Embraer’s Flying-Taxi Bet Slips to 2028

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Brazil · Aerospace

Key Facts

—Third delay. Embraer’s air-taxi arm, Eve, pushed its certification and entry-into-service target to 2028, after earlier goals of 2026 and 2027.

—On the record. Eve CEO Johann Bordais confirmed the new timeline on June 12; Brazil’s regulator ANAC called 2028 “realistic.”

—The prize. Embraer CEO Francisco Gomes Neto said Eve could eventually earn US$1 billion to US$1.5 billion a year once production scales.

—Core business booming. Embraer passed 500 E2 jet orders this month and posted record first-quarter revenue of US$1.45 billion with a US$32.1 billion backlog.

Embraer’s electric air-taxi venture, Eve, has pushed its certification target to 2028 — the third time the timeline has slipped — even as the company’s core jet business is having one of its strongest stretches in years.

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Eve Air Mobility, the electric vertical-takeoff arm spun out of Brazil’s Embraer, now expects to certify its air taxi and enter service in 2028, chief executive Johann Bordais told reporters on June 12. It is the third time the goal has moved, after an original 2026 target and a later 2027 one. Brazil’s civil-aviation regulator, ANAC, told Reuters the new 2028 horizon is “realistic.”

Eve still has only one full-scale prototype flying, uncrewed, and aims to begin transition flight testing — the tricky shift from vertical lift to forward flight — in the third quarter of 2026. The company ended the first quarter with US$441 million in cash and guided this year’s burn toward the low end of a US$225–275 million range, signaling it intends to spend cautiously while the timeline stretches.

A delayed moonshot with a big number attached

Even as the date slips, Embraer is keeping expectations high. Group chief executive Francisco Gomes Neto said this week that Eve could ultimately generate between US$1 billion and US$1.5 billion in annual revenue once production reaches scale, depending on demand. Eve says it holds non-binding letters of intent for more than 2,800 aircraft — a backlog that signals the appetite airlines and operators have for the concept.

The repeated delays are not unique to Eve. The entire eVTOL industry has slid past its early promises as regulators work out how to certify a wholly new category of aircraft. The difference for Embraer is that it can afford to wait, because the rest of the company is thriving.

The jets are carrying the company

This month Embraer crossed 500 orders for its E2 family of commercial jets, a milestone triggered when leasing firm Azorra placed a firm order on June 5 for 15 more E195-E2s, plus 15 purchase rights. In the first quarter the company reported record revenue of US$1.45 billion, up 31%, an all-time-high firm backlog of US$32.1 billion, and 44 aircraft delivered, up 47%. Its defense unit grew 63% to US$227 million.

Defense momentum is building too. On June 11, Greece formally proposed buying three C-390 Millennium military transports as part of a roughly €1 billion package — a proposal still entering parliamentary review, not yet a signed order, and structured as a government-to-government deal routed through Portugal. The split screen is the story: a marquee future business that keeps missing its dates, bolted onto a manufacturer whose order book and deliveries are running near records.

Live Company IntelligenceEmbraer SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.

Rio Times · Live Ticker Intelligence

Embraer SA ADR

EMBJ3 · B3 São PauloIndustrialsAerospace & Defense

Share price · live

$78.74

▲ +3.24% today

Market cap

$12.3 bn

183.4 mn shares

P / E

37.7

EPS 1.71

Dividend yield

0.1%

$0.07 / share

The company

Employees

20,923

Headquarters

São Paulo

Listed since

2000

Website

Embraer S.A., together with its subsidiaries, designs, develops, manufactures, and sells aircraft and systems worldwide. It operates through Commercial Aviation; Defense & Security; Executive Aviation; Services & Support; and Other segments. The Commercial Aviation segment develops, produces, and sells commercial jets. Its Defense & Security segment…

Financial performance · FY · BRL

RevenueNet income

2022

R$4.5 bn

−R$185.4 mn

2023

R$5.3 bn

R$164.0 mn

2024

R$6.4 bn

R$352.5 mn

Net income rose to R$352.5 mn in 2024, from R$-185.4 mn in 2022.

Valuation & returns

EBITDA margin

10.2%

Net margin

5.4%

Return on equity

11.3%

Price / book

3.24

Enterprise value

$12.3 bn

Revenue growth · YoY

+30.9%

Latest earnings

Q4 2025 — reported EPS 0.00 vs 0.76 expected

Missed −100%

Peers & comparators

EMBRAER ADR

▲ +2.32%

WEGE3

▲ +2.26%

LATAM AIR · LATAM Airlines

▼ -0.86%

Data: EODHD Fundamentals & live feed · The Rio Times Ticker Intelligence

Frequently Asked Questions

Why did Embraer’s Eve air taxi delay certification to 2028?

Eve pushed its certification and entry-into-service target to 2028 — its third timeline, after 2026 and 2027 — as it works through flight testing and a still-evolving regulatory process. CEO Johann Bordais confirmed the date on June 12, and Brazil’s regulator ANAC called it realistic.

How much could Eve eventually be worth to Embraer?

Embraer CEO Francisco Gomes Neto said Eve could generate between US$1 billion and US$1.5 billion in annual revenue once production scales, depending on demand. Eve reports more than 2,800 non-binding letters of intent.

How is Embraer’s core business doing?

Strongly. It passed 500 E2 jet orders in June, and first-quarter revenue hit a record US$1.45 billion (up 31%) with an all-time-high US$32.1 billion backlog and deliveries up 47%.

Has Greece ordered the C-390?

Not yet. On June 11 Greece formally proposed buying three C-390 transports within a roughly €1 billion package; the proposal is still under parliamentary review and would be a government-to-government deal via Portugal.

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