HIGHLIGHTS

2025 Guidance reiterated: Commercial Aviation deliveries between 77 and 85 aircraft, and Executive Aviation deliveries between 145 and 155 aircraft. Total company revenues in the US$7.0 to US$7.5 billion range, adjusted EBIT margin between +7.5% and +8.3%, and adjusted free cash flow of US$200 million or higher for the year. The company highlights Q1 results were not impacted by U.S. tariffs.

Revenues totaled US$1,103 million in 1Q25 – the best first quarter since 2016 – and +23% year over year (yoy). Highlight for Defense & Security revenues +72% yoy growth.

Adjusted EBIT reached US$62.0 million with a +5.6% margin in 1Q25 (+0.8% in 1Q24).

Adjusted free cash flow w/o Eve was US$(385.8) million during the quarter in preparation for a higher number of aircraft deliveries in the coming quarters.

The company approved the payment of R$51.4 million in dividends (R$0.07 per share) related to 2024.

Embraer issued a US$650 million 10-year bond at 158bp over U.S. Treasury in 1Q25, and purchased US$522 million in 2027 bonds (fully retired) and US$150 million in 2028 bonds.

The company extended its debt duration to 6.3 years (3.8 years in 4Q) after the most recent liability management step, and ended the quarter with a 0.5x net debt-to-EBITDA ratio, down from 1.8x yoy.

Embraer delivered 30 jets in 1Q25, of which 7 were commercial jets (3 E2s and 4 E1s) and 23 were executive jets (14 light and 9 medium); +20% versus the 25 aircraft delivered yoy.

Firm order backlog of US$26.4 billion in 1Q25 – surpassed the all-time historical high set in the previous quarter. For more information please see 1Q25 Backlog and Deliveries release.

To access the spreadsheet containing the data available in our Investor Relations website click here.

MAIN FINANCIAL INDICATORS

São Paulo, Brazil, May 6, 2025 - (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 March 31, 2025 (1Q25), December 31, 2024 (4Q24), and March 31, 2024 (1Q24), are derived from the unaudited financial statements, except annual financial data and where otherwise stated.

2025 GUIDANCE (EVE NOT INCLUDED)

From an operations point of view, Embraer reiterates the estimates for Commercial Aviation deliveries between 77 and 85 aircraft (mid-point +10% yoy), and Executive Aviation deliveries between 145 and 155 (+15% yoy). From a financial point of view, the company forecasts Revenues in the US$7.0 to 7.5 billion range (+13% yoy), Adjusted EBIT margin between +7.5% and +8.3%, and Adjusted Free Cash Flow of US$200 million or higher. The company highlights Q1 results were not impacted by U.S. tariffs.

DELIVERIES AND BACKLOG

Embraer delivered 30 jets in 1Q25, of which 7 were commercial jets (3 E2s and 4 E1s) and 23 were executive jets (14 light and 9 medium); +20% versus the 25 aircraft delivered yoy. The number of deliveries for Executive Aviation was 28% higher compared to 1Q24, while Commercial Aviation was flat. There were no deliveries for Defense & Security. For more information please see 1Q25 Backlog and Deliveries release.

The company’s backlog reached US$26.4 billion in 1Q25, 25% higher yoy, surpassing the all-time historical high set in the previous quarter. Compared to a year ago, the total backlog increased 25%, with highlight to Defense & Security and Executive Aviation, whose backlogs increased 73% and 66%, respectively. Meanwhile, Services & Support expanded 49% while Commercial Aviation decreased 10% yoy.

REVENUE, GROSS MARGIN AND ADJUSTED EBIT

Consolidated revenue of US$1,103 million in 1Q25 represented a 23% increase yoy. Defense & Security was the highlight for the quarter, whose revenues increased 72% when compared to last year. Executive Aviation and Services & Support also performed well with 35% and 16% yoy increases, respectively. Commercial Aviation revenues were flat compared to 1Q24.

