Embraer SA (ERJ) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thanks for standing by. As a reminder, this conference is being recorded. Its broadcast is intended exclusively for the participants of this event and may not be reproduced or retransmitted without the express authorization of Embraer. This conference call will be conducted in English, but please let me say a short announcement for Portuguese speakers. (spoken in Portuguese)

女士們、先生們，早安，謝謝你們的支持。提醒一下，本次會議正在錄製中。其廣播僅供本次活動的參與者觀看，未經巴西航空工業公司明確授權不得複製或轉播。本次電話會議將以英語進行，但請容許我向葡萄牙語使用者簡短宣布。（葡萄牙語）

My name is Guilherme Paiva, and I'm the Head of Investor Relations and M&A for Embraer. I want to welcome you to our second quarter earnings conference call. The numbers in this presentation contain non-GAAP financial information to help investors reconcile Eve's financial information in GAAP standards to Embraer's IFRS. We remind you, Eve's results will be discussed at the company's conference call.

我叫 Guilherme Paiva，是巴西航空工業公司投資人關係和併購主管。歡迎您參加我們的第二季財報電話會議。本簡報中的數字包含非 GAAP 財務訊息，以協助投資者將 Eve 的 GAAP 標準財務資訊與巴西航空工業公司的 IFRS 進行協調。我們提醒您，Eve 的結果將在公司電話會議上討論。

It is important to mention that our numbers are presented in US dollar as it is our functional currency. This conference call may include statements about future events based on Embraer expectations and financial market trends. Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call. Except in accordance with the applicable rules, the company assumes no obligation to publicly update any forward-looking statements. For detailed financial information, the company encourages reviewing publications filed by the company with the Brazilian Comissao de Valores Mobiliarios or CVM. (Operator Instructions)

值得一提的是，我們的數字以美元表示，因為它是我們的功能貨幣。本次電話會議可能包含基於巴西航空工業公司預期和金融市場趨勢的未來事件聲明。此類聲明受不確定因素影響，可能導致實際結果與本次電話會議中表達或暗示的結果不同。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。如需了解詳細的財務信息，公司建議查閱公司向巴西不動產委員會 (CVM) 提交的出版物。（操作員指示）

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. This conference call will have three parts. In the first part, top management will present the company's Q2 results. In the second part, we will host a Q&A session only for investors. And last but definitely not least, in the third part, we will host a dedicated Q&A session only for the press.

參加今天電話會議的有巴西航空工業公司總裁兼首席執行官弗朗西斯科·戈麥斯·內托 (Francisco Gomes Neto)、首席財務官安東尼奧·卡洛斯·加西亞 (Antonio Carlos Garcia)、企業傳播總監路易斯·哈里森 (Luis Harrison) 和我本人。本次電話會議將分為三個部分。在第一部分中，高階主管將介紹公司第二季的業績。第二部分，我們將舉辦僅針對投資者的問答環節。最後但同樣重要的一點是，在第三部分，我們將舉辦專門針對媒體的問答環節。

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

我很高興現在將電話會議轉給我們的總裁兼執行長 Francisco Gomes。請繼續，弗朗西斯科。

Good morning, everyone. It is a pleasure to be here with you to share our second quarter 2025 year results. We had another strong quarter, reinforcing the consistency in our sustainable growth journey. Embraer delivered the highest second quarter revenue in its history, totaling $1.8 billion. Our adjusted EBIT margin was 10.5%, the highest level for a second quarter over the past decade. The backlog recorded a new $29.7 billion all-time high, driven by strong demand across all business units. Deliveries were up 30% year-over-year, a result of our focus on operational efficiency and on our production-leveling initiative. The book-to-bill ratio was closer to 2:1 in the last 12 months across all business units.

大家早安。很高興在這裡與您分享我們 2025 年第二季的業績。我們又度過了一個強勁的季度，鞏固了我們可持續成長之路的一致性。巴西航空工業公司第二季營收達 18 億美元，創歷史新高。我們的調整後息稅前利潤率為 10.5%，為過去十年第二季的最高水準。受各業務部門強勁需求的推動，積壓訂單金額創下 297 億美元的歷史新高。由於我們注重營運效率和生產平衡計劃，交付量年增了 30%。過去 12 個月，所有業務部門的訂單出貨比接近 2:1。

US tariffs continue to be a major concern to our business, but with an important step forward last week, highlighting the importance of our industry not only for Brazil but also for the US. We are confident about further progress in negotiations in line with other recent agreements in our sector that have set a positive precedent.

美國關稅仍然是我們業務的主要關注點，但上週我們邁出了重要一步，凸顯了我們的產業不僅對巴西而且對美國的重要性。我們有信心，談判將取得進一步進展，正如我們領域最近達成的其他協議一樣，這些協議已經樹立了積極的先例。

Now, the main highlights for the company during the quarter. Commercial Aviation performed very well across, both E1 and E2 platforms. SAS ordered 45 E195-E2s with 10 additional options. At the same time, SkyWest purchased 60 E175s with 50 additional options. The division's backlog reached $13.1 billion with a strong 1.8:1 book-to-bill over the last 12 months. Executive Aviation delivered another strong quarter with record second quarter revenue of circa $550 million and a robust $7.4 billion backlog, supported by a 2.4:1 book-to-bill over the past 12 months.

現在，讓我們來看看本季公司的主要亮點。商用航空在 E1 和 E2 平台上的表現都非常出色。SAS 訂購了 45 架 E195-E2 以及 10 架附加選配。同時，天西航空購買了 60 架 E175 飛機，另有 50 架可選。過去 12 個月，該部門的積壓訂單金額達到 131 億美元，訂單出貨比高達 1.8:1。行政航空部門再創佳績，第二季營收達到創紀錄的約 5.5 億美元，並擁有價值 74 億美元的強勁積壓訂單，這得益於過去 12 個月 2.4:1 的訂單出貨比。

In Defense & Security, Portugal confirmed its sixth KC-390 purchase, including 10 additional options that may be used by other European countries to facilitate future acquisitions. Lithuania also became the seventh NATO country to select the aircraft. The division ended the quarter with a $4.3 billion backlog and a trailing 3.6:1 book-to-bill in the last 12 months. Service & Support continued its global expansion, signing eight New Pool contracts, increasing its MRO capabilities with commuter air and launching full-flight simulator partnership with CAE in Montreal, Canada and Madrid, Spain. The division closed the quarter with a $4.9 billion backlog and a 2:1 book-to-bill that means top of sales versus revenue in the last 12 months.

在國防和安全領域，葡萄牙確認購買第六架 KC-390，其中包括其他 10 架可供選擇的飛機，以便其他歐洲國家在未來進行採購。立陶宛也成為第七個選擇該飛機的北約國家。該部門本季末的積壓訂單價值為 43 億美元，過去 12 個月的訂單出貨比為 3.6:1。服務與支援部門繼續全球擴張，簽署了八份新合約池，增強了其通勤航空的 MRO 能力，並與加拿大蒙特利爾和西班牙馬德里的 CAE 建立了全飛行模擬器合作夥伴關係。該部門本季結束時的訂單量為 49 億美元，訂單出貨比為 2：1，這意味著銷售額與收入之比在過去 12 個月中位居榜首。

We continue to work in our production-leveling initiative to increase efficiency, productivity, output and improve cash flow. In the previous quarter, we shared with the market the improvements in our operator production line. This quarter, we highlight the KC-390 line in the Defense segment where we have also seen significant operational gains over the past year. These improvements include double-digit increases in aircraft production, operational efficiency, reduction in production cycle time and decreasing cost of poor quality, as you can see in the presentation slide.

我們將繼續致力於生產平衡計劃，以提高效率、生產力、產量並改善現金流。上一季度，我們與市場分享了操作員生產線的改進。本季度，我們重點關注國防領域的 KC-390 系列，該系列在過去一年中也取得了顯著的營運收益。這些改進包括飛機產量、營運效率的兩位數成長、生產週期的縮短以及品質缺陷成本的降低，正如您在簡報幻燈片中所看到的。

About tariffs, let me share with you what we have been doing to manage this situation. We have been very active with high-level authorities in Brazil and in the US to demonstrate the relevance of our company in terms of job creation, investments, services to passengers and to support the development of a negotiated solution as we have seen with other countries.

關於關稅，讓我與大家分享我們為應對這種情況所採取的措施。我們一直積極與巴西和美國的高層當局合作，展示我們公司在創造就業機會、投資、為乘客提供服務方面的相關性，並支持制定談判解決方案，就像我們在其他國家看到的那樣。

As you can see in this slide, our company plays a key role in the US regional aviation market as our aircraft transport approximately 100 million passengers every year. Our business currently supports 13,000 jobs in the country and should create another 5,500 jobs by 2030, with an impressive trade balance of $8 billion in favor of the US.

