This discussion should be read in conjunction with our audited consolidated financial statements and notes thereto and other financial information included elsewhere in this annual report. The purpose of this discussion is to provide management’s explanation of factors that have materially affected our financial condition and results of operations for the historical periods covered by the financial statements, and management’s assessment of factors and trends which are anticipated to have a material effect on our financial condition and results of operations for future periods. 62 This annual report contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation, those set forth in “Item 3. Key Information—D. Risk Factors" and the matters set forth in this annual report generally. Except as otherwise indicated, all consolidated financial information in this annual report has been prepared in accordance with IFRS Accounting Standards and presented in U.S. dollars, while, for local purposes, our consolidated financial statements are also prepared under IFRS Accounting Standards but are presented in reais. For certain purposes, including providing reports to our shareholders located in Brazil, filing financial statements with the CVM and determining dividend payments and other distributions in Brazil, we have prepared and will continue to be required to prepare parent company and consolidated financial statements in accordance with IFRS Accounting Standards and with the accounting practices adopted in Brazil, as issued by the Accounting Pronouncement Committee and approved by CVM, presented in reais. A. Operating Results The following discussion is based largely upon our current expectations about future events and trends affecting our business. Actual results for our industry and performance could differ substantially. For additional information related to our forward-looking statements, see “Introduction—Special Note Regarding Forward-Looking Statements” and for a description of certain factors that could affect our industry in the future and our own future performance, see “Item 3. Key Information—D. Risk Factors.” Overview We are the world’s leading manufacturer of jets with up to 150 seats, with a 30% market share in accumulated deliveries since 2004, according to Cirium Fleet Analyzer data. With a global customer base and a customer-centric, technology-driven portfolio, we cater to the commercial airline, executive jet, and defense and security markets. Originally established as a government-controlled company producing aircraft for the Brazilian Armed Forces, we have evolved into a publicly traded company that serves diverse global markets, maintaining long-term client relationships through high-quality customer support. In 2025, our revenue reached US$7.6 billion, with North America and Europe being our largest markets, while we also see growth opportunities in regions such as India, Brazil, Turkey, and Saudi Arabia. The Defense & Security segment has benefited from the current geopolitical landscape, which has driven an increase in global defense spending. This trend has expanded our customer base, and has had a positive impact on the segment’s performance. We believe we are well positioned to provide highly effective solutions, creating sales opportunities for our Defense & Security segment, especially in the areas of aircraft platforms, critical software, command, control, communications and intelligence (C4I) and sensors in all domains (air, sea, land, space and cyber). In 2025, our KC-390 Millennium program capitalized on these opportunities by securing contracts with Sweden and Portugal – both contracts also included options for additional aircraft to serve allied nations. Furthermore, as the global fleet of military tactical transport aircraft approaches retirement age, we believe the KC-390 Millennium has the potential to capture a significant share of the replacement market. Our strategy focuses on consistent execution of our business plan, operational efficiency, and partnerships to drive innovation and growth. We are committed to ambitious ESG targets, including carbon neutrality in operations by 2040, achieving 50% diverse hiring in entry-level programs and 20% representation of women in senior leadership positions by 2025, and maintaining the highest international corporate governance standards. With a firm order backlog of US$31.6 billion as of December 31, 2025, we continue to position ourselves as a leader in sustainable aviation and social responsibility. 63 Selected Operational Data The following tables present a summary of our aircraft deliveries per segment and type of aircraft for the periods indicated. Year ended December 31, 2025 2024 2023 Commercial Aviation Segment 78 73 64 EMBRAER 175 34 26 25 EMBRAER 190 — — — E190-E2 6 8 1 E195-E2 38 39 38 Defense & Security Segment 11 3 3 KC-390 Millennium 3 3 2 A-29 Super Tucano 8 — — Modernization Programs — — 1 Executive Aviation Segment 155 130 115 Praetor 500 39 28 20 Praetor 600 30 27 21 Phenom 100 14 10 11 Phenom 300 72 65 63 Other Segments 50 65 65 Ipanema 50 65 65 Total 294 271 247 The following tables present a summary of our aircraft backlog per segment and type of aircraft as of each of the dates indicated. As of December 31, 2025 2024 2023 Commercial Aviation Segment 449 343 298 EMBRAER 175 193 164 100 E190 – E2 21 25 16 E195 – E2 235 154 182 Defense & Security Segment 82 65 40 KC-390 Millennium 33 32 22 A-29 Super Tucano 31 17 3 Gripen E 15 15 15 Special Mission(1) 3 1 — Executive Aviation Segment 470 483 308 Phenom 100/300, Praetor 500/600 470 483 308 Total backlog (in aircraft) 1,001 891 646 Total backlog (in US$ millions) 31,642.3 26,312.1 18,723.1 ______________ (1)Our Special Mission category comprises aircraft of our Executive Aviation segment portfolio that we have sold to customers of our Defense & Security segment. 64 Significant Factors Affecting Our Results of Operations Supply Chain Global Crisis The primary constraint in our mission to meet our delivery guidance continues to be the supply chain disruptions that have affected the aerospace industry over the past several years, requiring significant operational efforts to secure the timely delivery of parts and materials from our suppliers. The measures we have implemented to manage these challenges have been essential to sustaining our production schedule and fulfilling contractual commitments. Nonetheless, Embraer delivered 78 aircraft in Commercial Aviation in 2025. In 2025, the Executive Aviation segment continued to experience the effects of a globally disrupted supply chain. Although significant constraints persist across the aerospace industry, affecting the ability to expand capacity and ensure the availability of parts for fleet maintenance, conditions have been gradually improving as we strengthen the monitoring of supply chain risks and continue implementing measures aimed at enhancing future parts availability and predictability. In 2025, our executive aircraft deliveries achieved a 19.2% increase compared to 2024, reaching 155 units, for the year and in line with our original deliveries estimate for 2025. Given our business expansion and the diversification of our fleet, which reaches various customer profiles, we believe the Services & Support segment is well-positioned to increase profitability over the next several years, especially considering the increasing demand for services as the fleet ages. In 2025, revenue from Services & Support constituted 25.4% of our revenues, with a 10.7% CAGR over the past 6 years. The reliance on long-term contracts, active maintenance events, parts sales, and training contributes to revenue stability. Factors like the renewal rate of contracts, favorable margin, and stable non-backlog revenue from maintenance and training enhance sustained profitability. Also, OGMA provides multi-brand diversification with MRO and repair services for both Embraer and non-Embraer customers, which we believe further strengthens our competitive position. Brazilian Economic Environment The Brazilian government has frequently intervened in the Brazilian economy and occasionally made drastic changes in policy and regulations. The Brazilian government’s actions to control inflation and affect other policies and regulations have often involved, among other measures, increases in interest rates, changes in tax policies and incentives, price controls, currency devaluations, capital controls and limits on imports. Changes in Brazil’s monetary, credit, tariff and other policies could adversely affect our business, as could inflation, currency and interest-rate fluctuations, social instability and other political, economic or diplomatic developments in Brazil, as well as the Brazilian government’s response to these developments. Rapid changes in Brazilian political and economic conditions that have occurred and may occur require continued assessment of the risks associated with our activities and the adjustment of our business and operating strategy accordingly. Developments in Brazilian government policies, including changes in the current policy and incentives adopted for financing exports of Brazilian goods, or in the Brazilian economy, over which we have no control, may have a material adverse effect on our business. 