Embraer SA (ERJ) 2024 Q3 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 and M&A for Embraer.

我叫 Gui Paiva，是巴西航空工業公司投資者關係和併購主管。

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

歡迎您參加我們的 2024 年第三季財報電話會議。

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 GAAP 標準中的 EVE 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 Monday on November 4.

我們提醒您，Eve 的結果在 11 月 4 日上週一的電話會議上進行了討論。

It is important to mention that all numbers are presented in the 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。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer; Antonio Carlos Garcia, Chief Financial Officer; Luis Harrison, 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；路易斯哈里森，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 Q3 results.

第一部分，高階主管將介紹公司第三季的業績。

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。

Thank you, Gui.

謝謝你，桂。

Good morning, and good afternoon to all.

各位早安，下午好。

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

歡迎參加巴西航空工業公司 2024 年第三季業績電話會議。

Today, we updated our 2024 guidance to reflect both opportunities and risks for our operations.

今天，我們更新了 2024 年指南，以反映我們營運的機會和風險。

In financials, we reiterate our $6.2 billion midpoint of the range of revenue guidance for the full calendar year.

在財務方面，我們重申全年營收指引範圍的中點為 62 億美元。

We are happy to increase our adjusted EBIT margin interval to 9.5% and our free cash flow generation to $300 million or higher.

我們很高興將調整後的息稅前利潤區間提高到 9.5%，並將自由現金流量提高到 3 億美元或更高。

In operations, we reiterate our 125 to 135 delivery guidance for Executive Aviation in 2024.

在營運方面，我們重申了 2024 年公務航空交付量為 125 至 135 架的指導方針。

However, we reduced our Commercial Aviation guidance from 72 to 80 jets to 70 to 73 aircraft because of supply chain problems.

然而，由於供應鏈問題，我們將商業航空指導數量從 72 至 80 架飛機減少到 70 至 73 架飛機。

In Q3, Embraer revenues increased more than 32% year-over-year, helped by Executive Aviation and Defense & Security, both up more than 65%.

第三季度，巴西航空工業公司營收年增超過 32%，這得益於公務航空和國防與安全業務，兩者均成長超過 65%。

However, the top line for Services & Support and Commercial Aviation were also up by double-digits during the period, 16% and 11%, respectively.

然而，服務與支援和商業航空的收入在此期間也實現了兩位數成長，分別為 16% 和 11%。

In the first nine months of 2024, overall company revenues increased 24% compared to the same period in 2023.

2024 年前 9 個月，公司整體營收較 2023 年同期成長 24%。

The highlight was Defense & Security with an increase of 56%, followed by Executive Aviation with 41%, Services & Support with 16% and Commercial Aviation with 12%.

亮點是國防與安全，成長了 56%，其次是公務航空，成長了 41%，服務與支援成長了 16%，商業航空成長了 12%。

Our continuous efforts to improve efficiency and profitability led our adjusted operating margin to improve to 17.6% during Q3.

我們不斷努力提高效率和獲利能力，第三季調整後的營業利潤率提高至 17.6%。

Even if we exclude for the $150 million from the Boeing arbitration agreement, our adjusted operating margin was up to 8.7% in the quarter.

即使我們排除波音仲裁協議中的 1.5 億美元，本季調整後的營業利潤率仍高達 8.7%。

If we look at the year-to-date period, our adjusted operating margin improved year-on-year to 10.8%.

如果我們看看今年迄今為止的情況，我們調整後的營業利潤率年增至 10.8%。

Even if we exclude the Boeing-related monies, our adjusted operating margin expanded year-on-year to 7.2% during the first 9 months of the year.

即使我們排除與波音相關的資金，今年前 9 個月我們調整後的營業利潤率仍較去年同期擴大至 7.2%。

Our firm order backlog reached $22.7 billion in Q3, supported by a robust year-to-date book-to-bill ratio higher than 2:1.

在年初至今強勁的訂單出貨比高於 2:1 的支撐下，我們第三季的確定積壓訂單達到 227 億美元。

In late September, Fitch Ratings upgraded Embraer rating from BB+ to BBB- with a stable outlook.

9月底，惠譽評等將巴西航空工業公司評等從BB+上調至BBB-，展望穩定。

I'm happy to announce that our company is rated investment grade by two out of the three leading US rating agencies.

我很高興地宣布，我們公司被美國三大評級機構中的兩家評為投資級。

Our rating with Moody's remains one notch below investment grade, but now with a positive outlook.

我們的穆迪評級仍比投資等級低一級，但現在前景樂觀。

We delivered for a total of 57 aircraft in this third quarter or 33% higher year-on-year.

第三季我們總共交付了 57 架飛機，年增 33%。

So far, the total number for 2024 currently stands at 128 aircraft or 22% higher than the same period for 2023.

到目前為止，2024 年的飛機總數目前為 128 架，比 2023 年同期增加 22%。

We also delivered two C-390 Millennium in Defense during the quarter and a total of three tactical cargo planes for the first nine months of the year.

我們還在本季交付了兩架 C-390 Millennium 國防飛機，並在今年前 9 個月交付了總共三架戰術運輸機。

We still face several supply chain challenges.

我們仍然面臨一些供應鏈挑戰。

This year, we reinforced our supply chain organization by enforcing our team capability, introducing digital tools and artificial intelligence and expanding our presence with more employees closer to our most critical suppliers.

今年，我們透過增強團隊能力、引入數位工具和人工智慧以及透過讓更多員工更接近我們最關鍵的供應商來擴大我們的業務，從而強化了我們的供應鏈組織。

All these initiatives aim to address the ongoing obstacles and help us to further improve the efficiency of our global supply chain capacity management.

所有這些措施旨在解決持續存在的障礙，並幫助我們進一步提高全球供應鏈產能管理的效率。

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

現在，我將在接下來的幾張投影片中重點介紹業務部門的營運績效。

In Commercial Aviation, we highlighted the order of 8 E190-E2s to Virgin Australia.

在商業航空領域，我們重點介紹了維珍澳洲航空訂購的 8 架 E190-E2。

This order reflects the strong ability of our E2 jet family to operate in several markets and provides a viable option to complement the airline's larger narrow-bodies and to replace its smaller long-serving aircraft.

該訂單反映了我們的 E2 噴射機系列在多個市場運營的強大能力，並為補充該航空公司的大型窄體飛機和替換其小型長期服役飛機提供了可行的選擇。

We also did the first delivery of three E195-E2s to LOT Polish Airlines leased through Azorra.

我們也首次向透過 Azorra 租賃的波蘭航空公司交付了三架 E195-E2。

LOT became the first operator of our brand-new at that time E-Jet family E-170s, more than 20 years ago.

20 多年前，LOT 成為我們當時全新 E-Jet 系列 E-170 的第一家經營者。

Revenues increased 11.4% year-on-year during the quarter.

該季度營收年增11.4%。

The adjusted EBIT margin for the quarter declined from 0 to minus 5% year-on-year because of supply chain delays, product and customer mix.

由於供應鏈延遲、產品和客戶組合的影響，本季調整後的息稅前利潤率較去年同期從 0 下降至負 5%。

In the nine months of 2024, the adjusted EBIT margin was minus 2.3% compared to minus 1.3% in the nine months of 2023.

2024年的九個月，調整後的息稅前利潤率為-2.3%，而2023年的九個月為-1.3%。

We currently are in campaigns for more than 200 commercial aircraft in different continents.

目前，我們正在為不同大洲的 200 多架商用飛機進行活動。

We expect the profitability of our Commercial Aviation division to improve in Q4 2024 and beyond despite the strong competition in the segment.

儘管該領域競爭激烈，但我們預計商用航空部門的獲利能力將在 2024 年第四季及以後有所改善。

In Executive Aviation, the top-line expanded 65% year-on-year in Q3, supported by higher volumes and product mix.

在公務航空領域，得益於銷售量和產品組合的增加，第三季營收年增 65%。

Revenues for the current year are now at $1.1 billion or circa 40% higher than the same period in the previous one.

今年的收入目前為 11 億美元，比去年同期高出約 40%。

The business unit achieved the best third quarter in first nine months in terms of revenues and deliveries in its history, demonstrating growing performance, good sales momentum and sustainable demand across our business jets portfolio.

該業務部門在前九個月的第三季收入和交付量方面取得了歷史上最好的成績，展示了我們公務機產品組合不斷增長的業績、良好的銷售勢頭和可持續的需求。

The adjusted EBITDA margin for Executive improved from 10.7% in Q3 '23 to 16.3% in Q3 '24, helped by more aircraft deliveries.

在飛機交付量增加的幫助下，Executive 的調整後 EBITDA 利潤率從 23 年第三季的 10.7% 提高到 24 年第三季的 16.3%。

The adjusted EBIT margin for the first 9 months of the year moved up from 4.0% in '23 to 12.5% in '24.

今年前 9 個月的調整後息稅前利潤率從 23 年的 4.0% 上升至 24 年的 12.5%。

In Defense & Security, there were 3 main highlights during the quarter.

在國防與安全領域，本季有 3 個主要亮點。

First, the deliveries of the first C-390 Millennium to Hungary, and the seventh one to the Brazilian Air Force.

首先，向匈牙利交付第一架 C-390 Millennium，向巴西空軍交付第七架。

Second, the signing of the order for 9 units from the Netherlands and Austria and third, the brand-new orders for 6 to 12 A-29 Super Tucanos from Paraguay and Uruguay.

