Embraer SA (ERJ) 2024 Q2 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 foreign language)

（用外語說）

My name is Gui Paiva, and I'm the Head of Investor Relations for Embraer.

我叫 Gui Paiva，是巴西航空工業公司投資者關係主管。

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

歡迎您參加我們的 2024 年第二季財報電話會議。

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 were discussed at Eve's conference call last Tuesday, August 6.

我們提醒您，Eve 的結果已在上週二（8 月 6 日）的電話會議上進行了討論。

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，因為它是我們的功能貨幣。

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 revealing publications filed by the company with the Brazilian Comissao de Valores Mobiliarios or CVM.

對於詳細的財務信息，該公司鼓勵披露公司向巴西 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 Q2 results.

第一部分，高階主管將介紹公司第二季的業績。

In the second part, we will host a Q&A session only for investors and last but definitely not least, we will host a Q&A session only for the press.

在第二部分中，我們將僅為投資者舉辦問答環節，最後但同樣重要的是，我們將僅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。

Thank you, Gui.

謝謝你，桂。

Good morning and good afternoon to all.

大家早安，下午好。

Welcome to Embraer's second quarter 2024 results conference call.

歡迎參加巴西航空工業公司 2024 年第二季業績電話會議。

Embraer revenues in Q2 increased more than 15% year over year, mainly helped by defense and security, up more than 100%, but also by commercial aviation and service and support, up around 20%.

巴西航空工業公司第二季營收年增超過 15%，主要得益於國防和安全，成長超過 100%，但也得益於商業航空以及服務和支持，成長了 20% 左右。

In the first-half of 2024, overall company revenues increased 19% compared to the same period in 2023.

2024年上半年，公司整體營收較2023年同期成長19%。

The highlight was defense and security, with an increase of about 50%, followed by executive aviation with 24%, service and support with 16%, and commercial aviation with 12%.

亮點是國防和安全，成長了約 50%，其次是公務航空，成長了 24%，服務和支援成長了 16%，商業航空成長了 12%。

Our efforts to improve efficiency and profitability led to a 1.6% gain, to 9.3% in our operating margin during Q2.

我們為提高效率和盈利能力所做的努力使第二季度的營業利潤率增長了 1.6%，達到 9.3%。

The gain in the first half of the year was even bigger, in total 2.7%.

上半年漲幅更大，總計2.7%。

It is important to mention that we reiterate all lines of our 2024 operational and financial guidance after considering the opportunities and risks for the company in the second half of 2024.

值得一提的是，在考慮到公司 2024 年下半年的機會和風險後，我們重申了 2024 年營運和財務指導的所有內容。

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

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

Our firm order backlog reached $21.1 billion, which is the highest level over the past seven years and supported by a solid year-to-date book-to-bill ratio in excess of 2.2 to 1.

我們的確定訂單儲備達到 211 億美元，這是過去七年來的最高水平，並得到了年初至今超過 2.2 比 1 的穩定訂單出貨比的支撐。

In commercial aviation, Mexicana de Aviación ordered 10 E190-E2s and 10 E195-E2s, with deliveries scheduled to start in the second quarter 2025.

在商業航空領域，墨西哥航空訂購了 10 架 E190-E2 和 10 架 E195-E2，計劃於 2025 年第二季開始交付。

This is another evidence of the strong ability of our E2 jet family to operate in several markets and to provide their lines with a viable option to increase their capacity quickly.

這再次證明了我們的 E2 噴射機系列在多個市場運作並為其航線提供快速增加運力的可行選擇的強大能力。

In defense, the recent signing of the contract for 90 C-390 Millennium Aircraft by the Netherlands and Austria at Feinburofaire, coupled with the order for six Super Tucano aircraft by Paraguay, underpins our positive perspective for the business unit.

在國防領域，荷蘭和奧地利最近在 Feinburofaire 簽署了 90 架 C-390 Millennium 飛機合同，加上巴拉圭訂購了 6 架超級巨嘴鳥飛機，這些都鞏固了我們對該業務部門的積極看法。

In executive aviation, we continue to capitalize on the good sales momentum in both fleet and retail markets, with solid demand across our product portfolio.

在公務航空領域，我們繼續利用機隊和零售市場的良好銷售勢頭，以及我們產品組合的強勁需求。

In service and support, the division continued to be one of the main drivers of growth for the company, with the higher revenues and profitability, through a combination of operational and financial excellence, customer experience and innovative solutions.

在服務和支援方面，該部門透過卓越的營運和財務、客戶體驗和創新解決方案的結合，實現了更高的收入和獲利能力，繼續成為公司成長的主要推動力之一。

We continue to face supply chain challenges.

我們持續面臨供應鏈挑戰。

This year, we reinforced our supply chain organization by localizing more people closer to our most critical suppliers, and we introduced digital tools and artificial intelligence to help us further improve the efficiency of our supply chain management.

今年，我們透過將更多人員安排在更靠近最關鍵供應商的地方來加強我們的供應鏈組織，並引入數位工具和人工智慧來幫助我們進一步提高供應鏈管理的效率。

I will now move on to operational results by business units in the next few slides.

現在，我將在接下來的幾張投影片中繼續介紹業務部門的營運結果。

In commercial aviation, the backlog in the first half '24 rose $3.3 billion, or plus 40% year over year, and reached $11.3 billion, with a book-to-bill ratio above 4 to 1 during the period.

在商業航空領域，2024 年上半年的積壓訂單增加了 33 億美元，年增 40%，達到 113 億美元，期間訂單出貨比超過 4 比 1。

Deliveries and revenues almost tripled, sequentially in Q2, and reached 19 aircraft and $554 million.

第二季的交付量和收入幾乎增加了兩倍，達到 19 架飛機和 5.54 億美元。

The year-on-year growth rates were also solid in double-digit territory.

同比成長率也穩定在兩位數範圍內。

Adjusted EBIT margin for commercial in Q2 declined 1% year-on-year, from 5.3% to 4.3%, mainly because of product mix.

第二季商業業務調整後息稅前利潤率年減 1%，從 5.3% 降至 4.3%，主要是由於產品組合的影響。

In executive aviation, we recorded the strongest first semester in terms of revenues and deliveries for the division over the past 10 and 8 years, with [$575 million] and 45 aircraft.

在公務航空領域，我們第一季的收入和交付量創下了過去 10 年和 8 年以來最強勁的記錄，交付量為 [5.75 億美元]，飛機數量為 45 架。

The backlog for the division registered an increase of $300 million in Q2 and ended the period at $4.6 billion, or 8% higher year over year, supported by a strong 1.5 to 1 book-to-bill ratio in the first half of 2024.

該部門的積壓訂單在第二季度增加了 3 億美元，期末達到 46 億美元，年增 8%，這得益於 2024 年上半年 1.5 比 1 的強勁訂單出貨比。

The adjusted EBIT margin for executives improved 2.5%, from 8.8% in second quarter '23 to 11.3% in the second quarter '24, helped by higher productivity despite lower production volumes.

高階主管調整後息稅前利潤率提高了 2.5%，從 23 年第二季的 8.8% 提高到 24 年第二季的 11.3%，儘管產量較低，但生產力提高，這有助於提高生產力。

In defense and security, revenues in Q2 increased 2.3 times year on year, or more than $100 million.

在國防和安全領域，第二季營收年增2.3倍，超過1億美元。

The adjusted EBIT margin also improved to minus 0.5% in second quarter '24, from minus 4.1% in the same period of 2023.

調整後的息稅前利潤率也從 2023 年同期的負 4.1% 升至 2024 年第二季的負 0.5%。

The delivery of the second C-390 Millennium to the Portuguese Air Force was an important highlight for defense and security in the quarter.

向葡萄牙空軍交付第二架 C-390 Millennium 是本季國防和安全的重要亮點。

The first aircraft entered into service at Beja Air Base in October 2023.

第一架飛機於 2023 年 10 月在貝賈空軍基地投入使用。

In service and support, revenue grew 20% in Q2, compared to the same period of last year, with solid mid to high teens profitability and a gain of 1.3% in the adjusted EBIT margin.

在服務和支援方面，第二季營收與去年同期相比成長了 20%，獲利能力穩定在中高位，調整後息稅前利潤率成長 1.3%。

The business unit maintained its historical $3.1 billion record backlog reached in Q4 '23.

該業務部門保持了 23 年第 4 季創下的 31 億美元的歷史記錄。

Another important achievement for our service and support division was the first flight of the E190 Freighter, a passenger-to-full-cargo conversion, which received the certification by the National Civil Aviation Agency of Brazil, ANAC, in July 2024.

