Eve Holding, Inc.

Good morning and welcome to the Eve Holding, Inc. Third Quarter 2026 Earnings Conference Call. All participants will be in 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 call over to Lucio Aldworth, head of IR. Please go ahead.

Welcome to EVE's third quarter 2026 earnings conference call. Earlier today, we released our financial results for the quarter, which are available on our investor relations website. Joining me on today's call are Johann Bordais, chief executive officer, and Eduardo Couto, chief financial officer. During the call, Johann will provide an overview of our quarterly performance, strategic initiatives, and progress in our development process. Edu will then review our financial results in greater detail and discuss our outlook. Following prepared remarks, we will open the call for questions, at which point Marcelo Basili, our chief flight prototype engineer, will join us to address more technical questions. Before we begin, Please note that today's discussion may include forward-looking statements regarding future events, operating performance, and financial results. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks can be found in today's earnings release and our filings with the SEC. We will also discuss certain non-GAAP Thank you, Lucio. Good morning, everyone, and welcome to our third quarter 2026 conference call.

We had a good quarter with several milestones that clearly demonstrate consistent progress in the development of our eVTOL and the surrounding ecosystem. After the inaugural flight of our engineering prototype last December, we went through a series of hover flights. After we concluded a planned ground test period with software updates, we resumed our flight campaign with partial transition flight, where we started to engage the pusher with the lifter still powered on. and we gradually faster speed. That phase is now complete and we plan on performing our first full transition flight by powering the lifter down before the end of the year. In parallel, we continue to test individual components in dedicated rigs as part of our building block approach. This multi-phase testing approach validates not only our design philosophy by extensively testing every part individually, but also the integration of critical systems such as fly-by-wire and fixed-pitch lifter rotors. We have also started to receive the first parts and components of the first of six prototypes we will assemble for our certification campaign. We have some additional pictures further in the presentation. Lastly, we signed a new binding agreement with Brazilian operator Flybeast, who will serve the southern part of Brazil with our aircraft. Flight 3 and 4 show the progress of our flight campaign. With successful completion of our ground test, we cleared the prototype to get back in the air and started transition flights back in July. The prototype flew 73 times and logged a total of 3 hours and 6 minutes of air time. The pusher was engaged at first with low RPMs and then powered up to around 1200 RPMs, allowing the aircraft to fly forward at 45 knots, The next phase involves accelerating further towards the transition speed of around 100 knots. This is the speed at which air flowing through the wings is enough to provide it with the necessary lift and maintain airborne, with the lifter's motors off. We are now 8 to 10 flights away from the full transition phase. Flight 4 shows the progress we have made in the last few months in terms of speed and, perhaps more importantly, the engineering test points we have validated so far. Our aircraft never flies for the sake of flying. Our engineering team diligently plans the individual points that need to be successfully validated for the aircraft to move to the next phase. These points may involve aircraft performance metrics, such as the aerodynamic drags, or the loads or the performance of individual components such as the rotor vibration, battery temperature, motor RPMs versus thrust, etc. It is precisely these validations that allow us to move ahead with confidence. As of today, we have successfully validated 170 of 185 planned test points for the engineering prototype flight test campaign, achieving a 91% completion. On slide 5, we wanted to show you some additional details of our rigs we have put in place to test individual components separately. We can see here the one of the lifter motors running the last set of tests before shipping, and all lifters are on track for delivery and assembly of our certification prototypes. These tests confirm that each motor produced the necessary thrust for takeoff and landing procedures for the flight schedule. The rigs are used to corroborate the energy requirement and expected drain on the entire system and that the inverter also successfully managed the flow of energy during the peak demand and the takeoff and landing phases of the flight. On top of that, we run successful containment of thermal runaway event on the battery pack. There are multiple ways to prevent thermal events via cell isolation, Control of charging discharging on a cell by cell basis, all of which are part of our aircraft design, but it must also be able to successfully contain a thermal event to assure the flight safety. On slide six and seven, we show some of the additional components and parts that have already been produced for our first conforming prototype. As you can see here, large fuselage sections, as well as tooling for wings and pylon structure are ready. We will start receiving these and other parts in the next few months to start the assembly of our first prototype early next year. The assembly of the subsequent five other prototypes will start right after delivering each of them 30 days after another to the Gavião Peixoto test facility. The next piloted prototype flight will take place by the second half of next year. Now, moving to slide 8 and 9. As mentioned before, we just signed a new firm agreement with operator Flybeast for a total of 12 aircraft. Two firm orders and an option for additional 10 for a potential contract size of $60 million. Flybeast is a regional operator in the south of Brazil with routes in region with a high touristic demand. Brazil represents the premier market for urban air mobility. Driven by government and certification authority support, a rapidly maturing ecosystem, and strong passenger demand in cities where infrastructure has not kept the pace of growth. This makes Brazil one of the most important markets and positioned it as among the first scale commercially following the certification, with two operators already committed and several more showing strong interest. This is a good entry point into the next slide, which shows our total pre-order backlog of approximately 2,500 aircraft valued at about $12.6 billion at least price. Additionally, approximately 1,100 of those aircraft have a service contract attached to them, bringing a total potential tech care revenues to about half a billion dollars in the first year of operations. The next slide shows some of the SunTracks Ecosystem Summit in Florida, gathering 150 representatives of all of our future UAM operations stakeholders. The event, in partnership with the Florida Department of Transportation, provided insight into the infrastructure, operational procedures, and airspace navigation procedures needed to enable the safe and efficient integration of UAM into Florida's transportation network. Some TRACS advanced air mobility facilities include an aerial test track, vertiports, hangars, and charging infrastructure for simulated EV tolls, takeoff, and landing, plus the low-altitude corridor for drones, air taxis, and autonomous logistic tests in a controlled, regulated environment. And now, I hand it over to our CFO, Edu, for the third quarter of 2026 financial review.