Francisco Gomes Neto: Thanks, Kristine. Good question. So that allows me to bring you even more information about that. Well, we — after everything we have done in the past years in terms of restructuring the company, putting in place initiatives to foster sales, also to improve efficiency and foster innovation in the organization, we believe now we are in our harvest season, right, as the market is growing and then we will enjoy this growth and improve our operational and financial performance. So, combined with that, we have a very modern and competitive portfolio of products, the business units we act on, so the E2 family, the Phenoms, the Praetors, the C-390, so that we are enjoying a very good momentum in terms of sales for all those segments.
So what we want to do is to focus, especially in 2024 and 2025, to focus on improving further our financial performance. We expect to start to pay dividends in 2025 onwards. So — and then, I don’t know, in parallel, we are investing on developing new technologies to be prepared by 2025 to decide what we’re going to do going forward. So, but remember that we are investing on the eVTOL, to develop the eVTOL, together with Eve. We are also investing, as I said, new technologies to prepare the studies of our future airplanes and also in the Energia family to explore disruptive propulsion systems, as you know, electric — hybrid electric and hydrogen and hybrid. This is more or less our strategy going forward. Again, focus on further improving the financial performance in 2024, 2025.
I mean, continuing — I mean, selling the current portfolio of products and continuing investing on new technologies and innovation to prepare new projects in the future.
Kristine Liwag: Great. Thank you for the call and looking forward to seeing you guys in New York in two weeks.
Francisco Gomes Neto: Yeah. Same from our side. See you there.
Operator: Our next question comes from Ron Epstein, Bank of America.
Ron Epstein: Hey. Good morning, guys. We’ve covered a lot on the call so far, but maybe if we just kind of go back, I think, it was Noah who asked a question about campaigns. If we can dig down a little bit deeper on that. Is there any more color you can give us on that and how you’re thinking campaigns will could go through the end of this year, maybe in the next year? And what that translates into a weekend, like — what’s like a normalized delivery rate for the E-Jets? When we think about building our models when we go out a couple of years, what should we think that the company can get to on E-Jets from here?
Francisco Gomes Neto: Yeah. Hi, Ron. Again, thanks. Thanks again for a question. I mean, in terms of campaigns for Commercial Aviation, we — as I said before, we are working in many different campaigns, big names in different regions, in Europe, Asia-Pacific. Also we are starting to offer the E2s in the U.S. as well. I think, it’s becoming more and more clear that the E195-E2, it’s not only regional jet as the E175-E1s, right? I mean, it’s a bigger airplane that can help a lot the airlines to operate very profitably in routes with less passengers. As, for example, Azul is doing in Brazil, SKLM is doing in, in Europe and the Scoot and SKS, they have the same plans for Asia. So we — and we believe that more and more the airlines are understanding this and we see a lot of good opportunities for the E2s, I mean, going forward in the market.
So in terms of deliveries, Ron, we have — we still have a limitation with the engines, but we are confident that we combine E2s and E1s, we will be at above eight units in 2024 and reaching 100 units in 2025 in years ahead. So again, if you go above 100 units, 100 units, 110 units, we’ll be basically back to the levels, pre-pandemic levels, but with a different mix. Now we have much more E2s that, it’s more expensive. So in terms of revenues, we’ll see a revenue, we’ll see a much higher revenue than in the past with the same quantity of delivered aircraft. So this is more of the situation, answer your question. I mean, we are optimistic with the campaigns. We are working on. We are optimistic with the opportunity to introduce the E2s in the U.S. as well.
By the way, I mean, very soon the — we’ll see the E195-E2s from Porter flying to big cities in the U.S., Los Angeles, San Francisco, New York, Boston, Orlando, Miami and this will be a great showcase of our aircraft that we believe people will love to fly in a very efficient aircraft without middle seats and this will open opportunities for that aircraft in North America. And finalize my comments, with the — with improvement in the pilot shortage is also open opportunities for renewing — for the company to renew the fleet of the E1s, which now has more better margins. It can help us with the performance of our Commercial Aviation.
Ron Epstein: And then going forward, are there opportunities to upgrade the E2 platform itself without having to do a new aircraft? I mean, it’s a relatively new airplane anyway. Are there ways to upgrade it that you could play with the engine or do other aerodynamic tweaks to the airplane to get more out of the platform?
Francisco Gomes Neto: Well, we are — we continue to invest in the improved competitiveness of the E2s. I mean, with improvements in the aircraft, we are also — we are converting the E190-E1s into freighters. So the first one has already a — the door installed and it looks very nice. So we believe it’s a good opportunity for us to introduce this cargo to help the Commercial Aviation as well. So again, these are things we are doing and we believe that going, I mean, above eight units next year and above 100 units from 2025 onwards, this will help a lot to improve the financial performance of Commercial Aviation as well. And the service will come, it will grow because of that as well, right? More aircraft, more service as well.
Ron Epstein: Great. Thank you very much.
Antonio Carlos Garcia: Thank you.
Francisco Gomes Neto: Thank you, Ron.
Operator: Our next question comes from Marcelo Motta, JPMorgan.
Marcelo Motta: Hi, everyone. Good morning. It’s a question regarding next year the supply chain remain challenging, but you mentioned that you can increase the level of deliveries on the Commercial. So just wondering what will you see in terms of the Executive, the Defense? I mean, do you think it could be growing again double-digit rate on topline? What will be the outlook for the different lines of business of the company? Thank you.
Francisco Gomes Neto: Marcelo, thank you. I mean, yes, I mean, next year will still be challenged in the supply chain and with specific parts, but again, improving from 2023 situation. So we are growing. I mean, we are planning to grow double digits in all business units we have. So we are growing this year, 2023 compared to 2022, we are growing more than 20% and we expect to keep the same path, I mean, going to 2024 and also keeping important growth in the years ahead. So, and again, we are working very closely with our supply chain, with our suppliers and to make sure that we will have the parts we need for — to support this growth. Also, what we want to do in 2024 is to improve the distribution of the production deliveries throughout the year.
