Q4 2025 Embraer SA Earnings Call [BACKUP]

March 6, 2026

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

Within the Air force that will be working for a few years already and our more recent partnership this one with Mahindra.

We expect.

On an RFP from the customers still this year and the second one is with.

Are there any group.

So focus on the <unk>.

Active CBO aviation improve connectivity between smaller cities in India, both opportunities can bring a relative front.

Business in <unk>.

Potential growth or Embraer, so again.

Defense, we expect RFP for this year.

CBOE the issue we are still building the case, but we have said that if we get orders still in 2026 into the rollout of <unk> by 2028.

In India.

[Analyst]: U.S.

Yes.

Francisco Gomes Neto: In the US. Sorry. Thank you, Antônio. 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 for demonstrations in the US.

In the U S. Sorry, Thank you Antonio and the U S. We are we announced recently the partnership with Northrop Grumman.

Develop the boom capability for the <unk>.

As an option for to complement the tanker fleet.

Air Force with our <unk>.

We don't have a timeline to find it but we are working very hard. We recently took a decade for demonstrations in the U S.

[Analyst]: Super clear. Thank you very much, Francisco Antonio.

Super clear, thank you very much Francisco autonomy.

Francisco Gomes Neto: You are welcome, Marcelo.

They are well count Marcel.

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

The next question comes from Kristine <unk> with <unk>.

Oregon Stanley Please.

Go ahead.

[Analyst] (Morgan Stanley): Hi, this is Gabby on for Kristine. Thank you for taking the question. Just to 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 NGAS? 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 just a follow up on the North African and partnership.

On the partnership around adding proven 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, 319th competitive deaths, particularly particularly in the context of and gas and how should we think about the potential size of the opportunity over time. Thank you.

Francisco Gomes Neto: Well, thank you. Good questions, Christine. At this point, we have signed a MOU with Northrop Grumman. 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. 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. 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 with questions Cristina So at this point, we have signed the Mou with Northrop Grumman and.

The main focus is the collaboration to enhance it.

<unk> of the <unk> hundred 90 millennium, focusing on the integration of an autonomous boom refueling system and our Giro combat employment solutions. This is designed it tool to meet the future needs of the U S Air Force and Allied nations are going into the U S. A.

We don't have a timeframe defined it yet but.

Uh huh.

The main purpose is really to engage this discussion with U S Air force and half of <unk> nine to complement the fleet. They have we don't see this.

This collaboration to our strategies based on the premise that it does not compete with the KC 46, or any other strategic thinker, but rather it's a complementary capability and our intention if we get a sizable order. These aircraft will be assembled and produces in the U S.

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

[Analyst]: Don't know the size.

Don't know what size.

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

We don't know the size of ethane or who don't have a clear view about timeframe Christina.

[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.

Great. Thank you so much and just a quick follow up if I can can you just had a quick update on the supply chain environment across both commercial and executive aviation.

What are the major constraint here is still see what areas have you seen improvement in 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. 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 greater effectiveness. We have started doing that already in January. Yes, I would say, we are monitoring the situation. We are positive that this year is going to be better than last year.

So 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 delivered.

When an 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 of the issues in <unk> with greater effectiveness and we have started doing that already.

In January and yes, we are I would say.

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

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

Thank you so much.

Francisco Gomes Neto: Thank you.

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.

Excuse me just shorten Nelson Nelson.

If you wish to write a question via.

Chad please click on the Q&A button on this platform.

The next question comes from Myles Walton with Wolfe 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 good to have margin expansion. I think service and support probably going against you. I think I heard that the tariffs are in the guidance, and I would imagine those would be incremental year-on-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.

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 on year, given a full year of effects. So let me 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.

[Analyst]: Hey, 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.

Hey, good.

Good morning, and thanks for the question is is he 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 <unk> 'twenty six.

Antonio Carlos Garcia: You know, if you adjust for that, we are probably looking for something close to 75 to 100 basis over time as both of them align.

So.

