Embraer S.A. (ERJ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación aeroespacial, Embraer S.A. se erige como un faro de destreza tecnológica y brillantez estratégica. Transformando el panorama de la aviación con sus soluciones de aviones de vanguardia, este gigante aeroespacial brasileño ha creado magistralmente un modelo de negocio que abarca sectores de aviación comercial, militar y ejecutivo. Desde elegantes aviones regionales que redefinen la eficiencia hasta soluciones aeroespaciales personalizadas que empujan los límites tecnológicos, el modelo de modelo de negocio de Embraer revela una estrategia compleja y adaptativa que ha posicionado a la compañía como líder mundial en la fabricación e innovación de los aviones.

Embraer S.A. (ERJ) - Modelo de negocios: asociaciones clave

Alianza estratégica con Boeing

En 2020, Embraer y Boeing disolvieron su empresa conjunta de aviones comerciales planificados, con Embraer reteniendo la propiedad total de su negocio de aviones comerciales. La asociación involucró una valoración inicial de $ 4.2 mil millones.

Colaboraciones militares y de defensa

País	Detalles de la asociación de defensa	Valor de contrato
Brasil	Programa de aviones Millennium de la Fuerza Aérea Brasileña	Contrato de $ 2.5 mil millones
Portugal	Adquisición de aviones de transporte militar KC-390	Contrato de $ 827 millones

Proveedores aeroespaciales y proveedores de tecnología

• Honeywell International - Aviónicos y sistemas de control de motores
• Pratt & Whitney - Asociaciones de tecnología de motores
• Grupo Safran - Glanaje de aterrizaje y componentes aeroespaciales

Empresas conjuntas en mercados emergentes

País	Socio de empresa conjunta	Área de enfoque
Porcelana	Corporación de la Industria de Aviación Harbin	Fabricación de aviones regionales
India	Hindustan Aeronautics Limited	Desarrollo de aviones militares

Acuerdos de transferencia de tecnología

Socios de transferencia de tecnología clave:

• Mitsubishi Heavy Industries (Japón) - Tecnología de chorro regional
• Leonardo S.P.A. (Italia) - Integración de sistemas de defensa
• Airbus SE - Tecnologías aeroespaciales colaborativas

2023 Contribución de ingresos de la asociación: Aproximadamente el 22% de los ingresos totales de la compañía derivados de las asociaciones estratégicas.

Embraer S.A. (ERJ) - Modelo de negocio: actividades clave

Diseño y fabricación de aviones comerciales, militares y ejecutivos

En 2023, Embraer entregó 315 aviones comerciales y ejecutivos, que incluyen:

Categoría de aeronaves	Número de entregas
Jets comerciales (E175/E190/E195)	84 aviones
Jets ejecutivos (fenómeno, legado)	231 aviones

Investigación y desarrollo aeroespacial

Inversión en I + D en 2023: $ 453.2 millones

• Centrado en tecnologías de aviación sostenibles
• Sistemas de propulsión eléctrica e híbrida
• Diseño aerodinámico avanzado

Servicios de mantenimiento y soporte de aeronaves

Categoría de servicio	Ingresos anuales
Mantenimiento, reparación y revisión (MRO)	$ 782 millones
Piezas de repuesto y soporte de componentes	$ 345 millones

Ingeniería e innovación tecnológica

Solicitudes de patentes en 2023: 42 NUEVAS Patentes de tecnología aeroespacial

• Materiales compuestos avanzados
• Sistemas de aviónica de próxima generación
• Tecnologías de eficiencia de combustible

Ventas globales y marketing de soluciones aeroespaciales

2023 Distribución de ventas globales:

Región	Porcentaje de ventas
América del norte	42%
América Latina	22%
Europa	18%
Asia-Pacífico	15%
Medio Oriente/África	3%

Embraer S.A. (ERJ) - Modelo de negocios: recursos clave

Capacidades avanzadas de ingeniería y diseño

Embraer invirtió R $ 1.1 mil millones en investigación y desarrollo en 2022. La compañía mantiene 7 centros de investigación y desarrollo globales en Brasil, Estados Unidos, China y Francia.

Inversión de I + D	Centros de I + D globales	Personal de ingeniería
R $ 1.1 mil millones (2022)	7 centros	Más de 4.500 ingenieros

Instalaciones de fabricación

Embraer opera instalaciones de fabricación primarias en:

• São José Dos Campos, Brasil (sede)
• Gavião Peixoto, Brasil
• Melbourne, Florida, EE. UU.

