Embraer SA (EMBJ) 2025 Q3 法說會逐字稿

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.

女士們、先生們，早安，感謝各位的耐心等待。再次提醒，本次會議正在錄影。其廣播僅供本次活動的參與者使用，未經巴西航空工業公司明確授權，不得複製或轉播。本次電話會議將以英文進行，但請容許我向葡萄牙語使用者作一個簡短的說明。

(spoken in Portuguese)

（葡萄牙語）

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 third quarter 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 US dollars as it is our functional currency.

我叫 Gui Paiva，是巴西航空工業公司投資者關係、併購和創投部門的負責人。歡迎各位參加我們第三季財報電話會議。本簡報中的數字包含非GAAP財務訊息，以幫助投資者將Eve的GAAP財務資訊與巴西航空工業公司的IFRS進行核對。我們提醒您，Eve 的業績將在公司電話會議上進行討論。需要說明的是，所有數字都以美元表示，因為美元是我們的功能貨幣。

This conference call may include statements about future events based on Embraer expectations and financial market trends. Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call.

本次電話會議可能包含基於巴西航空工業公司預期和金融市場趨勢對未來事件的展望。此類聲明存在不確定性，可能導致實際結果與本次電話會議中明示或暗示的結果有所不同。

Except in accordance with 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.

除適用規則另有規定外，本公司不承擔公開更新任何前瞻性聲明的義務。有關詳細財務信息，該公司鼓勵查閱該公司向巴西證券交易委員會（Comissão de Valores Mobiliários，簡稱 CVM）提交的出版物。

(Operator Instructions) Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer; Antonio Carlos Garcia, Chief Financial Officer; Pau Cesar Souza, Corporate Communications Manager; and myself.

（操作員說明）今天參加電話會議的有：巴西航空工業公司總裁兼首席執行官弗朗西斯科·戈麥斯·內托；首席財務官安東尼奧·卡洛斯·加西亞；企業傳播經理保羅·塞薩爾·索薩；以及我本人。

This conference call will have three parts. In the first part, top management will present the company's Q3 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.

本次電話會議將分為三個部分。第一部分，高階主管將介紹公司第三季業績。第二部分，我們將舉辦一場僅面向投資人的問答環節。最後但同樣重要的是，在第三部分，我們將專門為媒體舉辦一場問答環節。

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

現在我很高興將電話會議轉交給我們的總裁兼執行長弗朗西斯科·戈麥斯·內托。請繼續，弗朗西斯科。

Thank you, Gui, and good morning, everyone. It's a pleasure to be here with you to share Embraer's third quarter 2025 results. Embraer is currently experiencing a highly positive phase, a strong indication that our strategy driven by efficiency and innovation is delivering solid results and effectively supporting our sustainable growth.

謝謝你，桂，大家早安。很高興今天能和大家一起分享巴西航空工業公司2025年第三季的業績。巴西航空工業公司目前正處於非常積極的發展階段，這有力地表明，我們以效率和創新為驅動的策略正在取得切實成果，並有效地支持我們的永續成長。

In Commercial Aviation, highlights include new orders for Avelo for 50 E195-E2s plus 50 options and LATAM for 24 E195-E2s plus 50 options. These achievements have increased the division's backlog to $15.2 billion with an impressive 2.7 to 1 book-to-bill ratio.

在商用航空領域，亮點包括 Avelo 獲得 50 架 E195-E2 飛機的新訂單，另有 50 架的選擇權；以及 LATAM 獲得 24 架 E195-E2 飛機的新訂單，另有 50 架的選擇權。這些成就使該部門的積壓訂單增加到 152 億美元，訂單出貨比達到了令人矚目的 2.7 比 1。

In Executive Aviation, we achieved an all-time high for third quarter revenues, reaching approximately $580 million. We also celebrated a historic milestone, the delivery of our 2,000th business jets, marking a record for year-to-date deliveries. Our backlog in Executive Aviation now stands at $7.3 billion, supported by a robust 2.4 to 1 book-to-bill ratio, reflecting continued strong demand for our aircraft.

在公務航空領域，我們第三季的營收創歷史新高，達到約 5.8 億美元。我們也慶祝了一個歷史性的里程碑，交付了第 2000 架公務機，創下了今年迄今為止交付量的紀錄。目前，我們在公務航空領域的積壓訂單總額為 73 億美元，訂單出貨比為 2.4:1，反映出市場對我們飛機的持續強勁需求。

In Defense & Security, we continue to reinforce our global presence. Portugal confirmed the purchase of its sixth KC-390, including additional 10 new options to support future European acquisitions. We also signed new agreements for the A-29 Super Tucano with Panama and Sierra Nevada in the US, reinforcing the aircraft's relevance and versatility. The division closed the quarter with a $3.9 billion backlog and 1.3 to 1 book-to-bill ratio.

在國防與安全領域，我們將持續加強我們的全球影響力。葡萄牙確認購買了第六架 KC-390 加油機，並額外購買了 10 架以支持未來在歐洲的採購。我們也與巴拿馬和美國的內華達山脈公司簽署了A-29超級巨嘴鳥的新協議，進一步鞏固了這架飛機的實用性和多用途性。該部門本季末積壓訂單達 39 億美元，訂單出貨比為 1.3:1。

Our Services & Support business maintained its accelerated growth path with expanding capabilities. We signed a new maintenance agreement with CommuteAir and launched Starlink connectivity solutions for Praetor and Legacy operators. As a result, the business unit finished the quarter with a $4.9 billion backlog and 1.8 to 1 book-to-bill ratio.

我們的服務與支援業務保持了快速成長勢頭，並不斷拓展自身能力。我們與 CommuteAir 簽署了新的維護協議，並為 Praetor 和 Legacy 營運商推出了 Starlink 連接解決方案。因此，該業務部門本季末的積壓訂單金額為 49 億美元，訂單出貨比為 1.8:1。

At Embraer, continuous improvement is more than a process. It is a mindset. We successfully completed more than 800 Kaizen projects over the past 12 months. And now by combining our lean culture with AI tools, we are moving forward more rapidly in achieving productivity gains. Our production level initiatives and the implementation of our perfect station concept led to a 16% increase in aircraft deliveries this year.

在巴西航空工業公司，持續改善不僅僅是一個流程。這是一種思考方式。在過去 12 個月裡，我們成功完成了 800 多個改善項目。現在，透過將精實文化與人工智慧工具結合，我們在提高生產力方面正取得更快的進展。我們採取的生產水準提升措施和完美站點概念的實施，使得今年的飛機交付量增加了 16%。

From 2026 onwards, we expect even greater production stability in all product lines. The implementation of our zero-defect methodology reducing our cost of poor quality by 12%. Another initiative that has been delivering significant results is the production lead time reduction. We have achieved important improvements such as reducing the production time of Praetor's by 40%, KC-390 by 33% and E-Jets by 27% compared to 2021 levels, more production with lower work in progress.

從 2026 年起，我們預計所有產品線的生產穩定性將進一步提高。我們實施零缺陷方法，使劣質產品的成本降低了 12%。另一項取得顯著成效的措施是縮短生產週期。與 2021 年相比，我們取得了重要的改進，例如 Praetor 的生產時間縮短了 40%，KC-390 縮短了 33%，E-Jets 縮短了 27%，同時在製品數量減少了。

We made significant progress with new and expanded facilities at key locations in the United States and Brazil, including new hangars, painting booth and final assembly areas. These investments are designed to enable higher production volumes and faster deliveries, fully aligned with our growth strategy.

我們在美國和巴西的關鍵地點新建和擴建了設施，取得了重大進展，包括新的機庫、噴漆室和總裝區。這些投資旨在提高產量和加快交付速度，完全符合我們的成長策略。

At the same time, we are transforming our supply chain through supply chain management 2.0, a comprehensive initiative that integrates digital technologies, proactive risk management and the deployment of artificial intelligence for smarter planning and forecasting. These efforts have already started to pay off. Aircraft deliveries increased by 16% and average shortage decreased by 25% compared to last year.

同時，我們正在透過供應鏈管理 2.0 改造我們的供應鏈。這是一項綜合性舉措，整合了數位技術、主動風險管理和人工智慧的部署，以實現更智慧的規劃和預測。這些努力已經開始見效。與去年相比，飛機交付量增加了 16%，平均缺口減少了 25%。

I will now move on to operational results by segment. All figures are based on year-on-year comparisons. In Commercial Aviation, revenues increased a significant 31% because of better product mix and higher volumes and prices. Adjusted EBIT margin improved from minus 4.8% to plus 1.3%, supported by operating leverage and lower other operating expenses.

接下來我將依業務板塊介紹營運績效。所有數據均基於同比比較。在商業航空領域，由於產品組合更加合理，銷售量和價格上漲，收入大幅增加了 31%。經調整後的息稅前利潤率從-4.8%提高到+1.3%，這得益於營運槓桿作用和其他營運費用的降低。

In Executive Aviation, revenues increased 4%, helped by higher prices. Adjusted EBIT margin decreased 4.2 percentage points because of product mix, US important tariffs, 2.6 percentage points and higher costs.