第二架是簽署了來自荷蘭和奧地利的9架訂單，三是簽署了來自巴拉圭和烏拉圭的6至12架A-29「超級巨嘴鳥」的全新訂單。

The recent signed orders underpinned the $1.5 billion increase in the company's backlog in Q3.

最近簽署的訂單使該公司第三季的積壓訂單增加了 15 億美元。

Revenues for the division increased 65% year-on-year in Q3 and 56% year-on-year in the 9 months of 2024.

該部門第三季營收年增 65%，2024 年 9 個月年增 56%。

Turning to profitability.

轉向盈利能力。

The adjusted EBIT margin declined from 15.6% in Q3 '23 to 7.2% in Q3 '24, because of product and customer mix and supply chain delays as well.

由於產品和客戶組合以及供應鏈延遲，調整後的息稅前利潤率從 23 年第三季的 15.6% 下降到 24 年第三季的 7.2%。

For the year, the adjusted EBIT margin was 0.8% in the first 9 months of 2024 compared to 7.2% in the same period of 2023.

今年，2024 年前 9 個月調整後息稅前利潤率為 0.8%，而 2023 年同期為 7.2%。

In Service & Support, the division continued to be one of the main drivers of profitable growth for the company with higher revenues and profitability.

在服務與支援方面，該部門仍然是公司獲利成長的主要驅動力之一，收入和獲利能力更高。

Revenue grew 16% year-on-year during the quarter, while the adjusted EBIT margin recorded a solid 3.9 percentage point gain.

本季營收年增 16%，調整後息稅前利潤率達到 3.9 個百分點的穩健成長。

For the year, the adjusted EBIT margin increased to 16.2% in 2024 compared to 14.6% in 2023.

今年，調整後的息稅前利潤率從 2023 年的 14.6% 增加到 2024 年的 16.2%。

The business unit announced a $70 million investment in a new MRO center in Fort Worth, Texas, which aims to expand our maintenance service network to support the growing customers' fleet of E-Jets in North America.

該業務部門宣布投資 7,000 萬美元在德州沃思堡建立一個新的 MRO 中心，旨在擴大我們的維護服務網絡，以支援北美客戶不斷成長的 E-Jet 機隊。

Finally, Eve, our eVTOL business continues to progress in its development process.

最後，Eve，我們的 eVTOL 業務在開發過程中持續取得進展。

The company unveiled its full-scale prototype in July.

該公司於七月推出了其全尺寸原型機。

And it is now moving forward with the battery installation and lifter production to get ready for its first flight in early 2025.

目前，該機正在推進電池安裝和升降機生產，為 2025 年初的首飛做好準備。

Eve also completed an additional $236 million secured loan, which will help to support the development and industrialization of its eVTOL.

Eve還額外完成了2.36億美元的擔保貸款，這將有助於支持其eVTOL的開發和產業化。

Embraer remains confident in Eve's business outlook as its majority shareholder with an 83% equity stake.

作為持有 83% 股權的大股東，巴西航空工業公司對 Eve 的業務前景仍然充滿信心。

We expect our eVTOL certification by ANAC in Brazil and FAA in the US.

我們期待我們的 eVTOL 獲得巴西 ANAC 和美國 FAA 的認證。

in 2027.

2027年。

I will now hand it over to Antonio to give you further details about the financial results and then I will 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'm very happy to highlight another set of solid financial results in Q3.

我很高興強調第三季另一組穩健的財務表現。

Let's now move to Slide 10 in the presentation and start with deliveries.

現在讓我們轉到簡報中的幻燈片 10，並從交付開始。

The highlight of the quarter was Executive Aviation, which delivered 22 light jets and 19 medium jets.

本季的亮點是 Executive Aviation，交付了 22 架輕型噴射機和 19 架中型噴射機。

The total 41 jets for the quarter was an impressive 46% increase year-on-year and the first material positive results from our production leveling plan, which goals is to have a more stable production pace throughout the year despite supply chain delays.

本季共有41 架噴射機，年成長46%，令人印象深刻，這是我們的生產均衡計畫的第一個實質積極成果，該計畫的目標是儘管供應鏈出現延誤，但全年的生產節奏仍會更加穩定。

Meanwhile, Commercial Aviation deliveries increased 6% versus a year ago.

同時，商用航空交付量較去年同期成長 6%。

In this quarter, our E2 family represented 75% of total deliveries and our E1 jet family, the balance 25%.

在本季度，我們的 E2 系列飛機交付量佔總交付量的 75%，而我們的 E1 噴射機系列則佔其餘 25%。

It is important to mention our Commercial Aviation division is facing significant supply chain delays, mainly in the E2 assembly line.

值得一提的是，我們的商用航空部門正面臨嚴重的供應鏈延誤，主要是在 E2 組裝線。

In Defense, we are pleased to have delivered two C-390 Millennium aircrafts to Brazil and Hungary.

在國防方面，我們很高興向巴西和匈牙利交付了兩架 C-390 Millennium 飛機。

The global fleet in operation now totals 10 aircrafts among Brazil, Portugal and Hungary.

目前，全球營運的機隊共有 10 架飛機，往返巴西、葡萄牙和匈牙利。

It is important to remind you, C-390 are not included in our 2024 deliveries guidance.

需要提醒您的是，C-390 不包含在我們的 2024 年交付指南中。

Slide 11, please.

請投影片 11。

The company continues to break records.

該公司不斷打破紀錄。

The $22.7 billion accretive and solid backlog in Q3 is almost 10% higher quarter-on-quarter and more than 25% higher year-on-year with growth in all divisions.

隨著所有部門的成長，第三季 227 億美元的增量和穩定的積壓訂單較上季成長近 10%，較去年同期成長超過 25%。

The highlight for the quarter goes to Defense & Security, whose $3.6 billion backlog increased almost 70% quarter-on-quarter and year-on-year and reflect the new contracts for nine C-390 Millennium and Super Tucanos.

本季的亮點是國防與安全部門，其 36 億美元的積壓訂單環比和同比增長了近 70%，反映了 9 架 C-390 Millennium 和 Super Tucanos 的新合約。

Service & Support also moved up 12%, supported by the new contracts in Defense and Commercial Aviation.

在國防和商業航空新合約的支持下，服務與支援也增加了 12%。

The backlog for Commercial Aviation with 374 aircraft firm orders and Executive Aviation with a record pace of business jet delivered during the quarter declined slightly.

本季度，商用航空（擁有 374 架飛機確認訂單）和公務航空（公務機交付量創下紀錄）的積壓訂單略有下降。

Moving on to revenues.

繼續討論收入。

The strong pace of deliveries led our top-line to reach almost $1.7 billion in Q3 or 13% higher quarter-on-quarter and 32% higher year-on-year.

強勁的交貨速度使我們第三季的營收達到近 17 億美元，季增 13%，年增 32%。

On a year-to-date basis, our revenues have now topped $4.1 billion or 24% higher or close to $800 million more than $3.3 billion recorded in the same period of 2023.

今年迄今，我們的營收已突破 41 億美元，比 2023 年同期的 33 億美元高出 24%，即接近 8 億美元。

The total nine months' revenue represents about 65% of the midpoint of our 2024 guidance of $6 billion to $6.4 billion.

9 個月的總收入約占我們 2024 年 60 億至 64 億美元指引中位數的 65%。

If we look at the pie chart on the right, we can see Executive Aviation with 32% of the company's revenue, higher almost 7 percentage points year-on-year, driven by the increase in deliveries.

如果我們看右邊的圓餅圖，我們可以看到，在交付量增加的推動下，行政航空業務占公司收入的32%，比去年同期成長近7個百分點。

Meanwhile, Defense contributed with 13% of total revenue versus 10% a year ago.

同時，國防業務貢獻了總收入的 13%，而一年前為 10%。

In the opposite side, Commercial Aviation declined 5 percentage points to 28% of company revenues in third quarter '24 compared with the same quarter last year.

另一方面，與去年同期相比，2024 年第三季商業航空占公司收入的比例下降了 5 個百分點，至 28%。

And Service & Support lead 3% year-on-year.

服務與支援年領先 3%。

Next slide, please.

請下一張投影片。

On EBITDA and EBIT, we continue to capture the benefits of diligent cost and expense control and the efficiency program.

在 EBITDA 和 EBIT 方面，我們繼續從努力的成本和費用控制以及效率計劃中獲益。

We generated $357 million in adjusted EBITDA in third quarter '24 with a 21.1% margin.

2024 年第三季度，我們的調整後 EBITDA 為 3.57 億美元，利潤率為 21.1%。

Meanwhile, the adjusted EBIT in the quarter was $298 million for a 17.6% margin.

同時，本季調整後息稅前利潤為 2.98 億美元，利潤率為 17.6%。

However, there was an important $150 million contribution from the Boeing agreement, which propped up both margin by circa 900 basis points for the period.

然而，波音協議貢獻了 1.5 億美元的重要資金，使該期間的利潤率提高了約 900 個基點。

If we look at the results for the quarter, ex-Boeing agreement; the EBITDA margin improved 60 basis points year-on-year from 11.6% to 12.2%, while EBIT margin improved almost 100 basis points from 7.8% to 8.7%, supported by higher profitability in Executive Aviation and Service & Support.

