Q4 2025 Earnings Presentation February 26, 2026 Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Q4 2025 Earnings Call 02 Operational Highlights Chris Bradshaw President and CEO 03 05 Question & Answer 2 01 Cautionary Statement Regarding Forward-Looking Statements Financial Review Jennifer Whalen SVP, Chief Financial Officer 04 Concluding Remarks Chris Bradshaw President and CEO This presentation includes "forward-looking statements" within the meaning of Section ...

Core Viewpoint - Raymond James initiated coverage of Bristow Group (NYSE: VTOL) with an Outperform rating and a $60 price target, highlighting the company's improving earnings quality and management as it approaches 2027 [1] Group 1: Company Performance and Outlook - Bristow is recognized as a well-managed company with improving earnings quality, particularly following the expansion of its Government Services segment [1] - The firm anticipates upside to its forecasts based on a positive outlook for offshore energy markets in 2027 [1] Group 2: Market Dynamics and Competitive Advantages - Continued supply constraints in twin-engine helicopters and parts are expected to support disciplined capacity and favorable pricing, reinforcing Bristow's competitive advantages due to its scale and strong balance sheet [2] - The implementation of Advanced Air Mobility (AAM) initiatives is believed to provide additional earnings growth opportunities in the long term [2] Group 3: Earnings Stability and Market Expectations - Buy-side expectations for 2027 appear undemanding relative to projections and consensus, with anticipated multiple expansion as investors recognize the stability of earnings from long-term Government Services contracts [3] - The Offshore Energy Services segment derives approximately 85% of its exposure from production-related activities, which are less sensitive to commodity price fluctuations [3]

Core Viewpoint - EHang Holdings Limited showcased its advanced air mobility technology through a dual-feature aerial performance at the 2026 China Media Group Spring Festival Gala, featuring 16 EH216-S pilotless eVTOL aircraft and a record-breaking drone light show with 22,580 GHOSTDRONE 4.0 UAVs, highlighting the company's technological prowess and the potential of the low-altitude economy [1][3][5]. Company Highlights - EHang's performance included 16 EH216-S aircraft taking off simultaneously, forming a circular formation above the main stage, demonstrating the company's leadership in flight safety and fleet orchestration technologies [3][4]. - The 22,580 GD4.0 drones set a Guinness World Record for the most multirotor drones airborne simultaneously from a single computer, showcasing EHang's capabilities in drone technology [3][12]. - EHang's EH216-S is the world's first pilotless human-carrying eVTOL aircraft to receive Type Certificate, Production Certificate, and Standard Airworthiness Certificate from the Civil Aviation Administration of China, marking a significant milestone in the industry [5][14]. Technological Innovations - The synchronized flight of the EH216-S aircraft highlighted EHang's advanced command-and-control systems, precise algorithmic control, and multi-scenario adaptive flight capabilities [4][10]. - EHang Egret, a subsidiary, successfully conducted multiple performances with over 20,000 drones, demonstrating the GD4.0's robust performance in complex environments and its high-precision positioning technology [7][15]. Market Position and Future Prospects - The Hefei Luogang Park serves as a key testing ground for low-altitude economy development, hosting Urban Air Mobility centers and facilitating regular trial operations of the EH216-S since March 2025 [9]. - EHang aims to leverage its technological strengths for practical applications in various sectors, including passenger transportation, logistics, and smart city management, while expanding its influence in the global low-altitude economy [10][13].

Core Insights - Vertical Aerospace has signed a strategic three-party Memorandum of Understanding (MoU) with AHQ Group and NIDC to develop an Advanced Air Mobility (AAM) ecosystem in Saudi Arabia, aligning with the country's Vision 2030 initiative [1][2][3] Group 1: MoU and Strategic Goals - The MoU aims to explore opportunities in manufacturing localization, commercial eVTOL operations, and investment incentives to support Vertical's certification program and long-term growth [3][4] - Saudi Arabia is identified as a significant emerging market for AAM, with the potential to operate over 1,000 Valo aircraft, which is Vertical's leading commercial aircraft [3][4] Group 2: Role of Partners - AHQ Group will assist in evaluating the necessary industrial, commercial, and investment structures to create a scalable AAM ecosystem in Saudi Arabia [4] - The collaboration aims to position Saudi Arabia as a regional hub for electric aircraft manufacturing and AAM services, contributing to industrial diversification and job creation under Vision 2030 [4][5] Group 3: Aircraft Specifications - The Valo aircraft is designed to operate in hot climates, capable of flying up to 160 km at speeds of 240 km/h with zero operating emissions [6] - Valo is engineered for high payload capability and can perform in temperatures up to 50 degrees Celsius (122 degrees Fahrenheit), making it suitable for the Saudi Arabian environment [6][11] Group 4: Company Background - Vertical Aerospace is focused on pioneering electric aviation, developing the Valo as a piloted, four-passenger eVTOL aircraft with zero operating emissions [7][9] - The company has approximately 1,500 pre-orders for Valo from customers across four continents, including major airlines [9]

