Embraer S.A. (ERJ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'innovation aérospatiale, Embraer S.A. est un phare de prouesses technologiques et de brillance stratégique. Transformant le paysage de l'aviation avec ses solutions d'avions de pointe, ce géant aérospatial brésilien a magistralement conçu un modèle commercial qui couvre des secteurs de l'aviation commerciale, militaire et exécutif. Des jets régionaux élégants qui redéfinissent l'efficacité aux solutions aérospatiales personnalisées qui repoussent les frontières technologiques, la toile du modèle commercial d'Embraer révèle une stratégie complexe et adaptative qui a positionné l'entreprise en tant que leader mondial dans la fabrication et l'innovation d'avions.

Embraer S.A. (ERJ) - Modèle commercial: partenariats clés

Alliance stratégique avec Boeing

En 2020, Embraer et Boeing ont dissous leur coentreprise d'avions commerciaux prévus, Embraer conservant la pleine propriété de son activité d'avions commerciaux. Le partenariat a impliqué une évaluation initiale de 4,2 milliards de dollars.

Collaborations militaires et de défense

Pays	Détails du partenariat de défense	Valeur du contrat
Brésil	Programme d'avions Brésilien Air Force KC-390 Millennium	Contrat de 2,5 milliards de dollars
Portugal	KC-390 Military Transport Aircraft Procurement	Contrat de 827 millions de dollars

Fournisseurs en aérospatiale et fournisseurs de technologies

• Honeywell International - Systèmes de contrôle des avions et des moteurs
• Pratt & Whitney - Partenariats technologiques du moteur
• SAFRAN GROUP - Gears d'atterrissage et composants aérospatiaux

Coentreprises sur les marchés émergents

Pays	Coentreprise	Domaine de mise au point
Chine	Harbin Aviation Industry Corporation	Fabrication régionale d'avions
Inde	Hindustan Aeronautics Limited	Développement des avions militaires

Accords de transfert de technologie

Partners de transfert de technologie clés:

• Mitsubishi Heavy Industries (Japon) - Technologie de jet régional
• Leonardo S.P.A. (Italie) - Intégration des systèmes de défense
• Airbus SE - Technologies aérospatiales collaboratives

2023 Contribution des revenus du partenariat: Environ 22% du total des revenus de l'entreprise provenant des partenariats stratégiques.

Embraer S.A. (ERJ) - Modèle d'entreprise: activités clés

Conception et fabrication d'avions commerciaux, militaires et exécutifs

En 2023, Embraer a livré 315 jets commerciaux et exécutifs, notamment:

Catégorie d'avions	Nombre de livraisons
Jets commerciaux (E175 / E190 / E195)	84 avions
Jets exécutifs (phénomène, héritage)	231 avions

Recherche et développement en aérospatiale

Investissement en R&D en 2023: 453,2 millions de dollars

• Axé sur les technologies d'aviation durables
• Systèmes de propulsion électrique et hybride-électrique
• Design aérodynamique avancé

Services de maintenance et de soutien des avions

Catégorie de service	Revenus annuels
Entretien, réparation et révision (MRO)	782 millions de dollars
Pièces de rechange et prise en charge des composants	345 millions de dollars

Ingénierie et innovation technologique

Demandes de brevet en 2023: 42 Nouveaux brevets technologiques aérospatiaux

• Matériaux composites avancés
• Systèmes avioniques de nouvelle génération
• Technologies d'efficacité énergétique

Ventes mondiales et commercialisation de solutions aérospatiales

2023 Distribution mondiale des ventes:

Région	Pourcentage de ventes
Amérique du Nord	42%
l'Amérique latine	22%
Europe	18%
Asie-Pacifique	15%
Moyen-Orient / Afrique	3%

Embraer S.A. (ERJ) - Modèle commercial: Ressources clés

Capacités avancées d'ingénierie et de conception

Embraer a investi des milliards de rands de R dans la recherche et le développement en 2022. La société maintient 7 centres mondiaux de recherche et développement à travers le Brésil, les États-Unis, la Chine et la France.

