircraft segment. On the other three segments, I would say, uh, more than doubled this for several times, and support will move forward, put an extra three years.

Noah Poponak: Okay. Thank you so much.

Okay, thank you so much.

Antonio Carlos Garcia: Thank you, Noah.

Francisco Gomes Neto: Thank you.

Thank you on. Thank you.

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

The next question comes from Lucas Mercury with BTG. Back to all, please go ahead.

Lucas Marquiori: Thank you. Hey, guys. Morning. I just wanted to follow up on the tariff discussion and actually try to understand what's the situation there. I know there's different sections of investigations and that, I mean, our latest understanding was that this is zero now. Just wanted to confirm that. For how long should it remain that way or what's the bureaucratics there that we need to see happening for that to change? Also, if there's any difference in tariffs for Embraer versus its main rivals, its main peers, if there's any kind of a dislocation of competitiveness or actually an improvement in competitiveness because of these zeroed tariffs right now. Just wanted to hear your thoughts on that one. Thank you very much, guys.

Francisco Gomes Neto: Lucas, thanks for your question. Well, first, yes, we confirm that all Embraer aircraft engines and parts are exempt from the 10% tariffs as of February 24. Yes, we still have some inventory that we paid the tariff in US inventory, but we'll deal with that during the year, and this is already included in our projections. Of course, we welcome the level playing field in our industry since Embraer was the only manufacturer to pay tariffs on aircraft exports before. This outcome, you know, will benefit our US customers. Airlines, they can keep their plan to renew their fleet of jets, and we'll keep buying a lot of US parts because, you know, more than 40% of our aircraft is has a US content.

Lucas.

Thanks for your question. Well, first, yes, we confirmed that, uh, all Embraer aircraft engines and parts are exempt from the 10% tariffs as of February 24th.

Francisco Gomes Neto: I think the decision was very positive and it will benefit not only Embraer, but US customers and suppliers as well. How long this will take, this question.

Uh, yes. We we still have some inventory that we we we paid the Tariff in the US inventory, but we will deal with that during during the year and this is already included in our projections. Of course, we welcome the Level Playing Field in our industry since in ber was the only manufacturer to pay tariffs on aircraft exports before and this outcome, you know, will benefit our us customers so Airlines, they can renew the, the they can keep their plan to renew their Fleet of jets, and we will keep buying, a lot of us Parts because, you know, more than 40% of our aircraft is has a US content. So I think the, the decision was very positive and they will benefit, not only are but, uh, us customers and suppliers as well.

Antonio Carlos Garcia: 2301.

Francisco Gomes Neto: Yeah. We expect this to be, you know, a long-term decision. About the sections, you know, 2301. We are now monitoring the topics very closely and, while we keep focused on our regular business.

Antonio Carlos Garcia: Yeah.

Francisco Gomes Neto: So far, we don't expect any big changes. You know, this geopolitical situation is a little volatile. Let's see. We are now very optimistic that this will remain, and we'll continue to reinforce our position and the aerospace industry position in the US as well.

What was how long this will take this question, 301? Yeah, we this, we we expect this to be, you know, a long-term decision and about the the the sections know, 2 3, 2 3 2, 3 0 1, we are now monitoring the the topics very close and uh why we keep focus on our regular business. But so far we don't expect any

Antonio Carlos Garcia: Lucas, Antonio speaking here. We ran an assessment, and we came to a conclusion it's too early to bet to if they are going to revert in another section here. That's why when you see our guidance profile, as of today, we see more upside than downside because we are not paying tariffs. We have to wait because we don't want to. It could be very complicated and volatile. As we are seeing that word every single day.

Any big changes. But you know, this geopolitical situation is a, it's a little volatile, but let's see. We are now. We are optimistic that this will remain and we will we will continue to reinforce our position and the Aerospace industry position in the US as well. And and and look at speaking here uh

We, we did the, we run an assessment and we came to a conclusion it's too early to, to better to stay or is going to revert in another section here. That's why, when you see our guidance profile, uh, as of today, we see more upside than downside because we are not paying tax.

but,

Uh, we have to wait because we don't want to; it could be very complicated and volatile.

