EVE Q4 2024 Earnings Call Transcript

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Provided by Quartr
March 11, 2025

Key Takeaways

  • Eve achieved multiple 2024 milestones: assembly and ground testing of its full-scale engineering prototype, publication of ANAC’s basis of certification for eVTOL airworthiness, Vector air traffic management solution wins and simulations, and launch of its EveTechCare aftermarket service suite in partnership with Embraer CAE Training Services.
  • The company raised $270 million in 2024 (a 63/37 debt/equity mix) and finished the year with approximately $430 million in liquidity (equivalent to three times its 2024 cash consumption) to fund R&D, certification, and its first series manufacturing facility in Tabate, Brazil.
  • Eve’s pre-order backlog stands at roughly 2,800 aircraft (about $14 billion list value) with non-binding LOIs from 28 customers in nine countries, including 21 for Vector and 14 EveTechCare contracts covering about 1,100 eVTOLs.
  • The 2025 plan targets a mid-year first flight of the full-scale prototype, commencement of its flight test campaign, production of five certification-conforming prototypes, finalizing certification means of compliance with ANAC and FAA, site preparation for series manufacturing, and a projected cash burn of $200–250 million.
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Earnings Conference Call
EVE Q4 2024
00:00 / 00:00

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Operator

Good day, and welcome to the Eve Holding Fourth Quarter 2024 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 your telephone keypad. 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 Aldworth, Head of IR. Please go ahead.

Lucio Aldworth
Director of Investor Relations at Eve Holding Inc.

Thank you, Operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve, and I wanted to welcome everyone to our Fourth Quarter 2024 Earnings Conference Call. Our CEO, Johann Bordais, and CFO, Eduardo Couto, are joining me on the call today, and after their prepared remarks, we will open the call for questions, at which point, Luiz Valentini, our Chief Technical Officer, will also join us for more technical questions. We have a deck with a few slides and additional pictures that show our achievements in the quarter, as well as the testing phase of our full-scale prototype. The deck is on our site at ir.eveairmobility.com, so please feel free to download and follow along. Let me first say that this presentation includes forward-looking statements or statements about events or circumstances that have not yet occurred.

Lucio Aldworth
Director of Investor Relations at Eve Holding Inc.

These are largely based on our current expectations and projections about future events and financial trends affecting our business and future financial performance. These statements are subject to risks, uncertainties, and assumptions, including, among other things, general economic, political, and business conditions both in Brazil and in our market. The words believe, make, will, estimate, continues, anticipates, intends, expects, and similar words are intended to identify forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statement because of new information, future events, or other factors. With that, the future events and circumstances discussed in this presentation may not occur, and actual results could differ substantially from those anticipated in our forward-looking statements. With that, I will now turn the presentation over to our CEO. Johann?

Johann Bordais
CEO at Eve Holding Inc.

Thanks, Lucio. Good morning to all, and thank you for joining the call today. We had a very eventful year 2024. We continue to make steady progress in the development of our eVTOL and have reached important milestones. I would like to highlight today a few of those most important achievements that we had last year. The first one, early in the year, we presented Vector, our air traffic management solution, and we ran a five-day simulation in São Paulo with very positive feedback from our partner and customer, Revo. This exercise followed simulations we already had made in Rio de Janeiro and London to help us validate and fine-tune the software for the customers to eventually allow increased air traffic density and keep higher safety standards for the UAM globally.

Johann Bordais
CEO at Eve Holding Inc.

Last year, also late, we launched the eVTECHER, a fully integrated aftermarket service portfolio that will include technical support, maintenance activities, parts and battery solutions, flight operation support, as well as pilot and mechanic training in partnership with Embraer CAE Training Services, commonly called ECTS. We raised $270 million of fresh capital in mixed credit and equity instruments. This allows the company to have a solid liquidity position to continue funding our general expenses, research, and development efforts, as well as our necessary investment in our first eVTOLs manufacturing facility in Taubaté, Brazil. Another important milestone was the publishing of the basis of certification by ANAC, the Brazilian Civil Aviation Agency, which establishes the standards for eVTOLs to fly commercially. The basis of certification establishes the first set of airworthiness criteria for eVTOLs in Brazil and follows Eve's application for STAPS certification back in 2022.