Investissement en R&D	Centres de R&D mondiaux	Personnel d'ingénierie
1,1 milliard de R (2022)	7 centres	Plus de 4 500 ingénieurs

Installations de fabrication

Embraer exploite les principales installations de fabrication dans:

• São José Dos Campos, Brésil (siège)
• Gavião Peixoto, Brésil
• Melbourne, Floride, États-Unis

Travail en génie aérospatial qualifié

Total de la main-d'œuvre à partir de 2022: 16 500 employés dans le monde entier

Total des employés	Ingénieurs	Emplacements mondiaux
16,500	4,500+	20+ pays

Propriété intellectuelle

Portefeuille de brevets actif: plus de 200 ans de brevets enregistrés sur les technologies aérospatiales

Infrastructure financière

Mesures financières pour 2022:

• Revenu total: 22,1 milliards de R
• Position de trésorerie nette: 3,2 milliards de dollars R
• EBITDA: 2,1 milliards de dollars

Embraer S.A. (ERJ) - Modèle d'entreprise: propositions de valeur

Jets régionaux et exécutifs efficaces et technologiquement avancés

Embraer E-Jet E2 Family Revenue en 2022: 3,98 milliards de dollars. Livrations totales de E175-E2: 24 avions. Revenu du segment de jet exécutif: 1,2 milliard de dollars.

Modèle d'avion	Capacité de passagers	Gamme (km)	Efficacité énergétique
E175-E2	76 sièges	4,074	16% de consommation de carburant inférieure
Praetor 600	14 passagers	7,223	Réduction des émissions

Solutions aérospatiales personnalisées pour les marchés commerciaux et militaires

Revenus de segments d'avions militaires en 2022: 1,5 milliard de dollars. Backlog du contrat de défense: 2,3 milliards de dollars.

• KC-390 Millennium Military Transport Aircraft
• A avion A-29 Super Tucano Light Attack
• Systèmes de simulation militaire intégrés

Avions à haute performance avec efficacité énergétique et faible coût opérationnel

Réduction moyenne des coûts opérationnels pour les jets E2: 20-25% par rapport à la génération précédente. Réduction des émissions de carbone: 17,6%.

Modèle d'avion	Économies de coûts opérationnels	Intervalles de maintenance
E190-E2	22% inférieur	Augmenté de 40%
E195-E2	24% inférieur	Contrôles de maintenance prolongés

Services complets de soutien et de maintenance après-vente

Couverture du réseau mondial: 95 pays. Revenus de services annuels en 2022: 1,1 milliard de dollars.

• Assistance technique 24/7
• Services de réparation des composants
• Programmes de formation pour le personnel des compagnies aériennes

Conception innovante et technologies aérospatiales de pointe

Investissement en R&D en 2022: 385 millions de dollars. Demandes de brevet déposées: 42. Partenariat technologique Accords: 12.

Zone technologique	Focus de l'innovation	Étape de développement
Propulsion électrique	Concepts d'aéronefs hybrides	Développement de prototypes
Aviation durable	Réduction des technologies d'émission de carbone	Recherche avancée

Embraer S.A. (ERJ) - Modèle d'entreprise: relations clients

Contrats à long terme avec les compagnies aériennes et les organisations de défense

En 2024, Embraer a 1 650 avions commerciaux et 1 100 avions de défense / exécutif en fonctionnement dans le monde. La société maintient des contrats avec plus de 100 compagnies aériennes dans 70 pays.

Segment de clientèle	Nombre de contrats actifs	Durée du contrat
Compagnies aériennes commerciales	85	5-15 ans
Organisations de défense	22	10-20 ans
Clients exécutifs à jet	45	3-10 ans

Support client dédié et assistance technique

Embraer exploite 24 centres de support client dans le monde, avec 850 membres du personnel de support technique dédié.

• Temps de réponse moyen pour le support technique: 2,5 heures
• Hotline de soutien technique mondial 24/7 24/7
• Gestionnaires de comptes dédiés aux principaux clients

Services de personnalisation des avions personnalisés

En 2023, Embraer a terminé 127 configurations d'avions personnalisées pour les clients commerciaux et exécutifs.

