Eve Holding, Inc. Q4 FY2024 earnings call

• 2024 Milestones: Presented Vector air traffic management solution with positive feedback, launched Eve TechCare aftermarket service portfolio, raised $270M in capital, ANAC published Basis of Certification for eVTOLs, assembled and tested engineering prototype. • 2025 Focus: Conclude ground test phases of prototype, initiate flight campaign, engage with certification authorities, start production of first prototype for certification, prepare manufacturing facility in Brazil. • Financials: Raised $270M in 2024 (debt ~$170M, equity ~$100M), liquidity at $429M, cash burn in 2024 was $140M, expected cash burn in 2025 is $200-250M.

Eve is a pre-operational company. Financials reflect costs associated with program development. No distinct product segments with financial breakdown provided. Key highlights include pre-order backlog of approximately 2,800 aircraft with a total value close to $14 billion based on list price, and 14 customers for Eve TechCare suite with LOI covering about 1,100 aircraft (40% of pre-order book).

• Expected cash burn in 2025 is between $200 and $250 million, heavily focused on eVTOL development. • Liquidity of ~$450 million provides confidence to advance the program to certification and sustains operations at least through 2025 and 2026. • Plan to start production of first prototype for certification and invest in tooling machines and IT for the manufacturing facility in 2025.

• Forward-looking statements subject to risks including general economic, political, and business conditions in Brazil and the market. • Uncertainties in conversion of LOIs to actual orders. • Uncertainties related to certification progress and harmonization with other regulators.

Q: Could you provide color on the cash burn for 2025?

A: In 2025, cash burn is expected to be between $200 to $250 million, heavily focused on eVTOL development, with investments in tooling machines and IT for the manufacturing facility.

Q: On the order book, how are LOIs converting and marketing campaign progress?

A: The order book went from 2,900 to 2,800, but it's fluid as they market a solution including vehicle, support, and Vector air traffic management.

Q: Differences between full scale prototype for flight testing and certification?

A: The current prototype is simplified, unmanned, remotely piloted, and not used for certification compliance; conforming prototypes will have redundancies and safety levels for certification.

Q: Has ANAC started harmonizing certification with other regulators?

A: ANAC is active in influencing other authorities through groups like CMT and bilateral agreements to harmonize certification basis.

Q: How many prototypes for certification campaign?

A: Expect to have 5 prototypes for the certification campaign, used for different purposes like system certification and aerodynamic flights.

Q: CapEx for manufacturing facility?

A: Will spend around $100 million on the manufacturing facility, with majority of investment in 2026, and $30 million in 2025 for tooling machines and IT.

Q: Marketing of TechCare offering?

A: Actively marketing Eve TechCare, which is a complete aftermarket service portfolio for operators.

Q: Investments by partners in eVTOL infrastructure?

A: Working with authorities and private companies on infrastructure development for eVTOLs, aiming to create an ecosystem.