Core Viewpoint - Eve Air Mobility has made significant progress in its flight test campaign for its electric Vertical Take-Off and Landing (eVTOL) aircraft, successfully conducting a full-scale prototype flight for Brazilian authorities, marking a step towards future certification [1][3]. Flight Test Progress - The engineering prototype has completed 35 flights, accumulating nearly 1.5 hours of total flight time since its first flight in December 2025, reaching an altitude of 140 feet (43 meters) [3]. - The flights have focused on low-speed operations (up to 15 knots, approximately 28 km/h), validating control laws, rotor aerodynamic efficiency, thermal behavior, and the propulsion model [5]. Performance Metrics - Preliminary results show efficiency gains, with propulsion and battery performance exceeding initial expectations, while noise levels remain significantly lower than conventional helicopters [4]. - The company plans to expand the flight envelope and test at higher speeds, with upcoming flights expected to reach up to 30 knots (approximately 56 km/h) [7]. Strategic Partnerships and Support - Eve is supported by BNDES, which has provided over BRL 1.4 billion in financing since 2022, and Finep, which has approved up to BRL 90 million in grants for digital innovation and sustainable aviation initiatives [10]. - The company is actively engaging with regulators and public-private initiatives to foster the ecosystem required for urban air mobility [11]. Regulatory Framework Development - Eve is involved in the development of Brazil's National Urban Air Mobility Policy, participating in a public consultation process led by the Ministry of Ports and Airports [9]. Company Background - Eve Air Mobility is focused on accelerating the Urban Air Mobility (UAM) ecosystem, leveraging Embraer's 56 years of aerospace expertise to innovate in sustainable aviation [12].

Financial Data and Key Metrics Changes - The company ended 2025 with a liquidity of $541 million, comprising $390 million in cash and $150 million in undrawn credit facilities [15] - Total liquidity increased to $641 million after securing a new syndicated loan of $150 million, marking the highest cash level ever for the company [15] - The net loss for the fourth quarter of 2025 was $64 million, with a total net loss of $224 million for the full year [17] Business Line Data and Key Metrics Changes - The company invested $59 million in research and development during the fourth quarter of 2025, totaling $195 million for the full year, primarily focused on eVTOL development [17] - Cash consumption for operations was $175 million in 2025, with a working capital gain of $21 million in the last quarter due to delayed engineering payments [16] Market Data and Key Metrics Changes - The total pre-order backlog stands at approximately 2,700 aircraft, valued at around $13.5 billion based on the 2025 list price [12] - The company secured contracts with 14 customers for the Eve TechCare suite, potentially generating up to $1.6 billion in revenue over the first few years of operations [13] Company Strategy and Development Direction - The company is focused on progressing through a structured flight campaign, planning around 300 flights throughout 2026 to build knowledge for type certification [6][9] - The strategy includes engaging with suppliers to finalize components for certification-compliant prototypes, with a focus on safety and operational readiness [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made towards certification, noting significant challenges ahead but also strong steps taken in the last quarter [52] - The company anticipates cash consumption to increase in 2026 due to intensified development activities, projecting operational costs between $225 million and $275 million [18] Other Important Information - The company is actively working with ANAC on certification plans and has engaged suppliers for critical components, ensuring integrated communication among systems [55] - The company is building an ecosystem for customer support and services, emphasizing the importance of operational readiness for urban air mobility [30] Q&A Session Summary Question: Can you provide more details on cash consumption breakdown? - The majority of cash consumption will be on R&D, with SG&A expected to remain around $30 million, and CapEx around $20-$30 million [21] Question: What is the status of the ANAC certification process? - The company is adapting compliance measures based on new FAA regulations, which will streamline future validation processes [25] Question: Update on the six ANAC conforming aircraft? - These prototypes are for testing and certification only, with some long lead items already in production [28] Question: What is the strategy for service and support? - The company is focusing on customer support and services as part of the overall ecosystem, with partnerships being developed for operational readiness [30] Question: What is the expected pace of conversion from LOIs to firm orders? - Interest from customers is increasing, and the company is engaging in negotiations for firm orders, with a focus on balancing production and customer readiness [72]

Full-Scale Prototype 1st Flight on Dec.19, '25 4 Q 2 5 & F Y 2 0 2 5 U P DAT E M a r c h 1 6 , 2 0 2 6 This information belongs to Eve and cannot be used or reproduced without written permission from the Company. LATEST PRODUCT DEVELOPMENT ACHIEVEMENTS Flight Campaign Intensifying High engagement with authorities / suppliers This information belongs to Eve and cannot be used or reproduced without written permission from the Company. This information belongs to Eve and cannot be used or reproduced without wr ...

Product Development - The full-scale prototype is preparing for its first flight at Embraer's test facility[2, 9] - Embraer has been selected to supply the landing gear[3, 13] - The Iron Bird (ground prototype) is operational, expediting certification and reducing costs[4, 16, 17] Ecosystem and Customer Engagement - The company is actively engaging with investors, media, regulators, and customers through various events and agreements[20] - Landmark framework agreement with Bahrain to launch eVTOL operations in the region[20] - The company has secured pre-orders for approximately 2,800 eVTOLs[24] - The firm orders and Letters of Intent (LOIs) are valued at approximately $14 billion based on the current list price[25] Financial Performance and Position - The company raised $230 million in equity capital[27] - The company's cash position is $534 million, providing liquidity for approximately 2.5 years, assuming a cash burn of approximately $200 million per year[29, 31] - For 3Q25, Research & Development (R&D) expenses were $44.9 million, and Selling, General & Administrative (SG&A) expenses were $7.0 million[32]

