Embraer SA (ERJ) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thanks for standing by.

早安，女士們先生們，感謝您的支持。

This conference call will be conducted in English, but please let me say a short announcement for Portuguese speakers.

本次電話會議將以英語進行，但請允許我向葡萄牙語使用者說一個簡短的聲明。

(spoken in Portuguese) My name is Guilherme Paiva, and I'm the Head of Investor Relations for Embraer.

（以葡萄牙語發言） 我叫 Guilherme Paiva，是巴西航空工業公司投資人關係主管。

I want to welcome you to our first quarter of 2024 earnings conference call.

歡迎您參加我們的 2024 年第一季財報電話會議。

The numbers in this presentation contain non-GAAP financial information to facilitate investors to reconcile Eve's financial information in GAAP standards to Embraer's IFRS.

本簡報中的數字包含非 GAAP 財務訊息，以方便投資者將 Eve 的 GAAP 標準中的財務資訊與巴西航空工業公司的 IFRS 進行協調。

We remind you that Eve's results will be discussed at our Eve's conference call today at 9:30 AM New York time.

我們提醒您，紐約時間今天上午 9:30 我們將在 Eve 電話會議上討論 Eve 的結果。

It is important to mention that all numbers are presented in US dollars as it is our functional currency.

值得一提的是，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's expectations and financial market trends.

本次電話會議可能包括基於巴西航空工業公司的預期和金融市場趨勢的有關未來事件的聲明。

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

此類陳述存在不確定性，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 the applicable rules, the company assumes no obligation to publicly update any forward-looking statements.

除根據適用規則外，本公司不承擔公開更新任何前瞻性聲明的義務。

For detailed financial information, the company encourages reviewing publications filed by the company with the Brazilian Comissao de Valores Mobiliarios or CVM.

如需詳細的財務信息，該公司鼓勵查看公司向巴西 Comissao de Valores Mobiliarios 或 CVM 提交的出版物。

(Event Instructions) As a reminder, this conference call is being recorded.

（活動說明）溫馨提示，本次電話會議正在錄音中。

Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer; Antonio Carlos Garcia, Chief Financial Officer; Luiz Herrisson, Corporate Communications Director; and myself.

今天電話會議的參與者包括巴西航空工業公司總裁兼執行長 Francisco Gomes Neto；安東尼奧·卡洛斯·加西亞，財務長； Luiz Herrisson，企業傳播總監；和我自己。

This conference call will have three parts.

本次電話會議將分為三個部分。

In the first part, top management will present the company's Q1 results.

第一部分，高階主管將介紹公司第一季的業績。

In the second part, we will host a Q&A session only for investors.

第二部分，我們將專門為投資人舉辦問答環節。

And last but definitely not least, we will host a Q&A session only for the press.

最後但同樣重要的一點是，我們將專門為媒體舉辦問答環節。

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

我很高興現在將電話會議交給我們的總裁兼執行長弗朗西斯科·戈麥斯。

Please go ahead, Francisco.

請繼續，弗朗西斯科。

Good morning, and good afternoon to all.

各位早安，下午好。

Thank you, and welcome to Embraer's first-quarter 2024 results conference call.

謝謝，歡迎參加巴西航空工業公司 2024 年第一季業績電話會議。

Our commercial activity in 2024 continues to be strong in all business units as we see solid demand in the company's main markets.

由於我們看到公司主要市場的需求強勁，2024 年我們所有業務部門的商業活動將持續強勁。

Historically, Q1 is seasonally our weakest quarter.

從歷史上看，第一季是我們季節性最弱的季度。

However, in 2024, our revenues were up 25% compared to a year ago, and our deliveries increased 67% helped by our production leveling initiatives.

然而，到 2024 年，在我們的生產均衡計畫的幫助下，我們的收入比一年前成長了 25%，交付量增加了 67%。

Speaking of production leveling, we expect further improvement as the year progresses and more importantly in 2025.

說到生產均衡化，我們預計隨著時間的推移，尤其是 2025 年，產量將進一步改善。

These operational changes should help the company to increase efficiency, productivity, and post better financial results next year and years ahead.

這些營運變革應有助於公司提高效率和生產力，並在明年和未來幾年內公佈更好的財務表現。

Our backlog reached $21.1 billion, which is the highest level over the past seven years.

我們的積壓訂單達到 211 億美元，這是過去七年來的最高水準。

In commercial aviation, American Airlines placed an order in March of 90 E175s with 43 additional purchase rights.

在商業航空領域，美國航空於 3 月訂購了 90 架 E175，並擁有 43 架額外購買權。

The news demonstrated the still strong potential of this aircraft model in the US market.

這項消息顯示該機型在美國市場仍有強勁潛力。

Speaking of potential, we currently have concrete sales campaigns for more than 200 aircraft across the world for both our E1 and E2 jet families and also more concrete sales opportunities for our defense aircraft.

說到潛力，我們目前在全球範圍內為我們的 E1 和 E2 噴射機系列的 200 多架飛機開展了具體的銷售活動，並且還為我們的國防飛機提供了更多具體的銷售機會。

We also kept the good momentum in executive aviation with strong sales across all our aircraft.

我們也保持了公務航空領域的良好勢頭，所有飛機的銷售強勁。

We recorded the highest Q1 in terms of sales, deliveries, and revenues for the division over the past 80 years.

我們第一季的銷售額、交付量和收入創下了該部門過去 80 年來的最高記錄。

Services and support continue to be a pillar of profitability in one of our main growth drivers.

服務和支援仍然是我們主要成長動力之一的獲利支柱。

Its revenues increased 12% in Q1 '24 compared to a year ago.

與去年同期相比，2024 年第一季的營收成長了 12%。

The strong financial results of the company allowed us to reduce our gross debt without Eve by additional $276 million during the quarter, a total reduction of $754 million over the past year.

該公司強勁的財務表現使我們在沒有 Eve 的情況下，在本季將總債務額外減少了 2.76 億美元，比去年總共減少了 7.54 億美元。

Consequently, our gross debt to EBITDA ratio is now below 5 turns.

因此，我們的總債務與 EBITDA 之比現在低於 5 倍。

It is important to mention that when we consider all the risks and opportunities for the company, we feel comfortable and reiterate our 2024 operational and financial guidance.

值得一提的是，當我們考慮到公司的所有風險和機會時，我們感到很放心，並重申了 2024 年的營運和財務指導。

I will now present the operational results by business units in the next few slides.

我現在將在接下來的幾張投影片中以業務部門介紹營運結果。

In commercial aviation, the backlog rose $2.3 billion or plus 26% quarter over quarter and reached $11.1 billion with a book-to-bill ratio above 1 for the whole year.

商用航空方面，積壓訂單季增 23 億美元，增幅超過 26%，達到 111 億美元，全年訂單出貨比超過 1。

The American Airlines order reinforces the capability of our E175 model and more importantly the partnership between both companies.

美國航空的訂單增強了我們 E175 型號的性能，更重要的是增強了兩家公司之間的合作夥伴關係。

Embraer, a leasing company as Évora delivered the second E195-E2 to Royal Jordanian, the first E2 operator in the Middle East.

巴西航空工業公司 (Embraer) 是一家名為 Ávora 的租賃公司，向中東第一家 E2 營運商皇家約旦航空交付了第二架 E195-E2。

In executive aviation, the backlog registered a sequential increase of $300 million and ended Q1 with $4.6 billion or plus 7% quarter over quarter and a strong 2:1 book-to-bill for the quarter.