正如您在這張幻燈片中看到的，我們公司在美國區域航空市場中發揮關鍵作用，我們的飛機每年運送約 1 億名乘客。我們的業務目前為該國提供了 13,000 個就業崗位，預計到 2030 年將再創造 5,500 個就業崗位，對美國的貿易順差將達到驚人的 80 億美元。

Embraer is also willing to invest another $500 million in the US, which should create roughly another 2,500 jobs in the country with a combination of our organic growth in the country and the potential adoption of our KC-390 platform by the US Air Force before the end of the decade. We are excited to say we are in advanced conversations with a relevant US partner for this project. We continue to believe in and advocate firmly for a return to the zero-tariff rule for the global aerospace industry, which was the status quo over the previous 45-plus years.

巴西航空工業公司也願意在美國再投資 5 億美元，結合我們在美國本土的有機成長以及美國空軍在 2020 年前可能採用我們的 KC-390 平台，這將為美國創造約 2,500 個就業機會。我們很高興地說，我們正在與美國相關合作夥伴就該計畫進行深入對話。我們繼續相信並堅定主張恢復全球航空航太業的零關稅規則，這是過去45多年的現狀。

We also continue to encourage a constructive dialogue between the Brazilian and the US governments to reach an amicable resolution. In the short term, as you know, we have taken measures to preserve this year's results. The impact of the current 10% tariff is already considered in our forecast for the year. This means upside if tariffs return to zero soon.

我們也繼續鼓勵巴西和美國政府進行建設性對話，以達成友好解決方案。短期來看，正如大家所知，我們已經採取了一些措施來保住今年的業績。我們對今年的預測已經考慮了目前 10% 關稅的影響。如果關稅很快恢復為零，則表示上漲空間。

I will now move on to operational results by segment over the next few slides. All figures are based on year-on-year comparisons. In Commercial Aviation, revenues increased 4% because of product and customer mix and adjusted EBIT margin remained flat at 4.3%. In Executive Aviation, the top line soared 64%, supported by higher volumes and product mix. The adjusted EBITDA margin increased to 14.5% because of operating leverage and cost containment initiatives.

在接下來的幾張投影片中，我將介紹各部門的營運結果。所有數據均基於同比比較。在商業航空領域，由於產品和客戶組合，收入成長了 4%，調整後的息稅前利潤率維持在 4.3% 左右。在公務航空領域，受銷售和產品組合成長的推動，營業收入飆升 64%。由於經營槓桿和成本控制舉措，調整後的 EBITDA 利潤率增加至 14.5%。

Moving to Defense & Security. Revenues grew 18% because of A29 Super Tucano production. The improvement of almost 10 percentage points in the adjusted EBIT margin to 9.2% reflects higher A29 volumes and better KC-390 customer mix. In Service & Support, revenues rose 13%, driven by the ramp-up of OGMA's GTF engine shop. The adjusted EBIT margin declined slightly to 15.5%, mainly due to higher past due credit provisions. Eve achieved an important milestone in the second quarter with the announcement of its first binding order with Revo for 10 vehicles in 40 options including aftermarket services.

轉向國防和安全。由於 A29 Super Tucano 的生產，收入增長了 18%。調整後的息稅前利潤率提高了近 10 個百分點，達到 9.2%，這反映了 A29 銷售量的增加和 KC-390 客戶組合的改善。在服務與支援方面，由於 OGMA GTF 引擎車間的擴張，收入成長了 13%。調整後的息稅前利潤率略微下降至15.5%，主要原因是逾期信貸準備金增加。Eve 在第二季度取得了一個重要的里程碑，宣布與 Revo 達成首個具有約束力的訂單，該訂單包含 10 輛汽車、40 種選項（包括售後服務）。

Let me pass it over to Antonio so he can highlight the main financial points of the quarter.

讓我把它交給安東尼奧，以便他可以強調本季的主要財務要點。

Thank you, Francisco. Good morning, and good afternoon to everyone. There are a lot of moving parts around the world, but let me present to you what we really control, our operational and financial results. Our performance in Q2 was brilliant and consistent as you'll see shortly. First and foremost, let me reiterate our 2025 guidance. We are confident we will achieve between $7 billion to $7.5 billion in revenues, 7.5% and 8.3% in adjusted EBIT margin and more than $200 million in adjusted free cash flow from a financial perspective. Meanwhile, we expect to deliver between 77 and 85 aircrafts in Commercial Aviation and 145 and 155 in Executive Aviation from an operational point of view.

謝謝你，弗朗西斯科。大家早安，下午好。世界上有很多活動的部分，但讓我向你們介紹我們真正控制的，即我們的營運和財務結果。您很快就會看到，我們在第二季的表現非常出色且穩定。首先，讓我重申我們的 2025 年指引。從財務角度來看，我們有信心實現 70 億至 75 億美元的收入、7.5% 至 8.3% 的調整後息稅前利潤率以及超過 2 億美元的調整後自由現金流。同時，從營運角度來看，我們預計將交付 77 至 85 架商用航空飛機以及 145 至 155 架公務航空飛機。

Turning to the quarter, all my comments will be based on year-over-year comparison unless noted. Let me move to Slide 12, beginning with deliveries. Embraer delivered 61 aircraft across all business units or a 30% increase. In Commercial Aviation, deliveries totaled 19 aircraft, in line with the same period of last year. In the first half of the year, we delivered 26 commercial aircraft, which represents 32% of the midpoint of our full year guidance of 81 aircraft, marginally below the five years average of 35% for the first semester.

談到本季度，除非另有說明，我的所有評論都將基於同比比較。讓我轉到第 12 張投影片，從交付開始。巴西航空工業公司所有業務部門共交付 61 架飛機，增幅達 30%。商用航空方面，共交付19架飛機，與去年同期持平。今年上半年，我們交付了 26 架商用飛機，佔全年 81 架飛機預期中位數的 32%，略低於上半年五年平均值 35%。

In Executive Aviation, we delivered 38 jets, of which 21 were in the light segment and 17 in the midsized for an increase of 41%. More importantly, in the first half of the year, we delivered 61 business jet, which accounts for 41% of the midpoint of our full year guidance of 150 jets, well above the five years average of 32% for the first semester.

在公務航空領域，我們交付了 38 架噴射機，其中 21 架為輕型飛機，17 架為中型飛機，增幅為 41%。更重要的是，今年上半年，我們交付了 61 架公務機，佔全年預期 150 架飛機中位數的 41%，遠高於上半年五年平均值 32%。

In slide 13, our company-wide backlog recorded a new all-time high of $29.7 billion, up a significant 40%. Looking at each division, the backlog for Commercial Aviation grew 16% while for Executive Aviation was 62%, reflecting the growing demand for our aircraft in both segments. In Defense & Security, the backlog doubled, supported by strong momentum in KC-390 and A29 Super Tucano sales. While in Services & Support, the backlog increased 55%, highlighting continued and consistent growth in the segment.

在第 13 張投影片中，我們全公司的積壓訂單創下了 297 億美元的歷史新高，大幅增加了 40%。從各部門來看，商用航空的積壓訂單增加了 16%，而公務航空的積壓訂單增加了 62%，這反映了這兩個部門對我們飛機的需求都在不斷增長。在國防和安全領域，受 KC-390 和 A29 超級巨嘴鳥銷售強勁勢頭的推動，積壓訂單量翻了一番。而在服務與支援領域，積壓訂單增加了 55%，突顯了該領域的持續穩定成長。

Moving to revenue, our top line was $1.8 billion, the best second quarter in our history and 22% higher. In our breakdown by business, we can see Commercial and Executive Aviation were responsible for more than 60% of the revenue, followed by Service & Support with 25% and Defense & Security with 12%.

談到收入，我們的營業額為 18 億美元，這是我們歷史上最好的第二季度，成長了 22%。按業務細分，我們可以看到商用和公務航空佔收入的 60% 以上，其次是服務和支援佔 25%，國防和安全佔 12%。

Moving to the next slide, slide 14. We generated $246 million in adjusted EBITDA in the second quarter with a 13.5% margin. Now, adjusted EBIT for the quarter was $192 million with a 10.5% margin, the best second quarter margin over the past 10 years.

移至下一張投影片，即第 14 張投影片。我們第二季的調整後 EBITDA 為 2.46 億美元，利潤率為 13.5%。目前，本季調整後的息稅前利潤為 1.92 億美元，利潤率為 10.5%，是過去 10 年來第二季的最佳利潤率。

I'd like to highlight a key milestone. In the first half of the year, we achieved adjusted EBIT margin of 80.7%, a remarkable step-up from 1.1% average over the past five years. While this is a significant achievement, we are aware that the second half of the year will bring important challenges, driven mainly by inflationary pressures, foreign exchange rate volatility and ongoing tariff discretion in US.

我想強調一個重要的里程碑。今年上半年，我們的調整後息稅前利潤率達到 80.7%，較過去五年 1.1% 的平均水準有顯著提高。雖然這是一項重大成就，但我們意識到下半年將面臨重大挑戰，主要受到通膨壓力、外匯匯率波動以及美國持續的關稅自由裁量權的影響。

Now, let's move to the next slide, slide 15. In second quarter, we consumed $162 million in adjusted free cash flow, mainly because of [$312 million] increase in working capital in preparation for higher numbers of aircraft delivered in the next two quarters. For example, we have a handful of aircraft to be delivered in late June that moved to the right.