如果我們看一下本季的業績，前波音協議； EBITDA 利潤率年增了60 個基點，從11.6% 增至12.2%，而EBIT 利潤率則提高了近100 個基點，從7.8% 增至8.7%，這得益於公務航空和服務與支持業務盈利能力的提高。

On to Slide 13 now, please.

現在請看投影片 13。

In Q3, if we exclude Eve, we generated $241 million in adjusted free cash flow, because of the higher numbers of aircraft deliveries and advanced customer payments.

在第三季度，如果我們排除 Eve，我們將產生 2.41 億美元的調整後自由現金流，因為飛機交付數量增加，客戶預付款增加。

Year-to-date, our free cash flow was negative $320 million.

年初至今，我們的自由現金流為負 3.2 億美元。

However, it should turn to positive by year-end because of the historical concentration of deliveries in Commercial Aviation and down payments in defense programs during the last quarter of the year.

然而，由於今年最後一個季度商業航空的交付量和國防項目的首付款歷來集中，因此到年底它應該會轉為正值。

Moving to investment.

轉向投資。

And again, without Eve, we spent $42 million in research and development during the quarter, $59 million in CapEx and net $10 million in pool programs, for a total of $111 million compared to $103 million a year ago.

同樣，在沒有Eve 的情況下，我們本季在研發上花費了4200 萬美元，在資本支出上花費了5900 萬美元，在資金池項目上淨花費了1000 萬美元，總計1.11 億美元，而去年同期為1.03 億美元。

Our capital allocation continues to be focused on segments with higher returns as follows: Executive Aviation, $90 million to increase our production capacity in line with our recent backlog growth.

我們的資本配置繼續集中在回報率較高的領域，如下：公務航空，9000萬美元用於根據我們最近的積壓訂單增長來提高我們的產能。

Service & Support, $90 million in our subsidiary, OGMA for the maintenance service for Pratt & Whitney engines.

服務與支持，我們的子公司 OGMA 投入 9,000 萬美元，用於為普惠引擎提供維護服務。

Service & Support, $70 million to expand our MRO footprint to service Commercial Aviation clients in North America.

服務與支持，7000 萬美元用於擴大我們的 MRO 業務範圍，為北美的商業航空客戶提供服務。

Our adjusted net income was positive $221 million for the quarter supported a 13.1% adjusted margin.

本季調整後淨利為 2.21 億美元，調整後利潤率為 13.1%。

If we exclude the Boeing agreement, our adjusted net income was $122 million for a 7.2% margin compared to $33 million and 2.6% margin a year ago.

如果排除波音協議，我們調整後的淨利潤為 1.22 億美元，利潤率為 7.2%，而一年前為 3,300 萬美元，利潤率為 2.6%。

In Slide 14, going to our liability management plan.

在投影片 14 中，前往我們的責任管理計畫。

In third quarter '24, we continued our initiatives to extend the duration, reduced the cost of our debt.

2024 年第三季度，我們繼續採取措施延長期限，降低債務成本。

Our cash flow position, including our revolver credit facility in US was basically equivalent to our gross debt balance in Q3.

我們的現金流狀況，包括我們在美國的循環信貸額度，基本上相當於我們第三季的總債務餘額。

Therefore, we have a very solid cash balance and no relevant debt to be paid back during the next 2.5 years.

因此，我們擁有非常穩健的現金餘額，並且在未來 2.5 年內沒有需要償還的相關債務。

The company has materially deleveraged its balance sheet over the past 3 years.

該公司在過去三年中大幅降低了資產負債表的槓桿率。

And we are happy to highlight our net debt-to-EBITDA leverage ratio declined to 1.3x in Q3 '24, as shown in the top right corner of the slide.

我們很高興地強調，我們的淨債務與 EBITDA 槓桿率在 24 年第三季下降至 1.3 倍，如幻燈片右上角所示。

I want to mention our circa $700 million EBITDA ex-Boeing agreement over the past 12 months, which is now almost 25% higher than the $560 million generated in 2023.

我想提一下，在過去 12 個月裡，我們與波音簽訂的 EBITDA 約為 7 億美元，目前比 2023 年的 5.6 億美元高出近 25%。

The liability and cash management strategy is strongly contributed to the credit rating upgrades by Fitch from BB+ to BBB- with a stable outlook in late September.

負債和現金管理策略對惠譽在 9 月底將信用評級從 BB+ 上調至 BBB- 做出了巨大貢獻，展望為穩定。

Consequently, both Standard & Poor's and Fitch currently rate the company as an investment-grade company.

因此，標準普爾和惠譽目前將該公司評為投資級公司。

In a nutshell, we remain focused on generating cash, reducing our debt levels, lowering the cost of our debt and improving our credit metrics.

簡而言之，我們仍然專注於創造現金、降低債務水平、降低債務成本和改善信用指標。

Last but not least, let's talk about our guidance.

最後但並非最不重要的一點是，讓我們談談我們的指導。

We presented our updated 2024 guidance on Slide 15.

我們在投影片 15 上展示了更新的 2024 年指南。

We update the guidance focusing on company's efficiency and considering the overall performance of all business units.

我們更新了指南，重點關注公司效率並考慮所有業務部門的整體績效。

From a financial perspective, we still feel very comfortable with our current $6 billion to $6.4 billion revenue estimate for the full year.

從財務角度來看，我們對目前全年 60 億至 64 億美元的收入預測仍然感到非常滿意。

This is a benefit of having different business units where the strength of Service and Defense helps to offset some missing deliveries in Commercial Aviation, for example.

這是擁有不同業務部門的好處，例如，服務和國防的實力有助於彌補商業航空領域的一些交付缺失。

More importantly, the company has been able to operate more efficient than expected with cost control that can be seen by SG&A expenses, for example.

更重要的是，透過成本控制，該公司能夠比預期更有效率地運營，這可以從銷售管理費用等方面看出。

Thus, we have revised upwards our adjusted EBIT margin by 250 basis points from our previous 6.5% to 7.5% range to our new 9 to 10 percentage point estimate.

因此，我們將調整後的息稅前利潤率從先前的 6.5% 至 7.5% 範圍上調了 250 個基點，至新的 9 至 10 個百分點的預測。

We highlighted the Boeing agreement money circa 125% net without taxes or with taxes and final office accounted for of 250 basis points change.

我們強調了波音協議資金的淨值約為 125%，不含稅或含稅，最終辦公室佔 250 個基點的變化。

Meanwhile, the one tax credit benefit mentioned in the Q2 earnings release accounted for a balance of 50 basis points.

同時，第二季財報發布中提到的一項稅收抵免福利佔餘額50個基點。

Therefore, the company was able to maintain its margin guidance stable after the adjustment for these extraordinary events despite all reduction of 5 aircraft deliveries in Commercial Aviation segment for the year.

因此，儘管今年商用航空板塊的飛機交付量全部減少了 5 架，但在針對這些特殊事件進行調整後，該公司仍能維持利潤指引穩定。

In Commercial Aviation, we moved the delivery guidance down from 72-80 aircraft to 70-73 deliveries to reflect our most updated accurate estimate considering the risk from supply chain constraints.

在商業航空領域，考慮到供應鏈限制的風險，我們將交付指引從 72-80 架飛機下調至 70-73 架，以反映我們最新的準確估計。

Our 2024 guidance for free cash flow generation increased from $220 million or higher to now $300 million or higher, the changes reflect monies from Boeing agreement, the loss of around 5 previously mentioned aircrafts in Commercial Aviation guidance and the forecasted down payments from recently signed defense contracts.

我們的2024 年自由現金流產生指引從2.2 億美元或更高增加到目前的3 億美元或更高，這些變化反映了波音協議的資金、商業航空指導中前面提到的約5 架飛機的損失以及最近簽署的國防的預測預付款合約。

From an operational perspective, we feel comfortable to reiterate our $125 million to $135 million guidance for Executive Aviation, despite the ongoing supply chain challenges we face on a daily basis.

從營運角度來看，儘管我們每天都面臨供應鏈挑戰，但我們仍願意重申 1.25 億至 1.35 億美元的公務航空指引。

We continue to work steadfastly to accomplish our production plan with safety and quality and to reach our new 2024 financial operational guidance.

我們將繼續堅定不移地安全、優質地完成生產計劃，並達成新的2024年財務營運指引。

We are also on track to deliver for C-390 Millennium scheduled for this year.

我們也預計在今年交付 C-390 Millennium。

Looking forward, it's important to mention we still see double-digit growth for aircraft deliveries, revenue and EBIT in 2025 and beyond, notwithstanding the current operational challenges.

展望未來，值得一提的是，儘管當前面臨營運挑戰，但我們仍預計 2025 年及以後的飛機交付量、收入和息稅前利潤將實現兩位數成長。

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

至此，我結束了我的演講，並將其交還給弗朗西斯，供他最後發言。

Thank you very much for your attention.

非常感謝您的關注。

Thank you, Antonio.

謝謝你，安東尼奧。

We delivered another solid quarter for our shareholders despite all the challenges we continue to face in our supply chain.

儘管我們在供應鏈中繼續面臨所有挑戰，但我們仍為股東帶來了另一個穩健的季度業績。

I am especially proud of the hard work of our almost 20,000 employees, whose contributions helped us reiterate our 2024 revenue guidance and, even better, revise upwards our adjusted EBITDA margin and free cash flow estimates for the year.