我們服務和支援部門的另一項重要成就是 E190 貨機的首飛，即客機改為全貨機，該貨機於 2024 年 7 月獲得巴西國家民航局 ANAC 的認證。

Last but not least, our eVTOL business reached other important milestones in second quarter '24.

最後但並非最不重要的一點是，我們的 eVTOL 業務在 2024 年第二季達到了其他重要里程碑。

The company has now already selected and contracted most of the component suppliers, completed its first full-scale eVTOL prototype assembly, and celebrated its rollout in our Gavião Peixoto plant last month.

該公司現已選擇並簽署了大部分零件供應商，完成了首個全尺寸 eVTOL 原型組裝，並於上個月在我們的加維奧佩肖托工廠慶祝了其推出。

Eve also completed a new equity financial round of $96 million from multiple investors.

Eve 也完成了來自多個投資者的新一輪 9,600 萬美元的股權融資。

The monies will help support the continued development and manufacturing of its eVTOL.

這些資金將有助於支持其 eVTOL 的持續開發和製造。

Embraer remains confident in EV's business outlook as its majority and controlling shareholder, with an 83% equity stake.

巴西航空工業公司作為其主要股東和控股股東（擁有 83% 的股權）對 EV 的業務前景仍然充滿信心。

I will now hand it over to Antonio to give you further details about the financial results, and then I'll be back with closing remarks.

我現在將把它交給安東尼奧，向您提供有關財務業績的更多詳細信息，然後我將作結束語。

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'd like to highlight we had another solid quarter in Q2.

我想強調的是，我們在第二季又取得了穩健的季度業績。

Our financial results improved both quarter-over-quarter and year-over-year.

我們的財務表現較上月及年比都有所改善。

For instance, revenues for the period were 16% higher than a year ago, and our EBIT margin was 160 basis points higher.

例如，該期間的收入比一年前高出 16%，息稅前利潤率高出 160 個基點。

Our focus in Q2 continued to be on business and financial efficiencies.

我們第二季的重點仍然是業務和財務效率。

We are fully committed to reach our full-year guidance, despite all the ongoing supply chain constraints we continue to deal with, which had also negative impact on our year-to-date cash flow.

儘管我們繼續應對所有持續的供應鏈限制，但我們仍完全致力於實現全年指導，這也對我們年初至今的現金流產生了負面影響。

It is important to mention we still see double-digit growth for aircraft deliveries revenue and EBIT in 2024 and 2025, notwithstanding the operational challenges.

值得一提的是，儘管面臨營運挑戰，我們仍預計 2024 年和 2025 年飛機交付收入和息稅前利潤將達到兩位數成長。

Slide 10, deliveries.

投影片 10，交付。

Commercial aviation delivered 90 aircraft in Q2, for an increase of 12% versus a year ago, and almost three times higher than in Q1.

商業航空第二季交付了 90 架飛機，年增 12%，幾乎是第一季的三倍。

Meanwhile, executive aviation delivered 27 jets in Q2, compared to 30 aircraft in the same quarter of 2023.

同時，公務航空在第二季度交付了 27 架飛機，而 2023 年同一季度交付了 30 架飛機。

However, if we look sequentially, the numbers of deliveries grew 50% from Q1 to Q2.

然而，如果我們按順序來看，第一季到第二季的交付數量增加了 50%。

In defense, we delivered one C-390 Millennium to the Portuguese Air Force in Q2, compared to one KC-390 to the Brazil Air Force one year ago.

在國防方面，我們在第二季度向葡萄牙空軍交付了一架 C-390 Millennium，而一年前向巴西空軍交付了一架 KC-390。

It is important to mention the aircraft is not included in our delivery guidance for 2024.

值得一提的是，這架飛機並未包含在我們 2024 年的交付指南中。

We continue to work steadfastly to accomplish our production plan, and to reach our 2024 guidance of between 125 and 135 executive jets, and 72 and 80 commercial aircrafts.

我們將繼續堅定不移地完成我們的生產計劃，並達到 2024 年生產 125 至 135 架公務機和 72 至 80 架商用飛機的目標。

We are also on track to deliver four C-390 Millennium aircrafts scheduled for the year.

我們還有望在今年交付四架 C-390 Millennium 飛機。

Slide 11, please.

請投影片 11。

The company registered a seven-year high total backlog of $21.1 billion in Q2, which was marginally higher quarter over quarter, and 22% higher than a year ago.

該公司第二季的未完成訂單總額為 211 億美元，為七年來最高水平，較上季略有上升，較去年同期成長 22%。

The backlog for commercial aviation continued to move higher.

商業航空的積壓訂單持續增加。

It's total more than 380 aircrafts in Q2, and it was valued at $11.3 billion, or $200 million higher than last quarter, and $3.3 billion above second quarter '23.

第二季共有超過 380 架飛機，價值 113 億美元，比上季高出 2 億美元，比 23 年第二季高出 33 億美元。

Meanwhile, the backlog for executive aviation was a solid and resilient $4.6 billion during the period, flat quarter on quarter, but up $300 million year on year.

同時，在此期間，公務航空的積壓訂單穩定且富有彈性，為 46 億美元，環比持平，但同比增加 3 億美元。

Last but not least, the backlog for service and support finished relatively stable at $3.1 billion in Q2, while for defense and security, it decreased marginally by 10% to $2.1 billion.

最後但並非最不重要的一點是，第二季服務和支援方面的積壓工作相對穩定，為 31 億美元，而國防和安全方面的積壓工作則小幅下降 10%，至 21 億美元。

Looking forward, our backlog for defense should increase by more than 50% in Q3, with the new contracts, if we factor in the export contracts recently announced for C-390 Millennium and Super Tucanos.

展望未來，如果我們考慮到最近宣布的 C-390 Millennium 和 Super Tucanos 出口合同，我們的國防訂單積壓量將在第三季度增加 50% 以上。

Moving on to revenues, our topline reached almost $1.5 billion in Q2, or $200 million higher year-over-year for 16% growth rate.

說到收入，我們第二季的營收達到近 15 億美元，年增 2 億美元，成長率為 16%。

If you look at the pie chart on the right, we can see a more balanced revenue mix.

如果您查看右側的圓餅圖，我們可以看到更平衡的收入組合。

For instance, commercial aviation represented around 37% of total revenue followed by services and support, close to 27%; executive aviation with 23%; and defense at around 13%.

例如，商業航空約佔總收入的 37%，其次是服務和支持，接近 27%；公務航空佔 23%；防禦力約13%。

For the first half of the year, we recorded $2.4 billion in revenue or almost 40% of the midpoint of the 2024 guidance.

今年上半年，我們實現了 24 億美元的收入，幾乎是 2024 年指引中位數的 40%。

Next slide 12, EBITDA.

下一張投影片 12，EBITDA。

We generated $190 million in adjusted EBITDA, second quarter '24.

2024 年第二季度，我們調整後的 EBITDA 為 1.9 億美元。

With a 12.7% margin compared to $149 million, second quarter '23, driven by strong operating results when compared to the same period last year.

與去年同期相比，強勁的營運表現推動了 23 年第二季利潤率 12.7%，達到 1.49 億美元。

One related note, the Brazilian foreign exchange rate has been very volatile in the first half '24.

一項相關說明是，24 年上半年巴西外匯匯率波動很大。

And its recent depreciation should provide some tailwind in the second half of the year.

其最近的貶值應該會在今年下半年提供一些推動力。

We generated $237 million in adjusted EBITDA, with 9.9% margin in the first half of 2024 versus $159 million with 7.9% margin in the prior year period; for dollar amount, almost 50% higher annually.

2024 年上半年，我們的調整後 EBITDA 為 2.37 億美元，利潤率為 9.9%，而去年同期為 1.59 億美元，利潤率為 7.9%；就美元金額而言，每年增長近 50%。

Meanwhile, adjusted EBIT was $139 with a 9.3% adjusted margin.

同時，調整後息稅前利潤為 139 美元，調整後利潤率為 9.3%。

However, there were one-time items in the quarter which brought up the adjusted EBIT margin by 250 basis points.

然而，本季的一些一次性項目使調整後的息稅前利潤率提高了 250 個基點。

Reported EBIT for the quarter was $128 million with an 8.6% margin.

該季度報告的息稅前利潤為 1.28 億美元，利潤率為 8.6%。

Both figures were materially better than their second quarter '23, comps supported by better efficiency, lower SG&A cost, especially in the executive aviation and service and support.