65 The following table shows data for Brazilian GDP growth, inflation, interest rates and the U.S. dollar exchange rate for and as of the periods indicated. As of and For the Year Ended December 31 2025 2024 2023 2022 2021 Growth in gross domestic product 2.3 % 3.4 % 2.5 % 2.9 % 4.6 % Inflation (IGP-M)(1) (1.1) % 6.5 % (3.2 %) 5.5 % 17.8 % Inflation (IPCA)(2) 4.3 % 4.8 % 4.6 % 5.8 % 10.1 % CDI rate(3) 14.9 % 10.9 % 13.0 % 12.4 % 4.4 % SOFR rate(4) 3.9 % 4.7 % 5.3 % 4.6 % 0.1 % Appreciation (depreciation) of the real vs. U.S. dollar (11.1 %) (27.9 %) (7.2 %) (6.5 %) 7.4 % Period-end exchange rate—US$1.00 R$ 5.5024 R$ 6.1923 R$ 4.8413 R$ 5.2177 R$ 5.5805 Average exchange rate—US$1.00(5) R$ 5.5852 R$ 5.4746 R$ 4.9841 R$ 5.1386 R$ 5.4071 ______________ Sources: Fundação Getúlio Vargas, or FGV, Brazilian Central Bank and Bloomberg. (1)Inflation (IGP-M) is the general market price index measured by FGV. (2)Inflation (IPCA) is a broad consumer price index measured by the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística). (3)The CDI rate is average of inter-bank overnight rates in Brazil (as of the last date of the respective period). (4)Three-month Secured Overnight Financing rate, or the SOFR rate, the benchmark interest rate for U.S. dollar-denominated loans and derivative instruments, as of the last date of the period. (5)Represents the average selling rate of the exchange rates on the last day of each month during the period. Inflation and exchange rate variations have had, and may continue to have, substantial effects on our financial condition and results of operations. Inflation and exchange rate variations affect our monetary assets and liabilities denominated in reais. The value of these assets and liabilities as expressed in U.S. dollars declines when the real devalues against the U.S. dollar and increases when the real appreciates. In periods of devaluation of the real, we report (i) a remeasurement loss on real-denominated monetary assets and (ii) a remeasurement gain on real-denominated monetary liabilities. The depreciation of the U.S. dollar relative to the Brazilian real and other currencies in 2025 had a negative effect on our results of operations in that year. For additional information on the effects of exchange rate variations on our financial condition and results of operations, see “Item 11. Quantitative And Qualitative Disclosures About Market Risk—Foreign Exchange Rate Risk.” For additional information on the impact of macroeconomic factors on our financial position, see note 26 of our 2025 audited consolidated financial statements. In addition, for a discussion of related macroeconomic risks, please see “Item 3. Key Information—D. Risk Factors—Geopolitical and Macroeconomic Risks—Inflation and government efforts to curb inflation may contribute significantly to economic uncertainty and to heightened volatility in the Brazilian and international securities markets and, consequently, may adversely affect us” and “—Exchange rate volatility may adversely affect us.” Tax Incentives Tax Incentives for Companies in Research and Development Brazilian Law No. 11,196/2005, commonly referred to as the Lei do Bem, grants tax benefits to entities involved in research and development activities for technological innovation. To take advantage of the tax benefits, a beneficiary must (i) assess its income tax according to the real profit (lucro real) method, (ii) record taxable profits, (iii) be current with all of its fiscal obligations, and (iv) have qualifying investments in research and development. 66 Technological innovation is deemed to be the development of a new product or manufacturing procedure, as well as the addition of new features or characteristics to an existing product or manufacturing procedure, which entails incremental improvements and gains in quality or productivity, therefore resulting in greater market competitiveness. We and other Brazilian companies across multiple industries benefit from these tax incentives with respect to income tax (Imposto de Renda Pessoa Jurídica), or IRPJ, and social contribution on net income tax (Contribuição Social sobre o Lucro Líquido), or CSLL. These benefits allow us to deduct from our taxable net income an additional amount between 60% to 80% of our expenditures related to research and development activities for technological innovation during a fiscal year. This benefit was not affected by the linear reduction discussed under “Item 3. Key Information—D. Risk Factors—Regulatory, Compliance and Legal—Changes in Brazilian fiscal policies and tax laws could have an adverse effect on our financial condition and results of operations. In addition, we benefit from certain tax and other government-granted benefits, and the suspension, cancellation or non-renewal of those benefits would have a material adverse effect on us.” For a discussion of certain risks related to these tax incentives, please refer to “Item 3. Key Information—D. Risk Factors—Regulatory, Compliance and Legal—Changes in Brazilian fiscal policies and tax laws could have an adverse effect on our financial condition and results operation. In addition, we benefit from certain tax and other government-granted benefits and the suspension, cancellation or non-renewal of those benefits would have a material adverse effect on us.” Tax Incentives for Exporting Companies Normative Instruction No. 2,126/2022, issued by the Brazilian Federal Revenue Service (Secretaria da Receita Federal), established the Special Customs Regime of Industrial Warehouse under Automated Control of Customs Board (Regime Aduaneiro de Entreposto Industrial sob Controle Informatizado), or RECOF. This regime allows the beneficiary company to import or to acquire in the local market raw materials, parts and components destined to industrial application on which federal taxes are not levied. Part of these goods must be processed, and it can be subsequently shipped both to domestic and foreign markets. When exporting the finished good, the Company is exempted from federal tax payments. Similarly, Decree No. 45,490/2000, enacted by the state of São Paulo, introduced the Simple Special Customs Regime (Regime Especial Simplificado de Exportação), a state-level counterpart to RECOF, which suspends or exempts the Brazilian state value added tax (ICMS) for exporting companies. For a discussion of certain risks related to tax reform, please refer to “Item 3. Key Information—D. Risk Factors—Regulatory, Compliance and Legal—Changes in Brazilian fiscal policies and tax laws could have an adverse effect on our financial condition and results operation. In addition, we benefit from certain tax and other government-granted benefits and the suspension, cancellation or non-renewal of those benefits would have a material adverse effect on us.” Principal Components of Our Statement of Income Revenue We generate revenue from the sale of aircraft and spare parts as well as from providing maintenance and repair, training and other product support services. In 2025, we presented revenues from Commercial Aviation, Executive Aviation, Defense & Security, Services & Support, and Other segments. Below is a brief description of the Company’s operating segments: ✈Commercial Aviation: This segment focuses on the development, production, and sale of commercial jets, including the E-Jets 175 E1 (70 to 90 seats) and E-Jets E2 (88 to 146 seats). It represents the core of the Company’s business, catering to regional and mainline airlines globally. ✈Executive Aviation: This segment encompasses the development, production, and sale of executive jets, including the Phenom and Praetor models. It serves private and corporate customers seeking high-performance, state-of-the-art aircraft for business and personal use. ✈Defense & Security: This segment is dedicated to the development and production of military solutions. Our main revenue drivers are the KC-390 Millennium and the A-29 Super Tucano. It also includes other activities like research and development of integrated systems, border monitoring and surveillance, radars, and command and control systems (C4ISR). 67 ✈Services & Support: This segment provides a comprehensive portfolio of solutions for operators of Embraer aircraft in the Commercial Aviation, Executive Aviation, and Defense & Security segments. Its offerings include field support, technical support, flight operations solutions, aircraft modifications, materials management, maintenance solutions, and training programs. ✈Other Segments: This covers activities with a smaller financial impact, mainly including the supply of structural parts and hydraulic systems and production of agricultural crop-spraying aircraft, development and certification of eVTOLs (electric vertical take-off and landing vehicles), creation of eVTOL service networks and air traffic control systems, as well as cybersecurity solutions through Tempest, which serves civil, government, and defense markets. In 2025 and 2024, 60.4% and 62.0%, respectively, of our revenue came from aircraft deliveries of Commercial Aviation and Executive Aviation. Revenue arising from the sale of Commercial and Executive aircraft are predominantly denominated in U.S. dollars. In turn, revenue from the Defense & Security segment represents 13.0% and 11.3% of our revenue in 2025 and 2024, respectively. Moreover, 92.5% of such Defense & Security revenue was in U.S. dollar-denominated currency and 7.5% was in Brazilian real-denominated currency, as compared to 69.8% and 30.2% in 2024, respectively. Our Services & Support segment accounted for 25.4% and 25.6% of our revenue in 2025 and 2024, respectively. Finally, our Other segments accounted for 1.2% and 1.0% of our revenue in 2025 and 2024, respectively. For the sales of our aircraft, we receive an initial deposit upon the execution of the purchase agreement, progress payments prior to the delivery of each aircraft and a final payment upon delivery. The final payment typically represents the majority of the sale price. The deposits and the progress payments are for the most part nonrefundable in the event orders are canceled, except in the case of the Defense & Security segment. A significant part of our revenue from the Defense & Security segment is accounted for under the percentage of completion method, as we continue to execute under existing contracts with the Brazilian government, including the KC-390 Millennium program, SISFRON, deliveries of special mission aircraft, and others. Payments in advance of delivery are recorded under contract liabilities as a liability on our statement of financial position and, when we deliver the aircraft, these payments are recognized as revenue. We generally receive monetary deposits for each option to purchase an executive or commercial jet. Our sales contracts in U.S. dollars with our Executive Aviation and Services & Support segment customers generally include adjustments for inflation as measured by the U.S. Consumer Price Index for Urban Wage Earners and Clerical Workers, when deliveries are not in the same calendar year of the sale except when fixed prices are pre-determined considering the estimated inflation and strategic price positioning planning of a given aircraft model, in line with Embraer’s strategic planning. Our sales contracts with our Commercial Aviation and generally Defense & Security segment customers include adjustments to the purchase price of the aircraft based on an escalation formula, which is based on a