Vertical Aerospace Ltd. Ordinary Shares

Good morning. My name is Van, and I will be a conference operator today. At this time, I would like to welcome everyone to Vertical Aerospace 2025 Third Quarter Earnings Call. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Now let's turn the call over to Jillian Levine, IR lead at Vertical Aerospace. You may begin your conference.

Good morning, all. I'm delighted to welcome you to Vertical Aerospace's third quarter business and strategy update call. Before we get started, I would like to remind you that during today's call, we'll be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially. Any forward-looking statements we make are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. We posted an accompanying slide deck to our investor relations website at investors.verticalarrowspace.com, which contains detailed information on forward-looking statements. For a more complete discussion about these risks and uncertainties, we have filed our 2025 third quarter financial statements with the SEC earlier today. Please now let me hand it over to our chairman, Jonah Flattery.

Good morning and thank you all for joining the Vertical Aerospace third quarter business update club. Before we get started though, I wanted to share with you a never before seen image of our new certification aircraft design. And doesn't it look cool? We look forward to formally unveiling the full scale aircraft on December 10 in London. And please reach out directly to our IOR team if you would like to join us on what will be a very special occasion. I'm delighted to lead the call today with our Chief Executive, Stuart Simpson. My name is Donal Slattery and I am the Chair of Vertical Aerospace. I've worked in the global aerospace industry now for nearly four decades. And along the way, founded two of the top three aircraft lessors in the world today. including Avalon. During the call today, I want to share with you why we believe Vertical Aerospace is a leader in the EB12 sector. We want to update you on our progress and importantly outline the top priorities going forward for myself and the management team. On slide four, you will see we have six items to cover today. If Stuart and I do our job, you should walk away from this call with clarity on several key areas, and in particular, around our flight test progress and aircraft design. And we will also spend time on framing the valuation gap that exists between ourselves and our competitors. Turning to slide five, we've spoken extensively about the fourth and the final stage of our flight test program, the piloted transition flight, and why this maneuver is so critical. So rather than just tell you, we'd like to show you what this entails. So let's take a look at this video.