現在，讓我們轉到下一張投影片，第 15 張投影片。第二季度，我們消耗了 1.62 億美元的調整後自由現金流，主要是因為增加了 [3.12 億美元] 營運資金，為接下來兩個季度交付更多飛機做準備。例如，我們有幾架飛機將於 6 月底交付，這些飛機已向右移動。

Looking now to our investments. In the second quarter, excluding Eve, we allocated a total of $97 million or 10% lower. It includes $53 million in CapEx, $28 million in addition to intangibles, $9 million in research and $90 million in new pool program to support new contracts. It is important to highlight our capital allocation remains focused on Executive Aviation, Services & Support, the segments with highest return rates, especially in US market.

現在來看我們的投資。在第二季度，不包括《夏娃》，我們總共分配了 9,700 萬美元，減少了 10%。其中包括 5,300 萬美元的資本支出、2,800 萬美元的無形資產、900 萬美元的研究資金和 9,000 萬美元的新資金池計畫以支持新合約。值得強調的是，我們的資本配置仍然集中在公務航空、服務和支援等回報率最高的領域，尤其是在美國市場。

To complete this slide, there are two important points here. First, our reported net income was $79 million during the quarter with a 4.3% margin, which was roughly $100 million lower than our reported EBIT because of the negative non-cash impact of mark-to-market of Eve warrants and the losses associated with restructuring. Second, our adjusted net income ended $5 million in the red with a margin of minus 0.3%. The almost $85 million shortfall to our reported net income was because of negative $163 million in deferred taxes, driven by stronger Brazilian foreign exchange rates and positive $79 million adjustment for Eve results.

為了完成這張投影片，這裡有兩個要點。首先，本季我們報告的淨收入為 7,900 萬美元，利潤率為 4.3%，比我們報告的息稅前利潤低約 1 億美元，原因是 Eve 認股權證的按市價計價的負面非現金影響以及與重組相關的損失。其次，我們的調整後淨收入虧損 500 萬美元，利潤率為負 0.3%。我們報告的淨收入出現近 8,500 萬美元的缺口，是因為遞延稅款為負 1.63 億美元，這主要是由於巴西外匯匯率走強以及 Eve 業績調整為正 7,900 萬美元。

Let's move to slide 16. I'd like to start by drawing your attention to the top right corner. Over the past 12 months, Embraer, excluding Eve, has significantly reduced both its gross and net debt position by approximately $560 million and $720 million, respectively. We closed the second quarter with a net debt to EBITDA, excluding Eve ratio, of 0.7 times, a substantial improvement from 2 times one year ago. That said, the negative free cash flow of $547 million for Embraer standalone in the first half of the year because of business seasonality has contributed to a temporary increase in leverage compared to end of 2024.

讓我們翻到第 16 張投影片。首先我想請大家注意一下右上角。在過去 12 個月中，除 Eve 之外，巴西航空工業公司已大幅削減其總債務和淨債務，分別減少了約 5.6 億美元和 7.2 億美元。我們第二季的淨負債與 EBITDA 比率（不包括 Eve 比率）為 0.7 倍，較一年前的 2 倍大幅改善。儘管如此，由於業務季節性的影響，今年上半年巴西航空工業公司的獨立自由現金流為負 5.47 億美元，導致其槓桿率與 2024 年底相比暫時上升。

As part of our liability management strategy, we remain focused on extending debt duration and lowering our cost of capital. As a result, our average debt maturity without Eve has increased to 6.1 years, up from 3.7 years at the end of last year.

作為我們負債管理策略的一部分，我們仍然專注於延長債務期限和降低資本成本。因此，不計入 Eve，我們的平均債務期限從去年年底的 3.7 年增加至 6.1 年。

Slide 17. To conclude my presentation, I'd like to talk briefly about shareholders and shareholder remuneration. Firstly, I would like to thank you all for your support and say that I'm proud to mention our company celebrated in July our 25 years listing anniversary at the New York Stock Exchange. Second, Embraer declared nearly BRL143 million in interest on equity during the quarter, which translates to BRL0.19 per share. This amount may be complemented by a top-up dividend if needed to meet the minimum 25% net income distribution required by Brazilian corporate law. The full amount will be paid in a single installment after our 2026 Annual Shareholders Meeting.

幻燈片 17。為了結束我的演講，我想簡單談談股東和股東薪酬。首先，我要感謝大家的支持，並很自豪地宣布，我們公司在 7 月慶祝了在紐約證券交易所上市 25 週年。其次，巴西航空工業公司本季宣布股權利息近 1.43 億巴西雷亞爾，相當於每股 0.19 巴西雷亞爾。如果需要滿足巴西公司法規定的最低 25% 淨收入分配要求，則該金額可以透過補充股利來補充。我們將在 2026 年年度股東大會後一次性支付全部金額。

With that, I hand back to Francisco for his final remarks, and thank you very much.

最後，我將把發言權交還給弗朗西斯科，請他做最後的發言，非常感謝。

Thank you, Antonio. In summary, our Defense business brought good news from Europe with Portugal's new purchasing and Lithuania's selection of the KC-390. SkyWest order of our E175 aircraft consolidates our dominant position in the US regional market. And I will take the opportunity to say thank you to SAS, a long-standing partner of Embraer through the E1 platform and now as a new operator of the E2 family.

謝謝你，安東尼奧。總而言之，我們的國防業務從歐洲帶來了好消息，葡萄牙新採購了 KC-390，立陶宛也選擇了 KC-390。天西航空訂購我們的 E175 飛機鞏固了我們在美國區域市場的主導地位。我要藉此機會向 SAS 表示感謝，SAS 是巴西航空工業公司透過 E1 平台的長期合作夥伴，現在成為 E2 系列的新營運商。

Our Executive Aviation maintained its strong performance in sales and deliveries. The second quarter of 2025 was another milestone for Embraer. We delivered record revenues, the highest second quarter adjusted EBITDA margin in a decade and reached a new all-time high backlog with back-to-back significant orders year-to-date. We continue to work hard to generate value for our customers and our shareholders, and we are optimistic about a likely positive outcome for the current US tariff overhang.

我們的公務航空在銷售和交付方面保持了強勁的表現。2025年第二季是巴西航空工業公司的另一個里程碑。我們實現了創紀錄的收入，第二季調整後的 EBITDA 利潤率創下十年來新高，並且年初至今連續獲得大量訂單，積壓訂單量創下歷史新高。我們將繼續努力為客戶和股東創造價值，我們對當前美國關稅問題可能出現的正面結果持樂觀態度。

I will also thank all the support we received from our US customers and suppliers like American Airlines, SkyWest, Alaska, United, AerCap, General Electric, Honeywell, RTX, Parker Hannifin, and Eton, among others in the tariff negotiation process. And I conclude this presentation by reaffirming the foundation of our culture, safety first and quality always.

我還要感謝我們在關稅談判過程中得到的所有美國客戶和供應商的支持，包括美國航空、天西航空、阿拉斯加航空、聯合航空、AerCap、通用電氣、霍尼韋爾、RTX、派克漢尼汾和 Eton 等。最後，我要重申我們文化的基礎：安全第一，並且永遠注重品質。

Thanks for your trust in our company and let's now start the Q&A session.

感謝您對我公司的信任，現在我們開始問答環節。

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

（操作員指示）我們再次提醒您，本次會議正在錄音。本次電話會議僅供本次活動的參與者收聽，未經巴西航空工業公司明確授權，不得複製或轉播。我們也要強調，本次電話會議將以英語進行，並提供葡萄牙文翻譯。請允許我為葡萄牙語人士發布一則簡短的公告。 （葡萄牙語播報）（操作員指示）摩根大通馬塞洛·莫塔。

It's regarding the outlook for the second half. During the conference call, Antonio mentioned about FX volatility, potential tariffs, inflationary pressure. So just wondering how big could this challenge be? Because when we look at the historical EBIT margin for the second half, usually, it is much stronger than what we see in the first half given the seasonality. So just wondering if what are the risks and opportunities to revise the guidance upward during the second half, given that the first half was very strong?

這是關於下半年前景的問題。在電話會議中，安東尼奧提到了外匯波動、潛在關稅和通膨壓力。所以我想知道這個挑戰有多大？因為當我們回顧下半年的歷史息稅前利潤率時，考慮到季節性因素，通常情況下，下半年的息稅前利潤率要比上半年高得多。所以我只是想知道，鑑於上半年表現非常強勁，下半年上調預期的風險和機會是什麼？

Thanks for the nice question. I was expecting the first place. You're right. Year-to-date, we are at 8.7% and we all know our margins at 8.3%, but some comments here. We only have, I would say, 20% year-to-date tariff impact than the big amount of tariffs still in our inventory to be invoiced second half of the year. That's already something that was not in our plan. The dollars get weaker, real is getting stronger. That's why when you do the translation, the cost in reals, we have also a negative impact and also in PCA in Brazil, the inflation that we put our forecast.