Type de personnalisation	Nombre de configurations	Coût de personnalisation moyen
Avion commercial	82	1,2 million de dollars
Jets exécutifs	45	3,5 millions de dollars

Mécanismes réguliers d'engagement et de rétroaction des clients

Embraer effectue des enquêtes annuelles sur la satisfaction des clients avec un taux de réponse de 78%.

• Réunions de révision des clients trimestriels
• Conférence client annuelle
• Plateformes de rétroaction numérique

Réseau de services mondial pour la maintenance et les réparations

Embraer maintient 52 installations d'entretien et de réparation sur 6 continents.

Région	Nombre de centres de service	Volume de services annuel
Amériques	22	425 avions
Europe	12	215 avions
Asie-Pacifique	10	180 avions
Moyen-Orient / Afrique	8	95 avions

Embraer S.A. (ERJ) - Modèle commercial: canaux

Équipes de vente directes pour les segments commerciaux et militaires

Embraer maintient des équipes de vente dédiées dans plusieurs régions mondiales, avec une représentation des ventes en 2023 dans:

Région	Taille de l'équipe de vente	Focus principal
Amérique du Nord	42 professionnels des ventes	Avion commercial
Europe	35 professionnels des ventes	Avions militaires et commerciaux
Asie-Pacifique	28 professionnels des ventes	Jets commerciaux et exécutifs

Salons et expositions internationales aérospatiales

Embraer participe à des événements aérospatiaux clés:

• Paris Air Show 2023: 12 avions affichés
• Dubai Airshow 2023: 4,5 milliards de dollars de contrats signés
• NBAA Business Aviation Convention 2023: 5 Modèles de jet exécutif présentés

Plateformes en ligne et marketing numérique

Canal numérique	2023 métriques
Site Web de l'entreprise	2,3 millions de visiteurs uniques
LinkedIn adepte	425 000 abonnés
Budget de marketing numérique	12,7 millions de dollars

Distributeurs et représentants autorisés

Le réseau de distribution mondial comprend:

• 78 Distributeurs d'aéronefs commerciaux autorisés
• 42 représentants de l'équipement militaire
• Réseau couvrant 95 pays

Partenariats stratégiques avec les sociétés de location d'avions

Partenaire de location	Valeur de partenariat	Types d'avions
Aercap	Accord de 1,2 milliard de dollars	Modèles E175 et E190
Air Lail Corporation	Contrat de 890 millions de dollars	Jets E195-E2

Embraer S.A. (ERJ) - Modèle d'entreprise: segments de clientèle

Des compagnies aériennes commerciales à la recherche de solutions de jet régional

En 2024, Embraer dessert 107 compagnies aériennes dans le monde avec sa flotte de jet régionale. La famille E-Jet E2 opère actuellement avec 53 clients dans 45 pays.

Métrique du segment	2024 données
Flotte totale des avions régionaux	1 650 avions
Part de marché dans les jets régionaux	44.3%
Taille moyenne de la flotte par compagnie aérienne	15.2 avions

Organisations de défense gouvernementale et militaire

Le segment de la défense d'Embraer dessert 30 pays avec des solutions d'avions militaires.

• Valeur du contrat de défense: 4,2 milliards de dollars (2024)
• Commandes d'avions militaires: 72 unités
• Plates-formes de défense clés: KC-390 Millennium, Super Tucano

Propriétaires de jets privés et d'entreprise

Embraer Executive Jets Division maintient une forte présence sur le marché dans l'aviation d'affaires.

Segment de jet d'entreprise	2024 statistiques
Total des jets d'entreprise livrés	1 650 unités
Part de marché dans l'aviation d'affaires	17.6%
Prix ​​moyen des avions	25,3 millions de dollars

Sociétés de location en aérospatiale et de charte

Embraer soutient 42 sociétés de location dans le monde avec des solutions d'aéronefs spécialisées.