這兩個數字都明顯優於 23 年第二季的業績，得益於更高的效率、更低的銷售、一般行政費用 (SG&A) 成本，特別是在行政航空以及服務和支援方面。

Looking on the right chart, we can see executive aviation and service and support generated more than 75% of the companywide EBIT during the quarter while commercial aviation earned balance 25%, and defense practically broke even in accordance with the percentage of cognition accounting methods.

從右圖可以看出，公務航空以及服務和支援在本季度創造了全公司EBIT 的75% 以上，而商業航空則賺取了25% 的餘額，而根據認知會計方法的百分比，國防業務幾乎實現了收支平衡。

On the slide 13, in Q2, if we exclude Eve, we had adjusted free cash flow consumption of $250 million due to networking capital needs for high aircraft delivered in the second half of the year.

在投影片 13 中，在第二季度，如果我們排除 Eve，由於下半年交付的大量飛機的網路資本需求，我們調整了 2.5 億美元的自由現金流消耗。

This cash should be recovered as much deliveries take place over the next couple of quarters.

隨著未來幾季的大量交付，這筆現金應該會收回。

Moving to investments, again, without Eve, we spent $29 million in research and development during the quarter, $47 million in CapEx, and net $11 million in the pool programs for spare parts for a total of $107 million compared to $104 million a year ago.

再一次轉向投資，在沒有Eve 的情況下，我們本季在研發上花費了2900 萬美元，資本支出為4700 萬美元，在備件池計劃上淨花費了1100 萬美元，總計1.07 億美元，而一年前為1.04 億美元。

Our capital allocation continues to be focused on segments with higher returns, with projects such as expansion for our production capacity in executive aviation and service and support.

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以及服務和支援領域的產能等項目。

To finalize, our adjusted net income was positive $80 million for the quarter, supported by a 5.4% adjusted margin, or $22 million higher than year ago.

最後，我們本季調整後淨利潤為正 8,000 萬美元，調整後利潤率為 5.4%，比去年同期高出 2,200 萬美元。

Slide 14, going to our liability management plan.

投影片 14，轉到我們的責任管理計畫。

In second quarter '24, our gross debt without Eve was relatively stable at $2.6 billion during the period.

2024 年第二季度，剔除 Eve 後，我們的總債務相對穩定，為 26 億美元。

But we still managed to reduce it by circa $880 million when compared to one year ago.

但與一年前相比，我們仍然成功減少了約 8.8 億美元。

Meanwhile, our net debt declined by $152 million year on year and reached $1.3 billion during the quarter.

同時，我們的淨債務年減 1.52 億美元，本季達到 13 億美元。

Our net debt to EBITDA leverage ratio increased 0.2 times sequentially to two times as shown in the top right corner.

我們的淨債務與 EBITDA 槓桿比率環比增加了 0.2 倍，達到了右上角所示的兩倍。

This increase is explained by the seasonality of the cash consumption in preparation for higher deliveries in the second half of the year.

這一增長的原因是現金消耗的季節性，為下半年更高的交付量做準備。

We also announced this week an extension for the next five years of our revolving credit facility.

我們本週也宣布將循環信貸額度延長五年。

And then, increase of its size from $650 million to $1 billion, which will be reflected in our Q3 liquidity position.

然後，其規模從 6.5 億美元增加到 10 億美元，這將反映在我們第三季的流動性狀況中。

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，讓他做最後的演講。

Thanks for your attention.

感謝您的關注。

Thank you, Antonio.

謝謝你，安東尼奧。

The progress recorded in the Q2 2024 demonstrates we are on track to achieve all the results embedded in our 2024 guidance.

2024 年第二季記錄的進展表明，我們有望實現 2024 年指導中包含的所有結果。

More importantly, we will continue to work hard to deliver even better results in the coming quarters of the year, especially in Q3.

更重要的是，我們將繼續努力，在今年接下來的幾個季度，特別是第三季度取得更好的業績。

Our company remains very well-positioned for the future with a seven-year high backlog of $21.1 billion, A strong 2.2:1 in the first of the year, a steady progress in our operational and financial indicators as well as a solid strategic plan.

我們公司在未來仍處於有利地位，積壓訂單達 211 億美元，為七年來最高水平，今年第一年的比率為 2.2:1，營運和財務指標穩步進步，戰略計劃紮實。

It is important to mention that we will include in our Q3 backlog for Defense, the contracts for nine C-390 Millennium signed with The Netherlands and Austria, and, six Super Tucanos ordered by Paraguay during the recent Farnborough Airshow in England.

值得一提的是，我們將在第三季度的國防積壓訂單中包括與荷蘭和奧地利簽署的九架C-390 Millennium 合同，以及巴拉圭在最近的英國範堡羅航展期間訂購的六架超級巨嘴鳥合約。

I would also like to give a special welcome to Mexicana de Aviación as a new operator of our E2 family, expanding the E2 presence in North America.

我還要特別歡迎 Mexicana de Aviación 作為我們 E2 系列的新營運商，擴大 E2 在北美的業務。

We believe our recognized global jet family will help the airline generate great operational and financial results with a strong commitment to sustainability and aviation efficiency.

我們相信，我們公認的全球噴射機系列將透過對永續發展和航空效率的堅定承諾，幫助航空公司取得出色的營運和財務表現。

And to finish, I would like to thank you all again for your interest and confidence in our company.

最後，我要再次感謝大家對我們公司的興趣和信任。

We see bright and clear skies ahead for our company.

我們看到公司的未來一片光明、晴朗的天空。

And we will continue to work hard and embrace the foundation of our culture that is safety first and quality always.

我們將繼續努力工作，擁抱安全第一、品質始終的文化基礎。

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

現在讓我們進入電話問答環節。

(Operator Instructions) (spoken in foreign language)

（操作員指示）（外語）

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hi, good morning, Francisco, Antonio, and Gui.

嗨，早上好，弗朗西斯科、安東尼奧和吉。

And thank you for the results for today.

感謝您今天的結果。

I guess my question is on the supply chain.

我想我的問題是關於供應鏈的。

You maintained your 2024 full-year delivery guide for commercial aerospace.

您維護了商業航空航太 2024 年全年交付指南。

We are seeing some of the other manufacturers like Airbus lower their outlook for the year because of supply chain.

我們看到空中巴士等其他一些製造商因供應鏈問題而降低了今年的預期。

Can you give more color regarding your confidence that you are able to meet these deliveries?

您能否進一步說明您對能夠滿足這些交付要求的信心？

What you are seeing in the supply chain?

您在供應鏈中看到了什麼？

And maybe a little more color also on your approach in providing guidance like how conservative is the range that you gave for delivery for 2024?

也許您在提供指導的方法上也有更多的色彩，例如您給出的 2024 年交付範圍有多保守？

Thank you.

謝謝。

Your question, well, as I mentioned in the opening, we are this year reinforcing our supply chain team.

你的問題，正如我在開頭提到的，我們今年正在加強我們的供應鏈團隊。

We are locating more people closer to the most critical suppliers to support them.

我們正在安排更多人員靠近最關鍵的供應商來為他們提供支援。

We are having more senior management meetings with our suppliers, the critical ones to make sure that we follow the delivery of the parts we need for a year.

我們正在與供應商舉行更多的高階管理層會議，這是確保我們追蹤一年所需零件交付情況的關鍵會議。

We are implementing new digital tools and also artificial intelligence to help us to be ahead of the problems.

我們正在實施新的數位工具和人工智慧來幫助我們解決問題。

We have been, Kristine, very proactive with our suppliers and glad to be even closer to them to help them.

克里斯汀（Kristine），我們一直非常積極主動地與我們的供應商合作，並很高興能夠與他們更加密切地聯繫以幫助他們。

I have seen a very positive approach as is the Embraer style.

我看到了一種非常積極的方法，就像巴西航空工業公司的風格一樣。

So, again, we see challenges.

因此，我們再次看到了挑戰。

But at this point of time, we are confident that we will be able to deliver the guidance for the year.

但目前，我們有信心能夠提供今年的指導。

Victor Mizusaki, Bradesco BBI.

維克多·水崎，布拉德斯科 BBI。

Hi, congrats for the quarter.

你好，恭喜這個季度。

I have two questions here.

我在這裡有兩個問題。

The first one, when we think of the EBITDA margin of 12% in the second quarter, I mean this was something (inaudible) for the second half?

第一個，當我們想到第二季 EBITDA 利潤率為 12% 時，我的意思是這是下半年的情況（聽不清楚）？

So my first question here is, is there any chance that maybe Embraer will revise guidance of works in the second-half, or maybe we are talking about high-end of your guidance?

