EHang Holdings Ltd. · NASDAQ:EH
EHang — Q4 2025 Earnings Presentation
18 slides from EHang's earnings presentation, Mar 12, 2026
Slide 1: EHang Holdings Limited Q4 2025 and FY 2025 Operational & Financial Highlights
EHang Holdings Limited Q4 2025 and FY 2025 Operational & Financial Highlights March 12, 2026 www.ehang.com 1
Slide 2: Disclaimer
Disclaimer These materials have been prepared by EHang Holdings Limited (the “Company”) solely for informational purposes and have not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, compl
Slide 3: Highlights for Q4 2025 and FY 2025
Highlights for Q4 2025 and FY 2025 • Record Quarterly and Annual Revenues, Up 48.4% and 11.7% Year-Over-Year, Respectively • First GAAP Profitable Quarter; Adjusted Net Income1) (Non-GAAP) Up 96.4% Year-Over-Year • Non-GAAP Profitability1) Achieved for Second Consecutive Year • EH216-S Commercial Op
Slide 4: Q4 2025: Record-High Quarterly Revenues and Deliveries
Q4 2025: Record-High Quarterly Revenues and Deliveries Record-High Quarterly Revenues and Deliveries First GAAP Profitable Quarter Maintained High Gross Margin of 62.1% Revenues and Deliveries Adjusted Operating Income (Loss) 1) Adjusted Net Income (Loss) 2) (Million RMB) (Units) (Million RMB) (Mill
Slide 5: FY 2025: Record Revenues and Non-GAAP Profitability
FY 2025: Record Revenues and Non-GAAP Profitability Record-High Annual Revenues and Deliveries Non-GAAP Profitability Achieved for Second Consecutive Year Maintained High Gross Margin of 62.0% Revenues and Deliveries Adjusted Operating Income (Loss)1) Adjusted Net Income (Loss)2) (Million RMB) (Unit
Slide 6: EH216-S China Commercial Operations on Track
EH216-S China Commercial Operations on Track Expected Commercial Operations Launch: March 2026 Progress on EH216-S Commercial Operations in China First Operators Certified with Operator Certificate - EHang General Aviation - HeYi Aviation - Officially authorized to operate EH216-S commercial flights
Slide 7: EH216-Series Completes First Cross-Province Flight Crossing Qiongzhou Strait
EH216-Series Completes First Cross-Province Flight Crossing Qiongzhou Strait Efficient 22Km Cross-Sea Flight in Just 18 Minutes ◼ Powered by the high-energy solid-state lithium battery co-developed with Inx Energy, significantly enhanced endurance Ferry:60-90 mins | EH216-Series:18 mins ◼ Achieved d
Slide 8: VT35 Launch and Public Demo Flight
VT35 Launch and Public Demo Flight VT35 Expands EHang’s Long-Range Intercity Mobility Portfolio Next-Generation Long-Range eVTOL First Public Demonstration Flights Type Certification Progress • VT35 unveiled in October 2025, upgraded • Completed public demo flights in Hefei • Type Certification in p
Slide 9: Brand Milestone: 2026 Spring Festival Gala Flight Performance
Brand Milestone: 2026 Spring Festival Gala Flight Performance EH216-S and GD4.0 Formation Flights Shined at China Spring Festival Gala 16 EH216-S pilotless aircraft + 22,580 GD4.0 formation drones —— Performed at CMG 2026 China Spring Festival Gala (Hefei venue) Refreshed the Guinness World Records
Slide 10: Global Expansion
Global Expansion Expanded global flight footprint of EHang pilotless eVTOLs to 21 countries, and completed 85,000+ safe flights Thailand Qatar Japan AAM Sandbox Commercialization Path • EH216-S validation test flights and continuous trial Urban Air Taxi Demonstration Flight Flight Footprint Expansio
Slide 11: Manufacturing Upgrade: Yunfu & Beijing Production Facilities
Manufacturing Upgrade: Yunfu & Beijing Production Facilities Production Capacity Expands to Support eVTOL Manufacturing Yunfu Production Facility Beijing Production Facility • First EH216-F firefighting eVTOL aircraft rolled off • Phase II plant completed, total area expanded to assembly line in Dec
Slide 12: Financial Performance for Q4 2025 & FY2025
Financial Performance for Q4 2025 & FY2025 12
Slide 13: Q4 2025 and FY2025 Financial Highlights
Q4 2025 and FY2025 Financial Highlights Q4 2025 Q4 2024 2025 2024 (RMB '000) YoY YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total revenues 243,778 164,278 48.4% 509,504 456,152 11.7% Gross profit 151,354 99,688 51.8% 315,928 279,946 12.9% Gross margin 62.1% 60.7% 1.4Pp 2) 62.0% 61.4% 0.6Pp
Slide 14: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets As of December 31, 2024 As of December 31, 2025 (RMB '000) （Unaudited） （Unaudited） Current assets: Cash and cash equivalents 610,877 256,400 Short-term investments 513,683 843,232 Restricted short-term deposits 30,295 29,655 Accounts receivable, net 58,180 210,4
Slide 15: Condensed Consolidated Statements of Comprehensive Loss
Condensed Consolidated Statements of Comprehensive Loss 2024 Q4 2025 Q4 FY 2024 FY 2025 (RMB '000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total revenues 164,278 243,778 456,152 509,504 Costs of revenues (64,590) (92,424) (176,206) (193,576) Gross profit 99,688 151,354 279,946 315,928 Operat
Slide 16: EHang Investment Highlights
EHang Investment Highlights 1 Emerging Pillar Industry: Low-Altitude Economy/Advanced Air Mobility The World’s First and Only Pilotless Passenger-Carrying eVTOL TC, PC, 2 Standard AC, and OC Global Market Leader and First Mover of Commercialization Ahead 3 of Peers for Years Safe, Affordable, Econom
Slide 17: Upcoming Events
Upcoming Events Mar 31 - Apr 1 May 21-22 May 26-29 MAR 17-18 Morgan Stanley May 11-12 J.P.Morgan May 26 UBS Asian China Summit Global China Investment 2026 Jefferies Summit BofA China Jefferies eVTOL Conference Asia Forum Conference Summit Hong Kong, China Shenzhen, China Shenzhen, China Shanghai, C
Slide 18: Thank You
THANK YOU www.ehang.com Investor Contact: ir@ehang.com 18