在公務航空領域，積壓訂單季增了 3 億美元，第一季末訂單量達到 46 億美元，季增 7%，本季訂單出貨比為 2:1。

We recorded our first set of firm orders from NetJets, whose deliveries will begin in 2025.

我們收到了來自 NetJets 的第一批確定訂單，其交付將於 2025 年開始。

In total, NetJets has purchased rights for 250 aircraft over the next 14 years.

NetJets 在未來 14 年內總共購買了 250 架飛機的使用權。

In the defense and security, we hosted the first Embraer Defense Day in the US with a C-390 Millennium and A-29 Super Tucano.

在國防和安全方面，我們使用 C-390 Millennium 和 A-29 Super Tucano 在美國舉辦了第一屆巴西航空工業公司國防日。

The event included a diverse guest list of government authorities, military officials, prospects, and partners.

活動的嘉賓名單多種多樣，包括政府當局、軍事官員、潛在客戶和合作夥伴。

In early 2024, Embraer and Mahindra signed a MOU to jointly pursue the sale of the C-390 Millennium to the Indian Air Force.

2024年初，巴西航空工業公司和馬恆達簽署了一份諒解備忘錄，共同尋求向印度空軍出售C-390 Millennium。

The first Hungarian C-390 successfully completed its maiden flight.

首架匈牙利C-390成功完成首飛。

The aircraft continues to receive international recognition on the back of its remarkable operational performance and capabilities.

該飛機憑藉其卓越的運行性能和能力繼續獲得國際認可。

We should note, the division reported lower year-over-year revenues because of supply chain delays and business seasonality.

我們應該注意到，由於供應鏈延遲和業務季節性，該部門報告的同比收入較低。

In services and support, revenue grew 12% compared to the same period last year with solid double-digit profitability.

在服務和支援方面，營收較去年同期成長 12%，獲利能力穩定兩位數。

The business unit backlog maintained the historical $3.1 billion record reached in Q4 '23, with a 10%-plus EBIT margin.

業務部門積壓訂單維持了 23 年第 4 季創下的 31 億美元的歷史記錄，息稅前利潤率超過 10%。

Another important step for our services division was the induction of the first Pratt & Whitney GTF 1100 engine in OGMA, our MRO in Portugal.

我們服務部門的另一個重要步驟是在我們位於葡萄牙的 MRO OGMA 引進第一台普惠 GTF 1100 引擎。

The ramp up should last four years, and we expect revenues to reach close to $500 million in 2028.

這一成長將持續四年，我們預計 2028 年營收將達到接近 5 億美元。

Last but not least, Eve, our eVTOL business is on track to achieve important milestones in 2024.

最後但並非最不重要的一點是，Eve，我們的 eVTOL 業務預計將在 2024 年實現重要的里程碑。

We have already selected now more than 90% of its component suppliers, and we successfully concluded an Urban Air Traffic Management Trial.

目前我們已經選定了90%以上的零件供應商，並成功完成了城市空中交通管理試點。

The company is on track to accomplish the next development steps, first prototype assembly conclusion, initial tests, and the definition of in-certification basis.

該公司預計將完成下一步的開發步驟、第一個原型組裝結論、初步測試以及認證基礎的定義。

We also began the definition of our eVTOL factory configuration.

我們也開始定義 eVTOL 工廠配置。

All in, we estimate Eve should have a total cash consumption between $130 million and $170 million in 2024.

總而言之，我們估計 2024 年 Eve 的現金消費總額應在 1.3 億至 1.7 億美元之間。

I will now hand it over to Antonio, our CFO, to give you further details about the financial results.

現在我將把它交給我們的財務長安東尼奧，他將向您提供有關財務業績的更多詳細資訊。

And then I will be back with closing remarks.

然後我將發表結束語。

Thank you, Francisco.

謝謝你，弗朗西斯科。

Good morning, and good afternoon to everyone.

大家早安，下午好。

I would like to highlight our operational performance in Q1 despite the historical seasonality.

儘管存在歷史季節性，我想強調我們第一季的營運表現。

Total delivers revenue margins were higher than the same period in 2023, and the company's cash consumption was better than a year ago.

道達爾交付收入利潤率高於2023年同期，公司現金消耗也比一年前好。

Our focus in Q1 was on business and financial efficiency.

我們第一季的重點是業務和財務效率。

We want to lay down important steppingstones to put us in a comfortable position to achieve our full-year guidance even with the ongoing supply chain constraints we continue to deal with.

我們希望奠定重要的基石，使我們能夠處於有利的位置，以實現我們的全年指導，即使我們繼續應對持續的供應鏈限制。

Let's now move to slide 9 in the presentation: Deliveries.

現在讓我們轉到簡報中的幻燈片 9：交付。

Executive aviation delivered 18 jets in Q1 for an increase of 125% versus a year ago and the highest Q1 level of the last eight years.

公務航空第一季交付了 18 架飛機，年增 125%，是過去八年第一季的最高水準。

The light jets segment was 83% higher year over year with 11 Phenoms delivered, while the medium jets were more than triple during the period with 7 Praetors delivered.

輕型噴射機細分市場年增 83%，交付 11 架 Phenom，而中型噴射機同期交付量增加了兩倍以上，交付 7 架 Praetor。

Meanwhile, commercial aviation deliveries were flat at seven aircraft in Q1 compared to the same quarter of 2023 with four E1s and three E2 aircraft.

同時，第一季商業航空交付量持平，為 7 架飛機，而 2023 年同期為 4 架 E1 飛機和 3 架 E2 飛機。

In defense, we should note there were no C-390 deliveries in the first quarter of '24 and '23.

在防守方面，我們應該注意到 2024 年和 23 年第一季沒有 C-390 交付。

We continue to work steadfastly to accomplish our production plan and reach the milestones in our defense and security programs, which includes four C-390 deliveries scheduled for the year.

我們將繼續堅定不移地完成我們的生產計劃，並達到我們的國防和安全計劃的里程碑，其中包括計劃於今年交付四架 C-390。

It is important to mention the company has developed and is currently implementing a production level in plan to mitigate business seasonality.

值得一提的是，該公司已經制定並正在實施計劃中的生產水平，以緩解業務季節性。

The plan should help the company to deliver less volatile financial results throughout the year in the near- to medium-term future.

該計劃應有助於公司在中短期內實現全年財務業績波動較小。

Slide 10, please.

請投影片 10。

The company registered a strong total backlog of $21.1 billion at the end of Q1 for an increase of 13% quarter over quarter and the highest number recorded over the past seven years.

截至第一季末，該公司的積壓訂單總額達 211 億美元，季增 13%，為過去七年來的最高數字。

Looking forward, our current backlog is accretive to our financial projections.

展望未來，我們目前的積壓訂單將增加我們的財務預測。

The backlog for commercial aviation reached more than 380 aircrafts in Q1, and it is valued at $11.1 billion or $2.3 billion higher than the last quarter.

第一季商用航空積壓飛機數量超過380架，價值111億美元，較上季增加23億美元。

Meanwhile, executive aviation ended with a solid $4.6 billion backlog or 7% higher quarter over quarter, helped by the inclusion of the first Praetor 500 firm orders from NetJets.

同時，由於 NetJets 的首批 Praetor 500 確定訂單，公務航空最終積壓了 46 億美元的訂單，環比增長 7%。

We should note NetJets' past order 246 options not included in the current backlog.

我們應該注意到 NetJets 過去訂購的 246 個選項並未包含在目前的積壓訂單中。

The backlog for services and support finished stable at $3.1 billion in Q1, while for defense and security, it decreased marginally by 4% quarter over quarter to $2.4 billion.