Johann Bordais
CEO at Eve Holding Inc.

This is obviously a critical milestone in the project. We are now focused on defining with ANAC the means of compliance. These are specific tests, analysis, and simulations that need to be successfully performed for the STAPS certification to be eventually granted. These tests are performed to prove the aircraft design and that it meets the safety standards laid out in the basis of certification. Lastly, we completed the assembly of our prototype and rolled it out of the hangar for the first time in early July 2024, followed by a series of ground tests before its first flight. As a reminder, it is a full-scale engineering prototype with no cabin or cockpit. It is made of composite material that will be piloted remotely in a command and control truck. This prototype will be used to validate and improve the accuracy and previous subscale and computer models.

Johann Bordais
CEO at Eve Holding Inc.

It also has an important contribution for the setup of several rigs we are using for different individual components. We have installed the batteries and already performed several tests. We will cover this later on this call. We are now prepping up for the flight campaign. We will initially perform hover flights tied up to the ground and gradually increase the power and height. We will move to the partial transition. This is when we engage the pusher without fully disengaging the lifters to continue controlling the aircraft horizontally, and only then we will move to the full transition flight. Now, for the next slide, I think it's a good summary of what I've just been mentioning so far, and it shows how we met all the milestones that we committed last year thanks to the great dedication of all Eve, Embraer, and our partners and employees.

Johann Bordais
CEO at Eve Holding Inc.

At the end of this presentation, Edu will go through the new 2025 ambitious milestones, and we're already working hard to meet all of them also. Going to the next slide now, I would like to highlight some of the tests that we have performed with our engineering prototype. We announced last year the first step of the pusher motor after installation. We published a video with a full test, so you can find it and watch it online, where our engineering not only tested successfully the dedicated radio link between the command and control truck and the vehicle, but also the proper installation of the inverters and several performance-related metrics of the motors, including thrust, vibration, sound, and energy consumption. In parallel, we're also testing the lifter motors separately in dynamometers to make sure that we deliver the expected performance before its installation.

Johann Bordais
CEO at Eve Holding Inc.

We also concluded and conducted another set of wind tests and wind tunnel tests in the Netherlands to validate the aerodynamic load and noise level for the lifters turned on. We expect to fly our full-scale engineering prototype for the first time by mid-2025. On the certification front, we continue to be highly engaged with certification agencies, and we are keeping a good and constant dialogue with ANAC in Brazil to define the certification plan. At the same time, we received a team of specialists from the FAA in our offices in São José dos Campos in Brazil, and we met with a representative from Japan, JCAB, in Tokyo. Now, on the next few slides, I mean, it will illustrate what I just talked about. You can see images of our pusher test, where we have the five blades propellers spinning on the slide six.

Johann Bordais
CEO at Eve Holding Inc.

This assured our engineer that all equipment was properly installed and that the radio link with the command and control truck gives our team the instant control of the aircraft with no delay in the signal. On slide seven, it shows our team meeting regularly with ANAC and FAA. Lastly, slide eight shows the picture of our latest wind tunnel test. This is a representative subscale model, but here you can also see the propellers spinning in the picture, right, to give more accurate readings as the aerodynamic forces that will be present on the aircraft during all phases of the flight, including also the important transition between takeoff, landing, and cruising. Moving to slide nine, our total pre-order backlog stands as approximately 2,800 aircraft for a total value close to $14 billion based on the list price.

Johann Bordais
CEO at Eve Holding Inc.

There are non-binding letters of intent from 28 different customers spread over nine countries and different businesses from the mainline to regional airline, helicopter operators, ride-sharing platform, and also leasing companies. Because demand and support guarantees the proper aircraft operation, we are highly focused on providing the best-in-class services and support to eVTOL operators. Therefore, we have also secured contracts with 14 different customers for our eVTECHER suite of aftermarket products, which could bring up to $1.6 billion in revenues to Eve over the first few years of operation. Importantly, eVTECHER customers have placed LOI for covering around 1,100 aircraft, which is about 40% of the pre-order book. As you can see, we also have 21 different customers for our air traffic management solution we call Vector, and I believe this reflects the market-leading value proposition that we bring to our customers.

