Eve Holding, Inc.

and welcome to the Eve Holding, Inc. Fourth Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Lucio Alvarez, Director of Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone. This is Lucio Alvarez, the Director of Investor Relations at ETH, and I wanted to welcome everyone to our fourth quarter and full year 2025 earnings conference call. Our CEO, Johan Bourdais, and CFO, Eduardo Couto, are joining me on the call today. After their prepared remarks, we will open the call for questions, at which point, Luis Valentini, our Chief Technology Officer, will also join us to address more technical questions. We have a deck with a few slides and additional pictures and videos that showcase our achievements in the quarter, including, of course, the initial stages of the test flights of our full-scale prototype. The deck is available on our website at ir.evairmobility.com, so please feel free to download it and follow along. Let me first mention that today's conference call includes statements about events or circumstances that have not yet occurred. These are primarily based on our current expectations and projections regarding future events and financial trends that will affect our business and future economic performance. These forward-looking statements are based on current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. For a more detailed list of these risks and uncertainties, please refer to our SEC filings, which are available on our website. With that, I will now hand over the presentation to our CEO, Johan.

Thank you, Lucio. Good morning, everyone, and welcome to the fourth quarter 2025 conference call. This was a very special quarter for us. As many of you have most seen, we concluded the first flight of our engineering prototype last December, after we completed an extensive series of ground tests on all of its systems. Although the first flight was short and lasted about a minute, we are evolving quickly into other phases of the flight campaign. We are going to show more data further in the presentation. We have performed a total of 28 flights and accumulated more than an hour of flight time. The prototype has recently completed a two-week scheduled load calibration test in preparation for continued expansion of the flight envelope that is part of the upcoming phases in the campaign and is ready to resume flight testing. In parallel, we continue highly engaged with ANAC on the final terms of the certification plans and also suppliers from whom we are already receiving some of the components of the first conforming prototype. Going into a bit more details, as you can see on the picture slide three, We successfully conducted our first flight on December 19th. This was obviously a major milestone for us. It confirmed that not only the proof of concept of the configuration, but also the integration of key systems including the fifth generation fly-by-wire and the fixed pitch lifter rotors. During the flight, we exercised the control laws, verified the integration of the eight lifters and I assessed the energy management, the aircraft dynamic response, and the noise footprint. The prototype behaved as predicted by our models, and we will, with this data point, expand the envelope and progress toward transition to wing-borne flight. The next phases will be conducted in a disciplined manner, ramping up to around 300 flights throughout 2026 and building the knowledge required for TAP certification. This brings us to the next slide, number four. As you can see, we quickly engage into a consistent and intense flight campaign. So far, we have flown our aircraft 28 times with a total of an hour and six minutes of accumulated flight time. As mentioned previously, the high quality of the flights with important test points being validated in each of every flight allow us to continue progressing and expanding the envelope of the flights. We are now performing longer flights at higher altitudes. Also, we are now performing on-air maneuvers with side-to-side movements, some horizontal displacement and rotation on its own axis. Some of the videos available on our website will show you these maneuvers. Lastly, weather permitting, and please keep in mind that this is the rainy season in Brazil, our aircraft is being put on a test twice a day. To date, there were seven different days in which we could fly twice. At the current pace, we should be in position to make around 300 flights as planned for the year. Flight number five details a bit better what the flight campaign will look like for the prototype this year. In total, we are planning our four distinct phases, each building up on knowledge and experience gained in the previous one. The first stage is hover and some maneuvers. This is a critical phase to validate characteristics of vertical flights, which was the first for us. In this phase, the prototype performed vertical takeoff and landing. The flights gradually evolved to longer times and also higher altitude, but remained at a fixed position with some maneuvers with the use of the lift-to-propulsion system only. This phase is now completed. and we're moving to transition flights when we will start to flight the aircraft originally. Initially at the speed below 30 knots and using our pusher motor and perform initial synchronization lifters because during this phase the lifters will be powered at all time. We sometimes refer to the partial transition and we expect to conclude it until the end of the first semester. The third phase is what we call the cruise flight, in which, after the takeoff of the aircraft, we'll move beyond the transition speed. At this point, the air moving through the wing will produce all the lift required to maintain the aircraft airborne. For the landing procedure, we will gradually slow the aircraft below the transition speed. The lifter will be engaged automatically to maintain vertical control, and the pilot in the remote pilot station, the RPS truck, will maneuver the aircraft vertically to its landing site. In a nutshell, this is the same set of maneuvers from the takeoff to cruise, but in a reverse order, all of which controlled by our fifth-generation follow-by wire. As in previous phase, speed, altitude, and distances will be all increased gradually, and we plan on completing this phase early in the second semester. Last but not least, we will introduce the failure into the system such as unplanned motor shutdown to test how the system reacts to validate and refine the safety procedures and the protocol of the pilot. Now, the slide number six shows the level of engagement with our suppliers. We regularly meet them and visit their sites, and there has been noticeable up-sticking activity recently. We have some of the components for the first of our series of certification-compliant aircraft. The tooling for the pylon and some composite materials of other systems are already being manufactured, as for the doors, propellers, and the wing tooling. Importantly, we can see the mechanism that is designed to fold the propeller in its full form. This is a notable achievement because we introduced a four-blade system to reduce vibration and sound emission more recently and the folding mechanism is necessary to reduce drag and improve aerodynamic profile as much as possible. We are also working with our suppliers to conclude the critical design review, what we call also CDR, to freeze the specification of each component and release the drawing from them to start manufacturing each part. As the name suggests, it's a critical phase of the design process and will kick-start the production process for the remaining component of our certification-compliant vehicles. Plaque number 7 gives more details about the latest firm orders we signed early February with Japan Air X. This is our second binding contract and includes two firm aircraft and the option for another 48 aircraft. This is a very important market for us with strong potential. As a reminder, we believe that Japan can absorb as many as 390 EV tolls to transport 3 million passengers per year. There are multiple use cases from the airport shuttle, ecotourism, or point-to-point commute in its many large cities. AirX already operates in 10 of them, so it is a strategic partner for EVE. Slide 8. shows our total pre-order backlog that stands around 2700 aircraft for a total value close to 13.5 billion dollars based on the list price 2025. this includes non-binding letters of intent from 27 different customers as well as revos and airx firm orders out of the 27 customers we also secured contract with different customers 14 total for our eve take care suite of the aftermarket product and services, which could bring up to $1.6 billion in revenue to EVE over the first few years of operations. As you can see, we also have 21 different customers for our air traffic management solution called Vector, and I believe this reflects the market-leading value proposition we bring to our customers. Now, I would like to invite our CFO, Edu, to review the financial results and some of the 2026 coming milestones.