Good morning, ladies and gentlemen, and thanks for standing by. As a reminder, 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. This conference call will be conducted in English, but please let me say a short announcement for Portuguese speakers.

Esta conferência será realizada originalmente em inglês. Para ouvir a tradução em português, pressione o botão interpretação da plataforma e selecione o idioma desejado.

Para melhorar a qualidade da transmissão em português, clique também em desativar o áudio original na plataforma Zoom. My name is Gui Paiva, and I'm the head of Investor Relations, M&A, and Venture Capital for Embraer.

I want to welcome you to our fourth quarter of 2025 earnings conference call. The numbers in this presentation contain non-GAAP financial information to help investors reconcile Eve's financial information in GAAP standards to Embraer's IFRS.

We remind you Eve's results will be discussed at the company's conference call. It is important to mention that all numbers are presented in U.S.

dollars, as it is our functional currency. This conference call may include statements about future events based on Embraer's expectations and financial market trends.

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

Except in accordance with the applicable rules, the company assumes no obligation to publicly update any forward-looking statements. For detailed financial information, the company encourages reviewing publications filed by the company with the Brazilian Comissão de Valores Mobiliários, or CVM.

At this time, all participants are in a listen-only mode. We will give instructions later on for participation in the two question-and-answer sessions.

Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer, Antonio Carlos Garcia, Chief Financial Officer, Baltasar de Sousa, Corporate Communications Manager, and myself. This conference call will have three parts.

In the first part, top management will present the company's Q4 results. In the second part, we will host a Q&A session only for investors, and last but definitely not least, in the third part, we will host a dedicated Q&A session only for the press.

It is my pleasure to now turn the conference call to our President and CEO, Francisco Gomes Neto. Please go ahead, Francisco.

Thank you, Gui, and good morning and good afternoon to everyone. It is a pleasure to be here with you to share Embraer's fourth quarter and full year 2025 results.

2025 was a remarkable period for our company. We met our deliveries guidance on the operational side, while we outperformed expectations on the financial side.

This performance reflects a longer trend. Embraer has been able to deliver two digits of revenue growth over the past three years, despite the supply chain challenges.

2025 was also a marquee period for the E2 program, with strong sales across all continents, which has consolidated further the E2 platform as a benchmark in the small narrow-body segment. At the company level, our record revenue and backlog provide strong visibility to investors about our ability to deliver sustainable growth for many years to come, as we have robust processes and governance in place.

We have made significant progress across the production chain through closer collaboration with suppliers, process digitalization, and investments in artificial intelligence tools. The production leveling initiatives have now been extended across all our platforms, and they should help support production stability in 2026 and onwards.

We are well positioned in strategic markets, supported by partnerships under discussion with global players in India, Mahindra and Adani Group, and in the U.S., Northrop Grumman. These partnerships reinforce our strategic position and support long-term growth potential across both our commercial aviation and defense segments.

To conclude, all our business units outperformed very well, with solid execution and bigger backlogs. During the quarter, we saw strong sales momentum across all business units.

In commercial aviation, highlights included new orders from TrueNoord for 20 E195-E2s, Helvetic Airways for three E195-E2s, as well as four E175 orders from Côte d'Ivoire. In executive aviation, revenues reached an all-time high of circa 750 million as we delivered 53 business jets, the highest number ever in a single quarter.

In defense and security, we reinforced our global footprint with Sweden's order for four KC-390, plus nine options. In Portugal, signed a six aircraft order along with ten options for NATO countries.

Finally, in services and support, we signed an E195-E2 pool program with Airlink and a maintenance service extension with the Republic for its E1 fleet. Let me now walk you through our sales performance for the full year.

During the 12 months, commercial aviation recorded 157 E2 new orders across all continents, plus 140 options. In addition, the E1 program reinforced its market position with 64 new orders plus 68 options.

These achievements increased the division's backlog to 14.5 billion, with an impressive 2.8 to one book-to-bill ratio. In executive aviation, total sales reached approximately 2.3 billion, supported by strong demand across the portfolio, including the continued success of the Phenom 300, now the world's best-selling light jet for 14 straight years.

The backlog in the division now stands at 7.6 billion, supported by a consistent 1.1 to one book-to-bill ratio. Defense and security achieved another strong year with five KC-390 aircraft sold to two NATO countries, plus 19 additional options, and ten A-29 Super Tucanos sold to Uruguay, Panama, and Sierra Nevada.

The business unit closed the quarter with a 4.6 billion backlog and a 1.4 to one book-to-bill ratio. Finally, in services and support, the sales momentum remained strong.