Antonio Carlos Garcia: You know, if you adjust for that, we are probably looking for something close to 75 to 100 basis over time as both of them align.

If you adjust for that we are probably looking for something close to 75 to 100 basis overtime as the as both of them online.

Antonio Carlos Garcia: And, uh-

And.

Antonio Carlos Garcia: Yes, go ahead.

Okay.

Antonio Carlos Garcia: Myles, yeah, it's Antônio 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 tires 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 tires 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, at up to speed also to go also to double digit, I would say. We keep our challenge here with commercial aviation to move to mid-single digit.

And speaking of just to complement I would say overall peak tornado.

You see what do we have a report then.

The treasury that are in that we are right now and with the huge impact on tariffs it wasn't as active aviation and we deliver it.

At the same number of deliver last year in percentage wise, which means.

It doesn't matter if you have a tire sorry February prices is always find the ways to compensate.

I would say.

<unk> service centers active aviation is already down double digits space on the margin profile of <unk>.

We are moving towards defense, let's say.

It's up to speed, our such a roll off such a double digit I would say then we keep.

Our challenge here with commercial aviation to move to mid single digits I would say on a consolidated level, we are coming close that should double with EMEA.

Antonio Carlos Garcia: I would say on a consolidated level, we are coming closer to double-digit, the BAT margin for this company here.

EBITDA 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?

Okay, Great and then maybe just one other one on cash flow performance in the fourth quarter is is similar to last year, where some of the defense orders came through with higher advances.

Or were there other attributes driving the performance.

Antonio Carlos Garcia: Myles, I would say some effects we for sure that we have, we deliver more than 90 aircraft in Q4. That's. Especially in commercial aviation, where when we deliver, get more cash than compared with the others because of the size of the PDP, the advanced payment, and by delivery, we get more money. I would say 2, 3 effects. A lot of deliveries concentrate in Q4, and luckily, we got some final anticipation and advanced payment from defense customers if you put... To be honest, also nice sales campaign in December on executive aviation, I would say, summed up all together, we brought this nice development in Q4. You know that it's hard for us to predict.

Michael.

I would say assume effects, we for sure that we have we deliver more than 90 aircrafts in Q4.

And especially in commercial aviation where the.

When we deliver get smarter caching than compared with the others because of the size of the PD the advanced payment and by deliberate who get more money I would say two or three effects a lot of deliveries are concentrated in Q4 and <unk>.

Luckily we've got some final.

Anticipation an advanced payment from defense customers.

To be honest also nice sales campaign in December on <unk> Aviation I would say some up altogether.

We brought that business developing here.

It is.

It's hard for us to predict that's why you see the guidance 200, plus again.

Antonio Carlos Garcia: That's why you see the guidance 200+ again, but it was more or less the same as happened in 2024.

But it was more or less the same has happened in 'twenty 'twenty four.

Myles Walton: Sounds good. Thank you.

Sounds good thank you.

Antonio Carlos Garcia: Thank you.

Thank you.

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

The next question comes from.

Hello, Paul Fanuc with Goldman Sachs. Please go ahead.

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

Hey, good morning, guys.

Good morning, everyone.

Antonio Carlos Garcia: Yes.

Noah Poponak: Just wanted to follow up on the delivery, projections and profile here. 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. Then 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.

Yes, yes, just wanted to follow up on the delivery rejections and profile here I know, our 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 and then 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 time frame to get to those types of numbers on the executive side. Thank you.

Antonio Carlos Garcia: Thank you, Noah. Francisco speaking. Yes, I understand your points, but 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 Francisco speaking.

Yes, I understand there are points, but we are very focused this year to be.

From the mid to the high end of the guidance in terms of commercial aviation deliveries and I said before we believe we are.

Better prepared this year with the supply chain together, while we are preparing the ground to and hope to reach a 100 aircrafts 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.

Sure.

27 maximum since 2008, we believe 2020 several be feasible same same on this active aviation.

Working into France, we are expanding capacity in some bolt.

Bottlenecks of the progression 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 produced one freighter are one pheno in half of the time that we used to do back in 2021. So we are moving.

