HIGHLIGHTS

• Embraer delivered 80 jets in the fourth quarter, of which 30 commercial aircraft and 50 executive jets (33 light and 17 mid-size). In 2022, a total of 159 jets were delivered of which 57 commercial aircraft and 102 executive jets (66 light and 36 mid-size). Embraer increased the number of aircraft delivered by 12.7% compared with 2021, even with significant supply chain constrains.
• Firm order backlog ended 4Q22 at US$ 17.5 billion, US$ 500 million higher y-o-y with a higher book-to-bill in Executive Aviation and Services & Support.
• Revenues reached US$ 2.0 billion in the quarter (53% higher than 4Q21) and US$ 4.5 billion in 2022, in line with Company guidance.
• Adjusted EBIT (US$ 166.2 million in 4Q22, 196% higher than 4Q21) and EBIT and EBITDA margin of 8.3% and 11.5% in 4Q22, respectively, contributed for yearly results of 6.0% and 10.1%, surpassing guidance of 2022, driven by volume/mix, enterprise and tax efficiencies, partially offset by provision and SG&A.
• Adjusted Free Cash Flow w/o EVE (FCF) in 4Q22, with cash generation of US$ 584.3 million, leading to full year FCF of US$ 540.1 million in 2022, surpassing FCF guidance for the year due to outstanding results and sales performance from Executive Aviation and very strict control over working capital.
• Net Debt w/o EVE/Adjusted EBITDA ratio decreased from 3.9x in 2021 to 2.1x in 2022, with strong FCF and EBITDA performance.
• Guidance for 2023: commercial jet deliveries of 65-70 aircraft, executive jet deliveries of 120-130 aircraft, revenues in a range of US$ 5.2 to US$ 5.7 billion, Adjusted EBIT margin of 6.4% to 7.4%, Adjusted EBITDA margin of 10.0% to 11.0%, and adjusted free cash flow of US$ 150 million or better for the year.

São Paulo, Brazil, March 10, 2023 - (B3: EMBR3, NYSE: ERJ). The Company's operating and financial information is presented, except where otherwise stated, on a consolidated basis in United States dollars (US$) in accordance with IFRS. The financial data presented in this document as of and for the quarters ended December 31, 2022 (4Q22), September (3Q22), and December 31, 2021 (4Q21), are derived from the unaudited financial statements, except annual financial data and where otherwise stated.

REVENUE and gross margin

Consolidated revenue of US$ 4.5 billion in 2022 represented an increase of 8.2% y-o-y. On a q-o-q comparison, revenues increased by 53%. The Company’s total revenue closed the year within the guidance range of US$ 4.5 - 5.0 billion.

• Commercial Aviation reported revenue growth of 17% y-o-y to US$ 1,543.9 million due to additional 9 deliveries in 2022. Reported gross margin of 10.5% versus 4.0% reported in 2021 shows, a 6.5% improvement due to higher deliveries, positive contribution from price and cost balance and one time action.
• Executive Aviation revenues were US$ 1,244.4 million, 10% higher y-o-y, driven by 9 additional aircraft delivered compared to 2021. Reported gross margin of 23.4% versus 18.3% reported in 2021 due to better cost absorption on higher volume and one time action.
• Defense & Security revenue of US$ 447.6 million, 24.7% lower y-o-y due to less Super Tucanos delivered in 2022. Reported gross margin of 21.6% versus 17.8% reported in 2021.
• Services & Support reported revenues of US$ 1,266.8 million, representing y-o-y growth of 12%. Reported gross margin of 28.0% higher than 26.9% reported in 2021, bolstered by revenues from "pay by the hour" components in Commercial Aviation and by market share growth in Executive Aviation.

EBIT AND ADJUSTED EBIT

Excluding these special items, 4Q22 Adjusted EBIT was US$ 166.2 million and the period’s Adjusted EBIT margin was 8.3%, compared to Adjusted EBIT of US$ 56.3 million and Adjusted EBIT margin of 4.3% in 4Q21.

For fiscal year 2022, Adjusted EBIT, excluding special items mentioned above, was US$ 270.3 million, and year’s Adjusted EBIT margin was 6.0%, which compares to 2021 Adjusted EBIT of US$ 167.0 million and Adjusted EBIT margin of 4.0%. The higher Adjusted EBIT in 2022 was driven by volume/mix, enterprise and tax efficiencies, partially offset by provision and SG&A.

NET INCOME (LOSS)

Net income attributable to Embraer shareholders and income per ADS for 4Q22 were US$ 22.9 million and US$ 0.1247 per share, respectively, compared to US$ 2.1 million in net profit attributable to Embraer shareholders and US$ 0.01 in income per ADS in 4Q21. In 2022, net loss attributable to Embraer shareholders was US$ (185.4) million and Loss per ADS was US$ (1.0095).

DEBT & LIABILITY MANAGEMENT
Embraer ended 4Q22 with a net debt without EVE position of US$ 949.8 million, compared to US$ 1,523.2 million 
q-o-q and US$ 1,406.6 million y-o-y. The improvement in the Company’s net debt position q-o-q resulted from 
Embraer’s significant positive free cash flow generated in 4Q22, as explained below. 
The average loan maturity of 4Q22 was 3.4 years, compared to 3.7 q-o-q. The term structure of loans is 90% in the 
long-term and 10% in the short-term. The cost of Dollar-denominated loans in 4Q22 was 5.24% p.a., in line with the 
5.33% p.a. cost in 3Q22, while the cost of Brazilian Real denominated loans increased to 8.79% p.a. in 4Q22
compared to 7.95% in 3Q22.