Lucas Marquiori: Yeah. Yeah. No, that's clear, guys. Thanks a lot. Have a good day.

As we have seen the word every single day. Yeah, yeah, no. That's clear, guys. Thanks a lot. Have a good day.

Francisco Gomes Neto: You too. Thank you, Lucas.

You too. Thank you. Okay.

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

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

Alberto Valerio: Good morning, Francisco, Antonio, Gui. Thank you for taking my questions. I would like to talk about the orders for the year. What should we expect? We should expect one time this book? Do we think that could be even more? The guidance of commercial and executive is still having some supply issues on it included. Thank you.

Good morning, Francisco. Tony good. Thank you for for taking my questions. Uh, I would like to talk about the, the orders for the year. Uh, what should we expect? We should expect 1 time's book. Uh, what do you think that could be even more? But the guidance of a commercial and executive, if you having some Supply, then, uh, supply issues on on, on, on on it included. Thank you.

Antonio Carlos Garcia: Alberto, Antonio speaking. You ask about our expectation for a new sales campaign or.

Francisco Gomes Neto: Yeah, I didn't get your question.

Alberto Valerio: Exactly this. What should we expect in terms of book-to-bill for the year? If it will be one time or if we can expect a little bit more in the guidance, it's, for instance, H 25 on the commercial jets, because you have still some supply issues for the year. Thank you.

Alberto Anton speaking. You heard—you asked about our expectation for the new sales campaign, or just... I didn't get your question exactly—this, exactly this. So, what should you expect in terms of book-to-bill for the year? If it will be 1x, or if we can expect a little bit more than the guidance? It's, for instance, E-Jet E2, especially the E195-E2 on the commercial jets, because you still have some supply issues for the year. Thank you.

Francisco Gomes Neto: Well, first of all, Alberto, I mean, we had a stellar year last year in terms of sales of E2, right? 157 new sales plus 140 options. This bring a lot of confidence in the platform for the future, and we keep selling the E1s as well. For this year, you know, as I said before, we are preparing to increase our production output for E-Jets for the next years. We are working in various sales campaign, and we expect the book-to-bill again above one-to-one for this year in terms of sales.

Well, first of all, that—I mean, we had a, uh—

Stellar year last year. In terms of sales of, to write, 157— you say it’s plus 140 options. This brings a lot of confidence in the platform.

Uh, for the future, and we keep selling the E1s as well for this year. You know, as I said before, we are preparing to increase our production output for E-Jets for the next years. So we expect this year, we are working in

Francisco Gomes Neto: On the supply chain, as I said before, we are working now this year, again, very, very close to the suppliers, especially the pacers, in order to, you know, to mitigate the issues and deliver this year, you know, the guidance. We expect from mid to high end of the guidance and prepare the company to increase the production in the following years for E-Jets.

A, in a various sales campaign and we expect a book to view again, above 1, to 1 for this year, in terms of sales and I'm a supply chain, as I said before we, we are working. Now this year again, very, very close to the surprise especially that the Pacers in order to, you know, to mitigate the issues and and delivery this year, you know, the the guidance may we expect from mid to to high end of the guidance and prepare the company to increase the production in the following years for e.

Alberto Valerio: Perfect. Very clear. Thank you very much.

Thank you very much.

Francisco Gomes Neto: Thank you.

Antonio Carlos Garcia: Obrigado, Alberto.

Thank you.

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

The next question comes from Andrea, Zeny.

André Mazini: Yes. Hi, Francisco, Antonio, and Gui. Two questions. The first one around defense and geopolitics, of course, that's a hot topic. Will it make sense to accelerate defense applications for Eve? Would that increase LOIs, pre-delivery payments, and even get maybe to break even faster? I know Eve have their own earnings call, but I think it's pretty important for Embraer as well. Wanted to hear your thoughts on that. This is the first one. The second more about the buyback program, just announced. If you can read it, the buyback program is meaning that over the next 12 months, right? The duration of the program, you prefer to allocate capital in Embraer stock rather than going for a large new program such as a new airframe and et cetera.