Antonio Carlos Garcia: 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 Phenom 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.

I'd say, we're moving fast to reach those targets production targets in the next the next years and we have orders for the San who have either for the accurate to the best news right, Yes, yes.

Antonio Carlos Garcia: We have orders for that.

Antonio Carlos Garcia: 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?

Okay, great and how does the rate of growth in services that you've embedded in this initial 2026 guidance.

Does that compare to what you saw in 2025.

Yes.

Antonio Carlos Garcia: Noah, it's Antonio speaking here. It's nice to talk to you again.

We are noise speaking here nice to talk to you again.

Antonio Carlos Garcia: Noah, it's Antonio speaking here. It's nice to talk to you again.

Noah Poponak: My pleasure.

Antonio Carlos Garcia: We are seeing service and support is, 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 3 segments. I would say, more than double digit for service and support to move forward for the next 2, 3 years.

What we're seeing in services.

Is it a service and support to us in the double digit space and you've got to grow I would say and to be honest is growing faster than the aircraft division because we.

We have other contracts as well and Thats why we so even when we see you in our first bid growth for service and support comparing two with the aircraft deliveries on the other three segments I would say modest.

<unk> double digit for <unk> support to move forward for the next two or three years.

Noah Poponak: Okay. Thank you so much.

Yeah.

Okay. Thank you so much.

Antonio Carlos Garcia: Thank you, Noah.

Thank you. Thank you.

Antonio Carlos Garcia: Thank you.

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

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

Please go ahead.

Lucas Marquiori: Thank you. Hey, guys. Morning. Yeah, 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 related understanding was that this is zero now. Just wanted to confirm that and 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 is 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.

Thank you Hey, guys good morning.

Just wanted to follow up on the tariff discussion and actually tried to understand what's the situation. There I know there's different sections of investigations in that I mean.

Our latest understanding was that this is this.

This is zero knowledge just wanted to confirm that in for.

For how long should it remain that way or what was the what's the bureaucratic. There then we need to see happening for that to change and now. So if there is any difference in tariffs for embraer versus its main rivals. Its main beers, if theres any kind of dislocation of competitive even as our excellent improvement in competitive.

And that's because of <unk>.

<unk> right now just wanted 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 24th. 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.

No Lucas.

Thanks for your question well first yes, we confirm that Oh Embraer aircraft engines and parts are exempt from the 10% tariffs as of February 24.

Yes, so we still have some inventory that we paid to the tariff.

U S.

Inventory, but we will we will deal with that during during the year and this is already included in our projections of course, we will come with the level of Greenfields in our industry <unk> was the only manufacturer to pay tariffs on aircraft exports before.

This outcome will benefit.

Our U S customers. So airlines they can't renew the they can keep the zenith plan to renew the fleet of Jets, and we will keep buying a lot of our U S. A.

Parts because of no more than 40% of our aircraft is.

Yes.

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

Content. So I think the the decision was very positive and that will benefit not only embraer, but.

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

Customers and suppliers as well.

The Wassa how long this would take these grassroot either on yeah.

Antonio Carlos Garcia: 2301.

Francisco Gomes Neto: Yeah, we expect this to be, you know, a long-term decision. About the sections, no, 23, 232301. We are now monitoring the topics very closely and, while we keep focused on our regular business.

We expect this to be a.

Long term decision and about the the sessions note two through two or three two or three that are one we are now monitoring the topics very closely and are why we keep focus on our regular business, but so far we don't expect any.

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 will continue to reinforce our position and the aerospace industry position in the US as well.

Any big changes, but I know the geopolitical situations.

So a little volatile, but let's see we are now.

We're optimistic that this will remain and we will we will continue to reinforce our position in the aerospace industry position in the U S as well and Lucas I'm going to speak here.

Antonio Carlos Garcia: Lucas, Antônio speaking here. We ran an assessment and we came to a conclusion it's too early to bet to stay or is 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 it could be very complicated and volatile. As we are seeing with that every single day.