mix of indexes related to raw material, transportation equipment and labor costs. Specific to Defense & Security sales contracts with Brazilian customers, national indexes are used to adjust the prices of the relevant contract. The initial deposits and progress payments are non-refundable (except in some instances contemplated in the agreement). Once a customer exercises an option to purchase an aircraft, we account for it as a firm order, and we begin to receive the respective progress payments and recognize revenue upon delivery of the aircraft or the contractual milestone. In 2025, our Services & Support segment backlog reached US$4.9 billion, as compared to US$4.6 billion in 2024, driven by renewed contracts of integrated logistical support services and comprehensive airframe maintenance programs, such as the Flight Hour Pool Program for Commercial Aviation and Embraer Executive Care for Executive Aviation. These long-term contracts in the backlog cover mainly pool contracts and other services as spare parts, repair, maintenance, and technical services. A significant part of our Defense & Security segment contracts, including the contracted research and development for specific programs, meets the criteria for revenue recognition by percentage of completion. For the contracts that do not meet the criteria for percentage of completion, we recognize revenue at a point of time, on the moment the product is delivered, or the service is rendered. Certain contracts contain provisions for the redetermination of price based upon future economic conditions. Our defense customers continue to provide customer advances, which are converted into revenue as we fulfill contract obligations, including conception, development and design, and engineering, systems integration and customization. These installments are nonrefundable for the most part. 68 Cost of Sales and Services Cost of sales and services consists of the cost of the aircraft, spare parts and services rendered, comprising: ✈Raw materials. Substantially all materials costs are covered by contracts with suppliers. Prices under these contracts are generally adjusted based on an escalation formula which reflects, in part, inflation in the United States of America. ✈Labor. These costs comprise salaries and related charges primarily in Brazilian reais. ✈Depreciation. Property, plant and equipment in general are depreciated over their useful lives, ranging from two to 60 years, on a straight-line basis. Depreciation of aircraft under operating leases is recorded in cost of sales and services from the beginning of the lease term using the straight-line method over the estimated useful life and considering a residual value at the end of the lease term. ✈Amortization. Internally generated intangible assets are amortized in accordance with the estimated sales of the series of aircraft. Intangible assets acquired from third parties are amortized on straight-line bases over the estimated useful lives of the assets. We accrue a liability for the obligations associated with product warranties at the aircraft delivery date, which is estimated based on historical experience and recorded in cost of sales and services. We enter into transactions that represent multiple-element arrangements, including training, technical assistance, spare parts and other concessions. These costs are recognized when the product or service is provided to the customer. 69 Results of Operations The following table presents statement of profit or loss data by segment for the periods indicated: For the Year Ended December 31, 2025 2024 2023 (in US$ millions) Revenue Commercial Aviation 2,369.8 2,208.6 1,846.8 Executive Aviation 2,205.1 1,762.7 1,408.2 Defense & Security 983.9 720.9 515.4 Services & Support 1,925.6 1,636.5 1,417.6 Other Segments 93.1 66.0 80.5 Total 7,577.5 6,394.7 5,268.5 Cost of sales and services Commercial Aviation (2,174.2) (2,008.9) (1,698.3) Executive Aviation (1,781.3) (1,407.7) (1,134.8) Defense & Security (820.5) (590.9) (429.6) Services & Support (1,406.5) (1,179.0) (1,039.0) Other Segments (66.3) (55.1) (57.2) Total (6,248.8) (5,241.6) (4,358.9) Gross profit Commercial Aviation 195.6 199.7 148.5 Executive Aviation 423.8 355.0 273.4 Defense & Security 163.4 130.0 85.8 Services & Support 519.1 457.5 378.6 Other Segments 26.8 10.9 23.3 Total 1,328.7 1,153.1 909.6 Operating income (expense) Commercial Aviation (132.7) (144.5) (124.6) Executive Aviation (158.4) (149.0) (146.6) Defense & Security (85.9) (85.4) (57.5) Services & Support (220.8) (187.5) (163.4) Other Segments (91.4) (67.3) (55.9) Unallocated* (31.9) 148.1 (47.1) Total (721.1) (485.6) (595.1) Operating (loss)/profit before financial result Commercial Aviation 62.9 55.2 23.9 Executive Aviation 265.4 206.0 126.8 Defense & Security 77.5 44.6 28.3 Services & Support 298.3 270.0 215.2 Other (64.6) (56.4) (32.6) Unallocated income (expense) (31.9) 148.1 (47.1) Total 607.6 667.5 314.5 70 The following table sets forth statement of profit or loss for the years indicated, in addition to presenting each line item as a percentage of our revenue for the periods indicated: For the Year Ended December 31 Consolidated Statements of Profit or Loss 2025 2024 2023 (in US$ millions, except percentages presented in absolute values) Revenue 7,577.5 100.0 % 6,394.7 100.0 % 5,268.5 100.0 % Cost of sales and services (6,248.8) 82.5 % (5,241.6) 82.0 % (4,358.9) 82.7 % Gross profit 1,328.7 17.5 % 1,153.1 18.0 % 909.6 17.3 % Operating income (expense) (721.1) 9.5 % (485.6) 7.6 % (595.1) 11.3 % Administrative expenses (213.6) 2.8 % (198.9) 3.1 % (204.9) 3.9 % Selling expenses (338.5) 4.5 % (309.7) 4.8 % (314.7) 6.0 % Expected credit (losses) reversal (3.9) 0.1 % (21.1) 0.3 % 10.2 0.2 % Research expenses (74.4) 1.0 % (55.0) 0.9 % (90.3) 1.7 % Other income 101.2 1.3 % 266.1 4.2 % 170.7 3.2 % Other expenses (185.0) 2.4 % (162.7) 2.5 % (176.3) 3.3 % Share of profit (loss) of investments accounted for under the equity method (6.9) 0.1 % (4.3) 0.1 % 10.2 0.2 % Operating income 607.6 8.0 % 667.5 10.4 % 314.5 6.0 % Financial income 316.1 4.2 % 311.1 4.9 % 128.6 2.4 % Financial expenses (615.0) 8.1 % (415.6) 6.5 % (321.9) 6.1 % Foreign exchange losses, net (41.1) 0.5 % (6.0) 0.1 % (0.5) 0.0 % Income (loss) before income tax 267.6 3.5 % 557.0 8.7 % 120.7 2.3 % Income tax 91.4 1.2 % (202.4) 3.2 % 43.6 0.8 % Income (loss) for the year 359.0 4.7 % 354.6 5.5 % 164.3 3.1 % Attributable to: Controlling interests 351.9 4.6 % 352.5 5.5 % 164.0 3.1 % Non-Controlling Interests 7.1 0.1 % 2.1 0.0 % 0.3 0.0 % 2025 Compared with 2024 Revenue Our revenue increased US$1,182.8 million, or 18.5%, to US$7,577.5 million in 2025 from US$6,394.7 million in 2024. This was primarily due to the increase in deliveries in Commercial and Executive Aviation, despite the supply chain shortage which has been affecting the aeronautical industry; and higher revenues in Services & Support and Defense & Security. Revenues from our Commercial Aviation segment increased US$161.2 million, or 7.3%, to US$2,369.8 million in 2025 from US$2,208.6 million in 2024. This was primarily due to an increase of 6.8% in commercial aircraft deliveries, to 78 aircraft in 2025, from 73 in 2024. The increase in revenues was higher than the increase in the number of deliveries, primarily reflecting higher average selling prices per aircraft, driven by pricing adjustments, contractual escalations and a customer mix with higher average pricing. Revenue from our Executive Aviation segment increased US$442.4 million, or 25.1%, to US$2,205.1 million in 2025 from US$1,762.7 million in 2024. This was primarily due to a 19.2% increase in executive jet deliveries, to 155 in 2025 from 130 jets in 2024. The increase in revenues was higher than the increase in the number of deliveries, as deliveries of executive mid-size jets (Praetors) increased 25.5%, to 69 aircraft in 2025, from 55 in 2024, while deliveries of executive 71 light jets (Phenoms) increased 14.7%, to 86 aircraft in 2025 from 75 aircraft in 2024 (Praetors tend to carry higher average selling prices compared to Phenoms). Revenue from our Defense & Security segment increased US$263.0 million, or 36.5%, to US$983.9 million in 2025 from US$720.9 million in 2024. This was primarily due to: (i) the higher volume of revenues recorded using the percentage of completion method of revenue recognition in the KC-390 Millennium program (which method allows for revenue recognition as certain milestones are achieved and progress is made within the contracts); and (ii) the recognition of revenues arising from new KC-390 Millennium and A-29 Super Tucano agreements entered into in 2025. Revenue from our Services & Support segment increased US$289.1 million, or 17.7%, to US$1,925.6 million in 2025 from US$1,636.5 million in 2024. This was primarily due to higher demand for parts and components, mainly as a result of the growth of flight operator activities in the Commercial Aviation, Executive Aviation and Defense & Security segments in 2025; and revenues from the engine maintenance services contract entered into with Pratt Whitney by our subsidiary OGMA. Revenue from our Other segments increased US$27.1 million, or 41.1%, to US$93.1 million in 2025 from US$66.0 million in 2024. This was mainly due to the increase in sales revenue in our subsidiary Tempest, and the contribution from our Equipment business, as 2025 represented the first year in which this operation has been presented in the segment. Cost of Sales and Services Our cost of sales and services increased US$1,007.2 million, or 19.2%, to US$6,248.8 million in 2025 from US$5,241.6 million in 2024. This was primarily due to increase in Commercial and Executive Aviation deliveries, higher cost recognition in Defense & Security (using the percentage of completion method), and higher costs due to higher services and spare parts demand in Services & Support. In 2025, revenues increased by 18.5% compared to 2024. Cost of sales and services increased at a higher rate than revenues, which led to an increase of 0.5 percentage points in cost of sales and services as a percentage of revenue, reaching 82.5% in 2025,, compared to 82.0% in 2024. Cost of sales and services in our Commercial Aviation segment increased US$165.3 million, or 8.2%, to US$2,174.2 million in 2025 from US$2,008.9 million in 2024. This was primarily due to the increase in deliveries in 2025 as compared