在公務航空領域，受價格上漲的推動，收入成長了 4%。調整後的息稅前利潤率下降了 4.2 個百分點，原因是產品組合、美國重要關稅、成本上升（下降 2.6 個百分點）。

Moving to Defense & Security. Revenues grew 27% because of higher KC-390 volumes and a one-off positive contract-related adjustment. Adjusted EBIT margin improved from 7.2% to 12.9% as a consequence of operating leverage and client mix.

轉至國防與安全領域。由於 KC-390 銷量增加以及一次​​性的合約相關利好調整，收入增長了 27%。由於營運槓桿和客戶組合的改善，調整後的息稅前利潤率從 7.2% 提高到 12.9%。

In Service and Support, revenues rose 16%, driven by higher volumes and the ramp-up of the OGMA GTF engine shop. Adjusted EBIT margin decreased 5 percentage points because of services and materials delays. Before I conclude, I'd like to share a brief update on Eve's steady progress. The first full-scale engineering prototype test flight is planned for late 2025, early 2026.

在服務和支援方面，收入成長了 16%，這主要得益於銷量增加和 OGMA GTF 引擎車間的產能提升。由於服務和材料延遲交付，調整後的息稅前利潤率下降了 5 個百分點。在結束之前，我想先簡單報告伊芙的穩定進展。首次全尺寸工程原型試飛計畫於 2025 年底至 2026 年初進行。

With that, I will now hand it over to Antonio to walk us through the key financial highlights of the quarter.

接下來，我將把麥克風交給安東尼奧，讓他為我們介紹本季的主要財務亮點。

Thank you, Francisco. Good morning, and good afternoon to everyone. Turning to the quarter. All my comments will be based on year-over-year comparisons unless noted. But before we dive into our financial results for the third quarter of 2025, I'd like to start reiterating our 2025 guidance.

謝謝你，弗朗西斯科。各位早安，下午好。轉向四分之一。除非另有說明，我的所有評論都將基於同比數據。但在我們深入探討 2025 年第三季的財務表現之前，我想先重申我們對 2025 年的業績預期。

We expect to deliver between 77 and 85 aircraft in Commercial Aviation and 145 and 155 in Executive Aviation from an operational point of view. Meanwhile, we expect to achieve between $7 billion and $7.5 billion in revenues, 7.5% and 8.3% in adjusted EBIT margin and more than $200 million in adjusted free cash flow from a financial perspective. This forecast may appear conservative at the first glance, but they reflect the supply chain risks we still face in Q4.

從營運角度來看，我們預計在商用航空領域交付 77 至 85 架飛機，在公務航空領域交付 145 至 155 架飛機。同時，從財務角度來看，我們預計營收將達到 70 億美元至 75 億美元，調整後 EBIT 利潤率將達到 7.5% 至 8.3%，調整後自由現金流將超過 2 億美元。乍一看，這項預測似乎比較保守，但它反映了我們在第四季仍然面臨的供應鏈風險。

Having said that, I'd like to reinforce our estimates reflects our confidence in our operational progress and the resilience of our business model. We remain comfortable with our outlook and feel confident we are on track to meet our full year guidance. That said, let's take a look at our financial results for the quarter.

儘管如此，我還是要強調，我們的預估反映了我們對營運進度和商業模式韌性的信心。我們對前景依然充滿信心，並有信心實現全年業績目標。接下來，讓我們來看看本季的財務表現。

In slide 12, deliveries -- Embraer delivered 62 aircraft in the third quarter '25. 20 commercial jets and 41 executive jets and 1 KC-390 military plan. This represents a 5% increase compared to the same period last year, with Commercial Aviation deliveries up 25% year-over-year and Executive Aviation is stable.

第 12 張幻燈片顯示，交付情況——巴西航空工業公司在 2025 年第三季交付了 62 架飛機，其中包括 20 架商用噴射機、41 架公務噴射機和 1 架 KC-390 軍用飛機。與去年同期相比，這代表增長了 5%，其中商用航空交付量同比增長 25%，公務航空交付量保持穩定。

More importantly, for the first nine months, we have delivered 46 commercial jets, which is 57% of the midpoint of our guidance and 2 percentage points above our five years average for the period. In Executive Aviation, we have delivered 102 executive jets or 68% of the midpoint of our guidance and 11 solid percentage points higher than the 57% average from the past five years, which demonstrates our strong execution.

更重要的是，我們在前九個月交付了 46 架商用噴射機，達到我們預期中位數的 57%，比過去五年同期平均高出 2 個百分點。在公務航空領域，我們交付了 102 架公務機，達到我們預期目標的 68%，比過去五年 57% 的平均水平高出 11 個百分點，這充分證明了我們強大的執行力。

In slide 13, backlog and revenue. Our company-wide backlog reached $31.3 billion during the quarter, up a significant 38% and higher than our previous historical record. Looking at each division, Executive Aviation and Service & Support led the pack with their backlogs up 65% and 40%, respectively, followed by Commercial Aviation up 37% and Defense & Security up 8%. I'd like to highlight the significant volumes of purchase options currently held by our customers, which total roughly $20 billion. These are not firming orders yet, but they provide substantial upside potential for our backlog in the next few years, which could increase towards $50 billion.

第 13 張投影片，積壓訂單和收入。本季度，公司整體積壓訂單額達到 313 億美元，較上季大幅成長 38%，高於先前的歷史最高紀錄。從各部門來看，公務航空和服務與支援部門的積壓訂單分別增加了 65% 和 40%，位居榜首；其次是商業航空部門，成長了 37%；國防與安全部門成長了 8%。我想重點強調我們客戶目前持有的大量購買選擇權，總額約為 200 億美元。雖然這些訂單尚未最終確定，但它們為未來幾年我們的積壓訂單提供了巨大的成長潛力，積壓訂單可能會增加到 500 億美元左右。

Moving to revenues. Our top line was close to $2 billion for an increase of 18%. For a business perspective, the breakdown appears well balanced. Commercial and Executive Aviation each contributed circa of 30%, followed by Service and Support with 25% and Defense & Security with 14%.

接下來談談營收。我們的營收接近 20 億美元，成長了 18%。從商業角度來看，這種構成似乎相當均衡。商業航空和公務航空各佔約 30%，其次是服務和支援（25%）以及國防和安全（14%）。

Moving to the next slide. We generated $236 million in adjusted EBITDA in the third quarter '25 with an 11.8% margin. Now adjusted EBIT for the quarter was $172 million with an 8.6% margin. This compared to $147 million or 8.7% margin in the third quarter '24, if we exclude the onetime impact of the Boeing agreement, which boosted the adjusted margin by approximately 900 basis points.

進入下一張投影片。2025 年第三季度，我們實現了 2.36 億美元的調整後 EBITDA，利潤率為 11.8%。本季調整後息稅前利潤為 1.72 億美元，利潤率為 8.6%。相較之下，2024 年第三季獲利為 1.47 億美元，利潤率為 8.7%。如果排除波音協議的一次性影響（該協議使調整後的利潤率提高了約 900 個基點），則利潤率為 8.7%。

For the first nine months of the year, the adjusted EBIT margin stands at 8.6%, a significant improvement of the 2.9% average over the last past five years. However, it's important to mention we still expect a relevant impact from US import tariffs, which should weigh on our Q4 margin, along with additional costs related to our return to office initiative.

今年前九個月，調整後的息稅前利潤率為 8.6%，較過去五年平均 2.9% 有了顯著提高。不過，值得一提的是，我們仍然預期美國進口關稅會產生顯著影響，這將對我們第四季的利潤率造成壓力，此外，與重返辦公室計畫相關的額外成本也會對我們造成影響。

Let's move now to the next slide. Embraer generated $300 million in adjusted free cash flow in third quarter '25. Mainly supported by operating activities, $224 million in EBITDA and lower accounts receivable. Looking now at our investment, excluding Eve, we allocated a total of $99 million during the quarter, slightly lower than last year.

現在我們來看下一張投影片。巴西航空工業公司在 2025 年第三季產生了 3 億美元的調整後自由現金流。主要得益於經營活動，EBITDA 為 2.24 億美元，應收帳款減少。現在來看我們的投資，不包括 Eve，我們本季共分配了 9,900 萬美元，略低於去年同期。

The figures includes $39 million in CapEx, $37 million in addition to intangibles, $10 million in the pool program to support new contracts and $13 million in research. Year-to-date, research investments have reached $33 million or 12% of the $284 million in total investment. These resources are focused on supporting sustainable growth and innovation.