謝謝你的提問。我期待的是第一名。你說得對。今年迄今為止，我們的利潤率為 8.7%，我們都知道我們的利潤率為 8.3%，但這裡有一些評論。我想說，今年迄今為止，我們只受到 20% 的關稅影響，而庫存中仍有大量關稅，將於今年下半年開立發票。這已經是我們計劃之外的事了。美元越來越弱，雷亞爾卻越來越強。這就是為什麼當你進行翻譯時，雷亞爾的成本也會產生負面影響，而在巴西的PCA中，我們預測的通貨膨脹也會產生負面影響。

It seems a little bit stronger than was planned, more or less 1.3%. If you put in a nutshell, I would say be on the safe side. We are keeping the guidance as long the next months and quarters evolve, then we could revise, but we are not in a position to do it. And nobody knows what can happen still in the tariff issue. That's why I would say the guidance seems to be safe today, but we do prefer to be more waiting more months in order to tell the market a different story right now.

它似乎比計劃的要強一點，大約 1.3%。如果要概括的話，我會說要謹慎行事。只要未來幾個月和幾個季度的情況發生變化，我們就會維持這一指導方針，然後我們就可以修改，但我們現在無法這樣做。沒有人知道關稅問題將會發生什麼事。這就是為什麼我會說今天的指導似乎是安全的，但我們確實更願意等待幾個月，以便現在告訴市場一個不同的故事。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Wow, like what a really strong operating quarter. I guess with US customers facing the prospect that they would have had to pay 50% tariff on Embraer E-Jets if the aerospace exemption wasn't added, how is your conversations with those customers? Because now that for now, these tariffs are gone and they're looking at their fleet, is it increasing the urgency for them to re-fleet? And could you see potentially more orders out of the US and E175s as they evaluate their fleet needs?

哇，這真是一個強勁的營運季度。我想，如果沒有增加航空航天豁免，美國客戶將面臨必須為巴西航空工業公司 E-Jets 支付 50% 關稅的前景，您與這些客戶的溝通情況如何？因為現在這些關稅已經取消，而且他們正在審視自己的船隊，這是否增加了他們重新組建船隊的緊迫性？當美國評估其機隊需求時，您是否認為美國和 E175 可能會有更多的訂單？

Francisco here. Thanks for the question. Actually, Kristine, since the implementation of the first round of tariffs last April, we have been working to mitigate the impact for us and for the customers. And for our customers, especially the E175 customers, the final tariff is lower than 10% because of the US content that we have in our aircraft. So then since that time, we have been working with them, and we were able to deliver a few aircraft since that month.

我叫弗朗西斯科。謝謝你的提問。事實上，克里斯汀，自去年四月實施第一輪關稅以來，我們一直在努力減輕對我們和客戶的影響。對於我們的客戶，特別是 E175 客戶，由於我們的飛機上含有美國零件，最終關稅低於 10%。從那時起，我們就一直與他們合作，並且從那個月起我們就交付了幾架飛機。

But our focus is really to restore the zero tariff. So we are happy that we were able to come from 50% to 10%, but which reduced a lot of the impact for our customers and we are working with them to deliver the aircraft. But in parallel, we are working hard to restore the zero tariff and we see some precedents in the market. So about new orders? Well, I mean, we are happy with the orders we have for E175 this year, and we do not expect new big orders for E175 along this year.

但我們的重點確實是恢復零關稅。因此，我們很高興能夠將這一比例從 50% 降至 10%，但這對我們的客戶來說卻減少了許多影響，我們正在與他們合作交付飛機。但同時，我們正在努力恢復零關稅，並且我們在市場上看到了一些先例。那麼新訂單呢？嗯，我的意思是，我們對今年 E175 的訂單感到滿意，我們預計今年不會有新的 E175 大訂單。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Maybe for Antonio, within Defense, obviously great performance. In the commentary, you talked about POC completion driving a lot of the margin accretion. So I guess based on that, why wouldn't this level of performance continue if it's POC-driven and not A29 Super Tucano unit deliveries?

也許對安東尼奧來說，在防守方面，顯然表現得很好。在評論中，您談到了 POC 完成推動了大量利潤的成長。因此，我猜測基於這一點，如果是由 POC 驅動而不是 A29 Super Tucano 單元交付，那麼為什麼這種性能水平不會持續下去？

Thanks, Myles, for the question. In fact, we are -- as you could see that we are improving the performance, and for sure, the Super Tucano helps a lot. I would say, for me, Defense & Security is a straight line to moving to the higher single digit in the coming quarters. I don't know if it's going to happen this year, but we are going there because the majority of our POC customer right now is shifting from local contracts to export contracts, including the Super Tucanos.

謝謝 Myles 提出的問題。事實上，正如您所見，我們正在提高性能，而且超級巨嘴鳥確實有很大幫助。我想說，對我而言，國防和安全產業在未來幾季將直線上升至更高的個位數。我不知道今年是否會發生這種情況，但我們會這樣做，因為目前我們的大多數 POC 客戶正在從本地合約轉向出口合同，包括 Super Tucanos。

By doing that, I would say, it's accretive for a high single digit, even double-digit margin, but not yet. I would say let's wait probably next year, but you could see the progression is crystal clear about our margin way for Defense. And I would say -- and everything we are doing is on the POC and when we revise the baseline, assuming the production level and the efficiency we are showing here, I would say we have, I would say, more chances than risk.

我想說，透過這樣做，利潤率將達到較高的個位數，甚至兩位數，但現在還不是。我想說我們可能要等到明年，但你可以看到我們的防禦優勢的進展非常清晰。我想說的是——我們所做的一切都是基於 POC 的，當我們修改基線時，假設我們在這裡展示的生產水平和效率，我想說，我們的機會大於風險。

Myles, Gui here. Just to be clear, the A29s also follow the POC method. There's a mix of both the A29s and the KC-390.

邁爾斯，我是桂。需要明確的是，A29 也遵循 POC 方法。有 A29 和 KC-390 的混合版本。

Okay. And then just a clarification, those deliveries that moved to the right, were those moved to the right because of tariffs? Were they moved to the right because of supply chain? Any color on that?

好的。然後需要澄清的是，那些向右移動的交付是否因為關稅而向右移動？他們是因為供應鏈而向右移動的嗎？有顏色嗎？

No, we are talking about just for Commercial Aviation, Myles. And I would say everybody knows about the Azul situation, and we are waiting the lessor to give us the authorization to issue -- to invoice the aircraft. And we have until end of June some commercial or other customers, but I would say nothing that is going to compromise the guidance of this year is really that -- I would say, the paperwork was not finished to invoice the aircraft. But in regards to production output, we produce much more what we delivered for Commercial Aviation, I would say, continues to see effects of production leveling but not invoicing those aircraft, at least for Commercial.

不，我們談論的只是商業航空，邁爾斯。我想說每個人都知道 Azul 的情況，我們正在等待出租人授權我們開立飛機發票。直到六月底，我們還有一些商業或其他客戶，但我想說，沒有什麼會影響今年的指導，真正的原因是——我想說，給飛機開立發票的文書工作還沒有完成。但就生產產量而言，我們為商用航空交付的飛機數量遠遠超過生產產量，我想說，我們繼續看到生產平衡的影響，但沒有為這些飛機開立發票，至少對於商用航空而言是如此。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

I'm not sure if you can answer this but I'm going to ask it anyway. If you look at the relative valuation of Embraer compared to, say, Joby is $16 billion today. Your guys' market cap in the US is $10 billion. Archer's market cap is $6 billion. Would you consider cutting Eve loose? Because it seems like maybe there would be more value there as a separate company than as part of Embraer, given that Joby and Archer are in that same market and other considerations.

我不確定你是否能回答這個問題，但我還是要問。如果你看一下巴西航空工業公司的相對估值，那麼與 Joby 相比，今天的估值為 160 億美元。你們在美國的市值為 100 億美元。Archer 的市值為 60 億美元。你會考慮和 Eve 斷絕關係嗎？因為考慮到 Joby 和 Archer 處於同一市場以及其他考慮因素，作為獨立公司似乎比作為巴西航空工業公司的一部分更有價值。

Ron, thanks for the question. Difficult to be answered. I would say our valuation picked up a lot in the last years from one side, and we do see a lot of value, a premium for being together when we talk about synergies, when we talk about efficiency, when you talk about product development. That's why we didn't change our strategy to be one conglomerate of our business unit.

羅恩，謝謝你的提問。很難回答。我想說，從一方面來說，我們的估值在過去幾年裡上升了很多，當我們談論協同效應、效率和產品開發時，我們確實看到了很多價值，即團結一致帶來的溢價。這就是為什麼我們沒有改變我們的策略，將我們的業務部門整合成一個企業集團。

And I would say, seeing also Joby, we have Eve. Eve still needs more liquidity in order to pick up as, I would say -- let's see how Eve develop but we don't have any thoughts to change the way we are structured today as a full corporation with all units and really enjoy the premium for being together.

我想說，看到喬比，我們就有了夏娃。Eve 仍然需要更多的流動性才能復甦，我想說——讓我們看看 Eve 如何發展，但我們沒有任何想法改變我們今天的結構方式，即作為一個擁有所有部門的完整公司，真正享受在一起的溢價。

And remember that Eve is a separate company, right?