to 2024. Cost of sales and services increased by more than the 7.3% increase in revenues, due to higher manufacturing costs mainly related to freight costs of materials. Comparability between periods was also affected by inventory and obsolescence reversals recognized in 2024. Gross margin in our Commercial Aviation segment (calculated as gross profit from our Commercial Aviation segment divided by revenue from the Commercial Aviation segment) decreased to 8.3% in 2025 from 9.0% in 2024. Cost of sales and services in our Executive Aviation segment increased US$373.6 million, or 26.5%, to US$1,781.3 million in 2025 from US$1,407.7 million in 2024, which was higher than the 25.1% increase in revenues for the segment. This was mainly due to higher material and manufacturing costs, including the effects of cost escalation, air freight usage, and U.S. government‑imposed tariffs. Gross margin in our Executive Aviation segment (calculated as gross profit from our Executive Aviation segment divided by revenue from the Executive Aviation segment) decreased to 19.2% in 2025 from 20.1% in 2024. Cost of sales and services in our Defense & Security segment increased US$229.6 million, or 38.9%, to US$820.5 million in 2025 from US$590.9 million in 2024. This increase in cost of sales and services is driven by production ramp up, mainly in the KC-390 program, and was higher than the 36.5% increase in revenue in the same period, mainly due to variations in contracts mix comparing 2024 and 2025. Gross margin in our Defense & Security segment (calculated as gross profit from our Defense & Security segment divided by revenue from the Defense & Security segment) decreased to 16.6% in 2025 from 18.0% in 2024. Cost of sales and services in our Services & Support segment increased US$227.5 million, or 19.3%, to US$1,406.5 million in 2025 from US$1,179.0 million in 2024. This increase in cost of sales and services was higher than the 17.7% increase in revenue in the same period, mainly due to ramp-up of new operations. These cost increases were mainly related to the early stages of expansion of our MRO operations in the United States and the increase of services provided in our subsidiary OGMA in 2025 as mentioned above under “—Revenue”. Gross margin in our Services & Support segment (calculated as gross profit from our Services & Support segment divided by revenue from the Services & Support segment) decreased to 27.0% in 2025 from 28.0% in 2024. 72 Cost of sales and services in the Other segments increased US$11.2 million, or 20.3%, to US$66.3 million in 2025 from US$55.1 million in 2024. This increase in cost of sales and services was lower than the 41.1% increase in revenue in the same period, mainly due to a more favorable business mix driven by the Equipment business as mentioned above under “—Revenue”. Gross margin in our Other segments (calculated as gross profit from our Other segments divided by revenue from the Other segments) increased to 28.7% in 2025 from 16.5% in 2024. Gross Profit As a result of the aforementioned factors, our gross profit increased US$175.6 million, or 15.2%, in the year, to US$1,328.7 million in 2025 from US$1,153.1 million in 2024. Our gross margin (calculated as gross profit divided by revenue) decreased 0.5 p.p. to 17.5% in 2025 from 18.0% in 2024. Operating Income (Expenses) As further discussed below, operating expenses increased US$235.5 million, or 48.5%, to US$721.1 million in 2025 from US$485.6 million in 2024. Operating expenses as a percentage of revenues increased to 9.5% in 2025 from 7.6% in 2024, as further explained in the paragraphs below. Administrative expenses increased US$14.7 million, or 7.4%, to US$213.6 million in 2025 from US$198.9 million in 2024. The majority of our administrative expenses are fixed and do not increase or decrease at the same rate as changes in our revenues. The main driver of the increase in administrative expenses in 2025 as compared to 2024 was the increase in third-party services, such as legal, consultancy, and audit-related services. Selling expenses increased US28.8 million, or 9.3%, to US$338.5 million in 2025 from US$309.7 million in 2024. This was primarily due to higher selling expenses in our Defense & Security segment, reflecting increased pre‑sales activities, including trade shows, demonstrations and marketing events, consistent with higher commercial activity and sales during the period. Selling expenses in our Services & Support segment also increased, mainly due to higher expenses related to fixed commercial structure and dedicated third‑party service providers. Expected credit losses decreased US$17.2 million, to an expense of US$3.9 million in 2025 from an expense of US$21.1 million in 2024. This was primarily due to the reversal of provisions for expected credit losses related customers in the Services & Support segment. Research expenses increased US$19.4 million, or 35.2%, to US$74.4 million in 2025 from US$55.0 million in 2024. This was primarily related to EVE, reflecting higher engineering engagement and continued investments in digital initiatives. Other income decreased US$164.9 million, to US$101.2 million in 2025 from US$266.1 million in 2024. This was primarily due to the proceeds from the Boeing arbitration agreement in 2024. Other expenses increased US$22.3 million, to US$185.0 million in 2025 from US$162.7 million in 2024. This was primarily due to higher expenses driven by an increased number of digital transformation projects. Operating Income Before Financial Result As a result of the aforementioned factors, our operating income before financial result decreased US$59.9 million, or 9.0%, to an operating income of US$607.6 million in 2025 from an operating income of US$667.5 million in 2024. Our operating margin (which is calculated as operating income divided by revenue) decreased 2.4 p.p. to a positive margin of 8.0% from a positive margin of 10.4% in 2024. Financial Result Financial income. Financial income increased US$5.0 million, or 1.6%, to US$316.1 million in 2025 from US$311.1 million in 2024, primarily due to the fair value measurement of EVE Holding’s warrants in 2025. Financial expenses. Financial expenses increased US$199.4 million, or 48.0%, to US$615.0 million in 2025 from US$415.6 million in 2024, primarily due to expenses related to our phantom shares plan, which was affected by the appreciation of our common shares in 2025. For more information on our phantom shares plan, see Item 6. Directors, Senior Management And Employees—B. Compensation—Phantom Shares Plan.” 73 Income Before Income Tax As a result of the aforementioned factors, income before income taxes decreased US$289.4 million, to US$267.6 million in 2025 from US$557.0 million in 2024. Income Tax Expense Income tax expense decreased to a benefit of US$91.4 million in 2025, from an expense of US$202.4 million in 2024, primarily due to the impact on deferred income taxes of the exchange rate over non-monetary assets (mainly inventories, intangibles, and property, plant and equipment). In addition, the income tax result in 2025 reflected lower current income tax expense in the period, mainly driven by a foreign tax credit offset and interest on equity deduction (for more information, see note 22.3 to our audited consolidated financial statements included elsewhere in this offering memorandum). Income for the Year As a result of the aforementioned factors, our income for the year increased US$4.4 million, or 1.2%, to US$359.0 million in 2025 from US$354.6 million in 2024. As a percentage of revenue, net margin (which is calculated as income for the year divided by revenue) decreased 0.8 p.p. to a positive margin of 4.7% from a positive margin of 5.5% in 2024. 2024 Compared with 2023 For a description of our results of operation for 2024 as compared to 2023, see “Item 5. Operating And Financial Review And Prospects—A. Operating Results—Results Of Operations—2023 Compared With 2022” of our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 5, 2025. B.Liquidity and Capital Resources Overview Our liquidity needs arise mainly from working capital requirements, research and development, principal and interest payments on our debt, capital expenditures and distributions to shareholders. To meet these needs, we generally rely on funds provided by operations, borrowings under our credit arrangements, cash contributions from risk-sharing partners, advance payments from customers and, to a lesser extent, issuance of debt. For additional information on our working capital requirements and our capital sources, see “Item 4. Information On The Company—B. Business Overview—Suppliers And Components; Risk-Sharing Arrangements” and “Item 4. Information On The Company—B. Business Overview—Commercial Aviation Segment—Production, New Orders And Options” and “—Credit Facilities And Lines Of Credit.” There can be no assurance that our traditional sources of funds, or that the cost or availability of our credit facilities or future borrowing sources, will not be materially impacted by market disruptions. As of the date of this annual report, we continue to experience certain ongoing challenges resulting from global political and economic conditions, such as delays in our supply chain, production operations, the shortage of pilots in the regional airline sector in United States of America which affect the demand for our products, mainly in Commercial Aviation. We expect that our customers may reschedule deliveries, fail to exercise options or cancel firm orders as a result of potential economic downturns, or financial volatility in our markets. 74 Cash Flow Analysis As of December 31, 2025, we had US$1,949.8 million in cash and cash equivalents. We believe that our current available cash and cash equivalents and the cash flows from our operating activities will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the coming 12 months. The following table shows the generation and use of cash for the periods indicated: For the Year Ended December 31, 2025 2024 2023 (in US$ millions) Cash Flow Data Net cash provided by operating activities 870.0 871.2 617.0 Net cash used in investing activities (611.7) (599.7) (447.6) Net cash generated by (used in) financing activities 146.1 (335.7) (348.7) Our cash and cash equivalents include cash on hand, interbank certificate deposits with banks and fixed term deposits in dollars issued by financial institutions, which have an immaterial risk of change in value. For more details, see note 5 to our 2025 audited consolidated financial statements included elsewhere in this annual report. 