Eve Flight Campaign Moving Forward + Solid Liquidity Supports Our OW; Dec-26 PT Unchanged at US$6.00

Research evidence excerpt

Eve Flight Campaign Moving Forward + Solid Liquidity Supports Our OW; Dec-26 PT Unchanged at US$6.00

Marcelo Motta AC Latin America Equity Research

(55-11) 4950-6712 11 May 2026 J P M O R G A N

marcelo.g.motta@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We remain OW on the stock due to: i) EVE’s business model

continuous de-risking with its eVTOL accumulating ~60 flight

tests - >2 hours; ii) Company maintains a leadership position

with a potential backlog market share of 13% represented by

LOIs totaling ~2.7k units valued at US$13.5bn at list prices plus

US$1.6bn in services backlog; iii) Strong liquidity position of

over US$570mn enough to fund operations until 2027 including

undrawn credit lines vs an annual burn of ~US$250mn; and iv)

Embraer’s continuous support on the development and

YTD 1m 3m 12m certification of its eVTOL. Despite our positive view on the

Abs -21.8% 15.6% 1.6% -19.6% company and the segment, we flag that the certification process

Rel -37.5% 6.4% -5.9% -56.8%

and eVTOL adoption still represent question marks since it is a

Company Data nascent industry, which could significantly impact Eve’s value.

Shares O/S (mn) 370

Valuation52-week range ($) 7.70-2.34

Market cap ($ mn) 1,153.25 Our Dec 2026 price target of US$6.00 is based on the average of

Exchange rate 1.00 three approaches: i) DCF model; ii) total addressable market

Free float (%) 26.0%

3M ADV (mn) 1.29 approach; and iii) target multiple, with all discounted at 21.0%

3M ADV ($ mn) 3.6 (vs 20% prior, in order to reflect the existing uncertainties in the

Volatility (90 Day) 65 segment, including the recent postponement in ramp-up and

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|3|0 LOI cancelation). In our multiple valuation, we considered 8x