Fuerza laboral de ingeniería aeroespacial calificada

Fuerza laboral total a partir de 2022: 16,500 empleados a nivel mundial

Total de empleados	Ingenieros	Ubicaciones globales
16,500	4,500+	Más de 20 países

Propiedad intelectual

Portafolio de patentes activos: más de 1,200 patentes registradas en tecnologías aeroespaciales

Infraestructura financiera

Métricas financieras para 2022:

• Ingresos totales: R $ 22.1 mil millones
• Posición neta en efectivo: R $ 3.2 mil millones
• Ebitda: R $ 2.1 mil millones

Embraer S.A. (ERJ) - Modelo de negocio: propuestas de valor

Jets regionales y ejecutivos eficientes y tecnológicamente avanzados

Embraer E-Jet E2 Ingresos familiares en 2022: $ 3.98 mil millones. Entregas totales de E175-E2: 24 aeronaves. Ingresos del segmento de jet ejecutivo: $ 1.2 mil millones.

Modelo de aeronave	Capacidad de pasajeros	Rango (km)	Eficiencia de combustible
E175-E2	76 asientos	4,074	16% menor consumo de combustible
Praetor 600	14 pasajeros	7,223	Emisiones reducidas

Soluciones aeroespaciales personalizadas para mercados comerciales y militares

Ingresos del segmento de aeronaves militares en 2022: $ 1.5 mil millones. Presupuesto del contrato de defensa: $ 2.3 mil millones.

• Avión de transporte militar de KC-390 Millennium
• Aeronave de ataque ligero de Super Tucano A-29
• Sistemas de simulación militar integrados

Aviones de alto rendimiento con eficiencia de combustible y bajos costos operativos

Reducción promedio de costos operativos para chorros E2: 20-25% en comparación con la generación anterior. Reducción de emisiones de carbono: 17.6%.

Modelo de aeronave	Ahorro de costos operativos	Intervalos de mantenimiento
E190-E2	22% más bajo	Aumentó en un 40%
E195-E2	24% más bajo	Verificaciones de mantenimiento extendidas

Servicios integrales de soporte y mantenimiento postventa

Cobertura de la red de servicios globales: 95 países. Ingresos de servicio anuales en 2022: $ 1.1 mil millones.

• Soporte técnico 24/7
• Servicios de reparación de componentes
• Programas de capacitación para el personal de las aerolíneas

Diseño innovador y tecnologías aeroespaciales de vanguardia

Inversión en I + D en 2022: $ 385 millones. Solicitudes de patentes presentadas: 42. Acuerdos de asociación tecnológica: 12.

Área tecnológica	Enfoque de innovación	Etapa de desarrollo
Propulsión eléctrica	Conceptos híbridos de aeronaves eléctricas	Desarrollo prototipo
Aviación sostenible	Tecnologías de emisión de carbono reducidas	Investigación avanzada

Embraer S.A. (ERJ) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con aerolíneas y organizaciones de defensa

A partir de 2024, Embraer tiene 1.650 aviones comerciales y 1.100 aviones de defensa/ejecutivo en funcionamiento a nivel mundial. La compañía mantiene contratos con más de 100 aerolíneas en 70 países.

Segmento de clientes	Número de contratos activos	Duración del contrato
Aerolíneas comerciales	85	5-15 años
Organizaciones de defensa	22	10-20 años
Clientes de jet ejecutivo	45	3-10 años

Atención al cliente y asistencia técnica dedicada

Embraer opera 24 centros de atención al cliente en todo el mundo, con 850 personal de soporte técnico dedicado.

• Tiempo de respuesta promedio para soporte técnico: 2.5 horas
• Línea directa de soporte técnico global 24/7
• Gerentes de cuentas dedicados para los principales clientes

Servicios de personalización de aviones personalizados

En 2023, Embraer completó 127 configuraciones de aviones personalizados para clientes comerciales y ejecutivos.

Tipo de personalización	Número de configuraciones	Costo de personalización promedio
Avión comercial	82	$ 1.2 millones
Aviones ejecutivos	45	$ 3.5 millones

Mecanismos regulares de compromiso y retroalimentación del cliente

Embraer realiza encuestas anuales de satisfacción del cliente con una tasa de respuesta del 78%.

• Reuniones trimestrales de revisión del cliente
• Conferencia anual de clientes
• Plataformas de retroalimentación digital

Red de servicio global para mantenimiento y reparaciones

Embraer mantiene 52 instalaciones de mantenimiento y reparación en 6 continentes.