我對我們近 20,000 名員工的辛勤工作感到特別自豪，他們的貢獻幫助我們重申了 2024 年的收入指引，更好的是，上調了我們今年調整後的 EBITDA 利潤率和自由現金流預測。

Aussie Aussie, Oi Oi Oi.

澳元澳元，Oi Oi Oi。

I would like to give a warm welcome to Virgin Australia as a new operator of our E2 family and the first in Oceania.

我熱烈歡迎維珍澳洲航空成為我們 E2 系列的新營運商，也是大洋洲的第一家營運商。

We believe the world's most fuel-efficient single-aisle aircraft will offer outstanding comfort, the lowest noise emissions and fuel burn in its class and higher performance to complement the fleet of one of the largest Australian airlines.

我們相信，世界上最省油的單通道飛機將提供卓越的舒適度、同類飛機中最低的噪音排放和燃油消耗以及更高的性能，以補充澳洲最大航空公司之一的機隊。

The joint purchase for 9 C-390 Millennium by the Netherlands and Austria will allow both nations as well as current and future operators to cooperate with other NATO nations.

荷蘭和奧地利聯合購買 9 架 C-390 Millennium 將使兩國以及目前和未來的營運商能夠與其他北約國家合作。

They should benefit from synergies in areas like training, logistics and future growth of the platform.

他們應該受益於培訓、物流和平台未來成長等領域的協同效應。

We welcome the two newest members of the growing group of the most efficient and modern military tactical transport aircraft.

我們歡迎日益壯大的最高效、最現代化的軍用戰術運輸機群體中的兩名最新成員。

Our company remains very well positioned for the future, especially with a nine-year high $22.7 billion backlog and the steady progress seen in our operational and financial indicators underpinned by our solid strategy plan.

我們公司對未來仍處於有利地位，特別是在我們可靠的戰略計劃的支持下，我們的未交付訂單達到九年來最高的 227 億美元，並且我們的營運和財務指標取得了穩步進展。

To finish, I'd 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 are optimistic about year-end results and very confident about our future.

我們對年終業績感到樂觀，對未來充滿信心。

We continue working hard and embracing the foundation of our culture that is, safety first and quality always.

我們繼續努力工作，秉承我們的文化基礎，即安全第一和品質始終。

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)

（操作員說明）

The first part of the Q&A session will be exclusively for equity research analysts and investors.

問答環節的第一部分將專門針對股票研究分析師和投資者。

The second part of the Q&A will be only for the press.

問答的第二部分將僅供媒體使用。

We highlight again this conference call is being conducted in English with translation to Portuguese.

我們再次強調，本次電話會議以英語進行，並翻譯為葡萄牙語。

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 foreign language)

（用外語說）

(Operator Instructions)

（操作員說明）

Andre Ferreira, Bradesco BBI.

安德烈·費雷拉，布拉德斯科 BBI。

Congrats on the results and thank you for taking my question.

恭喜結果並感謝您提出我的問題。

Just one quick one here.

這裡只是一個快速的。

About the commercial aircraft guidance, I guess the revision is, of course, related to the ongoing supply chain issues.

關於商用飛機指南，我認為此次修訂當然與當前的供應鏈問題有關。

But does it mean that the supply chain got worse?

但這是否意味著供應鏈變得更糟？

Or is it just more of a course adjustment?

或者這只是一個課程調整？

And just a follow-up on this, is it more so the supply chain issues?

對此的後續，是否更重要的是供應鏈問題？

Or maybe did the lower guidance have a component of mix or just operational issues related to bunched up deliveries for the latter half of the year?

或者，較低的指引可能是混合因素造成的，還是只是與下半年交付量集中有關的營運問題？

Andre, Francisco speaking.

安德烈，弗朗西斯科。

Thank you for your question.

謝謝你的提問。

Again, this delay has to do with the supply chain only.

同樣，這種延遲僅與供應鏈有關。

In average, we have seen improvements in the supply chain.

平均而言，我們看到了供應鏈的改善。

But we still were still facing challenging with a specific group of components, mainly engines and structural parts.

但我們仍然面臨一組特定組件的挑戰，主要是引擎和結構件。

And there's no other reason, no reason of mix or labor or other topics.

沒有其他原因，沒有混合或勞動或其他主題的原因。

It's basically due to supply chain and basically with the E2 aircraft.

這主要是由於供應鏈以及 E2 飛機造成的。

Lucas Marquiori, BTG Pactual.

盧卡斯·馬奎裡 (Lucas Marquiori)，BTG Pactual。

I just want to hear your thoughts on margins actually.

我實際上只是想聽聽您對利潤的想法。

So if you could give us any color on why -- I mean the weaker margin on Commercial.

因此，如果您能給我們任何解釋，我的意思是商業利潤率下降。

I know, I mean, probably volumes.

我知道，我的意思是，可能是卷。

But if there's anything else there, any comments on if this should kind of ramp up better for next year?

但如果還有其他問題的話，有什麼評論可以說明明年這種情況是否會有所改善嗎？

And also on Executive Aviation, if you guys think this high very strong margins on Executive Aviation, if you guys think this is sustainable for Q4, maybe '25 as well?

還有公務航空，如果你們認為公務航空的利潤率非常高，如果你們認為這在第四季度（也許是 25 年）是可持續的？

I mean any color on that would be helpful, guys.

我的意思是任何顏色都會有幫助，夥計們。

Thank you Lucas for the question.

謝謝盧卡斯的提問。

Antonio speaking here.

安東尼奧在這裡發言。

In regards to Commercial Aviation, we have a combination of effects in Q3.

就商業航空而言，我們在第三季受到了綜合影響。

It is a mix of more E2s instead E1s, first point.

第一點，它是更多 E2 而不是 E1 的混合。

And also the customer mix, which is not favorable for the margin results and is basically highly concentrated in Q3.

還有客戶組合，這對利潤率結果不利，基本上高度集中在第三季。

A part of the, I would say, lower volume that should be offset in Q4.

我想說，部分銷量下降應該在第四季得到抵銷。

I would say, our expectation continues to be for this year, lower single-digit margin for Commercial Aviation and move forward mid-single digit.

我想說，我們對今年商業航空利潤率的預期仍然是降低個位數，並向前邁進中個位數。

The case does not change.

情況沒有改變。

It's just really a bad quarter in regards to a specific performance and customer.

就具體業績和客戶而言，這確實是一個糟糕的季度。

For Executive Aviation, yes, we have some good guys in the quarter and a lot of output that we need also to see in this case.

對於公務航空來說，是的，我們在本季度有一些優秀的人員，在這種情況下我們也需要看到大量的產出。

I would say, I do not see 16% happening in Q4, but lower-teens margin is going to be our pace for Q4 and the years beyond.

我想說，我不認為第四季會出現 16% 的情況，但我們第四季及以後幾年的利潤率將保持在十幾歲以下。

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

It's regarding the recent defense orders from Czech Republic.

這是關於捷克共和國最近的國防訂單。

If we look at the document that was published by the government from Czech Republic, I mean, they talked about a contract that has a high value.

如果我們看一下捷克共和國政府發布的文件，我的意思是，他們談到了一份具有高價值的合約。

I mean, we are talking about potentially being over $400 million.

我的意思是，我們正在談論可能超過 4 億美元。

So just trying to understand here if this is related to services of the -- if the aircraft that they are buying, they have a much higher average price and potentially higher margin than the rest?

因此，我想了解一下，這是否與他們購買的飛機的服務有關，他們的平均價格比其他飛機高得多，並且可能有更高的利潤？

And also they comment about a very strong down payment for this order, so any color that you can give us on that front that will be very helpful.

他們還評論說，該訂單的首付非常高，因此您可以在這方面為我們提供的任何顏色都會非常有幫助。

Thanks Marcelo.

謝謝馬塞洛。

Antonio speaking here.

安東尼奧在這裡發言。

I would say it's true what is written there, but it's not as it was mentioned.

我想說那裡寫的是真的，但事實並非如此。

I would say it's a big amount of money, but it's not only Defense.

我想說這是一大筆錢，但不僅僅是國防。

It's also going to the service piece that we are going to put in the backlog in Q4.

它還涉及我們將在第四季度積壓的服務部分。

I would say, as long as you get the money on our bank account.

我會說，只要你從我們的銀行帳戶收到錢就行。

That's why when we set the new guidance for cash flow, $300 million or better is because of it.

這就是為什麼當我們設定新的現金流指引時，3億美元或更好就是因為它。

We do not have already received it.

我們還沒有收到它。

If you receive everything that was written in the contract, then probably have still an upside on the free cash flow guidance.

如果您收到了合約中寫入的所有內容，那麼自由現金流指導可能仍然有上行空間。

The next question comes from the cell phone number ending with 7519 with Citibank.

下一個問題來自花旗銀行以 7519 結尾的手機號碼。

Steve Trent from Citi.

花旗銀行的史蒂夫‧特倫特。

Just a very quick question.

只是一個非常簡短的問題。

I recall that on the commercial aerospace side, you guys roughly did two-thirds or thereabouts of your Aerostructure work in-house, which seems considerably higher than your competitors in a good way.

我記得在商業航空航太方面，你們大約三分之二左右的航空結構工作是在內部完成的，這似乎比你們的競爭對手高得多。

Do you see any opportunity at all M&A or otherwise to tick that number up a little bit?