第一季度，服務和支援方面的積壓訂單穩定在 31 億美元，而國防和安全的積壓訂單環比小幅下降 4%，至 24 億美元。

Again, we should -- there are 11 C-390 aircraft in three tender offers, one, post contracts that haven't been signed yet.

再說一次，我們應該——三份投標報價中有 11 架 C-390 飛機，其中一份是尚未簽署的後期合約。

And that's included in our backlog.

這包含在我們的積壓工作中。

Moving on to revenues, our top line reached almost $900 million Q1 or $180 million higher year over year for a 25% growth rate.

說到收入，我們第一季的營收達到近 9 億美元，年增 1.8 億美元，成長率為 25%。

If you look at the right chart, service and support represented around 41% revenue in Q1; followed by executive, plus 27%; commercial aviation 22%; and defense at around 9%.

如果您查看正確的圖表，您會發現服務和支援在第一季的收入中佔比約為 41%；其次是高階主管，增加 27%；商用航空 22%；防禦力約9%。

Next slide.

下一張投影片。

We generated $47 million in adjusted EBITDA in Q1 with a 5.2% margin, driven by higher aircrafts delivered compared to the same period of last year and better consolidated gross margin.

第一季度，我們的調整後 EBITDA 為 4,700 萬美元，利潤率為 5.2%，這得益於與去年同期相比交付的飛機數量增加以及綜合毛利率提高。

Meanwhile, adjusted EBIT was $7 million for an adjusted EBIT margin of 0.8%.

同時，調整後息稅前利潤為 700 萬美元，調整後息稅前利潤率為 0.8%。

Reported EBIT for the quarter was negative $4 million or a negative 0.4% margin.

該季度報告的息稅前利潤為負 400 萬美元，即負利潤率 0.4%。

Both figures were better than the first quarter '23, supported by higher volumes, better mix, especially in executive and services and support.

這兩個數字都好於 23 年第一季度，這得益於更高的銷售和更好的組合，特別是在執行、服務和支援方面。

Looking on the right chart, we can see executive aviation and services and support generated positive EBIT during the quarter, while commercial and Defense Presented negative results because of limited volume supply chain delays and more aircrafts in the early stage of assembly.

從右圖來看，我們可以看到公務航空以及服務和支援在本季度產生了正的息稅前利潤，而商業和國防則由於數量有限的供應鏈延遲以及更多飛機處於組裝早期階段而出現了負面結果。

Slide 12, please.

請投影片 12。

In Q1, if we exclude Eve, we had an adjusted free cash flow consumption of $346 million or $53 million better in Q1 '23, driven by customer advanced payments.

在第一季度，如果我們排除 Eve，在客戶預付款的推動下，我們在 23 年第一季的調整後自由現金流消耗為 3.46 億美元，即 5,300 萬美元。

The Q1 cash consumption is basically due to the increase in inventories to support higher deliveries in the upcoming quarters.

第一季現金消耗主要是由於庫存增加，以支持未來幾季更高的交付量。

This cash should be reverted as more deliveries take place throughout the year.

隨著全年交付量的增加，這筆現金應該會被收回。

And we affirm our $220 million or higher guidance for the cash generation in 2024.

我們確認 2024 年現金產生額為 2.2 億美元或更高的指引。

Moving to investment and again, without Eve, $47 million were allocated to research and development, $28 million to CapEx, and a net of $15 million to the pool program in Q1 for a $90 million total compared to $82 million a year ago.

轉向投資，在沒有Eve 的情況下，第一季分配給研發的資金為4700 萬美元，資本支出為2800 萬美元，資金池項目淨額為1500 萬美元，總計9000 萬美元，而一年前為8200 萬美元。

We highlight our capital allocation continues to be focused on segments with higher returns, with projects such as expansion of our production capacity in executive aviation and services and support.

我們強調，我們的資本配置持續專注於回報較高的領域，包括擴大我們在公務航空、服務和支援方面的產能等項目。

Our adjusted net income was negative $13 million for the quarter on a negative 1.4% adjusted margin.

本季調整後淨利為負 1,300 萬美元，調整後利潤率為負 1.4%。

Historically, the first quarter of the year is the weakest because of the business seasonality.

從歷史上看，由於業務季節性，第一季是最弱的。

The positive reported net income is driven by the mark-to-market valuation of the Eve warrants around $30 million.

Eve 認股權證按市值計算的估值約為 3000 萬美元，推動了淨利潤的成長。

Next slide, going to our liability management plan, in first quarter '24, we reduced our gross debt without Eve by $276 million all in during the quarter and by a more sizable $754 million versus a year ago to a total of $2.6 billion.

下一張投影片是我們的負債管理計劃，在24 年第一季度，我們在沒有Eve 的情況下，該季度的總債務減少了2.76 億美元，與一年前相比減少了7.54 億美元，總計26 億美元。

In addition, our net debt declined by $384 million year over year to a total of $1 billion in first quarter '24.

此外，2024 年第一季我們的淨債務總額年減 3.84 億美元，達到 10 億美元。

However, on a sequential basis, our net debt to EBITDA leverage ratio increased 0.4 times to 1.8 times as shown in the top right corner.

然而，從環比來看，我們的淨債務與 EBITDA 槓桿比率增加了 0.4 倍至 1.8 倍，如右上角所示。

This variance is expanded by the seasonality of the business.

這種差異因業務的季節性而擴大。

Our almost $2.4 billion liquidity position allowed us to cover our debt obligation beyond 2030 and leave us in a very comfortable position.

我們近 24 億美元的流動性部位使我們能夠償還 2030 年以後的債務，並使我們處於非常舒適的境地。

With that, I conclude my presentation and hand it back to Francisco for his final remarks.

至此，我結束了我的演講，並將其交還給弗朗西斯科以供他最後發言。

Thank you very much.

非常感謝。

Thank you, Antonio.

謝謝你，安東尼奧。

The Q1 '24 was another step in the right direction, supported by both external factors like some marginal improvements in our supply chain and internal ones like our production leveling initiatives.

24 年第一季是朝著正確方向邁出的又一步，並受到外部因素（例如我們供應鏈的一些邊際改進）和內部因素（例如我們的生產均衡計畫）的支持。

Speaking of production leveling, we recently hosted a conference with our main suppliers to strengthen our partnership and operational plans for '24 and years ahead.

說到生產均衡化，我們最近與我們的主要供應商舉辦了一次會議，以加強我們的合作夥伴關係和 24 年及未來幾年的營運計劃。

We remain optimistic that supply chain disruption should continue to diminish and improve our ability to deliver more aircraft in the next few years.

我們仍然樂觀地認為，供應鏈中斷將繼續減少，並提高我們在未來幾年交付更多飛機的能力。

To finish, I would like to thank you all again for your interest and confidence in our company and a very special shoutout to our friends in Dallas.

最後，我要再次感謝大家對我們公司的興趣和信心，並向我們達拉斯的朋友們表達非常特別的感謝。

We are very grateful for their partnership interest.

我們非常感謝他們對合作夥伴的興趣。

We continue to focus on operational and business efficiency in 2024, having as foundation of our culture, safety first and quality always.

到 2024 年，我們將繼續專注於營運和業務效率，並始終將安全第一和品質作為我們的文化基礎。

Let's now move into the Q&A session of the call.

現在讓我們進入電話問答環節。

(Operator Instructions) (spoken in Portuguese)

（操作員說明）（以葡萄牙語發言）

(Operator Instructions) Cai Von Rumohr, TD Cowen.

