Eve Holding, Inc. · NYSE:EVEX
Eve — Zanite Acquisition — SPAC Merger (January 2022)
52 slides from Eve's SPAC merger presentation, Jan 13, 2022
Slide 1: Investor Presentation January 2022
Exhibit 99.1 Investor Presentation January 2022
Slide 2: Disclaimer
Disclaimer Confidentiality and Disclosures exemption under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to This presentation has been prepared for use by EVE UAM, LLC (“Eve” or the “Company”) and Zanite Acquisitio
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) Projections Participation in Solicitation This Presentation contains financial forecasts for the Company with respect to certain financial results for the Company’s fiscal years 2020 through Eve and Zanite and their respective directors and executive officers, under SEC rules, may
Slide 4: Introduction
bl. INTRODUCTION
Slide 5: Today's Presenters
Today’s Presenters Jerry DeMuro Andre Stein Eduardo Couto Luiz Valentini Luis Carlos Affonso Michael Amalfitano Kenn Ricci Co-CEO Co-CEO CFO CTO SVP, Engineering, CEO, Embraer Co-CEO, Zanite Acquisition Corp. and Principal, Directional Technology and Executive Aircraft Aviation Capital Strategy, Emb
Slide 6: Transaction Overview
Transaction Overview Business Combination Details Valuation Capital Structure Embraer transfer of UAM Business to EVE UAM, LLC Anticipated pro forma enterprise Expected to be funded by $237M cash in trust (assuming ( Eve ), with a commitment to provide certain services value of $2.4B no redemptions)
Slide 7: Strategic Backing from an Aviation Leader
Strategic Backing from an Aviation Leader Carve-Out Rationale Support for Eve Enhance Eve’s agility, focus Contribution of all UAM-related employees, assets and IP and independent decision- (1) making Contractual commitment to provide support including: • Royalty free license to Embraer background I
Slide 8: Zanite - SPAC Founded by a Premier Aviation Team
Zanite - SPAC Founded by a Premier Aviation Team Background Support for Eve Zanite Leadership Team Founders include the principals of Selected Eve after a thorough search Kenn Ricci – Co-CEO and Board Member Principal, Directional Aviation Capital Directional Aviation Capital, which built Key aspect
Slide 9: Investment Highlights
Investment Highlights Attractive Business Fundamentals Addressing a Massive Global TAM Scalable and Sustainable Solution Highly Experienced Team Pure play focus on a $0.76T revenue Most practical eVTOL design, capital efficient Senior leadership team and board with (1) opportunity 2025E – 2040E flee
Slide 10: Highly Scalable UAM Solution
2. HIGHLY SCALABLE UAM SOLUTION
Slide 11: Highly Scalable UAM Solution
Highly Scalable UAM Solution EVTOL DESIGN AND SERVICE AND FLEET URBAN AIR TRAFFIC PRODUCTION SUPPORT OPERATIONS MANAGEMENT Practical design choice drives Leveraging Embraer global Capital efficient strategy of Applying the knowledge from lowest operational cost and footprint to enable a sizable alig
Slide 12: Vehicle Design Optimized for Urban Mobility
Vehicle Design Optimized for Urban Mobility Flexible Seating Capacity Tailored for Urban Mobility 4 passengers at entry into service 100 km (60 mile) range at EIS (1) Up to 6 in autonomous mode Addresses 99% of UAM missions in cities (2) and metropolitan areas High Utilization Rate Leading Cost Effi
Slide 13: Most Practical Design Choice for UAM Missions
Most Practical Design Choice for UAM Missions Lift + Cruise Tilt Rotor Vectored Fan Multi-Rotor + Simple design + High speed + Efficient cruising + Efficient takeoff and landing + High reliability + Long range + Long range + Simplest to certify + Straightforward to certify + Quiet in cruise mode ‒ C
Slide 14: Blend of Proven Technology and New Innovations
Blend of Proven Technology and New Innovations Blade position control for minimum drag during cruise Patented eight counter- Highest certification rotating rotor configuration, standards for safety-critical provides ample redundancy software Distributed high voltage Bespoke inceptors, optimizing ar
