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 serving the global wind power supply chain. Founded in 2010, the company was created with the specific objective of tapping into the market for components used in renewable power generation, at a time when wind power auctions were expanding in Brazil. The decision to locate 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 the Northeast with logistical access to the Port of Pecém, facilitating both service to the domestic market and exports. Construction of the plant began in 2011 and operations started 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 up a track record of relationships with international wind turbine manufacturers. Its first client was India’s Suzlon; it then began supplying Spain’s Acciona Windpower, for which it produced 153 blades in 2013. The customer base diversified over the years with the addition of Brazil’s WEG, Denmark’s Vestas, US-based General Electric (GE), German-Spanish Siemens Gamesa and Germany’s Nordex. In 2014, the company reported its first net profit and increased its production volume 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 agreements with OEMs. The company operates as a dedicated supplier, assigning specific production lines to certain blade models and ensuring capacity to meet minimum annual volumes agreed under contract. This arrangement provides revenue visibility and optimizes the use of capital, while enabling OEMs—who 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 manufacturing segment, underscoring the centrality of this line of business to revenue generation. The segment focused on maintenance and repair services for wind turbine blades, although growing, accounted for 10.7% of net revenue in 2024.

Aeris structures its operations into two main segments: production of blades for wind turbines and blade maintenance services. In the manufacturing segment, the company’s activities range from product design, prototyping and engineering to serial manufacturing, assembly, finishing and logistics for large composite-material components. Its portfolio includes blades over 70 meters long, capable of equipping wind turbines rated above 4 MW, such as Vestas’s V150 models and the N149 models of other global manufacturers. The company also develops customized manufacturing processes and specific tooling for each blade model, involving in-house engineering, CAD/CAM software and vacuum-assisted resin transfer molding (VARTM) technologies. Aeris also offers repair, inspection and maintenance services for blades, both its own and those made by third parties, 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 the operation of more than 15 production lines for blades over 70 meters in length, with an estimated annual capacity to equip more than 1,200 wind turbines rated above 4.5 MW, totaling more than 5 GW per year. The strategic location near one of the country’s largest concentrations of wind farms—with 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 manufacturing process.

Aeris’s commercial activity is heavily concentrated in a few large global clients that account for a significant share of its revenue. In 2023 and 2024, most of the company’s net operating revenue was distributed among Vestas, Nordex, WEG and Siemens Gamesa, with Vestas being the main customer in those periods. The company signed and expanded long-term supply agreements with these OEMs, with volumes expressed in gigawatts of equivalent capacity and estimated values in the billions of reais in potential revenue over the life of the contracts. Starting in 2017, Aeris began exporting blades to the United States and, in 2019, signed its first contract with Nordex focused entirely on exports, securing material 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 a relevant market share both in Brazil and in the global market excluding China. In 2024, the company estimated that it held approximately 49% market share domestically and about 4% in the global market ex-China, after years in which this share had been higher, reflecting a phase of stronger demand in wind power markets. The slowdown in new wind installations in Brazil in 2024 directly affected order volume, leading to weaker demand from clients such as Nordex, WEG and Siemens Gamesa, and to adjustments in the production base, including decommissioning and shutting down lines. Even so, the long-term contracts signed with global manufacturers and the installed technological base support Aeris’s position as one of the major global players in wind blade manufacturing.

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

Aeris operates in an environment subject to strict environmental regulations, although its main activity—industrial component manufacturing—is not regulated by specific sector agencies as is the case with power generators. The company depends on environmental licensing to build, expand and operate its manufacturing units, and must comply with the National Environmental Policy and related rules on solid waste management, emissions and use of natural resources. Any non-compliance may lead to administrative, civil and criminal penalties, including fines, operational restrictions and obligations to remediate damage. The company therefore needs to maintain environmental management systems aligned with legal requirements, consistent with the quality and environmental certifications it has already obtained. In the social and governance arena, Aeris has historically appeared in corporate sustainability and “best companies to work for” rankings, indicating structured practices in people management and occupational health and safety, although the intensity and current status of these practices may vary according to the business cycle and phase of operations.

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