Shareholders Letter – Q1 2026

Quality & Airworthiness: building trust through

certification excellence

Quality has always been a fundamental pillar at Embention, but as the unmanned aviation industry matures, its role is becoming even more critical.

Today, ensuring airworthiness is not just about meeting requirements, it is about building trust in systems that are expected to operate safely in

increasingly complex and regulated environments.

At Embention, we develop our technology in accordance with the highest aerospace standards, including DO-178C, DO-254 and DO-160. These frameworks are part of our day-to-day work and define how we design, verify and validate our systems. They are demanding by nature, but they are also what allows our customers to move forward with

Daniel Caparrós

One of the most important

confidence in certification processes.

milestones for the company has been obtaining both POA (Production Organisation Approval) and APDOA (Alternative Procedures to Design Organisation Approval).

Being the first company specialized in autopilots for drones to achieve both approvals is a strong validation of the work done over the years, not only from a technical standpoint, but also in terms of processes, traceability and overall quality culture.

During this quarter, we have also taken another step in our international growth with the opening of new headquarters in Los Angeles, CA. Having a stronger presence

in the USA brings us closer to key partners, customers and regulatory environments, and allows us to better support ongoing and future programs.

We see quality not as a checkpoint, but as a continuous effort that supports everything we do. It is what ultimately enables safe, reliable and certifiable systems, and it will continue to be a key part of how Embention moves forward.

Embention Autopilots for Loitering Munitions & C-UAS: The New Standard for One-Way Drones

Embention Incorporates U.S. Headquarters in Los Angeles, CA

Wingman Multi-system

coordination for redundancy and mission reliability

Embention Awarded in Deloitte Technology Fast 50 Spain

Embention Autopilots for Loitering Munitions & C-UAS: The New Standard for One-Way Drones

The aerospace industry is witnessing a shift in the loitering munitions and C-UAS with the emergence of new autopilot systems from Embention.

Embention Incorporates U.S. Headquarters in Los Angeles, CA

Embention incorporates its U.S. headquarters in Los Angeles, boosting UAV and eVTOL avionics production, innovation, and local support.

Embention Showcases Innovation at Xponential Europe 2026

Enhancing UAV connectivity: the integration of Veronte Autopilots and Gotonomi SATCOM Terminals

Veronte & Shearwater: next-gen UAV

mission planning

Embention and AS9146: FOD prevention program

for critical UAV systems

Urban Air Mobility

The Urban Air Mobility (UAM) market continues to gain strong

momentum as regulatory frameworks, technological maturity, and investment levels converge toward early commercialization.

Recent estimates indicate that the global eVTOL aircraft market could reach $28.6 billion by 2030, growing at a compound annual growth rate (CAGR) of approximately 54.9% between 2024

and 2030.

This growth is being driven by several key factors:

• Increasing urban congestion and demand for faster intra-city mobility

• Rapid advancements in autopilots and avionics systems

• Strong institutional and private investment in UAM ecosystems

• Ongoing progress in regulatory frameworks (FAA, EASA) enabling certification pathways

• Rising demand for low-emission and sustainable transportation solutions.

Drones

The global drone industry continues to expand steadily, supported by increasing adoption across both

commercial and defense applications.

Current projections estimate the drone market will grow from approximately

$27.7 billion in 2023 to around $59 billion by 2030, representing a CAGR of 10-11%.

Growth is being driven by:

• Expansion of commercial applications (inspection, agriculture, logistics, infrastructure)

• Increasing use in defense and security operations

• Advancements in AI, autonomy, and sensor technologies

• Emergence of Drone-as-a-Service (DaaS) business models

• Regulatory progress enabling broader commercial deployment

Our team has been travelling worldwide to provide support and training to our valued partners.

EEUU UAE Netherlands Spain

Japan Greece China

01

Xponential Europe 2026

Embention participated in XPONENTIAL Europe 2026, the leading event for autonomous systems and uncrewed technologies. The exhibition brought together industry leaders, reinforcing its role as a key platform for collaborations.

02

UMEX 2026

Embention team attended UMEX 2026 in Abu Dhabi to strengthen strategic alliances and engage with key aerospace leaders in a region driving technological innovation.

03

Deloitte Technology Fast 50 Spain

Embention has achieved a significant milestone by being recognized as one of the fastest-growing technology companies in Spain in the prestigious Deloitte Technology Fast 50 ranking.

EMBENTION, shareholders Q1

ENABLING DRONES TO POPULATE OUR SKIES