所以我的第一個問題是，巴西航空工業公司是否有可能在下半年修改工作指導，或者我們正在談論你們的高端指導？

And the second one, we have seen a lot of news going in Brazil about maybe (inaudible) place orders for the jets.

第二個，我們在巴西看到很多關於可能（聽不清楚）訂購噴射機的新聞。

So, my question is if can you give any color these negotiations and what's your view for the regional aviation markets?

所以，我的問題是，您是否能為這些談判提供一些色彩？

Thank you.

謝謝。

(spoken in foreign language) About the EBITDA margin for sure, the Q2 we have some tailwind that one-time effect.

（用外語發言）關於 EBITDA 利潤率，可以肯定的是，第二季我們有一些一次性效應的順風車。

We are confident in our guidance it is in the mid or the high end of the guidance.

我們對我們的指導充滿信心，它處於指導的中端或高端。

We need more one quarter to be more precise.

我們需要更多四分之一才能更精確。

But everything that we are seeing right shows that today, we are more closer to the high-end of the guidance than the lower end.

但我們所看到的一切都表明，今天我們更接近指導的高端而不是低端。

That's from the EBITDA side.

這是來自 EBITDA 方面的數據。

And I will hand over to Francisco for Latin issues.

我將把拉丁語問題交給弗朗西斯科處理。

Thank you, Victor, for the questions.

謝謝你，維克多，提出問題。

At this point, we are talking to a lot of customers about E2 opportunities.

此時，我們正在與許多客戶談論 E2 機會。

I don't have anything concrete about Brazilian customers to share with you.

我沒有任何關於巴西客戶的具體資訊可以與大家分享。

But what I can I say is that we see a great opportunity to increase the E2 presence in Brazil as we are very -- we are confident that these jets are a perfect fit for the Brazilian market.

但我能說的是，我們看到了增加 E2 在巴西的存在的絕佳機會，因為我們非常相信這些噴射機非常適合巴西市場。

And can help the airlines not only Brazil but everywhere to add capacity quickly to their fleets.

不僅可以幫助巴西航空公司，還可以幫助世界各地的航空公司快速增加其機隊的運能。

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

Hi, everyone, and thanks for taking the question.

大家好，感謝您提問。

I'll keep to just one question.

我只提一個問題。

I mean can you comment a little bit about the Defense revenue outlook for second half?

我的意思是，您能否對下半年的國防收入前景發表一些評論？

I know [80%] of completion you still have, if I am not mistaken another three KCs to be delivered this year.

如果我沒有記錯的話，今年將交付另外三架 KC，我知道你們仍然完成了[80%]。

And, the revenues are very good increase both on a quarter-over-quarter and year-over-year basis.

而且，收入環比和同比都有很好的成長。

So can we expect the Defense revenues to continue to accelerate throughout the second half?

那麼我們能否預期國防收入在整個下半年持續加速成長呢？

And I mean could the driver be also the Super Tucano order, which probably could be delivering the short term since the production is little bit more simple?

我的意思是，驅動程式是否也是超級巨嘴鳥訂單，它可能會在短期內交付，因為生產更簡單一點？

And what are the order components of defense revenues that could also increase and accelerate, so the full-year revenues for defense could be -- maybe closer to $600 million, $700 million?

國防收入的哪些訂單組成部分也可能增加和加速，因此全年國防收入可能接近 6 億美元、7 億美元？

Thank you.

謝謝。

Thanks, Marcelo.

謝謝，馬塞洛。

This is Antonio speaking here.

我是安東尼奧在這裡講話。

And, thanks for answer already your question.

並且，感謝您回答您的問題。

We do see Defense around $600 million this year.

我們預計今年國防開支約 6 億美元。

With the deliveries for the C-390, we are confident to deliver for this year.

隨著 C-390 的交付，我們對今年的交付充滿信心。

I would say, next week, we are going to deliver the second one and I would say we are confident in that.

我想說，下週，我們將交付第二個，我想說我們對此充滿信心。

And the order for the Super Tucanos is coming to the right time and the right point because a big portion of the aircraft are ready, no inventory means it's going to go on top for the second quarter, the Super Tucanos for Paraguay.

超級巨嘴鳥的訂單來得正是時候，因為飛機的很大一部分已經準備就緒，沒有庫存意味著它將在第二季度成為巴拉圭的超級巨嘴鳥的佼佼者。

Let's put all together, we do see defense here around $600 million for this year.

總而言之，我們確實預計今年的國防費用約為 6 億美元。

Lucas Barbosa, Santander.

盧卡斯·巴博薩，桑坦德銀行。

Hi, good morning.

嗨，早安。

Francisco, Antonio, Gui, thank you very much for taking my question and congratulations for the results.

Francisco、Antonio、Gui，非常感謝您提出我的問題，並對結果表示祝賀。

I just wanted to know if you can provide more color on the one-time items that affected the EBIT margin by around 250 basis points.

我只是想知道您是否可以對影響息稅前利潤率約 250 個基點的一次性項目提供更多說明。

So if you can provide just some details if it's just one item.

因此，如果只是一件物品，您可以只提供一些詳細資訊。

If it's more than one item, what's the nature of it?

如果它不只一項，那麼它的性質是什麼？

That would be very helpful.

這將非常有幫助。

Thank you very much.

非常感謝。

Hi, Lucas.

嗨，盧卡斯。

Good morning and thanks for the question.

早安，謝謝你的提問。

There are a few items that impacted the quarter, but I would say by far, the biggest one was tax credits that helped us improve the margins by about 250 basis points.

有幾個項目影響了本季度，但我想說，到目前為止，最大的一個是稅收抵免，它幫助我們將利潤率提高了約 250 個基點。

So if you show that the margin will be closer to 7% or slightly under that.

因此，如果您表明利潤率將接近 7% 或略低於該值。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Hi, good morning, guys.

嗨，早上好，夥計們。

Maybe if you could circle back on -- we had a question about interest from airlines in Brazil, but maybe more broadly, after Farnborough, stepping away from that, can you maybe give more characterization a little color around what you're hearing from customers, how sales campaigns are going.

也許你可以回過頭來——我們有一個關於巴西航空興趣的問題，但也許更廣泛地說，在範堡羅之後，遠離這一點，你能否對你從客戶那裡聽到的內容進行更多的描述？

To be honest, I was expecting to hear a little bit more in terms of orders for commercial airplanes at Farnborough.

老實說，我本來希望聽到更多關於範堡羅商用飛機訂單的消息。

Where do we stand on that?

我們對此持什麼立場？

And what's the outlook for maybe the rest of the year into next year?

今年剩餘時間到明年的前景如何？

Thank you, Ron.

謝謝你，羅恩。

Francisco speaking.

弗朗西斯科講話。

Thanks for the question.

謝謝你的提問。

I mean, we had a good start to this year.

我的意思是，我們今年有一個好的開始。

If you look at the glass, we have a pool.

如果你看一下玻璃，我們有一個游泳池。

We had a good start this year with orders in commercial aviation with American lines in Mexicana.

今年我們在墨西哥與美國航空公司的商業航空訂單方面取得了良好的開端。

And we are working in a lot of sales campaigns.

我們正在進行很多銷售活動。

I mean basically, all the regions in the world.

我的意思基本上是世界上所有地區。

So we expect -- we are confident that we will bring good news soon about the new orders, and we have a good expectation for Q3 and the rest of the year as well.

因此，我們預計 - 我們有信心很快就會帶來有關新訂單的好消息，並且我們對第三季和今年剩餘時間也抱有良好的期望。

So again, we believe we have a very good chance to fill our production loss for the years ahead, in line with our strategic plan.

因此，我們再次相信，根據我們的策略計劃，我們有很好的機會彌補未來幾年的生產損失。

The next question comes from the Q&A chat.

下一個問題來自問答聊天。

And it's from Stephen Trent with Citibank.

這是花旗銀行史蒂芬特倫特 (Stephen Trent) 發來的。

Many thanks, gentlemen.

非常感謝，先生們。

Can you provide some color on what you're seeing in the competitive environment for business jets?

您能否提供一些您在公務機競爭環境中所看到的情況？

Is it possible that lower interest rates could support small and mid-cabin sales?

較低的利率是否有可能支持中小型客艙的銷售？

Thank you.

謝謝。

Thank you, Steve, for the question.

謝謝你，史蒂夫，提出這個問題。

Actually, we still see a strong interest in our business jet product portfolio.