Core Insights - JetSetGo and Vertical Aerospace have signed a Memorandum of Understanding (MoU) for the purchase of 50 Valo aircraft and a strategic collaboration to develop Advanced Air Mobility (AAM) services in India [1][2] Group 1: Partnership Details - The MoU establishes a framework for joint development of route networks, operating models, regulatory engagement, and commercial rollout of electric and hybrid-electric aircraft in India [2] - JetSetGo will lead market research and operational planning for metro and short-haul regional routes, conducting technical evaluations and feasibility studies [3] - Vertical Aerospace aims for type certification of Valo by 2028 under UK and European regulators, with global validations to follow [4] Group 2: Aircraft Specifications - Valo is designed to fly up to 160 km at speeds of 240 km/h with zero operating emissions and meets airliner-level safety standards [2] - Vertical is also developing a hybrid-electric variant of Valo, which offers increased range and mission flexibility [2][7] Group 3: Market Context - The partnership aligns with the growing demand for Advanced Air Mobility in India, as indicated by early demand indicators for specific city pairs and intra-city corridors [4] - JetSetGo's strategy focuses on connecting dense cities and underserved regional markets where ground travel options are limited [3] Group 4: Company Backgrounds - JetSetGo, founded in 2014, aims to revolutionize private air travel in India by making it more accessible and transparent [5][6] - Vertical Aerospace is a global leader in electric aviation, with approximately 1,500 pre-orders for Valo from customers across four continents [9]

Core Insights - Vertical Aerospace has been awarded a Proof-of-concept grant by Hatch for developing an Emergency Medical Services (EMS) use case for its Valo aircraft platform, focusing on electric and hybrid-electric vertical flight for medical responses in remote areas around Singapore [1][2][3] Company Overview - Vertical Aerospace is a global aerospace and technology company pioneering electric aviation, with its Valo aircraft being a piloted, four-passenger Electric Vertical Take-Off and Landing (eVTOL) aircraft that produces zero operating emissions [7][10] - The company has approximately 1,500 pre-orders for the Valo aircraft from customers across four continents, including major airlines such as American Airlines and Japan Airlines [10] Project Details - The project will run until April 2026 and involves collaboration with Singapore's Home Team to assess how eVTOL and VTOL aircraft can enhance existing emergency response systems [2][3] - The initiative aims to develop a detailed EMS concept of operations aligned with real operational and regulatory requirements, including conducting proof-of-concept flight demonstrations [8] Industry Context - The initiative aligns with Singapore's efforts to develop the Advanced Air Mobility (AAM) industry, supported by the Singapore Economic Development Board and the Civil Aviation Authority of Singapore [4] - The Dimension X Challenge supports early-stage companies developing dual-use technologies to enhance public safety, with winning companies receiving S$100,000 in funding and access to technical experts [6]

Core Insights - Vertical Aerospace is accelerating its commercial roadmap in Japan through a partnership with Marubeni Corporation, focusing on electric aviation and Advanced Air Mobility (AAM) [1][2] Route Network Development - The companies are developing a scalable AAM route network in Japan, with a flagship corridor in the Kansai region that could reduce travel times by nearly 80% compared to ground transport [3] - Plans for piloted demonstration flights in the Osaka Bay area are targeted for 2026, building on momentum from the 2025 Osaka World Expo [2][3] Aircraft Specifications and Regulatory Progress - Vertical's certification aircraft, Valo, is designed to fly up to 160 km at speeds of 240 km/h with zero operating emissions, meeting airliner-level safety standards [4] - The Japan Civil Aviation Bureau (JCAB) accepted Vertical's application into the type validation program in 2023, with a target for airliner-level safety type certification in 2028 [6] Commercial Commitment and Ecosystem Development - Marubeni has made pre-delivery slot reservation payments for the first 25 out of 200 Valo aircraft, indicating strong confidence in the program [6] - Vertical is engaging with regional partners to develop the necessary operating infrastructure and aftermarket support in Japan [6] Market Opportunities - The AAM services will provide rapid access from urban centers to scenic destinations and support transportation for major events, enhancing tourism and logistics [5] - Essential services such as emergency medical transport will also benefit from the AAM network, particularly in the Osaka-Hyogo districts [5] Partnerships and Technology - Vertical Aerospace collaborates with leading aerospace companies and utilizes proprietary battery and propeller technology to develop advanced eVTOL aircraft [8][9] - The leadership team at Vertical has extensive experience from top-tier aerospace and automotive companies, enhancing the company's capabilities in aircraft certification and development [9]