Yes. Hi, Francisco, Antonio, and Ghee. So, two questions. The first one is around defense and geopolitics—of course, that's a hot topic. So, would it make sense to accelerate defense applications for Eve?

André Mazini: More generally, how do you think about these trade-offs of, you know, buyback, plowing money back into the company, plowing money back into buybacks, right? Or new developments of, on aircraft, airframes, and whatnot. Thank you.

Would that increase Louis pre-delivery payments and even gets maybe to break even faster? I know, we have their own earnings call, but I think it's pretty important for frame rare as well. So why don't you here? This is the first 1, the second more about the back program. Uh, just announced. Uh, if you can read it, uh, the buy Pro program is meaning that over the next 12 months, right? The duration of the program, you prefer to allocate capital in Ember are stock rather than going for a large, uh, new program such as a new airframe and, and, and Etc, and more. Generally, how do you think about this, trade-offs of, you know, buyback plowing money back into the company and new development by plowing money back into BuyBacks, right? Or, uh, new developments, uh, new developments of of an aircraft airframe and whatnot. Thank you.

Francisco Gomes Neto: Thanks, Andrea. I answer number one, and then Antonio and Gui will answer number two. Eve, now we are very focused on the certification process of the Eve, the product we have, the Eve eVTOL. I know they are discussing all the opportunities. At this point of time, they are really focused on the certification of the program until the end of 2027. I think for more questions, I will recommend you to go to the Eve presentation. They will give you more.

Thanks, Andrea. I answered number one, and then Antonio.

We will answer number two. So, if you—now we are—

very focused on the

Antonio Carlos Garcia: Yes. Andrea, Antonio speaking. In regards to the buyback, this is quite simple. If you see the material effect to issue, we are considering to replace the equity swap we have in the market. Basically, what we are doing here are just.

certification process of the, If the product we have the E 100 and uh, I know they are discussing all the opportunities but at this point of time, they are really focused on the, on the certification of the program until the end of 2027. I think, for more questions, I recommend you to go to the eve presentation. They will give you more details, uh, under. Antonio speaking regards to the buyback is quite simple. We, if you see the material Factory issue, we are considering to uh, replace the X to swap having the mark, basically what we are doing, you are just

Francisco Gomes Neto: Changing, reducing the active swaps, into share on the treasury in order to hedge our long-term incentive program. It's going to be much more faster than 12 months. Probably is going to take one or two days to be concluded. That's more or less. We are not increasing the shares, just changing from active swap to a share buyback. Today, the company does not do this buyback in regards to total shareholder remuneration, just to hedge the long-term incentive plan.

Changing, reducing the active swap into your share on the treasury. In order to hedge our long and time incentive program, it's going to be much faster than 12 months. What we're going to do will take 1 or 2 days to be concluded. That's more or less it. We are not increasing the shares, just changing it from ACT swap to a share buyback. And we do not—

Today, the company does not do this buyback in regards to total share with the urbanization just to hedge.

The long-term incentive plan.

Guido Penido: Also just to complement, the company continues to invest heavily on the businesses that we have the higher ROIC, and that includes Executive Aviation and Services.

Francisco Gomes Neto: Yeah. Thanks.

And also, just to complement, the company continues to invest heavily in the businesses that we have with higher ROIC, and that includes as active Aviation and Services. Yeah, thank you.

Guido Penido: Thanks, everybody.

Francisco Gomes Neto: Thank you, guys.

Thank you for that. Thank you, guys.

Operator: The next question comes from Luiza Mussi with Santander. Please go ahead.

The next question comes from Lisa. Lisa, with Sokka, please go ahead.

Bernie.

Luiza Mussi: Good morning. Just a follow-up question because we saw some media reports yesterday indicating that India actually has opened a bid for, like, 60 units from military aircraft, and that the total contract value will be $11 billion. I mean, could you share, like, your perspectives on this deal in terms of how you expect the competitive dynamics to evolve, and how could you differentiate yourself, like, from the other competitors?