FREE CASH FLOW

Adjusted free cash flow for fiscal year 2022 was US$ 477.6 million, a significant improvement compared to the US$ 292.4 million reported in 2021 due to divestment of Évora’s facilities in 2Q22, outstanding results and sales performance from Executive Aviation and very strict control over working capital, especially regarding inventories, suppliers, and customer payments in advance.

CAPEX
Net additions to total PP&E for 4Q22 were US$ 47.8 million, versus US$ 30.0 million in net additions reported in 
4Q21. Of the total 4Q22 additions to PP&E, CAPEX amounted to US$ 31.0 million, and additions of pool program 
spare parts represented US$ 21.2 million of the additions, partially offset by US$ (4.4) million of proceeds from the 
sale of PP&E. For the full year, 2022, the Company invested a total of US$ 130.8 million in net additions to PP&E
and US$ 229.8 million in R&D. The increase of US$ 67 MM in research in 2022 is related to EVE program's first 
activities and the TP program was responsible for $25.3 MM of the rise in R&D last year.

WORKING CAPITAL
Inventories increase related to work in progress and equipment in preparation for 2023 production is fully mitigated 
by higher contractual liabilities and accounts payable, which supported the higher Free Cash Flow reported.

TOTAL BACKLOG
At year end, the backlog breakdown was composed of: Commercial Aviation – US$ 8.6 billion (49.2%); Executive 
Aviation – US$ 3.9 billion (22.3%); Defense & Security – US$ 2.4 billion (13.5%); and Services & Support – US$ 2.6
billion (15.1%).

COMMERCIAL AVIATION

In 4Q22, Embraer delivered 30 commercial jets.

Highlights of sales in 2022 include deals with Porter Airlines (which increased the number of firm orders for E195-
E2 aircraft by 20, for a total of 50 firm orders), Alaska Air Group (which ordered 8 new E175 jets to operate with 
Horizon Air and options for another 13 units), SalamAir (with 6 confirmed orders of E195-E2 jets), Binter (which 
ordered 5 new E195-E2 jets) and 21 aircraft sold to undisclosed customers that result in 60 aircraft sold in the year.
The year also saw the start of the E190 and E195 commercial aircraft conversion programs for cargo transport 
(E190F and E195F) and the successful testing of an E195-E2 aircraft on 100% sustainable fuel in a flight of about 
70 minutes, done in collaboration with Pratt & Whitney.
Finally, Embraer received Type Certification for its E190-E2 jet from the Civil Aviation Administration of China 
(CAAC), opening new potential in the country.

EXECUTIVE AVIATION
Executive Aviation delivered 33 light and 17 mid-size jets, totaling 50 aircraft in 4Q22 and 102 jets in 2022 an 9.7% 
y-o-y increase.

Embraer’s leadership in the light and mid-sized business jet segment continued in 2022. The Phenom 300 Series
retained its title of the best-selling and most delivered light jet for the 11th consecutive year, with 59 deliveries and 
a 33% share of the light jet market. In the super mid-size segment deliveries of the Praetor 600 increased over 
23% and market share grew to 19%. In total, Embraer’s 102 deliveries represent a 10% year-over-year growth in 
deliveries and is among the highest of its peers. New aircraft sales in 2022 remained strong, with the Executive 
Aviation backlog ending 2022 at US$ 3.9 Billion, up 34% compared to 2021. 

DEFENSE & SECURITY
Defense & Security's net revenue fell by US$ 146.8MM from 2021, mostly because of the delivery of 5 Super 
Tucanos to an undisclosed customer in 2021. Due to of their different level of execution, contracts in this segment 
with POC revenue recognition also made more progress in 2021 than in 2022, as they are currently in the final 
stage of work.
Even after accounting for the effects of the additive term of the Brazilian Air Force (FAB) contract, which reduced 
the total number of aircraft from 22 to 19 and altered contractual clauses to maintain the contract's financial and 
economic balance, the KC-390's revenue was virtually identical to that of 2021. The performance of the KC Hungary 
contract was better than the previous year, which countered the revenue reversal effect for the KC390.

SERVICES & SUPPORT
Renewals of contracts with Pool Program clients like Azul Repair Management and LOT Polish as well as additions 
of new clients like TUI and Airnorth served as the primary drivers for the Commercial Aviation services. The Entry 
Into Service assistance for Customers like Overland, Porter, Air Cairo, TUI, and SAS is another highlight for this 
segment. Porter was the first customer to receive the E2 in North America. Revenues from "pay by the hour" 
components rose in 2022 because of a rise in flying hours for our customers, primarily in Commercial Aviation.
The demand for executive jet services is still robust, supported by a high volume of aftermarket aircraft transactions 
that bring in new customers to the Executive Care program and by agreement renewals which reflect fidelity of 
existing customers. In addition, the Executive Aviation has seen an increase in market share, and businesses like 
training that had been severely impacted by the pandemic were able to resume operations, which also helped to 
boost revenue.
We also count on OGMA’s highlights such as the historic milestone by becoming the first Authorized Maintenance 
Center certified by the Portuguese aeronautical authority (ANAC - Autoridade Nacional da Aviação Civil) to carry 
out commercial aircraft heavy maintenance for the Embraer E-Jets E2 family of commercial aircraft in Europe, 
Middle East, and Africa (EMEA).

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