We did that we ran an assessment and we came to a conclusion, it's too early to <unk>.

<unk>.

If they are is 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 they are not clean tariffs.

But.

We have to wait because we don't want your it couldnt be very complicated and volatile.

As we have seen that single day.

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

Yeah, No. That's that's clear guys. Thanks, a lot have a good day.

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

Thank you Lucas.

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

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

Alberto Valerio: Good morning, Francisco, Antonio, and Gui. Thank you for taking my questions. I would like to talk about the orders for the year. What should we expect 1 times book? Do we think that could be even more, but the guidance of commercial and executive is still having some supply then supply issues on it included? Thank you.

With money transfer component <unk>. Thanks for taking my question. So I would like to talk about the orders for the year.

Would you expect we should expect one times book.

Or do you think that could be even more but the the guidance of commercial and then as equity issue, having some supply.

Supply issues at all.

On the P equal thank you.

Francisco Gomes Neto: Alberto, Antonio speaking. Our expectation for new sales campaign or just...

<unk> I'm going to speak you heard you asked about.

Our expectation for a new sales campaign or.

Alberto Valerio: Yes.

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

Just two.

Alberto Valerio: Exactly this. Exactly this. What should we expect in terms of book to bill for the year? If it will be 1 time or if we can expect a little bit more in the guidance, it's for instance, H trade five only commercial jets, because you have still some supply issues for the year. Thank you.

Exactly this is I could do so why should we expect in terms of book to Bill for the year. If you view one time rule.

Expect that it'll be tomorrow in the guidance, it's audiences H <unk> five on the commercial jets, because you have still some supply.

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 1-to-1 for this year in terms of sales.

Well first of all both I mean, we have.

Stellar year last year in terms of sales of EUR 157, <unk> plus 140 options.

This screening a lot of confidence in the in the platform.

For the future and we keep selling the.

<unk> as well for this year you know as I said before we are prepared to increase our production output for E Jets for the next few years. So we expect this year we are working in.

In.

Various sales campaign, and we expect a book to Bill again above a one to one for this year in terms of sales and supply chain as I said before and we are working now this year again, very very close to the surprise, especially the basis.

Francisco Gomes Neto: I mean, supply chain, as I said before, we are working now this year, again, very, very close to the supply, especially the suppliers, 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.

In order to in order to mitigate the issues.

And delivery this year.

The guidance.

We expect strong mid to high end of the guidance and prepare the company to increase production in the following years for aegis.

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

Perfect.

Very clear thank you very much.

Francisco Gomes Neto: Thank you.

Antonio Carlos Garcia: Obrigado, Alberto.

Thank you.

Sure.

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

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

Andre Mazini: Yes. Hi, Francisco, Antônio, 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 one about the buyback program, just announced. If you can read it, the buyback program as 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 Indeed, so two questions. The first one around defense and geopolitics of course, Thats, a hot topic, so will it make sense to accelerate defense applications for four <unk>.

Would that increase otherwise pre delivery payments.

Even gets maybe to breakeven faster I know, we have their own earnings call, but I think it's great important for <unk> as well so wanted to hear your thoughts on that this is the first one the second one about the buyback program just announced.

As you can read it the buyback program 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 programs, such as our new airframe and et cetera, and more generally how do we think about these tradeoffs of buyback plowing money back into the company and new development.

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

Plowing money back into buybacks rights or <unk>.

New developments.

The development.

Aircrafts airframes and whatnot. Thank you.

Francisco Gomes Neto: Thanks, Andre. I answer number one, and then Antônio 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-100. I know they are discussing all the opportunities, but 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 details.

Thanks, Andrea I wont say the number one and then on <unk>.

We want to number two so even though we are.

Very focused on the.

Certification process of the easier the product we have the 100 and I know they are discussing all the opportunities that at this point of time, yeah. It really focus on the on the certification of the program until the end of 2027 I think for more questions I recommend you to go through this presentation.

Give you more details.