Región	Número de centros de servicio	Volumen de servicio anual
América	22	425 aviones
Europa	12	215 aviones
Asia-Pacífico	10	180 aviones
Medio Oriente/África	8	95 aviones

Embraer S.A. (ERJ) - Modelo de negocios: canales

Equipos de ventas directos para segmentos comerciales y militares

Embraer mantiene equipos de ventas dedicados en múltiples regiones globales, con 2023 representación de ventas en:

Región	Tamaño del equipo de ventas	Enfoque principal
América del norte	42 profesionales de ventas	Avión comercial
Europa	35 profesionales de ventas	Aviones militares y comerciales
Asia-Pacífico	28 profesionales de ventas	Jets comerciales y ejecutivos

Ferias y exposiciones internacionales aeroespaciales

Embraer participa en eventos aeroespaciales clave:

• Paris Air Show 2023: 12 aviones mostrados
• Dubai Airshow 2023: $ 4.5 mil millones en contratos firmados
• Convención de aviación de negocios de la NBAA 2023: 5 modelos de avión ejecutivo exhibidos

Plataformas en línea y marketing digital

Canal digital	2023 métricas
Sitio web de la empresa	2.3 millones de visitantes únicos
Seguidores de LinkedIn	425,000 seguidores
Presupuesto de marketing digital	$ 12.7 millones

Distribuidores y representantes autorizados

La red de distribución global incluye:

• 78 distribuidores de aeronaves comerciales autorizadas
• 42 representantes de equipos militares
• Red que cubre 95 países

Asociaciones estratégicas con compañías de arrendamiento de aviones

Socio de arrendamiento	Valor de asociación	Tipos de aeronaves
AERCAP	Acuerdo de $ 1.2 mil millones	Modelos E175 y E190
Corporación de arrendamiento aéreo	Contrato de $ 890 millones	Chorros E195-E2

Embraer S.A. (ERJ) - Modelo de negocios: segmentos de clientes

Aerolíneas comerciales que buscan soluciones regionales a reacción

A partir de 2024, Embraer sirve a 107 aerolíneas a nivel mundial con su flota regional a reacción. La familia E-Jet E2 actualmente opera con 53 clientes en 45 países.

Métrico de segmento	2024 datos
Flota de aeronaves regionales totales	1.650 aviones
Cuota de mercado en aviones regionales	44.3%
Tamaño promedio de la flota por aerolínea	15.2 avión

Organizaciones de defensa gubernamental y militar

El segmento de defensa de Embraer sirve a 30 países con soluciones de aeronaves militares.

• Valor del contrato de defensa: $ 4.2 mil millones (2024)
• Ordenes de aeronaves militares: 72 unidades
• Plataformas de defensa clave: KC-390 Millennium, Super Tucano

Propietarios de jet privados y corporativos

La División Ejecutiva de Jets Embraer mantiene una fuerte presencia del mercado en la aviación empresarial.

Segmento de jet corporativo	2024 estadísticas
Jets corporativos totales entregados	1.650 unidades
Cuota de mercado en la aviación empresarial	17.6%
Precio promedio de la aeronave	$ 25.3 millones

Arrendamiento aeroespacial y compañías charter

Embraer apoya a 42 compañías de arrendamiento en todo el mundo con soluciones de aeronaves especializadas.

• Tamaño de la flota de arrendamiento: 385 aviones
• Ingresos de arrendamiento total: $ 1.7 mil millones
• Duración promedio de arrendamiento: 5.4 años

Sectores de aviación del mercado emergente

Embraer se dirige al crecimiento en el desarrollo de mercados de aviación en Asia, África y América Latina.

Segmento del mercado emergente	2024 métricas
Aviones totales en los mercados emergentes	412 unidades
Tasa de penetración del mercado	28.5%
Crecimiento del mercado proyectado	6.7% anual

Embraer S.A. (ERJ) - Modelo de negocio: Estructura de costos

Altos gastos de investigación y desarrollo

En 2022, Embraer invirtió $ 456.1 millones en gastos de investigación y desarrollo, lo que representa el 4.7% de sus ingresos totales.

Año	Gastos de I + D ($ M)	Porcentaje de ingresos
2022	456.1	4.7%
2021	404.3	4.5%

Costos significativos de fabricación y producción

Los costos totales de fabricación para Embraer en 2022 alcanzaron $ 7.8 mil millones, con componentes de costos clave que incluyen:

• Adquisición de materia prima: $ 3.2 mil millones
• Costos laborales directos: $ 1.5 mil millones
• Sobrecoss de fabricación: $ 1.1 mil millones
• Gastos del subcontratista: $ 2 mil millones

Fuerza laboral global y gestión del talento

A partir de 2022, la fuerza laboral total de Embraer consistía en 18,237 empleados, con gastos de personal asociados de $ 1.2 mil millones.