Johann Bordais
CEO at Eve Holding Inc.

Beyond that, together with our customers and authorities, we are also developing a strong network of partners in different areas, such as the infrastructure and energy, to address one of the many challenges ahead of the urban air mobility, which is to create a whole new ecosystem besides simply the development of an aircraft. I would like to invite our CFO, Edu, to go over our financials along with the milestone checklist for 2025.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Thanks, Johan. Now, moving to slide 10, I want to start with our most recent liquidity events. We have been very successful in attracting new capital to Eve to continue to fund our eVTOL development. In total, we raised $270 million in 2024 in a mix of debt around $170 million and equity instruments around $100 million. We believe that this balanced capital structure is an important key to maximize value for our shareholders as we continue to enjoy strong liquidity, now standing at $429 million, including funding for our industrialization, as well as continued R&D expenses. Our liquidity is equivalent to three times our 2024 cash consumption. It's above our peers and gives us confidence to advance the program to certification. Now, moving to slide 11, Eve is a pre-operational company, and our financials reflect mostly the costs associated with our program development.

Eduardo Couto
CFO at Eve Holding Inc.

That said, I want to highlight some of our numbers. Eve invested $34 million during the fourth quarter in our program development and $130 million in the full year. The majority was invested in developing our eVTOL, and a smaller portion went to service and support solutions and the urban air traffic management software. We are the only eVTOL company with a complete solution that includes design, development, manufacturing sales of an eVTOL, as well as maintenance services and air traffic control. We also deployed $6 million in SG&A during the quarter and $27 million in the year. Including R&D and SG&A, we reported a net loss of $40 million in the quarter and $138 million in the year.

Eduardo Couto
CFO at Eve Holding Inc.

Now, moving to cash flow, our operations consumed $40 million in the quarter and a total of $141 million in the year, staying in our guidance range of $130-$170 million, showing Eve's financial discipline, as well as our advantages of using Embraer's engineering team. We also had a positive impact of the US dollar appreciation versus the Brazilian real as the majority of our costs are incurred in Brazil. We ended 2024 with $303 million in cash. This is up from the end of 2023, a cash position of $241 million, and reflects our continuous focus on liquidity. We also continue to draw from the pre-approved credit line with the Brazilian Development Bank, helping to preserve our cash. Our total liquidity of $430 million as of the end of 2024 is very comfortable, and it's enough to sustain our operations at least for 2025 and 2026.

Eduardo Couto
CFO at Eve Holding Inc.

As we look into 2025, we plan to conclude the ground test phases of our engineering prototype and have its first flight and initiate its flight test campaign in the mid of 2025. In parallel, we continue our high-level engagement with the Brazilian and U.S. certification authorities to define our certification plan, which includes the definition of all certification tests to be performed during the flight test campaign. At the same time, we will begin the production of our first prototype that will be used in our certification campaign. We expect to use five certification-conforming prototypes for our certification. Now, with funding secured, we will start to prepare our site in Brazil for the manufacturing of our eVTOLs. Finally, we expect to consume between $200 million and $250 million of cash this year as we continue to accelerate our eVTOL development.

Eduardo Couto
CFO at Eve Holding Inc.

With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.

Operator

We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Savanthi Nipunika Prelis-Syth from Raymond James. Please go ahead.

Operator

Hey, good morning, everyone. I'm curious, Edu, if I might start with you just on the kind of the cash burn for this year. Could you provide a little bit more color on that?

Operator

This meeting is being recorded. This meeting is being transcribed.

Eduardo Couto
CFO at Eve Holding Inc.

Sorry, Savi, you broke up. Can you repeat, please?

Eduardo Couto
CFO at Eve Holding Inc.

Yeah. Could you provide a little color on the cash burn for this year, kind of how that progresses with, I'm guessing it's increasing just given the work being done on the production side and kind of the bills that come later in the year? Could you give a little bit of color on kind of the trend there as we kind of go through the year and maybe early thoughts into kind of next year, given that you have enough liquidity to kind of last through 2026?