這些數字包括 3,900 萬美元的資本支出，3,700 萬美元的無形資產，用於支持新合約的資金池計畫的 1,000 萬美元，以及 1,300 萬美元的研究經費。今年迄今為止，研發投資已達 3,300 萬美元，佔總投資 2.84 億美元的 12%。這些資源主要用於支持永續成長和創新。

Slide 16, net income. Let me walk you through the financial bridge from our reported EBIT to both reported and adjusted net income. We started with the quarter with almost $160 million in EBIT. After accounting for $53 million in net financial expenses, $22 million tax credit and $12 million in minority interest, we arrived at $117 million in reported net income, then adjusting for extraordinary items such as $30 million in deferred taxes and $32 million from Eve's results, we get to $54 million in adjusted net income.

第 16 頁，淨收入。讓我帶您了解從我們公佈的息稅前利潤到公佈的淨利潤和調整後的淨利潤之間的財務關係。本季開始，我們的息稅前利潤接近 1.6 億美元。在計入 5,300 萬美元的淨財務費用、2,200 萬美元的稅收抵免和 1,200 萬美元的少數股東權益後，我們得出報告淨收入為 1.17 億美元；然後，根據 3,000 萬美元的遞延稅款和 Eve 業績帶來的 3,200 萬美元等特殊項目進行調整後，我們得出淨收入為 50 萬美元等特殊項目。

We closed the quarter with an adjusted margin of 2.7%, a sharp decline from 13.1% last year. I'd like to emphasize this $167 million reduction was mainly driven by the onetime positive impact of $150 million from Boeing agreement recorded last year as well as less favorable net financial results.

本季調整後利潤率為 2.7%，較去年同期的 13.1% 大幅下降。我想強調的是，這 1.67 億美元的減少主要是由於去年波音協議帶來的 1.5 億美元的一次性正面影響，以及不太理想的淨財務表現。

Looking at the evolution of earnings per share, we have seen solid sequential improvement over the past few years. Our EPS totaled $1.7 per ADS over the past 12 months or substantially higher than negative $0.20 reported in 2021.

從每股盈餘的變化趨勢來看，過去幾年我們看到了穩健的環比成長。過去 12 個月，我們的每股盈餘總計為 1.7 美元（以美國存託憑證計），遠高於 2021 年報告的負 0.20 美元。

Let's move to the next slide. First of all, I'd like to start this slide talking about our liquidity position. Embraer's stand-alone net debt position decreased by $646 million to only $439 million in the third quarter of '25 as the company continued to implement its debt liability strategy and reduce its financial gearing. We ended the quarter with a net debt-to-EBITDA ratio of only 0.5 times, excluding Eve for a significant improvement from 1.3 times a year earlier.

我們來看下一張投影片。首先，我想從談談我們的流動狀況開始講起。2025 年第三季度，巴西航空工業公司 (Embraer) 的獨立淨債務減少了 6.46 億美元，僅為 4.39 億美元，因為該公司繼續實施其債務負債策略並降低其財務槓桿。本季末，若不計入 Eve 的業績，淨負債與 EBITDA 比率僅為 0.5 倍，較上年同期的 1.3 倍有了顯著改善。

It is important to note this, the increase in leverage compared to year-end 2024 is temporary because of the business seasonality. We do expect to finish the year in a net cash position. Our liability management strategy remains focused on extending debt duration and reduce our cost of debt. The average loan maturity is now 5.9 years with 96% of our debt in long-term contracts.

值得注意的是，與 2024 年底相比，槓桿率的增加是暫時的，這是由於業務季節性因素造成的。我們預計年底將實現淨現金流。我們的負債管理策略仍著重於延長債務期限和降低債務成本。目前平均貸款期限為 5.9 年，96% 的債務為長期合約。

To conclude, I'd like to remind you, we announced a new liability management initiative in third quarter '25, which will be fully concluded in November. The company issued $1 billion long 12 years bond at 5.4% coupon, and we will repurchase a total of $809 million from 2028 and 2030 bonds. We will share an updated debt maturity profile and average cost of debt with our full year financials.

最後，我想提醒各位，我們在 2025 年第三季宣布了一項新的負債管理計劃，該計劃將於 11 月全面結束。公司發行了 10 億美元的 12 年期長期債券，票面利率為 5.4%，我們將從 2028 年和 2030 年回購總計 8.09 億美元的債券。我們將在全年財務報告中公佈更新後的債務到期情況和平均債務成本。

Slide 18, shareholder remuneration. Before I finish my presentation, I'd like to take a moment to thank our shareholders for their trust and highlight recent developments in our shareholder remuneration initiatives. First, I want to share an exciting milestones. Yesterday, we officially update our ticker symbol to EMBJ, which means Embraer jets to better reflect the company's current strategy and vision for the future.

第 18 頁，股東報酬。在我的演講結束之前，我想花一點時間感謝股東們的信任，並重點介紹我們股東薪酬計畫的最新進展。首先，我想和大家分享一個令人興奮的里程碑。昨天，我們正式將股票代碼更新為 EMBJ，代表巴西航空工業公司噴射機，以更好地反映公司當前的策略和未來願景。

Second, Embraer declared nearly BRL210 million in interest on equity over the past 2 quarters, which translates into BRL0.28 per share for a 0.35% dividend yield. Just a quick reminder, this amount may be complemented by a top-up dividend if needed to meet the minimum 25% net income distribution required by Brazilian corporate law. The full amount will be paid in a single installment after our 2026 Annual Shareholders Meeting.

其次，巴西航空工業公司在過去兩個季度宣布了近2.1億雷亞爾的股權利息，相當於每股0.28雷亞爾，股息殖利率為0.35%。提醒一下，如果需要滿足巴西公司法規定的最低 25% 淨收入分配要求，該金額可能會透過追加股息來補充。全部款項將在2026年年度股東大會後一次付清。

With that, I will hand it back to Francisco for his final remarks. Thank you very much.

接下來，我將把麥克風交還給弗朗西斯科，請他作最後總結發言。非常感謝。

Thank you, Antonio. I'd like to take a moment to reflect on our recent key achievements and share a few final thoughts. In Commercial Aviation, strong E1 sales and the continued consolidation of the E2 platform marked our best sales year. Executive Aviation continues to see robust demand across its entire portfolio, reflecting the strength of our products and customer relationships.

謝謝你，安東尼奧。我想花點時間回顧我們最近的主要成就，並分享一些最後的想法。在商業航空領域，E1 的強勁銷售和 E2 平台的持續整合標誌著我們銷售業績最好的一年。公務航空業務的整個產品組合持續保持強勁的需求，這反映了我們產品的實力和客戶關係的良好表現。

In Defense & Security, the KC-390 is gaining traction in key global campaigns, including India and NATO, with Sweden's recent order reinforcing its growing international relevance. Meanwhile, Services & Support continues to expand, highlighted by the ground breaking of a new MRO facility in the US, further strengthening our global footprint.

在國防與安全領域，KC-390 在包括印度和北約在內的重要全球行動中越來越受歡迎，瑞典最近的訂單進一步鞏固了其日益增長的國際重要性。同時，服務與支援業務持續擴張，其中最引人注目的是美國新建的MRO設施破土動工，進一步鞏固了我們的全球影響力。

Looking forward, we expect substantial midterm growth while strategically investing in new technologies to prepare the company for a more ambitious and long-term expansion, always grounded in our culture of safety first and quality always.

展望未來，我們預計中期將實現顯著成長，同時對新技術進行策略性投資，為公司更雄心勃勃的長期擴張做好準備，而這一切都將始終以安全第一、品質至上的企業文化為基礎。

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

接下來，我想進入問答環節。

We remind you again, this conference is being recorded. Its broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without the express authorization of Embraer. We also highlight this conference call is being conducted in English with translation to Portuguese. Please let me say a short announcement for Portuguese speakers.

我們再次提醒各位，本次會議正在錄影。其廣播僅供本次活動的參與者使用，未經巴西航空工業公司明確授權，不得複製或轉播。我們也要強調，本次電話會議以英語進行，並提供葡萄牙文翻譯。請容許我向葡萄牙語使用者作一個簡短的通知。

(spoken in Portuguese)

（葡萄牙語）

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Hey, good morning, everyone. Good morning, Francisco, Antonio and Gui. So first, I mean, Antonio, the balance sheet and the financial strength of the company is pretty remarkable, especially with what we saw in 2020 with COVID and all the changes. With the net cash position slated for the company by year-end, I was wondering how you guys think about future return to shareholders, especially if you're not going to build another big R&D cycle, would you consider share buybacks or increasing dividends? How do we think about returns to shareholders?

嘿，大家早安。早安，弗朗西斯科、安東尼奧和圭。首先，安東尼奧，這家公司的資產負債表和財務實力非常出色，尤其是在我們經歷了 2020 年新冠疫情和各種變化之後。鑑於公司預計到年底的淨現金狀況，我想知道你們如何看待未來對股東的回報，尤其是在你們不打算再進行大規模研發的情況下，你們會考慮股票回購還是提高股息？我們如何看待股東回報？

Thanks, Kristine, for the great question. I was expecting this already. I would say we -- to be honest, we start to repay or resume dividends this end of last year. Now we -- I would say, we are very happy that we are able to do it, point one.