Ubicación	Número de empleados	Gastos de personal
Brasil	12,456	$ 820 millones
Oficinas internacionales	5,781	$ 380 millones

Inversión tecnológica y mantenimiento de infraestructura

En 2022, Embraer asignó $ 312.5 millones para la infraestructura y el mantenimiento tecnológico.

• Infraestructura: $ 98.7 millones
• Actualizaciones de la instalación de producción: $ 156.3 millones
• Inversiones de ciberseguridad: $ 57.5 millones

Cadena de suministro compleja y gestión de logística

La cadena de suministro y los costos de logística para Embraer en 2022 totalizaron $ 1.6 mil millones, abarcando:

Componente de logística	Costo ($ M)
Transporte	$425.6
Gestión de inventario	$378.4
Coordinación de proveedores	$276.2
Envío internacional	$519.8

Embraer S.A. (ERJ) - Modelo de negocios: flujos de ingresos

Venta de aviones comerciales

En 2022, Embraer entregó 88 aviones comerciales, generando $ 3.16 mil millones en ingresos de aviación comercial. La familia E-Jet E2 y los aviones de primera generación de E-Jet constituyeron la cartera de ventas primarias.

Tipo de aeronave	Entregas en 2022	Contribución de ingresos
E175	33 aviones	$ 1.12 mil millones
E190-E2	27 aviones	$ 1.05 mil millones
E195-E2	28 aviones	$ 0.99 mil millones

Ingresos del contrato militar y de defensa

Los ingresos del segmento militar en 2022 alcanzaron $ 1.45 mil millones, con contratos clave que incluyen:

• Avión de transporte militar de KC-390 Millennium
• Proyectos de integración del sistema de defensa
• Servicios de mantenimiento de aeronaves militares

Servicios y mantenimiento del mercado de accesorios

Los servicios de posventa de Embraer generaron $ 1.78 mil millones en 2022, representando el 24.5% de los ingresos totales de la compañía.

Categoría de servicio	2022 Ingresos
Mantenimiento de componentes	$ 612 millones
Apoyo técnico	$ 458 millones
Piezas de repuesto	$ 710 millones

Ventas de jet ejecutivo y privado

El segmento de aviación ejecutiva entregó 75 aviones en 2022, generando $ 1.22 mil millones en ingresos.

Modelo de reacción	Entregas	Ganancia
Fenómeno 100	35 chorros	$ 420 millones
Fenómeno 300	40 chorros	$ 800 millones

Servicios de licencias y consultoría de tecnología

Los servicios de licencias y consultoría de tecnología contribuyeron con aproximadamente $ 230 millones en 2022.

• Transferencia de tecnología aeroespacial
• Consultoría de ingeniería
• Soluciones de simulación y capacitación

Embraer S.A. (ERJ) - Canvas Business Model: Value Propositions

The Value Propositions from Embraer S.A. as of late 2025 are grounded in performance metrics and significant order book strength across its divisions.

Fuel-efficient, right-sized regional jets (E2 family) for short-to-medium haul routes.

The E2 family jets deliver substantial operational savings, particularly through efficiency improvements over previous generations and competitors. The E195-E2 consumes 25% less fuel per seat compared to first-generation E-Jets. Further enhancements in the E195-E2, announced in July 2024, improved fuel burn by an additional 2.5%, making it 12.5% more fuel efficient than its closest competitor aircraft. These upgrades also increased the E195-E2 range to 3,000 nmi. For the E190-E2 variant, the fuel burn reduction at entry into service was 24% less per seat than the E195. Embraer is targeting deliveries of 77 to 85 commercial aircraft for the full year 2025.

E2 Variant Metric	Performance Figure	Reference Period/Context
E195-E2 Fuel Burn Reduction (vs. 1st Gen E-Jets)	25% less per seat	General Efficiency Metric
E195-E2 Fuel Burn Improvement (vs. previous E2)	2.5% improvement	As of July 2024 upgrades
E195-E2 Range Increase	From 2,600 nmi to 3,000 nmi	As of July 2024 upgrades
Q2 2025 E195-E2 Deliveries	9 units	Q2 2025
2025 Commercial Delivery Target Range	77 to 85 aircraft	Full Year 2025 Guidance

Multi-mission military transport (KC-390 Millennium) with high operational availability.

The KC-390 Millennium offers jet speed and multi-mission capability, positioning it as a modern tactical airlift solution. The Brazilian Air Force (FAB) fleet, which retired the C-130 Hercules fleet in 2024, has demonstrated high readiness, accumulating over 14,000 flight hours with an availability rate above 99% as of September 2024. The aircraft can carry up to 26 tons of cargo. Portugal confirmed an order for a sixth KC-390 in Q2 2025, and Hungary took delivery of its second unit in November 2025. The Defense & Security division backlog reached $4.3 billion in Q2 2025.