2025 Compared with 2024 Net Cash Provided by Operating Activities In 2025, net cash provided by operating activities amounted to US$870.0 million, a decrease of US$1.2 million, or 0.1%, compared to net cash provided by operating activities of US$871.2 million in 2024. Operating cash flows remained substantially stable year over year, mainly reflecting a higher net use of cash in operating assets, driven by increase in inventories, partially offset by improvements in accounts receivable and contract assets. These effects were offset by a higher contribution from operating liabilities, supported by an increase in other payables and trade accounts payable. Net Cash (Used) in Investing Activities In 2025, net cash used in investing activities amounted to US$611.7 million, an increase of US$12.0 million, or 2.0%, from US$599.7 million in 2024, remaining substantially stable in 2025, as compared to 2024. This was primarily a result of the combined effect of the Company’s investment decisions during the period, mainly reflecting higher outflows related to financial investments and loans granted, partially offset by lower capital expenditures in property, plant and equipment and proceeds from the sale of financial investments, when compared to the prior year. Net Cash Generated (Used) in Financing Activities In 2025, net cash generated by financing activities amounted to US$146.1 million, an increase of US$481.8 million, or 143.5%, compared to a net cash used of US$335.7 million in 2024. This increase was primarily attributable to higher proceeds from loans and financing, and proceeds from the offering of subsidiary shares in 2025, partially offset by repayments of loans and financing, and repurchases of common shares. 2024 Compared with 2023 For a discussion of our cash flows for 2024 compared with 2023, see “Item 5. Operating And Financial Review And Prospects—B. Liquidity And Capital Resources—Cash Flow Analysis” of our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 1, 2025. 75 Capital Expenditures We capitalize our expenditures related to product development projects as non-current intangible assets in our statement of financial position when it is probable that the relevant projects will generate future benefits, taking into account their commercial and technological feasibility and availability of technological and financial resources and only if their cost can be reliably measured. We amortize the assets in the form of charges to cost of sales and services in our statements of profit or loss, based on the total estimated number of aircraft to be delivered for each new product development project. We also capitalize expenditures related to property, plant and equipment as non-current assets in our statement of financial position and depreciate the assets in the form of charges to cost of sales and services in our statements of profit or loss. For additional information on how we amortize our intangible assets and depreciate our property, plant and equipment, see “Item 5. Operating And Financial Review And Prospects—A. Operating Results—Principal Operating Data And Components Of Our Statement Of Income—Cost Of Sales And Services.” In our Commercial Aviation, Executive Aviation and Services & Support segment, we include our investments in product development and property, plant and equipment as part of our capital expenditures. Product development costs in these businesses are capitalized from the date of board approval for the relevant project until the final certification. We also incur expenditures for our Defense & Security segment under both development and production contracts, as the same investment process of our Other segments. However, we have some customers which may fund part of our programs, such as our agreement with the Brazilian government for the development and production of the KC-390 Millennium. A significant part of these contracts is defined as construction contracts and the revenue associated with these contracts is realized on a percentage of completion basis, as contract milestones are achieved. Most of our development expenditures are associated with the development of new products for the Commercial Aviation, Executive Aviation and Defense & Security segments. For additional information on our development expenditures, see “Item 5. Operating And Financial Review And Prospects—C. Research And Development.—Research.” Our disbursements in capital expenditures were related to property, plant and equipment, thereby composing our additions in the period except for the exchange pool program assets and aircraft under lease or available for lease. These investments are related mainly to (i) construction of new facilities and (ii) improvements and modifications to our plants and production facilities for the production of new aircraft models. Our capital expenditures are generally financed by funds provided by operations, borrowings under our credit arrangements, cash contributions from risk-sharing partners, advance payments from customers and, to a lesser extent, capital increases to meet these needs. See “C. Research and Development, Patents and Licenses, etc.—Capital Expenditures—Research.” As of December 31, 2025, the total capital expenditures in our Commercial Aviation, Executive Aviation and Services & Support segments accounted for US$167.9 million. The anticipated source of funds to satisfy such investments is related to our cash generated in operating activities. Credit Facilities and Lines of Credit Revolving Credit Facility On August 6, 2024, our subsidiaries EAH and Embraer Netherlands Finance B.V., or Embraer Netherlands Finance, entered into a revolving credit facility in the amount of US$1.0 billion, maturing on August 6, 2029, with 17 international financial institutions. The facility is guaranteed by Embraer and certain of our subsidiaries, and borrowings under the facility will accrue interest at a rate comprised of Term SOFR plus a margin of 0.950% to 1.700% per annum, depending on our corporate rating at the time of the disbursement. As of December 31, 2025, neither EAH nor Embraer Netherlands Finance had incurred any borrowing under this facility. Facilities with Multilateral Development Banks and Agencies The Brazilian government has been an important source of export financing for our customers through the BNDES-Exim program, managed by the BNDES. In December 15, 2022, we entered into an export financing agreement with the BNDES in the total amount of R$2.2 billion (US$400 million) under the BNDES-Exim program, which was 76 partially paid in the total amount of US$28.3 million in November 2024. In March 2025, the total amount under this agreement was paid. In January 2023, we entered into a credit facility with BNDES to support the first phase of the development of the Company’s eVTOL project, in the aggregate amount of R$490 million (approximately US$89.1 million). As of December 31, 2025, this credit facility had been fully drawn, and the total amount outstanding under this agreement was US$93.0 million as of that date. In February 2024, we entered into a credit innovation facility with BNDES in the aggregate amount of R$500 million (or approximately US$90.9 million). As of December 31, 2025, we had received disbursements of US$20.4 million under this credit facility, which was also the total amount outstanding as of such date. In November 2024, we entered into a credit facility with BNDES to support the second phase of the eVTOL project, in the aggregate amount of R$200 million (approximately US$36.3 million). As of December 31, 2025, we had received disbursements totaling US$24.2 million under this credit facility, which was also the total amount outstanding as of that date. In August 2025, we entered into an export financing agreement with the BNDES in the total amount of R$1.10 billion (US$200 million) under the BNDES-Exim program. As of December 31, 2025, the total amount outstanding under this agreement was US$200.6 million. In January 2023, we entered into a credit facility with Citibank, N.A. in the aggregate principal amount of US$200 million to finance purchases of supplies made by us in the United States of America. Disbursements under this credit facility will be made according to proof of purchases of inputs from suppliers. This credit facility is guaranteed by Export-Import Bank, the official US export credit agency. In July 2025, the total amount under this agreement was paid. In June 2022, we entered into a credit facility with J.P. Morgan Chase Bank, NA, London Branch in the aggregate principal amount of US$100 million, guaranteed by U.K. Export Financing. As of December 31, 2025. the total outstanding amount under this facility was US$52.2 million. In March 2025, we entered into a credit innovation facility with FINEP in the aggregate amount of R$331.5 million (approximately US$60.2 million). As of December 31, 2025, we had received disbursements of US$18 million under this credit facility, which was also the total amount outstanding as of such date. Senior Notes In September 2020, Embraer Netherlands Finance issued US$750.0 million aggregate principal amount of 6.950% senior unsecured guaranteed notes due 2028, or the 2028 notes. In July 2023, Embraer Netherlands Finance issued US$750.0 million aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2030, or the 2030 notes. In February 2025, Embraer Netherlands Finance issued US$650.0 million aggregate principal amount of 5.980% senior unsecured guaranteed notes due 2035, or the 2035 notes. In September 2025, Morgan Stanley & Co. LLC, as offeror and with our consent, commenced cash tender offers to purchase for cash a portion of our 2028 notes and 2030 notes, subject to an aggregate purchase price cap (initially US$750.0 million, later increased to US$1.0 billion). Following the early tender date of October 3, 2025, the offeror accepted for purchase US$134.4 million aggregate principal amount of our 2028 notes and US$465.7 million aggregate principal amount of the 2030 notes, with settlement on October 7, 2025 at the applicable “total consideration” (including the early tender payment) plus accrued interest; the offeror also extended the “total