Surf Air Mobility Inc. · NYSE:SRFM
Surf Air Mobility — Investor Presentation (February 2025)
19 slides from Surf Air Mobility's investor presentation, Feb 14, 2025
Slide 1: Transforming regional flying
AIR MOBILITY ov.2025 ) QE Transforming regional flying SURFAIR MOBILITY
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements. This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; future trends
Slide 3: Surf Air Mobility Overview
SURF AIR MOBILITY OVERVIEW Two complementary business units combine to scale regional air mobility SURFAIR MOBILITY ‘AIR MOBILITY AIR TECHNOLOGY —_—=a>—_ " —— : : a. <4 SCHEDULED ON-DEMAND SOFTWARE ELECTRIFIED POWERTRAIN AIR SERVICE TECHNOLOGY Established regional air mobility platform providing O I
Slide 4: Market Opportunity
MARKET OPPORTUNITY The beginning of a massive growth industry “Innovative propulsion... could usher in a new era of frequent, convenient passenger flights on small regional aircraft.” MCKINSEY & COMPANY? ‘May 2023, “Regional Air Mobility (RAM) will fundamentally change how we travel by bringing the
Slide 5: Scheduled Air Service
SCHEDULED AIR SERVICE (AIR MosiLity We've flown millions of passenger over millions of miles MAINLAND U.S. & HAWAII SURFAIR gE Prem + 2. LIMending September 30,2024 2. Aircraft leet consists of 42 Cessna Caravans, 8 Pilatus PCa‘, 3 Tecnams, and 2 Saab 3405, ©2025 SURF AIR MOBILITY 3. Passengers flow
Slide 6: Scheduled Air Service: Hawaii Highlight
SCHEDULED AIR SERVICE: HAWAII HIGHLIGHT Our robust network in Hawaii demonstrates the potential of regional air mobility MOKULELE ADVANTAGES + Largest interisland commuter airline Little airline competition and no driving alternative Consistent, local customer base of repeat fliers Accessible airpor
Slide 7: Scheduled Air Service: Essential Air Service (EAS) Highlight
SCHEDULED AIR SERVICE: ESSENTIAL AIR SERVICE (EAS) HIGHLIGHT (AiR MosiLity Recurring government contracts currently drive ~41% of total revenue’ EAS NETWORK
Slide 8: On Demand Air
ON DEMAND AIR Mositiry Global on-demand charter operations DOMESTIC INTERNATIONAL ON DEMAND ADVANTAGES + Asset-light marketplace + Focus on regional mobility with less supply constraints + $30B global TAM in 2023 for air charter services market with 5% CAGR (45% North America)’ | AF iN 1. LIM ending
Slide 9: The Surf Air marketplace
DISTRIBTION The Surf Air marketplace Using the Surf Air marketplace, users can easily find, book, and customize On Demand charter flights to meet their exact charter needs. ON DEMAND CHARTER Fly anywhere with the aircraft of your choice SCHEDULED FLIGHTS Frequent scheduled flights
Slide 10: 4-Phase Transformation Overview
4-PHASE TRANSFORMATION OVERVIEW PHASE 1 2024 Transformation J Improved capital structure V Strengthened balance sheet A New management in place VS Realized M&A synergies 10
Slide 11: Phase: Optimize airline operations
PHASE 2 Optimize airline operations ROUTE RATIONALIZATION + Implement data-driven analysis of network design and route profitability + Incorporate FAA authorization Act into EAS bidding strategy + Equal weighting of total cost in air carrier proposals creates an edge for Surf Air's low-cost Caravan
Slide 12: Phase: Recalibrate On Demand business
PHASE 2 Recalibrate On Demand business BUSINESS PLAN RECALIBRATION + Expand client base from turboprop to jet aircraft + Rationalize products & memberships + Optimize costs of internal sales force + Expand relationships with new operators + Focus on delivering a branded and unique customer experienc
Slide 13: Phase: Drive efficiencies from SurfOS
PHASE 2 OBJECTIVE: To achieve EBITDA profitability in 2025 » Drive efficiencies from SurfOS STREAMLINE SALES, SOURCING IMPROVE OPERATIONS & BEGIN ROLLOUT OF SURF OS AND DISTRIBUTION AUTOMATE MAINTENANCE TO LAUNCH CUSTOMERS + Improve productivity with new tools + Enable teams across air operations +
Slide 14: Upside Driver: Surf OS Software
UPSIDE DRIVER: SURF OS SOFTWARE AIR TECHNOLOGY We are developing an all-in-one software platform for the Advanced Air Mobility industry Au Ors = THE “OPERATING SYSTEM” FOR REGIONAL AVIATION Building the software platform to support the growth and operations of the Advanced Air Mobility industry os P
Slide 15: Surf OS
SURF OS Designed to increase efficiency, decrease costs, and drive productivity AIR OPERATIONS a Air Ops <= + Fleet management + Crew scheduling + Pilot check-in app + Network planning + Predictive maintenance REVENUE OPERATIONS + Flight distribution + Dynamic pricing + Analytics & reporting + Predi
Slide 16: Phase 3: Launch New Tier Routes
PHASE 3: LAUNCH NEW TIER 1 ROUTES » We've identified ~200 tier 1 routes across the U.S. based on growth and profitability Demand data and demographic data layers powered the creation of our network plan. 2 4B ~100-500 MILE TRIPS IN Using a mobile device data-set with ~9B location ~ hy THE U.S. (MULT
Slide 17: Phase 3: Launch New Tier Routes
PHASE 3: LAUNCH NEW TIER 1 ROUTES New routes can reach profitability 6-12 months after launch AVERAGE ROUTE: 180 nautical miles, 10X daily roundtrips, 3 aircraft ~6 months Breakeven point | ~30% Steady state gross margin —— RASM ——CASM MonTHS ‘AFTER LAUNCH 1 2 3 4 5 6 7 8 9 10 12 B 5 16 7 18 » "7
Slide 18: Strategic Differentiators
STRATEGIC DIFFERENTIATORS Why we are uniquely positioned to win in the regional air mobility market Scale One of the largest regional commuter airlines in the U.S.’ flying over 370K passenger per year? Experience Established operations and brand in a highly regulated industry Depth Exclusive relatio
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