Executive Aviation revenues totaled US$323 million, 35% higher yoy because of higher volumes and product mix. Gross margin was slightly better at +21.8% versus +21.4% a year ago. Adjusted EBIT margin increased from +5.0% to +11.3% during the period because of operating leverage and cost containment initiatives.

Defense & Security revenues reached US$139 million, 72% higher yoy because of stronger KC-390 recognition, customer mix and product stage (in accordance with the percentage of completion calculation method). Gross margin was slightly higher at +12.7% versus +12.3% yoy. Adjusted EBIT margin improved to -1.6% from -13.9% yoy during the period because of higher volumes and lower expenses, and negative extraordinary items a year ago.

Commercial Aviation revenues were US$202 million, flat yoy. Gross margin increased from +3.2% to +4.9% supported by product and customer mix. Adjusted EBIT margin increased from -14.9% to -4.8% during the period and reflected gross margin variance and positive one-time items (i.e. supplier’s credit).

Services & Support revenues amounted to US$425 million, 16% higher yoy because of OGMA GTF ramp-up. The reported gross margin decreased from +27.1% to +20.5% because of product mix (i.e. buy vs made parts) and the start of the North America Executive MRO ramp-up (circa 6 months). However, Adjusted EBIT margin decreased only from +12.3% to +9.9% during the period helped by positive one-time items (i.e. past due reversal).

Others include Agricultural Aviation (i.e. crop duster), the cyber division Tempest, the newly included landing gear division (ELEB), and other businesses. Revenues for the segment rose 66% from US$9 million to US$15 million yoy because of the recently reclassified landing gear division (ELEB).

ADJUSTED EBIT (Earnings before Interest & taxes)

Adjusted EBIT was US$62.0 million with a +5.6% margin excluded US$10.9 million from extraordinary items (i.e. Eve’s expenses). Reported EBIT was US$51.2 million in the quarter (+4.6% margin) compared to US$(3.9) million a year ago (-0.4% margin) because of Executive Aviation higher volumes, product mix and lower expenses.

net income (Loss)

Net income (loss) attributable to Embraer shareholders and net income (loss) per ADS (American Depositary Shares) were US$73.4 million and US$0.3997 in 1Q25, compared to US$28.7 million and US$0.1563, respectively, in 1Q24. Adjusted net income was US$(73.6) million for the quarter compared to US$(12.8) million a year ago if excluded extraordinary items such as US$123.6 million in deferred taxes and US$23.4 million from Eve’s results.

INVESTMENTS

Embraer, on a stand-alone basis, invested a total of US$88.2 million in 1Q25 compared to US$89.9 million in 1Q24. Capital expenditures amounted to US$37.2 million (US$28.4 million a year ago), net additions to the pool program (spare parts) another US$12.7 million (US$14.5 million a year ago), net add to intangibles US$27.1 million (US$36.7 million a year ago) and research US$11.2 million (US$10.3 million a year ago).

Meanwhile, Eve invested a total of US$36.3 million during the quarter (US$30.2 million yoy), of which US$0.9 million were capital expenditures, US$32.4 million net add to intangibles and research US$3.0 million. Consequently, Embraer and Eve, on a consolidated basis, invested a total of US$124.5 million during the period (US$120.1 million a year ago).

Currently, Embraer on a stand-alone basis has three main sustainable growth projects:

- Executive Aviation (US$90 million capex during 2024-2027; Gavião Peixoto SP, Brazil & Melbourne FL, USA): an increase in the production capacity for the business by 2027 in-line with its recent backlog growth;

- Services & Support (US$90 million capex during 2021-2026; OGMA Portugal): brand new line for induction of PW1,100 and PW1,900 engines with start of operations in 2024 and full ramp (US$500 million revenues) in 2028; and

- Services & Support (US$70 million capex during 2025-2026; Fort Worth TX, USA): an increase in the MRO footprint to service Commercial Aviation clients in North America by 50%+ in 2027.

