Eve Holding (EVEX) Risk Analysis

We have incurred significant losses since inception. We incurred net losses of $224.3 million, $138.2 million, and $127.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. We have not yet started commercial operations, and it is difficult for us to predict our future operating results. We believe that we will continue to incur operating and net losses each quarter until at least the time we begin deliveries of our eVTOL aircraft, which are not expected to begin until 2027 and may occur ‘ or not at all. Even if we are able to successfully develop and sell our aircraft, there can be no assurance that they will be financially successful. Our potential profitability is dependent upon the successful development and successful commercial introduction and acceptance of our aircraft, which may not occur. As a result, our losses may be larger than anticipated, and we may not achieve profitability when expected, or at all, and even if we do, we may not be able to maintain or increase profitability. We expect our operating expenses to increase over the next several years as we: -   continue to design, develop, manufacture and move towards marketing our aircraft;  -   expand our production capabilities through ERJ, including costs associated with outsourcing the manufacturing of our aircraft;  -   build up inventories of parts and components for our aircraft;  -   manufacture an inventory of our aircraft;  -   expand our design, development and servicing capabilities;  -   develop commercial and strategic partnerships for fleet operations for a fleet of our eVTOL and/or third parties;  -   continue to develop our air traffic management system;  -   hire more employees;  -   continue research and development efforts relating to new products and technologies;  -   increase our sales and marketing activities and develop our distribution infrastructure; and  -   increase our general and administrative functions to support our growing operations and to operate as a public company. Because we will incur the costs and expenses from these efforts before we receive any revenue with respect thereto, our losses in future periods will be significant. In addition, these efforts may be costlier than we expect and may not result in any revenue or growth in our business. Any failure to generate revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow. Furthermore, if our future growth and operating performance fail to meet investor or analyst expectations, or if we have future negative cash flow or losses resulting from our investment in acquiring customers or expanding our operations, this could have a material adverse effect on our business, financial condition and results of operations.

Prior to the consummation of the business combination, our operations and capital expenditures were financed primarily with ERJ's available cash. On January 23, 2023, EVE Soluções de Mobilidade Aérea Urbana, Ltda. ("Eve Brazil"), a Brazilian limited liability company and a wholly owned subsidiary of the Company, entered into a loan agreement with Banco Nacional de Desenvolvimento Econômico e Social – BNDES, Brazilian Development Bank ("BNDES"), pursuant to which, subject to the conditions set forth therein, BNDES agreed to grant two lines of credit to Eve Brazil, with an aggregate amount of R$490 million (approximately $94.7 million), to support the first phase of the development of the Company's eVTOL project. Eve Brazil has started to withdraw from these two lines of credit from BNDES in September 2023 to pay for the development services provided by Embraer under the Master Services Agreement with Eve..  During 2024, the Company entered into new loan agreements, including a financing agreement, dated as of October 7, 2024, with BNDES, pursuant to which BNDES agreed to grant four lines of credit totaling approximately $90.5 million as of December 31, 2025 to support industrialization, a credit agreement with Citibank, N.A. for working capital, pursuant to which Citi advanced $50 million and subject to an interest rate of 3.90% per year plus Term Secured Overnight Financing Rate, and, on November 22, 2024, a loan agreement with BNDES, pursuant to which BNDES agreed to grant the Company a loan of R$200 million to support the second phase of the eVTOL's development project (approximately $36.3 million as of December 31, 2025) and subject to an interest rate of 7.53%. In July and September 2024, the Company closed on subscription agreements, warrant agreements and warrant exchange agreements with certain investors relating to the 2024 Private Placement. On May 14, 2025, the Company entered into an Economic Grant Agreement (the "Grant Agreement") with Financiadora de Estudos e Projetos ("Finep"), a Brazilian federal public company, with support of the Ministry of Science, Technology, and Innovation, and The National Fund for Scientific and Technological Development. Pursuant to the Grant Agreement, Finep has agreed to grant to the Company up to R$90.0 million (approximately $16.2 million) in economic subsidy funding in connection with the execution of a project intended to transform the sustainable and accessible air mobility ecosystem in Brazil with eVTOL technology. On November 18, 2025, Eve entered into a financing agreement with Banco Nacional de Desenvolvimento Econômico e Social – BNDES, Brazil's National Development Bank, pursuant to which BNDES has agreed to grant two lines of credit to Eve Brazil. The credit is intended to support the electric motor development phase of eVTOLs. The Financing Agreement provides that the availability of such lines of credit is subject to BNDES's rules and regulations and the compliance of certain conditions, including the delivery by Eve Brazil of guarantee letters issued by financial institutions approved by BNDES. The first line of credit, in the amount of R$160 million (approximately U.S.