consideration” (including the early tender payment) to all notes tendered by the expiration date of October 21, 2025. In October 2025, on the final settlement date of the tender offer, the offeror accepted for purchase an additional aggregate principal amount of US$7.4 million of the 2028 notes and US$14.0 million of the 2030 notes. In connection with the foregoing liability management transactions, in September 2025, Embraer Netherlands Finance priced an offering of US$1.0 billion aggregate principal amount of 5.400% notes due 2038, guaranteed by us, at an issue price of 99.672%, with closing on October 9, 2025. The net proceeds were used primarily to fund purchases of the 77 2028 notes and 2030 notes tendered in the concurrent tender offers and, to the extent not so used, for general corporate purposes. Additionally, in October 2025, Embraer Netherlands Finance delivered a notice of redemption for our 2028 notes providing for the redemption of all remaining outstanding principal amount of such notes on November 25, 2025. The redemption price was the greater of par and a make-whole amount (U.S. Treasury rate plus 50 basis points), plus accrued and unpaid interest (and any applicable additional amounts) to, but excluding, the redemption date. As of December 31, 2025, US$275.0 million, US$657.6 million and US$912.2 million was outstanding on the 2030 notes, the 2035 notes, and the 2038 notes, respectively. We may from time to time seek to retire or purchase our outstanding debt, including our 2030 notes, the 2035 notes, and the 2038 notes, through cash purchases, tender offers and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. The repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material, and notes repurchased may be canceled or resold, but will only be resold in compliance with applicable requirements or exemptions under the relevant securities laws. Other Facilities We have various other long-term loans and credit agreements with aggregate outstanding borrowings amounting to US$341.3 million as of December 31, 2025. For additional information on these financing arrangements, see note 18 to our 2025 audited consolidated financial statements included elsewhere in this annual report. As of December 31, 2025, US$200.6 million of our loans and financing (current and non-current) is secured by real estate, machinery, equipment, and US$173.5 million is subject to bank guarantees. We continue to evaluate additional financing opportunities in order to maintain a long-term indebtedness profile that supports and is aligned with the business cycle. For additional information on our loans and financings, including currency and maturity breakdowns and breakdowns between fixed and floating rate debt, see note 18 to our 2025 audited consolidated financial statements included elsewhere in this annual report. Subsequent Events Other than the events described below, no subsequent events have occurred after December 31, 2025. See note 36 to our 2025 audited consolidated financial statements. Early repayment of EVE’s loan In January 2026, the loan due in 2028, subject to three-month SOFR plus 3.90% p.a. and with a carrying amount of US$50.0 million as of December 31, 2025, was fully prepaid. No additional costs associated with the prepayment were incurred. The early repayment was made in connection with, and as a required condition for, the Company’s entry into the syndicated credit agreement disclosure in Note 36.2 our audited consolidated financial statements included elsewhere in this annual report. New syndicated credit agreement In January 2026, the Company, through its wholly owned subsidiary EVE, entered into a syndicated credit agreement with Banco do Brasil S.A., New York Branch, Citibank N.A., Itaú Unibanco S.A., Miami Branch, and Banco Itaú Chile acting as managing agent. This syndicated credit agreement provides US$150.0 million, subject to SOFR plus 3.10% p.a., with final maturity in 2031. The agreement includes covenants that require the maintenance of a minimum debt service coverage ratio. Repurchase of shares and unwinding of swap contracts In March 2026, the Company repurchased 10,932,998 shares (EMBJ3) for US$183.7, including transaction costs. This transaction was executed under the share buyback program approved on March 5, 2026, which authorized the acquisition of ordinary shares (EMBJ3) for treasury holding, cancellation, subsequent sale, or to meet commitments under share-based compensation plans. In connection with this repurchase, the 12-month swap contracts entered with Banco Itaú, as mentioned in Note 7(i), were unwound 78 C. Research and Development, Patents and Licenses, etc. Research and Development Our research and development activities are driven by our corporate strategic planning in the short, medium, and long terms. We refer to research activities as technological development and to development activities as integrated product development. Based on our work defining our product and services strategies, including innovation, growth, and business prospects, we carry out projects that include the production and commercialization of new aircraft, systems, and aerospace services. With a focus on our internal business plans and continuous monitoring of the global technology environment, we define a technological development plan which aims to research and develop solutions to the main challenges we will face in the medium and long terms, in order to remain competitive in our business segments. In an effort to reduce development risk and optimize financial results of our projects, our development and strategy teams have the essential skills to manage and execute multi-disciplinary projects, maintaining and coordinating a global network of development partners and integrating diverse groups such as universities, research and development institutes, companies, and startups. As a result, application of advanced technologies allows for the evolution of products, including lighter, quieter, more comfortable and energy efficient aircraft, in addition to improvements in design and production cycles and optimization of company resources. Following the results of our internal technological development planning, the new product and services design phase begins. In this phase our efforts are coordinated in an integrated manner with advanced project engineering and our business segments, which work in collaboration with future customers and potential partners to conclude the design of new products and services. Once the design is approved, the product development program is created. In this capital-intensive phase, our development, product, process and services groups work together with strategic partners, suppliers and regulatory agencies, to begin the detailed development of the product, its production, systems and associated services, until the effective entry into service of the product. The majority of our research and development activities is concentrated in Brazil, but we also maintain internal initiatives and partnerships in several locations around the world. We incur research expenses related to the creation of new technologies that may be applied to our aircraft. These expenses are not associated with any particular aircraft and include the implementation of quality assurance initiatives, improvements to the productivity of production lines and studies to determine the latest developments in technology and quality standards. Under IFRS, research costs are expensed as incurred in the research line item of our statement of profit or loss in the financial statements. Intellectual Property Our intellectual property, which includes utility patents, design patents, trade secrets, know-how and trademarks, is important to our business. We hold trademarks over our name and symbol and the names of our products, some of which are registered and some of which are in the process of registration in a number of countries, including, but not limited to, Brazil, the United States of America, Canada, Singapore, Hong Kong, China, the European Union and Japan. As of December 31, 2025, Embraer had approximately 571 trademarks registered or in the process of registration, and our subsidiary EVE had 107 trademarks registered or in the process of registration. Our trademarks are generally renewed at the end of their validity period, which usually runs for ten years from the date of application for registration. We do not believe that the loss of any of our trademarks would have a material impact on our business or results of operations. We develop our intellectual property in our research, development and production process. Under the agreements we have with some of our suppliers and risk-sharing partners, we are granted access to information and technology necessary to better develop, manufacture and market our products. We aim to protect our intellectual property rights resulting from investments in technical research and development. Currently, we hold granted patents and patent applications from the appropriate registries in Brazil, the United States of America, the European Union, Russia, Japan, India and China in connection with the various technologies of our products. We require that our suppliers and risk-sharing 79 partners respect the intellectual property rights of third parties, and we believe that we have the necessary intellectual property rights to conduct our business and operations. Considering our utility and design patent portfolios, as of December 31, 2025, Embraer had filed 987 patent applications and had been granted 820 patents, and EVE had filed 35 patent applications and had been granted 24 patents. Innovation We intend to keep investing in technological and innovative solutions and searching for opportunities to transform our business, products, services, and markets aiming for a more sustainable future. Through innovations and new technologies, we aim to gain efficiency, flexibility, and agility to obtain competitive advantages. Innovations that resulted in products and services launched in the last five years accounted for 41,54% of our revenues in 2025. We believe innovation is key to the competitiveness and continuous growth of our business. For this reason, we have a vice-presidency dedicated to Corporate Strategy, Digital and Innovation, that reports directly to our chief executive officer. We have also implemented the Innovation