AERI3

Aeris Indústria e Comércio de Equipamentos para Geração de Energia S.A., listed on B3 under the ticker AERI3, is a manufacturer of blades for wind turbines focused on the global wind power supply chain. Founded in 2010, the company was created with the specific objective of exploring the renewable generation components market, at a time when wind power auctions were expanding in Brazil. The installation of its industrial park in the Pecém Industrial and Port Complex (CIPP), in the state of Ceará, was decisive for its business model, combining proximity to the main wind power hubs in Northeastern Brazil with logistical access to the Port of Pecém, facilitating both supply to the domestic market and exports. The plant began construction in 2011 and started operations in the second quarter of 2012, marking the company’s effective entry into the supply chain of major global turbine manufacturers (OEMs).

Since the beginning of operations, Aeris has built a track record of relationships with international wind turbine manufacturers. Its first client was the Indian company Suzlon; then the company began supplying the Spanish manufacturer Acciona Windpower, for whom it produced 153 blades in 2013. The client base diversified over the years with the addition of Brazilian company WEG, Danish company Vestas, U.S.-based General Electric (GE), German-Spanish Siemens Gamesa, and German company Nordex. In 2014, the company recorded its first net profit and increased its production volume, going from a few hundred to more than 1,900 blades in 2019, corresponding to more than 1.5 GW of installed capacity. Growth was accompanied by quality and management certifications such as ISO 9001, ISO 14001, and OHSAS 18001, which structured its production and control processes.

Aeris’s business model is based mainly on large-scale production of wind turbine blades under long-term supply contracts with OEMs. The company operates as a dedicated supplier, allocating specific production lines to certain blade models and ensuring capacity to meet minimum annual volumes agreed contractually. This arrangement provides revenue predictability and optimization of capital use, while enabling OEMs that historically depended on in-house production to outsource blade manufacturing. In 2024, approximately 90% of the company’s net revenue was still tied to the blade production segment, underscoring how central this business is to its revenue generation. The segment for maintenance and repair services for wind turbine blades, although growing, accounted for 10.7% of net revenue in 2024.

Aeris organizes its operations into two main segments: production of blades for wind turbines and blade maintenance services. In the manufacturing segment, the company carries out activities ranging from design, prototyping, and product engineering to series manufacturing, assembly, finishing, and logistics of large composite-material components. Its portfolio includes blades over 70 meters long, capable of equipping wind turbines with power ratings above 4 MW, such as Vestas’s V150 models and the N149 from other global manufacturers. The company also develops customized manufacturing processes and specific tooling for each blade model, which involves in-house engineering, CAD/CAM software, and vacuum-assisted resin transfer molding (VARTM) technologies. Aeris also provides repair, inspection, and maintenance services for blades, both its own and third-party, through specialized teams in Brazil and other countries in the Americas, supported by a subsidiary in the United States, Aeris Services LLC.

From an industrial standpoint, Aeris concentrates its production capacity in two manufacturing units located in the Pecém Industrial and Port Complex in Ceará, with more than 200,000 m² of built area. These facilities allow it to operate more than 15 production lines for blades longer than 70 meters, with annual capacity estimated to equip more than 1,200 wind turbines with power above 4.5 MW, totaling more than 5 GW per year. The strategic location near one of the largest concentrations of wind farms in the country—more than 50% of installed capacity within a 500 km radius—reduces logistics costs and delivery times in the domestic market. Proximity to the Port of Pecém is equally important for exports and for importing inputs such as fiberglass, carbon fiber, epoxy resins, and foam or balsa wood core materials, all of which are essential in the structural composites production process.

Aeris’s commercial activity is heavily concentrated among a few large global clients that account for a significant share of revenue. In 2023 and 2024, most net operating revenue was distributed among Vestas, Nordex, WEG, and Siemens Gamesa, with Vestas being the main client in those periods. The company signed and expanded long-term supply contracts with these OEMs, with volumes expressed in gigawatts of equivalent capacity and estimated values in the billions of Brazilian reais in potential revenue over the years covered by the agreements. Starting in 2017, Aeris began exporting blades to the United States and, in 2019, signed its first contract with Nordex that was fully focused on exports, securing relevant revenue in foreign currency and increasing its exposure to the global wind market ex-China.

In the international competitive landscape, Aeris stands out as a specialized manufacturer of large blades for onshore wind turbines, with meaningful market share both in Brazil and globally excluding China. In 2024, the company estimated a market share of approximately 49% domestically and around 4% in the global ex-China market, after years in which its share was higher, reflecting a phase of more robust demand in wind power markets. The slowdown in new wind installations in Brazil in 2024 directly affected order volume, leading to reduced demand from clients such as Nordex, WEG, and Siemens Gamesa and to adjustments in its production base, including decommissioning and shutting down lines. Even so, the long-term contracts signed with global manufacturers and the installed technology base underpin Aeris’s position as one of the major global players in wind blade manufacturing.

In terms of corporate and financial structure, Aeris’s common shares are traded on B3 under the ticker AERI3, which facilitates access to capital to finance capacity expansion, industrial modernization, and working capital reinforcement. In 2023, the company carried out a primary public offering of shares to raise funds in the domestic market. In the context of recent sector challenges, especially from 2024 onward, the company began negotiations with financial creditors and debenture holders to restructure its debt profile, culminating in 2025 with the reprofiling of a significant portion of its financial liabilities and the extension of maturities, with the goal of aligning its capital structure with the new level of activity.

Aeris operates in an environment subject to strict environmental laws, although its core activity—the manufacture of industrial components—is not regulated by specific sector agencies as is the case for power generators. The company depends on environmental permits for the construction, expansion, and operation of its manufacturing units, complying with the National Environmental Policy and related rules on solid waste management, emissions, and use of natural resources. Any noncompliance can result in administrative, civil, and criminal penalties, including fines, operating restrictions, and obligations to remediate damage. The company therefore must maintain environmental management systems aligned with legal requirements, consistent with the quality and environmental certifications it has already obtained. On the social and governance front, Aeris has historically earned recognition in corporate sustainability and best-place-to-work rankings, indicating structured practices in people management and occupational health and safety, although the intensity and up-to-dateness of these practices vary according to the business cycle and operating phase.