$29.1 million) is to be provided from the resources of the National Fund on Climate Change, within the scope of the Climate Fund Program. The second line of credit, in the amount of R$40 million (approximately U.S.$7.3 million), is to be provided with funds raised by the BNDES System in foreign currency. Such credit lines shall be used by Eve Brazil within 18 months from the date of signing of the Financing Agreement. The principal of debt arising from each Sub-credit of this Financing Agreement shall be paid to BNDES in 26 semiannual and successive installments starting in May 2028 and ending in November 2040. The Financing Agreement can be early terminated, and payment of any outstanding amount can be accelerated, by BNDES in certain events provided for in the Financing Agreement. As of December 31, 2025, there was approximately $149 million available to be drawn under the Company's debt arrangements and Grant Agreements. In addition, on August 14, 2025, Eve announced that it had entered into subscription agreements with BNDESPAR, a subsidiary of the Brazilian Development Bank (BNDES), Embraer and other institutional investors to issue and sell, in a capital raise via a registered direct offering, a total of 47,422,680 shares of common stock at $4.85 per share. It included the subscription of Brazilian Depositary Receipts (BDRs) by BNDES, each of which represents one share of common stock at R$26.21 per BDR (equivalent value based on the PTAX rate on August 12, 2025), for total gross proceeds of $230 million, before deducting placement agent commissions and estimated offering expenses. The BDRs have been approved for listing on the Sao Paulo Stock Exchange (B3) under the symbol "EVEB31" and was delivered to BNDES in Brazil. Eve will utilize the gross proceeds from BDRs to pay for services performed in Brazil, and intends to use the remaining net proceeds from the Registered Direct Offering for general corporate purposes, including financing operations, possible business acquisitions or strategic investments, and repayment of outstanding indebtedness. The Company entered into a credit agreement (the "Credit Agreement") with Private Export Funding Corporation, a Delaware corporation ("PEFCO"), and Export- Import Bank of the United States, an agency of the United States of America, ("EXIM Bank") dated as of December 23, 2025, pursuant to which PEFCO agreed, subject to certain conditions set forth in the Credit Agreement, to establish a credit facility in favor of EVE UAM and guaranteed by the Company, in the maximum principal amount of up to U.S. $15,607,279.94 (the "Credit Facility"). The Company agreed to guarantee EVE UAM's obligations under the Credit Agreement. The Credit Facility is to be used for EVE UAM to finance (i) the Financed Portion of the relevant Goods (as defined in the Credit Agreement) and (ii) 100% of the Exposure Fee in respect of such Goods and Services (as defined in the Credit Agreement). EVE UAM, LLC ("EVE UAM"), a Delaware limited liability company and wholly owned subsidiary of Eve Holding, Inc., a Delaware corporation (the "Company"), and the Company entered into a syndicated credit agreement (the "Credit Agreement") with Banco do Brasil S.A. New York Branch ("BB"), Citibank, N.A. ("Citibank"), Itaú Unibanco S.A. Miami Branch ("Itaú"), MUFG Bank, Ltd. ("MUFG", and, together with BB, Citibank and Itaú, the "Lenders" and each a "Lender"), and Banco Itaú Chile as administrative agent (in such capacity the "Administrative Agent"), dated as of January 13, 2026, pursuant to which the Lenders agreed, subject to certain conditions set forth in the Credit Agreement, to provide an advance to EVE UAM of an aggregate amount of U.S.$150 million. On January 15, 2026, the conditions set forth in the Credit Agreement were satisfied and the Lenders provided an advance in an aggregate amount of U.S.$150 million to EVE UAM. The advance is to be used for EVE UAM's core business activities, including, but not limited to, payments to the suppliers and/or to finance the prepayment of its costs of producing and selling its goods. The Company agreed to guaranty EVE UAM's obligations under the Credit Agreement For additional information, see Note 7 and Note 8 of the accompanying consolidated financial statements. In the future, we could be required to raise additional capital through public or private financing or other arrangements. Such financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could harm our business. In addition, any significant disruption and volatility of global financial markets could adversely impact our ability to access capital. We may sell equity securities or debt securities in one or more transactions at prices and in a manner as we may determine from time to time. If we sell any such securities in subsequent transactions, our current investors may be materially diluted. Any debt financing, if available, may involve restrictive covenants and could reduce our operational flexibility or profitability. If we cannot raise funds on acceptable terms, we may not be able to grow our business or respond to competitive pressures.