（操作員指令）Cai Von Rumohr，TD Cowen。

Hello, Cai?

餵，蔡？

Hi, good morning.

早安.

It's Gabriel Rezende from Itaú actually.

實際上是來自義大利的 Gabriel Rezende。

So one question from our side here.

我們這邊有一個問題。

You have just comment regarding the supply chain issues in the defense business, and they are expecting these issues to improve along the year.

您剛才評論了國防業務中的供應鏈問題，他們預計這些問題將在今年得到改善。

But I was just wondering whether the supply issues that impacted the defense business, the specific components that impacted your performance in the division, have some overlap with the commercial division as well.

但我只是想知道影響國防業務的供應問題、影響該部門績效的特定組件是否也與商業部門有一些重疊。

So if you could provide a little bit more detail on that, it would be great.

因此，如果您能提供更多詳細信息，那就太好了。

Thank you.

謝謝。

Hi Gabriel.

嗨加布里埃爾。

Francisco speaking here.

弗朗西斯科在這裡發言。

Yes, I mean, as I said, we see improvements in the supply chain from -- we saw from '22 to '23, from '23 to '24, but still with challenges in specific components that some are meeting our production in the year.

是的，我的意思是，正如我所說，我們看到了供應鏈的改進——我們從22 年到23 年、從23 年到24 年看到了供應鏈的改進，但在特定組件方面仍然面臨挑戰，有些組件正在滿足我們的生產要求。

And also, because of the delays, they are delivering the parts, but not on time to help us with the production.

而且，由於延誤，他們正在交付零件，但沒有準時幫助我們進行生產。

And then we have to make adjustments in our production schedule that affects our productivity and, in some case, putting risk deliveries as well.

然後我們必須對生產計劃進行調整，這會影響我們的生產力，在某些情況下，還會帶來交付風險。

But we made our plan for this year based on the plans that we discussed a lot with the suppliers.

但我們今年的計劃是根據我們與供應商多次討論的計劃制定的。

So again, we are confident that we'll deliver the aircraft we announced in the guidance in this year on the aircrafts.

因此，我們再次有信心在今年的飛機上交付我們在指南中宣布的飛機。

Francisco, just to complete, Gabriel, for the defense, especially, there is, I would say, not an overlap in regards to the specific parts for the C-390.

弗朗西斯科，加布里埃爾，我要補充一點，特別是在防禦方面，我想說，C-390 的具體部件沒有重疊。

There are different parts or, in some cases, suppliers.

有不同的零件，或在某些情況下有不同的供應商。

And we just have, I would say, a concentration in Q1 with less receiving parts for defense.

我想說，我們只是集中在第一季度，用於防禦的接收部件較少。

And also, the mix of contracts will cause less revenue and impact our margins, especially in Q1.

此外，合約組合將導致收入減少並影響我們的利潤率，尤其是在第一季。

But there is nothing that concerns us for this fiscal year.

但本財年沒有什麼值得我們擔心的事。

That's perfect.

那很完美。

Thank you.

謝謝。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

Thanks.

謝謝。

Good morning.

早安.

Francisco, could you elaborate a little bit on the sales campaigns for the 200 aircraft you mentioned, both E1s and E2s?

Francisco，您能否詳細說明您提到的 200 架飛機（E1 和 E2）的銷售活動？

And I guess a couple of questions, if you could give us some color on.

我想有幾個問題，請您給我們一些建議。

One is the geographic dispersion of those campaigns.

一是這些活動的地理分佈。

And the other is, in the case of the E2s, are these customers looking to fulfill capacity needs that aren't being satisfied by Boeing and Airbus?

另一個問題是，就 E2 而言，這些客戶是否希望滿足波音和空中巴士無法滿足的運能需求？

Do you see that sort of opening emerging?

您看到這種開放的趨勢了嗎？

Or are these more expansion of customers that you would have otherwise anticipated even if Boeing and Airbus had capacity?

或者，即使波音和空中巴士有能力，這些客戶的擴張是否超出了您的預期？

Thanks.

謝謝。

Thanks, Myles, for the questions.

謝謝邁爾斯提出的問題。

We had campaigns in all the regions.

我們在所有地區都開展了活動。

We'll be clear with you.

我們會跟你說清楚的。

I mean all the regions, South America, North America, Europe, and Asia-Pacific, with good opportunities.

我指的是所有地區，南美洲、北美、歐洲和亞太地區，都有很好的機會。

I can't disclose details of ongoing campaigns.

我無法透露正在進行的活動的細節。

But as I said, it's more than 200 potential sales.

但正如我所說，潛在銷量超過 200 份。

And this is a combination of different factors.

這是不同因素的結合。

No, I mean the E2, as we have said, is a perfect solution to complement the operations of bigger narrowbodies.

不，我的意思是，正如我們所說，E2 是補充大型窄體飛機運行的完美解決方案。

So we see now today is the first flight of -- our customer is good in Singapore that they are going to use the E2s to open new routes and to increase the frequency of flights.

所以我們現在看到今天是我們的客戶在新加坡的首個航班，他們將使用 E2 開闢新航線並增加航班頻率。

And we see that in many different regions as well.

我們在許多不同地區也看到了這一點。

So again, we are very -- it's not easy, but we are very optimistic with the potential sales of E2s in 2024.

再說一次，我們非常——這並不容易，但我們對 2024 年 E2 的潛在銷售非常樂觀。

What else Myles, you asked, please?

邁爾斯，你問，還有什麼？

Will you repeat?

你會重複嗎？

Francisco, just more, are you seeing these campaigns build demand because of the lack of supply offered by Boeing and Airbus?

弗朗西斯科，還有，您是否看到這些活動因波音和空中巴士提供的供應不足而增加了需求？

Or is that not a major factor in how these campaigns are playing out?

或者這不是影響這些活動如何進行的主要因素嗎？

Okay.

好的。

Again, as I said, it's a combination of factors.

正如我所說，這是多種因素綜合作用的結果。

And for sure, I mean, the fact that we have -- I mean, slots, production slots available, right, from 2026 onwards, this can help the airlines to add capacity sooner to the air fleets.

當然，我的意思是，我們擁有的事實——我的意思是，從 2026 年開始，我們有可用的航班時刻、生產航班時刻，這可以幫助航空公司更快地增加機隊的運力。

Yeah.

是的。

That's where I was going.

那就是我要去的地方。

It's surprising you still have that availability given the absence of supply.

令人驚訝的是，在供應不足的情況下，您仍然擁有這種可用性。

Just one quick follow-up if I could, the arbitration timing with Boeing, is that still on track for this quarter?

如果可以的話，我只想快速跟進一下，與波音的仲裁時間，本季是否仍在按計劃進行？

Thanks so much.

非常感謝。

Thank you, Myles.

謝謝你，邁爾斯。

Yes, we expect this to end in the first half of this year.

是的，我們預計這將在今年上半年結束。

So we should be close, but it's not in our hands.

所以我們應該很接近，但它不在我們手中。

It's a decision of the tribunal in New York, but we expect this to end no later than the mid of this year.

這是紐約法庭的決定，但我們預計這將最遲在今年年中結束。

Perfect.

完美的。

Thanks again.

再次感謝。

You're welcome.

不客氣。

Cai Von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Hey.

嘿。

Good morning, everyone.

大家，早安。

A couple of quick questions.

幾個簡單的問題。

Can you talk a little bit more just about supply chain in general and where you are seeing constraints still both on commercial and in defense?