Eduardo Couto
CFO at Eve Holding Inc.

Yeah, sure. In 2024, we consume $140 million, right, as I mentioned in the presentation. The majority of the expenses last year were focused on the development, the eVTOL development. This year, it's not going to be too different in terms of the focus remains on the eVTOL development. We're going up to something between $200-$250 million, depending on the currency, right? We see how this is going to be heavily focused on the eVTOL development. We continue to accelerate the eVTOL development. We're going to start to fly the eVTOL, do several flight tests. In parallel, we are working on the conforming vehicles to start the official flight test campaign in 2026. Basically, it's still more heavily loaded on the R&D, on the development of the eVTOL. Of course, this year, we may start to invest on the facility, on the production facility.

Eduardo Couto
CFO at Eve Holding Inc.

We may spend around $30 million on that. Overall, it's still, as I said, more eVTOL development as we are bringing even more engineers from Embraer. Now, I think we are around 800 engineers at Embraer, another 200 people at Eve. We have around 1,000 people working in the program. For the following years, as you mentioned, I believe we may keep this range around $200 million-$250 million. That's the reason the liquidity we have, the almost $450 million, gives us enough resources for 2025 and 2026 at least. Okay?

Eduardo Couto
CFO at Eve Holding Inc.

That's super helpful. Just if I might follow up on that production facility, are you going to use that facility to build a third aircraft? I'm just kind of wondering on just how you think about whether you start kind of building out that facility or not, like the timing around that.

Eduardo Couto
CFO at Eve Holding Inc.

The facility already exists, right? It's an existing site from Embraer that we are leasing. The investment is really on tooling, machines, right? This tooling machine, it starts in one site. We transfer to this final site more towards the, I would say, probably 2026. I would say there is investment on tooling, machining. That's the majority of the 2025 investments. We are also doing IT investments on the site itself. That's pretty much what we're doing this year.

Eduardo Couto
CFO at Eve Holding Inc.

Very helpful. Thank you.

Operator

Thank you. The next question is from Ellen Dionysia Page with Jefferies. Please go ahead.

Operator

Hi, guys. Thanks for the question. On the order book, I think you had a couple more customers last quarter than this quarter. Can you talk about how you're thinking about those LOIs converting and the progress you've made in your marketing campaign? I know you're still the largest order book of your peer set.

Johann Bordais
CEO at Eve Holding Inc.

Thanks, Ellen. Johan speaking. Thank you for the question. As a matter of fact, you probably saw that it went from $2,900 to $2,800. The reduction is still not relevant in terms of dollars, dollar amount, $14 billion. It is really fluid. I mean, what we've done since we created Eve is to go and visit prospects and customers and show them actually more a solution than the actual product, the final product. They bought in the solution that we're offering, which is not only the vehicle, but also the customer support and also Vector eventually, which is our air traffic management, which is also more operation, ground operation. The first module was for ground operation software. Giving that approach that we have, they signed up for those LOI.

Johann Bordais
CEO at Eve Holding Inc.

This is why the number has been at the highest level, because they trust that we have the capabilities, the know-how, and the expertise to ensure not only the vehicle, but also the operation afterwards. It is fluid because it takes time. It's obviously tied up also to certification progress. You can understand that if you're going to be buying a vehicle of a list price of $5 million, you want to see and make sure that the aircraft also is flying. We really work together with our customers to first develop the vehicle, but also to make sure that they're starting to work on the ecosystem. There are a couple of customers that left the backlog. It's totally independent from Eve, whether they're going bankrupt or it's just a big decision. It was Vizor that was purchased by Norwegian.

Operator

Norwegian decided that the air mobility was not the top priority for the moment, at least. Another company went bankrupt, but also put some more others on board, like AirX or Alliant in the US. It is flexible. It varies. I think what is very important is just to make sure that we have our core customer base, especially for the first three years of production.

Operator

Great. That makes sense. Can you talk about the differences between the full-scale prototype for flight testing and for certification relative to the prototype you have today? Are there any significant changes in the form, or is it just that finalization you've made in the past year?