Uh, just a follow-up question because we saw some uh, media reports yesterday, indicating that, uh, the India that India actually has opened a bit for like 60 units from military aircraft and the total contract value will be uh, 11 billion. I mean, could you share like your perspective on this video in terms of how how you expect the competitive Dynamics to evolve? And how could you differentiate yourself like from, uh, the other competitors?

Francisco Gomes Neto: Luiza Mussi, thanks for the question. Francisco speaking. We are very excited about this opportunity because we believe we have the best value proposition for India with our product, the KC-39. It's, it is very competitive, it's very modern, exactly for that segment. We have also been working with Mahindra, with, you know, with a lot of activities to be compliant with made in India expectations from them. Again, we are very excited and working very hard to win that business. That will be a very important step for the KC program. Yes, this is the original plan was from India is to buy from 40 to 80 aircraft, so 60 is the midpoint. Yeah, this will generate billions of dollars in terms of revenue opportunity.

Eliza, thanks for the question. Francisco speaking.

we are very

excited about this opportunity.

Because we believe we have the best value proposition for India with our product, the Easy to 9.

Is uh, is very competitive, very modern that segment. And we we have also been working with Mahindra with uh, you know, uh, with a lot of activities to to be compliant with uh uh, Made in India, uh, expectations from them. So again, we are, we are very excited and working very hard to win that business. That will be a very important step for the Casey program. So,

yes, this is a

Billions of dollars in terms of our revenue opportunity.

Luiza Mussi: Okay. Thank you very much.

Okay, thank you very much.

Francisco Gomes Neto: Thank you, Luisa.

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

The next question comes from Lucas Lagi with XP Investments. Please go ahead.

Francisco Gomes Neto: Good evening. Hey, Lucas.

Lucas Laghi: Good morning. Hey, guys. Thank you for taking my questions. Two quick follow-ups. First one on the services division. I mean, margin performance very strong. Just trying to understand what has been the main drivers this quarter. I mean, you mentioned materials, for example. Just trying to understand if, I mean, should you continue to work with 20-ish% EBIT margin going forward? I mean, is this assumption that we should guide for in the upcoming years? A follow-up on the guidance for 2026 regarding the still regarding the margin. I mean, we estimate around $90 million of EBIT impact considering a 10% tariff, which you mentioned that you included as an assumption for your guidance.

Lucas, good morning. Hey guys. Uh, thank you for taking my questions, uh, two quick follow-ups. Uh, first one on the Services Division—I mean, margin performance was very strong. Uh, just trying to understand

Uh what has been the main drivers? This quarter, I mean, you mentioned last year, for example, uh just trying to understand if this, I mean, should you continue to work with uh 20ish percent ebit margin going forward? I mean, is it is this assumption that we should guide um, for uh, in the upcoming years and uh uh on a follow up on the uh guidance for 2026 regarding the uh, still regarding the margin. But I mean, we estimate

Lucas Laghi: Just to understand if that is the level of impact that we could consider as an upside, given that you're, I mean, emerged in a current 0% tariff environment. Just to understand the size of the upside potential regarding EBIT for this year in this tariff topic. Thank you very much.

Around 90 million dollars of, um, ebit impact. Uh, considering a 10% tariff, which you mentioned that you included as a, an assumption for your, for your guidance. So just to, uh, to understand if that is the level of impact that we, we could consider as a net site. Uh, uh, given that you're, I mean emerged in a current 0% environment.

Francisco Gomes Neto: Thank you. Lucas, it's Antonio speaking. Thanks for the nice question. To be honest, I would love to take the 20% margin for Q4 for service division and move forward, not now. What's happened in Q4, we have a lot of bad guys throughout the year and then has been compensated in Q4 also with compensation for suppliers, this and this and this. That's why we see this nice 20% margin Q4. For sure, we are not happy with 15%. We are moving towards a bigger number, but I would say for your assumption here, 16%, 15%, 16% is okay to move forward. We do see improvement, but not in the pace that we should assume already for 2026. For the tariffs, I would ask Guito.

