Slide 1: Turkey's Leading Mobility App
TURKEY’S LEADING MOBILITY APP
Slide 2: Disclaimers
Disclaimers About this Presentation This confidential presentation (this “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to an investment in connection with a possible transaction (the “Business Combination”) involving Marti
Slide 3: Disclaimers (cont'd)
Disclaimers (cont’d) Use of Projections This Presentation contains financial forecasts for the Company with respect to certain financial results for the Company’s fiscal years 2022 through 2023. The Company’s independent auditors have not audited, studied, reviewed, compiled or performed any procedures
Slide 4: Galata has deep expertise and extensive experience in Turkey
Galata has deep expertise and extensive experience in Turkey Kemal Kaya CEO ● 35+ years of executive and management experience in Turkey ● Senior Advisor to The Blackstone Group Marti is an excellent match for Galata ● Former CEO of Yapi Kredi Group, one of the leading financial groups in Turkey Ann
Slide 5: Transaction summary
Transaction summary About Marti Transaction overview Due diligence conducted by Galata ● Marti is Turkey’s leading mobility provider, ● Galata is a NYSE-listed special purpose acquisition ● Background checks on management and operating a fleet of e-scooters, e-bikes, and company which proposes to cl
Slide 6: Marti Overview
Marti Overview
Slide 7: We believe…
We believe… Transportation is the number one issue in emerging market megacities Everything on wheels will be electric… … and everything electric will be shareable Source: Company information. 7
Slide 8: Leadership team
Leadership team… Alper Öktem Cankut Durgun İrem Bilgic Sena Öktem Founder, CEO Cofounder, President Chief Operating Officer Cofounder, Deputy CEO Erdem Selim Eyal Enriquez Levan Yakut Chief Financial Officer Chief Strategy Officer Chief Vehicle Officer Management team cumulatively has c.85 years of
Slide 9: Backed by investors with strong knowhow of Turkey and mobility
…backed by investors with strong knowhow of Turkey and mobility Marti’s diverse investor base includes the leading mobility funds in the Valley and MENAT region, the largest private equity fund in Turkey and the largest provider of international finance to Turkey Leading early stage VC and mobility
Slide 10: Marti is Turkey's mobility app leader today
Marti is Turkey’s mobility app leader today… Key figures #1 travel app 64% in Turkey (iOS / Android)1 Market share2 3.5M+ 92% Unique riders3 Rides from daily commuters4 $125M 57% 2023 FD net 2023 FD gross revenues5 Margin5,6 Source: Company information. Note: 1. Travel app with the highest number of
Slide 11: On its way to becoming Turkey's first mobility super app
…and Marti is on its way to becoming Turkey's first mobility super app Environmentally friendly and complementary services for the daily commute Other Future Opportunities Mobility as a Service Provider E-scooters E-bikes E-mopeds E-cars Launch Date 2019 2021 2021 2024E Revenue per ride1 $0.8 $1.3 $
Slide 12: Scale is expected to reinforce competitive advantages
As Marti grows, scale is expected to further reinforce its competitive advantages Rider preference Single country focus Greater Increased vehicle demand / availability volumes Lower depreciation Lower price Better Lower vehicles with operating Vertical longer useful Better integration cost life marg
Slide 13: Turkey offers untapped mobility opportunities but has no super app
Turkey offers significant untapped mobility opportunities, but does not have a super app yet… All of the top 20 world economies have a mobility super app… except for Turkey Source: Company information. 13
Slide 14: Turkey needs immediate mobility solutions
… and Turkey needs immediate mobility solutions Inadequate public transportation and unpleasant mobility alternatives for last mile journeys High cost of car ownership1 High traffic congestion2 Hyundai i10 2.0 1.9x 64x 1.8 1.6 1.4 1.2 1.1x 1.1x 1.0x 1.0 0.8 Chevrolet Spark Dacia Sandero Dacia Spring
Slide 15: Marti has grown significantly with attractive margin levels
