Eve Holding, Inc. · NYSE:EVEX
Eve — Zanite Acquisition — SPAC Merger (April 2022)
51 slides from Eve's SPAC merger presentation, Apr 7, 2022
Slide 1: Investor Presentation April 2022
Investor Presentation April 2022
Slide 2: Disclaimer
Disclaimer Confidentiality and Disclosures This presentation has been prepared for use by EVE UAM, LLC (“Eve” or the “Company”) and Zanite Acquisition Corp. (“Zanite”) in connection with their proposed business combination (the “Transaction”). This presentation is for information purposes only and i
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) Projections This Presentation contains financial forecasts for the Company with respect to certain financial results for the Company’s fiscal years 2020 through 2030. All projections, estimates, goals, targets, plans, trends or other statements with respect to future results or fu
Slide 4: 1. Introduction
ae ee j — re Cay ee ft pees oe ear 1. INTRODUCTION
Slide 5: Transaction Overview
Transaction Overview Business Combination Details Embraer transfer of UAM Business to EVE UAM, LLC (“Eve”), with a commitment to provide certain services to Eve following the transaction Exchange of Eve units to Zanite for 220M shares of Zanite common stock Eve will become a wholly owned subsidiary
Slide 6: Strategic Backing from an Aviation Leader
Strategic Backing from an Aviation Leader Carve-Out Rationale Enhance Eve’s agility, focus and independent decision-making Provide Eve with the flexibility to pursue new business models and partnerships Access new pools of capital Support for Eve Contribution of all UAM-related employees, assets and
Slide 7: Zanite—SPAC Founded by a Premier Aviation Team
Zanite—SPAC Founded by a Premier Aviation Team Background Founders include the principals of Directional Aviation Capital, which built and operates one of the world’s largest groups of private aviation companies: $2.4B in annual revenue 175+ aircraft 2,750+ employees Directors and advisors have curr
Slide 8: 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 opportunity 2025E – 2040E (1) Most practical eVTOL design, capital efficient fleet operations model and carbon neutrali
Slide 9: 2. Highly Scalable UAM Solution
2. HIGHLY SCALABLE UAM SOLUTION
Slide 10: Highly Scalable UAM Solution
Highly Scalable UAM Solution EVTOL DESIGN AND PRODUCTION Practical design choice drives lowest operational cost and simplest certification path SERVICE AND SUPPORT Leveraging Embraer global footprint to enable a sizable and profitable revenue stream FLEET OPERATIONS Capital efficient strategy of ali
Slide 11: Vehicle Design Optimized for Urban Mobility
Vehicle Design Optimized for Urban Mobility Flexible Seating Capacity 4 passengers at entry into service Up to 6 in autonomous mode (1) High Utilization Rate Designed for thousands of flight cycles per year with industry-leading reliability Lift + Cruise Design Most practical design choice for effic
Slide 12: Most Practical Design Choice for UAM Missions
Most Practical Design Choice for UAM Missions Lift + Cruise Tilt Rotor Vectored FanMulti-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 – Co
Slide 13: 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-rotating rotor configuration, provides ample redundancy Bespoke inceptors, optimizing the man-machine interface 5th generation closed loop fly-by-wire system Highest certificat
Slide 14: Timeline to Achieve Entry Into Service
Timeline to Achieve Entry Into Service 2017 – 2020 2021 – 2022 2023 – 20242025 – 2026 Market Analysis | Initial Concept and Trade Studies | Mock-Ups | Flight Simulator [GRAPHIC APPEARS HERE][GRAPHIC APPEARS HERE][GRAPHIC APPEARS HERE] Type Entry Into Subscale Testing | Full-Scale PoCs | Concept of O
Slide 15: 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: Maximize capital efficiencyï Accelerate time-to-marketï
Slide 16: Experienced Leadership Team