During the year, the pool program added approximately 75 aircraft, and the executive jet program signed another 37 new contracts. As a result, the business unit finished the quarter with a 4.9 billion backlog and a 1.2 to one book-to-bill ratio.

Together, these results drove a consolidated 1.7 to one book-to-bill ratio for Embraer in 2025. I will now move on to our operational results for the year.

In my comments, we reflect year-over-year comparisons. In commercial aviation, revenues increased by 7%, driven by higher volumes.

The adjusted EBIT margin improved from 2.5 to 2.7%, supported by lower expenses. In executive aviation, revenues increased a significant 25%.

The adjusted EBIT margin increased from 11.7 to 12%. The gains recorded from higher volumes, pricing, and operating leverage more than offset the negative impact of U.S.

tariffs. Moving to defense and security, revenues grew 36%, mainly because of higher KC-390 and A-29 Super Tucano volumes.

The adjusted EBIT margin improved from 6.2 to 7.9% as consequence of operating leverage and client mix. In services and support, revenues rose 18%, driven by higher volumes and the ramp-up of the OGMA GTF engine shop.

The adjusted EBITDA margin decreased from 16.5 to 15.5%, mainly because of the ramp-up of new operations. Before I conclude, I would like to share a brief update on Eve's steady progress.

The first flight of Eve's eVTOL prototype in December 2025 marked an important milestone. Since then, our full-scale prototype has flown 28 missions, for a total of more than one hour in hover flights.

The program continues to advance through flight tests towards certification in 2027.

Thank you, Francisco. Good morning and good afternoon to everyone.

I would like to start by highlighting that, despite a year marked by challenges and volatility, the company remained focused on disciplined execution, delivering results in line with its commitments. Let's now take a closer look at our financial results for the fourth quarter and full year 2025.

All my comments will be based on year-over-year comparisons, unless otherwise noted. Turning to the next slide, let's start with deliveries.

In the last quarter, Embraer delivered 91 aircraft: 32 commercial jets, 53 executive jets, and 6 defense-related. This represents a 21% increase, with commercial aviation deliveries up 3%, and executive aviation up a significant 20%.

More importantly, for the full year, we delivered 78 jets in commercial aviation, for a 7% increase, and in line with our 77 to 85 aircraft guidance for the period. Meanwhile, in executive aviation, we delivered 155 jets, up a relevant 20% during the period, and at the high end of our 145 to 155 aircraft guidance for the year.

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 plus 42% and plus 10% respectively, for services and support, plus 7%, and for executive aviation, plus 3%. In addition to our affirmed 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 propelling it towards 50 billion over time.

Beyond the size of the backlog, it is also important to focus on its quality and overall composition. The current backlog reflects a more attractive customer mix, which positions the company for a more favorable 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 25. From a business perspective, our revenue remained well diversified across segments: commercial aviation accounted for 37%, executive aviation approximately 30%, services 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 plus 18% when compared to 2024. Moving to the next slide, please.

We generated 298 million in adjusted EBITDA in Q4 25, 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 agreement. Slide 14: adjusted EBIT.

Now, 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 U.S.

import tariffs in Q4. In addition, we faced additional infrastructure-related costs, which weighed on margins.

Tariffs totaled 27 million during the period, and non-recurring infrastructure costs reached 20 million. 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 giveback, surpassing the upper end of our 8.3% guidance for 2025.

This performance was achieved despite the impact of U.S. 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 aircrafts delivered and sales campaign.

For 2025, we generated 491 million in adjusted free cash flow, and helped the company to cover, on average, close to 60% of its EBITDA in free cash flow over the past three years. The 2025 figure compares to 676 million in 2024, which included 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 Eve, 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, services and support, mainly in the U.S. We continue to see our capex run rate at close to 400 million per year in the near future.

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 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. 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 U.S.

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 680 million in EBIT, after accounts for 340 million in 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 interests. We arrive at 352 million in reported net income.

To arrive at adjusted 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 million from IFRS 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 0.26 dollar per ADS in 2021. It improved to 1.4 dollars per ADS in 2024, if we exclude the one-off related effect, and reached 1.9 dollars 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. Slide 18: financial position.

We continue to strengthen our balance sheet throughout the year, and 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 of our balance sheet ensures the company remains well prepared to navigate potential volatility ahead. Consequently, our leverage position excluding IFRS improved further, from 0.1 times net debt to EBITDA to 0.1 times net cash to EBITDA by the end.