• Taille de la flotte de location: 385 avions
• Revenus de location totale: 1,7 milliard de dollars
• Durée du bail moyenne: 5,4 ans

Secteurs de l'aviation du marché émergent

Embraer cible la croissance du développement des marchés de l'aviation à travers l'Asie, l'Afrique et l'Amérique latine.

Segment de marché émergent	2024 mesures
Total des avions sur les marchés émergents	412 unités
Taux de pénétration du marché	28.5%
Croissance du marché prévu	6,7% par an

Embraer S.A. (ERJ) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement élevés

En 2022, Embraer a investi 456,1 millions de dollars en frais de recherche et développement, ce qui représente 4,7% de ses revenus totaux.

Année	Dépenses de R&D ($ m)	Pourcentage de revenus
2022	456.1	4.7%
2021	404.3	4.5%

Coûts de fabrication et de production importants

Les coûts de fabrication totaux pour Embraer en 2022 ont atteint 7,8 milliards de dollars, avec des composants de coûts clés, notamment:

• Aachat de matières premières: 3,2 milliards de dollars
• Coûts de main-d'œuvre directes: 1,5 milliard de dollars
• Fabrication des frais généraux: 1,1 milliard de dollars
• Dépenses de sous-traitant: 2 milliards de dollars

Global Workforce and Talent Management

En 2022, la main-d'œuvre totale d'Embraer était composée de 18 237 employés, avec des dépenses de personnel associées de 1,2 milliard de dollars.

Emplacement	Nombre d'employés	Dépenses du personnel
Brésil	12,456	820 millions de dollars
Bureaux internationaux	5,781	380 millions de dollars

Investissement technologique et maintenance des infrastructures

En 2022, Embraer a alloué 312,5 millions de dollars aux infrastructures et à la maintenance technologiques.

• Infrastructure informatique: 98,7 millions de dollars
• Mises à niveau des installations de production: 156,3 millions de dollars
• Investissements en cybersécurité: 57,5 ​​millions de dollars

Gestion complexe de la chaîne d'approvisionnement et de la logistique

Les coûts de la chaîne d'approvisionnement et de la logistique pour Embraer en 2022 ont totalisé 1,6 milliard de dollars, englobant:

Composant logistique	Coût ($ m)
Transport	$425.6
Gestion des stocks	$378.4
Coordination des fournisseurs	$276.2
Expédition internationale	$519.8

Embraer S.A. (ERJ) - Modèle commercial: Strots de revenus

Ventes d'avions commerciaux

En 2022, Embraer a livré 88 jets commerciaux, générant 3,16 milliards de dollars de revenus aéronautiques commerciaux. Les avions de première génération E-Jet E2 et de première génération constituaient le portefeuille de ventes principal.

Type d'avion	Livraisons en 2022	Contribution des revenus
E175	33 avions	1,12 milliard de dollars
E190-E2	27 avions	1,05 milliard de dollars
E195-E2	28 avions	0,99 milliard de dollars

Revenus des contrats militaires et de défense

Les revenus des segments militaires en 2022 ont atteint 1,45 milliard de dollars, avec des contrats clés, notamment:

• KC-390 Millennium Military Transport Aircraft
• Projets d'intégration du système de défense
• Services de maintenance des avions militaires

Services et maintenance du marché secondaire

Les services de rechange d'Embraer ont généré 1,78 milliard de dollars en 2022, ce qui représente 24,5% du total des revenus de l'entreprise.

Catégorie de service	2022 Revenus
Maintenance des composants	612 millions de dollars
Support technique	458 millions de dollars
Des pièces de rechange	710 millions de dollars

Ventes de jets exécutifs et privés

Le segment de l'aviation exécutive a livré 75 jets en 2022, générant 1,22 milliard de dollars de revenus.

Modèle de jet	Livraisons	Revenu
Phénomène 100	35 jets	420 millions de dollars
Phénomène 300	40 jets	800 millions de dollars

Services de licence et de conseil technologique

Les services de licence et de conseil technologiques ont contribué environ 230 millions de dollars en 2022.

• Transfert de technologie aérospatiale
• Conseil en génie
• Solutions de simulation et de formation

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.