Slide 15: Timeline to Achieve Entry Into Service
Timeline to Achieve Entry Into Service 2017 – 2020 2021 – 2022 2023 – 2024 2025 – 2026 Market Analysis | Initial Concept and Trade Studies | Mock-Ups | Flight Simulator Type Entry Into Certification Service Subscale Testing | Full-Scale PoCs | Concept of Operations (CONOPS) Simulations Final Product
Slide 16: Scalable Approach to Global Fleet Operations
Scalable Approach to Global Fleet Operations Eve plans to build out its fleet operations business in collaboration with partners Eve will not own aircraft, but will instead establish joint operations and grow partner-by-partner Benefits to Eve: ü Maximize capital efficiency ü Accelerate time-to-mark
Slide 17: Experienced Leadership Team
Experienced Leadership Team Senior Management Team Jerry DeMuro Andre Stein Eduardo Couto Luiz Valentini Flávia Pavie Co-CEO Co-CEO CFO CTO General Counsel and CCO Alice Altíssimo Luiz Mauad Flavia Ciaccia David Rottblatt Luana Campos Head of Program Head of Services Head of User Head of Business He
Slide 18: Strategic Support from Embraer
3. STRATEGIC SUPPORT FROM EMBRAER
Slide 19: Heritage of Aviation Leadership
Heritage of Aviation Leadership #1 share of commercial jets with up to 150 seats For 50+ years, Embraer has established itself as a leader in 200 commercial airline customers in 75 countries a number of aviation categories #1 selling executive jet in the industry UAM is the next major growth 940 exe
Slide 20: Superior Certification Track Record
Superior Certification Track Record Eve plans to leverage Embraer’s regulatory experience and relationships to accelerate type certification Years From Start of Development to Certification 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 30+ E-Jets E2: Certified in Feb 2018 (New Aircraft) On Budget, On
Slide 21: Leveraging World-Class Capabilities of Embraer
Leveraging World-Class Capabilities of Embraer Significant cost advantage over startups (1) ü Service agreements with Embraer will provide Eve with vast resources at favorable rates ü Contribution of UAM IP and a royalty-free license to Embraer’s background IP (2) ü 5,000 Embraer employees will be a
Slide 22: Global Presence with Local Support
Global Presence with Local Support Eve is uniquely suited to support its customers by leveraging Embraer’s worldwide infrastructure Embraer Service Centers 10 Third-Party Countries 80 Service Centers 66 Flight Warehouses Simulators 24 77 Pilot Training Centers 5 Note: Data from Eve management and is
Slide 23: Powerful Partner Network
MOBILITY REIMAGINED 4. POWERFUL PARTNER NETWOR
Slide 24: Building a Global Partner Ecosystem
Building a Global Partner Ecosystem Helicopter Operators Fixed Wing Operators Vertiports Ride Sharing Platforms Renewable Energy Lessors Technology Defense Financing / Development 23 Note: All partnerships are based on non-binding MOUs or LOIs signed by Eve or one of its affiliates and, as such, are
Slide 25: Airline Partnership: SkyWest
Airline Partnership SkyWest operates a fleet of over 450 aircraft connecting passengers to over 230 destinations throughout North America Operates regional jets (including Embraer jets) for major US carriers (1) Partnership with Eve: • 100 eVTOL launch order • Potential collaboration for aircraft op
Slide 26: Airline Partnership: Republic Airways
Airline Partnership Republic Airways operates a fleet of more than 200 aircraft serving 100 cities in the US, Canada, the Caribbean and Central America Operates regional jets (including Embraer jets) for major US carriers (1) Partnership with Eve: (2) • Up to 200 eVTOL launch order • Potential colla
Slide 27: Selected Helicopter Partnerships
Selected Helicopter Partnerships Avantto operates aircraft and helicopters, completing more than 6,000 flights per year with over 450 active customers (1) Partnership with Eve: • 100 eVTOL launch order • Potential collaboration for aircraft operations Halo provides bespoke helicopter and private urb