Lucas Laghi: Andre, Antônio speaking. In regards to the buybacks, it's 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, we are just changing, reducing the equity 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 1 or 2 days to be concluded. That's more or less. We are not increasing the shares, just changing from an equity 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.

And then finally speaking you guys showed that buybacks is quite simple.

If you said no material effect to issue we are considering Shaw.

Replace deck to solve to having the market basically what we are doing yard Jess.

Changing reducing the extra salt <unk>.

<unk> share of the treasurer, the audit to hedge our long term incentive program is going to be much more faster than 12 months.

Going to take one or two days can be concluded that's more or less we are not increasing their shares just changing <unk> slot to our share buyback and we do not today and the company does not do this buyback can you guide us to total shareholder remuneration guests to hedge.

Longer term incentive plan.

Antonio Carlos Garcia: 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.

And also just to complement the company continues to invest heavily on the businesses that we have the higher ROIC.

And that includes as active aviation and services.

Francisco Gomes Neto: Yeah. Thanks, Gui. Thanks, Andre.

Thanks again.

Thanks for that thank you guys.

Andre Mazini: Thank you, guys.

Okay.

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

The next question comes from Lisa Gill with SASSA. Please go ahead.

Luiza Mussi: 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?

Ernie.

Just a follow up question because you saw some media reports yesterday, indicating that.

Yeah.

Yeah actually has opened up.

60 units from the area.

And that in total contract value will be 11 deal yes.

Could you share your perspectives on each deal in terms of how how do you expect the competitive dynamics to evolve and how could you differentiate yourself like Trump the other.

There are competitors.

Francisco Gomes Neto: Luiza, thanks for the question. Francisco speaking. We believe we have the best value proposition for India with our product. The KC-39 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 Make 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 in terms of revenue opportunity.

Now Luisa 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 <unk> is.

It is very competitive very more than executive for that segment and we have also will be working with the Mahindra with.

With a lot of activities to be compliant with.

Maybe media.

Expectations from them. So again, we are we are very excited and are working very hard.

When that business that will be a very important step for the KC.

Graham.

So yeah.

Yes. This is.

The original plan to us from India is to buy from 40 to 80 aircrafts or 60 at the midpoint and this will generate.

Billions of dollars in terms of a revenue opportunity.

Luiza Mussi: Okay, thank you very much.

Okay. Thank you very much.

Francisco Gomes Neto: Thank you, Luiza.

Thank you Luisa.

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

The next question comes from Lucas Lackey with XP investment.

Please go ahead.

Lucas Laghi: Good evening.

Francisco Gomes Neto: Hey, Lucas.

When you look at <unk>.

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, 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.

Hey, guys.

Thank you for taking my questions two quick follow ups.

First one on the service.

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 this I mean should do continue to work with a 20 ish percent EBIT margin going forward. I mean is this assumption that we should guide.

For the upcoming years.

And a follow up on the guidance for 2026 regarding to the two regarding to the margin, but we estimate.

Around $90 million of EBIT impact considered at 10% tariff, which you mentioned that you included that as an.

An assumption for your guidance. So just to understand if that is the level of impact that we.

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.

Could consider as an upside.

Given that your I mean emerged in a current zero percent tariff environment, So just to understand that.

Size of the upside potential regarding EBIT for this year.

This tariff topic.

Pablo Diaz: Thank you very much.

Lucas Laghi: Thank you very much.

Antonio Carlos Garcia: Thank you.

Thank you very much.

Antonio Carlos Garcia: Lucas, it's Antônio speaking. Thanks for the nice question. To be honest, I would love to take the 280% margin for Q4 for service division and move forward, but not now. What's happening 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 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, 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 tariff, I would ask Nicho.

Luca This is Anthony speaking thanks for the nice question to be honest I would love it to take a bit to 80% by it for Q4 for our service division and move forward, but 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 if compensation for suppliers didn't isn't it that's why we see this nice 20% Mark in Q4 for sure. We are not happy at 15%, we are moving towards a bigger number but I would say part of our assumption here at <unk>.

