Embraer S.A. (ERJ): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação aeroespacial, a Embraer S.A. se destaca como um farol de proezas tecnológicas e brilho estratégico. Transformando o cenário da aviação com suas soluções de aeronaves de ponta, este gigante aeroespacial brasileiro criou magistralmente um modelo de negócios que abrange os setores comerciais, militares e de aviação executiva. Desde jatos regionais elegantes que redefinem a eficiência a soluções aeroespaciais personalizadas que empurram as fronteiras tecnológicas, o modelo de negócios da Embraer revela uma estratégia complexa e adaptativa que posicionou a empresa como líder global em fabricação e inovação de aeronaves.

Embraer S.A. (ERJ) - Modelo de negócios: Parcerias -chave

Aliança estratégica com a Boeing

Em 2020, a Embraer e a Boeing dissolveram sua joint venture de aeronaves comerciais planejadas, com a Embraer mantendo a propriedade total de seus negócios de aeronaves comerciais. A parceria envolveu uma avaliação inicial de US $ 4,2 bilhões.

Colaborações militares e de defesa

País	Detalhes da parceria de defesa	Valor do contrato
Brasil	Programa de aeronave Millennium da Força Aérea Brasileira KC-390	Contrato de US $ 2,5 bilhões
Portugal	Aquisição de aeronaves de transporte militar KC-390	Contrato de US $ 827 milhões

Fornecedores aeroespaciais e fornecedores de tecnologia

• Honeywell International - Sistemas de Avônicos e Controle de Motores
• Pratt & Whitney - Parcerias de tecnologia do motor
• Grupo Safran - trem de pouso e componentes aeroespaciais

Joint ventures em mercados emergentes

País	Parceiro de joint venture	Área de foco
China	Corporação da indústria de aviação Harbin	Fabricação de aeronaves regionais
Índia	Hindustan Aeronautics Limited	Desenvolvimento de aeronaves militares

Acordos de transferência de tecnologia

Principais parceiros de transferência de tecnologia:

• Mitsubishi Heavy Industries (Japão) - Tecnologia regional de jato
• Leonardo S.P.A. (Itália) - Integração de sistemas de defesa
• Airbus SE - Tecnologias aeroespaciais colaborativas

2023 Contribuição da receita da parceria: Aproximadamente 22% da receita total da empresa derivada de parcerias estratégicas.

Embraer S.A. (ERJ) - Modelo de negócios: Atividades -chave

Projeto e fabricação de aeronaves comerciais, militares e executivas

Em 2023, a Embraer entregou 315 jatos comerciais e executivos, incluindo:

Categoria de aeronave	Número de entregas
Jatos comerciais (E175/E190/E195)	84 aeronaves
Jets executivos (fenômeno, legado)	231 aeronaves

Pesquisa e desenvolvimento aeroespacial

Investimento de P&D em 2023: US $ 453,2 milhões

• Focado em tecnologias de aviação sustentável
• Sistemas de propulsão elétricos e híbridos-elétricos
• Design Aerodinâmico Avançado

Serviços de manutenção e suporte de aeronaves

Categoria de serviço	Receita anual
Manutenção, reparo e revisão (MRO)	US $ 782 milhões
Peças de reposição e suporte de componentes	US $ 345 milhões

Engenharia e Inovação Tecnológica

Aplicações de patentes em 2023: 42 novas patentes de tecnologia aeroespacial

• Materiais compostos avançados
• Sistemas aviônicos de próxima geração
• Tecnologias de eficiência de combustível

Vendas globais e marketing de soluções aeroespaciais

2023 Distribuição global de vendas:

Região	Porcentagem de vendas
América do Norte	42%
América latina	22%
Europa	18%
Ásia-Pacífico	15%
Oriente Médio/África	3%

Embraer S.A. (ERJ) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia e design

A Embraer investiu R $ 1,1 bilhão em pesquisa e desenvolvimento em 2022. A Companhia mantém 7 centros globais de pesquisa e desenvolvimento em Brasil, Estados Unidos, China e França.