您能否多談談一般供應鏈以及您在商業和國防方面仍然存在的限制？

Ron, as we said before, we see improvements in average in our supply chain, but still with some challenges with specific products in terms of volume and also on-time delivery.

羅恩，正如我們之前所說，我們的供應鏈平均有所改善，但特定產品在數量和按時交貨方面仍然面臨一些挑戰。

We have a lot of suppliers improving, but still suppliers were difficult to deliver the parts we need on time.

我們有很多供應商在改進，但供應商仍然很難按時交付我們需要的零件。

And this, again, this brings to us more difficult in our production.

而這又為我們的生產帶來了更大的困難。

As you know, we are working this production leveling initiative that we want to better distribute the production and deliveries throughout the year.

如您所知，我們正在實施這項生產均衡計劃，希望更好地分配全年的生產和交付。

So we will still have difficult in 2024, and we expect -- but again, in line with our plans, we deliver the guidance.

因此，我們預計 2024 年仍然會遇到困難，但我們再次根據我們的計劃提供了指導。

And we expect even more improvements in 2025 and years ahead from our supply chain for both sides, commercial and defense.

我們預計到 2025 年及未來幾年，我們的商業和國防供應鏈將進一步改善。

Got it.

知道了。

And then maybe one more follow-on, if I can.

如果可以的話，也許還有一個後續。

Just can you guys speak broadly to how you're thinking about product development and new products?

你們能廣泛談談你們對產品開發和新產品的看法嗎？

Sure.

當然。

Well, I mean, Ron, we fully understand all the excitement caused by recent media speculations.

嗯，我的意思是，羅恩，我們完全理解最近媒體猜測引起的所有興奮。

I mean it highlights the high level of market confidence in our company, right, because of the achievements driven by engineering excellence, our enterprise efficiency, and our customer-centric (inaudible).

我的意思是，它突顯了市場對我們公司的高度信心，對吧，因為卓越工程、我們的企業效率和以客戶為中心（聽不清楚）所驅動的成就。

And of course, we are always looking at future options in our business.

當然，我們一直在尋找業務的未來選擇。

But however, as I said before, we are now in our harvest season.

但是，正如我之前所說，我們現在正處於收穫季節。

So we are focusing on selling and on delivering the current, the existing portfolio of products that is very modern and competitive.

因此，我們專注於銷售和提供當前非常現代且具有競爭力的現有產品組合。

So we don't have concrete plans to develop or launch a narrowbody or other aircraft in the next few years.

因此，我們沒有在未來幾年內開發或推出窄體飛機或其他飛機的具體計劃。

Great.

偉大的。

Perfect.

完美的。

Thank you so much.

太感謝了。

You are very welcome, Ron.

非常歡迎你，羅恩。

Victor Mizusaki, Bradesco BBI.

維克多·水崎，布拉德斯科 BBI。

Hi.

你好。

I have two questions here.

我在這裡有兩個問題。

The first one, apparently, some guys from Mahindra were visiting Embraer in Brazil.

第一個顯然是來自 Mahindra 的一些人正在巴西訪問 Embraer。

So I don't know if you can give us some update on the negotiations.

所以我不知道你能否給我們一些談判的最新情況。

And second, when I take a look on the press release, there's a comment about the provisions for bad debt in services and support.

其次，當我查看新聞稿時，有一條關於服務和支援壞帳準備金的評論。

So maybe you can comment a little bit if it's kind of a specific situation or there's something more to come in the second quarter.

因此，如果這是一種特定情況，或者第二季還會有更多事情發生，也許你可以發表一些評論。

Thank you.

謝謝。

All right.

好的。

Victor, I start with the question one, and then Antonio will help us with the question two.

維克多，我從第一個問題開始，然後安東尼奧將幫助我們解決第二個問題。

Yes, we did have a very exciting visit last week to our facilities in Brazil of the Mahindra CEO and two other members of his team, where we had opportunity to better know each other and talk about the next steps on this MOU process in India to sell from 40 to up to 80 C-390 to the Indian Air Force.

是的，上週我們確實對 Mahindra 首席執行官及其團隊的另外兩名成員參觀了我們在巴西的工廠，在那裡我們有機會更好地了解彼此，並討論了印度諒解備忘錄流程的後續步驟向印度空軍出售40 架到80 架C-390。

So we believe we have a good partnership with them, and we do our best to convince the customer that our products is the best one for the Indian Air Force.

因此，我們相信我們與他們有著良好的合作關係，我們盡最大努力讓客戶相信我們的產品是印度空軍最好的產品。

Antonio, you can help us with the second.

安東尼奧，你可以幫我們解決第二個問題。

Yeah.

是的。

Good morning, Victor.

早上好，維克多。

So very simple here, we just built up $3 million in Q1 for the bad debt provisions.

非常簡單，我們只是在第一季建立了 300 萬美元的壞帳撥備。

Just Q1 was a little -- a bit higher concentration overdue payments, and it's not one specific customer.

只是第一季的逾期付款集中度有點高，而且不是某個特定客戶。

It's a bunch of customers.

這是一群顧客。

We just apply the accounting methodology.

我們只是應用會計方法。

I do not see it being a trend for the future.

我不認為這會成為未來的趨勢。

And probably half of it is going to be revert next quarter.

可能其中一半將在下個季度恢復。

Therefore, not concern us right now.

因此，現在不用擔心。

Thank you.

謝謝。

Marcelo Motta, JP Morgan.

馬塞洛·莫塔，摩根大通。

Hi, everyone.

大家好。

Thanks for getting the question.

感謝您提出問題。

It's regarding the defense.

這是關於防守的。

I mean, do you guys have any updates regarding the conversion of the orders from Netherland off to the Czech Republic?

我的意思是，你們有關於從荷蘭到捷克共和國的訂單轉換的任何更新嗎？

I mean, you guys also mentioned on the deliveries and backlog reported from the first quarter that there are ongoing orders from EMEA, Asia-Pacific that are not incorporated to backlog yet.

我的意思是，你們在第一季報告的交付和積壓訂單中也提到，歐洲、中東和非洲、亞太地區的持續訂單尚未納入積壓訂單中。

Could you please give us more color on maybe the size, potential size of these orders or maybe expectations for defense backlog for the coming quarters or year end?

您能否給我們更多關於這些訂單的規模、潛在規模或對未來幾季或年底國防積壓訂單的預期？

Thank you very.

非常感謝。

Hi, Marcelo.

嗨，馬塞洛。

Thanks for the question.

謝謝你的提問。

Yes, we have high expectations to sign important contracts in defense during this year.

是的，我們對今年簽署重要的國防合約抱有很高的期望。

You know already that we have been selected in the past two years.

你已經知道我們在過去兩年被選中了。

We expect to sign during this year.

我們預計在今年內簽署。

And in parallel, we are working in other new campaigns either for the A-29 Super Tucano and the C-390s.

同時，我們正在為 A-29 Super Tucano 和 C-390 開展其他新活動。

We also expect 2024 to be a good year in terms of sales, not only in commercial, but in defense as well and taking the opportunity in the executive aviation.

我們也預計 2024 年在銷售方面將是豐收的一年，不僅在商業領域，而且在國防領域也如此，並抓住公務航空領域的機會。

We take a very good momentum in sales as well.

我們的銷售動能也非常好。

So again, this year, we are very optimistic in terms of sales in all of our business.

因此，今年我們對所有業務的銷售情況都非常樂觀。

Perfect.