As a reminder, in the third quarter, we announced a new liability management initiative, which was fully executed. The average maturity of our Embraer debt, without IFRS, increased to 9.1 from 3.7 years, significantly improving our debt maturity profile.

Today, 96% of our debt is long-term, 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 strengthening our financial profile.

Slide 19: shareholder remuneration. We declared a total of 568 million Brazilian reais in 2025 in shareholder remuneration, combining interest on equity and dividend.

This amount corresponds to 0.78 Brazilian cents 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.

Before I present our 2026 guidance, I would like to remind you Embraer has delivered its financial estimates year in and out since 2021, reflecting a disciplined approach to planning and execution. Now, 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 dollars, with the midpoint of the range 10% higher than what we generated last year.

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 IFRS of 200 million or higher for the year.

Remember, our mid-term goal is to convert 50% of our EBITDA into 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 forecasts and our 2026 guidance.

It is important to highlight this guidance reflects our assessment of the operating environment prior to February 20, before the latest round of changes to U.S. import tariffs.

We are taking a conservative approach at this point in time because of the increased policy uncertainty and prefer to wait for additional visibility before making any change to our outlook. We will update or reiterate our 2026 guidance on a quarterly basis as the years goes by.

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

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 500E and 600E.

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 drive 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. Looking ahead, we expect substantial growth over the midterm, while we prepare the company for a more ambitious long-term expansion, 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.

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 the stage of each one, in India for the commercial and for the defense, and also in the U.S. for defense.

Thank you very much.

Thank you, Marcelo, Francisco speaking. Great 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 the India Air Force that we have been working for a few years already, and a more recent partnership, this one with Mahindra. We expect an RFP from the customers still this year, and the second one is with the Adani Group.

It's to focus on the executive civil aviation, improve connectivity between smaller cities in India. Both opportunities can bring relevant business and potential growth for Embraer.

Again, defense, we expect RFP for this year, and civil aviation we are still building the case, but we have said that if we get orders still in 2026, can do the rollout of jets by 2028 in India.

And

in the U.S., sorry, thank you, Antonio. In the U.S.

we announced recently the partnership with Northrop Grumman to develop the boom capability for the KC-390 as an option to complement the tanker fleet of U.S. Air Force with our KC-390.

We don't have a timeline defined, but we are working very hard. We recently took the KC for demonstrations in the U.S.

Super clear. Thank you very much, Francisco, Antonio.

You are welcome, Marcelo.

Hi, this is Gabby on for Christine. Thank you for taking the question.

Just to follow up on the Northrop Grumman 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 MOGAS?

How should we think about the potential size of the opportunity over time? Thank you.

Thank you, great question, Christine. At this point we have signed an 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 U.S. Air Force and allied nations, not only U.S.

We don't have a time frame defined yet, but the main purpose is really to engage this discussion with U.S. Air Force and have the KC-390 to complement the fleet they have.

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. Our intention, if we get a sizable order, this aircraft will be assembled and produced in the U.S.

Don't know the size yet.

We don't know the size yet and don't have a clear view about time frame, Kristine.

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.

Well,

last year we faced some issues in supply chain, but 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 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, and yes, I'd say, we are monitoring the situation, but we are positive that this year is going to be better than last year.

Thank you so much.

Thank you.

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, 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 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.

Hey, Myles, good morning and thanks for the question. This is Guy.

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 20-25 from inventory into 26. If you adjust for that, we are probably looking for something close to 75 to 100 basis over time as both of them unwind.

Myles, Antonio speaking, just to complement, I'd say overall picture. If you see what we have reported and the trajectory that we are right now, and the huge impact on tariffs was in executive aviation, and we delivered the same number we delivered last year in percentage-wise, which means it doesn't matter if we have a tariff or if we have a crisis, we always find a way to compensate.

I would say, if we take services and executive aviation, it's already a double-digit space on the margin profile, and we are moving towards defense, I would say, at up to speed also to go also to double digits, 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 closer to double-digit EBIT margin for this company here.

Great. Then maybe just one other one on cash flow performance in the fourth quarter.

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?

Myles, I would say some effect. For sure, we delivered more than 90 aircraft in Q4, and especially in commercial aviation, where when we deliver, we get more cash than compared with the others, because of the size of the advance payment, and by delivery we get more money.

I would say two, three effects: a lot of deliveries concentrated in Q4, and luckily we got some final anticipation and advanced payments from defense customers. To be honest, also nice sales campaign in December for executive aviation, I would say sum up all together, we brought this nice development in Q4.

That it's hard for us to predict. That's why you see the guidance 200-plus again.

