Volatus Aerospace : Q2 2023 Earnings Call Presentation

Q2 2023 EARNINGS CALL

August 30, 2023

TSXV : VOL | OTCQB : VLTTF

SAFE HARBOR STATEMENT

This presentation ("Presentation") is for informational purposes only in order to enable you to learn more about Volatus Aerospace Corp. ("Volatus Aerospace").

Certain statements or information contained in this document constitute forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, through the words or phrases such as "will likely result, "are expected to", "expects", "anticipate", "believe", "continue", "estimate", "intend", "plan", "potential", "predict", "project", "seek" or other similar words) are not statements of historical fact and may be forward-looking statements. Forward-looking statements involve internal projections, estimates or beliefs of Volatus Aerospace concerning, among other things, future growth, results of operations, future expenditures, plans for and results of investments, business prospects and opportunities. Forward-looking statements contained in this document include the potential benefits and future performance of the combined business of Volatus Aerospace and other businesses acquired, future market size or potential; product development and anticipated market acceptance of products and financial forecasts and assumptions including costs, revenues, margins and profits. These forward- looking statements are subject to numerous risks and uncertainties, many of which are beyond the control of Volatus Aerospace. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Volatus Aerospace believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies which could cause actual results to differ materially from those expressed or implied in any forward-looking statements made herein. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward- looking statements are made as of the date this document was created and Volatus Aerospace disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable law.

"Future-oriented financial information" is forward-looking information about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, and presented in the format of a historical statement of financial position, statement of comprehensive income or statement of cash flows. Similarly, a "financial outlook" is forward-looking information about prospective financial performance, financial position or cash flows that is based on assumptions about future economic conditions and courses of action that is not presented in the format of a historical statement of financial position, statement of comprehensive income or statement of cash flows. Future-oriented financial information and financial outlook made herein or made elsewhere are made solely based on information available to Volatus Aerospace as of the date hereof and are subject to the same assumptions, risk factors and other qualifications as all other forward-looking information and forward looking statements, and are presented solely for the purpose of conveying the current anticipated expectations of Volatus Aerospace and may not be appropriate for any other purposes.

This Presentation refers to certain financial performance measures that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (termed "Non-IFRSmeasures"). EBITDA is one such Non-IFRS measure used. Volatus Aerospace defines EBITDA as earnings before interest tax depreciation and amortisation. Non-IFRS measures are used by management to assess the financial and operational performance of Volatus Aerospace. Volatus Aerospace believes that these Non-IFRS measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standard, enable investors to evaluate Volatus Aerospace's operating results, underlying performance and prospects in a similar manner to Volatus Aerospace's management. As there are no standardized methods of calculating these Non-IFRS measures, Volatus Aerospace's approach may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards.

2

Q2 2023 BUSINESS HIGHLIGHTS

Milestone 1

Acquisition of Skyscape

• Expanded in the US utility Segment
• Added long-term recurring contracts - ~$1M
• EV/LTM Rev of 0.60x and EV/ENTM Rev of 0.42x

Milestone 2

Expansion in Wildfire

Suppression

• Deployed team in Alberta to detect forest wildfire hotspots
• Qualified to provide infrared imaging services
• Opens a $70M serviceable addressable market opportunity in Canada and the US

Milestone 3

Canada-Wide Regulatory Approvals from Transport Canada

• Approved to fly BVLOS (Beyond Visual Line of Sight) over 400 ft for wildfire suppression
• Approved to operate over 25kg drones for heavy crop spraying

Milestone 4

Contracts

• Expansion of the SEAR Program into US (Waste Management)
• Oil & Gas contract kick-off- Ontario

* Includes forward looking statements and management estimates

3

Q2 2023 FINANCIAL SUMMARY (1/2)

In C$	For three months	For three months	NOTES
ending Jun 30, 2023	ended Jun 30, 2022
Revenue	$8.68M	$6.63M	Revenue grew by 31% YoY and 17% on QoQ basis. The quarterly growth was driven
by services division.
Gross Profit	$2.96M	$1.9M	The overall gross margin increased from 29% in Q2 2022 to 34% in Q2 2023. The
			higher margins were attributable to overall business synergies and change in
			product mix. Equipment segment generated 25% GM and services division
Gross Margin (%)	34%	29%	generated 44% gross margin.
Net and Comprehensive (Loss)	($2.45M)	($1.62M)
			Headcount increased by at least 50 employees between June 2022 and June 2023
Adjusted EBITDA2	($1.10M)	($955K)	due to M&As, Synergies are being realised in 2023.
			The Adj. EBITDA/Revenue ratio reduced from 14.40% to 12.70%
Earnings/(Loss) Per Share (diluted)	($0.02)	($0.02)

1 - Addition of $134,055 towards businesses acquired in Q1 2023 | 2 - - Refer to GAAP Vs. Non-GAAP EBITDA and Adjusted EBITDA Reconciliation on Appendix A	4

Q2 2023 FINANCIAL SUMMARY (2/2)

In C$	For six months	For six months	NOTES
ending Jun 30, 2023	ended Jun 30, 2022
Revenue	$16.1M	$11.4M	Revenue grew by 41% and growth was marginally driven by equipment sales and
majorly by services.
Gross Profit	$5.3M	$2.9M	Increase in gross profit was 78% and attributed higher GM both in equipment and
			services segments. As industry matures, product mix skew more towards services
			and custom products adding higher gross profits.
Gross Margin (%)	33%	26%
			Depreciation increased by approx. $1.03M due to addition of piloted aircrafts and
Loss from Operations	($4.49M)	($3.37M)
interest increased by $526K due to financing of aircraft and higher interest rates
Adjusted EBITDA2	($2.88M)	($2.09M)	Loss on LATAM JV added $285K in losses followed by higher SG&A
Cash used in Operating Activities	($2.8M)	($5.2M)	Optimized working capital in H1 2023
Cash used in Investing Activities	($1.2M)	($2.M)	Attributable to JV investment and purchase of fixed assets
Cash provided by Financing Activities	$1.7M	$344K	Attributable to proceeds from issue of convertible debt

1 - Addition of $134,055 towards businesses acquired in Q1 2023 | 2 - - Refer to GAAP Vs. Non-GAAP EBITDA and Adjusted EBITDA Reconciliation on Appendix A	5