Antonio Carlos Garcia: Thank you. Lucas, it's Antonio speaking. Thanks for the nice question. To be honest, I would love to take the 20% margin for Q4 for service division and move forward, not now. What's happened in Q4, we have a lot of bad guys throughout the year and then has been compensated in Q4 also with compensation for suppliers, this and this and this. That's why we see this nice 20% margin Q4. For sure, we are not happy with 15%. We are moving towards a bigger number, but I would say for your assumption here, 16%, 15%, 16% is okay to move forward. We do see improvement, but not in the pace that we should assume already for 2026. For the tariffs, I would ask Guito.

The size of the, uh, upside potential, uh, regarding a bit for, for this year. In this tariff topic. Thank you very much. Thank you for the nice question. To be honest, I would love it to take it to 80% value for Q4 for Service Division and move forward, but not now,

What's happening in Q4? We had a lot of bad guys throughout the year and then have been compensated in Q4 also with compensation for suppliers using this. And that's why we see this nice 20% margin in Q4. For sure, we are not happy with 15%. We are moving towards a bigger number, but I would say for your assumption here, 15–16% is okay to move forward. But we do see improvements, just not at the pace that we should assume already for 2026.

Guido Penido: Hey. Hey, Lucas. Morning. I think for 2025, we paid $54 million, and as I mentioned, we have about $25 million in inventory. You can use that $80 million as a good proxy. We're gonna unwind that in 2026 and in 2027, right? Because the inventory impact will hit us in 2026 and will be only unwound in 2027. I would expect two-thirds of the benefits to come in in this year if the status quo is maintained for the tariff, and we hope it does, with the balance one-third being upside for 2027.

And for the terms, I would ask you. Hey, hey, Lucas, morning. Um, so I think in, for 2025, we pay $54 million, and as I mentioned, we have about $25 million in inventory. So you can use that $80 million as a good property.

Um, but we're going to unwind that in '26 and in '27, right? Um, because the inventory impact will hit us in '26 and will be only unwound in '27. So I would expect two-thirds of the benefits to come in this year, if the status quo is maintained for the tariff—and we hope it does—with the balance one-third.

Being upside for 27.

Francisco Gomes Neto: Follow me today.

Guido Penido: Follow me today.

Lucas Laghi: Perfect. Very clear. Thank you, guys.

Perfect. Very clear. Thank you, guys.

Francisco Gomes Neto: Thank you, Lucas.

Thank you, Lucas.

Operator: Our next question comes from the chat, and it's from Andre Ferreira. Andre Ferreira with Bradesco BBI. Congratulations on the results. The guidance assumes tariffs. To confirm, if it is exempt, is there upside to the margin numbers? Would that translate in any way to the delivery guidance as well?

Our next question comes from the chat and is from Andrea. Andrea, with your question, please.

Congratulations on the results, the guidance, systems, tariffs. So, to confirm, if it is exempt, is there upside to the margin numbers?

Would that translate in any way to the delivery guidance as well?

Guido Penido: Hi, Andrea. Thanks for the question. I think we just answered that with Lucas in the previous question. Let's move on to the next, please.

Hi, Andrea. Thanks for the question. I think we just answered that with Lucas in the previous question, so let's move on to the next, please.

Thank you.

Operator: Thank you. The next question is also from the chat, it's from Kristine Liwag. Following up on the supply chain question, there's a public dispute between Airbus and Pratt about engine deliveries. For your commercial delivery outlook in 2026, how much conservatism is built into your assumption, and is Pratt able to support?

The next question is also from the chat with, um, it's from Christian Zwag.

Following up on the supply chain question. There's a public dispute between Airbus and Fred about engine delivery.

For your commercial delivery outlook in 2022 and 2026, how much conservatism is built into your assumption, and is the spread able to support?

Francisco Gomes Neto: Yes, thanks for the question. Yes, as I said before, we have some pacers that we are working on very closely in 2026. I mean, we have been working a very collaborative way with our suppliers. I mean, trying to help each other. Again, we are very confident that we will deliver the aircraft we are planning for the year, and we don't have any big issues with Pratt this year. They are doing.