It was more or less the same as happened in 2024.

Sounds good. Thank you.

Thank you.

Hey, good morning, guys.

Morning. Yes, yes.

Noah Poponak (Managing Director of Aerospace and Defense Eequity Research, Goldman Sachs Group, Inc.) :

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 time frame to get to those types of numbers on the executive side? Thank you.

Thank you, Noah. Francisco speaking.

Yes, I understand your point, 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 together.

While we are preparing the ground to reach 100 aircraft probably in 2027. We are working in that direction, not confirmed yet for sure, but we are working in that direction to create capacity to be there by 27, maximum 2028.

We believe 2027 will be feasible. Same on executive aviation.

We are working in France, we are expanding capacity in some bottlenecks of the production. 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 fast to reach those production targets in the next years.

And

we have orders for that. And

we have orders for that, which is the best news, right? Yes.

Noah Poponak (Managing Director of Aerospace and Defense Eequity Research, Goldman Sachs Group, Inc.) :

Yes. 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?

Afonso speaking here, it's nice to talk to you again. We are seeing services 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 compared 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.

Noah Poponak (Managing Director of Aerospace and Defense Eequity Research, Goldman Sachs Group, Inc.) :

Okay. Thank you so much.

Thank you, Noah.

Thank you.

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 our latest understanding was that this is zero now.

I 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 peers, if there is any kind of a dislocation of competitiveness or actually an improvement in competitiveness because of these zeroed tariffs right now.

I just wanted to hear your thoughts on that one. Thank you very much, guys.

Lucas, thanks for the question. 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 U.S. inventory, but we will 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, and this outcome will benefit our U.S. customers.

Airlines, they can keep their plans to renew their fleet of jets, and we will keep buying a lot of U.S. parts because more than 40% of our aircraft has a U.S.

content. I think the decision was very positive, and it will benefit not only Embraer, but U.S.

customers and suppliers as well. How long this will take?

We expect this to be a long-term decision. About the sanctions, 232, 301, we are now monitoring the topics very closely, and while we keep focused on our regular business.

Far, we don't expect any big changes. This geopolitical situation is a little volatile.

Actually, we are now optimistic that this will remain, and we will continue to reinforce our position and the aerospace industry position in the U.S. as well.

And

Lucas, Antonio speaking here. We ran an assessment and we came to a conclusion it's too early to bet if stay or is going to revert in another direction 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 in the world every single day.

Yeah. No, that's clear, guys.

Thanks a lot. Have a good day.

You too. Thank you.

Lucas.

Good morning, Francisco and Antonio. 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 times book? Or do we think that it could be even more, but the guidance of commercial and executive is still having some supply issues on it included?

Thank you.

Alberto, Antonio speaking. You asked about our expectation for new sales campaign?

Yeah,

exactly. 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 than the guidance is, for instance, 8 to 25 on the commercial jets, because you have still some supply issues for the year. Thank you.

We had a stellar year last year in terms of sales of IVA, right? 157 new sales plus 140 options.

This brings a lot of confidence in the platform for the future, and we keep selling the E1s as well. For this year, as I said before, we are preparing to increase our production output for EJets for the next years.

We expect this year, we are working in various sales campaigns, and we expect the book-to-bill again above one-to-one for this year in terms of sales. Supply chain, as I said before, we are working now this year, again, very, very close to the suppliers, in order to mitigate the issues and deliver this year the guidance.

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

Perfect. Very clear.

Thank you very much.

Thank you.

Obrigado, Alberto.

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 has their own earnings call, but I think it's pretty important for Embraer as well. I 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 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 etc. More generally, how do you think about these trade-offs of buyback, plowing money back into the company, and new development, plowing money back into buybacks, right, or new developments of aircrafts, airframes and whatnot?

Thank you.

Thanks, Andreaé. I answered number one and then Antonio and Gui will answer number two.

Even now we are very focused on the certification process of the EVE, the product we have, the EVE 100. I know they are discussing other 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 recommend you to go to the EVE presentation, they will give you more details.

Antonio speaking here, regarding the buyback, it's quite simple. If you see the material fact we issued, 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 swap 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 it's going to take one or two 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

also just to complement, the company continues to invest heavily on the businesses that we have, that have higher ROIC, and that includes executive aviation and services.

Yeah. Thanks, André.

Thank you, guys.

morning. Just a follow-up question, because we saw some media reports yesterday indicating that India actually has opened a bid for 60 units from military aircraft, and the total contract value would be 11 billion.