謝謝克里斯汀提出的好問題。我早就預料到了。坦白說，我們從去年底開始償還或恢復派發股息。現在我們——我想說，我們非常高興能夠做到這一點，第一點。

Point two, we are evaluating our capital structure is a valid question we are raising right now. We do not have today a firm opinion on how to move forward. I do not see additional dividends at this point in time. We are already paying 25% of the net income of the year, which is already for a heavy intensive business, already a lot.

第二點，我們正在評估我們的資本結構，這是我們現在提出的合理問題。我們目前還沒有關於如何推進下一步工作的明確意見。目前來看，我認為不會有額外的股利。我們目前已經支付了全年淨收入的 25%，對於一個業務密集型企業來說，這已經是一筆巨款了。

I would say, we do not have a response right now, but we are evaluating further move on this direction in order, for example, buyback is something that's on the table right now to be discussed. But we do not have an answer right now. But we are really taking -- paying attention to this point as well.

我想說，我們目前還沒有回應，但我們正在評估是否要朝這個方向進一步採取行動，例如，股票回購是目前正在討論的選項之一。但我們目前還沒有答案。但我們確實非常重視這一點。

Great. And if I could do a follow-up. A few weeks ago, American Airlines announced that they're retrofitting their E-Jets fleet. And to do the overhead bin, I think you guys are doing the work on that. But I was wondering, since they want to do a full interior refresh, is there an expansion of work scope that you can now address, especially as you've increased your services offering?

偉大的。如果可以的話，我想做個後續報道。幾週前，美國航空公司宣布將對其E系列噴射機機隊進行改造。至於頭頂行李艙，我認為你們在這方面做得很好。但我很想知道，既然他們想進行全面的內部翻新，那麼現在你們的服務範圍擴大了，是否可以承接更多類似的工作？

Are you doing the complete retrofit for American? Or are you only doing portions of it? And how do we think about if other airlines in the US decide to also retrofit their fleet with your more expanded services capability, how do you think about that market? And could you capture more of that?

你們是在為美國進行全面改造嗎？還是你只做了其中的一部分？如果美國其他航空公司也決定對其機隊進行改造，使其具備更強大的服務能力，您如何看待這個市場？能多拍一些這樣的照片嗎？

Thank, Francisco speaking, Kristine, thanks for the question. And well, this is part of our initiative to improve the E175-E1. I mean this first movement to was with the interior and this includes not only the bins, but includes seats, new seats, Recaro seats. (technical difficulty) Available a better connectivity for the aircraft. So I mean, yes, we have a program with American Airlines, but this -- I would say, this kit is available for other customers, and we can do it if they want at our new MRO in Dallas.

謝謝弗朗西斯科發言，克里斯汀，謝謝你的提問。這是我們改進 E175-E1 計劃的一部分。我的意思是，第一個改變是從內裝開始的，這不僅包括儲物箱，還包括座椅，新座椅，Recaro座椅。（技術難題）為飛機提供更好的網路連線。所以我的意思是，是的，我們和美國航空公司有一個合作項目，但是——我想說，這套工具包也適用於其他客戶，如果他們需要，我們可以在我們位於達拉斯的新MRO中心進行安裝。

Great. Well, thank you very much. Looking forward to more contracts.

偉大的。非常感謝。期待簽訂更多合約。

Thank you. We too

謝謝。我們也

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

Hi, everyone. Thank you for taking my question. My question is regarding the EBIT margin on the Executive segment. I mean you commented about the impact of product mix and higher costs. So just wondering when we look at the component of higher cost, if you think this is more structural, it's more like a one-off on this quarter? And then if you could explain also what helped the Defense EBIT margin, that would be great as well. Thank you very much.

大家好。感謝您回答我的問題。我的問題是關於高階主管部門的息稅前利潤率。我的意思是，你提到了產品組合和成本上升的影響。所以我想知道，當我們分析成本上升這一因素時，您認為這是結構性因素造成的，還是只是本季的一次性事件？如果您還能解釋一下是什麼因素促成了國防業務的息稅前利潤率，那就太好了。非常感謝。

Hi, Marcelo, this is Gui. Good morning and thanks for the question. In Executive Aviation, we have seen like in other business, cost inflation. That's something that has been a trend in the industry for the past few years.

嗨，馬塞洛，我是吉。早安，謝謝你的提問。與其他行業一樣，公務航空領域也出現了成本上漲的問題。這是過去幾年該行業的一種趨勢。

And we would expect that to continue. We have been obviously being very resilient in protecting our margins in the business, but we obviously will see some fluctuations on a quarter-to-quarter basis. Regarding Defense, there was an impact on higher KC volumes and just the client mix where we had a higher participation of foreign clients.

我們預計這種情況還會持續下去。顯然，我們在保護業務利潤率方面一直表現出很強的韌性，但顯然我們會看到季度之間出現一些波動。在國防領域，KC 業務量增加，客戶組成也發生了變化，外國客戶的參與度更高。

And Marcelo, just to complement you in regards to Executive Aviation, please take into account that 1 year ago, we didn't have tariffs. And they have impact in the Executive Aviation margins also the tariffs more is eating up some 2%, 2.5% of our margin in a comparable basis. I would say that explains the deviation as well.

馬塞洛，關於公務航空，我想對你表示讚賞，請記住，一年前我們還沒有收費標準。而且，關稅也會對公務航空的利潤率產生影響，以可比口徑計算，關稅正在蠶食我們約 2% 到 2.5% 的利潤率。我認為這也能解釋這種偏差。

Perfect. Thank you very much.

完美的。非常感謝。

Lucas Marquiori, BTG Pactual.

Lucas Marquiori，BTG Pactual。

Thanks. Hey guys, morning. Yeah, my question is just on the one-offs on the margin as well, especially on Commercial Aviation, just trying to understand what are these tax credits that you guys mentioned you guys had on this Q, I mean, particularly to what they relate to? And how should we think about, I mean, their recurrency going forward?

謝謝。嘿，各位，早安。是的，我的問題也只是關於一些零星的優惠政策，特別是關於商業航空方面的，我只是想了解你們在這個問題中提到的這些稅收抵免具體是什麼，我的意思是，它們與哪些方面相關？那麼，我們該如何看待它們未來的再次發生呢？

And also on the Defense as well, what exactly is this one-off contract-related adjustment? Is this a change in the contract of a foreign client that helped on the margin? I mean just trying to kind of clear that out. Thanks for the clarifications.

還有，關於國防部方面，這項與合約相關的臨時調整具體是什麼？這是外國客戶合約中的一項變更，從而起到了一定的幫助作用嗎？我只是想把這件事解釋清楚。謝謝你的解釋。

Hi, Lucas, Gui here. Thanks for the question again. So in Commercial Aviation, the tax credits are related to some import parts that we did a study and we're able to kind of claim these credits, okay? And on Defense, we reassigned a plane in the production to a different client that was already let's call it, halfway in its production. So given that it is a percentage of completion, we recalculate the revenues and the profitability of the contract given that it was already halfway through.

嗨，盧卡斯，我是圭。再次感謝你的提問。所以在商業航空領域，稅收抵免與我們進行研究的一些進口零件有關，我們可以申請這些抵免，好嗎？在國防方面，我們將一架正在生產的飛機重新分配給了另一個客戶，當時已經生產了一半。鑑於這是完成百分比，我們重新計算合約的收入和盈利能力，因為合約已經完成了一半。

Awesome. Thanks you.

驚人的。感謝您。

Andre Mazini, Citi.

安德烈·馬齊尼，花旗集團。

Hi guys, Francisco Antonio Gui. So my question is on the state of the Pratt GTF engines. So the competitor A220 product is having some major issues with the Pratt. We read in a piece of news saying that 17% of the A220 fleet is grounded because of the Pratt GTF. We understand the engines are not the same, right? The A220 uses the PW1500, while the E2 PW1900. But the question is if the PW1900 is indeed having no issues whatsoever. So that's the first one.

大家好，我是弗朗西斯科·安東尼奧·圭。所以我的問題是關於普惠GTF引擎的現狀。所以競爭對手A220產品在與普惠公司合作時遇到了一些重大問題。我們從一篇新聞報導中了解到，由於普惠GTF引擎故障，17%的A220機隊停飛。我們知道這些引擎並不相同，對吧？A220 使用 PW1500，而 E2 使用 PW1900。但問題是，PW1900 是否真的沒有任何問題。這是第一個。

And the second one, if I may, a totally different topic. This November, of course, the world is looking to Brazil for the COP and the Amazon. So I wanted to ask about an old program, the SIVAM program, the Amazon surveillance system that you guys participated, call it, 25 years ago. The planes from that program were Embraer's 145s. So if there's any renewal program for -- or plan for those planes and the status of the Amazon surveillance systems and Embraer's participation overall?