您是否認為所有併購或其他方式都有機會稍微增加這個數字？

Or do you think on a long-term basis, two-thirds is a good level when you look at where we are in the cycle?

或者你認為從長期來看，當你看到我們在周期中的位置時，三分之二是一個很好的水平嗎？

I would say we are, I would say, highly verticalized on our Aerostructure business.

我想說，我們的航空結構業務高度垂直化。

For sure, it's also a piece that is really under severe pressure outside our company here.

當然，這也是我們公司外部壓力確實很大的一塊。

I would say we always do make our buy analysis.

我想說我們總是做購買分析。

But we are not -- we do not see M&A as an alternative for us on this regard.

但我們不認為併購是我們在這方面的替代方案。

If you could in-source additional parts, it is okay.

如果您可以內購額外的零件，那就沒問題了。

But I would say it's not something that we are putting a lot of energy right now to look for that.

但我想說的是，我們現在並沒有投入大量精力來尋找這一點。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

So I wanted to go to new product investment, if I could.

所以如果可以的話，我想進行新產品投資。

And in the context of the financials that you're putting up, it looks like Executive is sort of lights out in terms of your performance over the near term and over the medium term.

從您提供的財務數據來看，執行官似乎對您近期和中期的業績感到失望。

And similarly, you're having struggles financially in the Commercial side with relatively captive markets in the 175 and obviously competitive markets in the E2.

同樣，您在商業方面也遇到了財務困難，175 地區的市場相對封閉，而 E2 地區的市場競爭明顯。

Does that inform where you're going to put the next dollar of investment?

這是否表明您將把下一美元投資投向何處？

And if you can't make profit in six years in Commercial Aviation, there's a lot of speculation that you'd go further and deeper into that market.

如果你在商業航空領域無法在六年內獲利，那麼很多人都會猜測你會進一步深入市場。

But the financials, at least looking backward, would tell me that's probably not a good idea.

但財務狀況，至少回顧過去，會告訴我這可能不是個好主意。

Does that resonate with you, Francisco?

弗朗西斯科，這引起你的共鳴嗎？

Myles, thanks for the question.

邁爾斯，謝謝你的提問。

I think this is the beauty of having different business, right?

我認為這就是擁有不同業務的美妙之處，對嗎？

I mean, in one period, one business is good, other one is not as good and another period is the opposite.

我的意思是，在一個時期，一個時期的生意很好，另一個時期的生意不好，另一個時期則相反。

I think the period we are living now we are seeing a very good performance with our Executive Aviation or business aviation and not as good as in Commercial.

我認為我們現在所處的時期我們的公務航空或公務航空表現非常好，但不如商業航空。

But remember that our most profitable area is services.

但請記住，我們最賺錢的領域是服務。

And in services, almost 40% of the services revenue comes from commercial jets.

在服務業，近40%的服務收入來自商用飛機。

On the other hand, yes, we see good perspective for the E1s, still E1s for the next 10 years.

另一方面，是的，我們看到了 E1 的良好前景，未來 10 年仍然是 E1。

But the E2s, if you look at the -- from what is happening in the market, since 2023, we added five new customers for the E2s.

但 E2，如果你看看市場上發生的情況，自 2023 年以來，我們為 E2 增加了 5 個新客戶。

Customers as, for example, Scoot in Singapore, showcasing our aircraft in Asia Pacific, Royal Jordanian doing the same in the Middle East, Luxair and LOT Polish -- I mean, in Europe, LOT Polish is considering to replace the almost their entire fleet.

例如，新加坡的酷航在亞太地區展示我們的飛機、約旦皇家航空在中東也展示了我們的飛機、盧森堡航空和LOT Polish 等客戶——我的意思是，在歐洲，LOT Polish 正在考慮更換幾乎整個機隊。

Mexicana in Mexico, I mean, joining Porter.

我的意思是，墨西哥的墨西哥人加入了波特。

So we see good prospective for the E2s as well in the future.

因此，我們認為 E2 的未來前景良好。

And then we will see the Commercial Aviation coming back to good performance as well, as Antonio said, to middle digit in terms of EBIT, but with a very strong contribution for our Services & Support performance as well.

然後，我們將看到商業航空也將恢復良好的業績，正如安東尼奧所說，在息稅前利潤方面達到中等數字，但對我們的服務和支援業績也做出了非常強勁的貢獻。

And Myles, just to complete the answer here.

邁爾斯，只是為了在這裡完成答案。

What we are capturing the new backlog or new contracts for Commercial Aviation.

我們正在捕獲商業航空的新積壓訂單或新合約。

We have a different margin profile than we have with the old contracts.

我們的保證金狀況與舊合約不同。

We are in this, I would say, migration right now from old backlog contracts to new ones.

我想說，我們現在正處於從舊積壓合約到新合約的遷移過程中。

I would say that's why we are confident to the mid-single digit margin in the midterm, I would say, in the next two years.

我想說，這就是為什麼我們對中期（我想說的是）未來兩年的中期利潤率達到中個位數充滿信心。

That's our trip right now that we are foreseeing.

這就是我們現在所預見的旅行。

And again, a big part of it is already embedded in our backlog.

同樣，其中很大一部分已經嵌入到我們的待辦事項中。

Just one clarification, you mentioned fourth quarter Commercial Aviation margins would get better.

只是需要澄清一下，您提到第四季商業航空的利潤率會更好。

Are they going to be positive in the fourth quarter?

第四季他們會表現積極嗎？

Yes, absolutely.

是的，絕對是。

We see for the whole year a lower-single digit margin between 2% to 3%.

我們預計全年利潤率將在 2% 至 3% 之間，處於較低個位數。

That's more or less what you see today.

這或多或少就是你今天所看到的。

And the mix for Q4 delivery is much more favorable.

第四季交付的組合要有利得多。

That's more or less confirming what I just told to you right now.

這或多或少證實了我剛才告訴你的話。

There's, some new contracts we have in our backlog that's accretive for a much better margin, a part of the operations that we do have more volumes in Q4.

我們積壓的一些新合約可以增加利潤，這是我們在第四季度確實有更多交易量的業務的一部分。

And also, Myles, if you look at the past years, the Commercial Aviation with all the difficulties have delivered positive results.

另外，邁爾斯，如果你看看過去幾年，商業航空在克服所有困難的同時也取得了積極的成果。

That same we expect for this year and years ahead.

我們對今年和未來幾年的期望也是如此。

Lucas Laghi, XP Inc.

盧卡斯·拉吉 (Lucas Laghi)，XP 公司

Antonio, you mentioned the 3 points of non-recurring items in the adjusted guidance for EBIT margin this year.

安東尼奧，您在今年調整後的息稅前利潤率指引中提到了三點非經常性項目。

That would imply an adjusted level of 6% to 7%, right, on a recurring basis.

這意味著定期調整 6% 至 7% 的水平。

I mean now that we're heading into the end of the year and looking more closely monitoring what 2025 will look like, I mean, is this 6% to 7% range a good reference to have in mind for next year's profitability as a starting point?

我的意思是，現在我們即將進入年底，並更加密切地關注 2025 年的情況，我的意思是，這個 6% 到 7% 的範圍是否是一個很好的參考，可以作為明年盈利能力的起點觀點？

I mean, not trying to have a number not to have a figure.

我的意思是，不要試圖有一個數字而沒有一個數字。

But I mean, you mentioned the profitability improvement expectations for Commercial in the upcoming quarters.

但我的意思是，您提到了未來幾季商業獲利能力改善的預期。

I mean, what should we have in mind as profitability drivers for the next years for the other divisions as well?

我的意思是，作為其他部門未來幾年的獲利驅動因素，我們應該牢記什麼？

I mean, trying to compare what should we expect in 2025 onwards compared to the 6% to 7% range reference that we would imply for this year's profitability on a recurring basis.

我的意思是，嘗試將我們對 2025 年以後的預期與我們對今年經常性盈利能力暗示的 6% 至 7% 範圍參考進行比較。

Thank you, Lucas.

謝謝你，盧卡斯。

Antonio speaking here.

安東尼奧在這裡發言。

I hope you changed your report getting out from the neutral to the positive.

我希望你能改變你的報告，從中立轉為正面。

For sure, the margin we are seeing right now is far below our ambition in this group here.

當然，我們現在看到的利潤遠低於我們在該組中的目標。

What you should see for the future, then, I will ask Gui to expand about this year.

未來你該看到什麼，那麼今年我就請貴擴充一下。

If you see our backlog, we are growing in all divisions on the Defense, Services and Executive faster than Commercial Aviation.

如果您看到我們的積壓訂單，您會發現我們在國防、服務和行政部門的所有部門的成長速度都快於商業航空。

We do see these three business units and lower teens margin in the coming years.

我們確實看到這三個業務部門和未來幾年的青少年利潤率下降。

That's accretive already for a higher number.

對於更高的數字來說，這已經是增值的。

And with the improvement on the Commercial Aviation, we do see, I would say, the overall company margin moving up to a higher-single digit or even closer to a lower double digit.

我想說，隨著商業航空業務的改善，我們確實看到公司整體利潤率上升至更高的個位數，甚至接近更低的兩位數。

That's the future.

這就是未來。

For the current one, I just want to Gui to explain you about the non-recurring items that we just reported today.