<unk>, 15%, 16% is okay to move forward, but.

We do see improvement, but did not in the pace that we should assume already for 22006.

And part of the tire side with asking nature.

Antonio Carlos Garcia: 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 going to unwind that in 2026 and in 2027, right? The inventory impact will hit us in 2026 and will be only unwound in 2027. I would expect two-thirds of the benefits to coming 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.

Hey, Lucas good morning, So I think it is.

For 2025, we paid $54 million and as I mentioned, we have about $25 million in inventory. So you can use that $80 million is a good proxy.

But we are going to unwind that in 2006 and in 2007 right.

Because the inventory impact will hit us in 2006 and will be only unwound in 2007. 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 2007.

Pablo Diaz: Perfect. Very clear. Thank you, guys.

Antonio Carlos Garcia: Perfect. Very clear. Thank you, guys.

Hello, Richard.

Perfect very clear thank you guys.

Antonio Carlos Garcia: 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 check from.

From an gesture era and dresser hadar.

Yes.

Congratulations on the results the guidance assumes dash so to confer if it accent is there upside to the margin numbers.

That translate in any way to the delivery guidance as well.

Antonio Carlos Garcia: 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, Andrew Thanks for the question I think we just answer that is this look as in the previous question. So let's move on to the next lease.

Operator: Thank you. The next question is also from the chat. It's from Christine Deag. 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?

Thank you. The next question is also from the chat with them.

Christian do lag.

Following up on the supply chain question. There is the public dispute between Airbus and Pat about engine delivery for you.

Our commercial delivery outlook in 2020.

2026, how much conservatism is built into your assumption and it's Pat able to support.

Antonio Carlos Garcia: Yes, thanks for the question. Yes, as I said before, we have some paces 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 just-

Thanks for the question.

Yes, I think as I said before we have some.

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

But.

I mean, we have been working very collaboratively with our suppliers I mean trying to help each other and again, we are very confident that we will delivery. The aircraft. We are planning for the year and we don't have any big issues with the Pratt this year theyre doing that.

Operator: Thank you very much, gentlemen. This concludes the question and answer session for equity research analysts and investors. Now, we will start a 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 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 risk.

Search analysts and investors now we'll start the Q&A session dedicated to the task.

Well ask your questions in English and then we'll ask your questions in Portuguese.

Well also ask a question via the platform check.

Lease holds following well pause for questions.

Please hold on the call for questions.

The first question comes from Pablo <unk>, Yes. Please go ahead.

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

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

Hello, guys good morning.

Thanks for the for this meeting.

You hear me.

Antonio Carlos Garcia: Yep.

Antonio Carlos Garcia: Yes, we can.

Yep Yep, okay. Thanks.

Pablo Diaz: Thanks. Just wondering about the joint venture with Adani in India and the new line, production line for the E175. I'm wondering if that production line is going to be focused on the E1, and if there is any possibility for that line to later migrate to E2, providing the certification process is retaken. Thanks.

Antonio Carlos Garcia: Thanks. Just wondering about the joint venture with Adani in India and the new line, production line for the E175. I'm wondering if that production line is going to be focused on the E1, and if there is any possibility for that line to later migrate to E2, providing the certification process is retaken. Thanks.

Just wondering how about the the joint venture with <unk> with any in India on the New line production line for the H E 175.

Wondering if the.

The production line is going to be focused on day one.

If there is any possibility for that.

<unk> two later may migrate to retool.

We are providing the certification processes is to be taken.

Antonio Carlos Garcia: Well, Pablo, thanks for the question. At this point of time, we don't have a joint venture yet. We have signed a MOU with Adani to explore the opportunities in this civil aviation. At this point of time, focus on the E175 E1.

So Pablo Thanks for the question at this point of time or we have a we don't have a joint venture yet we have a sign of that Mou with <unk> to explore the opportunity and.

And Theres, a CBO aviation and at this point of time focus on the EUR 75, you want.

Pablo Diaz: All right. Thanks.

Antonio Carlos Garcia: All right. Thanks.