請記住，Eve 是一家獨立的公司，對嗎？

That's why let's see. As long as we have more liquidity for Eve, we are going to see those effects. But I would say for the overall Embraer, I would say, legacy Embraer, we are so happy what we are doing right now.

這就是為什麼讓我們看看。只要我們為 Eve 提供更多的流動性，我們就會看到這些效果。但我想說，對於整個巴西航空工業公司，我想說，對於傳統的巴西航空工業公司來說，我們對現在所做的事情感到非常高興。

Got it. And if I may, as a follow-on along that same line of questioning. Do you guys have any update on the thoughts on product development on what's going on there? Is there anything you can share with the market regarding potential new aircraft?

知道了。如果可以的話，我想繼續問同樣的問題。你們對於產品開發的最新進展有什麼看法嗎？您能與市場分享一些有關潛在新飛機的資訊嗎？

Thank you. You always come with a question. We keep investing in new technologies as we mentioned before. We don't have any other news than that to share with the market at this point of time.

謝謝。你總是帶著問題來。正如我們之前提到的，我們一直在投資新技術。目前，我們還沒有其他消息可以與市場分享。

Andre Ferreira, Bradesco BBI.

安德烈·費雷拉（Andre Ferreira），Bradesco BBI。

Congrats on the results. I have one question. You mentioned in the second quarter service segments, there were higher credit provisions. Just wanted to check if those are related to the $9 million in the income statement. And if not, if you could please explain what do they mean and the impact they had on the Service EBIT margin.

恭喜取得成果。我有一個問題。您提到第二季服務部門的信貸準備金有所增加。只是想檢查這些是否與損益表中的 900 萬美元有關。如果沒有，請解釋一下它們的含義以及它們對服務息稅前利潤率的影響。

Andre, thanks for the question. It's Gui here. We know that there is a customer going through a restructuring process so the charges are related to the process.

安德烈，謝謝你的提問。我是桂。我們知道有一位客戶正在經歷重組過程，因此費用與過程有關。

Just to complement, we have, I would say, from Q2 onwards, we have almost zero effect from this restructuring as well. Everything we booked already in Q2.

為了補充說明，我想說，從第二季開始，我們幾乎沒有受到這次重組的影響。我們已經在第二季預訂了一切。

And the specific impact on Service?

對Service具體有什麼影響？

That was a specific effect on Services on the EBIT side when we booked the provision for bad debt. That was the main impact on Services from a restructuring standpoint.

當我們提列壞帳準備金時，這對息稅前利潤方面的服務產生了特定的影響。從重組的角度來看，這是對服務的主要影響。

And just to be clear, Andre, I mean, clients buy aircraft but they also buy services and parts. So that's related to that.

安德烈，需要明確的是，客戶不僅購買飛機，還購買服務和零件。這與此相關。

Was the latest, last write-off we did.

這是我們進行的最新、最後一次註銷。

Lucas Esteves, Santander.

盧卡斯·埃斯特維斯，桑坦德銀行。

Congratulations for the results. I have a question, as Ron said, I don't know if you can answer but I will ask anyway. On the Polish potential order for defense for the C-390, do you have any updates? And also on that, would it make sense for you to build a new assembly line for the C-390 in Poland even if you don't get the order from them to build the aircraft for NATO countries?

恭喜取得這樣的成果。我有一個問題，正如羅恩所說，我不知道你是否能回答，但我還是會問。關於波蘭可能訂購的 C-390 防務訂單，您有什麼最新消息嗎？另外，即使你沒有接到北約國家製造 C-390 的訂單，你在波蘭建立一條新的裝配線是否有意義？

Lucas, thank you for your question. Francisco speaking. We continue working with Poland in that campaign. As another campaign, we have a positive view about our opportunities to meet. And well, I mean, we have a plan to increase production of KC-390 from now to 2030, one per year. This year, we should produce five and we are in our path to achieve 10 units per year by 2030. And at this point of time, I mean, we are working with big campaigns as India and the US. Those campaigns for sure, would require a localization of the production of the aircraft.

盧卡斯，謝謝你的提問。我是弗朗西斯科。我們將繼續與波蘭合作進行這項活動。作為另一項活動，我們對見面的機會持正面看法。嗯，我的意思是，我們計劃從現在到 2030 年每年增加一架 KC-390 的產量。今年，我們應該生產 5 輛，到 2030 年，我們的目標是每年生產 10 輛。目前，我們正在與印度和美國等大型國家合作活動。這些活動肯定需要飛機生產的在地化。

In case of Poland, this will depend on other deals in the region for us to use Poland as a hub. We had this plan with them, I mean, combined with commercial jets, but unfortunately, they decide to go to the competition. So this changed a little our total plans for the country, but we still have plans for the KC-390 to do some local -- more localization if we win the order.

就波蘭而言，這將取決於該地區的其他交易，以便我們以波蘭為樞紐。我們和他們制定了這個計劃，我的意思是結合商用飛機，但不幸的是，他們決定參加比賽。因此，這稍微改變了我們對該國的總體計劃，但我們仍然計劃對 KC-390 進行一些在地化——如果我們贏得訂單，將進行更多的在地化。

If I may make a follow-up on tariffs, just a quick one. Reading how the US trade representative writes on their website about the World Trade Organization agreement on civil aircraft, they say the agreement requires signatories to eliminate tariffs on a nondiscriminatory basis to other signatories. What do you understand about the need for the US to sign out of this agreement if they keep the 10% tariffs for Brazil on aircraft?

如果我可以就關稅問題進行跟進的話，我只能快速問一下。閱讀美國貿易代表在其網站上關於世界貿易組織民用飛機協議的描述，他們說該協議要求簽署國在非歧視的基礎上取消對其他簽署國的關稅。如果美國繼續對巴西的飛機徵收 10% 的關稅，您如何理解美國退出協議的必要性？

This question is difficult to me to answer. You should answer the officials in the US, but we are working hard. We are advocating the restoration of the zero tariff. And we see this as part of other agreements. You see agreements between US and UK, and more recently, US and Europe. And yeah, we believe we can be the next in a bilateral negotiation between Brazil and the US or even US recognizing the importance of our industry to generate jobs and make investments in the country.

這個問題我很難回答。你應該回答美國官員的問題，但我們正在努力。我們主張恢復零關稅。我們認為這是其他協議的一部分。你可以看到美國和英國之間達成的協議，以及最近美國和歐洲之間達成的協議。是的，我們相信，我們可以成為巴西和美國雙邊談判中的下一個國家，甚至美國也會認識到我們的行業對創造就業機會和在該國進行投資的重要性。

Andre Mazini, Citi.

花旗銀行的 Andre Mazini。

So you mentioned in the prepared remarks that the US capital allocation is going to be focused on Executive Aviation. So wanted to confirm if there will be no Commercial Aviation in the expansion of the Melbourne, Florida facility you guys put out there? Or if you -- on the contrary, if you could see some E family jets coming out of there, particularly as the A220 does have an assembly line in Mobile, Alabama, right? They have US production. So how you're thinking about the Melbourne, Florida facility?

所以您在準備好的演講中提到，美國的資本配置將集中在行政航空。所以想確認一下，你們在佛羅裡達州墨爾本的擴建設施中是否不會有商業航空？或者如果你——相反，如果你看到一些 E 系列噴氣機從那裡出來，特別是 A220 在阿拉巴馬州莫比爾有一條裝配線，對嗎？他們有美國生產。那麼您對於佛羅裡達州墨爾本工廠有何看法？

Thank you for the question. Welcome, by the way. For our investments we are doing right now in US, we have two big initiatives. Firstly is to set up capacity in our Melbourne facility for the business aviation. We are talking about $90 million. We are more or less almost finalized those investments. And second, we are also investing more than $70 million in Texas to expand our Services & Support facility. Those are the two big investments we are doing right now. And about new relocation of production, I'm going to pass to Francisco for any remark here.

謝謝你的提問。順便說一句，歡迎你。對於我們目前在美國進行的投資，我們有兩個重大舉措。首先是在我們的墨爾本設施中建立商務航空設施。我們談論的是9000萬美元。我們或多或少已經完成了這些投資。其次，我們還將在德州投資 7,000 多萬美元來擴大我們的服務和支援設施。這是我們目前正在進行的兩項重大投資。關於新的生產遷移，我將把任何評論轉交給弗朗西斯科。

Andre, thanks for your question. Again, for commercial jets, we have a hybrid line in San Jose Campus, where we assemble the E1s and the E2 jets in the same line. So I mean, it's very, very efficient line for the volume we intend to make every year. And we believe that our business plan for the US is also very attractive for both sides. So I mean, almost 40% of our aircraft is already made by US equipment, US parts.

安德烈，謝謝你的提問。同樣，對於商用噴射機，我們在聖荷西園區有一條混合生產線，我們在同一生產線上組裝 E1 和 E2 噴射機。所以我的意思是，對於我們每年計劃生產的數量來說，這是一條非常非常有效率的生產線。我們相信，我們針對美國的商業計劃對雙方也非常有吸引力。所以我的意思是，我們幾乎 40% 的飛機已經採用美國設備和美國零件製造。

And if you look at the next five years, according to our production planning in the next five years, we expect to buy $21 billion in US equipment and parts and we will export only $13 billion. So in five years, we will generate impressive $8 billion surplus for the US. So we have a very good business model already for both countries. That's why we are advocating for the restoration of the 0 tariff. And other changes in the footprint, yes, we are making studies. But again, we believe that we have a very robust, I mean, economic proposal, economic value for the US with the footprint we have today.

