Embraer earnings results 2nd quarter 2023

Embraer delivered 47 jets in the second quarter, of which 17 commercial aircraft and 30 executive jets (19 light and 11 mid-size). A strong increase of 47% in total deliveries compared to 2Q22.

Revenues reached US$ 1,292 million in the quarter (27% higher than 2Q22 and 80% higher than 1Q23). In Commercial Aviation it represented a double-digit growth of 57% and in Executive Aviation 42% YoY.

Adjusted EBIT of 7.7% compared to 8.0% in 2Q22 due to different revenue mix, in line with company expectation.

Firm order backlog ended 2Q23 at US$ 17.3 billion stable QoQ, with higher in Executive Aviation with strong sales performance in the segment.

Adjusted Free Cash Flow w/o EVE (FCF) in 2Q23 was close to breakeven, with cash consumption of US$ 10.7 million, in preparation for higher deliveries in the coming quarters.

Successful Liability Management efforts with gross debt reduction of US$ 500 million and maturity increase.

Operational and financial guidance for 2023 unchanged.

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