Target Hospitality Corp.

Good day, everyone, and welcome to the EVE Air Mobility Second Quarter 2025 Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask questions by pressing the star and 1 on your telephone keypad. You may withdraw your question by pressing star 2. Please note this call is being recorded and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Lucio Aldworth, Director of Investor Relations at EVE. Please go ahead.

Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at EVE, and I wanted to welcome everyone to our second quarter 2025 earnings conference call. Our CEO, Johan Bolde, and CFO, Eduardo Couto, are joining me on the call today. And after their prepared remarks, we will open the call for questions, at which point, with Valentini, our chief technical officer will join us for more technical questions. We have a deck with a few slides and additional pictures that show our achievements in the quarter, as well as the testing phase of our full-scale prototypes. The deck is on our site at ir.easairmobility.com, so please feel free to download and follow it along. Let me first mention that today's conference call includes statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These forward-looking statements are based on our current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call, and we undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. For a more detailed list of these risks and uncertainties, please refer to our SEC filings available on our website. With that, I will now turn the presentation over to our CEO, Johan.

Thanks, Lucio. Good morning to all, and welcome to our second quarter 2025 conference call. We had a very exciting second quarter with several important developments, and we continue to advance our program development. In a nutshell, and we will talk about it in more details in the call, we unveiled our full-scale mock-up at the Perisher show in June with a new propeller configuration. We also announced our first firm order and signed additional LOIs. Last but not least, we are announcing today that we are bringing Beta Company to complement our suppliers list. Beta comes in with a proven and mature solution to the distributed supply propulsion of the eVTOL with the same lift and cruise aircraft configuration and this will give EVE operating flexibility and optionality in our program. Our schedule remains unchanged with expected TAP certification and entry into service in 2027. Starting with slide two, our eVTOL continues to advance and we redesigned the wing with a more aerodynamic profile for a more efficient cruise. We are now offering a taxi-wheeled version of the aircraft to facilitate ground operation and taxiing in congested landing sites. The DNA of our EV tells and changed with eight lifters and a pusher designed for short routes and a pilot and four passengers. Flying should be very simple with a single pilot control side stick supported by Embraer's fifth generation of the fly-by-wire. This is a proven technology that improves passenger comfort and safety. Now, slide three and four shows a few pictures of our full-scale mock-up that was unveiled at the Paris Air Show last June. This is a true representation of our commercial aircraft and features comfortable full-flex configuration seatings for four passengers with a 32-inch pitch and external baggage compartment. This makes it the ideal for short, urban flight up to 60 miles, including trips to and from airports. The reception from customers, partners, government officials, and also stakeholders was extremely positive, reflecting the strong interest and the support to our vehicle design and attributes, which clearly demonstrate our aviation and certification DNA. Now, moving to slide five. I am very happy to bring here our first LOI conversion of the letter of intent into a firm order from REVO. This is a helicopter operator with active helicopter airport shuttle and point-to-point operations in Sao Paulo region. As a reminder, Sao Paulo is the largest and busiest helicopter market in the world with over 400 aircraft and more than 2,000 daily flights. The city offers a great potential market for eVTOLs and REVO will launch operations in Sao Paulo region with our aircraft. We're very proud of this partnership. Besides that, REVO also signed a contract for our tech care aftermarket services. So in total, the contract for 50 aircraft and services has a total potential value of $250 million. We expect that to start producing revenues in 2027. Now, this firm order means that we'll begin to collect pre-delivery payment. This will bring cash in the door and help to fund the assembly of the aircraft. We are going to collect a substantial amount of PDPs until delivery date, very much in line with market practices, but for competitive reasons, we are not disclosing other specific terms of this contract. Slide 6 shows two additional LOIs we signed during the quarter for a total of 104 EV tolls. These are two new customers with services in Brazil, the United States, and Costa Rica. We're also subscribing to the tech care services, so they do appreciate the value proposition of our product and aftermarket offering. This is actually a great way to introduce the next slide. On slide seven, it shows the total pre-order backlog that now stands at approximately 2,800 aircraft for a total value close to $14 billion based on the list price. This now includes non-binding letters of intent from 28 different customers as well as the firm order from RAVO. These orders are from over nine countries and different businesses, from mainlines to regional airline, helicopter operators, ride-sharing platform, and leasing companies. And because maintenance and support guarantees the proper aircraft operation, we are highly focused on providing the best-in-class services and support to eVTOL's operators. Therefore, we have also secured contracts with 14 different customers for our eVTEC care suite of aftermarket products, which could bring up to $1.6 billion in revenue to EVE over the first few years of operations. Importantly, EVE TechCare customers have placed LOIs to service around 1,100 aircraft, or about 40% of our pre-order book. As you can see, we also have 21 different customers for our air traffic management solution called Vector. And I believe this reflects the market leading value proposition we bring to our customers. Beyond that, together with our customers and authorities, we're also developing a strong network of partners in different areas, such as infrastructure and energy, to address one of the many challenges ahead for the urban air mobility, which is to create a whole new ecosystem besides simply developing an aircraft. Now, going to slide eight and nine, you can see our more recent program advancement. Our full-scale engineering prototype is undergoing the last set of ground tests before it initiates its flight campaign. You may remember that we have already tested and installed the pusher motor a few months back. And after extensive tests on the lifters at the facilities of our suppliers, we have now started installing the first units. In fact, the top picture here shows the propeller spinning on its first test on the prototype. We are scheduled to receive the remaining motors shortly. In parallel, we signed with Beta an agreement to test their propulsion electrical motors on our prototype. Nidec continues committed and involved with our eVTOL and they bring engineering and production expertise. Well, Beta comes in with a startup mindset and adds agility to our program with a proven and tested track record of lift and cruise EV toll flights, along with their strong relationship with FAA. As always, we're looking for the most optimal possible design when it comes to safety, performance, reliability, and cost-effectiveness to deliver most competitive aircraft to our customers. In that sense, NIDEC and Beta are complementary to our AVTOL design. With that, we expect to start flying our prototype in the next few months. Lastly, as I mentioned earlier, we unveiled at the Paris Airshow our full-scale mock-up with a new rotor configuration. The rotor now features four blades. This is a design that generates less vibration and is quieter than the previous configuration. The blades have a fixed pitch and a mechanism to align the blades to reduce aerodynamic drag during the cruise phase of the flight. We also have a few pictures of our truck mounted rig testing in real condition the aerodynamic drag of this new rotor setup. As you can see, the blades are all aligned and this rig helps us to define our load analysis on the entire motor propeller's rig and validate the new blade configuration. Now, on slide 10, you can see the progress of the final stage of testing the motors for our engineering prototype. As a reminder, the lifters were tested at the NIDEC facilities for power output, energy consumption, vibration noise emission, among other metrics. And upon satisfactory results, they were installed into their respective nacelle, integrated into the system that controlled them, and finally spun on the eVTOL for the first time. We are going to follow the similar protocol with the Beta motors that will still arriving and should be ready to fly in the next few months. And finally, on slide 11, we updated our list of primary system and component suppliers currently engaged, including Beta. We follow a best-of-breed approach and select partners with aviation experience and that can support our certification efforts. We are very proud of all members of this list, and I'm confident that we will have the best eVTOL in the market available to the operators with a great design, high dispatchability, and industry-low operating costs. Now, I would like to invite our CFO, Edu, to go over our financials along with a checklist for our 2025 milestones.