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Yes. Good morning, Ellen. This is Luis Valentini. The differences are most significant in the sense that this is a simplified vehicle that does not have all of the redundancies and the safety level and the refinement that the conforming prototypes need to have in order to show compliance with certification requirements. The idea was that by doing these simplifications, we could advance the development of this engineering prototype, which is a full-scale prototype, very representative of what the conforming prototypes will be. It is available earlier on in the development program for us to test solution and, like Johan mentioned, to advance the modeling, to advance the maturity of the technical aspects of the vehicle. In a nutshell, really, the differences are that it is a simplified vehicle. Therefore, it is an unmanned vehicle. It is remotely piloted.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

It is not going to be used to show compliance with certification requirements.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

That's helpful. I'll hop back in the queue.

Operator

Thank you.

Operator

The next question is from the line of Austin Nathan Moeller from Canaccord. Please go ahead.

Johann Bordais
CEO at Eve Holding Inc.

Hi, good morning. My first question: has ANAC started to establish a framework of how it will harmonize certification with the other non-FAA regulators like EASA and CAA? Could you go into detail on that effort?

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Sure. Good morning, Austin. This is something that we work a lot with ANAC. It's very important for us that the certification bases are as similar as possible, if not completely harmonized. ANAC has been very active in influencing other authorities, both in what they call the CMT, which is a group between ANAC, FAA, EASA, and the Certification Canada, TCCA, but also doing individual agreements, bilateral agreements with other certification authorities in the world to discuss eVTOL certification requirements. We are very confident that through this tight connection between the authorities, we will advance to more, I don't want to say harmonized, but at least similar certification bases that do not require significant differences between the vehicles that we will certify at each country.

Johann Bordais
CEO at Eve Holding Inc.

Okay. Just to follow up, if we think about 2025 and 2026, how many prototypes do you expect to build with existing capital beyond the prototype you have right now?

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

For the certification campaign, we expect to have five prototypes. This is very similar to what Embraer has used in previous development programs and certification programs. It's a mix of prototypes that are used for different purposes. Some of them are more used for, let's say, system certification. Others are more focused on interiors, for example. Others are more focused on aerodynamic flights. This number allows us to have not only representation in all of the vehicle characteristics, but also a good pace for the flight test campaign, still being a manageable fleet, right? It's a balance of having enough resources to perform the flights and being able to conclude all the flight tests needed, flight and ground tests, but also not having too much investment and too much of a fleet to manage these test vehicles.

Johann Bordais
CEO at Eve Holding Inc.

Okay. Great. I'll pass it back there. Thank you.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Thank you.

Operator

The next question is from Ahmed Dayal with HC Wainwright. Please go ahead.

Eduardo Couto
CFO at Eve Holding Inc.

Thank you. Good morning, everyone. The CapEx that you mentioned, $30 million, will that cover the full build, or will you need additional investments for that manufacturing facility further down the road as well?

Eduardo Couto
CFO at Eve Holding Inc.

Yeah. In terms of CapEx for our manufacturing plants, we're going to spend around $100 million. We already have this money secured. We signed it last year, a 16-year, right, a long-term facility from the Brazilian Development Bank. As we advance on the works, right, of the facility, we're going to draw this money. Yeah, we're going to spend more than the $30. We're going to spend $100. The majority will be spent, I would say, in 2026. We already have all the money secured from this long-term finance.

Eduardo Couto
CFO at Eve Holding Inc.

That's amazing. Thank you. Just the question on the tech care offering that was launched, I think, sometime last year. Are you actively marketing that offering to customers right now? What is happening with the launch that has taken place already for that?

Johann Bordais
CEO at Eve Holding Inc.

Thanks, Ahmed. Johan speaking. Yes, indeed, the eVTECHER was launched last year. This is something that we discussed with our customers. This is something that they want from Eve where they face to the customer. I think this is important for them to make sure that we guarantee the availability of the operation, but also the optimized operating cost. They understand that it needs to be done through Eve. This is also the contracts that we have with our suppliers. Basically, this is about the spare parts, flat-hour program, mechanics training, also the pilot, maintenance, the whole complete portfolio that an operator will need to get from the OEM to make sure that we have a good operating experience.