第二個問題，如果可以的話，是一個完全不同的話題。當然，今年11月，全世界的目光都將聚焦在巴西，關注氣候變遷大會（COP）和亞馬遜雨林。所以我想問你們25年前參與的一個舊項目，SIVAM項目，也就是亞馬遜的監視系統。該項目中的飛機是巴西航空工業公司的145型飛機。那麼，這些飛機是否有任何更新計畫或方案？亞馬遜監控系統的現況如何？巴西航空工業公司的整體參與情況如何？

Thank you.

謝謝。

Andre, Francisco speaking. Thanks for your question. So first, start with the E2 GTF. I mean, the E2, I mean, used the third generation of the PW1900G engine, which has incorporated several upgrades and improvements. And on top, the E2 is a lighter, much lighter aircraft compared to the others. So which makes -- which means less demand on the engines.

我是安德烈，我是法蘭西斯科。謝謝你的提問。首先，從 E2 GTF 開始。我的意思是，E2 使用的是第三代 PW1900G 引擎，該引擎融合了許多升級和改進。此外，E2 比其他飛機更輕，輕得多。所以這就意味著對引擎的需求減少了。

So that's why the E2 has suffered much less than the competition. And now I mean, the engines are getting better and better with new improvements being implemented. So we expect much better performance and durability of the engines going forward for the E2s, which is a good news for the airlines.

所以這就是為什麼E2受到的衝擊遠小於競爭對手的原因。我的意思是，隨著新改進措施的實施，引擎的性能越來越好。因此，我們預計 E2 型飛機的引擎性能和耐用性將大大提高，這對航空公司來說是個好消息。

About this Amazon program, I mean we don't have any project at this point of time with this project. I mean we are working with the Brazilian force in some projects, but not this one as far as I know.

關於這個亞馬遜項目，我的意思是，目前我們還沒有和這個項目有任何合作。我的意思是，我們與巴西軍隊在一些項目上合作，但據我所知，這個項目沒有。

Very clear, thank you, Francisco.

非常清楚，謝謝你，弗朗西斯科。

Andre Ferreira, Bradesco BBI

安德烈·費雷拉，布拉德斯科BBI

Yes, good morning. Thank you for taking my question. I have two here. So first one, going back to the tax credits in Commercial Aviation. We saw BRL56 million in the quarter, looking at the ITR. So I just wanted to make sure if that is all in the Commercial Aviation segment, which would mean that the tax credits were more or less 1.5% in terms of EBIT -- positive impact on EBIT margin.

是的，早安。感謝您回答我的問題。我這裡有兩個。首先，我們回到商業航空的稅收抵免問題。根據所得稅申報表（ITR），我們本季看到了 5,600 萬雷亞爾。所以我想確認一下，這些是否都屬於商業航空領域，這意味著稅收抵免對息稅前利潤的影響大約是 1.5%——對息稅前利潤率有正面影響。

And also a second point about the tariffs. So the total impact, so adding Executive Aviation and Service was, if I'm correct, $17 million, right? Which seems lower than initial expectations, but there could be some help from inventories here. So you expect a higher impact in the fourth quarter? Or I mean, not just from seasonality, but also even on a more comparable basis. That's it from my side.

還有一點關於關稅的問題。所以，如果我沒記錯的話，加上行政航空和服務業務的總影響是 1700 萬美元，對嗎？這似乎低於最初的預期，但庫存可能會有所幫助。所以你預計第四季的影響會更大？或者我的意思是，不僅要考慮季節性因素，還要考慮更具可比性的基礎。我這邊就說這麼多。

Hi, good morning. Thanks for the question. This is Gui here. In terms of the tax credits, it's going to be low single-digit value. So it's less than the BRL56 million that you alluded to. And in terms of -- what's the second question, sorry, on the tariffs. The tariffs in the quarter were $17 million and a total of $27 million year-to-date. We originally mentioned after Q1 results that we expect it to be around $62 million to $65 million for the full year. So that would imply that we still have about $35 million, $38 million to go, but the company has been working hard to reduce its exposure and we hope that we can finish the year under the original amount that we mentioned. And it was -- yes, the inventory cycle has played a role so far.

您好，早安。謝謝你的提問。這是Gui。就稅收抵免而言，金額將只有個位數。所以比你提到的5600萬雷亞爾少。至於──抱歉，第二個問題是什麼來著，關於關稅。本季關稅收入為 1,700 萬美元，年初至今累計關稅收入為 2,700 萬美元。我們在第一季業績公佈後曾提到，我們預計全年營收將在 6,200 萬美元至 6,500 萬美元之間。這意味著我們還有大約 3500 萬美元到 3800 萬美元需要償還，但公司一直在努力減少風險敞口，我們希望今年年底能夠低於我們之前提到的金額。沒錯，庫存週期到目前為止確實發揮了作用。

Just to complement, this one-off is the second question you are getting about the same issue is a normal business as usual. We have temporary importation -- when we have changes in the supply chain here, we get the credit. There's nothing that is something special. It's just part of the daily life here. Just that you guys don't believe is something extraordinary.

補充一點，這是你收到的關於同一問題的第二個問題，屬於正常業務範疇。我們有臨時進口政策—當本地供應鏈發生變化時，我們會獲得信貸。沒有什麼特別之處。這只是這裡日常生活的一部分。你們竟然不相信，這真是不可思議。

Very clear. Thank you.

非常清楚。謝謝。

Gabriel Rezende, Itau BBA

Gabriel Rezende，伊塔烏工商管理學士

Hi, good morning. I would like to make -- just to touch on the company's guidance, especially on the profitability side. Just wondering how relevant could be the supply chain risks for the fourth quarter as well as the impact from US tariffs that made the company choose to not revise its guidance upwards, especially considering that you have already delivered in the year-to-date figure, this very high EBIT margin, which is already above what you're expecting for the full year.

您好，早安。我想就公司業績指引，特別是獲利能力方面，談談我的看法。我想知道供應鏈風險對第四季的影響有多大，以及美國關稅的影響導致公司選擇不上調業績指引，尤其考慮到你們今年迄今為止的息稅前利潤率已經非常高，高於你們對全年的預期。

So just trying to understand which one of these effects to be more relevant, either the potential delays on deliveries due to supply chain issues or the US tariffs impact for the fourth quarter? Thank you.

所以，我只是想弄清楚，究竟是供應鏈問題導致的交貨延遲更為重要，還是美國關稅對第四季的影響更重要？謝謝。

Gabriel, I will answer half of the question, and then Antonio will complement the answer. Well, regarding the supply chain, I mean, the risk for the supply chain in 2025, I mean, is over. I mean we have all the parts we need to assemble the aircraft.

加布里埃爾，我先回答一半的問題，然後安東尼奧再補充剩下的部分。至於供應鏈方面，我的意思是，到 2025 年，供應鏈面臨的風險已經結束了。我的意思是，我們已經有了組裝飛機所需的所有零件。

Now it's up to us to assemble the aircraft, but we have a concentration of aircraft to be delivered in the next two months. That's why we decided to keep the guidance as it is. Again, no risk of with supply chain at this point of time. Now we are working hard to make sure we have a better 2026 in terms of production stability, production level than it was in 2025.

現在輪到我們組裝飛機了，但我們有一批飛機將在未來兩個月內交付。所以我們決定維持現有指導方針不變。再次強調，目前供應鏈方面並無任何風險。現在我們正在努力確保 2026 年的生產穩定性、生產水準比 2025 年更好。

About the EBIT, Antonio, do you want to comment?

安東尼奧，關於息稅前利潤（EBIT），你有什麼要補充的嗎？

Just to complement what Francisco is saying, assuming that we will be able to get the aircraft out of the door, I would say we look more from the high end than for the lower end, I would say. As I mentioned in my first comments, we calculated the risk. You could take 0.3% EBIT margin comparing with the 8.6% we have in the last nine months.

為了補充弗朗西斯科的說法，假設我們能夠把飛機交付出去，我想說，我們更多是從高端市場而不是低端市場著眼。正如我在第一條評論中提到的，我們已經計算過風險。你可以接受 0.3% 的 EBIT 利潤率，而過去九個月我們的 EBIT 利潤率為 8.6%。

If everything goes well, I would say there's nothing that goes against that we may be able to even surpass the high end of the margin. But we need to deliver. There's a lot of aircraft to be delivered to end of December just because of it.

如果一切順利，我認為沒有任何跡象表明我們甚至有可能超過利潤率的上限。但我們必須兌現承諾。正因如此，到12月底前需要交付大量的飛機。

And please do not forget our guidance was not contemplated the tariffs. It seems to be conservative, but we were able to offset the guidance. We are still there. And more or less, I would say, looking for the high end and the lower end, I would say, is a remarkable achievement for our company here.