事實上，我們仍然看到人們對我們的公務機產品組合抱有濃厚的興趣。

So, we are selling all the four models very well, in line with our expectations.

因此，我們所有四種型號的銷售情況都非常好，符合我們的預期。

And yes, we are now our challenges, to be honest with you, in the business genesis is more to ramp up production levels and deliveries than the sales.

是的，我們現在面臨的挑戰是，老實說，在業務起源中，更多的是提高生產水準和交付量，而不是銷售量。

I think the sales continue to be strong, as I said.

正如我所說，我認為銷售繼續強勁。

We are very optimistic about the -- not only sales but the deliveries and the growth of our business jet business in the next years

我們對未來幾年公務機業務的銷售、交付和成長都非常樂觀

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Hey, good morning, everyone.

嘿，大家早安。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay, great.

好的，太好了。

On the margins, the reiteration of the 6.5% to 7.5% for the full year adjusted operating margin.

在利潤率方面，重申全年調整後營業利益率為 6.5% 至 7.5%。

I just want to clarify if that's including or excluding the items you listed as kind of one-time for 2Q.

我只是想澄清一下，這是否包括或排除您在第二季一次性列出的項目。

And maybe put a different way, I guess to be at the midpoint or the high end of that for the full-year, the margins would have to be down year-over-year in the back-half.

也許換句話說，我想，要達到全年的中點或高端，下半年的利潤率必須比去年同期下降。

Do you expect margins down year-over-year in the back-half?

您預計下半年利潤率是否會年減？

Thanks, Noah, for the nice questions.

謝謝諾亞提出的好問題。

Antonio speaking here.

安東尼奧在這裡發言。

For sure, if you take the one-time and added on top of the guidance, for sure, we could be in a higher debt, assuming that we are in this volatile situation on supply chain, we prefer to not raise the guidance today.

當然，如果你採取一次性的做法，並在指導意見的基礎上添加，我們肯定會承擔更高的債務，假設我們處於供應鏈的這種不穩定形勢，我們寧願今天不提高指導意見。

But today, we are at the high end, and we are not planning to reduce margins for the coming quarters and the opposite, but what we try to avoid with the math we did is that you've taken a 9% margin from Q3, Q2 and move forward for the next quarter.

但今天，我們處於高端，我們不打算降低未來幾季的利潤率，反之亦然，但我們試圖透過我們所做的數學計算來避免你從第三季度獲得了 9% 的利潤率，第二季度並繼續下一季。

It's going to be a little bit higher, lower, but not in the magnitude of that we were to be even below previous year, means in a nutshell, yes, we are closer to the high end.

它會更高一點，更低一點，但幅度不會低於去年，簡而言之，是的，我們更接近高端。

And if you are able to get all aircraft out of the door probably have a chance for upside.

如果你能夠讓所有飛機出境，可能就有機會獲得上漲。

Then we want to do this -- probably are going to review the guidance already in Q3, when we announce that for Q3.

然後我們想要這樣做——當我們宣布第三季的指導時，可能會審查第三季已經存在的指導。

Well, let's see.

好吧，讓我們看看。

It depends on several facts.

這取決於幾個事實。

Okay.

好的。

That makes sense.

這是有道理的。

That's helpful.

這很有幫助。

And Antonio, I guess, I feel like I have a sense for what the progression of the commercial margin could be from here.

安東尼奧，我想，我覺得我對商業利潤的進展有一定的了解。

Executive has been kind of just solid for a while now, services reasonably straightforward.

行政人員已經有一段時間了，服務相當簡單。

I guess the defense margin has been pretty volatile through the quarters.

我想這幾季的防禦利潤一直相當不穩定。

It used to be kind of high single-digits on an annual basis.

它曾經是每年較高的個位數。

It's now mid single-digits.

現在是個位數中間。

I guess, as you ramp KC-390 with different customers and the mix is changing.

我想，當您與不同的客戶一起使用 KC-390 時，其組合正在改變。

I guess how should we be -- well, what should we be expecting for the kind of medium-term progression in that defense margin?

我想我們應該如何——好吧，對於防禦裕度的中期進展，我們該期待什麼？

Thanks for the question, Noah.

謝謝你的提問，諾亞。

We are -- I would say, in an inflection point right now and the defense margin means, the magnitude of the local contracts is being, I would say, well-filled right now with a new contract for export, and we do see this year something like mid-digit market for this year, but moving, I would say, very fast for higher even lower teens for the next year.

我想說，我們現在正處於一個拐點，國防邊際意味著，我想說，本地合約的規模現在已經被新的出口合約填滿了，我們確實看到了這一點今年的市場規模約為中位數數字，但我想說，明年對於更高甚至更低的青少年來說，移動速度非常快。

That's more or less the production you see based on the new contracts that we are just signing right now.

這或多或少是您根據我們剛剛簽署的新合約所看到的產量。

Today, if you see year-to-date, it has been very highly impacted by still the Brazilian contract here.

今天，如果你看看年初至今，它仍然受到巴西合約的極大影響。

With this move from local contracts to export, we do see this projection from mid-single-digit to higher single-digit or lower teens.

隨著從本地合約轉向出口，我們確實看到這一預測從中個位數上升到更高個位數或更低的十幾位數。

That's more or less how do you see defense right now with on top of it with revenue growth, both together.

這或多或少是你如何看待現在的國防以及收入成長的情況。

Gabriel Rezende, Itau BBA.

Gabriel Rezende，Itau BBA。

Hi, good morning, Francisco, Antonio, and Gui and congrats on the results.

嗨，早安，Francisco、Antonio 和 Gui，祝賀結果。

I would like to make -- to judge on one point regarding the commercial division.

我想就商業部門的一個問題做出判斷。

And whether do you think that will be fair for us to assume that given the ongoing supply chain crisis across the globe in the industry, prices in this industry could benefit the commercial division?

鑑於該行業全球範圍內持續存在的供應鏈危機，您認為我們假設該行業的價格可能有利於商業部門是否公平？

What should maybe translate into even higher margins for the commercial division in the future?

什麼可能轉化為未來商業部門更高的利潤率？

Thanks.

謝謝。

Gabriel, thank you.

加布里埃爾，謝謝你。

Francisco speaking.

弗朗西斯科講話。

Thanks for the question.

謝謝你的提問。

I mean our commercial division has been despite the lower volumes in the past year has been profitable.

我的意思是，儘管去年銷量較低，我們的商業部門仍然實現了盈利。

And you see that even the results of this Q2 was very positive for the commercial division.

您會看到，即使是第二季的結果對於商業部門來說也是非常積極的。

And we see opportunities to improve even further with the volumes growing, and we are also working internally and the other P&L drivers, like the prices and especially in cost reduction programs.

隨著銷售量的成長，我們看到了進一步改進的機會，我們也在內部和其他損益驅動因素上開展工作，例如價格，尤其是成本削減計劃。

So, again, we do believe that the margins of the commercial division will continue to be positive, right?

因此，我們再次相信商業部門的利潤率將繼續保持正值，對吧？

And let's say middle single digits for this year and the next years as well.

假設今年和未來幾年都達到中間個位數。

Lucas Laghi, XP Investimentos.

Lucas Laghi，XP Investimentos。

Hi, everyone.

大家好。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Yes, we can.

是的，我們可以。

Great.

偉大的。

Thank you.

謝謝。

Good morning.

早安.

Francisco, Antonio, and Gui.

弗朗西斯科、安東尼奧和吉。

My question is a follow-up on the commercial division profitability standpoint.

我的問題是商業部門獲利能力觀點的後續問題。

But, I mean, we noted this slight decline over a year on margins due to the higher mix of each use.

但是，我的意思是，我們注意到由於每種用途的混合程度較高，一年來利潤率略有下降。

I mean, my question is, I mean, aside from the effects of operating leverage as deliveries should accelerate in these upcoming years, I mean, are we already seeing the orders that you added to your backlog in the past year imply a room for gross margins to improve or a further contribution margin improvement should come as a result from incremental new orders in this next year?

我的意思是，我的問題是，我的意思是，除了營運槓桿的影響之外，因為未來幾年交付應該會加速，我的意思是，我們是否已經看到您在過去一年中添加到積壓訂單中的訂單意味著總訂單的空間利潤率是否會提高，或者貢獻率的進一步提高應該是明年新訂單增量的結果？

So basically, a matter of mix and how should we think of the each used margins going forward taking into consideration what you already have added to your backlog and what you expect to add in these upcoming years.

