Myles Walton: I was hoping to touch back on Executive Aviation and maybe the NetJets order, when — as NetJets has been taking the latitude from Cessna for the better part of the last six or seven years. They’ve been taking about 20 planes a year on average. Is that roughly the cadence that you think about out in ’25 when they start to accept deliveries? And then also, in the backlog or book-to-bill in Executive of 2:1 this quarter, what was the — excluding NetJets, how is the rest of the order book looking in terms of cancellations and orders?
Francisco Gomes Neto: So actually, NetJets is not included yet in our backlog. I mean the NetJets will — it’s options. And this will start to — we started — the delivery, we started in 2025. And in that year on that we will see according to the demands of NetJet, we’ll bring the demands to the backlog. But our history with NetJets has been very positive with the Phenoms, so we believe they will take all the 250 aircraft or even more in the future years. Regarding the backlog, I mean, we have a very comfortable situation today year-to-date, I mean, with the book-to-bill ratio of 2:1. And in the long term, we expect the market to normalize, I mean, going back to pre-pandemic levels. This means a book-to-bill closer to 1:1. I think we believe this is the trend.
But remember that we are already with delivery volume, delivery granted much higher and we will grow in the following year. So even with the backlog approaching 1:1, we’ll keep an important volume for the — in terms of jets in the Executive Aviation.
Myles Walton: Similar to Commercial, where you had a target for ’25, ’26, do you have a similar one for Executive to share in terms of deliveries?
Francisco Gomes Neto: Well, we are growing this year about 20% in Executive Aviation and the projection for the next years is to continue to grow two digits every year in the deliveries as well.
Operator: Our next question comes from Kristine Liwag from Morgan Stanley.
Kristine Liwag: And just following up on the business — the Executive jets questions. With the orders that you’re getting, can you provide more color regarding the pricing environment? And then also a follow-up to that follow-up is that we’re hearing that the MRO facilities for Executive jets are pretty much full until second quarter of next year, and there’s a shortage of spare engines and customers are unable to fly their assets right now. Is that spurring more activity for Executive jets, and could we see Executive jets book-to-bill be significantly greater than 1 this year?
Francisco Gomes Neto: You help me if I can’t cover all your questions here. For the book-to-bill, as I said, so far it’s 2:1, which is excellent. We have the highest backlog at Embraer ever with over $4 billion, which is excellent. As I said before, we believe this book-to-bill, I mean, going to the end of the year, maybe the trend may be to approach 1:1, which — again, which the backlog we have in-house means that we will continue to grow important volumes in the follow years in the Executive jets. I mean the margins, you asked about the price. I think our team is doing a great job keeping the price discipline in the new sales and we can see this by looking at the margins. We have a good mix between fleet and retail, you see the margin of Commercial aviation, I mean, going up. So what is your other question?
Kristine Liwag: No, like the MRO facility being available and not having any spare engines, could you get even more orders in the 2:1? And I recognize, Antonio, that’s pretty greedy because it is already a spectacular year, but I was wondering if that shortage is going to create even more demand and even better pricing than what we’re already seeing?
