Embraer delivered 80 jets in fourth quarter and 159 in full year 2022

Embraer delivered 80 jets in the fourth quarter, of which 30 commercial aircraft and 50 executive jets (33 light and 17 mid-size). In 2022, a total of 159 jets were delivered of which 57 were commercial aircraft and 102 executive jets (66 light and 36 mid-size). Embraer increased the number of aircraft delivered by 12.7% compared with 2021, even with significant supply chain constraints.

Firm order backlog ended 4Q22 at US$ 17.5 billion, US$ 500 million higher y-o-y with a higher book-to-bill in Executive Aviation and Services & Support.

Revenues reached US$ 2.0 billion in the quarter (53% higher than 4Q21) and US$ 4.5 billion in 2022, in line with Company guidance.

Adjusted EBIT (US$ 166.2 million in 4Q22, 196% higher than 4Q21) and EBIT and EBITDA margin of 8.3% and 11.5% in 4Q22, respectively, contributed for yearly results of 6.0% and 10.1%, surpassing guidance of 2022, driven by volume/mix, enterprise and tax efficiencies, partially offset by provision and SG&A.

Adjusted Free Cash Flow w/o EVE (FCF) in 4Q22, with cash generation of US$ 584.3 million, leading to full-year FCF of US$ 540.1 million in 2022, surpassing FCF guidance for the year due to outstanding results and sales performance from Executive Aviation and very strict control over working capital.

Net Debt w/o EVE/Adjusted EBITDA ratio decreased from 3.9x in 2021 to 2.1x in 2022, with strong FCF and EBITDA performance.

Guidance for 2023: commercial jet deliveries of 65-70 aircraft, executive jet deliveries of 120-130 aircraft, revenues in a range of US$ 5.2 to US$ 5.7 billion, Adjusted EBIT margin of 6.4% to 7.4%, Adjusted EBITDA margin of 10.0% to 11.0%, and adjusted free cash flow of US$ 150 million or better for the year.