所以基本上，這是一個混合問題，我們應該如何考慮未來每個使用的利潤，考慮到您已經添加到積壓中的內容以及您期望在未來幾年添加的內容。

Thank you very much.

非常感謝。

Thanks, Lucas, for the nice question.

謝謝盧卡斯提出這個好問題。

The margin that you are generating today is based on the backlog that the first sales campaign for E2.

您今天產生的利潤是基於 E2 的第一個銷售活動的積壓訂單。

If you take Porter or Azul, it's more or less the margin that we are delivering today.

如果你選擇波特或阿祖爾，這或多或少就是我們今天提供的利潤。

For sure, the future backlog is accurate for a mid-single digit at least today.

可以肯定的是，未來的積壓訂單至少在今天是準確的個位數。

And please do not forget to have also a boost in E1 for the future.

請不要忘記為未來提升 E1 水平。

But we needed to exercise the new contracts.

但我們需要執行新合約。

If you take the mix today, they are more or less the first contracts for E2.

如果你看看今天的組合，它們或多或少是 E2 的第一份合約。

That's why the margin is more tough, more tight.

這就是為什麼利潤率更加艱難、緊張。

But if you take Mexican, it's much better margin than we are exercising with the customer this year.

但如果以墨西哥為例，它的利潤比我們今年與客戶的利潤高得多。

But we needed to wait the coming years in order to, I would say, regain traction.

但我想說，我們需要等待未來幾年才能重新獲得吸引力。

Nevertheless, you follow our numbers.

儘管如此，您還是遵循我們的數字。

We are able to report positive margin even with not the full capacity occupied.

即使產能沒有被充分利用，我們也能夠報告正利潤率。

That's why we see between operational levers and new contracts a good way to improve the margin, but not this year.

這就是為什麼我們認為營運槓桿和新合約是提高利潤率的好方法，但今年不是。

This year is highly dependent on E2 with the main customer that has at least a lower margin.

今年高度依賴E2，主要客戶的利潤率至少較低。

But we are confident for the future.

但我們對未來充滿信心。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

Hi.

你好。

Good morning, Antonio and Francisco.

早上好，安東尼奧和弗朗西斯科。

Thank you for taking my questions.

感謝您回答我的問題。

I have two here on our side.

我這邊有兩個。

First one about pricing in the commercial aviation, we heard from competitors that there is some low-priced aircraft going out of the inventory and sooner we should have a higher-priced aircraft going out from the inventory.

第一個是關於商業航空的定價，我們從競爭對手那裡聽說，有一些低價飛機從庫存中淘汰，我們應該盡快從庫存中淘汰一架價格較高的飛機。

I would like to see if in Embraer we have the same situation.

我想看看巴西航空工業公司是否也有同樣的情況。

And secondly, on the executive aviation, that margin comes great year-over-year, despite what we see a worse mix with less pressure on the delivery side.

其次，在公務航空方面，儘管我們看到交付方面的壓力較小，但組合狀況較差，但其利潤率仍比去年同期高。

If you could provide more color on this one, also it would also be very helpful, and congrats on the results.

如果您可以在此提供更多顏色，也會非常有幫助，並祝賀結果。

Alberto.

阿爾貝托.

Antonio speaking here.

安東尼奧在這裡講話。

Good morning.

早安.

First, I hope you revise your number because you do believe that we are not growing too much this year, but I'm sure you are going to do it.

首先，我希望你修改你的數字，因為你確實相信我們今年不會成長太多，但我相信你會這麼做。

In regards to the margin side, again, it's a combination of facts for commercial aviation, okay?

至於利潤率，這又是商業航空的綜合事實，好嗎？

I would say on the mix for executive aviation, growing price brings a lot of dollars, but let's say incremental margin should lead this unit to be above two digits of EBIT margin this year.

我想說的是，在公務航空的組合中，價格上漲帶來了大量美元，但我們可以說增量利潤應該會使該單位今年的息稅前利潤率超過兩位數。

We are already more or less close to that.

我們已經或多或少地接近了這一點。

Let's say the Freighter brings much more dollars.

假設貨機帶來了更多的美元。

That's why incremental margin should help.

這就是增量保證金應該有所幫助的原因。

Sometimes the percentage-wise is a little bit different when you see females against Freighters, but dollar-wise, we do see a nice boost for the margin for this year, for the years to come.

有時，當你看到女性與貨機相比時，百分比會有點不同，但從美元角度來看，我們確實看到今年和未來幾年的利潤率會得到很好的提升。

Okay.

好的。

I will revise for sure our numbers, Antonio.

我肯定會修改我們的數字，安東尼奧。

Thank you very much.

非常感謝。

Thank you.

謝謝。

We love to listen to that, Alberto.

我們喜歡聽這個，阿爾貝托。

Thank you.

謝謝。

The next question comes from the phone number ending 5135.

下一個問題來自尾號 5135 的電話號碼。

Please go ahead.

請繼續。

Hey, good morning, guys.

嘿，早上好，夥計們。

I'm (inaudible) from Wolfe Research.

我（聽不清楚）來自沃爾夫研究中心。

Hello.

你好。

Just on services, you had a good quarter on the top line, good quarter on margins.

僅在服務方面，本季的營收和利潤率都表現良好。

Just how should we think about that business for the remainder of the year?

在今年剩下的時間裡，我們該如何看待這項業務？

Growth stepped up pretty nicely in the quarter.

本季成長相當不錯。

We had sort of a sustainable level here, around $400 million, and same on the margins, 17%.

我們這裡有一個可持續的水平，大約 4 億美元，利潤率也是如此，17%。

Should we think about that as sort of a run rate, or did any one-time benefits help the quarter there?

我們是否應該將其視為一種運行率，或者是否有任何一次性收益對該季度有所幫助？

Thanks for the nice question.

謝謝你提出的好問題。

Antonio speaking here.

安東尼奧在這裡講話。

I would say we are already in the range of mid-teens margin for the service and support.

我想說，我們的服務和支援利潤已經達到了十幾歲左右。

With expansion activities right now, I would say I would continue to see for this year at the mid-teens, because we are putting more revenue and margin for the engine MRO we have in Portugal.

透過目前的擴張活動，我想說今年的擴張活動將繼續保持在十幾歲左右，因為我們正在為葡萄牙的引擎 MRO 投入更多的收入和利潤。

That's why the ramp-up of this production does not help or contribute too much for the margin.

這就是為什麼產量的增加對利潤率沒有幫助或貢獻太多。

That's why I would say we are confident in the mid-teens and on-time effect to us for service, not a big contributor, to be honest.

這就是為什麼我想說，老實說，我們對服務的準時效果充滿信心，而不是一個大貢獻者。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Antonio, can you just spend another minute on the cash flow?

安東尼奧，你能再花一分鐘討論現金流嗎？

I know that your cash flow is always seasonally weighted to the back-half, and you've had a working capital build in the first half before.

我知道你的現金流總是按季節加權到下半年，而且你之前在上半年就建立了營運資金。

It looks pretty sizable in the first half of 2024, even though the deliveries are up a little bit year-over-year, revenues up year-over-year.

儘管交付量同比略有增長，收入同比有所增長，但 2024 年上半年的規模看起來相當可觀。

So maybe if you could just walk us through that.

所以也許你能引導我們完成這個過程。

How confident are you in hitting the 220 for the year?

您對今年達到 220 的目標有多大信心？

And can you grow free cash flow next year versus this year?

與今年相比，明年的自由現金流能否成長？

Thanks for the nice question.

謝謝你提出的好問題。

By the way, cash is one thing that we discuss every single day in this company here.

順便說一句，現金是我們在這家公司每天討論的一件事。

That's why we launched the production leveling in order to be more, I would say, not suffer too much from Q1 to Q3 during the year.

這就是為什麼我們推出了生產平衡化，我想說的是，今年第一季到第三季不會受到太大影響。

It's going to, I would say, help more next year than this year.

我想說，明年的幫助會比今年更大。

I'd say the trend for the cash flow, we are today confident in the 220 or better, but unfortunately, it's going to happen just in Q4.

我想說的是現金流的趨勢，我們今天對 220 或更高充滿信心，但不幸的是，這將在第四季度發生。

The discerning between negative into positive for several reasons, more or less 20% growth on top line this year, and also for next year is more or less also double-digit growth that we are foreseeing.

區分負面因素和正面因素有幾個原因，今年的收入成長或多或少為 20%，明年的成長也或多或少是我們預期的兩位數成長。

And if you go to our effectiveness today, you see new people and parts for 2025 already.