如果你看一下未來五年，根據我們未來五年的生產計劃，我們預計將購買價值 210 億美元的美國設備和零件，而出口額僅為 130 億美元。因此，五年內我們將為美國創造令人印象深刻的80億美元盈餘。因此，我們已經為這兩個國家製定了非常好的商業模式。這就是我們主張恢復0關稅的原因。是的，我們正在研究足跡方面的其他變化。但我們再次相信，憑藉我們今天的影響力，我們有一個非常強勁的經濟提案，對美國具有經濟價值。

Very clear. Thanks.

非常清楚。謝謝。

Daniel Gasparete with Itaú.

丹尼爾‧加斯帕雷特 (Daniel Gasparete) 與伊塔奧 (Itaó)。

The first question, I would like confirmation about something that Antonio said on the first question. I'm not sure if I understood correctly, but he said that 20% of the tariff impact expected for the year happened on this quarter. I'm not sure if I got that correctly. I would like him to confirm if possible, please.

第一個問題，我想確認安東尼奧在第一個問題中說的一些事情。我不確定我是否理解正確，但他說預計今年關稅影響的 20% 將發生在本季。我不確定我是否理解正確。如果可能的話，我希望他能確認一下。

And the second question would be if you guys could provide us some timetable on the test flight of Eve expected right now for the second half of this year. When you guys are expecting that to happen? If you could provide us with some outlook for that.

第二個問題是，你們能否為我們提供一下預計在今年下半年進行的 Eve 試飛的時間表。你們預計什麼時候會發生這種情況？如果您能為我們提供一些展望。

Thank you for your question. Firstly, about the tariffs, year-to-date, we have around 20% of the tariff's impact already in our profit and loss and cash flow. And that's why we do expect a bigger hit in the second half of this Q3 and Q4. That's why we are a little bit, I would say, moderate by just reaffirming our guidance. For sure, we are performing better but that's why it's going to hit more our profit and loss in the second half. 80%, we said 90 bps so you could calculate we have 20% right now year-to-date. The remaining 80% is going to flow Q3 and Q4. And for Eve, I'm going to pass to Francisco here.

感謝您的提問。首先，關於關稅，今年迄今為止，關稅對我們的損益和現金流的影響已達到約 20%。這就是為什麼我們預計第三季和第四季的後半段會受到更大的衝擊。這就是為什麼我們會稍微溫和地重申我們的指導方針。確實，我們的表現更好，但這就是為什麼它會在下半年對我們的損益造成更大的影響。 80%，我們說的是 90 個基點，所以你可以算出我們今年迄今的比率是 20%。剩餘的 80% 將流入 Q3 和 Q4。至於 Eve，我將把發言權交給 Francisco。

For Eve, we are now working on the final assembly of parts in the prototype and the plan for the first flight is for December this year.

對於Eve，我們目前正在進行原型機零件的最後組裝，計劃於今年12月進行首飛。

Francisco, sorry, December, is that correct?

弗朗西斯科，對不起，是十二月，對嗎？

December. Yes, correct.

十二月。是的，正確。

Thank you very much.

非常感謝。

Lucas Laghi, XP Investimentos.

Lucas Laghi，XP Investimentos。

Congratulations on the strong results. I have 1 question regarding working capital. I mean, we're seeing a lot of production-leveling initiatives on the Executive division already bearing fruits regarding the delivery pace that we're seeing. On the Defense, Francisco showed on the presentation some initiatives bearing fruit as well in terms of efficiency gains for the KC-390.

恭喜您取得如此優異的成績。我有一個關於營運資金的問題。我的意思是，我們看到執行部門的許多生產平衡措施已經在交付速度方面取得了成果。在國防方面，弗朗西斯科在演講中展示了一些在提高 KC-390 效率方面取得成果的舉措。

My question is regarding the potential room that you guys see for working capital optimization, following all of your production-leveling initiatives going forward. How is the space that you see for some free cash flow improvement regarding these initiatives going through the working capital in the upcoming quarters? So some free cash flow discussion on your working capital, it would be very insightful as well.

我的問題是關於你們在未來實施所有生產平衡措施之後，對營運資本優化的潛在空間。您認為這些措施在未來幾季透過營運資金帶來的自由現金流改善空間有多大？因此，有關您的營運資金的一些自由現金流討論也將非常有見地。

Thanks, Lucas, and thanks for the great question. I would say short term, we are continuing to fight for cash flow steering, which is we are not happy because we accumulate negative cash flow Q1, Q3, then balance a little bit in Q3, then move highly positive in Q4. We are not there yet. But I would say we reiterate our guidance. That's one of the indicators that we are fighting at most because of still the highest portion of the revenue is going to happen in Q3 and Q4. But for the long term, I will pass to Francisco to give some ideas about what we could monetize on the working capital, especially inventories.

謝謝，盧卡斯，謝謝你提出這個好問題。我想說，短期內，我們將繼續爭取現金流控制，但我們並不高興，因為我們在第一季度和第三季度積累了負現金流，然後在第三季度略有平衡，然後在第四季度轉為高度正現金流。我們還沒有到達那裡。但我想說我們重申我們的指導。這是我們最努力應對的指標之一，因為收入的最高部分仍將出現在第三季和第四季。但從長遠來看，我將向弗朗西斯科提出一些關於我們可以透過營運資金（尤其是庫存）獲利的想法。

Lucas, thanks for your question. Actually, we have a lot of good initiatives to reduce inventory and to increase the inventory turn for the next years. It is true that in the past years, we have suffered with the inventory levels because we planned for a certain amount of aircraft a range. But because of the supply chain issues, we are not able to deliver all the aircraft we plan and we put in the production process.

盧卡斯，謝謝你的提問。實際上，我們有很多好的措施來減少庫存並提高未來幾年的庫存週轉率。確實，過去幾年來，我們的庫存水準一直受到困擾，因為我們計劃生產一定數量的飛機。但由於供應鏈問題，我們無法交付我們計劃和投入生產的所有飛機。

But we are now, year after year, improving this process and we want to improve further in 2026 onwards. So the combination of a more accurate production planning with these production-leveling initiatives and other initiatives we have in place, we expect to increase our inventory turn for currently 1.6 times to closer to 3 times a year. This will release almost $1 billion from our inventory in three years.

但現在，我們正在逐年改進這個流程，並希望在 2026 年及以後取得進一步的進展。因此，透過結合更精確的生產計劃、這些生產平衡舉措以及我們現有的其他舉措，我們預計庫存週轉率將從目前的 1.6 倍提高到接近每年 3 倍。這將在三年內釋放我們庫存的近10億美元。

Perfect. Very clear.

完美的。非常清楚。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

I'm back. Just maybe one more question, and this was asked sort of but I just want to maybe peel back the onion a little bit on it more. When you think about the production footprint, why wouldn't it make sense to move more Executive Aviation production to the US, given that so much of the market is here anyway?

我回來了。也許還有一個問題，這個問題已經被問過了，但我只是想再深入一點。當您考慮生產足跡時，既然如此多的市場都在美國，那麼將更多的行政航空生產轉移到美國為什麼不合理呢？

Well, Ron, we have an important part of our production of Executive in the US already. On top, as I said before, I mean, our aircraft, they have a content of closer to 40% of US equipment. So we believe we have a good combination today, I mean, to allow us to be very competitive. Yeah, we are always making studies what else we can do in terms of footprint, but trying to be as lean as possible to offer good and competitive products to our customers.

嗯，羅恩，我們的《Executive》的一個重要部分已經在美國製作完成了。最重要的是，正如我之前所說，我們的飛機中，有接近 40% 的設備是美國的。所以我們相信我們今天有一個很好的組合，我的意思是，這讓我們非常有競爭力。是的，我們一直在研究在足跡方面我們還能做些什麼，但我們會盡可能精簡，以便為我們的客戶提供優質且有競爭力的產品。

Got it. And then the one question that nobody has asked yet, surprisingly is how are sales campaigns going on for the big airplanes for the E1s and the E2s? You guys do have a market outside the US, right so what's going on there? And if you can give some color around that.

知道了。令人驚訝的是，還沒有人問過一個問題：E1 和 E2 大型飛機的銷售活動進展如何？你們確實在美國以外有市場，那麼那裡的情況怎麼樣？如果你能對此給出一些解釋的話。

Absolutely. Very good question, Ron. I mean, yes, we had a good start this year with the two important wins. I mean, ENA in Japan, you know how important is that airline, I mean, globally, and now SAS. So both orders we -- ENA is up to 20, 15 plus 5 and SAS 45 plus 10, very good important orders.