對於目前的項目，我只想向您解釋我們今天剛剛報告的非經常性項目。

Lucas thanks for the call.

盧卡斯感謝您的來電。

So if you look at our guidance, we increased by 250 basis points, both the low and the high end versus where we were before.

因此，如果您查看我們的指引，您會發現與之前相比，我們的低端和高端均提高了 250 個基點。

The move is fully explained by the BA monies that we received and also the onetime tax credits that we reported in Q2.

我們收到的 BA 資金以及我們在第二季報告的一次性稅收抵免充分解釋了這一舉措。

So as Antonio mentioned in his previous speech, despite lowering our guidance for Commercial Aviation by on average five aircraft, we were still able to achieve the operating margin that we had set forth in the beginning of the year.

因此，正如安東尼奧在之前的演講中提到的，儘管我們將商業航空的指導平均降低了五架飛機，但我們仍然能夠實現年初設定的營運利潤率。

And looking forward, as we have operating leverage in the company, as we continue to grow our production, we would expect the margin in the next couple of years to continue to improve.

展望未來，由於我們在公司擁有營運槓桿，隨著我們產量的不斷增長，我們預計未來幾年的利潤率將繼續提高。

And Lucas, if allow me to complement what my colleagues just said.

盧卡斯，請容許我補充一下我的同事剛才所說的內容。

We have very well structured initiatives in place, such as price discipline in new sales, cost reduction initiative, production lead time reduction, expense and investment control, production linearity.

我們制定了結構完善的舉措，例如新銷售中的價格紀律、降低成本舉措、縮短生產週期、費用和投資控制、生產線性。

So all those initiatives combined with what Gui just said about deliveries growth, this will result in better financial performance.

因此，所有這些舉措與桂剛所說的交付量成長相結合，將帶來更好的財務表現。

So this is why we are saying that we expect to improve our performance in other business, including Commercial Aviation as well.

因此，這就是為什麼我們說我們希望提高其他業務的業績，包括商業航空。

Daniel Gasparete, Itau.

丹尼爾·加斯帕雷特，伊塔烏。

The first question would be related to the competitive environment.

第一個問題與競爭環境有關。

We are talking about supply chain issues.

我們正在討論供應鏈問題。

So I wanted to get your view on how the whole supply chain issue on the market has been translating to better opportunities for you guys to gain new orders or price at better margins.

因此，我想了解您對市場上整個供應鏈問題如何轉化為更好的機會，以更好的利潤獲得新訂單或價格的看法。

Just to get a sense, if the clients are moving out for perhaps your competitors moving to Embraer to E2 or to E1 given the supply chain issues on the competitors.

只是為了了解一下，考慮到競爭對手的供應鏈問題，客戶是否可能會因為您的競爭對手而轉向巴西航空工業公司、E2 或 E1。

And secondly, if you allow me, Francisco mentioned about the beauty of having a diversified portfolio, right?

其次，如果您允許的話，弗朗西斯科提到了擁有多元化投資組合的美妙之處，對吧？

You have Executive right now doing very well and Commercial ramping up.

您現在的執行部門做得很好，商業部門也不斷發展。

So I just wanted to get Francisco's view on when he expects Executive to turn or if it's not on the horizon at all?

所以我只是想了解弗朗西斯科的看法，他預計高層何時會轉向，或者根本不會轉向？

Daniel, so let's start with the supply chain.

丹尼爾，讓我們從供應鏈開始。

As I said before, we see in average supply chain is improving, but the aggressive growth of all OEMs is pressurizing the supply chain, right?

正如我之前所說，我們看到平均供應鏈正在改善，但所有原始設備製造商的積極成長正在給供應鏈帶來壓力，對嗎？

So again, they are improving average, but we are still struggling with specific components.

再說一次，他們的平均水平正在提高，但我們仍在為特定組件而苦苦掙扎。

So what we have done, we have put in place a new organization in our supply chain area.

因此，我們所做的就是在供應鏈領域建立了一個新的組織。

I mean, with more people working very closely to our most critical suppliers.

我的意思是，越來越多的人與我們最關鍵的供應商密切合作。

We are implementing a new digital platform to improve the speed and accuracy, the relationship with our suppliers.

我們正在實施一個新的數位平台，以提高速度和準確性以及與供應商的關係。

We are implementing also new platforms to help us to manage better the forecasting in the parts in our organization.

我們也正在實施新的平台，以幫助我們更好地管理組織中各個部分的預測。

Again, we are doing a lot of things to make our supply chain management globally more robust.

同樣，我們正在做很多事情來使我們的全球供應鏈管理更加穩健。

We have also put in place a team to manage the global chain capacity.

我們也組建了一個團隊來管理全球連鎖產能。

So to make sure that we are monitoring not only the Tier 1 but Tier 2 and Tier 3 of our suppliers to make sure that you have a capacity to fulfill with our demands in the future.

因此，為了確保我們不僅監控一級供應商，還監控二級和三級供應商，以確保您將來有能力滿足我們的需求。

So again, we expect to grow, as Antonio said, double-digit again in next year.

因此，正如安東尼奧所說，我們預計明年將再次實現兩位數成長。

We have been growing a lot in the past three years.

在過去的三年裡，我們成長了許多。

But with this better structure and with our experience we have accumulated with the relationship and the performance of our suppliers, we believe our plan for next year will be even more robust than it was for this year.

但憑藉這種更好的結構以及我們在供應商關係和績效方面積累的經驗，我們相信明年的計劃將比今年更加穩健。

And number two, you mentioned about the executive jets.

第二，您提到了公務機。

I do not expect executive jets going backwards.

我不認為公務機會倒退。

I mean, we see the market for us normalizing but at high levels.

我的意思是，我們看到市場正在正常化，但處於高水準。

We do see growth in our executive jets sales and deliveries for the following years.

我們確實看到了接下來幾年公務機銷售和交付量的成長。

If you allow me just a follow-up here, just to better understand the first part of your answer.

如果您允許我在這裡進行後續跟進，只是為了更好地理解您答案的第一部分。

Would you say that your level of conversion in terms of the bids that you guys compete has been increasing given this whole supply chain issue on the market, affecting your competitors?

鑑於市場上整個供應鏈問題影響了您的競爭對手，您是否會說，您競爭的出價方面的轉換水準一直在增加？

Or would you say it will be the same?

或者你會說它會是一樣的嗎？

just trying to separate things here.

只是想在這裡分開事情。

I don't know if I understood your question.

我不知道我是否理解你的問題。

Could you repeat what do we mean by conversion?

您能重複一下我們所說的轉換是什麼意思嗎？

If in the bids that you are competing against competitors, if you are seeing that the level of conversion -- if you're winning more contracts or not regarding Commercial Aviation given the whole supply chain?

如果在投標中您正在與競爭對手競爭，如果您看到轉換水平 - 考慮到整個供應鏈，您是否贏得了更多關於商業航空的合約？

We are very -- actually very optimistic with the potential new orders.

我們對潛在的新訂單非常——實際上非常樂觀。

We are basically sold out until 2026.

到2026年我們基本上都賣完了。

We have available slots from 2027 onwards.

從 2027 年起，我們就有可用的插槽。

But we are in campaigns for more than 200 aircraft.

但我們正在參與 200 多架飛機的活動。

So we are very optimistic to fill our production slots for until the end of the decade for all the units.

因此，我們非常樂觀地在本世紀末之前填補所有單位的生產空缺。

I mean, Commercial Aviation is active in defense.

我的意思是，商業航空在防禦方面很活躍。

So we are in a very positive moment at this point of time in terms of sales opportunities to fill our production slots, as I said before, in the following years.

因此，正如我之前所說，在接下來的幾年裡，我們正處於一個非常積極的時刻，在銷售機會方面填補了我們的生產空缺。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

I have two on my side that's left for me.

我這邊還有兩個留給我。

It's about the Boeing deal.

這是關於波音交易的。

If you could provide us what would be the tax on this $150 million and the cash out of it?

如果您能告訴我們這 1.5 億美元的稅以及其中的現金是多少？

And the second one, looking for 2025, can we consider these deliveries of KCs per quarter -- 2 per quarter for next year, 80, maybe for the entire year for next year?

第二個，展望 2025 年，我們是否可以考慮每季交付 KC——明年每季 2 個，80 個，也許明年全年？

And also, I remember that you guys were trying to make better seasonality on deliveries for commercial and business jets.

而且，我記得你們正在努力改善商用和公務機交付的季節性。

It looks like business jet worked very well, commercial not yet.

看起來公務機運作得很好，但商業化還不行。

But how can you look at that for the next year?

但你如何看待明年的情況呢？

Alberto, thanks for the question.

阿爾貝托，謝謝你的提問。

On the Boeing monies, as Brazilian corporate, we have to pay fully the 43%, which includes PIS/COFINS and income tax in Brazil.

對於波音的資金，作為巴西企業，我們必須全額支付 43%，其中包括 PIS/COFINS 和巴西的所得稅。

So at the EBIT level, we recorded the full $150 million.

因此，在息稅前利潤層面，我們記錄了 1.5 億美元。

And for the bottom line, we do expect to pay according to the legislation initially 34% of income tax.

就底線而言，我們確實預計根據立法最初支付 34% 的所得稅。

But we have to kind of obviously look at all the tax credits and the possibilities that we have at year-end when we do our accounting for the full year.