完美的。

Thank you very much.

非常感謝。

Stephen Trent.

史蒂芬·特倫特.

Hello.

你好。

I'm sorry, can you hear me?

對不起，你聽得到我說話嗎？

Yes, we can Steve.

是的，我們可以，史蒂夫。

Hi.

你好。

Good morning, everybody.

大家早安。

I'm sorry about that.

對此我很抱歉。

And thank you for taking my question.

感謝您提出我的問題。

I also had a sort of a follow-up on the defense side.

我還在防守端進行了一些跟進。

I know that Brazil's air force and Sweden have a solid relationship with the Gripen fighter and other cooperation.

我知道巴西空軍和瑞典在鷹獅戰鬥機等方面有著牢固的合作關係。

And I was wondering if you might just give us some high-level color about how Embraer might be working with Gripen and what opportunities you could see from the new technology.

我想知道您是否可以向我們介紹巴西航空工業公司如何與“鷹獅”合作以及您可以從新技術中看到哪些機會。

Thank you.

謝謝。

Thank you, Steve, for the questions.

謝謝史蒂夫提出的問題。

Well, we do have a partnership with Saab to help them to sell Gripen, not only in Brazil, but outside Brazil.

嗯，我們確實與薩博建立了合作夥伴關係，幫助他們不僅在巴西，而且在巴西以外的地區銷售「鷹獅」。

And they do help us to sell the C-390s.

他們確實幫助我們銷售 C-390。

So happy working together.

一起工作很開心。

And Sweden is one of our potential markets that we have been working on.

瑞典是我們一直致力於開發的潛在市場之一。

Butwe don't have any other information than that.

但除此之外我們沒有其他資訊。

And regarding sales of Gripen, this is better you ask Saab directly.

至於鷹獅的銷售量，你最好直接問薩博。

Great.

偉大的。

I appreciate that.

我很感激。

And just a quick follow-up, any high-level color how you guys are feeling about your supply of engineers in terms of hiring and retaining those people?

快速跟進一下，你們對你們的工程師供應在招募和留住這些人方面有何看法？

Thank you.

謝謝。

Thank you, again, Steve.

再次感謝你，史蒂夫。

Again, we have been working very hard on those topics that is the talent retention is one of the main focus of Embraer, not only engineering, but in the entire company.

再說一次，我們一直在努力解決這些問題，即人才保留是巴西航空工業公司的主要關注點之一，不僅是工程領域，而且是整個公司的重點。

And again, we have a lot of new programs for engineers to work on in the future.

再說一遍，我們有很多新專案可供工程師在未來開展。

We have improved our communication process.

我們改進了溝通流程。

We have done a lot of things to help us to retain our talents within the company.

我們做了很多事情來幫助我們在公司留住人才。

I don't know [Andrea], our VP, HR would like to add some other information on that because we have been personally involved in this topic.

我不知道我們的人力資源副總裁 [Andrea] 是否願意添加一些其他信息，因為我們親自參與了這個主題。

Hello, everybody.

大家好。

Good morning.

早安.

Thanks, Francisco.

謝謝，弗朗西斯科。

So as I said, we're working very hard on that.

正如我所說，我們正在為此努力。

We have a lot of initiatives, especially internally by means of culture, the future of work, things that make our engineers -- and not only engineers, all of our employees -- consider to keep in Embraer.

我們有很多舉措，特別是在內部，透過文化、未來工作等方式，讓我們的工程師——不僅是工程師，還有我們所有的員工——考慮留在巴西航空工業公司。

And we also have been granted as a Great Place to Work.

我們也被授予“最佳工作場所”稱號。

And this also helps to retain our employees.

這也有助於留住我們的員工。

Thanks for the question, Steve.

謝謝你的提問，史蒂夫。

Thank you.

謝謝。

Lucas Barbosa, Santander.

盧卡斯·巴博薩，桑坦德銀行。

Good morning, Francisco, Antonio, Guilherme.

早安，弗朗西斯科、安東尼奧、吉列爾梅。

Thanks for taking my questions, and congratulations with the results.

感謝您提出我的問題，並祝賀結果。

So my question is looking a little bit longer term at the commercial aviation division, Embraer has deliveries to be done with better pricing conditions in the future, a higher mix of E1s given the AA or American Airlines order, and the cost structure that is leaner than in several past years.

所以我的問題是從長遠來看商業航空部門，巴西航空工業公司未來的交付將在更好的定價條件下完成，考慮到AA 或美國航空的訂單，E1 的組合會更高，成本結構也會更精簡比過去幾年。

So my question is, with all of those positive drivers, where can commercial aviation margins stabilize that in the future?

所以我的問題是，有了所有這些積極的推動因素，商業航空的利潤率未來可以在哪裡穩定？

Good morning, and thanks for the question.

早安，謝謝你的提問。

This is Guilherme Paiva.

這是吉列爾梅·派瓦。

So look, the points you mentioned are all correct.

所以你看，你提到的這些觀點都是正確的。

We don't provide official guidance for individual divisions of the company.

我們不為公司的各部門提供官方指導。

But if you look in the past, commercial aviation was able to sustain margins in the double-digit territory in the mid-teens.

但如果你回顧過去，商業航空能夠在十幾歲左右的時間內維持兩位數的利潤率。

Obviously, that is far away from where we are now.

顯然，這距離我們現在的水平還很遠。

But we feel confident that in the next few years, we should see margins continue to improve towards that direction.

但我們相信，在未來幾年中，我們應該會看到利潤率繼續朝著這個方向提高。

Super clear.

超級清晰。

Thank you very much, and have a great day.

非常感謝，祝您有美好的一天。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hello, can you hear me?

你好，你聽得到我說話嗎？

Yes.

是的。

Good morning, Francisco, Antonio, and Guilherme.

早安，弗朗西斯科、安東尼奧和吉列爾梅。

Sorry about that.

對於那個很抱歉。

Maybe, Francisco, on competitive dynamics, Airbus continues to lose money on the A220, and they are aspirationally breakeven at 160 per year.

弗朗西斯科，也許就競爭動態而言，空中巴士在 A220 上繼續虧損，而他們希望在每年 160 架飛機上實現收支平衡。

But they're continuing to see pressure from labor costs in Canada and as well as their supply chain.

但他們繼續面臨來自加拿大勞動力成本及其供應鏈的壓力。

Can you talk about what this means for the pricing environment for the E2?

您能談談這對 E2 的定價環境意味著什麼嗎？

And how has the pricing environment for the E2 changed over the past few years since COVID?

自從新冠疫情以來，過去幾年 E2 的定價環境發生了什麼樣的變化？

Are you seeing any improvement?

您看到任何改善嗎？

Well, Kristine, thanks for the question.

好吧，克里斯汀，謝謝你的提問。

Good question, by the way.

順便說一句，好問題。

Well, why don't we have a free competition in the market?

那麼，為什麼我們不在市場上進行自由競爭呢？

The result is pressure on the price, which benefit the customers, right?

結果是價格受到壓力，這對客戶有利，對嗎？

In case of Embraer, I mean, even with this tough competition, we have been profitable in our commercial aviation.

就巴西航空工業公司而言，我的意思是，即使面臨如此激烈的競爭，我們在商業航空領域仍然實現了盈利。

In the past years, the past two years, we have been profitable, the commercial aviation, with our services.

在過去的幾年裡，在過去的兩年裡，我們透過我們的服務在商業航空領域實現了盈利。

And we don't sell our aircraft below costs.

我們不會以低於成本的價格出售我們的飛機。

So what we have done?