Investimento em P&D	Centros globais de P&D	Equipe de engenharia
R $ 1,1 bilhão (2022)	7 centros	4.500 mais de engenheiros

Instalações de fabricação

A Embraer opera as instalações de fabricação primárias em:

• São José dos Campos, Brasil (sede)
• Gavião Peixoto, Brasil
• Melbourne, Flórida, EUA

Força de trabalho de engenharia aeroespacial qualificada

Força de trabalho total em 2022: 16.500 funcionários globalmente

Total de funcionários	Engenheiros	Locais globais
16,500	4,500+	Mais de 20 países

Propriedade intelectual

Portfólio ativo de patentes: 1.200+ patentes registradas em tecnologias aeroespaciais

Infraestrutura financeira

Métricas financeiras para 2022:

• Receita total: R $ 22,1 bilhões
• Posição líquida em dinheiro: R $ 3,2 bilhões
• Ebitda: R $ 2,1 bilhões

Embraer S.A. (ERJ) - Modelo de negócios: proposições de valor

Jatos regionais e executivos eficientes e tecnologicamente avançados

Receita da família E-JET E2 Embraer em 2022: US $ 3,98 bilhões. Entregas totais de aeronaves E175-E2: 24. Receita do segmento de jato executivo: US $ 1,2 bilhão.

Modelo de aeronave	Capacidade do passageiro	Range (km)	Eficiência de combustível
E175-E2	76 assentos	4,074	16% menor consumo de combustível
Praetor 600	14 passageiros	7,223	Emissões reduzidas

Soluções aeroespaciais personalizadas para mercados comerciais e militares

Receita do segmento de aeronaves militares em 2022: US $ 1,5 bilhão. Backlog de contrato de defesa: US $ 2,3 bilhões.

• Aeronaves de transporte militar do milênio KC-390
• A-29 Super Tucano Light Attack Aircraft
• Sistemas de simulação militar integrada

Aeronaves de alto desempenho com eficiência de combustível e baixos custos operacionais

Redução média de custo operacional para jatos E2: 20-25% em comparação com a geração anterior. Redução de emissões de carbono: 17,6%.

Modelo de aeronave	Economia de custos operacionais	Intervalos de manutenção
E190-E2	22% menor	Aumentou 40%
E195-E2	24% mais baixo	Verificações de manutenção estendidas

Serviços abrangentes de suporte e manutenção pós-venda

Cobertura da rede de serviços globais: 95 países. Receita anual de serviço em 2022: US $ 1,1 bilhão.

• Suporte técnico 24/7
• Serviços de reparo de componentes
• Programas de treinamento para o pessoal da companhia aérea

Design inovador e tecnologias aeroespaciais de ponta

Investimento de P&D em 2022: US $ 385 milhões. Pedidos de patentes arquivados: 42. Acordos de parceria de tecnologia: 12.

Área de tecnologia	Foco na inovação	Estágio de desenvolvimento
Propulsão elétrica	Conceitos de aeronaves híbridos-elétricos	Desenvolvimento de protótipo
Aviação sustentável	Tecnologias reduzidas de emissão de carbono	Pesquisa avançada

Embraer S.A. (ERJ) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com companhias aéreas e organizações de defesa

A partir de 2024, a Embraer possui 1.650 aeronaves comerciais e 1.100 aeronaves de defesa/executivo em operação globalmente. A empresa mantém contratos com mais de 100 companhias aéreas em 70 países.

Segmento de clientes	Número de contratos ativos	Duração do contrato
Companhias aéreas comerciais	85	5-15 anos
Organizações de defesa	22	10-20 anos
Clientes de jato executivo	45	3-10 anos

Suporte ao cliente dedicado e assistência técnica

A Embraer opera 24 centros de suporte ao cliente em todo o mundo, com 850 pessoal de suporte técnico dedicado.

• Tempo médio de resposta para suporte técnico: 2,5 horas
• 24/7 de suporte técnico global
• Gerentes de conta dedicados para os principais clientes

Serviços personalizados de personalização de aeronaves

Em 2023, a Embraer concluiu 127 configurações de aeronaves personalizadas para clientes comerciais e executivos.