Alright. 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 Yes go.

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 Jeremy and good morning, I was wondering if you could detail the impact on your executive Aviation division by the tariffs over the past year.

Antonio Carlos Garcia: 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, I think the easy way to feature set out of the $54 million that we paid in 25 about 80, 85% of that in our was in our S activation Division.

Charlam: For nine months, né? Starting April onwards.

Operator: For nine months, né? Starting April onwards.

For nine months now.

In April onwards story and for the <unk> should be something like 60 to 70 million but.

Francisco Gomes Neto: Starting in-

Charlam: For the whole year, should be something like $60 to 70 million, but today you are back to 0, correct?

Operator: For the whole year, should be something like $60 to 70 million, but today you are back to 0, correct?

Today, you got back to zero zero. Thank you very much gentlemen.

Francisco Gomes Neto: Back to zero. Thank you very much, Charlam.

Charlam: Thank you.

Operator: Thank you.

Thank you.

Yeah.

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. Agora vamos iniciar a sessão de perguntas e respostas em português. A nossa primeira pergunta vem do chat e é de Nelson Düring, 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?

Thank you very much. This concludes the question and answer session and English when in the past.

This.

This Q&A session is now being conducted in Portuguese.

Switched fish. Please pass the interpretations button on the platform and then select English.

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Francisco Gomes Neto: Bom dia, Nelson. Obrigado aí pela pergunta. 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, para aproveitar a estrutura que nós já temos instalada, que é boa para nós e boa para eles, mas nada confirmado em contrato ainda.

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Operator: Muito obrigada. A próxima pergunta é de Jesse Nascimento, com Vale 360 News. Por favor, pode prosseguir. Senhor Nascimento, o seu microfone provavelmente tá mutado do seu lado. Por favor, libere o áudio para que possamos ouvir. No momento, estamos sem áudio aqui com a pergunta do Jesse Nascimento. A próxima pergunta é de Nelson Düring, 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?

Once all together, our past, Montana, Tennessee, Nashville, Violator analysis or something else.

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Francisco Gomes Neto: Nelson, obrigado aí pela outra pergunta. Nós esperamos 1 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. E tem 1 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.

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

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Jesse Nascimento: Olá, Francisco, bom dia. Peço desculpas pelo erro cometido aqui no meu equipamento anteriormente. Eu tenho três perguntas básicas, Francisco. A primeira, 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 primeira pergunta. Se quiser, eu faço as outras duas depois.

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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.

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

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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 Antônio.

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

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 KC, 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?

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

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Jesse Nascimento: Obrigado.

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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? Quanto vai durar esse processo? Quando terá o resultado e quais são os concorrentes da Embraer?

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Francisco Gomes Neto: Bom, vamos lá. Primeira pergunta, a gente tá acompanhando o processo, mas a gente não tem domínio sobre os prazos, né? Isso é o cliente indiano que define. A gente espera que esse ano saia um, o 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, claro, a visibilidade. Os concorrentes que desse processo são a Lockheed Martin, dos US, com o C-130 Hercules, e a Airbus, da Europe, com o A400.

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

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Antonio Carlos Garcia: Oi, Leda, bom dia, é o Antônio falando. Ao todo, nós pagamos, né, não é que foi pro resultado, nós já pagamos $80 million, dos quais, 85% disso é aviação executiva e o resto é a nossa área de serviços e suporte. $80 million até agora, tudo que a gente pagou desde April do ano passado, e a partir do dia 24, a gente voltou a 0, mas, de novo, ainda está muito nebuloso o que que vai acontecer daqui pra frente.

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

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Francisco Gomes Neto: Oi, Ricardo, obrigado pela pergunta. É Paulo, né? Paulo Ricardo. Obrigada pela pergunta. Well, no momento, nós tamo monitorando a situação muito de perto. O nosso foco principal é o número 1, com as nossas pessoas que tão na região. Nós estamos 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 está anunciando pra esse ano.

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Operator: Senhoras e senhores, muito obrigada. 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.

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