請記住，我們的指導意見並未考慮關稅問題。雖然看起來比較保守，但我們還是能夠抵銷這項指導意見的影響。我們還在那裡。總的來說，我認為，我們公司能夠同時兼顧高端和低端市場，這本身就是一項了不起的成就。

Yes, definitely. Well noted, Antonio. Thanks, Francisco, as well.

是的，當然。好的，安東尼奧。謝謝你，弗朗西斯科。

Lucas Laghi, XP Investments.

Lucas Laghi，XP Investments。

Good morning, everyone. Thank you for taking my question. I would like to focus on the Services division. I mean we have been seeing this increasing profile of agnostic revenues and acceleration of GTF engines contracts on OGMA. I guess you guys were very clear during the Investor Day on the potential for this top line pocket that you guys are aiming.

各位早安。感謝您回答我的問題。我想重點介紹服務部門。我的意思是，我們已經看到 OGMA 上非特定收入的成長以及 GTF 引擎合約的加速成長。我想你們在投資者日上已經非常明確地闡述了你們所追求的營收成長潛力。

But could you please elaborate on the profitability profile of this division going forward? I mean should the margins be lower or higher considering this shift in top line new profile towards this agnostic revenues? Just getting to know, I mean, a bit more about profitability given this new profile of revenues?

但您能否詳細說明一下該部門未來的獲利狀況？我的意思是，考慮到營收結構向這種不以獲利為導向的新模式轉變，利潤率應該降低還是提高？我只是想多了解一下，在這種新的收入結構下，獲利能力方面的情況？

And thinking specifically on the third quarter, I mean, we saw this decline on EBIT margin on Services. We know it's hard to -- I mean, to get all the factors on a quarter-on-quarter basis. But was this related to this different revenue stream, I mean, that you're seeing with this increase in revenues from other sources? Or was it a matter of conjunctural factors as you highlighted in the release, just to clarify on profitability here as well. Thank you very much.

具體到第三季度，我們看到服務業的息稅前利潤率下降。我們知道，要逐季度地了解所有因素是很困難的。但這是否與您看到的來自其他來源的收入成長有關？或者，正如您在新聞稿中強調的那樣，這是否是偶然因素造成的？也請您就獲利能力問題進行澄清。非常感謝。

Lucas, thanks for the question, Antonio speaking here. I'm going to answer the Q3, and then Francisco is going to complement the long-term view for the margin. What has happened on the Service, we have some bad guys throughout the year, especially also in Q3, means if you delay parts to the customer having to pay -- giving credit or paid peanuts.

盧卡斯，謝謝你的提問，我是安東尼奧。我將回答第三個問題，然後弗朗西斯科將補充對利潤率的長期展望。服務方面發生的事情是，我們全年都遇到了一些壞人，尤其是在第三季度，這意味著如果你延遲向客戶交付零件，客戶就必須付款——要么提供信用額度，要么只支付一點點錢。

And then we get the, I would say, liquidate damage from suppliers in Q4. It's just, in my opinion, a time lapse from bad guys to good guys, I would say, we should be fine with the normally 14%, 15% EBIT margin for Services for this year, I would say, around 15%. It's just, I would say, a timing window here between Q3 and Q4.

然後，我認為，我們在第四季會收到供應商的違約賠償。在我看來，這只是從壞人到好人的一個時間差。我認為，今年服務業的息稅前利潤率應該在 14% 到 15% 左右，我們應該沒問題。我認為，這只是第三季和第四季之間的一個時間窗口。

And for the future, Lucas, we -- the Services and Support is one of our most important growth drivers in the organization. That's why we have been investing a lot I mean, last year, we duplicated our structure to support our business jet in the US. This means more service at Embraer MROs, more revenues, more profit.

盧卡斯，展望未來，我們－服務和支援部門是我們組織中最重要的成長驅動力之一。這就是為什麼我們投入了大量資金的原因。我的意思是，去年，我們複製了我們的結構，以支持我們在美國的公務機。這意味著巴西航空工業公司MRO（維修、修理和大修）業務將獲得更多服務，收入將增加，利潤也將更高。

And now we are doing the same with commercial jets with this project in Dallas, Texas. So again, we expect an important growth in terms of revenues and profitability in the next five years from our Services and Support division.

現在，我們正在德克薩斯州達拉斯市的這個計畫中，對商用噴射機做同樣的事情。因此，我們預計未來五年內，我們的服務與支援部門在收入和獲利能力方面將顯著成長。

Great. Thank you very much, guys. Have a nice day.

偉大的。非常感謝各位。祝你今天過得愉快。

Thanks, Lucas. You too.

謝謝你，盧卡斯。你也是。

Alberto Valerio, UBS.

Alberto Valerio，瑞銀集團。

Good morning, Francisco and thank you for taking my questions. I focus on the bottom line, just to see some recurring and nonrecurring items going forward. Financial expenses come a little bit above what we were expecting.

早安，弗朗西斯科，感謝您回答我的問題。我主要專注於最終結果，只是想看看未來有哪些經常性和非經常性項目。財務支出略高於我們的預期。

Wondering whether the offer of EV is inside that I saw on the cash flows, that's $12.6 million. And another one is about the noncontrolling interest, also come a little bit higher than we were expecting. Just to know the recurring of this $12.2 million on noncontrolled interest.

我想知道 EV 的報價是否包含在現金流中，那是 1260 萬美元。還有一點是關於少數股東權益的，也比我們預期的要高一些。只是想了解這1,220萬美元的非控制權益的經常性支出。

Thank you very much.

非常感謝。

Good morning, Alberto. This is Antonio speaking here. For the net financial result, it's very simple. When the share price goes up, you have mark-to-market obligation to our long-term incentive, then we have a hit in the net financial results because the interest we are paying and the interest we are earning, I would say, $50 million. I would say it's a big hit is because of it.

早安，阿爾貝托。我是安東尼奧，現在正在講話。從淨財務結果來看，這很簡單。當股價上漲時，我們長期激勵計劃的市值計價義務就會受到影響，因為我們支付的利息和我們賺取的利息，我認為，會造成淨財務業績的損失，約為 5000 萬美元。我認為它大獲成功正是因為這個原因。

And noncontrolling interest, let me have a look here. It's just that Eve was in the mark-to-market in Q3 was positive. That's why it generate a positive impact for the other shareholders just because of it. But again, it's a temporary advantage because probably Eve is going to be more valuable in Q4 than Q3 that this credit is going to be reverted. I hope to be able to answer you.

至於少數股東權益，讓我來看看。只是 Eve 在第三季的市值表現為正。正因如此，它才會對其他股東產生正面影響。但同樣，這只是暫時的優勢，因為 Eve 在第四季度的價值可能會比第三季更高，所以這項獎勵將會被取消。我希望能回答您的問題。

Very clear. Thank you very much, Antonio.

非常清楚。非常感謝你，安東尼奧。

Thank you.

謝謝。

Our next question comes from the chat and it's from Cenk Orcan. Thanks for the presentation. Can you provide some color on expected US tariff impact on coming quarters? Thanks.

我們的下一個問題來自聊天室，提問者是 Cenk Orcan。謝謝你的演講。能否詳細說明一下美國關稅預計對未來幾季的影響？謝謝。

Cenk, good morning and thanks for the question. We originally guided for about $60 million to $65 million of US import tariffs for the full year. And as I mentioned, year-to-date, we have already recognized about $27 million of those.

Cenk，早安，謝謝你的提問。我們最初預計全年美國進口關稅約為 6000 萬美元至 6500 萬美元。正如我之前提到的，今年到目前為止，我們已經確認了其中約 2700 萬美元。

So we should -- based on the original guidance, we do have about $35 million left in Q4. But it's important that the company has been working hard to reduce that -- the size of that potential bill through different initiatives, and we do expect it to be lower. So let's see when we publish our full year numbers, what's the actual total.

所以，根據最初的預期，我們在第四季還剩下大約 3500 萬美元。但重要的是，該公司一直在努力透過各種措施來降低潛在的帳單金額，我們預計最終金額會更低。那麼，讓我們看看當我們公佈全年數據時，實際總數是多少。

This concludes the question-and-answer session for equity research analysts and investors. Now we'll start the Q&A session to the press. First, we'll be answering questions in English, and then we'll be answering questions in Portuguese. We'll also answer questions and the questions sent via the platform chat. (Operator Instructions)

本次股票研究分析師與投資人問答環節到此結束。現在我們將開始媒體問答環節。首先，我們將用英語回答問題，然後再用葡萄牙語回答問題。我們也會回答問題以及透過平台聊天發送的問題。（操作說明）

The first question comes from Nelson (inaudible) I'm sorry, just one second because this question is in Portuguese. The next question comes from -- the first question is in Portuguese. I'm sorry, everyone. There is no answers in English. So we'll be answering the Portuguese questions for now.