• FAB fleet operational availability rate: above 99%
• Maximum cargo capacity: 26 tons
• FAB KC-390s ordered: 19 units
• Defense & Security Backlog: $4.3 billion (as of Q2 2025)

High-performance, full fly-by-wire executive jets (Praetor 500/600).

The Praetor family is a key driver of Embraer Executive Jets' performance, featuring technology like full fly-by-wire with active turbulence reduction. The division is forecasting deliveries of 145 to 155 business jets for 2025. In the first half of 2025, Embraer delivered 15 Praetor 600s and 11 Praetor 500s. The second quarter alone saw 17 Praetors delivered, comprising 8 Praetor 500s and 9 Praetor 600s. This segment achieved a record second quarter revenue of approximately $550 million in Q2 2025, supporting a backlog of $7.4 billion. Embraer surpassed 2,000 total business jet deliveries as of August 28, 2025, with the milestone aircraft being a Praetor 500.

Comprehensive, long-term aircraft maintenance and support services.

The Services & Support business (ESS) demonstrates consistent growth, having seen revenues climb 12% in 2023 to reach $1.4 billion. The commitment to long-term support is evidenced by the addition of eight new Pool contracts announced in Q2 2025. Furthermore, Embraer is expanding its training infrastructure with new full-flight simulator partnerships in Montreal and Madrid.

Early mover advantage in sustainable, electric urban air mobility (UAM).

Through its subsidiary, Eve Holding, Embraer S.A. maintains a strong position in the emerging UAM sector. Eve Holding has an order pipeline consisting of 2,850 Letters of Intent (LOIs) across 13 countries, valued at approximately $8 billion. Eve's 20-year outlook anticipates opportunities for 30,000 aircraft. A recent agreement with Beta Technologies for electric motors is valued at up to $1 billion.

The company-wide backlog reached an all-time high of $29.7 billion in Q2 2025.

Embraer S.A. (ERJ) - Canvas Business Model: Customer Relationships

You're looking at the core of Embraer S.A.'s long-term value, which is deeply embedded in its customer relationships across commercial, executive, and defense sectors. These aren't just transactional sales; they are multi-year, often decades-long commitments built on fleet support and platform integration. Honestly, the sheer size of the order book tells you how sticky these relationships are.

As of the third quarter of 2025 (3Q25), Embraer S.A. reported a record-high firm order backlog of $\text{USD } \mathbf{31.3 \text{ billion}}$. This massive figure reflects the strength of the long-term contracts underpinning the business.

Business Unit	Backlog Value (3Q 2025)	Backlog Growth YoY	Q2 2025 Revenue
Commercial Aviation	$\text{USD } \mathbf{15.2 \text{ billion}}$	N/A (Nine-year record backlog)	$\text{USD } \mathbf{577 \text{ million}}$
Executive Aviation	$\text{USD } \mathbf{7.3 \text{ billion}}$	$\mathbf{65\%}$	$\text{USD } \mathbf{549 \text{ million}}$
Defense & Security	$\text{USD } \mathbf{3.9 \text{ billion}}$	N/A (Compared to $\text{USD } \mathbf{4.3 \text{ billion}}$ in 2Q25)	$\text{USD } \mathbf{221 \text{ million}}$
Services & Support	$\text{USD } \mathbf{4.9 \text{ billion}}$	$\mathbf{40\%}$	$\text{USD } \mathbf{456 \text{ million}}$

Dedicated, long-term B2B contractual relationships with airlines.

The commercial segment's relationship health is visible in the major firm orders secured through late 2025. These aren't just sales; they lock in future production slots and service revenue. For instance, SkyWest Airlines placed firm orders for $\mathbf{60}$ E175 jets with purchase rights for $\mathbf{50}$ more. Also, Scandinavian Airlines (SAS) ordered $\mathbf{45}$ E195-E2s, including $\mathbf{10}$ additional options. Avelo Airlines signed for $\mathbf{50}$ aircraft with purchase rights for an additional $\mathbf{50}$. The Services & Support division itself is cementing these ties, reporting $\mathbf{8}$ new Pool contracts in Q2 2025 alone.

Direct sales and tailored procurement processes for government and defense clients.

Defense relationships are highly customized, often involving industrial cooperation terms. Lithuania selected the KC-390 Millennium military transport aircraft, with the deal covering industrial cooperation terms for local involvement in maintenance, repair, and overhaul (MRO). Portugal confirmed its sixth KC-390 purchase. Furthermore, contracts were signed for $\mathbf{5}$ A-29 Super Tucano aircraft to Panama and U.S.-based Sierra Nevada Corporation. The company is actively pursuing the Indian air force's Medium Transport Aircraft requirement through a team with Mahindra Defence Systems.

