Prototype Testing and Timeline Movement

Eve Holding reported a 1Q26 EBITDA miss and delayed its expected entry into service to 2028. Goldman Sachs maintains a Neutral rating with a reduced price target of $3.80.

Key Takeaways

• 1.EVEX reported 1Q26 EBITDA of ($65.9)mn, which was below both Goldman Sachs and FactSet consensus estimates.
• 2.Entry into service (EIS) has been delayed from 2027 to 2028, aligning the company's timeline with other industry competitors.
• 3.Prototype testing is progressing with hover flights and aerial maneuvers completed; cumulative flight time is approximately 2.5 hours.

Table of Contents

• Our view on the stock post 1Q26 earnings
• Key elements of the quarter
• Revenue
• Adjusted EBITDA
• Balance sheet and cash flow
• Guidance
• Estimate revisions
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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