Tipo de personalização	Número de configurações	Custo médio de personalização
Aeronaves comerciais	82	US $ 1,2 milhão
Jets executivos	45	US $ 3,5 milhões

Mecanismos regulares de envolvimento e feedback do cliente

A Embraer realiza pesquisas anuais de satisfação do cliente com uma taxa de resposta de 78%.

• Reuniões trimestrais de revisão de clientes
• Conferência Anual do Cliente
• Plataformas de feedback digital

Rede de Serviço Global para Manutenção e Reparos

A Embraer mantém 52 instalações de manutenção e reparo em 6 continentes.

Região	Número de centros de serviço	Volume anual de serviço
Américas	22	425 aeronaves
Europa	12	215 aeronaves
Ásia-Pacífico	10	180 aeronaves
Oriente Médio/África	8	95 aeronaves

Embraer S.A. (ERJ) - Modelo de negócios: canais

Equipes de vendas diretas para segmentos comerciais e militares

A Embraer mantém equipes de vendas dedicadas em várias regiões globais, com a representação de vendas de 2023 em:

Região	Tamanho da equipe de vendas	Foco primário
América do Norte	42 profissionais de vendas	Aeronaves comerciais
Europa	35 profissionais de vendas	Aeronave militar e comercial
Ásia-Pacífico	28 profissionais de vendas	Jatos comerciais e executivos

Feiras e exposições aeroespaciais internacionais

Embraer participa de eventos aeroespaciais -chave:

• Paris Air Show 2023: 12 aeronaves exibidas
• Dubai Airshow 2023: US $ 4,5 bilhões em contratos assinados
• Convenção de aviação comercial da NBAA 2023: 5 modelos de jato executivo exibidos

Plataformas online e marketing digital

Canal digital	2023 Métricas
Site da empresa	2,3 milhões de visitantes únicos
Seguidores do LinkedIn	425.000 seguidores
Orçamento de marketing digital	US $ 12,7 milhões

Distribuidores e representantes autorizados

A rede de distribuição global inclui:

• 78 distribuidores de aeronaves comerciais autorizadas
• 42 representantes de equipamentos militares
• Rede cobrindo 95 países

Parcerias estratégicas com empresas de leasing de aeronaves

Parceiro de leasing	Valor da parceria	Tipos de aeronaves
Aercap	Contrato de US $ 1,2 bilhão	Modelos E175 e E190
Air Lease Corporation	Contrato de US $ 890 milhões	E195-E2 Jets

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

Companhias aéreas comerciais que buscam soluções regionais de jato

A partir de 2024, a Embraer serve 107 companhias aéreas globalmente com sua frota regional de jato. A família E-Jet E2 atualmente opera com 53 clientes em 45 países.

Métrica de segmento	2024 dados
Frota total de aeronaves regionais	1.650 aeronaves
Participação de mercado em jatos regionais	44.3%
Tamanho médio da frota por companhia aérea	15.2 Aeronaves

Organizações de defesa governamental e militar

O segmento de defesa da Embraer atende 30 países com soluções de aeronaves militares.

• Valor do contrato de defesa: US $ 4,2 bilhões (2024)
• Ordens de aeronaves militares: 72 unidades
• Plataformas de defesa-chave: KC-390 Millennium, Super Tucano

Proprietários de jatos particulares e corporativos

A Divisão de Jatos Executivos da Embraer mantém uma forte presença no mercado na aviação comercial.

Segmento de jato corporativo	2024 Estatísticas
Jets corporativos totais entregues	1.650 unidades
Participação de mercado na aviação comercial	17.6%
Preço médio de aeronave	US $ 25,3 milhões

Empresas aeroespaciais de leasing e fretamento

A Embraer suporta 42 empresas de leasing em todo o mundo com soluções de aeronaves especializadas.

• Tamanho da frota de leasing: 385 aeronaves
• Receita total de leasing: US $ 1,7 bilhão
• Duração média do arrendamento: 5,4 anos

Setores de aviação emergentes do mercado

A Embraer tem como alvo o crescimento nos mercados de aviação em desenvolvimento na Ásia, África e América Latina.