那我們做了什麼？

We have tried to offer competitive prices to our customers to show the value of our products that we -- our product, we believe that we do have the most efficient aircraft in that category.

我們試圖向客戶提供有競爭力的價格，以展示我們產品的價值，我們的產品，我們相信我們確實擁有該類別中最高效的飛機。

And we continue to work on reducing our internal costs with Kaizen programs, with cost reduction initiatives, involving many engineers in the organization.

我們繼續致力於透過 Kaizen 計劃和成本削減措施來降低內部成本，組織中的許多工程師都參與其中。

So again, we have prepared ourselves for this competition, but without selling products below our cost.

因此，我們再次為這場競爭做好了準備，但不會以低於我們成本的價格銷售產品。

So again, we expect again this year to be profitable in commercial aviation with our service.

因此，我們再次預計今年將透過我們的服務在商業航空領域實現盈利。

If we add service, we even improve the profit of our commercial business.

如果我們增加服務，我們甚至可以提高商業業務的利潤。

Thanks, Francisco.

謝謝，弗朗西斯科。

And if I could tag another one, I mean, following up on Myles' question, there is a shortage of aircraft globally.

如果我可以標記另一架飛機，我的意思是，根據邁爾斯的問題，全球都存在飛機短缺問題。

And Boeing continues to struggle with production, and Airbus can't meet all the demand out there either.

波音公司持續在生產方面陷入困境，空中巴士公司也無法滿足所有需求。

Now the E2 is a very attractive aircraft.

現在E2是一架非常有吸引力的飛機。

I actually flew it recently from Paris to Zurich.

事實上，我最近用它從巴黎飛往蘇黎世。

I mean, what prevents customers from committing to more firm orders?

我的意思是，是什麼阻止客戶承諾更確定的訂單？

I mean that said, right, you are sold out through the end of 2026.

我的意思是說，到 2026 年底，你的貨就賣完了。

But what's preventing them for committing for the slots in '27 and beyond?

但是是什麼阻止他們承諾 27 年及以後的席位呢？

Another good question.

另一個好問題。

Kristine, I think there was a wave of customers buying bigger aircrafts.

克里斯汀，我認為有一波客戶購買更大的飛機。

But now, I mean, I think we see more and more opportunities for this, we call, small narrowbody.

但現在，我的意思是，我認為我們看到了越來越多的機會，我們稱之為小型窄體飛機。

I mean our E2 can fly up to six hours.

我的意思是我們的 E2 可以飛行長達 6 小時。

And it's very efficient, very quiet, and it's perfect for -- if the airline wants to offer a higher frequency of flights to the passengers, also to explore routes.

它非常有效率、非常安靜，如果航空公司想要為乘客提供更高頻率的航班以及探索航線，那麼它非常適合。

I mean, so the demand is big enough to fuel a big narrowbody.

我的意思是，需求足夠大，足以為大型窄體飛機提供燃料。

I think the E2 is a perfect solution.

我認為E2是一個完美的解決方案。

And we see more and more customers now.

現在我們看到越來越多的客戶。

I mean, we see the interest is growing more and more in that segment of a small narrowbody that will, for sure, benefit our E2s.

我的意思是，我們看到人們對小型窄體飛機的興趣越來越大，這肯定會讓我們的 E2 受益。

Great.

偉大的。

Thank you for the color.

謝謝你的顏色。

Thanks, Kristine.

謝謝，克里斯汀。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Hi.

你好。

Good morning, everyone.

大家，早安。

What unit growth are you planning for based on demand backlog, how full the skyline is in the medium term in commercial?

根據需求積壓，您計劃實現多少單位成長？

Could you please repeat the questions?

您能重複一下問題嗎？

I have difficult -- very difficult to understand here.

我在這裡很難理解。

Yes.

是的。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Yeah.

是的。

I'm wondering, from the starting point of 2024, given you have to set the system, the production system in motion pretty far in advance, and production and deliveries are still pretty far below pre-pandemic in commercial, I'm wondering how you're triangulating all of the inputs you have to decide where you should take production over the next two or three years in commercial?

我想知道，從2024年開始，考慮到你必須提前很長時間設置係統、生產系統，而商業生產和交付仍然遠低於大流行前，我想知道如何你正在對所有的投入進行三角測量，以決定在未來兩三年內應該在哪裡進行商業製作？

Okay.

好的。

Now, I got your question.

現在，我收到你的問題了。

Thank you.

謝謝。

Well, this year, we are planning in commercial aviation deliveries between 72 and 80 aircraft.

今年，我們計劃在商業航空領域交付 72 至 80 架飛機。

And as I said before, we are working in a lot of sales campaigns for the future.

正如我之前所說，我們正在為未來進行許多銷售活動。

Next year, we expect to grow the production of commercial jets, which should be very close back to the three digits production, I mean, in the commercial jets.

明年，我們預計商用飛機的產量將會成長，我的意思是，商用飛機的產量應該非常接近三位數。

And we expect to keep that level of production with a small growth in the years ahead.

我們預計未來幾年將保持這一生產水平並小幅增長。

So again, we believe that next year, in the '25, '26 will be back to the production levels pre-pandemic levels, which will bring our commercial aviation to an even better profitability performance.

因此，我們再次相信，明年25、26年的生產水準將恢復到疫情前的水平，這將使我們的商業航空取得更好的獲利表現。

So again, we are very optimistic with the production growth and deliveries of commercial aviation as well.

因此，我們對商用航空的產量成長和交付量也非常樂觀。

Okay, great.

好的，太好了。

Appreciate that detail.

欣賞這個細節。

And then at executives, obviously, the deliveries are up a lot year over year in the quarter.

對於高階主管來說，顯然，本季的交付量比去年同期大幅成長。

Obviously, it's off a low base.

顯然，它的基礎很低。

But have you had resolution of supply chain issues in executive such that the year can be more level loaded as you go through the year?

但是，您是否已經解決了高階主管的供應鏈問題，以便您在這一年中能夠更加負載水準？

Or is there an implication that there's upside to the full-year range?

或暗示全年範圍有上升空間？

No.

不。

We had some difficulties last year.

去年我們遇到了一些困難。

I mean external with suppliers, but internal as well because we were ramping up a lot the production.

我的意思是外部供應商，但也包括內部供應商，因為我們大幅提高了產量。

But no, since then, we have approved a lot of investments in our plans to increase the production capacity either in Brazil and in the US.

但事實並非如此，從那時起，我們已經批准了在巴西和美國提高產能的計畫中的大量投資。

So with that, we expect we have plenty of growth this year and even more important growth in 2025 and years ahead because of these investments we are implementing this year to help us to increase production from 2025 onwards in executive jets.

因此，我們預計今年將實現大幅成長，2025 年及未來幾年將實現更重要的成長，因為我們今年實施的這些投資將幫助我們從 2025 年起增加公務機的產量。

Okay, great.

好的，太好了。

All right.

好的。

Thanks very much.

非常感謝。

You're welcome.

不客氣。

Thank you all very much.

非常感謝大家。

This concludes the question-and-answer session for equity research analysts and investors.

股票研究分析師和投資人的問答環節到此結束。

Now we will start the Q&A section dedicated to the press.

現在我們將開始專門針對媒體的問答部分。

First, we will answer questions in English, and then we will answer questions in Portuguese.

首先，我們會用英語回答問題，然後我們會用葡萄牙語回答問題。

We will also answer questions sent via the platform chat.

我們還將回答透過平台聊天發送的問題。

Please let me say a short announcement for Portuguese speakers.