WORKING CAPITAL (EVE NOT INCLUDED )

Working capital increased US$386.7 million during 1Q25 because of business seasonality. In the assets side, the main increase was in inventories US$551.8 million ahead of the higher number of aircraft deliveries in the upcoming quarters. Meanwhile, on the liabilities side, the main variance refers to US$167.4 million in trade accounts payable that helped partially offset cash consumption

FREE CASH FLOW

Embraer on a stand-alone basis Adjusted free cash flow was US$(385.8) million in 1Q25. The net cash consumption during the period was mainly because of higher working capital (i.e. US$551.8 million in inventory) in preparation for a higher number of aircraft deliveries in the coming quarters.

CASH POSITION VARIANCE

Embraer’s liquidity position remains strong as its cash position on a consolidated basis reached US$1,722 million at the end of 1Q25, and it is complemented by its US$1.0 billion Revolver Credit Facility (RCF).

The consolidated cash position was US$828.8 million lower than the US$2,551 million in 4Q24. The company consumed US$410.9 million in free cash flow during the quarter [Embraer stand-alone US$(385.8) million and Eve US$(25.1) million]. Meanwhile, net financial position variance was US$(403.4) million (mainly due to repayment / proceeds from borrowings US$(412.1) million) and buybacks reached US$(14.5) million. There were no dividend payments or M&A flows during the period. Eve’s cash position stood at US$287.6 million in 1Q25. Therefore, Embraer on a stand-alone basis finished the quarter with US$1,435 million in cash in part because of business seasonality.

DEBT & LIABILITY MANAGEMENT

Liability management with a US$455.5 million decrease in gross debt without Eve quarter-on-quarter and US$681.2 million year-on-year. Embraer’s net debt without Eve increased US$357.5 million to US$468.2 million in 1Q25 compared to US$110.7 million in 4Q24 (US$580.0 million decrease from US$1,048.2 million in 1Q24). The negative  US$385.8 million free cash flow generation for Embraer stand-alone during the quarter helps explain the increase in financial leverage.

Embraer issued a US$650 million 10-year bond at 158bp over U.S. Treasury in 1Q25, and purchased US$522 million in 2027 bonds (fully retired) and US$150 million in 2028 bonds. The company extended its debt duration to 6.3 years after the most recent liability management step, and ended the quarter with a 0.5x net debt-to-EBITDA ratio, down from 1.8x yoy.

Eve’s gross debt increased US$10.4 million qoq and US$102.9 million yoy to US$143.2 million in 1Q25. Eve’s net debt increased US$26.2 million to US$(144.4) million in 1Q25 compared to US$(170.6) million in 4Q24 [US$37.9 million decrease from US$(182.3) million in 1Q24]. The negative US$25.1 million free cash flow generation for Eve during the quarter helps explain the increase in financial leverage.

In terms of debt profile, the average loan maturity increased to 6.3 years in 1Q25 compared to 3.8 years in the previous quarter. The term structure of loans was 96% in long-term contracts and only 4% in short-term ones. In the interim, the cost of United States dollar-denominated loans increased slightly up to 6.39% per year in 1Q25 compared to 6.19% in 4Q24, while the cost of Brazilian real-denominated loans was practically unchanged at 5.28% per year in 1Q25 compared to 5.29% per year in 4Q24.

SHAREHOLDER REMUNERATION

For fiscal year 2024, the company approved on April 29, 2025, the payment of R$51.4 million in dividends (R$0.07 per share) for the EMBR3 shareholders base from May 12, 2025, to be settled on May 23, 2025.

For fiscal year 2025 and beyond, the company intends to analyze the potential fiscal benefits from quarterly Interest on Equity (IoE) declarations. These IoE values will be added with – if required – a top-up dividend to comply with the minimum 25% of net income payment established by Brazilian corporate law. The company will pay these monies in a single annual payment after the approval of the potential top-up dividend in the next calendar year shareholders’ meeting.

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