如果您查看我們今天的效率，您將看到 2025 年的新人員和新零件。

We already produced 25 parties, several parts of our company here.

我們已經在這裡舉辦了 25 個聚會，這是我們公司的幾個部分。

It's pushing, putting a lot of pressure on the cash flow, and also the progress payment for the new contracts is going to happen, especially in the second half of the year.

它正在推動，給現金流帶來很大壓力，而且新合約的進度付款也將發生，特別是在下半年。

I would say combine those effects, lead us for this tight situation Q1, Q2, and Q3, and hopefully to become positive as we did last year in Q4.

我想說的是，結合這些影響，帶領我們應對第一季、第二季和第三季的緊張局勢，並希望像去年第四季一樣變得積極。

However, we are not happy with this situation, and we do have, and we are discussing this week very, very strong how to -- I would say, harmonize our cash generation, and in regards to generate more cash next year or not, our targets here are minimum turn EBITDA 50% into cash.

然而，我們對這種情況並不滿意，我們確實有，而且我們本周正在非常非常強烈地討論如何——我想說，協調我們的現金生成，以及明年是否生成更多現金，我們的目標是至少將50% 的EBITDA 轉化為現金。

I would say we are a little bit behind this year because of the higher growth that you continue to face for the company, which is nice, but puts a lot of pressure on the cash flow, I'd say.

我想說，今年我們有點落後，因為公司繼續面臨更高的成長，這很好，但我想說，這給現金流帶來了很大的壓力。

In a nutshell, we are still confident with the cash this year, and for sure a lot of chances to improve cash flow next year.

簡而言之，我們對今年的現金仍然充滿信心，明年肯定有很多改善現金流的機會。

If you are able to level in the production, then it's going to be even better, and you guys are not getting scared to see negative cash consumption.

如果你能夠提高產量，那麼情況會更好，而且你們不會害怕看到負現金消耗。

Three quarters and a very strong positive in Q4, that's more or less what we are looking for.

三個季度以及第四季度的強勁積極勢頭，這或多或少正是我們所尋求的。

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 session dedicated to the press.

現在我們將開始專門面向媒體的問答環節。

(Operator Instructions) (spoken in foreign language)

（操作員指示）（外語）

Joanna Bailey.

喬安娜·貝利。

Do you expect the C-390 program to be profitable by the end of 2024?

您預計 C-390 專案到 2024 年底就能獲利嗎？

And how have you managed to increase the EBITDA so much on executive?

您是如何成功地將高階主管的 EBITDA 提高如此之多的？

Well, Joanna, thanks for the question.

好吧，喬安娜，謝謝你的提問。

I think it depends.

我認為這取決於。

Yes, for our defense and security to be profitable this year already and including the C-390 and other products.

是的，我們的國防和安全今年已經實現盈利，包括 C-390 和其他產品。

And in the executive, I mean, we are seeing a very good performance in terms of margin and results.

我的意思是，在高階主管方面，我們在利潤率和業績方面看到了非常好的表現。

And this should continue with the sales, production, deliveries growing in the next years.

隨著未來幾年銷售、生產和交付的成長，這種情況應該會持續下去。

And for executive aviation, we do have a nice mix of products, I'd say (inaudible) where we were able to keep the price dissipating, which is showing also in the financial results.

對於公務航空來說，我們確實擁有很好的產品組合，我想說（聽不清楚）我們能夠維持價格下降，這也反映在財務表現上。

That's more or less without services, by the way.

順便說一句，這或多或少沒有服務。

That's the combination of facts we do see in executive aviation.

這就是我們在公務航空中看到的事實的結合。

Richard Schuurman.

理查德·舒爾曼。

Hello, I have already asked many questions in Farnborough, but I have one follow-up from that.

您好，我已經在範堡羅問了很多問題，但我還有一個後續問題。

You announced the [E2FT or E2 Feet] enhanced takeoff system.

你們宣布了 [E2FT 或 E2 Feet] 增強起飛系統。

It isn't clear if this system has already been certified.

目前尚不清楚該系統是否已經通過認證。

If not, when do you expect this to be available?

如果沒有，您預計什麼時候可以使用？

Richard, this is a very good question, and thank you for your interest.

理查德，這是一個非常好的問題，感謝您的關注。

And about this feature, the certification is expected to happen by the Q4 next year 2025.

關於此功能，預計將於明年 2025 年第四季獲得認證。

Woodrow Bellamy.

伍德羅·貝拉米。

One of the technologies that Airbus, Boeing, and other OEMs highlighted at Farnborough was their use of new digital design tools to improve time to market for new aircraft technologies and components.

空中巴士、波音和其他原始設備製造商在範堡羅展會上強調的技術之一是使用新的數位設計工具來縮短新飛機技術和組件的上市時間。

Is Embraer using any new digital design tools to improve its manufacturing and production efficiency?

巴西航空工業公司是否正在使用任何新的數位設計工具來提高其製造和生產效率？

And could you give some examples?

您能舉一些例子嗎？

We have been using the -- one example I can give it to you is the MES, the Manufacturing Excellence System, that we use in our manufacturing process.

我們一直在使用——我可以舉一個例子，那就是我們在製造過程中使用的 MES（卓越製造系統）。

That is a digital 3D tool, and that helps us a lot.

這是一個數位 3D 工具，對我們幫助很大。

I mean, to improve our efficiency, productivity, and quality in our manufacturing process.

我的意思是，提高我們製造過程中的效率、生產力和品質。

And we are developing other systems as well that we expect to be implemented in the next years.

我們也正在開發其他系統，預計在未來幾年內實施。

(Operator Instructions) Thank you all very much.

（操作員說明）非常感謝大家。

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。

This Q&A section is now being conducted in Portuguese.

該問答部分現在以葡萄牙語進行。

(Operator Instructions)

（操作員說明）

Cristian Favaro, Valor Econômico.

克里斯蒂安法瓦羅，《經濟勇氣》。

Hello, everyone.

大家好。

Can you hear me?

你聽得到我嗎？

Yes, Cristian.

是的，克里斯蒂安。

Very well, then.

那麼很好。

Yes, guys.

是的，夥計們。

Thank you.

謝謝。

Congratulations for the results.

祝賀結果。

I do have a question, but let me give you a follow-up here, Antonio, and let me see if I got it right.

我確實有一個問題，但讓我在這裡給你一個跟進，安東尼奧，讓我看看我是否答對了。

You said that the perspective is to have a 15% backlog on the Q3, just to make sure that I got the percentage right, 15%.

您說，我們的觀點是在第三季有 15% 的積壓，只是為了確保我得到的百分比是正確的，15%。

And I wanted to ask about LatAm.

我想問一下拉丁美洲的情況。

Yesterday, Gerard Cartier has confirmed on the LatAm conference call that they are considering lower-sized aircraft, and they said that Embraer is competing with the A220, so they are probably considering the middle cabin.

昨天，傑拉德·卡地亞在拉丁美洲電話會議上證實，他們正在考慮較小尺寸的飛機，並表示巴西航空工業公司正在與A220競爭，因此他們很可能正在考慮中艙。

So, I'd like to know about your perspective with the A220.

所以，我想了解一下您對 A220 的看法。

Are you with a good competitive edge?

您具有良好的競爭優勢嗎？

And how is this conversation evolving?

這場對話是如何演變的？

Because there is some time that you mentioned, Francisco, that LatAm has been engaged in conversations to procure with you, but do you have any good perspectives with regards to that?

因為弗朗西斯科，你提到拉丁美洲有一段時間一直在與你進行採購對話，但你對此有什麼好的看法嗎？

I can take the first question.

我可以回答第一個問題。

It's actually a 50% increase in Q3.

實際上第三季成長了 50%。

That's for the defense backlog.

這是國防積壓的。

You will see agreements from the Netherlands, Austria from C-390, and then Paraguay with Super Tucano aircraft.

您將看到來自荷蘭、奧地利的 C-390 協議，以及巴拉圭與超級巨嘴鳥飛機的協議。

That accounts for more than 50% increase in the defense backlog.

這導致國防積壓增加了 50% 以上。

And for LatAm, I'll hand it over to Francisco to answer that.

對於拉丁美洲，我將把它交給弗朗西斯科來回答。

Thank you, Cristian, for your question.

謝謝克里斯蒂安的提問。

Like I said before, we've been in conversation with different customers about business opportunities for E2.

正如我之前所說，我們一直在與不同的客戶討論 E2 的商業機會。

And, of course, there is competition.

當然，還有競爭。

There is competition in the market with A220, but for us, we think E2 is more of an efficient aircraft with lower operational costs and lower maintenance costs.