第一個問題來自納爾遜（聽不清楚）。抱歉，請稍等片刻，因為這個問題是用葡萄牙語提出的。下一個問題來自——第一個問題是葡萄牙語的。對不起，各位。沒有英文答案。所以我們現在先回答葡萄牙語的問題。

(interpreted) The first question comes from Nelson from India. How is the campaign for KC-390 in India? The recent visit of Brazilian VP, did you make any advancements in the negotiation? What is the scope with the Mahindra Group? India focuses on local production. Would it be with parts produced in Brazil or fully produced with Indian products?

（翻譯）第一個問題來自印度的納爾遜。KC-390在印度的推廣活動進度如何？巴西副總統最近來訪，你們在談判方面有任何進展嗎？與馬恆達集團的合作範圍是什麼？印度注重本地化生產。是採用巴西生產的零件，還是完全採用印度產品生產？

(interpreted) Thank you very much for your question. The India project is moving forward very well. It is moving forward on our side and on the Indian side. The inauguration of Embraer's office two weeks ago in New Delhi was an important landmark for the company. And truth be told, we also counted with the presence of Vice President of Brazil, Geraldo Alckmin, Ministry of Defense, the commander of the Brazilian Air Force. Therefore, we are very well positioned. And we believe that KC-390 it's an excellent solution to India's Air Force.

（翻譯）非常感謝您的提問。印度專案進展非常順利。這項計劃在我們這邊和印度那邊都在前進。兩週前，巴西航空工業公司在新德里設立辦事處，這對該公司來說是一個重要的里程碑。說實話，巴西副總統傑拉爾多·阿爾克明、國防部長、巴西空軍司令也出席了會議。因此，我們處於非常有利的地位。我們相信KC-390是印度空軍的絕佳解決方案。

Our partnership with Mahindra includes marketing, also marketing and sales support. And we are also present on the industrial side of the deal. This project of the middle aircraft transportation requires a 50% local origination of the parts, the production of the parts -- many of the parts will still be produced in Brazil, and there will be also parts from our suppliers being a vast majority either produced in India or sent to India where the final assemble of the aircraft will be conducted.

我們與 Mahindra 的合作包括行銷以及行銷和銷售支援。我們也參與了此次交易的工業部分。這個中型飛機運輸專案要求零件50%在本地採購，零件的生產——許多零件仍將在巴西生產，此外還有來自我們供應商的零件，其中絕大多數要么在印度生產，要么運往印度進行飛機的最終組裝。

The final localization part is not yet concluded. We are working on it, but it will be a collaboration between Brazil and India. All in all, it will be a win-win for both countries with this new business. And it's a business that for KC-390 is huge. It's a similar number of aircraft, very similar to our total production so far.

最終的本地化部分尚未完成。我們正在努力，但這將是巴西和印度之間的合作。總而言之，這項新業務對兩國來說將是雙贏的。對於 KC-390 來說，這是一項龐大的業務。飛機數量相近，與我們迄今為止的總產量非常接近。

(interpreted) Second question. Our next question is from [Chandu Alves] with Oval Newspaper. Dear Francisco Gomes Neto, how is the negotiation with the US government for the removal of the 10% tariff on planes? Does that harms Embraer?

（翻譯）第二個問題。下一個問題來自《橢圓報》的[Chandu Alves]。尊敬的弗朗西斯科·戈麥斯·內托先生，您與美國政府就取消飛機10%關稅進行的談判進展如何？這會損害巴西航空工業公司的利益嗎？

(interpreted) Thank you for the question. The negotiation is between both governments. Embraer does not have direct participation in the negotiation. It's between both governments. But I would say that things are moving quite well. I think you just saw that President Lula met with President Trump in Kuala Lumpur a week ago. That was a very important step towards the negotiation process. And the process -- the negotiation of the process is moving forward. We are very optimistic about it.

（翻譯）謝謝你的提問。談判是在兩國政府之間進行的。巴西航空工業公司並未直接參與談判。這是兩國政府之間的事。但我認為事情進展得相當順利。我想你們剛才也看到了，盧拉總統一週前在吉隆坡會見了川普總統。這是談判進程中非常重要的一步。談判進程正在推進。我們對此非常樂觀。

So once a bilateral agreement is met between both countries, the chances of the aircraft and its parts resume its zero tariff. Chances are very good. And this has also happened with other bilateral agreements with the UK, I mean, Europe, Japan and Indonesia, where in all cases, the aircraft that needs parts went back to zero tariff.

因此，一旦兩國達成雙邊協議，飛機及其零件就有可能恢復零關稅。可能性很大。這種情況也發生在與英國、歐洲、日本和印尼的其他雙邊協議中，在所有這些情況下，需要零件的飛機都恢復了零關稅。

And yes, the second part, it is harmful in two ways. One is the parts that Embraer sends to the US for the assemble of executive aircraft that is being impacted by tariff payments, and this increases our expenses because the product becomes more expensive. And in the case in commercial aircraft, it penalizes the aircraft because it becomes more expensive with the tariffs. And this can probably may jeopardize the fact that airline companies may not even place further orders.

是的，第二部分在兩方面都有害。一是巴西航空工業公司向美國出口用於組裝公務機的零件受到關稅的影響，這導致產品價格上漲，從而增加了我們的支出。而對商用飛機來說，關稅會使飛機價格上漲，進而對飛機造成懲罰。而這很可能會危及航空公司甚至不再下訂單的情況。

I just have a brief announcement to English speakers. (Operator Instructions) Next question from Mr. [Nascimento].

我這裡有個簡短的通知要告訴英文使用者。（操作說明）先生的下一個問題：[納西門托]

(interpreted) Hello Francisco. Good morning. Can you hear me?

（翻譯）你好，弗朗西斯科。早安.你聽得到我嗎？

Yes, loud and clear. You can go ahead.

是的，非常清楚。你可以繼續。

(interpreted) At the beginning of your remarks, you said that Embraer is envisioning a more ambitious expansion. How do you envision this expansion? Can you give us some details, please?

（翻譯）您在發言開始時提到，巴西航空工業公司正在設想一個更雄心勃勃的擴張計劃。您如何設想這種擴張？請問您能提供一些詳細資訊嗎？

(interpreted) Okay. I understand that you were referring to a future expansion, right? Okay. Currently, our product portfolio is very modern and competitive. And we can notice that if you look at our order backlog because it's close to $31 billion, and there are still $50 billion under construction.

（翻譯）好的。我明白您指的是未來的擴張計劃，對嗎？好的。目前，我們的產品組合非常先進且具有競爭力。我們可以看到，從我們的訂單積壓情況來看，訂單積壓額接近 310 億美元，而且還有 500 億美元正在建設中。

And we continue to focus on the sale of these products. And with this backlog, we expect a very significant growth of the company in the next five years. We are thinking beyond five years and even 10 years. Therefore, now we are investing in new technologies, important investments in new technologies because Embraer needs to be prepared for a future growth cycle based on new products or new aircraft. It could be aircraft for Executive Aviation, Commercial or Defense aircraft.

我們將繼續專注於這些產品的銷售。憑藉這些積壓訂單，我們預計公司在未來五年內將實現非常顯著的成長。我們考慮的是五年以上，甚至是十年以上的事。因此，我們現在正在投資新技術，對新技術進行重要的投資，因為巴西航空工業公司需要為基於新產品或新飛機的未來成長週期做好準備。它可以是公務航空飛機、商用飛機或國防飛機。

So this is our short- and long-term view. This is the expansion that I mentioned during my remarks. New products and also future opportunities for further growth of the company going forward. These new products could refer to Commercial Aviation, meaning larger planes than E195-E2. It could be larger or smaller. We are also looking at new technologies with electric propulsion. It could be a hybrid one for midsized aircraft. I mean, we do not define yet what would be our production line. We are investing in new technologies because it's important that we are prepared to make that decision when the time comes.

這就是我們的短期和長期展望。這就是我在發言中提到的擴建項目。新產品以及公司未來進一步發展的機會。這些新產品可能指的是商用航空，也就是比 E195-E2 更大的飛機。它可能更大，也可能更小。我們也正在研究採用電力推進的新技術。它可能是中型飛機的混合動力系統。我的意思是，我們還沒有確定我們的生產線是什麼樣的。我們投資新技術是因為我們必須做好準備，以便在時機成熟時做出正確的決定。

And about KC-390 or the C-316 Millennium with India. From my understanding, Embraer thinks that this business is a given, right? No. No. This is a very tough competition. We are competing with a US aircraft, an American aircraft, well consolidated in the market. We are also competing with the French aircraft, but we believe that our aircraft are very well positioned for that kind of application. But from there until signing the agreement, there is a large avenue.

還有關於印度的 KC-390 或 C-316 千禧運輸機。據我了解，巴西航空工業公司認為這項業務是理所當然的，對嗎？不。不。這是一場競爭非常激烈的比賽。我們正在與美國飛機競爭，美國飛機在市場上佔據著穩固的地位。我們也與法國飛機競爭，但我們相信我們的飛機非常適合這種應用。但從那時到簽署協議之間，還有很長的路要走。

(interpreted) I mean just my last question. Maybe you will tell me that I should participate in Eve's conference call. But in terms of the actual flight test with the flying aircraft, will the test be conducted in Brazil?

