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

Executive summary

• 2025 was the most challenging year in a decade, with historic lows in demand, operational efficiency, and only two mature production lines active at year-end, both running below capacity.

• Net operating revenue in 4Q25 was R$114.5 million, down 36% from 3Q25; full-year 2025 revenue was R$746 million, a 50.8% decrease year-over-year.

• Adjusted EBITDA in 4Q25 was -R$60.6 million (-52.9% margin); for 2025, adjusted EBITDA was -R$115.7 million (-15.5% margin).

• Net loss for Q4 was R$477.5 million, including R$233.9 million in impairments; full-year net loss reached R$901.2 million.

• Delivery of 108 blade sets in 2025, a sharp drop from previous years, aligning industrial activity with reduced demand.

Financial highlights

• Q4 2025 net revenue was R$114.5 million; full-year 2025 revenue was R$746 million, down 50.8% year-over-year.

• Adjusted EBITDA for Q4 was -R$60.6 million (margin -52.9%); full-year adjusted EBITDA was -R$115.7 million.

• Net loss for Q4 was R$477.5 million; full-year net loss reached R$901.2 million.

• Investments totaled R$22.5 million in 2025, focused on maintenance.

• Free cash at year-end was R$28.7 million; gross debt was R$1.79 billion.

Outlook and guidance

• New contracts and reactivation of production lines are expected to stabilize operations by late 2026, with production expected to stabilize by Q3 2026.

• Market outlook highlights a 1.3 GW supply agreement and a 1.0 GW pipeline under negotiation.

• Export flows are expected to remain strong, likely accounting for around 60% of blade production in 2026.

• Expansion of transmission lines and upcoming battery auction in 2026 are expected to drive future demand.

• No EBITDA guidance was provided for new contracts.