絕對地。非常好的問題，羅恩。我的意思是，是的，我們今年取得了兩場重要的勝利，開局不錯。我的意思是，你知道日本的 ENA 航空公司在全球範圍內有多重要，現在還有 SAS。因此，我們的兩個訂單——ENA 高達 20，15 加 5，SAS 45 加 10，都是非常好的重要訂單。

And we are working in many other campaigns that we expect to see the results in the next month. So we are optimistic that we announce new orders for E2s, especially. E1s, we got to the 60 plus 50 from SkyWest, big order. So we do not expect more orders for E1 for US.

我們還正在進行許多其他活動，預計將在下個月看到結果。因此，我們對宣布 E2 的新訂單感到樂觀。E1s，我們從 SkyWest 獲得了 60 加 50 的訂單，大訂單。因此我們預計美國不會有更多的 E1 訂單。

And Ron, for the E1, we are seeing also some movement outside the US as well for campaigns, not big numbers, but some interest from other customers on the new E1s for outside the US.

羅恩，對於 E1，我們也看到美國以外的一些活動，雖然數量不多，但美國以外的其他客戶對新 E1 表現出了一些興趣。

Got it. Thanks.

知道了。謝謝。

Alberto Valerio, UBS.

瑞銀的 Alberto Valerio。

I would like to congratulate you guys for the efforts that you did for mitigating the tariffs with the authorities in Brazil, US and also the American companies. My question is regarding tariffs. I would like to know if for the new business jet orders, you guys are able to put this higher price already to mitigate these tariffs.

我要祝賀你們與巴西、美國當局以及美國企業為降低關稅所做的努力。我的問題是關於關稅的。我想知道，對於新的公務機訂單，你們是否能夠提高價格以減輕這些關稅。

And also negotiations between the current backlog that you guys have in place, if there is any negotiations between the clients on business jets that you guys are paying for this tax? And also if the airlines, they are asking some support from Embraer because if I understand, they are the importers, they are paying those tax.

還有你們目前積壓的談判，如果你們與商務飛機客戶之間有任何談判，你們是否要支付這筆稅金？而且航空公司也要求巴西航空工業公司提供一些支持，因為如果我理解正確的話，他們是進口商，他們要繳這些稅。

Alberto, thank you for your question. I mean, about tariffs in general, we are positive that we will come to a good resolution for this issue because of our -- we believe we have a robust -- very robust economic [ethasis] with the US. As I said before, $8 billion in surplus in the next five years. I mean, 13,000 jobs currently in the US, plus 5,000 to be created in the next five years. $0.5 billion of new investments in the US And this was also based on the 0 tariff. So that's why we believe -- I mean, we have a robust economic ethasis to restore the 0 tariff as we have seen with other countries.

阿爾貝托，謝謝你的提問。我的意思是，關於關稅問題，我們相信我們能夠很好地解決這個問題，因為我們相信我們與美國有著強勁的——非常強大的經濟關係。正如我之前所說，未來五年將實現 80 億美元的盈餘。我的意思是，美國目前有13,000個就業崗位，加上未來五年將創造5,000個就業機會。在美國新增5億美元的投資，這也是基於0關稅。所以這就是我們相信的原因——我的意思是，我們有強大的經濟道德來恢復零關稅，就像我們在其他國家看到的那樣。

I mean, commercial jets, we don't have any plans to increase price because of tariffs because the tariffs will be paid by the customers. And business jets, we will keep our price competitive in the US to support our continued growth in the market. So again, all the impact this year is already included in the projections, and we are maintaining our guidance for this year with an upside if the tariffs are removed soon.

我的意思是，對於商用飛機，我們沒有因為關稅而提高價格的計劃，因為關稅將由客戶支付。對於公務機，我們將在美國保持價格競爭力，以支持我們在該市場的持續成長。所以，今年的所有影響都已經包含在預測中，如果關稅很快取消，我們將維持對今年的預期，並預期會出現上行空間。

Thank you. It's very clear.

謝謝。非常清楚。

And Alberto, sorry for not corroborating your recommendation to our share. We continuously improve our performance here.

阿爾貝托，很抱歉未能證實您對我們的建議。我們在這裡不斷提高我們的表現。

Thank you.

謝謝。

This concludes the question-and-answer session for equity research analysts and investors. Now we'll start the Q&A session dedicated to the press. (Operator Instructions)

股票研究分析師和投資人的問答環節到此結束。現在我們開始媒體問答環節。（操作員指示）

Jon Hemmerdinger.

喬恩‧赫默丁格。

I guess I'd want to touch on the tariff issue again. You mentioned that you think you have a good case to remove the 10%. I'm wondering if you could give us any guidance on to what else you might be willing to do to get rid of that 10% more -- touch again on any more operations in the USA, any commercial operations in the USA would be possible? Anything else? Any collaboration with a US aerospace company? And also, any -- are you negotiating on this issue right now because the 40% was already removed? So what's next?

我想我想再談談關稅問題。您提到，您認為有充分的理由取消這 10%。我想知道您是否可以給我們一些指導，告訴我們您還願意做些什麼來擺脫那 10% 的損失——請再談談在美國開展的任何業務，以及在美國開展任何商業運營是否可行？還要別的嗎？與美國航空航太公司有任何合作嗎？而且，由於 40% 已經被取消，您現在是否正在就此問題進行談判？那麼下一步是什麼？

Thanks for your question. I mean, just to make sure that the impact for our customers in the US for commercial jets and the parts we send to the US, I mean, it's lower than 10%, right, because of the US -- the high US content we have in our products. So even then we have been working to mitigate the impacts, I mean, optimizing logistics, I mean, putting in place free trade zones, temporary imports, doing a lot of things that has helped us to reduce the impact.

謝謝你的提問。我的意思是，只是為了確保我們向美國發送的商用飛機和零件對美國客戶的影響低於 10%，對吧，因為美國——我們的產品中含有大量美國成分。所以即使在那時，我們也一直在努力減輕影響，我的意思是，優化物流，建立自由貿易區，暫時進口，做很多事情來幫助我們減少影響。

I mean, and we will continue making studies, Jon, to do that. I mean, footprint, more collaboration with US companies. I mean, US is a very important market for Embraer and do the best we can to ensure that we will have -- we will continue having a strong presence in that market. What else? That's it.

我的意思是，喬恩，我們將繼續進行研究來做到這一點。我的意思是，足跡，與美國公司進行更多的合作。我的意思是，美國對於巴西航空工業公司來說是一個非常重要的市場，我們會盡最大努力確保我們將繼續在該市場保持強大的影響力。還有什麼？就是這樣。

We also -- what would be -- what are your next steps? Are you in discussions right now?

我們也—您的下一步計劃是什麼？你們現在正在討論嗎？

Thank you. Next step, important one would be the localization of the KC-390. We have been working hard in the country with the US Air Force. We have reinforced our team in the US. We are advanced in conversation with a relevant partner to localize the production of the KC-390 once we succeed selling, introducing the KC-390 in the US Air Force.

謝謝。下一步，重要的是KC-390的本地化。我們一直在該國與美國空軍一起努力工作。我們已經加強了在美國的團隊。我們正在與相關合作夥伴進行洽談，一旦我們成功銷售並在美國空軍引進 KC-390，我們將實現 KC-390 的本地化生產。

Thanks for taking my question.

感謝您回答我的問題。

The next question comes from the live chat is from Juliana Rocha from [RAT]. Could you give more details on Azul impact on the results and future results? How many aircraft will you deliver to Azul that is waiting to be invoiced? The Embraer Jets Azul is returning to lessors will have any impact on Embraer results?

下一個問題來自線上聊天，來自 Juliana Rocha[鼠]。您能否詳細說明 Azul 對結果和未來結果的影響？您將向 Azul 交付多少架等待開立發票的飛機？巴西航空工業公司藍色噴射機回歸租賃商會對巴西航空工業公司的業績產生什麼影響？

Juliana, thanks for the question. First of all, I'd like to highlight that Azul is a very important customer for Embraer for our E2 platform. And we know that it is very important for Azul and we are continuing to support this customer to the restructuring process. All impacts from the restructure has been already booked into second quarter results. All write-offs has been made, okay? And now we need to wait the procedures about the Chapter 11.

朱莉安娜，謝謝你的提問。首先，我想強調的是，Azul 是巴西航空工業公司 E2 平台非常重要的客戶。我們知道這對 Azul 來說非常重要，我們將繼續支持該客戶的重組過程。重組的所有影響均已計入第二季業績。所有註銷都已完成，好嗎？現在我們需要等待有關第11章的程序。

And from the aircraft we have in our backlog, we are currently on renegotiation with them and we need -- we cannot anticipate any change right now and good discussions ongoing, and we are going to find the solution.

從我們積壓的飛機來看，我們目前正在與他們重新談判，我們需要——我們現在無法預測任何變化，良好的討論正在進行中，我們將找到解決方案。

Thank you. The next question comes from the live chat as well from Chad Trautvetter. Can you please address tariffs on executive jets?

謝謝。下一個問題也來自 Chad Trautvetter 的現場聊天。能談談公務機的關稅問題嗎？

Well, I mean, I think, again, executive jets, we have a part -- important part of our production already in the US, in part in Brazil with the aircraft and components that we send to the US. We have a good balance. And again, we -- for us, the impact is less than 10% because of the US content we have in our aircraft. So we are trying to find a ways to reduce this even further and by optimizing the process and also making studies about, I mean, further collaboration with the US aerospace industry.