（翻譯）我指的是我最後一個問題。或許你會告訴我，我應該參加伊芙的電話會議。但就實際的飛行測試而言，測試將在巴西進行嗎？

(interpreted) Yes, they are occurring in Brazil. So we hope that Eve's first flight should occur late this year or early next year. And so we are working very hard in the development of the product, which we believe to be very important for Embraer in the future. But if you need more details, you should just join Eve's conference call, which will follow ours. But the tests are being conducted in our plant in Gavião Peixoto.

（翻譯）是的，它們正在巴西發生。因此，我們希望伊芙的首次飛行能在今年年底或明年年初進行。因此，我們正在努力研發該產品，我們相信該產品對巴西航空工業公司的未來發展非常重要。但如果您需要更多詳細信息，請參加 Eve 的電話會議，會議將在我們的會議之後舉行。但這些測試是在我們位於加維昂佩索託的工廠進行的。

Thank you very much. Now, our next question will be in English. Let me just give a brief announcement to Portuguese speakers. (Operator Instructions)

非常感謝。接下來，我們的下一個問題將用英語提出。讓我向葡萄牙語使用者做一個簡單的宣布。（操作說明）

Jonathan Hemmerdinger.

喬納森·赫默丁格。

Can you hear me? I just want to touch on, Francisco, you mentioned new commercial products. And you've talked about some of this before, but I also heard you mention potential larger aircraft than the 195. Would you be willing to give any sort of updated time line on when you might expect to make a decision on what comes next on the commercial side? And if so, what is that time line?

你聽得到我嗎？弗朗西斯科，我只想簡單提一下，你剛才提到了新的商業產品。你之前也談過這方面的一些內容，但我還聽說你提到過比 195 更大的飛機。您能否提供一份最新的時間表，說明您預計何時能就下一步的商業計劃做出決定？如果屬實，時間線是怎樣的？

Actually, John, this is the most frequent question I had in the past year. But again, I mean, the answer remains the same. We keep investing in new technologies. I mean we want to be -- to have our, let's say, technology readiness for -- to go for a new product that might be executive aircraft or commercial aircraft bigger or smaller, but we don't have a time line definition at this point of time.

約翰，實際上，這是我過去一年被問到最多的問題。但話說回來，答案依然不變。我們持續投資新技術。我的意思是，我們希望——比如說，在技術上做好準備——推出新產品，可能是公務機或更大或更小的商用飛機，但目前我們還沒有具體的時間表。

Yes. Fair enough. If I can follow that up with a question about the US government shutdown. Has that affected any of the FAA work that you're doing, the certification work with Eve, any of the airworthiness ticketing for the aircraft, the E2s or the E1s for that matter? And any -- has it affected any discussions about tariffs? Are these things delayed because of the shutdown?

是的。很公平。我可以接著問一個關於美國政府停擺的問題嗎？這是否對您正在進行的 FAA 工作、與 Eve 的認證工作、飛機適航證（包括 E2 和 E1）的任何工作產生了影響？那麼，這是否對關稅方面的討論產生了任何影響？這些事情是因為停工而延誤的嗎？

No, no, no, John. I mean, again, I mean, in terms of certification work, we continue working very closely with ANAC in Brazil and also with the contacts with the FAA. And the tariffs, I mean, I don't see any issue because of the shutdown affecting the tariff negotiation between Brazil and the US.

不，不，不，約翰。我的意思是，再說一遍，我的意思是，就認證工作而言，我們繼續與巴西國家民航局 (ANAC) 以及美國聯邦航空管理局 (FAA) 保持密切合作。至於關稅問題，我認為政府停擺不會影響巴西和美國之間的關稅談判。

Thanks for taking my question.

謝謝您回答我的問題。

Thanks, John.

謝謝你，約翰。

[Chidozie Zozi]

[Chidozie Zozi]

Hello. Good afternoon, everyone. My name is Chidozie. I'm coming from Lagos, Nigeria. I have an African question. Africa is under privileged. So from what you said, Embraer is in a highly positive phase of operation this year. With that having been said, does Embraer have any plan to increase its commitment to build capacity in Africa?

你好。大家下午好。我的名字叫奇多齊。我來自奈及利亞的拉各斯。我有一個關於非洲的問題。非洲處於弱勢地位。根據你剛才所說，巴西航空工業公司今年的營運狀況非常樂觀。綜上所述，巴西航空工業公司是否有計畫加大在非洲的產能建設投入？

Thanks for the question. Africa is a very important market for Embraer, a very important region. We have many aircraft in operation in the continent. And more recently, we delivered aircraft for Air Link, South Africa, the E2, but we have many customers operating aircraft in Africa. So again, we will continue to invest in that region, I mean, to introduce more and more Embraer aircraft and Embraer services in the continent.

謝謝你的提問。非洲是巴西航空工業公司（Embraer）非常重要的市場，也是一個非常重要的地區。我們在非洲大陸運作許多飛機。最近，我們向南非航空連結公司交付了 E2 型飛機，但我們在非洲有許多客戶運營飛機。所以，我們將繼續在該地區進行投資，我的意思是，在非洲大陸引進越來越多的巴西航空工業公司飛機和巴西航空工業公司服務。

So is there any plan to increase the commitment to build capacity in Africa?

那麼，是否有任何計劃加大對非洲能力建設的投入？

In terms of services, yes, as much as we deliver more aircraft, then we need more service and support depending on the region. But today, we already have a good structure, service structure to support our aircraft in operation in the continent.

就服務而言，是的，隨著我們交付的飛機越來越多，我們也需要根據不同地區提供更多的服務和支援。但如今，我們已經擁有良好的組織架構和服務體系，足以支援我們在歐洲大陸的飛機運作。

Thank you, Francisco.

謝謝你，弗朗西斯科。

Thank you, Chidozie.

謝謝你，Chidozie。

The next question comes from the chat, and it's from Edgardo [Canizal Mussel] from Aviation Line. Is there any update regarding the suspension of the development of the new Embraer turboprop? How long can this program realistically remain paused before its initial design assumptions and market analysis become obsolete? And he's got also a question number 2, but if you'd like to answer this one first, please go ahead.

下一個問題來自聊天室，提問者是 Aviation Line 的 Edgardo [Canizal Mussel]。關於暫停研發新型巴西航空工業公司渦輪螺旋槳飛機一事，目前有任何最新進展嗎？這個專案究竟可以暫停多久，才不至於讓其最初的設計假設和市場分析過時？他還有第二個問題，但如果您想先回答這個問題，請繼續。

Sure. Thanks for the question. Well, the turboprop project or initiative has been canceled by us. I mean, we don't have at this point of time any project or initiative in that direction anymore. It might change in the future, but at this point of time, the project has -- it's not on hold, it has been canceled. What is on hold is the E175-E2. That one is on hold because of the scope clause in the US.

當然。謝謝你的提問。嗯，我們已經取消了渦輪螺旋槳項目或計劃。我的意思是，目前我們沒有任何朝這個方向發展的專案或計畫了。未來情況可能會有所改變，但就目前而言，該項目不是暫停，而是取消了。目前暫停的是E175-E2項目。由於美國的管轄範圍條款，該項目目前處於擱置狀態。

So we are following the scope clause. If any change happens, then we will consider to restore the work on the 175-E2. But again, turboprop has been -- project has been canceled.

所以，我們遵循的是範圍條款。如果情況有任何變化，我們將考慮恢復 175-E2 的工作。但是，渦輪螺旋槳飛機計畫再次被取消了。

Thank you very much, sir. His second question is, I would like to know if there have been any updates regarding the Aerolíneas Argentinas order for the E195-E2 aircraft, which was put on hold after the change of government.

非常感謝您，先生。他的第二個問題是，阿根廷航空公司訂購 E195-E2 飛機的訂單在政府更迭後被擱置，目前是否有任何最新進展。

No, no change, no updates. We hope that one day, they will come back and to consider that program that is a natural replacement of the old E190 E1s by the E2 family. At this point of time, we don't have any update on that sales campaign.

不，沒有變化，沒有更新。我們希望有一天，他們會回來考慮這個項目，該項目是E2系列飛機自然取代舊款E190 E1系列飛機的方案。目前，我們還沒有關於該銷售活動的任何最新消息。

Thank you very much, sir. Thank you, everyone, for participating. This has concluded the Q&A session of the Embraer conference. (spoken in Portuguese)

非常感謝您，先生。謝謝大家的參與。巴西航空工業公司大會的問答環節到此結束。（葡萄牙語）

We have now concluded the Embraer's conference call. Thank you.

巴西航空工業公司的電話會議到此結束。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。