Experienced Leadership Team Senior Management Team Jerry DeMuro Andre Stein Eduardo CoutoLuiz ValentiniFlávia Pavie Co-CEOCo-CEOCFOCTOGeneral Counsel and CCO Alice AltíssimoLuiz MauadFlavia CiacciaDavid RottblattLuana Campos Head of Program Head of Services Head of User Head of Business Head of Empl
Slide 17: 3. Strategic Support from Embraer
3. STRATEGIC SUPPORT FROM EMBRAER
Slide 18: Heritage of Aviation Leadership
Heritage of Aviation Leadership For 50+ years, Embraer has established itself as a leader in a number of aviation categories UAM is the next major growth opportunity for Embraer to capitalize on via Eve #1 share of commercial jets with up to 150 seats 200 commercial airline customers in 75 countries
Slide 19: 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 345678910 11 12 13 14 15 16 17 1830+ E-Jets E2: Certified in Feb 2018 (New Aircraft) On Budget, On Spec, T
Slide 20: Leveraging World-Class Capabilities of Embraer
Leveraging World-Class Capabilities of Embraer Significant cost advantage over startups Service agreements with Embraer will provide Eve with vast resources at favorable ratesï (1)ï Contribution of UAM IP and a royalty-free license to Embraer’s background IP 5,000 Embraer employees will be available
Slide 21: Global Presence with Local Support
Global Presence with Local Support Eve is uniquely suited to support its customers by leveraging Embraer’s worldwide infrastructure 10 Embraer Service Centers 80 Countries 66 Third-Party Service Centers 24 Warehouses 77 Flight Simulators 5 Pilot Training Centers Note: Data from Eve management and is
Slide 22: 4. Powerful Partner Network
4. POWERFUL PARTNER NETWORK
Slide 23: 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 Note: All partnerships are based on non-binding MOUs or LOIs signed by Eve or one of its affiliates and, as such, are su
Slide 24: 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 Partnership with Eve: (1) 100 eVTOL launch order Potential collaboration for aircraft operat
Slide 25: 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 Partnership with Eve: (1) Up to 200 eVTOL launch order (2) Potential collabora
Slide 26: Selected Helicopter Partnerships
Selected Helicopter Partnerships Avantto operates aircraft and helicopters, completing more than 6,000 flights per year with over 450 active customers Partnership with Eve: (1) 100 eVTOL launch order Potential collaboration for aircraft operations Halo provides bespoke helicopter and private urban a
Slide 27: 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 28: 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 Partnership with Eve and Embraer (1) Global defense collaboration Strategic investor in the PIPE
Slide 29: 5. Compelling Investment Opportunity
5. COMPELLING INVESTMENT OPPORTUNITY
Slide 30: Addressing a $0.76 Trillion Global TAM
Addressing a $0.76 Trillion Global TAM Eve’s 2030E revenue forecast implies only 15% market penetration UAM Passenger Total Addressable Market (1) $125B $119B UATM Service and Support $100B Fleet Operations eVTOLs $75B $58B $50B $31B $25B $10B $0B 2025E 2030E2035E2040E Embraer Market Share Examples
Slide 31: Accelerating Revenue Visibility
Accelerating Revenue Visibility Eve Non-Binding Order Pipeline of $5.5B (1) 1,825 Vehicles (1) 235 400 650 540 Fixed Wing Helicopter Lessor Ride Sharing Eve Vehicle Delivery Forecast (Estimated Number of Vehicles Delivered Per Year) 1,117 801 481 340 75 2026E 2027E 2028E2029E2030E (1) Eve pipeline i
Slide 32: Revenue Growth Plan
Revenue Growth Plan $ in millions $4,536 18% 2030E 55% Revenue $3,047 Mix 26% 1% $1,825 $1,161 $305 $21$45 2024E2025E2026E2027E2028E2029E2030E eVTOL Fleet Operations Service and Support UATM eVTOL revenue is expected to begin scaling in 2026E with planned entry into service Fleet operations and serv
Slide 33: Financial Forecast
Financial Forecast $ in millions 2024E 2025E 2026E 2027E 2028E 2029E 2030E eVTOL Deliveries -- -- 75 340 481 801 1,117 Revenue (1) $21 $45 $305 $1,161 $1,825 $3,047 $4,536 Y/Y Growth 73% 121% 570% 281% 57% 67% 49% Non-GAAP Gross Profit (2) ($1) $2 $13 $179 $422 $750 $1,171 Non-GAAP Gross Margin N.M.