但是，當我們進行全年會計時，我們必須清楚地了解所有稅收抵免以及年底時我們擁有的可能性。

Let me pass it to Francisco to go over the KC.

讓我把它交給弗朗西斯科，讓他檢查一下 KC。

KC, yes, Alberto, we are planning to grow the production deliveries of KC in 2025 as well as for the other business units.

KC，是的，Alberto，我們計劃在 2025 年增加 KC 以及其他業務部門的產量交付量。

So we actually -- we are going to see growth, important growth, 2-digit growth in all the 4 business units we have, Commercial, Executive, Defense and Support & Services.

因此，實際上，我們將看到我們擁有的所有 4 個業務部門（商業、執行、國防以及支援與服務）的成長，重要的成長，兩位數的成長。

About the seasonality, can we consider that Commercial will also have a better seasonality next year?

關於季節性，我們是否可以認為明年商業也會有更好的季節性？

Well, Commercial, we are still dealing with the limitation in terms of supply chain to grow.

嗯，商業方面，我們仍在應對供應鏈成長的限制。

We could grow further in Commercial and even the business jet.

我們可以在商用甚至公務機領域進一步發展。

But we are making a very robust and realistic plan according to our experience with the supply chain.

但我們正在根據我們在供應鏈方面的經驗制定一個非常穩健和現實的計劃。

But even then, we are planning to grow two digits in all the business units.

但即便如此，我們仍計劃在所有業務部門實現兩位數的成長。

And so especially Commercial, as I said before, we are working in a lot of campaigns with more than 200 aircraft.

尤其是商業方面，正如我之前所說，我們正在使用 200 多架飛機進行許多活動。

And we expect to see results within the next six to eight months.

我們預計在未來六到八個月內看到結果。

Victor Mizusaki, Bradesco.

維克多·水崎，布拉德斯科。

Congrats for the quarter.

恭喜本季。

I have just one question here.

我這裡只有一個問題。

When we take a look at Services & Support revenues and I mean, when I take a look at first quarter, second quarter and third quarter and then we compare third quarter with the first, we're talking about a big expansion of like $60 million, right?

當我們查看服務和支援收入時，我的意思是，當我查看第一季度、第二季度和第三季度，然後將第三季度與第一季度進行比較時，我們正在談論大約6000 萬美元的大幅擴張， 正確的？

So my question here is if we can assume that this is basically the ramp-up of OGMA expansion.

所以我的問題是我們是否可以假設這基本上是 OGMA 擴張的加速。

And I mean, if -- let's say that I mean, we are talking about like $60 million per quarter of additional revenues, then we are talking about annualized revenues of like $240 million.

我的意思是，如果——假設我的意思是，我們談論的是每季約 6000 萬美元的額外收入，那麼我們談論的是約 2.4 億美元的年化收入。

So my guess here is that, I mean, the ramp-up is moving faster than expected.

所以我的猜測是，我的意思是，成長速度比預期的還要快。

And now we're talking about like 50% of potential revenues from this expansion.

現在我們談論的是這次擴張帶來的潛在收入的 50%。

So my question here is, if this analysis makes sense and that's why margins in this division, is also moving up.

所以我的問題是，這種分析是否有意義，這就是該部門的利潤率也在上升的原因。

Thanks, Victor, Antonio speaking.

謝謝維克多，安東尼奧。

Thanks for the nice question here.

感謝您提出這個好問題。

We are going -- on the revenue side for Service & Support, you are going -- you already realized we are up on the revenue side.

我們正在努力 - 在服務和支援的收入方面，你正在努力 - 你已經意識到我們在收入方面有所進步。

I would say the ramp-up on the OGMA operator for the MRO for the engines is just 40% out of it.

我想說，OGMA 操作員對引擎 MRO 的投入僅佔其中的 40%。

On the other side, we are continues to growing with the new contract.

另一方面，我們正在透過新合約繼續成長。

That's why I would say we do see a pick in revenue for this year.

這就是為什麼我會說我們今年的收入確實有所回升。

And the margin is going to, I would say, be accretive in what we are showing here on the accumulated 9 months.

我想說的是，我們在這裡展示的 9 個月的累積利潤中，利潤將會不斷增加。

That's why your math is a little bit better.

這就是為什麼你的數學好一點。

Your math is really fits.

你的數學真的很適合。

And please do not forget ramp up for the MRO facility.

請不要忘記 MRO 設施的提升。

This year is more causing losses than wins because we have a pre-operational cost.

今年，損失多於勝利，因為我們有前期營運成本。

But at the end, to answer your question, I do see something like $100 million more for the year on Service & Support with the margin we have accumulated year-to-date.

但最後，為了回答你的問題，我確實看到今年在服務和支援方面增加了大約 1 億美元，而我們今年迄今已經累積了利潤。

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。

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

首先，我們將用英語回答問題，然後我們將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 foreign language)

（用外語說）

(Operator Instructions)

（操作員說明）

J. Hemmerdinger.

J.海默丁格。

Jon Hemmerdinger from FlightGlobal.

來自 FlightGlobal 的 Jon Hemmerdinger。

Francisco, can you expand more on the supply chain issues?

Francisco，您能詳細談談供應鏈問題嗎？

You mentioned engines and you mentioned some structural components.

您提到了引擎和一些結構部件。

How bad is the issue still?

這個問題仍然有多嚴重？

How many engines are you short?

你們還缺幾具引擎？

What's your expectation for improvement on the problem next year?

您對明年這個議題的改善有何期望？

And what about components, what types of components are in short supply?

那麼元件呢，哪些類型的元件供不應求？

When is this going to get significantly better?

什麼時候這種情況會明顯好轉？

Do you have anything more you can add?

您還有什麼可以補充的嗎？

Thanks for the questions.

感謝您的提問。

About specific about engines, we have to recognize that we are increasing the demand for engines a lot this year comparing to last year.

關於引擎的具體問題，我們必須認識到，與去年相比，今年我們對引擎的需求增加了很多。

So the problem is that we are not getting the engines on time to be able to finalize the assembling of our aircraft and delivery the aircraft to the customer.

所以問題是我們沒有按時獲得發動機，無法完成飛機的組裝並將飛機交付給客戶。

That's the issue.

這就是問題所在。

But the output in terms of quantity is improving from last year to this year.

但從數量來看，今年的產量比去年有所增加。

And we expect to continue to improve for next year.

我們預計明年將繼續改進。

The problem is the timing.

問題在於時機。

This is why we are still struggling with the deliveries and are reducing our guidance in terms of aircraft for commercial aviation.

這就是為什麼我們仍在為交付而苦苦掙扎，並正在減少我們對商用航空飛機的指導。

But we are also having issue with other parts, structural parts, interior parts that have been also a bottleneck for us to finalizing the aircraft on time according to our plan.

但我們也遇到了其他零件、結構件、內裝件的問題，這也是我們按計畫按時完成飛機的瓶頸。

But we are now improving our planning criteria for next year in order to avoid this kind of, I'd say, last minute surprise.

但我們現在正在改進明年的規劃標準，以避免這種我想說的最後一刻的意外。

But again, I mean, we recognize that we are increasing the demand, but it's not only us but all the industry which put more pressure on the supplier, right?

但我的意思是，我們認識到我們正在增加需求，但不僅僅是我們，整個行業都給供應商帶來了更大的壓力，對嗎？

But things are improving, but not -- let's say, not at the pace we need for this year.

但情況正在改善，但還沒有達到我們今年所需的速度。

I hope I answered your question.

我希望我回答了你的問題。

Cristian Favaro, Valor.

克里斯蒂安法瓦羅，勇氣。

My question would be a really straightforward one regarding the US marketing.

我的問題是一個關於美國行銷的非常簡單的問題。

I mean they have a new President now and everyone in the market is trying to understand the possible effect on every industry.

我的意思是他們現在有了一位新總裁，市場上的每個人都在試圖了解這對每個行業可能產生的影響。

And my goal is, I mean, do you see any risk in terms of sales to the US or policies that might affect the business for Embraer in the region?

我的目標是，您認為對美國的銷售或可能影響巴西航空工業公司在該地區業務的政策方面是否有任何風險？

I mean, Brazilian President Lula is a really huge promoter in terms of spreading Embraer abroad.

我的意思是，巴西總統盧拉是巴西航空工業公司在海外推廣的真正巨大推動者。

And he is not actually an ally of Trump.

他其實並不是川普的盟友。

So what's your perspective on it?

那麼您對此有何看法？

Thanks for the question, Cristian.

謝謝你的提問，克里斯蒂安。

Well, at this point of time, we don't see any big risk or big impact for Embraer.

目前，我們認為巴西航空工業公司不會面臨任何重大風險或重大影響。

Let me remind you that Embraer has been in the US for more than 45 years.

讓我提醒您，巴西航空工業公司進入美國已經超過 45 年了。

We have in the US, almost 3,000 high-qualified employees.

我們在美國擁有近 3,000 名高素質員工。

We have in the US almost $3 billion in assets.

我們在美國擁有近 30 億美元的資產。

We have production plants in the US.

我們在美國有生產工廠。

We have a very important content in our aircraft of US products, US equipments.

我們的飛機裡有非常重要的內容是美國產品、美國裝備。

So again, every aircraft we sell, we are helping the US economy as well.