Segmento de mercado emergente	2024 métricas
Total de aeronaves em mercados emergentes	412 unidades
Taxa de penetração de mercado	28.5%
Crescimento do mercado projetado	6,7% anualmente

Embraer S.A. (ERJ) - Modelo de negócios: estrutura de custos

Altas despesas de pesquisa e desenvolvimento

Em 2022, a Embraer investiu US $ 456,1 milhões em despesas de pesquisa e desenvolvimento, representando 4,7% de sua receita total.

Ano	Despesas de P&D ($ M)	Porcentagem de receita
2022	456.1	4.7%
2021	404.3	4.5%

Custos significativos de fabricação e produção

Os custos totais de fabricação para a Embraer em 2022 atingiram US $ 7,8 bilhões, com os principais componentes de custo, incluindo:

• Aquisição de matéria -prima: US $ 3,2 bilhões
• Custos de mão -de -obra direta: US $ 1,5 bilhão
• Mercancada de fabricação: US $ 1,1 bilhão
• Despesas do subcontratado: US $ 2 bilhões

Força de trabalho global e gerenciamento de talentos

Em 2022, a força de trabalho total da Embraer consistia em 18.237 funcionários, com despesas de pessoal associadas de US $ 1,2 bilhão.

Localização	Número de funcionários	Despesas de pessoal
Brasil	12,456	US $ 820 milhões
Escritórios internacionais	5,781	US $ 380 milhões

Investimento em tecnologia e manutenção de infraestrutura

Em 2022, a Embraer alocou US $ 312,5 milhões para a infraestrutura e manutenção de tecnologia.

• Infraestrutura de TI: US $ 98,7 milhões
• Atualizações da instalação de produção: US $ 156,3 milhões
• Investimentos de segurança cibernética: US $ 57,5 ​​milhões

Gerenciamento complexo da cadeia de suprimentos e logística

A cadeia de suprimentos e os custos logísticos da Embraer em 2022 totalizaram US $ 1,6 bilhão, abrangendo:

Componente de logística	Custo ($ m)
Transporte	$425.6
Gerenciamento de inventário	$378.4
Coordenação do fornecedor	$276.2
Envio internacional	$519.8

Embraer S.A. (ERJ) - Modelo de negócios: fluxos de receita

Vendas de aeronaves comerciais

Em 2022, a Embraer entregou 88 jatos comerciais, gerando US $ 3,16 bilhões em receita de aviação comercial. A família E-Jet E2 e a aeronave de primeira geração do jato eletrônico constituíam o portfólio de vendas primário.

Tipo de aeronave	Entregas em 2022	Contribuição da receita
E175	33 aeronaves	US $ 1,12 bilhão
E190-E2	27 aeronaves	US $ 1,05 bilhão
E195-E2	28 aeronaves	US $ 0,99 bilhão

Receitas de contrato militar e de defesa

A receita do segmento militar em 2022 atingiu US $ 1,45 bilhão, com contratos importantes, incluindo:

• Aeronaves de transporte militar do milênio KC-390
• Projetos de integração do sistema de defesa
• Serviços de manutenção de aeronaves militares

Serviços e manutenção de pós -venda

Os serviços de pós -venda da Embraer geraram US $ 1,78 bilhão em 2022, representando 24,5% da receita total da empresa.

Categoria de serviço	2022 Receita
Manutenção de componentes	US $ 612 milhões
Suporte técnico	US $ 458 milhões
Peças de reposição	US $ 710 milhões

Executivo e vendas particulares de jato

O segmento de aviação executiva entregou 75 jatos em 2022, gerando US $ 1,22 bilhão em receita.

Modelo de jato	Entregas	Receita
Fenômeno 100	35 jatos	US $ 420 milhões
Phenom 300	40 jatos	US $ 800 milhões

Serviços de licenciamento e consultoria de tecnologia

Os serviços de licenciamento e consultoria de tecnologia contribuíram com aproximadamente US $ 230 milhões em 2022.

• Transferência de tecnologia aeroespacial
• Consultoria de Engenharia
• Soluções de simulação e treinamento

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.