Thanks for the question. Uh, yes. I think, as I said before, we have some, uh,

Some bases that we are working on very closely in 2026.

But, uh, I mean, we have been working in a very collaborative way with our suppliers. I mean, trying to help each other, and again, we are very confident that, uh, we will deliver the aircraft. We are planning for the year, and we don't have any, any big issues with Pratt this year. They are doing that.

Operator: Thank you very much, gentlemen. This concludes the question and answer session for equity research analysts and investors. We will start a Q&A session dedicated to the press. We will answer questions in English, we'll answer questions in Portuguese. We'll also answer questions sent via the platform chat. Please hold while we poll for questions. The first question comes from Pablo Diaz. Please go ahead.

Thank you very much, gentlemen. 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.

First, we will answer questions in English and then we will answer questions in Portuguese.

We will also answer questions sent by other platform chat.

Please, hold question.

Please hold while we both wait for questions.

The first question comes from Pablo Diaz. Please go ahead.

Pablo Diaz: Hello, guys. Good morning. Thanks for the, for this meeting. Can you hear me?

Hello, guys. Good morning. Thanks for this meeting. Can you hear me?

Guido Penido: Yep.

Francisco Gomes Neto: Yes, we can.

Pablo Diaz: Just wondering about the joint venture with Adani in India and the new production line for the E175. Wondering if that production line is going to be focused on the E-One, and if there is any possibility for that line to later may migrate to E-Two, providing the certification process is retaken. Thanks.

Yep, yes, we can. Thanks. Uh, just wondering about the— the...

Wondering if that product production line is going to be focused on the E1. And if there is any possibility for that, uh, line to later migrate to the E2, provided that the certification process is retaken. Thanks.

Francisco Gomes Neto: Well, Pablo, thanks for the question. At this point of time we don't have a joint venture yet. We have signed an MOU with Adani to explore the opportunities in this civil aviation. At this point of time, focus on the E175.

No problem. Thanks for the question at this point of time. We have, uh, we don't have a joint venture yet, we have signed an MOU with Denny to explore the opportunities. And, uh,

In this, uh, CVO Aviation, and at this point in time, focus on the E175 E1.

Pablo Diaz: All right. Thanks.

All right, thanks.

Operator: The next question comes from Curt Epstein with Aviation International News. Please go ahead.

The next question comes from Kurt Epstein with Aviation International News. Please go ahead.

Curt Epstein: Thank you, gentlemen. Good morning. I was wondering if you could detail the impact on your executive aviation division by the tariffs over the past year?

Thank you, gentlemen. Good morning. Uh, I was wondering if you could detail the impact on your Executive Aviation division from the tariffs over the past year.

Guido Penido: Hi. Good morning. I think the easy way to think is that out of the $54 million that we paid in 2025, about 80% to 85% of that was in our executive aviation division.

Hi, good morning. Um, I think the easy way to think is that out of the $54 million that we paid in '25, about $80 or $85 of that, in our—was in our effective Aviation division?

Francisco Gomes Neto: For nine months, no?

Guido Penido: Yeah.

Francisco Gomes Neto: Starting April onwards.

Guido Penido: Starting in April.

Francisco Gomes Neto: For the whole year should be something like $60 to $70 million, but today you are back to 0, Kurt.

For 9 months now, starting April 1st, and for the whole year, it should be something like $60 to $70 million, but

Curt Epstein: Back to zero. Thank you very much, gentlemen.

Today, we are back to zero, court back to zero. Thank you very much.

Francisco Gomes Neto: Thank you.

Thank you.

Operator: Thank you very much. This concludes the question and answer session in English for the press. 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.

Thank you very much. This concludes the question-and-answer session in English for the press.

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.

Operator: Agora vamos iniciar a sessão de perguntas e respostas em português. A nossa primeira pergunta vem do chat e é de Nelson Turing com DefesaNet. No dia 25 de março será entregue o primeiro caça Gripen montado em Gavião Peixoto. Cumprimentos ao Bosco e pessoal da Defesa. Está definido a participação da Embraer nos contratos do Gripen na Colômbia e outros possíveis contratos?

