Vertical Aerospace Ltd. · NYSE:EVTL

Vertical Aerospace — Q3 2025 Earnings Presentation

22 slides from Vertical Aerospace's earnings presentation, Nov 4, 2025

Slide 2: Disclaimer
Disclaimer The following presentation, the information communicated during the delivery of the presentation, any question - and - answer sessio n and any other materials distributed at or in connection with the presentation (collectively, this “presentation”) has been pre pared by Vertical Aerospace
Slide 4: Today's Agenda
Today’s Agenda 1 Piloted Transition: The Key Engineering Proof Point 2 VX4 Aircraft: The Largest and Safest Aircraft, with the Best Operator Economics 3 Capital Efficiency: Most Efficient Steward of Capital 4 2025 Performance: No Surprises – Look Forward to Critical Design Review Unwarranted 5 Valua
Slide 5: What is Piloted Transition?
What is Piloted Transition? Please reference supporting video linked to event on investors.verticalaerospace.com 5 ©VerticalAerospace Group Ltd 2025. All rights reserved.
Slide 6: Piloted Transition Flights Begin This Week
1 Piloted Transition Flights Begin This Week Industry First for eVTOL Aircraft Under Permit to Fly Oversight Vertical’s Piloted Transition Flight Test Campaign Piloted Piloted Transition Transition Begins Completed Profile 1 Profile 2 Profile 3 Profile 4 Profile 5 ~3 Flights ~2 Flights ~2 Flights ~2
Slide 7: The UK CAA and EASA Certification Process is Front Loaded
The UK CAA and EASA Certification Process is Front 1 Loaded REGULATORY OVERSIGHT / WORK COMPLETED WE ARE HERE TYPE CERTIFICATION YEAR - END 2022 2023 2024 2025 2026 2027 2028 Clear path to certification allows us to estimate our expected capital needs 7 ©VerticalAerospace Group Ltd 2025. All rights
Slide 8: The Largest and Safest Aircraft, with the Best Operator Economics
2 The Largest and Safest Aircraft, with the Best Operator Economics Not All Aircraft are Created Equal What Customers and Operators Will Care About A B C 10 - 9 Safety Standard Comfort Profitability 8 ©VerticalAerospace Group Ltd 2025. All rights reserved.
Slide 12: Six Passengers Enables 50% Increased Revenue and Doubling of Profitability for Our Operators
Six Passengers Enables 50% Increased Revenue and 2 Doubling of Profitability for Our Operators 56 - 67% +50% Gross Margin (1) Revenue vs. 38 - 53% gross margin (1) at 4 passengers (30%) +123% Total Cost per Available Seat Mile Gross Annual Operating Profit Note: Figures based on illustrative potenti
Slide 13: Vertical Aerospace is the Most Efficient Steward of Investor Capital
Vertical Aerospace is the Most Efficient Steward of 3 Investor Capital Lower Overhead Cost OEM Business Model Base ~75% Lower Spend Than Peers (1) 13 ©VerticalAerospace Group Ltd 2025. All rights reserved. (1) Calculated as Vertical’s operating cost outflow and investment in PPE (as disclosed in Ver
Slide 14: Key Spend Buckets Through 2028 Certification
3 Key Spend Buckets Through 2028 Certification ~$700mm Additional People & Operating Expenses Funding Required (1) to Reach 2028 Certification ~$550mm • Cash outflows for headcount ramp, aircraft build, testing, contractors and IT licenses • Overhead and employee expenses ~50 - 60% below competitors
Slide 15: 2025 Financial Performance: No Surprises
4 2025 Financial Performance: No Surprises Industry - leading Capital Efficiency → Q3 2025 net cash used in operating activities: £ 51.7m m ($68.0mm) → 3Q 2025 net proceeds from ATM facility: $7.2mm → YTD 2025 net proceeds from ATM facility: $16.4mm Cash and cash equivalents 30 September 2025 4 Nove
Slide 16: 2025 Operational Performance: No Surprises
4 2025 Operational Performance: No Surprises We execute on o ur s tated g oals → Fly full - scale piloted wingborne  → Fly full - scale piloted transition To begin this week → Build and fly third full - scale VX4 prototype Build completed in early December, flying in January → Fly full - scale pi
Slide 17: Achieving CDR On Schedule
4 Achieving CDR On Schedule 2025 2026 2027 2028 2029 Prototype flight test Rig & systems integration campaign development testing  Certification Certification flight Launch Customers Public Demos aircraft assembly test campaign Entry into Service (EIS)  Preliminary Critical Design Type Design
Slide 18: Unwarranted Valuation Gap – Untethered from Fundamentals
5 Unwarranted Valuation Gap – Untethered from Fundamentals Vertical Company A Company B Last 12 Months Share Price (11%) +231% +218% Performance (%) (2) Market Capitalization ($mm) (2) 438 14,629 6,721 Spend to Date (2021 - 2Q 2025) 400 1,586 1,321 ($mm) (1) Tier 1 Lessor on Program    Pilot + Ob
Slide 19: Top of Mind: Focus Areas into Q4 and 2026
6 Top of Mind: Focus Areas into Q4 and 2026 Strategically Growing our Orderbook, Including First Sale of 1. the Hybrid Aircraft 2. Executing a Partnership with a Global Strategic 19 ©VerticalAerospace Group Ltd 2025. All rights reserved.
Slide 20: Strategically Growing our Existing $6Bn+ Orderbook
6 Strategically Growing our Existing $6Bn+ (2) Orderbook up to 500 aircraft up to 100 aircraft (1) up to 50 aircraft up to 200 aircraft up to 100 aircraft (placed by Avolon ) up to 350 aircraft up to 100 aircraft up to 50 aircraft up to 100 aircraft (placed by Avolon ) at least 100 aircraft up to 25
Slide 21: Partnering with a Global Strategic: Our Criteria
6 Partnering with a Global Strategic: Our Criteria Strategic Alignment • Strong conviction in the global UAM economy Vision & Culture • Forward - thinking, nimble and innovative culture • Long - term partnership ambitions to achieve strategic platform validation • Ideal partner to be a major player

Vertical Aerospace — Q3 2025 Earnings Presentation on 6ix

Vertical Aerospace — Q3 2025 Earnings Presentation

Slide 1: Q3 2025 Business & Strategy Update Call

Slide 2: Disclaimer

Slide 3: Today's Speakers

Slide 4: Today's Agenda

Slide 5: What is Piloted Transition?

Slide 6: Piloted Transition Flights Begin This Week

Slide 7: The UK CAA and EASA Certification Process is Front Loaded

Slide 8: The Largest and Safest Aircraft, with the Best Operator Economics

Slide 9: ©VerticalAerospace Group Ltd 2025. All rights reserved.

Slide 10: ©VerticalAerospace Group Ltd 2025. All rights reserved.

Slide 11: ©VerticalAerospace Group Ltd 2025. All rights reserved.

Slide 12: Six Passengers Enables 50% Increased Revenue and Doubling of Profitability for Our Operators

Slide 13: Vertical Aerospace is the Most Efficient Steward of Investor Capital

Slide 14: Key Spend Buckets Through 2028 Certification

Slide 15: 2025 Financial Performance: No Surprises

Slide 16: 2025 Operational Performance: No Surprises

Slide 17: Achieving CDR On Schedule

Slide 18: Unwarranted Valuation Gap – Untethered from Fundamentals

Slide 19: Top of Mind: Focus Areas into Q4 and 2026

Slide 20: Strategically Growing our Existing $6Bn+ Orderbook

Slide 21: Partnering with a Global Strategic: Our Criteria

Slide 22: Q&A