Slide 28: Lessor Partnerships
Lessor Partnerships Falko is a specialist aircraft operating leasing, asset management and aircraft services company focused on the regional aircraft sector. It is currently the world’s third largest lessor of regional aircraft by value and aircraft numbers with offices in the UK, Ireland and Singap
Slide 29: Defense Partnership
Defense Partnership BAE Systems is a global leader in defense technology spanning air, maritime, land and cyber domains Significant scale with 89,600 employees in 40 countries and annual revenue of $26B (1) Partnership with Eve and Embraer • Global defense collaboration • Strategic investor in the P
Slide 30: Compelling Investment Opportunity
5. COMPELLING INVESTMENT OPPORTUNITY
Slide 31: Addressing a $0.76 Trillion Global TAM
Addressing a $0.76 Trillion Global TAM Eve’s 2030E revenue forecast implies only 15% market penetration (1) (2) UAM Passenger Total Addressable Market Embraer Market Share Examples $119B $125B UATM Service and Support $100B Fleet Operations eVTOLs $75B #1 Market Share | 29% Commercial Jets <150 seat
Slide 32: Accelerating Revenue Visibility
Accelerating Revenue Visibility (1) Eve Non-Binding Order Pipeline of $5.2B Eve Vehicle Delivery Forecast (Estimated Number of Vehicles Delivered Per Year) (1) 1,735 Vehicles 1,117 235 400 801 600 481 340 500 75 2026E 2027E 2028E 2029E 2030E Fixed Wing Helicopter Lessor Ride Sharing (1) Eve pipeline
Slide 33: Revenue Growth Plan
Revenue Growth Plan $ in millions $4,536 • eVTOL revenue is expected to begin scaling in 2026E with 18% planned entry into service 2030E • Fleet operations and service and support revenues are Revenue $3,047 55% expected to reach 44% of total Mix 26% revenue by 2030E • UATM is expected to be a 1% $1
Slide 34: Financial Forecast
Financial Forecast $ in millions • Forecasted gross and EBITDA 2024E 2025E 2026E 2027E 2028E 2029E 2030E margins reflect Embraer’s eVTOL Deliveries -- -- 75 340 481 801 1,117 experience with past aircraft programs Revenue $21 $45 $305 $1,161 $1,825 $3,047 $4,536 • Eve expects to be EBITDA Y/Y Growth
Slide 35: Transaction Overview
Transaction Overview $ in millions, except per share data Sources Pro Forma Valuation Embraer Rollover $2,200 Share Price $10.00 (1) Cash in Trust $237 Pro Forma Shares Outstanding 289.4 PIPE Equity $315 Equity Value $2,894 (2) Total Sources $2,752 Less: Net Cash $516 Enterprise Value $2,378 (1) Use
Slide 36: Eve Execution Advantages vs. UAM Peers
Eve Execution Advantages vs. UAM Peers (1) Enterprise Value $2.4B $0.5B $2.7B $1.4B $2.1B (2) (3) Value of Pipeline $5.2B $1.5B Not Applicable $1.0B $5.4B Enterprise Value / Pipeline Value 0.45x 0.32x Not Applicable 1.45x 0.38x (2) (3) Number of Vehicles in Pipeline 1,735 300 Not Applicable 220 1,35
Slide 37: Peer Group Valuation Benchmarking
Peer Group Valuation Benchmarking Urban Air Mobility Disruptive Transportation Established Mobility Leaders EV / Revenue Average: 0.8x Average: 4.5x Average: 2.8x 7.1x 6.7x 5.0x 3.7x 3.7x 1.8x 1.6x 1.3x 1.3x 1.3x 0.8x 0.6x 0.3x 2028E 2026E 2026E 2026E 2026E 2027E 2026E 2026E 2026E 2026E 2026E 2026E
Slide 38: Positioned to be the Premier Player in UAM
Positioned to be the Premier Player in UAM ü Transformational $0.76T Market Opportunityü $5.2B Pipeline Driven by Best-in-Class Partners ü Efficient and Certifiable Vehicle Designü Experienced Executive Team and Board ü Proven Certification / Production Track-Recordü High-Growth, Capital Efficient B
Slide 39: Appendix
APPENDIX Confidential |
Slide 40: 89% of Consumers Would Frequently Utilize UAM Transportation
89% of Consumers Would Frequently Utilize UAM Transportation Strong Consumer Demand Never 2% for Urban Air Mobility Once a Year 9% 13% Almost Every Day Survey responses How often would you fly? 14K+ from 30+ countries Every Month 48% 28% At Least Once a Week Interviews with potential passengers 200+