Did you mean?

Francisco Gomes Neto: Bom dia, Nelson. Obrigado aí pela pergunta. Não, não tem nada definido em contrato, mas nós temos uma boa colaboração com a Saab e estamos trabalhando com eles para contribuir e, se possível, trazer a montagem desses caças aí para Gavião Peixoto, pra aproveitar a estrutura que nós já temos instalada, que é boa para nós e boa para eles, mas nada confirmado em contrato ainda.

Another different.

Operator: Muito obrigada. A próxima pergunta é de Jesse Nascimento, com Vale 360 News. Por favor, pode prosseguir. Jesse Nascimento, o seu microfone provavelmente tá mutado do seu lado. Por favor, libere o áudio para que possamos ouvi-lo. No momento, estamos sem áudio aqui com a pergunta do Jesse Nascimento. A próxima pergunta é de Nelson Turing, também pelo chat. Como a Embraer vê os cenários de fornecimento de matérias-primas como alumínio e titânio, assim como componentes críticos como motores e aviônicos, tanto para a linha militar e civil?

and,

Microphone.

Uh,

Francisco Gomes Neto: Nelson, obrigado aí pela outra pergunta. Nós esperamos um ano de 2026 melhor que 2025 em termos de fornecimento dos fornecedores, ainda com algumas dificuldades em algumas peças. Matéria-prima não é uma delas. Matéria-prima, nós diria que estamos bem confortáveis com o fornecimento de matéria-prima, com os estoques que nós temos. Tem um ou outro item que a gente tá acompanhando muito de perto pra garantir a não só a produção total do ano, mas uma melhor distribuição da produção dos aviões ao longo do ano. Mais uma vez, a gente tá trabalhando muito perto desses fornecedores desde o início do ano, mas estamos assim bem positivos com relação às entregas de aviões para esse ano de 2026.

Guarantee.

Operator: Muito obrigada. Vamos tentar novamente aqui. A próxima pergunta é de Jesse Nascimento, com Vale 360 News. Por favor, pode prosseguir.

Jesse Nascimento: Olá, Francisco, bom dia. Peço desculpas pelo erro cometido aqui no meu equipamento anteriormente. Eu tenho three perguntas básicas, Francisco. A first, que eu não consegui repercutir com a Embraer à época, é se a Embraer realmente, naquele período em que houve a questão do tarifaço, ela propôs uma reunião, ela fez uma reunião com os representantes da chancelaria brasileira no escritório de advocacia da empresa em Nova York, exatamente pra tentar alinhar aí a questão das tarifas. Essa é uma first pergunta. Se quiser, eu faço as outras two depois.

And it remained. But in today's

Francisco Gomes Neto: Na verdade, a Embraer, não participou diretamente desse evento, né? A gente acompanhou, mas, nós não participamos desse evento, assim. O que nós fizemos foi tentar facilitar isso, mas não tivemos participação direta nisso.

Jesse Nascimento: Uma segunda questão sobre esta decisão que aconteceu recente lá nos Estados Unidos, do presidente ter tido questionado, sido questionado pelo, pelos tribunais lá, que não poderia fazer a questão aí do tarifaço. A Embraer prevê rever estas tarifas que foram cobradas a mais? E quanto a mais foram cobrados, de acordo com o departamento financeiro aí da Embraer?

Francisco Gomes Neto: Bom, sobre essa situação de recuperar tarifas, a gente tá acompanhando a situação pra entender o que que os nossos pares vão fazer e que resultado eles vão conseguir disso, pra gente definir o nosso movimento. Sobre o valor, eu passo pro Antonio.

Antonio Carlos Garcia: O valor já declarado e o pago que tá no estoque, ao todo, são $80 milhões.

Jesse Nascimento: Perfeito. Por fim, Francisco, por gentileza, a gente vê, né, uma escalada aí da guerra no mundo e países buscando reforçar a questão da defesa. A Embraer atuando muito, principalmente com o produto do CAC, o Super Tucano também entra nesse escopo. Eu queria saber se a Embraer tá desenvolvendo ou pensa em desenvolver novos equipamentos pra área da defesa e pra poder atender aí uma eventual necessidade mundial.