Verticals, focused on research, technology and innovation to accelerate business results, and whose main purpose is to organize and prioritize innovation efforts and investments, activating the best power of a common, co-created corporate vision about business models, niches, technologies, future products, services and processes. The Innovation Verticals integrate our innovation efforts across all business segments, affiliates and Embraer-X, a market accelerator committed to the development of innovative solutions. Our current Innovation Verticals are: (i) Zero Emission, (ii) Autonomous Flight, (iii) Artificial Intelligence, Data Science and Cybersecurity (iv) Industry 4.0, (v) Airframe Competitiveness, and (vi) Passenger Experience. Embraer-X positioned itself as a market incubator committed to the development of solutions that can positively impact the global society, such as supporting strategic partnerships in the innovation ecosystem by accelerating new technologies introduction and energy transition in the aviation industry as well as spill-overs benefiting other sectors. It works as a connection between Embraer and the global innovation ecosystems, continuously seeking to identify and develop meaningful partnerships that can leverage the overall company strategy and contribute to a sustainable future. Embraer-X strengthened relations with The Netherlands, opening, in 2022, an office at the Aerospace Innovation Hub@ TUD, of the Delft University of Technology (TU Delft). The strategic position of Embraer-X at the Aerospace Innovation Hub@TUD serves as a basis to continuously connect to the institution’s business ecosystem, such as our long-lasting partnership with the Royal NLR and also with the Dutch Government led Sustainable Aviation Initiative. It has also enabled Embraer-X to establish a connection with the broader European ecosystem, forming links with countries such as Austria, Switzerland, Finland, among others. In 2024, Embraer-X establish local offices in Silicon Valley and the Boston metropolitan area, aiming to expand its partnerships with cutting-edge technology companies, venture investors, and academic and research institutions in the main innovation ecosystems of North America and the world. Strengthening Embraer’s commitment to Sustainable Aviation objectives, in 2024, Embraer-X also entered into relevant partnerships with Greentown Labs, the largest climate tech incubator in North America, and Sustainable Aero Lab, an innovation hub that targets tangible reduction of the climate footprint of aviation, leveraging in both cases open innovation in connection with global researchers, experienced entrepreneurs, founders, industry professionals and investors. Beacon, the second business accelerated by Embraer-X after EVE, has transitioned to Services & Support segment connecting with digital transformation efforts and Embraer’s digital solutions portfolio in a strategic spin-in transaction (incorporating Beacon in our Services & Support segment instead of incorporating it in our corporate structure as a separate entity). Beacon brought synergy and integration with our current business, connecting operators, maintenance services and mechanics in a more agile and collaborative way, aiming to increase the number of partners and users on the platform. Moreover, our subsidiary Eve Holding met all 2025 milestones it had presented to the market, including the conclusion of its first prototype and the initial stages of the ground tests. In addition, the first engineering prototype performed its first flight on December 19. Eve has also defined with ANAC the basis of certification and defined the configuration of its eVTOL factory, and secured funding for this project with the BNDES. Lastly, Eve consumed approximately US$203 million of cash last year, close to the low end of the US$200 - US$250 million guidance it had announced for 2025. 80 In addition to agreements and partnerships, Embraer-X also makes active use of venture capital. Connected to Embraer Ventures, our corporate venture capital vehicle, and seeks to identify and create synergies with technology-based startups of high economic and social impact. Currently, Embraer Ventures implements its strategy through five venture capital funds: (i) the Brazil Aerospace Fund (FIP-AERO), (ii) Catapult Ventures I and (iii) Catapult Ventures II, which are based in the Silicon Valley, (iv) Catapult Opportunities, which is a side fund of Catapult I, (v) MSW Multicorporate II, and (vi) United Airlines Ventures (UAV). The technology topics covered by the investments are our current innovation verticals among others. Besides being a shareholder in FIPs, Embraer Ventures also invests directly in minority stakes in companies. In February 2024, we announced that we had joined the Sustainable Flight Fund, an initiative of United Airlines Ventures created to boost the supply and availability of SAF through investments in innovative start-ups. Embraer joined 22 other partners from different sectors of the industry, in addition to United Airlines. To enhance pre-competitive aeronautical research capabilities in Brazil and other countries, Embraer has been collaborating with various research and technology organizations worldwide. This partnership encompasses a wide range of technologies, including Sustainable Aviation Fuels (such as hydrogen), Electrification, Autonomy, Flight Safety, Aircraft Condition-Based Maintenance, Aircraft Design, New Materials and Structures, Noise Reduction, Airborne Systems, Augmented Reality, Artificial Intelligence, and Data Science, as well as Flexible Manufacturing Solutions Embraer and the Technological Institute of Aeronautics (Instituto Tecnológico de Aeronáutica — ITA) formalized their partnership with the São Paulo Research Foundation (Fundação de Amparo à Pesquisa do Estado de São Paulo — FAPESP) in 2022, during the celebration of FAPESP’s 60th anniversary, with the approval of the FLYMOV initiative. Officially launched on March 14, 2023, FLYMOV is an Applied Research Center dedicated to investigating and developing innovative and potentially disruptive technologies at the precompetitive stage, aiming to transform the future of air mobility. Enhancing technological readiness through basic and applied research in emerging technologies can significantly reduce uncertainties and risks associated with generating innovations for production processes, new products, and services. FLYMOV currently brings together more than 130 participants, including researchers, Embraer engineers, and scholarship holders at the undergraduate, master’s, doctoral, and postdoctoral levels. This ambitious initiative aims to establish a new benchmark for the competitiveness of the national aerospace industry while educating and training professionals who will contribute to the evolution of the future air mobility ecosystem. The research agenda is structured around five main technological pillars, which are integrated into three strategic research domains: Zero Emission, Autonomous Systems, and Advanced Design and Manufacturing: ✈Aero-Propulsive Integration for Electric Aircraft (APIE) | Zero Emission; ✈Machine Control for Electric Propulsion (MCEP) | Zero Emission; ✈Decision Methods for Autonomous Systems (DMAS) | Autonomous Systems; ✈Advanced Design for Metallic Additive Manufacturing (ADAM) | Advanced Design and Manufacturing; ✈Intelligent Aircraft Final Assembly (IAFA) | Advanced Design and Manufacturing. In June 2023, we, through our subsidiary Embraer Aircraft Holding, Inc., and Nidec Motor Corporation, one of the world’s leading comprehensive electric motor manufacturers, comprised by approximately 340 group companies all over the world, agreed on the formation of a new company named Nidec Aerospace, LLC, for the joint development and manufacture of electric propulsion systems for aeronautical usage, including for vertical take-off and landing vehicles, and for fixed-wing aircraft. The transaction was consummated on October 5, 2023. We have created “Innovation Month,” which aims to strengthen the innovation culture within Embraer and prepare the Company for the coming years. Throughout the month of September 2024, four interconnected events took place: Innovation Day, Marathon Startup Program, Embraer Technology and Innovation Seminar (SETI) and HackaEmb (one event per week) all of which brought discussions that shape Embraer’s future, with over 19,000 accesses to the event’s internal communication portal. The month ended with an event to recognize employees who stood out in internal innovation programs and the team involved, with a total of 143 innovators recognized. For the 2025 edition, in total, the initiatives recorded more than 25,556 online accesses, over 3,778 in-person participants, and recognized 291 innovators for their contributions. 81 Moreover, the Green Light is our entrepreneurship program that evaluates innovative proposals presented voluntarily by employees and provides time availability, technical and business mentoring, and resources for them to carry out the idea until its technical and economic feasibility is proven. In 2025, 25 innovative projects were under development. In May 2023, in partnership with Saab, we began the production line of the Gripen E in Brazil, at our Gavião Peixoto unit. This was an important milestone in the technology transfer program and of our commitment to work together with Saab on new business opportunities. Our plant will be responsible for producing 15 Gripen E fighters, and the units assembled in Brazil will be delivered from 2026 onwards. Our digital transformation strategy includes a focus on enablers and projects, ensuring that we have the necessary tools and initiatives to support our strategic goals. On enablers, we have projects related to our architecture, people, governance, and technology. To accelerate digital transformation by increasing human capital aligned with our strategy, we launched two new entry programs: (i) Software Specialization Program (in partnership with the Federal University of Pernambuco, enhancing knowledge of embedded software and data science) and the (ii) Social Tech Program (a career acceleration program in technology providing quality education to underrepresented groups). In the past three years, more than 1,700 students graduated from these programs. Our projects are adopting a data-driven approach, with the