By addressing this unmet and underserved demand, Marti has grown significantly with attractive margin levels, even during COVID Marti offers LTM revenue is consistently growing LTM Net Revenue1 Operational Fleet (million $) (000 vehicle) Last mile connectivity - complementary to long Full curfew Par
Slide 16: Low price elasticity of demand after recent price increase
Marti's service exhibits low price elasticity of demand, as evidenced by the results of its recent price increase ~25% price increase in 15 zones A Ride per vehicle per day in control B Factoring out the negative impact of compared with control group of 2 group declined by 16%, highlighting seasonal
Slide 17: Revenue per minute increased while daily rides per vehicle stayed the same
Revenue per minute increased ~51% in TL terms and ~12% in USD terms in Q4 2021 vs. Q4 2020, while daily rides per vehicle stayed the same ~51% increase in TL revenue per minute applied to reflect Daily rides per vehicle stayed the same even TL depreciation against USD and rising costs though deploye
Slide 18: Marti's presence is a small fraction of the total addressable market
Despite its mobility leadership in Turkey, Marti's current presence remains a small fraction of the total addressable market in Turkey Today 2026 E Consumer Mobility Market1 TAM1 (TAM) Consumer Mobility Market1 CAGR: 5% (TAM) $70 – 80B $55 – 65B Shared Mobility Market2 (TSM) Shared Mobility Market2
Slide 19: Key investment highlights
Key investment highlights 1. Highly attractive market demographics 2. Clear market leader 3. Strong customer retention, reinforced by scale 4. Vertically integrated business model driving lower costs and higher revenues 5. Best-in-class unit economics 6. Constructive regulatory framework 7. Strong E
Slide 20: Highly attractive market demographics
Single country focus 1. Highly attractive market demographics Highly urbanized society, with several large Large, young and growing population base1 and dense city centers % Population < Turkey has a 50 yrs2 58% 61% 62% 58% 54% 60% 62% 55% 76% population larger than the Nordics, 2021 Belgium and Gro
Slide 21: Clear market leader
Greater vehicle availability 2. Clear market leader Marti is the most downloaded travel Marti operates in 16 cities, representing c.69% of app in Turkey national GDP # of app downloads in millions1 Istanbul 30.1% 1.1% 3.8% 5.6 64% 1.8% 0.7% market 0.4% 4.0% Ankara share 9.6% 0.5% 1.1% Izmir 0.5% 0.4
Slide 22: Strong customer retention, reinforced by scale
Rider preference Increased demand Greater vehicle availability 3. Strong customer retention, reinforced by scale Commute accounts for 92% App opening to ride conversion ratio increases with vehicle availability2 of all rides1 54% 53% 48% 50% 43% 34% 25% 20% 15% 17% 10% 12% First and last mile 1000 8
Slide 23: Vertically integrated business model drives lower costs & higher revenues
4. Vertically integrated business model drives lower costs & higher revenues Marti’s in-house management across the micromobility value chain sets the company apart from other operators Mobility applications End user, operation, technical etc. ▲ ▲ ▲ ▲ ▲ ▲ ▲ Battery charging ▲ □ □ ▲ □ ▲ □ Fleet opera
Slide 24: In-house software
Rider preference Lower operating cost 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical integration In-house software – system architecture Secure and scalable Supporting full in-house development of Backed by leading tech service software systems applica
Slide 25: In-house data analytics
Rider preference 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical integration In-house data analytics – proprietary tools and systems Vehicle rebalancing to meet customer demand Automated grouping of battery swap tasks • Real-time modelling • Improved ef
Slide 26: In-house data: damage identification and diagnostics
Rider preference 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical integration In-house data analytics – proprietary tools and systems Damage identification tool and self-diagnostics system Health checker app Damage prediction Self-diagnostics • In-house
Slide 27: In-house built consumer mobile app
Rider preference 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical integration In-house built consumer mobile app PFGR %65 01:14 Easy location Quick unlock Easy navigation Easy docking Quick payment Easily find the nearest Quickly scan a QR code Easily na