嗯，我的意思是，我認為，對於公務機而言，我們的部分生產——重要的部分已經在美國完成，還有一部分在巴西完成，我們將飛機和零件運往美國。我們擁有良好的平衡。再說一次，對我們來說，由於我們的飛機上含有美國零件，因此影響不到 10%。因此，我們正在嘗試找到進一步減少這種情況的方法，透過優化流程，並進行研究，即與美國航空航天工業的進一步合作。

Thank you. Another question from Mr. Trautvetter with AIN Media. Also, what is the specific purpose of the investment in the Melbourne Executive Jet production plant? Increased Phenom production expanded to final assembly of freighters there or something else?

謝謝。AIN Media 的 Trautvetter 先生提出了另一個問題。另外，投資墨爾本公務機生產工廠的具體目的是什麼？增加 Phenom 產量是否擴展到在那裡進行貨機的最終組裝或其他？

So we are investing to expand our production capacity for Phenoms. Also our flight preparation area to receive and do the final -- the deliveries of the operators and doing some local activities as well. And yes, painting booth, we are implementing a new painting booth that can paint both Phenoms and operators. So as you see, we have already activities with the operators in the US as well on top of the production line of the Phenoms.

因此，我們正在投資擴大 Phenoms 的生產能力。我們的飛行準備區也用於接收和完成最後的——運營商的交付以及進行一些當地活動。是的，噴漆室，我們正在安裝一個新的噴漆室，可以同時為 Phenoms 和操作員進行噴漆。如您所見，我們已經與美國的營運商在 Phenoms 生產線上開展了活動。

The next question comes from the live chat as well from Simon Cellini. Congratulations on the great results. I would like to ask what is the progress on the E175 cabin improvements? And when is the first aircraft scheduled for delivery?

下一個問題也來自 Simon Cellini 的現場聊天。恭喜您取得如此優異的成績。請問E175客艙改進的進度如何？第一架飛機預計何時交付？

Well, good question, Simon. So yes, we are very excited about this improvement. This will bring more comfort for the passenger. And for sure, this will help us to sell -- continue selling E175-E2. We are at this point of time working with the suppliers and the new luggage bins and seats as well in lightening. And we expect to deliver the first one by the end of 2026, beginning 2027.

嗯，西蒙，問得好。是的，我們對這項改進感到非常興奮。這將為乘客帶來更多舒適感。當然，這將有助於我們銷售——繼續銷售 E175-E2。目前我們正在與供應商合作，研發新的行李箱和座椅，以減輕重量。我們預計 2026 年底、2027 年初交付第一艘。

(Operator Instructions) This concludes the question-and-answer session in English for the press. Now we'll start the question-and-answer session in Portuguese. (Operator Instructions)

（操作員指示）英語媒體問答環節到此結束。現在我們開始葡萄牙語問答環節。（操作員指示）

(spoken in foreign language) [Marcello Rosa with Hajo Sebeni Valley] --

（以外語演講）[Hajo Sebeni Valley 的 Marcello Rosa]——

Our next question is from [Rebecca Reaudi from Izami].

我們的下一個問題是[來自 Izami 的 Rebecca Reaudi]。

Our next question is from Bruno Mora. My name is Bruno Mora. I am a journalist at Agencia Brasil. How are you tackling the negotiation to go back to 0 tariffs? Is this negotiation performed through the Brazilian government or are you dealing directly with the American government?

下一個問題來自布魯諾莫拉 (Bruno Mora)。我的名字是布魯諾·莫拉。我是巴西通訊社的記者。您如何應對恢復零關稅的談判？這次談判是透過巴西政府進行的還是直接與美國政府打交道？

Thank you for your question, Bruno. Both. We are still working on both fronts. We acknowledge the effort that is made and we embrace the change that was mentioned by the American government last week. We are still working with the Brazilian government and with the American government, talking about our economic hypothesis of how advantageous this is to that country. We want them to find an option to go back to 0 tariffs in aviation. This is what we've seen for the past 45 years.

謝謝你的提問，布魯諾。兩個都。我們仍在兩個方面努力。我們承認所做的努力，並歡迎美國政府上週提到的改變。我們仍在與巴西政府和美國政府合作，討論這對該國有多大的有利的經濟假設。我們希望他們找到一個選擇，讓航空業恢復到零關稅。這就是我們過去45年來所看到的。

I see that Marcelo sent us his question in the chat. We now see announcements of tariffs on Brazilian products by the US government. And people were worried about layoffs in Brazil in manufacturing like in São José dos Campos in the countryside of Sao Paulo. In addition to leaving aviation out of the tariff trends, what do you think about jobs? Is it possible that we're going to have layoffs in our industry?

我看到馬塞洛在聊天中向我們發送了他的問題。我們現在看到美國政府宣布對巴西產品徵收關稅。人們擔心巴西的製造業會出現裁員，例如聖保羅鄉村的聖若澤多斯坎普斯。除了將航空業排除在關稅趨勢之外，您對就業有何看法？我們的產業有可能裁員嗎？

Right now, we have a more manageable situation. Our tariffs, the 10% or, better said, the impact of these tariffs have been incorporated into our financial forecasts. We're keeping the guidance for this year, and we're going to deliver every single aircraft that we planned to deliver. So right now, we have no plans whatsoever to reduce our workforce because of a reduction in production.

目前，我們的情況更加易於控制。我們的關稅，10%，或者更確切地說，這些關稅的影響已經納入我們的財務預測中。我們將保持今年的指導方針，並將交付我們計劃交付的每一架飛機。因此目前，我們沒有任何因產量減少而減少員工的計畫。

Our next question is also in the chat. It's from [Shinhu Alvis] from the Ovali newspaper. Francisco Gomes Neto, you made a personal effort in the negotiation with members of the American government regarding tariffs? Was this decisive to eliminate aircraft from the list of these tariffs? What is going to happen right now with an increasingly complicated situation with former President Bolsonaro? Do you think that Trump could increase tariffs for Brazil and include aircraft in that?

我們的下一個問題也在聊天中。這是來自 Ovali 報紙的 [Shinhu Alvis] 的報道。弗朗西斯科·戈麥斯·內托，您親自參與了與美國政府官員就關稅問題的談判嗎？將飛機從這些關稅清單中剔除是否具有決定性意義？鑑於前總統博索納羅的局勢日益複雜，現在會發生什麼？您認為川普可能會提高對巴西的關稅，並將飛機也包括在內嗎？

Thank you very much for your question. Embraer is about engineering. We focus on data and things that are under our control. This is what we've done from the get-go. We did careful research on the contribution that we've had towards the United States. So we saw the jobs that we created and we laid it out very clearly. We have a good impact on jobs there not only for Embraer operations but also for the American suppliers from which we buy lots of equipment.

非常感謝您的提問。巴西航空工業公司專注於工程技術。我們專注於數據和我們能夠控制的事物。這正是我們從一開始就要做的事。我們仔細研究了我們對美國的貢獻。因此，我們看到了我們所創造的就業機會，並且將其規劃得非常清楚。我們不僅對巴西航空工業公司的營運產生了良好影響，而且對我們購買大量設備的美國供應商也產生了良好影響。

We put that together. We added information on investments. We added information on the importance of our aircraft in their country because our regional aircraft are the only ones that are approved for up to 80 seats. So we compiled this information and we took it to the right people who had to see it. As I said, we have a very, very strong economic hypothesis here. And we did the same with the Brazilian government. We showed them how we contribute to Brazil and how risky it is for us to be subject to a 50% tariff.

我們把它們放在一起。我們添加了有關投資的資訊。我們補充了關於我們的飛機在他們國家的重要性的信息，因為我們的支線飛機是唯一獲準最多可搭載 80 個座位的飛機。因此，我們彙編了這些資訊並將其提供給需要查看的合適人員。正如我所說，我們這裡有一個非常非常強大的經濟假設。我們也與巴西政府採取了同樣的措施。我們向他們展示了我們對巴西的貢獻以及我們面臨 50% 關稅的風險。

So we're keeping course. We see other deals with other countries and aviation is going back to a 0 tariff. So we have high hopes that this is going to happen to us as well. This will allow for us to keep the journey that we had before. And we're not going to be discussing politics here. We're going to be focusing on the economy. And as I said, we have a very, very strong case to make here.

因此我們會堅持下去。我們看到與其他國家達成的其他協議，航空業正在恢復零關稅。因此，我們非常希望這也能發生在我們身上。這將使我們能夠繼續我們之前的旅程。我們不會在這裡討論政治。我們將重點關注經濟。正如我所說的，我們有一個非常非常有力的理由。

We have an audio question now from Rael Brandon with Invest. Invest News, I apologize.

我們現在有來自 Invest 的 Rael Brandon 的音訊問題。投資新聞，我很抱歉。

Mauricio Martins, GloboNews.

毛里西奧·馬丁斯（Mauricio Martins），環球新聞社（GloboNews）。