aim of increase our operational efficiency. This involves leveraging advanced analytics and big data to make informed decisions, optimize processes, and create personalized experiences for our customers. By integrating data insights into our operations, we aim to drive innovation, improve efficiency, and deliver greater value to our stakeholders. In 2025, a key highlight was Smart Planning, a data tool designed to make Embraer’s processes more effective. It consists of a interactive dashboard that provides visibility into the materials used in the production process of our aircraft, supporting the planning team in managing procurement and inventory levels with greater predictability in cases of material shortages or excess, thanks to the use of artificial intelligence and a prediction model. D. Trend Information General Information Our total firm order backlog as of December 31, 2025 was US$31.6 billion, of which US$14.5 billion was from the Commercial Aviation segment, US$7.6 billion was from the Executive Aviation segment, US$4.9 billion was from the Services & Support segment and US$4.6 billion was from the Defense & Security segment. Our total firm order backlog as of December 31, 2024 was US$26.3 billion, of which US$10.2 billion was from the Commercial Aviation segment, US$7.4 billion was from the Executive Aviation segment, US$4.6 billion was from the Services & Support segment and US$4.2 billion was from the Defense & Security segment. Our total firm order backlog as of December 31, 2023 was US$18.7 billion, of which US$8.8 billion was from the Commercial Aviation segment, US$4.3 billion was from the Executive Aviation segment, US$2.5 billion was from the Defense & Security segment and US$3.1 billion was from the Services & Support segment. Economic uncertainty will continue to play a role in investment attitude and philosophy of the private and public sectors. Business jet prospective buyers around the globe are reviewing their cash flows and capital expenditures in order to preserve capital, which is affecting market growth fundamentals and perspectives. For more information, see “Item 3. Key Information—D. Risk Factors.” For additional information on trends in our business, see “Item 4. Information on the Company—B. Business Overview—Business Strategies.” For additional information on risks affecting our business, see “Item 3. Key Information—D. Risk Factors.” Commercial Aviation Segment In the Commercial Aviation segment, the extensive airline traffic disruption caused by COVID-19, which affected our customers’ operations throughout the world, was only overcome during 2024, when the global commercial airline traffic reached 2019 levels, as reported by IATA. For the E175 market, the regional aircraft market in the United States of America reestablished itself after a period of shortage of pilots’ availability. As a result, we have once again been receiving relevant additional orders for this aircraft type. We believe that these orders should reinforce the relevance of segment as the backbone of the United States of America’s network for the foreseeable future. For the E190-E2 and the E195-E2, demand comes mostly from turboprop markets growth, narrowbody complementation and E1 model replacement, the latter having a particular importance, since the customer footprint in the 82 segment is our most relevant asset going forward. As the E2 was launched early in the E1 lifetime due to competitive reasons, the relevant E1 replacement wave should happen in the next few years and finalize by the end of this decade. The following table summarizes our order book in our Commercial Aviation segment for any aircraft type for which there were outstanding orders as of December 31, 2025. Aircraft Type Firm Orders Deliveries Backlog EMBRAER 175 1,003 813 190 E190-E2 67 33 34 E195-E2 401 166 235 Total 1,471 1,012 459 83 The following tables provide further break down of our Commercial Aviation order book as of December 31, 2025 by customer and country. EMBRAER 175 Customer Firm Orders Delivered Firm Order Backlog Air Canada (Canada) 15 15 — Air Lease (USA) 8 8 — Air Peace (Nigeria) 2 — 2 Alitalia (Italy) 2 2 — American Airlines (USA) 204 124 80 Belavia (Belarus) 1 1 — CIT (USA) 4 4 — ECC Leasing (Ireland)* 1 1 — Flybe (UK) 11 11 — Fuji Dream (Japan) 2 2 — GECAS (USA) 5 5 — Horizon Air / Alaska (USA) 50 47 3 KLM (The Netherlands) 17 17 — LOT Polish (Poland) 12 12 — Mauritania Airlines (Mauritania) 2 2 — Mesa (USA) 7 7 — NAC / Aldus (Ireland) 2 2 — NAC / Jetscape (USA) 4 4 — Northwest (USA) 36 36 — Oman Air (Oman) 5 5 — Overland Airways (Nigeria) 3 2 1 Republic Airlines (USA) 187 158 29 Royal Jordanian (Jordan) 2 2 — Skywest (USA) 288 219 69 Suzuyo (Japan) 11 11 — TRIP (Brazil) 5 5 — Undisclosed III 3 1 2 Air Cotê D'Ivoire (Ivory Coast) 4 — 4 United Airlines (USA) 110 110 — Total 1,003 813 190 ______________ * Aircraft delivered by ECC Leasing to Air Caraibes. 84 E190-E2 Customer Firm Orders Delivered Firm Order Backlog Aercap (Ireland) 5 5 — Air Kiribati (Kiribati) 2 1 1 Aircastle (USA) 2 — 2 Azorra (USA) 16 14 2 Helvetic (Switzerland) 8 8 — Wideroe (Norway) 3 3 — Mexicana (Mexico) 10 — 10 Virgin Australia (Australia) 4 — 4 Undisclosed 1 1 — ANA (Japan) 15 — 15 Placar Linhas Aéreas (Brazil) 1 1 — Total 67 33 34 E195-E2 Customer FirmOrders Delivered FirmOrderBacklog Aercap (Ireland) 43 38 5 Air Peace (Nigeria) 16 5 11 Aircastle (USA) 23 18 5 Azorra (USA) 23 16 7 Azul (Brazil) 25 — 25 Binter Canarias (Spain) 16 16 — Helvetic (Switzerland) 7 4 3 ICBC (China) 10 10 — Salam Air (Oman) 6 — 6 Porter (Canada) 75 52 23 Mexicana (Mexico) 10 5 5 Luxair (Luxembourg) 6 1 5 SAS (Sweden) 45 — 45 LATAM (Chile) 24 — 24 Avelo (USA) 50 — 50 Truenoord (Netherland) 20 — 20 Royal Jordanian (Jordanian) 2 1 1 Total 401 166 235 Executive Aviation Segment In 2025, the executive aviation market continued to grow, supported by efforts to increase production capacity and better align supply with demand. Global industry deliveries grew at a double‑digit rate year over year, finally surpassing pre‑pandemic levels from 2019 — a milestone long delayed by market uncertainty and supply‑chain constraints. Fueling expectations for continued short-term growth, demand remained robust in 2025, culminating in a strong year-end and sustaining the industry's book-to-bill ratio close to 1, despite long lead times and temporary fluctuations. Additionally, flight activity reached record levels, most notably within fractional ownership, driven by the high demand for flexible and 85 personalized travel options. The segment, which continued to generate new orders, has also signaled expansion beyond its predominantly North American base, reflecting strong momentum and indicating meaningful potential in new markets. In this scenario, our executive jets stood out in all fronts. As the leader in deliveries growth over the past five years according to data published by GAMA, we also achieved high sales and revenue results while maintaining resilient price discipline. With superior book-to-bill performance compared to our peers and an increasing market share of 33% in our classes, our portfolio has seized the benefits of our customer-centric philosophy and consistent efforts to scale and level production. We remain focused on meeting the growing demand for our products, which are renowned for innovation, technology, and sustainability. In 2025, we delivered 155 jets, a growth of 19% in deliveries that led to a market share capture of approximately 33% across all jet classes. Defense & Security Segment Regarding our Defense & Security segment, we expect an increase in global defense spending over the upcoming years, driven by the current geopolitical landscape. With our comprehensive product portfolio and global presence, we believe that the Company is well-positioned to address potential demand in areas such as aircraft platforms, critical software, command, control, communications, and intelligence (C4I), as well as sensors across all domains — air, sea, land, space, and cyber. In 2023, our KC-390 Millennium program leveraged market opportunities, including the signature of the contract with South Korea and its selection by Austria, the Czech Republic, and the Netherlands. In 2024, we signed contracts to supply the KC-390 Millennium to four customers: the Netherlands, Austria, the Czech Republic and an undisclosed customer. The aircraft was also selected by Sweden and Slovakia. In 2025, the KC-390 Millenium achieved its first repeat order: Portugal ordered an additional aircraft, plus 10 options for allied nations. The platform was also selected by Lithuania. As a significant portion of the global fleet of military tactical transport aircraft approaches the end of its service life, we believe the KC-390 Millennium is well positioned to capture a meaningful share of the replacement market. Embraer is also progressing with an industrial ramp‑up of the KC‑390/C‑390 Millennium program in response to expanding international demand and a growing customer base. Management highlighted actions to improve production readiness, such as reinforcing the supply‑chain organization, digitizing processes, and deploying real‑time monitoring tools to better balance production over the coming years and enhance collaboration with suppliers The A-29 Super Tucano continues to be the leader in its segment, from our perspective. In 2025, we received firm orders for a total of 10 aircraft from three customers: Uruguay, Panama and Sierra Nevada Corporation (SNC). The A-29 Super Tucano platform is operated by 22 countries, and is expected to maintain its standing leadership in this market. Services & Support Segment In the Services & Support segment, we are confident that integrating an in-service fleet perspective with our existing business excellence initiatives will position the segment to achieve higher return rates. This strategy involves a comprehensive analysis of the external business environment across all dimensions, enabling the identification of potential operational risks. Overall, the combination of fleet growth, a diversified customer base, and strategic initiatives positions the Services & Support segment for sustained profitability. E. Critical Accounting Estimates For an overview of our critical accounting estimates, please see note 3 to our 2025 audited consolidated financial statements included elsewhere in this annual report.