Personalized, high-touch sales and support for high-net-worth executive jet owners.

Executive Aviation continues to show strong customer engagement, delivering $\mathbf{38}$ private jets in Q2 2025, a $\mathbf{41\%}$ increase year-over-year. The division celebrated a major milestone: the delivery of its $\mathbf{2,000th}$ business jet, a Praetor 500, to an undisclosed customer in 3Q25. Executive Aviation segment revenues soared $\mathbf{64\%}$ in Q2 2025 compared to Q2 2024.

Fleet management and integrated logistics support (ILS) for defense platforms.

Embraer S.A. is actively expanding its post-sale support infrastructure globally to assure mission readiness for defense clients. In November 2025, the company signed two Memoranda of Understanding (MoUs) with UAE-based AMMROC and GAL. These agreements specifically target joint opportunities in MRO and training services for the KC-390 Millennium. The scope of collaboration is planned to cover aftermarket support, logistics, training, and repair services.

Customer training and consulting services.

Training is integrated directly into the sales and support cycle, especially for new platforms. The partnership agreements in the UAE explicitly include training services for the KC-390. Also, the Commercial Aviation division is deploying a new full-flight simulator in Madrid, in partnership with CAE, specifically for E2 customers.

Embraer S.A. (ERJ) - Canvas Business Model: Channels

Direct sales force for Commercial and Executive Aviation aircraft.

Embraer S.A. ended the third quarter of 2025 with an all-time high firm order backlog valued at $31.3 billion. The company maintained its full-year 2025 delivery guidance for Commercial Aviation between 77 and 85 aircraft. For Executive Aviation, the 2025 delivery guidance is between 145 and 155 jets.

Division	Backlog Value (Q2 2025)	Q3 2025 Deliveries
Commercial Aviation	$13.1 billion	20 aircraft
Executive Aviation	$7.4 billion	41 aircraft

The Executive Aviation channel expanded its physical sales presence in Europe, appointing Atlas Air Service as an authorized sales representative (ASR) covering sales in Germany, Austria, and Switzerland. The Phenom 300 was reported as the most-delivered light jet.

Global network of authorized service centers and MRO facilities.

The Services & Support division registered a backlog of $4.9 billion as of Q2 2025, marking a 55% increase year-over-year. Revenues for Services & Support climbed 16% year-over-year in Q3 2025. The network expanded maintenance coverage with Gama securing authorized service centre status for the ERJ145 across the UK and UAE, supporting bases in Bournemouth, Farnborough, Luton, and Sharjah.

Direct negotiation with Defense Ministries and government procurement agencies.

The Defense & Security backlog stood at $4.3 billion in Q2 2025. In Q2 2025, the division delivered four A-29 Super Tucano aircraft. Portugal confirmed its sixth KC-390 purchase, and Lithuania became the seventh NATO country to select the KC-390 Millennium aircraft.

Eve Air Mobility platform for future UAM service distribution.

Eve Air Mobility currently holds a backlog of 2,800 electric vertical takeoff and landing (eVTOL) aircraft. The company's Global Market Outlook projects an estimated in-service vehicle fleet of 30,000 eVTOLs by 2045, supporting an estimated three billion passengers and creating a potential revenue of $280 billion. Eve Air Mobility reported a net loss of USD64.7 million in Q2 2025.

• Eve Air Mobility's total liquidity, including undrawn credit lines and a grant, reached $375.5 million at the end of Q2 2025.
• Research & Development expenses for Eve in Q2 2025 were USD45.7 million.
• The agreement with BETA Technologies represents a potential 10-year opportunity worth up to $1 billion for BETA.

Embraer S.A. (ERJ) - Canvas Business Model: Customer Segments

You're looking at the customer base for Embraer S.A. as of late 2025. The company has a diverse set of buyers spanning commercial, defense, private, and specialized agricultural sectors. Honestly, the sheer size of the order book tells you a lot about where the demand is right now.

The firm order backlog hit a record $31.3 billion at the end of the third quarter of 2025, showing strong confidence across the board. Here's a quick look at the segment breakdown as of that time, using the latest available figures:

Business Segment	Order Backlog (as of Q3 2025 or latest available)	H1 2025 Deliveries (Total Aircraft)	2025 Delivery Guidance (Midpoint)
Commercial Aviation	$15.2 billion (Q3 2025)	26 units (1H25)	81 units (Midpoint of 77-85)
Executive Aviation	$7.4 billion (Q2 2025)	61 units (1H25)	150 units (Midpoint of 145-155)
Defense & Security	$4.3 billion (Q2 2025)	4 units (Q2 2025 delivery mentioned)	Not explicitly provided for the segment, but total deliveries expected to be up to 240

The Executive Aviation segment saw its backlog jump 62% year-over-year by Q2 2025. That's serious growth in the private market.