Summary of eVTOL and AAM Industry Conference Call Industry Overview - The Electric Vertical Takeoff and Landing (eVTOL) and Advanced Air Mobility (AAM) industry is expected to experience significant advancements in 2026, with manufacturers making progress toward aircraft certification and the FAA launching the eVTOL and AAM Integration Pilot Program (eIPP) [3][7] Key Points 1. 2026 as a Catalyst Year - 2026 is anticipated to be a pivotal year for the eVTOL and AAM industry, with meaningful progress expected in aircraft certification and the launch of the eIPP [3][7] - Public-private partnerships are expected to be announced by March 2026, with initial operations projected to begin around June 2026, approximately 90 days after these agreements [3][4][7] 2. Positive Sentiment and Market Impact - The eIPP initiative is expected to drive positive sentiment for both publicly traded and private eVTOL/AAM companies, including Beta Technologies, Joby Aviation, Archer Aviation, Vertical Aerospace, Eve Air Mobility, Wisk Aero, and Electra [4][8] - The eIPP may favor US-based companies as it aims to promote and advance the industry domestically [4] 3. Industry Catalysts - A steady sequence of industry catalysts is expected to build momentum throughout the year, including: 1. Establishment of public-private partnerships 2. Launch of initial eIPP operations 3. Increased public visibility of eVTOL aircraft in active flight [8][7] 4. eIPP Program Details - The eIPP is a public-private partnership led by the FAA, aimed at accelerating real-world deployment of eVTOL and AAM operations while generating operational data for future policy and regulation [9] - The program will test diverse operations, including air taxis, fixed-wing flights, cargo, logistics, emergency response, and automation [7][9] 5. Operational Scope and Timeline - The eIPP will include at least five pilot projects, utilizing piloted, optionally piloted, or unmanned AAM aircraft generally over 1,320 lbs, capable of carrying passengers [11] - Key timeline dates include: - Early March 2026: Announcement of public-private partnerships - ~90 days post-agreement: Initial eIPP operations to begin - Conclusion of the eIPP Program: 3 years after the first pilot project becomes operational [13] Company-Specific Insights Beta Technologies (BETA) - Expected to receive electric motor certification in early 2026, with initial eIPP operations likely to include cargo, medical, and logistics operations [16] - Plans to operate conforming CTOL aircraft in these initial operations, with certification expected by late 2026 or early 2027 [16] Joby Aviation (JOBY) - Anticipates early commercial operations to begin in Dubai in 2026, along with for-credit TIA flight testing with FAA test pilots [16] - Plans to start flying government mission demonstrations through a partnership with L3Harris in 2026 [16] Embraer S.A. (EMBJ) - Eve flight test campaign will be ongoing throughout 2026, with production of conforming prototype aircraft expected to begin [18] Risks and Considerations - The industry remains in its early stages, with inherent risks accompanying significant opportunities [8] - Potential risks include delays in aircraft certification, customer cancellations of orders, and challenges in gaining community acceptance for vertiports [23][26] Conclusion - The eVTOL and AAM industry is on the brink of significant developments in 2026, driven by regulatory support and public-private partnerships, which could reshape urban air mobility and create new investment opportunities.

Core Insights - Ohio has submitted a proposal to the FAA's Electric Vertical Takeoff and Landing Integration Pilot Program (eIPP) aimed at addressing medical transport challenges across a four-state region, with operational aircraft expected to be deployed within three months of approval [1] - The proposal is backed by over $1.2 billion in existing Advanced Air Mobility (AAM) infrastructure and aims to demonstrate the immediate operational benefits of advanced air mobility technologies [1][2] - The initiative is supported by a coalition including JobsOhio, BETA Technologies, Joby Aviation, and the states of Michigan, Indiana, and Kentucky, highlighting a multistate approach to AAM [1][6] Ohio's AAM Ecosystem - Ohio is recognized as having the most powerful aviation and aerospace ecosystem in the U.S., with over 640 aerospace companies and the third-largest manufacturing workforce [2][8] - The state has attracted significant investments, including a $300 million strategic investment from GE Aerospace in BETA Technologies to accelerate hybrid electric aviation development [14] - Ohio's commitment to AAM is demonstrated through its infrastructure, including the U.S. Air Force Research Lab and the SkyVision UAS test site, which provide essential testing capabilities for AAM technologies [12][13] Collaborative Efforts - The proposal emphasizes cross-sector collaboration, with JobsOhio playing a key role in attracting investments and building infrastructure for AAM [2][10] - Michigan, Indiana, and Kentucky have formally supported Ohio's eIPP application, underscoring the importance of regional alignment for the safe integration of AAM technologies [6][7] - The National Advanced Air Mobility Center of Excellence (NAAMCE) is facilitating partnerships among industry, federal partners, and local communities to accelerate AAM deployment [9] Technological Advancements - BETA Technologies and Joby Aviation are leveraging advanced aviation technologies to create efficient alternatives to traditional transport methods, focusing on medical cargo delivery [2][3] - Joby Aviation is expanding its manufacturing capacity in Ohio, doubling its footprint to support increased production of aircraft components [14] - The collaboration between Hartzell Propeller and BETA Technologies has led to the development of the first FAA-certified electric aircraft propeller, enhancing the capabilities of AAM aircraft [14]

FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Neo Aeronautics, Inc. As filed with the Securities and Exchange Commission on December 19, 2025. Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of Registrant as specified in its charter) Delaware 3812 38-4330835 (I.R.S. Employer Identification Number) Techlink, 31 Kaki Bukit Rd 3 #03-01B Singapore, 417818 +65 8053 1488 (Address, including zip code, and telephone number, including ar ...