Aeris Indústria e Comércio de Equipamentos para Geração de Energia (AERI3) investor relations material

Executive summary

• Q3 2025 was marked by significant operational and financial headwinds, including a sharp drop in megawatts delivered, sector-wide curtailment, and compressed margins, with export and service divisions providing some resilience.

• Management focused on expanding exports, improving operational efficiency, securing liquidity, and negotiating with creditors to stabilize finances.

• Four production lines remained active, but only two operated at peak capacity, while four were deactivated due to weak demand.

• Debt renegotiation extended maturities, removed financial covenant monitoring, and covered 90% of total debt.

• Extraordinary expenses and non-recurring items, including tax regime issues and abrupt export cancellations, negatively impacted results.

Financial highlights

• Net revenue for Q3 2025 was R$179.0 million, down 26.1% sequentially and 51.3% year-over-year; nine-month revenue was R$631.5 million, down 51.6%.

• Adjusted EBITDA was negative R$48.4 million for the quarter and negative R$55.1 million for the nine months.

• Net loss reached R$144.4 million in Q3 and R$412.9 million for the first nine months.

• Investments totaled R$5.8 million in Q3, focused on maintenance of existing projects.

• Gross margin in Q3 2025 was -2.8%, a slight improvement from -1.4% in Q2 2025.

Outlook and guidance

• Management expects sector recovery and new project cycles to begin in 2026, with more robust growth projected for 2027-2028 based on customer discussions and market studies.

• The company is expanding its services division and intensifying internationalization, targeting markets with higher wind farm activity, especially in North America and Europe.

• Management anticipates continued negative results in Q4 2025 but expects gradual improvement starting in 2026.