Perfect.

Francisco Gomes Neto: Nelson, no momento, nós estamos focados em vender os equipamentos que nós temos, que, no caso do CAC, é um produto novo, ele foi lançado em 2019. Aproveitando o momento também oportuno com vendas aí do Super Tucano e alguns equipamentos nossos de alguma subsidiária nossa, como a Atech. Mas é isso que nós tamo fazendo, não tem nenhum outro desenvolvimento em andamento no momento.

Jesse Nascimento: Obrigado.

Operator: Obrigada. A nossa próxima pergunta é do chat e vem de Xandu Alves, com o jornal O Vale. A Embraer sabe os prazos da licitação dos 60 jatos para a India? Quando vai durar esse processo? Quando terá o resultado e quais são os concorrentes da Embraer?

I am.

Francisco Gomes Neto: Bom, vamo lá. Primeira pergunta, a gente tá acompanhando o processo, mas a gente não tem domínio sobre os prazos, né? Isso é o cliente indiano é que define. A gente espera que esse ano saia um, que a gente chama de RFP, que é um pedido de proposta, que é um passo importante prum processo de venda de avião, porque aí os concorrentes apresentam as propostas e eles vão ter um tempo pra avaliar e decidir. Esse tempo a gente não tem clara visibilidade, e os concorrentes que desse processo são a Lockheed Martin, dos Estados Unidos, com o C-130, o Hércules, e a Airbus, da Europa, com o A400.

Important.

The Airbus they are up.

Operator: Muito obrigada. A próxima pergunta vem de Leda Alvim, com Bloomberg News. Por favor, pode prosseguir.

Bloomberg News.

Leda Alvim: Oi, bom dia. Obrigada pelo tempo. Queria que vocês confirmassem pra mim o valor declarado das tarifas já pagas e se também puder especificar por segmento, agradeço. Obrigada.

Francisco Gomes Neto: Oi, Leda, bom dia, é o Antonio falando. Ao todo, nós pagamos, né, não é que foi pro resultado, nós já pagamos BRL 80 million, dos quais, 85% disso é aviação executiva e o resto é a nossa área de serviços e suporte. Então, BRL 80 million até agora, tudo que a gente pagou desde abril do ano passado, e a partir do dia 24, a gente voltou a zero. De novo, ainda está muito nebuloso o que que vai acontecer daqui pra frente.

Support.

Operator: Muito obrigada. A próxima pergunta, ela também vem do chat, e ela é do Paulo Ricardo Martins, com a Folha de São Paulo. Como a guerra no Irã impacta a Embraer? Pode atrapalhar a entrega de aeronaves para clientes do Oriente Médio?

For.

Francisco Gomes Neto: Oi, Ricardo, obrigado pela pergunta. É Paulo, né? Paulo Ricardo, obrigado pela pergunta. Bom, no momento, nós tamo monitorando a situação muito de perto. O nosso foco principal é o número 1, é com as nossas pessoas que tão na região. Nós tamo monitorando essa situação diariamente pra poder atender as expectativas de cada família. Nós tamo também monitorando fornecedores diretos e indiretos que nós temos na região. Até agora a gente não enxerga nenhum caso crítico que possa comprometer as nossas entregas. Também não tamo vendo nenhum impacto, assim, nem nas entregas e nem em venda de curto prazo. Assim, até o momento, o foco aqui é monitorar pra poder a gente tomar as ações de mitigação em tempo, pra que a gente possa entregar aí o que a gente tá anunciando pra esse ano.

Principal.

Operator: Senhoras e senhores, muito obrigada. Concluindo, concluímos as sessões de perguntas e respostas e a conferência de resultados da Embraer. Muito obrigada pela sua participação e tenham todos um bom dia.

Concluding conclusion.

Q4 2025 Embraer SA Earnings Call

Request a DemoDemo

EMBJ

Embraer

Earnings