因此，我們銷售的每架飛機都在幫助美國經濟。

So again, because of this partnership, this connection, long-term connection with the US, we don't believe that Embraer will suffer with this change.

再次強調，由於這種夥伴關係、這種聯繫、與美國的長期聯繫，我們不認為巴西航空工業公司會因這項變革而受到影響。

This is our view at this point of time to make this very clear.

這是我們目前的觀點，以明確這一點。

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)

（操作員說明）

(Spoken in foreign language)

（用外語說）

Joao Sorima, O Globo.

若昂·索里馬，環球報。

(Interpreted) Congratulations on the results.

（翻譯）祝賀結果。

Can you talk about your sales campaign for KC-390?

能談談您的 KC-390 銷售活動嗎？

(Interpreted) We are quite optimistic.

（翻譯）我們相當樂觀。

We're very excited about the prospective for KC-390.

我們對 KC-390 的前景感到非常興奮。

This year, we have already announced 11 new orders, Netherlands, Austria and recently, Czech Republic.

今年，我們已經宣布了 11 個新訂單，分別來自荷蘭、奧地利和最近的捷克共和國。

And there are many other campaigns that are ongoing as we speak.

在我們發言時，還有許多其他活動正在進行中。

This is a best-in-class aircraft for the segment.

這是該細分市場中同類最佳的飛機。

It's been quite well welcomed, especially in Europe and Asia.

它很受歡迎，特別是在歐洲和亞洲。

Last year, we sold to South Korea.

去年，我們賣給了韓國。

So yes, we're very optimistic with our sales and the growth we're seeing for this aircraft for the next years.

所以，是的，我們對這架飛機未來幾年的銷售和成長非常樂觀。

Cristian Favaro, Valor Economico.

克里斯蒂安法瓦羅，《經濟勇氣》。

(Interpreted) Now since we're speaking Portuguese now, I'm going to ask another question.

（口譯）既然我們現在說葡萄牙語，我要問另一個問題。

Can you please give us some color on FNAC?

您能給我們一些有關 FNAC 的資訊嗎？

We talked about this fund.

我們討論了這個基金。

We were waiting for news on that regard.

我們正在等待這方面的消息。

How does that reflect on you?

這對你有何影響？

Is there an upside for the future?

未來有上升空間嗎？

Can that help the company in any way?

這對公司有什麼幫助嗎？

Can we increase the number of orders per part for airlines in Brazil?

我們可以增加巴西航空公司每個零件的訂單數量嗎？

(Interpreted) Well, Cristian, you can actually ask as many questions as you want, okay?

（翻譯）嗯，克里斯蒂安，你想問多少問題就可以問多少，好嗎？

Be our guest.

成為我們的客人。

Now, we see this quite positively.

現在，我們非常積極地看待這一點。

FNAC is advancing quite well.

FNAC 進展順利。

And it's a fund that is now available to support airlines.

該基金現在可用於支持航空公司。

I think we need healthy airlines.

我認為我們需要健康的航空公司。

We need the market to grow.

我們需要市場的成長。

We are seeing the market grow.

我們看到市場在成長。

But we're surely going to need to have stronger airlines, who will need more aircraft.

但我們肯定需要擁有更強大的航空公司，他們需要更多的飛機。

Now since the government is to improve connectivity, not only between large cities, but also small cities.

現在政府不僅要改善大城市之間的連結性，還要改善小城市之間的連結性。

We understand that our aircraft is a perfect fit for such strategy.

我們知道我們的飛機非常適合這種戰略。

Our aircraft is of the ideal size.

我們的飛機尺寸理想。

It's quite efficient.

這是相當有效的。

And we are confident that airlines are going to see that.

我們相信航空公司會看到這一點。

Azul already does.

阿祖爾已經這麼做了。

And we expect other airlines to see the same.

我們預計其他航空公司也會看到同樣的情況。

So we're quite positive, not only with the FNAC fund, but also considering that we're going to have new airports soon enough and the current government is trying to better connect smaller cities in the country.

因此，我們非常樂觀，不僅對 FNAC 基金持樂觀態度，而且考慮到我們很快就會有新機場，現任政府正在努力更好地連接該國的小城市。

(Interpreted) Follow-up question.

（解釋）後續問題。

Do you know when this is actually going to be seen as money for the market?

您知道什麼時候這實際上會被視為市場的資金嗎？

When airlines are actually going to have access to this fund?

航空公司什麼時候才能真正獲得這筆資金？

Any estimates on that?

對此有什麼估計嗎？

(Interpreted) Not really because Embraer is not directly involved with that.

（解釋）並非如此，因為巴西航空工業公司並沒有直接參與其中。

We just follow up the news because it is of our interest, but we're not directly involved with the process.

我們只是跟進新聞，因為這符合我們的利益，但我們並沒有直接參與這個過程。

So I can't really answer that question.

所以我真的無法回答這個問題。

Next question was sent via chat by Ricardo Meier.

下一個問題是由 Ricardo Meier 透過聊天發送的。

When we look at the slide of operators for KC-390 showed flags from Morocco, the UAE and Chile.

當我們查看 KC-390 營運商的幻燈片時，顯示了來自摩洛哥、阿聯酋和智利的旗幟。

Are they potential customers, Ricardo Meier from the AIRWAY website.

他們是潛在客戶嗎？

(Interpreted) Ricardo, these countries are interested in those aircrafts.

（翻譯）里卡多，這些國家對那些飛機感興趣。

We're looking closely into some of them, not to all of them.

我們正在仔細研究其中的一些，而不是全部。

But yes, I think these countries are interested in these products, nothing more than that.

但是，是的，我認為這些國家對這些產品感興趣，僅此而已。

In the Middle East, we've been in touch with some countries trying to tap into some sales opportunities.

在中東，我們一直在與一些國家保持聯繫，試圖挖掘一些銷售機會。

But for other countries, like I said before, I think they could be interested potentially in our products, which is quite positive.

但對於其他國家來說，就像我之前說過的，我認為他們可能對我們的產品感興趣，這是非常積極的。

Jesse Nascimento, Vale 360 News.

傑西·納西門托，淡水河谷 360 新聞。

(Interpreted) Here's my question.

（翻譯）這是我的問題。

I wanted to hear your take on the Boeing crisis.

我想聽聽你對波音危機的看法。

They are laying off many employees, including people from Sao Jose dos Campos office.

他們正在解僱許多員工，其中包括聖若澤杜斯坎普斯辦事處的人員。

How are you going to make the most out of this opportunity?

您將如何充分利用這個機會？

How are you going to sell more Super Tucanos aircraft since Embraer has been expanding their operations on the commercial market?

由於巴西航空工業公司一直在商業市場上擴大業務，您將如何銷售更多的超級巨嘴鳥飛機？

Now, since you touched on the American market, you mentioned the US elections and Trump coming into office.

現在，既然談到美國市場，您就提到了美國大選和川普上台。

How can that impact defense market since you want to expand to the US?

既然您想擴展到美國，這會對國防市場產生什麼影響？

(Interpreted) Jesse, thank you for your question.

（翻譯）傑西，謝謝你的問題。

On the Boeing issue, we do follow-up the news.

關於波音問題，我們正在追蹤報導。

But we have our own strategy and we've been following that strategy with great discipline.

但我們有自己的戰略，我們一直嚴格遵守該戰略。

And that's what's bringing about these great results we can now see.

這就是我們現在看到的這些偉大成果的原因。

And that's what we're going to continue doing, creating our own strategy and just deploying that and of course, watching out for what's happening around us.

這就是我們將繼續做的事情，制定我們自己的策略並部署它，當然，也要留意我們周圍發生的事情。

On the US note, like I said before, we have a long-lasting partnership with the US for more than 4 decades, not only in terms of Commercial Aviation, but also in terms of business aviation.

至於美國方面，就像我之前說過的，我們與美國有著40多年的長期夥伴關係，不僅在商業航空方面，而且在公務航空方面。

Great part of that happens in the US.

其中很大一部分發生在美國。

We've got 2,000 aircraft flying in the US and defense is, of course, a great potential market for our KC-390 aircraft for the future.

我們有 2,000 架飛機在美國飛行，國防當然是我們 KC-390 飛機未來的巨大潛在市場。

And we've been working on that to be able to introduce this aircraft in the US Considering this long-lasting partnership and considering what we bring to the market in terms of products and equipment, we don't think there will be any negative impact.

我們一直在努力，以便能夠在美國推出這架飛機。

Much to the contrary, we think this partnership will become even stronger with the US.

相反，我們認為與美國的這種夥伴關係將會變得更加牢固。

We have one last question in English from

我們還有最後一個英語問題

[Carl Schwartz].

[卡爾·施瓦茨]。

What will be the total investment needed on Eve up to certification and delivery start?

Eve 到認證和交付開始所需的總投資是多少？

It's around $600 million total today and we have cash to run the company for the next three years.

目前總金額約 6 億美元，我們有足夠的現金來經營公司未來三年。

This concludes the Q&A session and Embraer's earnings call.

問答環節和巴西航空工業公司的財報電話會議到此結束。

Thank you very much for your participation.

非常感謝您的參與。

I hope you all have a great day.

我希望你們都有美好的一天。

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

記錄中標記為（已翻譯）的部分是由現場通話中的口譯員朗讀的。

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。