Slide 28: In-house hardware capabilities
Lower operating cost 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical Better vehicles with integration longer useful life In-house hardware capabilities Ability to produce customized products that suit local needs and deliver superior operational perform
Slide 29: Low labor cost
Lower operating cost 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Better margins and cash position Low labor cost Minimum wage in Turkey is lower than that of China 2020 Real Minimum Wage ($) c.$24,700 c.$22,900 c.$21,700 c.$21,100 c.$15,100 c.$4,300 c.$4,000
Slide 30: In-house operations and control systems
Rider preference 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Vertical integration In-house operations and control systems Control room Regional operations dashboard ● 24x7 monitoring of warehouses and vehicles in different regions ● Coordination and mobiliza
Slide 31: In-house security systems
Lower operating cost 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Better margins and cash position In-house security systems and effective use of CCTVs result in low rates of theft and vandalism Surveillance and security systems in place across all operating
Slide 32: In-house maintenance and vehicle assembly
Better vehicles with longer useful life 4. Vertically integrated business model drives lower costs & higher revenues (cont’d) Better margins and cash position In-house maintenance and vehicle assembly lengthens useful life of equipment Warehouse maintenance teams Electronic repair teams reuse valuab
Slide 33: Best-in-class unit economics
Rider preference Better vehicles with longer Lower useful life operating cost 5. Best-in-class unit economics Better margins and cash position Consistently improving unit economics Generations 1 & 2 Generations 3 & 4 Delta vehicles1 vehicles2,3 Daily net revenue per vehicle $2.77 $2.774 0% Daily net
Slide 34: More vehicles drive greater usage
Lower operating cost 5. Best-in-class unit economics (cont’d) Better margins and cash position More vehicles drive greater usage Average # of vehicles deployed Average rides per vehicle per day # of Rides (thousand) (million) 3.0 2.9 2.6 2.7 2.4 103 96 38 73 67 31 22 30 27 10 18 4 18 9 25 26 36 8 17
Slide 35: Greater revenue per ride driven by new modalities
Lower operating cost 5. Best-in-class unit economics (cont’d) Better margins and cash position Greater revenue per ride driven by new modalities # of Rides Net revenue per ride Net revenue (million) ($) ($, million) $125 103 85 $1.16 $1.17 $1.22 73 $0.99 $0.87 27 23 18 17 8 10 1 2 1 2 2020A 2021A 20
Slide 36: Improving unit economics
Lower operating cost 5. Best-in-class unit economics (cont’d) Better margins and cash position Improving unit economics Net revenue per ride Net costs per ride2 Gross profit per ride3 ($) ($) ($) CAGR CAGR CAGR5 (11%) +19% +2% $0.75 $1.22 $0.58 $1.16 $1.17 $0.55 $0.53 $0.69 $0.53 $0.64 $0.99 $0.87 5
Slide 37: Constructive regulatory framework
Single country focus 6. Constructive regulatory framework E-scooter regulatory framework – local requirements National Local server requirement for operational data 1 Permits awarded for five years at the national level upkeeping or reading 30% of scooters owned by each operator must be produced loc
Slide 38: Strong ESG fundamentals: environmentally friendly and recycling
Rider preference 7. Strong ESG fundamentals Environmentally friendly transportation mode and 100% recycling By 2023, Marti could help save CO2 emission equivalent Supporting environmental sustainability to the carbon absorbed by c.1m trees1 p.a. 130 100% Electric vehicles – Currently 46,000+ fully-f
Slide 39: Strong sustainability and governance setup with social commitment
Rider preference 7. Strong ESG fundamentals Strong sustainability and governance setup with social commitment Sustainable business model Strong corporate governance setup Supporting youth employment – 34% of Marti’s workforce is in the 15-24 Above average women participation in management roles - ye
Slide 40: Financials
Financials