eVTOL Design & Development - Eve-100 eVTOL design refinements enhance passenger experience, improve operational efficiency and safety[2,4] - The full-scale prototype is getting ready for its first flight, featuring a new 4-blade rotor configuration and folding mechanism[19,20,24] - Key achievements include successful pusher motor tests and installation, continuous lifter testing, and Beta Technologies as a new electric motor partner[22] Commercial Agreements & Pre-orders - Revo signed the first binding eVTOL order for $250 million, targeting entry into service in 2027 with 10 vehicles (binding) and 40 vehicles (options)[8,9,10] - Future Flight Global signed a Letter of Intent (LOI) for up to 54 eVTOLs serving Brazil and the United States[13] - Aerosolutions and Bluenest by Globalvia signed an LOI for up to 50 eVTOLs and TechCare services[13] - Eve has secured pre-orders for approximately 2,800 eVTOLs from 28 customers in 9 countries[14] - The pre-order book value is approximately $14 billion based on the current list price[15] Financial Performance - Research & Development (R&D) expenses for 2Q25 were $45.7 million, compared to $36.3 million in 2Q24[41] - Net loss for 2Q25 was $64.7 million, compared to a net loss of $36.4 million in 2Q24[41] - Free Cash Flow for 2Q25 was $(56.9) million, compared to $(31.4) million in 2Q24[41] - The company anticipates total cash consumption between US$200-250 million for 2025[44]

Core Insights - Eve Air Mobility has signed a binding framework agreement with Revo and its parent company Omni Helicopters International to purchase up to 50 eVTOL aircraft, marking a significant step in urban air mobility [1][2] - The agreement signifies a transition from development to execution for Eve, enhancing its position in the UAM market and demonstrating confidence in its technology [2][4] - Revo will be the launch operator for Eve's eVTOLs in São Paulo, with the first delivery expected in Q4 2027, aiming to provide a sustainable and efficient urban transport solution [2][3] Company Overview - Eve Air Mobility is focused on advancing the Urban Air Mobility ecosystem, leveraging Embraer's aerospace expertise and offering a comprehensive support network for eVTOL operations [6] - Revo, founded in January 2024, aims to provide a seamless door-to-door travel experience in São Paulo, integrating aerial and ground transportation [10] - Omni Helicopters International is the largest provider of air mobility solutions in Latin America, with a diverse portfolio catering to various customer segments [7][8] Strategic Importance - The partnership between Eve, Revo, and OHI is a strategic collaboration aimed at revolutionizing urban mobility and enhancing connectivity in congested cities [4][5] - The eVTOL aircraft will enable Revo to offer a fully electric and sustainable service, significantly reducing travel time between key locations in São Paulo [3][5] - The agreement includes access to Eve's TechCare package, which provides operational support to maximize fleet performance [4]

Financial Data and Key Metrics Changes - The company raised $270 million in 2024 through a mix of debt and equity instruments, enhancing its liquidity position to $429 million, which is three times its 2024 cash consumption [10][26]. - The net loss reported for Q4 2024 was $40 million, with a total annual loss of $138 million [29]. - Cash flow from operations consumed $40 million in Q4 and $141 million for the full year, aligning with the guidance range of $130 to $170 million [30]. Business Line Data and Key Metrics Changes - The company invested $34 million in program development during Q4 and $130 million for the full year, primarily focused on eVTOL development [28]. - The total pre-order backlog stands at approximately 2,800 aircraft, valued at around $14 billion, with non-binding letters of intent from 28 customers across nine countries [21][22]. Market Data and Key Metrics Changes - The company has secured contracts with 14 customers for its Eve TechCare suite, potentially generating up to $1.6 billion in revenue over the first few years of operation [22]. - There are 21 customers for the air traffic management solution, Vector, indicating a strong market position [23]. Company Strategy and Development Direction - The company is focused on developing a complete eVTOL solution, including design, manufacturing, sales, and maintenance services [28]. - Plans for 2025 include concluding ground test phases and initiating flight test campaigns, with a goal to have the first flight by mid-2025 [32][34]. Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of certification progress for customer confidence in purchasing vehicles, indicating that the order book is fluid and subject to changes based on market conditions [50][52]. - The company is actively engaging with certification authorities to ensure a harmonized certification process across different regions [63]. Other Important Information - The company completed the assembly of its full-scale engineering prototype and is preparing for flight tests [12][18]. - The Basis of Certification by ANAC has been published, establishing airworthiness criteria for eVTOL in Brazil [11]. Q&A Session Summary Question: Can you provide more color on the cash burn for this year? - The company expects cash burn to increase to between $200 million and $250 million in 2025, primarily focused on eVTOL development and production facility investments [40][42]. Question: Can you discuss the order book and LOIs converting? - The order book decreased from 2,900 to 2,800 aircraft, but the dollar amount remains significant. The company is focused on customer solutions beyond just the vehicle [49][51]. Question: What are the differences between the current prototype and the conforming prototypes? - The current prototype is a simplified unmanned vehicle, while conforming prototypes will have the necessary redundancies and safety levels for certification [56][57]. Question: How many prototypes are expected to be built for certification? - The company plans to build five prototypes for the certification campaign, similar to previous Embraer programs [65]. Question: Will the CapEx cover the full build of the manufacturing facility? - The total CapEx for the manufacturing plant is expected to be around $100 million, with the majority spent in 2026 [71]. Question: Is the TechCare offering actively marketed? - The TechCare offering is being marketed to customers, focusing on ensuring operational availability and optimized operating costs [75]. Question: Are there investments being made in infrastructure for eVTOLs? - The company is working with authorities and private companies to ensure the necessary infrastructure is in place for eVTOL operations [80].