Could you share your perspectives on this deal in terms of how you expect the competitive dynamics to evolve, and how could you differentiate yourself from the other competitors?

Louisa, 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-390.

It is very competitive, very modern, exactly for that segment. We have also been working with Mahindra with a lot of activities to be compliant with the made-in-India expectations from them.

Again, we are very excited and working very hard to win that business. That would be a very important step for the KC program.

Yes, the original plan was for India to buy from 40 to 80 aircraft, 60 is the midpoint, and, yeah, this will generate billions of dollars in terms of revenue opportunity.

Thank you very much.

Thank you, Louisa.

Lucas. Good morning.

Hey, guys. Thank you for taking my questions.

Two quick follow-ups. First one on the Services Division, margin performance, very strong.

Just trying to understand what has been the main drivers this quarter. You mentioned materials, for example.

Just trying to understand if this, should you continue to work with 20-ish percent EBIT margin going forward? Is this assumption that we should guide for in the upcoming years?

A follow-up on the guidance for 2026, still regarding the margin. We estimate around USD 90 million of EBIT impact considering a 10 percent tariff, which you mentioned that you included as an assumption for your guidance.

Just to understand if that is the level of impact that we could consider as an upside, given that you emerged in a current zero percent tariff environment. Just to understand the size of the upside potential regarding EBIT for this year in this tariff topic.

Thank you very much. Lucas, this is Antonio speaking.

Thanks for the nice question. To be honest, I would love to take the 28 percent 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 percent margin in Q4.

For sure, we are not happy with 15 percent. We are moving towards a bigger number, but I would say for your assumption here, 16, 15, 16 percent 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 like to

Hey Lucas, morning. I think for 2025, we paid USD 54 million, and as I mentioned, we have about USD 25 million inventory.

You can use that USD 80 million as a good proxy. We're going to unwind that in 26 and in 27, right?

Because the inventory impact will hit us in 26 and will be only unwound in 27. 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.

Perfect, very clear. Thank you, guys.

Thanks, Lucas.

Hi, André. Thanks for the question.

I think we just answered that with Lucas in the previous question. Let's move on to the next, please.

Thanks for the question. Yes, as I said before, we have some bases that we are working on very closely in 2026.

We have been working in a very collaborative way with our suppliers, 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...

Hello, guys. Good morning.

Thanks for this meeting. Can you hear me?

Yep. Yes, we can.

Thanks. 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 E1 and if there is any possibility for that line to later migrate to E2, providing the certification process is retaken. Thanks.

No problem. 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, and at this point of time, focus on the E175 E1.

All right, thanks.

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?

Hi. Good morning.

I think the easiest way to think is that out of the USD 54 million that we paid in 25, about 80, 85 percent of that was in our executive aviation division.

For nine months,

starting in April onwards. And

for the whole year, should be something like USD 60 to 70 million, but today we are back to zero.

Back to zero. Thank you very much, gentlemen.

Thank you.

We have no audio from Mr. Nascimento.

Our next question, again from Nelson during also came through the chat. How does Embraer see the landscape for raw material supply, as aluminum and titanium, as critical elements for engines and avionics, both for military and civil aviation?

Hi, Nelson. Thank you again for your question.

2026, in our calculation, should be better in terms of supply when compared to 2025. There will still be some difficulties in terms of parts, but raw material is not one of the difficulties.

I think as for raw materials, we are quite comfortable with the current inventory we have. And

Could you please confirm the values that we have in paid tariffs for now? If you could break it down by segment, that'd be useful.

Thank you. Hi, Leda.

This is Antonio. In total, we already paid 80 million.

85% of that is for executive aviation, and the rest of it is for service and support. So 80 million so far is everything we've paid since April 2025.

Since February 24, we went back to zero, but we still don't know what's going to happen from now on. Thank you.

Next question. Also from the chat.

From Paulo Ricardo Martins with Folha de São Paulo. How can the war in Iran impact Embraer?

Could it jeopardize the delivery of aircrafts for the Middle East? Ricardo, thank you for your question.

Paulo Ricardo, thank you for your question. At the moment, we're just monitoring the situation very closely.

Our main focus and number one focus is with the people we have in the region, because they are experiencing the situation day to day. We're trying to cater to their needs and the expectations of the families.

We're also taking care of our suppliers, both direct and indirect in the region, and so far we haven't seen any critical issue that could compromise our deliveries. We are not seeing any impacts in deliveries or even short-term sales.

The focus now at the moment is just to monitor the situation so as to help us take mitigating actions in due time so that we can deliver whatever we're launching for this year.