Eve 2Q26 Conference Call Highlights

Research evidence excerpt

Eve 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

04 August 2026

Eve Overweight

EVEX, EVEX US

2Q26 Conference Call Highlights Price (03 Aug 26):$2.40

Latin American Capital Goods

Eve hosted its 2Q26 conference call today with its top management team. Below Marcelo Motta AC

are the main highlights. We see Eve trading at 1.1x EV/Sales ’29e vs Archer at 1.6x (55-11) 4950-6712

and Joby at 5.5x. marcelo.g.motta@jpmorgan.com

Jonathan S. Koutras

• Upcoming tests. Over the coming weeks Eve will test flights at higher speeds (55-11) 4950-3549

(full speed at ~90 knots), reaching a level where the wind passing the wings will jonathan.s.koutras@jpmchase.com

sustain the aircraft. During 4Q, Eve’s tests will include failure simulation, Banco J.P. Morgan S.A.

response and procedures, and pilot-in-the-loop test protocols.

• Certification update. ANAC continues to move forward on Eve 100 aircraft

certification (ANAC opened a consultation on updated airworthiness criteria

for Eve 100 and will publish the Proposed Noise Certification Criteria for Eve

100). Eve expects EASA (European Aviation Agency) certification to happen

12-18 months after ANAC certification, which is expected by 2028.

• Full transition flight. Expected to happen by year's end as it will demand

another 30-40 flights. The company is separating the vertical and horizontal

flight. Once the model is validated it will be transferred to the conforming

prototype.

• Prototype. Eve will build 6 prototype for certification, with the first flight with

the piloted prototype expected to start in 1H27. The differences between the 6

prototypes are related to which parts the company is certifying, including:

frame, system, avionics, interior cabin and reliability.

• Liquidity.