Slide 41: Consumer Prices Comparable to Ground Options
Consumer Prices Comparable to Ground Options Passenger Price for a Typical 30 km (20 mile) Trip $300 $123 $100 $78 $50 $12 Helicopter Uber Black Eve UberX Eve Personal Vehicle (1) Piloted Autonomous (Gasoline Powered) Source: UAM forecasted price per seat mile is based on analysis from Massachusetts
Slide 42: Network Scales Rapidly and Saves Passengers Time
Network Scales Rapidly and Saves Passengers Time Vertiports Residents Workers (1) Miami Network Forecast 32 vertiports 88 routes South Beach to Miami Airport (2) Car: 45 minutes – 1.5 hours eVTOL: 7 minutes (1) Data based on UAM network design tool developed by Eve in collaboration with Massachusett
Slide 43: Environmentally Friendly Aviation
Environmentally Friendly Aviation 0 ZERO FULL UP to 80% CARBON 100% LIFE-CYCLE local CO emission NEUTRALITY 2 design achievable with electric carbon reduction (1) vehicle emissions approach minimum cost versus cars 42 (1) Data for internal combustion engine vehicles from the European Environmental A
Slide 44: Designed to Deliver the Lowest Operational Cost
Designed to Deliver the Lowest Operational Cost Estimated Direct Operational Cost Per Seat for a Typical 30 km (20 mile) Trip $164 $135 $58 $47 $20 (1) Helicopter Multi-Rotor Tilt Rotor Eve Piloted Eve Autonomous 1 pilot / 6 passengers 1 pilot / 1 passenger 1 pilot / 4 passengers 1 pilot / 4 passeng
Slide 45: Cabin Experience Driven by Human-Centered Design
Cabin Experience Driven by Human-Centered Design Co-Created Eve engaged with future passengers to create the ideal cabin experience Inclusive Welcoming to all passengers based on lifestyle, age, culture and accessibility needs Optimized Efficient design for optimal cabin space, vehicle weight and pa
Slide 46: Comprehensive Service and Support
Comprehensive Service and Support Eve plans to provide eVTOL services leveraging Embraer’s top-ranked product (1) support capabilities Material Maintenance Services Services Technical Flight Operations Services and Training Ground Data Services Handling ü Vital element to scale UAM services ü Key se
Slide 47: Urban Air Traffic Management
Urban Air Traffic Management Conventional Aircraft Vital Need for Urban Air Traffic Management (UATM) Conventional voice-based air traffic control (ATC) cannot scale to handle the projected volume of flights in low altitude urban airspace Eve Advantage UATM software platform is being developed in pa
Slide 48: Fostering Development of UAM Operations Globally
Fostering Development of UAM Operations Globally Eve is developing and testing a Concept of Operations (CONOPS) in selected cities to help define the airspace design, procedures and infrastructure for safely integrating eVTOL operations into low altitude urban airspace CONOPS leadership allows Eve t
Slide 49: Risk Factors
Risk Factors The risks presented below are certain of the general risks related to EVE UAM LLC, including the urban air mobility business it • There is a shortage of pilots and mechanics which could increase the costs of operating Eve's eVTOL and reduce the will own (collectively, Eve ), Zanite Acqu
Slide 50: Risk Factors (cont.)
Risk Factors (cont.) • Eve's operating and financial results forecast relies in large part upon assumptions and analyses that Eve has developed. If these assumptions or analyses prove to be incorrect, Eve's actual operating and financial results may be significantly Risks Related to Eve's Intellectu
Slide 51: Risk Factors (cont.)
Risk Factors (cont.) • Zanite's warrants and the additional private placement warrants it may be obligated to issue to its sponsor are accounted accordingly, it will depend on distributions from Eve to pay taxes and expenses. for as derivative liabilities and the changes in value of Zanite's derivat
Slide 52: Mobility Reimagined