Global regional and mainline commercial airlines (e.g., SkyWest, SAS)

This segment focuses on the E-Jets family, including the E175, E190-E2, and E195-E2. The backlog for Commercial Aviation reached a nine-year record of $15.2 billion in Q3 2025. The E175 model hit a landmark of 1,000 firm orders since its launch in 2005.

Key recent customer activity includes:

• SkyWest (US-based regional airline): Firm order for 60 E175 aircraft, plus purchase rights for 50 more.
• Scandinavian Airlines System (SAS): Agreement to acquire 45 E195-E2 aircraft, with purchase rights for 10 additional units. This was SAS's largest direct order from a manufacturer in the last 30 years.

The division's book-to-bill ratio over the past 12 months reached 1.8x as of Q2 2025.

Defense Ministries and Air Forces globally (e.g., Brazil, Portugal, Poland)

The Defense & Security segment is actively securing major multi-mission transport and training aircraft contracts, particularly for the KC-390 Millennium and the A-29 Super Tucano. The Q2 2025 backlog for this division stood at $4.3 billion, doubling the figure from a year prior.

Customer milestones and activities include:

• Portugal: Signed a deal for a sixth KC-390 Millennium aircraft in September 2025. The KC-390 has demonstrated a mission capability rate of 93% since entering service with the Brazilian Air Force in 2019.
• Brazil: Completed the certification flight test campaign for in-flight refuelling of the Gripen E fighter by the KC-390 Millennium in November 2025.
• Paraguay: Received four A-29 Super Tucano turboprop aircraft deliveries in Q2 2025.
• Poland: Signed five Memoranda of Understanding (MoUs) with the state-owned defense group Polska Grupa Zbrojeniowa (PGZ) in December 2025, setting a framework for long-term collaboration, including potential joint production of the KC-390 Millennium.

High-Net-Worth Individuals (HNWIs) and corporate flight departments

This customer base drives the Executive Aviation segment, which is seeing robust demand for the Phenom and Praetor lines. In the first half of 2025, Embraer S.A. delivered 61 executive jets. The Phenom 300 model retained its position as the world's best-selling light jet for the thirteenth consecutive year, with 20 deliveries in Q3 2025 alone.

The 1H25 deliveries breakdown for this segment was:

• Total Executive Jets: 61.
• Light Jets (Phenom 100/300): 35 total (6 Phenom 100s, 29 Phenom 300s).
• Midsize Jets (Praetor 500/600): 26 total (11 Praetor 500s, 15 Praetor 600s).

Agricultural aviation operators (Ipanema crop duster)

The agricultural division centers on the Ipanema aircraft, which is ethanol-powered and uses biofuel. Embraer S.A. celebrated the delivery of the 1,700th Ipanema cropduster (EMB-203 version) on November 24, 2025. This aircraft holds an approximate 60% market share in Brazil's agricultural aviation sector. The company sold more than 180 units over the last three years.

MRO and logistics customers for in-service fleet support

Support for the in-service fleet is a significant customer base, reflected in the Services & Support backlog, which reached $4.9 billion in Q2 2025, a 55% jump year-over-year. This is clearly tied to the growing global fleet of E-Jets and defense aircraft.

Specifically related to defense customers, the MoUs signed with Poland's PGZ group in December 2025 explicitly include assessing cooperation in operational support, maintenance, repair and overhaul (MRO) services for the KC-390 and other aircraft. Portugal's OGMA is noted as the existing European focal point for KC-390 industrial activity and MRO.

Finance: draft 13-week cash view by Friday.

Embraer S.A. (ERJ) - Canvas Business Model: Cost Structure

The cost structure for Embraer S.A. is heavily weighted toward the direct costs of manufacturing complex aerospace products, coupled with substantial long-term investments in future technologies.

High cost of goods sold (COGS) driven by raw materials and complex component sourcing.

Cost of sales and services for the first nine months of 2025 totaled $(4,039.2) million, against revenues of $4,925.7 million for the same period. This results in a 9M25 Gross Profit of $886.5 million. The Services & Support segment saw its gross margin drop to 24.9% year-over-year in Q3 2025, attributed to service and materials delays. Furthermore, U.S. import tariffs presented a headwind, totaling $17 million in Q3 2025 and reaching $27 million year-to-date.