Slide 34: Transaction Overview
Transaction Overview $ in millions, except per share data Sources Embraer Rollover $2,200 Cash in Trust $237 PIPE Equity $357 Total Sources $2,794 Uses Embraer Rollover $2,200 Cash to the Balance Sheet $552 Estimated Fees and Expenses $43 Total Uses $2,794 Note: Transaction terms are subject to chan
Slide 35: Eve Execution Advantages vs. UAM Peers
Eve Execution Advantages vs. UAM Peers Enterprise Value (1) $2.4B $0.7B$2.5B$1.2B$1.4B Value of Pipeline (2) (3)$5.5B$1.5BNot Applicable$1.7B$5.4B Enterprise Value / Pipeline Value0.44x0.46xNot Applicable0.72x0.26x Number of Vehicles in Pipeline (2) (3)1,825300Not Applicable3701,350 Number of Custom
Slide 36: Positioned to be the Premier Player in UAM
Positioned to be the Premier Player in UAM Transformational $0.76T Market Opportunityï ï ï ï ï ï $5.5B Pipeline Driven by Best-in-Class Partners Efficient and Certifiable Vehicle Designï ï ï ï ï ï ï ï ï ï ï Experienced Executive Team and Board Proven Certification / Production Track-Recordï ï ï ï Hi
Slide 37: Appendix
APPENDIX
Slide 38: Strong Consumer Demand for Urban Air Mobility
Strong Consumer Demand for Urban Air Mobility 14K+ Survey responses from 30+ countries 200+ Interviews with potential passengers and community members 89% of Consumers Would Frequently Utilize UAM Transportation Never 2% Once a Year 9% 13% Almost Every Day How often would you fly? Every Month 48% 28
Slide 39: 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 (1) Personal Vehicle Piloted Autonomous (Gasoline Powered) Source: UAM forecasted price per seat mile is based on analysis from Massachusetts
Slide 40: Network Scales Rapidly and Saves Passengers Time
Network Scales Rapidly and Saves Passengers Time Vertiports Residents Workers Miami Network Forecast (1) 32 vertiports 88 routes South Beach to Miami Airport Car: 45 minutes – 1.5 hours (2) eVTOL: 7 minutes (1) Data based on UAM network design tool developed by Eve in collaboration with Massachusett
Slide 41: Environmentally Friendly Aviation
Environmentally Friendly Aviation 0 100% ZERO FULL UP to 80% CARBON local LIFE-CYCLE CO2 emission NEUTRALITY electric carbon design reduction achievable with vehicle emissions approach versus cars (1) minimum cost (1) Data for internal combustion engine vehicles from the European Environmental Agenc
Slide 42: 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 Helicopter Multi- Rotor Tilt Rotor Eve Piloted Eve Autonomous (1) 1 pilot / 6 passengers 1 pilot / 1 passenger 1 pilot / 4 passengers 1 pilot / 4 passen
Slide 43: 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 44: Comprehensive Service and Support
Comprehensive Service and Support Eve plans to provide eVTOL services leveraging Embraer’s top-ranked product support capabilities (1) Material Maintenance Services Services Technical Flight Operations Services and Training Ground Data Services Handling Vital element to scale UAM servicesï Key selli
Slide 45: Urban Air Traffic Management
Urban Air Traffic Management 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 partnership with Embraer
Slide 46: 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 47: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (1) $ in millions 2024E 2025E 2026E 2027E 2028E 2029E 2030E GAAP Gross Profit ($19) ($36) ($52) $86 $304 $600 $986 (+) D&A 18 396593119150185 Non-GAAP Gross Profit (2)($1)$2$13$179$422$750$1,171 GAAP Gross Margin N.M. N.M. N.M. 7% 17% 20% 22% Non-GAAP Gross Margin (2
Slide 48: 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 will own (collectively, “Eve”), Zanite Acquisition Corp. (“Zanite”) and the proposed business combination between Eve and Zanite (the “Business Combination”),
Slide 49: 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 below its forecasts. • If relatio
Slide 50: 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 for as derivative liabilities and the changes in value of Zanite’s derivative liabilities could have a material effect on Zanite’s financial results. • Zan
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