Johann Bordais
CEO at Eve Holding Inc.

Understood. Just the last one from me. Are you seeing some evidence of investments being made by potential customers, other partners in the supply chain or the value chain for eVTOLs from the infrastructure point of view? I know you are getting into various stages of testing. Some of the other competitors are also planning to maybe launch initial flights by the end of this year or early next year. I'm just trying to get a sense of whether you are seeing investments by other players to build the infrastructure and bring these eVTOLs to market.

Johann Bordais
CEO at Eve Holding Inc.

Yeah. Thanks, Ahmed. Just like you asked about the eVTECHER, which is the support from the OEM, also the other challenge that we have is we're creating a new segment. Obviously, the ecosystem is very important, and this is what we need to do, not only the design, the delivery certification, or the operation support, but also make sure that we have the ecosystem ready. That means that first, we're going to be using as much as possible the heliport and the existing infrastructure. As we go, and we want to deliver dozens and hundreds of vehicles per year, we want to make sure that the vertical ports and the corridors and everything can just basically ramp up, right? We are working with authorities and private companies. We have partners.

Operator

They're usually the same also partners that the other OEM are using because, as you can understand, those investments are quite substantial when they need to be made. We are really pushing to make sure that every infrastructure will be allowing not only the Eve 100 operation, but also the other eVTOL operation. I think we're creating the segment. This is why those investments will bring return if operators and infrastructure companies can be operating more than one eVTOL type.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Understood. That's all I have, Lucio. Thank you so much.

Operator

Thanks, Ahmed.

Luiz Valentini
Chief Technology Officer at Eve Holding Inc.

Thank you.

Operator

The next question is from Marvin Fong from BTIG. Please go ahead.

Operator

Good morning. Thanks for taking my questions. Just one maybe for you to just looking at the $200-$250 million in cash burn for next year. If I just kind of look at the moving parts, $100 million in CapEx and assume relatively flat G&A, seems to imply that R&D may be down next year. I just wanted to make sure I had that right. How should we kind of think about the composition of the cash burn at the OpEx level would be great. That's all I had. Thank you.

Eduardo Couto
CFO at Eve Holding Inc.

No. Okay. Thanks, Marvin. No, no, no. The CapEx for this year is around $30 million. The $100 million that I mentioned is the full CapEx for the facility, and the majority will be spent in 2026. For 2025, it's something around $30 million of this $200-$250 million. The majority of the expenses this year are really on the eVTOL development. As I mentioned, we have around 1,000 people engaged in the program between Eve and Embraer. We're going to be spending $150-$160 million on development, right, mostly engineering works. There is the $20-$30 million on CapEx. Of course, we have also a small SG&A, around $20-$30 million. That's how we get at the full $200-$250 million. The majority is by far R&D, the eVTOL development.

Eduardo Couto
CFO at Eve Holding Inc.

Okay. I misunderstood that. Okay. Thanks for clarifying. Thank you.

Operator

Thank you. Again, if you have questions, please press star, then one. We have no further questions. This concludes our question and answer session. I would like to turn the conference back over to Lucio Aldworth for any closing remarks.

Johann Bordais
CEO at Eve Holding Inc.

Thank you, Dorian. Thank you, everyone, who joined the call today. As you can see, we accomplished several important milestones this past quarter and in 2024. We are fully engaged and moving forward, moving fast, and there is much more.

Operator

This meeting is no longer being transcribed. This meeting is no longer being recorded.

Johann Bordais
CEO at Eve Holding Inc.

We'll keep progress throughout the next few quarters and look forward to meeting all of you in the upcoming events we're going to attend. As always, if you have any questions, please don't hesitate to reach out to me or to my team. Thanks and have a good day. Bye.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Analysts
    • Johann Bordais
      CEO at Eve Holding Inc.
    • Analyst 2
    • Eduardo Couto
      CFO at Eve Holding Inc.
    • Analyst 1
    • Lucio Aldworth
      Director of Investor Relations at Eve Holding Inc.
    • Luiz Valentini
      Chief Technology Officer at Eve Holding Inc.
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