Significant R&D investment, including for Eve and sustainable aviation.

Research expenses for the nine months ending September 2025 were $43.3 million, with Q3 2025 research expenses specifically at $17.0 million. Looking ahead, Embraer announced plans to invest approximately US$ 3.5 billion by 2030, covering growth and sustainable technologies. In 2024, the company invested $390 million to step up R&D for electric aircraft. For its subsidiary, Eve Air Mobility, a FINEP grant of up to $15.8 million supports a total project investment of up to $33.8 million. On the demonstrator front, Embraer is converting an EMB-203 Ipanema into a hydrogen fuel-cell propulsion demonstrator planned for first flight by 2025.

Labor costs for a highly specialized engineering and manufacturing base.

Embraer maintains a large, specialized workforce globally. The company has 23,500 employees worldwide, with 18,000 of those based in Brazil. This reflects continuous hiring, as Embraer onboarded 1,500 employees in 2024 and planned for an additional 900 hires in 2024 to boost production and R&D.

Working capital buildup to support the record backlog and delivery ramp-up.

The cost of ramping up production against a massive order book ties up significant cash in working capital. Embraer's firm order backlog hit a record $31.3 billion in Q3 2025, marking a 38% increase from the prior year. Despite this, adjusted free cash flow without Eve for Q3 2025 was a positive $300.3 million, aided by lower accounts receivable. The balance sheet reflects this activity, with Working Capital (A-B) at $(48.6) million in Q3 2025.

Operating expenses for a global sales and MRO network.

Operating expenses cover the necessary infrastructure to support global sales and the growing Services & Support division, which recorded revenues of $493 million in Q3 2025.

Here's a look at the key operating expenses for the nine months ending September 2025:

Expense Category	9M25 Amount (in millions of U.S. dollars)	Q3 2025 Amount (in millions of U.S. dollars)
Administrative Expenses	$(153.8)	$(51.9)
Selling Expenses	$(245.5)	$(85.6)
Research Expenses	$(43.3)	$(17.0)

The company's overall financial structure also involves managing debt costs. Embraer extended its debt maturity profile to 5.9 years while maintaining an average cost of debt at 6.2% as of Q3 2025.

Embraer S.A. (ERJ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Embraer S.A. brings in money as we head toward the end of 2025. It's a mix of selling new planes and keeping the existing fleet flying, which is a smart way to balance lumpy aircraft sales with more predictable service income.

The main revenue drivers are clearly laid out in the 2025 guidance. Consolidated revenues are projected to land between $7.0 billion and $7.5 billion for the full fiscal year. This projection is based on hitting specific delivery targets across the major divisions.

Here's the quick math on the expected volume for new aircraft sales:

Segment	Expected 2025 Deliveries (Range)
Commercial Aircraft	77-85 units
Executive Jets	145-155 units

Commercial aircraft sales are a key pillar. Embraer projects delivering between 77 and 85 commercial aircraft in 2025. To give you some context, the company delivered 73 commercial aircraft in 2024.

Executive jet sales show a higher unit volume, which is defintely a strong point for the company's top line. The expectation is for 145 to 155 executive jet deliveries throughout 2025. This segment saw strong performance, with Executive Aviation revenues rising 35% in Q1 2025 and soaring 64% year-on-year in Q2 2025.

Services and Support is the growing segment you need to watch closely. This stream covers Maintenance, Repair, and Overhaul (MRO), parts sales, and training services. It provides a steadier revenue base compared to the cyclical nature of new aircraft sales. In Q2 2025, this segment accounted for about 25% of the total revenue. The segment showed revenue growth of 16% in Q1 2025 and 13% year-over-year in Q2 2025. Management is actively expanding this area, including plans for a 50%+ increase in MRO footprint in North America by 2027.

Defense and Security aircraft sales, featuring the KC-390 multi-mission military transport and the Super Tucano, contribute significantly, especially given the backlog strength. The Defense & Security division saw revenue increases of 40% in 2024, 72% in Q1 2025, and 18% in Q2 2025. As of Q2 2025, the division's order backlog reached $4.3 billion. Deliveries for this segment included one KC-390 Millennium in Q3 2025.

You can see how these streams are expected to combine for the full year:

• Consolidated Revenue Guidance: $7.0 billion to $7.5 billion.
• Commercial Aircraft Deliveries: Midpoint implies a 10% increase over the previous year.
• Executive Aviation Deliveries: Midpoint suggests growth of around 15% compared to last year.
• Services & Support Growth: A focus area, with recent quarterly growth rates like 16% and 13%.
• Defense & Security Backlog: Reached $4.3 billion as of Q2 2025.

Finance: draft 13-week cash view by Friday.