請容許我向講葡萄牙語的人宣布一個簡短的聲明。

(spoken in Portuguese)

（以葡萄牙語發言）

(Operator Instructions) Our first question is from the chat, is from Richard [Sherman], a freelance aviation reporter.

（操作員說明）我們的第一個問題來自聊天，來自自由航空記者理查德[謝爾曼]。

Hello, Francisco.

你好，弗朗西斯科。

Obviously, you were very happy with the large order from American for 90 E175s.

顯然，你們對美國航空的 90 架 E175 的大訂單感到非常滿意。

But how do you rate the chances of Embraer to win E2 orders from US customers?

但您如何評價巴西航空工業公司贏得美國客戶E2訂單的機會呢？

They seem to favor larger aircraft.

他們似乎更喜歡大型飛機。

Thanks for the questions.

感謝您的提問。

Yes, we are extremely happy with the order of American Airlines last March.

是的，我們對去年三月美國航空的訂單感到非常滿意。

That was very important order for us that shows that our E175s still have many opportunities, especially in the US market.

這對我們來說是非常重要的訂單，它表明我們的 E175 仍然有很多機會，特別是在美國市場。

The E2s more recently, we have seen the E2s flying over US with Porter Airlines.

E2 最近，我們看到 E2 隨波特航空一起飛越美國上空。

Porter is flying now to New York, to Florida, to California with the E2s.

波特現在乘坐 E2 飛往紐約、佛羅裡達和加利福尼亞。

And yes, we are in conversation with potential customers in the US, I mean, showing how good the aircraft is and how the aircraft can help them to fill the gap between the regional jets and the big narrowbodies.

是的，我們正在與美國的潛在客戶進行對話，我的意思是，向他們展示這架飛機有多好，以及該飛機如何幫助他們填補支線噴射機和大型窄體飛機之間的空白。

So again, we see opportunities not only in the US but in many other regions in the world for the E2s.

因此，我們不僅在美國而且在世界許多其他地區都看到了 E2 的機會。

Thank you.

謝謝。

The next question comes from the chat from Richard Sherman, the same questioner.

下一個問題來自理查德·謝爾曼（Richard Sherman）的聊天，他也是提問者。

Do you have updates on the initial agreement with Richard Sherman (inaudible) for the conversion of E1s jets in China as announced at the Paris Air Show?

您是否了解巴黎航展上宣布的與 Richard Sherman（聽不清楚）在中國改裝 E1s 噴射機的初步協議的最新情況？

No, we don't have any update to share with you about that program at this point of time.

不，目前我們沒有任何關於該計劃的更新信可以與您分享。

(Operator Instructions) The next question comes from Gabriel Araujo.

（操作員說明）下一個問題來自 Gabriel Araujo。

Hey, Francisco and Antonio.

嘿，弗朗西斯科和安東尼奧。

Good morning.

早安.

I was wondering if you could update us on the sales campaigns in Asia.

我想知道您是否能為我們介紹亞洲銷售活動的最新情況。

We know India has a big market, China as well.

我們知道印度有很大的市場，中國也有。

Embraer has been trying to tap into the Chinese market for commercial airplanes.

巴西航空工業公司一直在努力進軍中國商用飛機市場。

How the campaigns in Asia are developing, especially now that you are flying the E2 in Singapore now?

亞洲的活動進展如何，尤其是現在您在新加坡駕駛 E2 飛機？

Hello, Gabriel.

你好，加布里​​埃爾。

Thanks for the question.

謝謝你的提問。

Yes, Asia is a region we see the big potential for the E2s.

是的，我們在亞洲看到了 E2 的巨大潛力。

Last February, we inaugurated the first full flight simulator of E2s in the region in Singapore.

去年二月，我們在新加坡推出了該地區第一個 E2 完整飛行模擬器。

And this will help us to pursue more sales opportunities in the region.

這將有助於我們在該地區尋求更多銷售機會。

And we are working in sales campaigns in many different countries.

我們正在許多不同國家進行銷售活動。

Now we have already more than 300 aircrafts flying over the region.

目前，我們已有300多架飛機在該地區上空飛行。

I mean, in China, in Japan, in Australia.

我的意思是，在中國、日本、澳洲。

And we are working all those countries to introduce the E2s as well.

我們正在與所有這些國家合作推出 E2。

So good opportunities for us in Asia-Pacific indeed for the E2s.

對於我們在亞太地區的 E2 來說，確實是一個很好的機會。

The next question comes from Juliana Rocha, a reporter from REDD, and it comes also from the platform chat.

下一個問題來自REDD記者Juliana Rocha，同樣來自平台聊天。

Can you give details on the arbitration proceeding with Boeing?

能否詳細介紹波音公司的仲裁程序？

When do you expect it to be over?

你預計什麼時候結束？

Well, I mean, this process is not under our control, but the process is in the final phase.

嗯，我的意思是，這個過程不在我們的控制之下，但是這個過程已經進入了最後階段。

And we expect a decision still within this first half of 2024.

我們預計仍會在 2024 年上半年做出決定。

Thank you very much.

非常感謝。

This concludes the question-and-answer session in English for the press.

新聞界的英語問答環節到此結束。

(Operator Instructions) (spoken in Portuguese)

（操作員說明）（以葡萄牙語發言）

(interpreted) First question is from the chat, Paulo Renato from

（解釋）第一個問題來自聊天，來自 Paulo Renato

(inaudible).

（聽不清楚）。

The Director said that he doesn't intend to launch any narrowbody aircraft, that you are focusing on delivering the current model backlog.

主管表示，他不打算推出任何窄體飛機，你們正在專注於交付目前積壓的機型。

Is that it?

是這樣嗎？

(interpreted) Yes, that's it.

（解釋）是的，就是這樣。

Right now, we're focusing on selling and delivering our current products, which are very modern and very competitive.

目前，我們專注於銷售和交付我們目前的產品，這些產品非常現代化且非常有競爭力。

We continue to look into potential new products for the future.

我們繼續研究未來潛在的新產品。

But we don't have anything concrete to develop or to launch any major aircraft for the time being.

但我們暫時沒有任何具體的東西可以開發或推出任何主要飛機。

Thank you.

謝謝。

Next question is from Juliana Rocha, a reporter from REDD.

下一個問題來自 REDD 記者 Juliana Rocha。

Will you continue with your liability management procedure over the next quarters?

您會在接下來的幾季繼續執行您的責任管理程序嗎？

Do you have a leveraging target?

您有槓桿目標嗎？

Thank you for the question.

感謝你的提問。

We are on target for our leveraging, which is net debt over EBITDA below 5 and net debt over EBITDA below 2.

我們的槓桿率達到了目標，即淨債務與 EBITDA 比率低於 5，淨債務與 EBITDA 比率低於 2。

So that was our target.

這就是我們的目標。

And right now, we don't have any plans to go to market in the next quarters.

目前，我們沒有任何在接下來的幾季上市的計劃。

The company situation is relatively stable, and we still believe interest rates are too high.

公司情況相對穩定，我們仍然認為利率過高。

So now is not the time to do anything with the market.

所以現在還不是對市場採取任何行動的時候。

But we're constantly looking at short-term opportunities.

但我們一直在尋找短期機會。

Thank you for the question

感謝你的提問

Thank you.

謝謝。

This concludes Embraer's conference for today.

巴西航空工業公司今天的會議到此結束。

Thank you very much for joining us, and have a good day.

非常感謝您加入我們，祝您有美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。