市場上與A220有競爭，但對我們來說，我們認為E2更像是一種高效率的飛機，營運成本和維修成本更低。

E2 is a perfect fit.

E2 非常適合。

It's tailor-made to markets such as the Brazilian market.

它是針對巴西市場等市場量身定制的。

If you look at the operations of Azul Airlines or Scoot, KLM in Europe, so we do think E2 is quite a competitive product.

如果你看看藍色航空或酷航、荷航在歐洲的營運情況，我們確實認為 E2 是一款相當有競爭力的產品。

And, again, it is tailor-made to better connect cities, medium to small-sized cities, which is what Brazil needs and other countries also do, but more specifically Brazil.

而且，它是專門為更好地連接城市、中小城市而量身定制的，這是巴西所需要的，其他國家也在做，但更具體地說是巴西。

So, we're excited about these opportunities.

因此，我們對這些機會感到興奮。

We've got no concrete news to share with you, but let's wait and see how these processes evolve.

我們沒有具體消息可以與您分享，但讓我們拭目以待，看看這些過程如何演變。

Jesse Nascimento, Portal Vale 360 News.

Jesse Nascimento，Portal Vale 360​​ 新聞。

Hello.

你好。

Can you hear me okay?

你聽得到我說話嗎？

We can, yes.

我們可以，是的。

Good morning.

早安.

Hi, Francisco.

嗨，弗朗西斯科。

Congratulations on the results.

祝賀結果。

We're located at the Vale do Paraiba region, and we're following up closely on Embraer's numbers.

我們位於帕拉伊巴谷地區，我們正在密切關注巴西航空工業公司的數據。

The question goes to Antonio, and then another question to you, Mr. Francisco.

這個問題問安東尼奧，然後另一個問題問你，弗朗西斯科先生。

Antonio, as we looked at the numbers yesterday, we saw that Embraer's stocks reached 38.13, but numbers were different in late July.

安東尼奧，當我們昨天查看這些數字時，我們看到巴西航空工業公司的股票達到了 38.13，但 7 月底的數字有所不同。

And in October -- on October 30, 2020, stocks were worth BRL6.03, considering the results that are now sharing with us.

考慮到現在與我們分享的結果，2020 年 10 月 30 日，股票價值為 6.03 雷亞爾。

How much can we expect stocks to go up?

我們預期股票會上漲多少？

Or the market value since the pandemic, how much will that increase?

或者說疫情以來的市值會增加多少？

And then the question to Francisco is the following.

然後向弗朗西斯科提出的問題如下。

According to news portals specialized in aviation, in the UK trade show, they mentioned that Embraer is negotiating to sell 300 commercial aircrafts.

根據航空專業新聞入口網站報道，在英國貿易展上，他們提到巴西航空工業公司正在就出售300架商用飛機進行談判。

How is that going?

進展如何？

Can that happen by the end of this year?

今年底可以實現嗎？

Thank you very much.

非常感謝。

Thank you for your question.

謝謝你的提問。

No, I remember in 2020, Embraer stocks -- well, Embraer as a company was worth BRL3 billion, and it's worth now BRL30 billion, roughly.

不，我記得 2020 年，巴西航空工業公司的股票——嗯，巴西航空工業公司作為一家公司價值 30 億雷亞爾，現在價值約 300 億雷亞爾。

So, we're talking about a 10 times increase.

所以，我們談論的是 10 倍的成長。

On Friday and on Monday, people's temper was quite hard.

週五和週一，人們的脾氣都比較暴躁。

But we were in touch with many banks already.

但我們已經與許多銀行取得了聯繫。

There were many investors who were feeling uncertain about it.

許多投資者對此感到不確定。

We think these numbers should get back on track in the following weeks or so.

我們認為這些數字應該會在接下來的幾週左右回到正軌。

So what's been going on with the company's valuation is reflected, again, in the gain in trust, in our sustainable growth as a company.

因此，公司估值的變化再次反映在信任的增加以及我們作為一家公司的可持續發展中。

I still believe there is a lot of room for growth.

我仍然相信還有很大的成長空間。

I think we grew by 10 times.

我認為我們成長了 10 倍。

Since early 2023 to date, our stocks have grown more than 60%, which makes us really happy.

自2023年初至今，我們的股票已經成長了60%以上，這讓我們非常高興。

But I think we've got a long way to go and grow based on what we're doing in terms of trust, foreseeability, and in terms of delivering what we promise, always, of course, focusing on safety and security.

但我認為，基於我們在信任、可預見性以及兌現我們承諾方面所做的事情，我們還有很長的路要走，並且要不斷成長，當然，始終關注安全和保障。

So we're very excited about growth.

所以我們對成長感到非常興奮。

But if we consider how ambitious we are, there is a lot that will still happen.

但如果我們考慮到我們有多雄心勃勃，仍然會發生很多事情。

I can add to that.

我可以補充一下。

If you think of the company's valuation during the pandemic that's a very low bar.

如果你考慮一下該公司在疫情期間的估值，那是一個非常低的門檻。

But what makes us excited is that even if we consider stock prices before the pandemic in mid-2019, and compare that to now, we can safely say that we are 100% above that.

但令我們興奮的是，即使我們考慮 2019 年中期疫情爆發前的股價，並將其與現在進行比較，我們也可以有把握地說，我們已經 100% 以上了。

So that's a good way to compare stock prices.

所以這是比較股票價格的好方法。

And then, about your second question, it's true we've got 300 aircrafts being sold.

然後，關於你的第二個問題，我們確實已經賣出 300 架飛機。

This is round number, but we expect these campaigns to provide results in the short term, meaning 2024 and 2025.

這是整數，但我們預計這些活動將在短期內（即 2024 年和 2025 年）取得成果。

Leda Alvim, Bloomberg News.

勒達‧阿爾維姆，彭博新聞社。

Hello, good morning.

你好早安。

Thank you for this opportunity.

感謝您給我這個機會。

Thank you, and congratulations on the results.

謝謝你，恭喜結果。

I wanted to ask you about a specific point that you mentioned during the Media Day a few months ago about the defense sector.

我想問你幾個月前媒體日期間提到的有關國防部門的具體觀點。

It was mentioned that Embraer is working to penetrate the US market with their defense aircrafts, exploring even opportunities of mergers and acquisitions.

據稱，巴西航空工業公司正努力利用其防務飛機打入美國市場，甚至探索併購機會。

I wanted to learn from you.

我想向你學習。

Has there been any update on that note, any initiative for the US market, especially in the defense sector?

在這方面有任何更新嗎？

How do you see these opportunities for merge and acquisitions?

您如何看待這些併購機會？

Hi, Leda, this is Francisco.

嗨，勒達，我是弗朗西斯科。

It's great to hear from you again.

很高興再次收到你的來信。

Thank you for your question.

謝謝你的提問。

C-390 is doing well in different regions of the world.

C-390在世界不同地區表現良好。

We talked about new agreements with the Netherlands and Austria.

我們討論了與荷蘭和奧地利的新協議。

We are now at an advanced stage in negotiations with Czech, and we expect this to come to fruition by the end of this year.

目前，我們與捷克的談判已進入後期階段，我們預計這項談判將在今年年底前取得成果。

We're also in touch with South Korea.

我們也與韓國保持聯繫。

In Asia, we're also making great strides with our program, and, of course, the American market is the largest defense market in the globe, so they are a target market for us.

在亞洲，我們的計畫也取得了長足的進步，當然，美國市場是全球最大的國防市場，因此他們是我們的目標市場。

And we believe that our aircraft, C-390, would be a suitable product and important to help the US Air Force increase their productivity in this multi-mission military aircraft sector.

我們相信，我們的 C-390 飛機將是一款合適的產品，對於幫助美國空軍提高多任務軍用飛機領域的生產力非常重要。

So at this point, we're just doing our research in the US, we're strengthening our team in the market, so that we can define what the next steps will be, hoping to fast-track our penetration in the market.

所以目前我們只是在美國做研究，我們正在加強我們在市場上的團隊，這樣我們就可以定義下一步要做什麼，希望能夠快速滲透市場。

That's where we stand as of now.

這就是我們目前的立場。

Thank you.

謝謝。

Thank you very much.

非常感謝。

This concludes our Q&A session.

我們的問答環節到此結束。

This concludes Embraer's earnings call.

巴西航空工業公司的財報電話會議到此結束。

Thank you very much for attending the session, and have a great day.

非常感謝您參加本次會議，祝您有個愉快的一天。