We have entered into supply agreements with, and expect to rely on ERJ to provide certain services, products, parts and components required to manufacture our aircraft to sell to final customers, and we also may be subject to sole source suppliers for certain parts and other components for which we may be reliant on to achieve our projected high- volume production numbers. This supply chain may expose us to multiple potential sources of delivery failure or component shortages for our aircraft. While we believe that we may be able to establish alternate supply relationships and can obtain replacement components, we may be unable to do so in the short term or at prices that are favorable to us, or at all. If any of our suppliers or service partners were to experience delays, disruptions, capacity constraints or quality control problems in their manufacturing operations, or if they choose to not do business with us, we would have significant difficulty in procuring, producing and delivering our aircraft, and our business prospects would be significantly harmed. These disruptions in our supply chains may cause delays in our production process for both prototype and commercial aircraft which would negatively impact our revenues, competitive position and reputation. Outside the markets where the manufacturing takes place, we will rely on third parties to transport and reassemble the aircraft close to customer operations. In addition, our suppliers or service partners may rely on certain state tax incentives that may be subject to change or elimination in the future, which could result in additional costs and delays in production if a manufacturing site must be obtained. Further, if we are unable to successfully manage our relationship with our suppliers or service partners, the quality and availability of our aircraft may be harmed. Our suppliers or service partners could, under some circumstances, decline to accept new purchase orders from or otherwise reduce their business with us. If our suppliers or service partners stop or reduce manufacturing our aircraft components for any reason, we may be unable to replace the lost manufacturing capacity on a timely and comparatively cost-effective basis, which would adversely impact its operations. The manufacturing facilities of our suppliers or service partners and the equipment used to manufacture our aircraft would be costly and could require substantial lead time to replace and qualify for use. The manufacturing facilities of our suppliers or service partners may be harmed or rendered inoperable by natural or human-made disasters, including earthquakes, flooding, fire and power outages, or by health epidemics, which may render it difficult or impossible for us to manufacture our aircraft for some period of time. The inability to manufacture our aircraft, our aircraft components or the backlog that could develop if the manufacturing facilities of our suppliers or service partners are inoperable for even a short period of time may result in the loss of customers or harm our reputation. We do not control ERJ or our other suppliers or service partners or such parties' labor and other legal compliance practices, including their environmental, health and safety practices. If ERJ or our other current suppliers or service partners, or any other suppliers or service partners which we may use in the future, violates U.S. or foreign laws or regulations, we may be subjected to extra duties, significant monetary penalties, adverse publicity, the seizure and forfeiture of products that we are attempting to import or the loss of our import privileges. The effects of these factors could render the conduct of our business in a particular country undesirable or impractical and have a negative impact business, financial condition, and results of operations. Furthermore, if we experience significant increased demand, or need to replace our existing suppliers, there can be no assurance that additional supplies of aircraft manufacturing or other services or products, parts or other components will be available when required on terms that are acceptable to us, or at all, or that any supplier would allocate sufficient supplies to us in order to meet our requirements or fill our orders in a timely manner. These disruptions in our supply chain could lead to delays in aircraft development and production, which could materially adversely affect our business, financial condition, and results of operations.