Slide 41: Financial performance and projections summary
Financial performance and projections summary Net Revenue Gross Profit2 EBITDA3 ($, million) ($, million) ($, million) 59% 57% 125 96 55% 54% 85 44% 71 49% 37% 85 55 47 44% 46 42% 35 32 37% 39% 36% 4% 1% 23 0 1 17 7 9 34% 10 3 (1) -15 -8% -4 29% (8%) 1 4 1 4 1 4 2020A 2021A 2022E 2023E 2023FD 2020A
Slide 42: Financial performance and projections summary
Financial performance and projections summary 2020A 2021A 2022E 2023E1 2023FD2 Rides (thousand) 8,331 17,577 26,754 72,767 102,696 Avg. Rides per Vehicle per Day 2.6x 2.7x 2.4x 3.0x 2.9x Avg. # of Vehicles Deployed 8,814 18,077 30,307 66,876 95,819 Net Revenue (thousand $) 9,665 17,444 23,370 85,413
Slide 43: Transaction Summary
Transaction Summary
Slide 44: Detailed transaction overview
Detailed transaction overview Key Metrics Sources ($, million) Uses ($, million) ● Expected pro forma enterprise value of c.$532 Cash Held in Trust 146.6 Cash to Balance Sheet 279.6 million at closing Issuance of Shares 450.0 Existing Marti Shareholders 450.0 ● Implied pro forma enterprise value of
Slide 45: Appendix
Appendix
Slide 46: Comparable peers overview
Comparable peers overview We are here today… …and our journey could take us here Micro-mobility Mobility super app 46
Slide 47: Financial benchmarking
Financial benchmarking Micromobility Mobility super apps Revenue CAGR (‘21A-’23FD1) Peers average: 67% Peers average: 47% 168% 67% 43% 69% 28% Gross Margin (’23FD1) Peers average: 25% Peers average: 45% 57% 47% 58% 25% 29% EBITDA Margin (’23FD1) Peers average: 10% Peers average: (4%) 44% 10% 9% 11%
Slide 48: Operational benchmarking
Operational benchmarking Funds Raised # of Vehicles Funds Raised De-SPAC Valuation Company Headquarters Operational Countries ($, million) (thousand) / # of vehicles ($, million) 71 463 1,543 4506 1 1 623 674 9,277 2,4006 28 1 31 8 3,780 3006 3 2 660 1355 3,407 2,0007 16 Peers Average 438 70 5,488 S
Slide 49: Non-IFRS reconciliations
Non-IFRS reconciliations (in thousands $) 2020A1 2021A1 Gross Profit (post-depreciation) 727 2,532 Fleet Depreciation 2,730 4,717 Gross Profit (pre-depreciation) 3,458 7,249 Selling and marketing expenses (151) (998) General and administration expenses (4,157) (6,288) Research and development expens
Slide 50: IFRS Balance Sheet
IFRS Balance Sheet (in thousands $) 2020A1 2021A1 (in thousands $) 2020A1 2021A1 Current assets 4,751 36,354 Current liabilities 1,451 2,344 Accounts Payable 716 888 Cash and Cash Equivalents 3,505 13,342 Other Trade Payables 196 - Accounts Receivable 69 499 Payables for employee benefits 427 352 Ot
Slide 51: IFRS Profit and Loss Statement
IFRS Profit and Loss Statement (in thousands $) 2020A1 2021A1 Revenue 9,665 17,444 Cost of Sales (8,938) (14,912) Gross Profit 727 2,532 Selling and marketing expenses (151) (998) General and administration expenses (4,157) (6,288) Research and development expenses (51) (136) Other income/expense (N
Slide 52: IFRS Cash Flow Statement
IFRS Cash Flow Statement (in thousands $) 2020A1 2021A1 (in thousands $) 2020A1 2021A1 Cash flow - Operations 8,220 (544) Interest expense/income (585) (192) Repayment of lease liabilities (100) - Net loss for the year (5,097) (4,461) Depreciation 2,892 5,128 Loan - 13,472 Interest income/expense 67
Slide 53: Risk Factors
Risk Factors Risks Related to Marti’s Business and Industry • We have a relatively short operating history and a new and evolving business model, which makes it difficult to evaluate our future prospects, forecast financial results and assess the risks and challenges we may face. • We have incurred
Slide 54: Risk Factors
Risk Factors • We rely on third parties maintaining open marketplaces to distribute our application and provide the software we use in certain of our products and offerings. If such third parties interfere with the distribution of our products or offerings or with our use of such software, if we are
Slide 55: Risk Factors
Risk Factors Risks Related to the Business Combination • The NASDAQ or NYSE may not continue to list Galata or Company securities, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions. • Because the post-combination company wil
Slide 56: Let's Ride!
LET’S RIDE!