Bridger Aerospace Group Holdings, Inc. · NASDAQ:BAER
Bridger Aerospace — Investor Presentation (August 2025)
30 slides from Bridger Aerospace's investor presentation, Aug 11, 2025
Slide 1: Advanced Platforms for Global Wildfire Suppression
Advanced Platforms for Global Wildfire Suppression August 2025 1
Slide 2: Basis of Presentation
Basis of Presentation This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to an investment opportunity in Bridger Aerospace Group Holdings, Inc . (“Bridger”, “Bridger Aerosp
Slide 3: Forward Looking Statements
Forward Looking Statements Certain statements included in this Presentation are not historical facts but are forward - looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 . Forward - looking statements gene
Slide 4: Non-GAAP Financial Measures
Non - GAAP Financial Measures Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA (“Adj . EBITDA”), Adjusted EBITDA margin (“Adj . EBITDA margin”), Adjusted EBITDA per Scooper, Growth Capital Expenditures (“Growth CapEx”), Maintenance and Miscellaneous
Slide 5: Agenda
Agenda Private and Confidential 5 Introduction to Bridger Aerial Firefighting Industry Overview Business Model Growth Drivers Financial Profile 5
Slide 6: Bridger Aerospace History: Years of Aerial Firefighting
Bridger Aerospace History: 10 Years of Aerial Firefighting 6 2023 Awarded sensor - enhanced Air Attack contract with Department of the Interior ("DOI") for 5 years and 150 days per year 2014 Founded as a veteran - owned business 2015 First year of aerial firefighting, operating two Twin Commanders f
Slide 7: Bridger Aerospace at a Glance
Bridger Aerospace at a Glance 7 ▪ Full - spectrum Aerial Firefighting and Aerospace Services Provider ▪ Suppression: L argest U.S. owner/operator of the purpose - built “ Super Scooper” ▪ Aerial Surveillance : A ircraft for infrared mapping , tactical coordination and immediate data transfer ( " Air
Slide 8: Wildfires: A Significant and Growing Environmental Hazard
Wildfires: A Significant and Growing Environmental Hazard Increased Wildfires, CO 2 Levels and Temperatures Are Part of a Vicious Cycle Source: National Oceanic and Atmospheric Administration, National Aeronautics and Space Administration and Bloomberg Law. ▪ Changes in temperatures and precipitatio
Slide 9: Lengthening of Wildfire Year is Driving Growth
Lengthening of Wildfire Year is Driving Growth ▪ Wildfire is Becoming More Year Round ▪ 2024 saw fire activity as late as October and November ▪ Fires in California in January led to Bridger’s earliest deployment ever with devastation across nearly 36,000 acres and losses of $250 billion ▪ Early Det
Slide 10: Wildfire Legislation has become a Federal Priority
Wildfire Legislation has become a Federal Priority Aerial Firefighting Enhancement Act of 2025 Authorizes the DoD to sell excess aircraft and parts to contractors, including aircraft capable of delivering water and fire retardant Fix Our Forests Act Aims to improve forest health and wildfire resilie
Slide 11: Increased Demand and Funding for Wildfire Control and Air-Based Suppression
The FY 2026 federal wildfire budget proposes $6.6 billion in total funding — $3.7 billion for operations and $2.9 billion for the Wildfire Suppression Operations Reserve Fund — under a newly unified U.S. Wildland Fire Service (USWFS), consolidating DOI and Forest Service efforts to streamline nation
Slide 12: Year-Round Fires Are Extending Operators' Flight Hours
Source: Bridger management. Year - Round Fires Are Extending Operators’ Flight Hours Climate Change has Elongated the Active Northern Hemisphere Fire Season 12
Slide 13: Extensive US Footprint and Expanding Geographic Coverage
Extensive US Footprint and Expanding Geographic Coverage Geographic Overview 2024A Revenue by State (Federal and State Contracts) Bridger Aerospace has been steadily expanding its operations across North America, strategically targeting wildfire - prone regions to enhance its firefighting capabiliti
Slide 14: Bridger's Full Spectrum Aerial Firefighting Solution
Bridger’s Full Spectrum Aerial Firefighting Solution ▪ Suppression Aircraft (6 ) ▪ Purpose built DeHavilland “Super Scoopers” ▪ Highly capable and cost - efficient ▪ Track - record of safety and reliability ▪ High return on investment ▪ Air Attack and Surveillance ▪ Daher Kodiak 100 (4) and Pilatus
Slide 15: Why Bridger Wins
“Why Bridger Wins” Value Offering National Footprint / Platform Ownership Competitor Ability to Compete in Contracts (1) Safety Record Operational Performance Platform Effectiveness Primary Platform No. of U.S. Locations Headquarters Super Scooper 2 Belgrade, MT Public (NASDAQ: BAER) DC - 10 1 Albuq
Slide 16: Super Scooper advantages and sources
Source: National Interagency Fire Center, CalFire, WinAir, RAND Corporation, Bridger management estimates and DeHavilland OEM specifications and marketing. (1) Compared to larger aerial firefighting platforms, i.e., Boeing 747 Supertanker and McDonnell Douglas DC - 10. (2) Assumes scoopable water is
Slide 17: Attractive Super Scooper Economics
Attractive Super Scooper Economics ~$32M Approximate original equipment cost of a new Super Scooper Average Total Cost of Super Scooper Purchase ~$600K Planes require limited annual maintenance and miscellaneous capex after initial investment Annual Maintenance Capex / Super Scooper < 5 years ( 1 )
Slide 18: Leading Edge Technology Driving Special Mission (MMA) Opportunities
Leading Edge Technology Driving Special Mission (MMA) Opportunities 18 ▪ Sensor Enhanced Air Attack with Cutting Edge Imaging systems ▪ Real - time wildfire imagery and data transmission to ground firefighters ▪ Opportunities for “New Start” detection using lightning strike data ▪ FMS engineering br
Slide 19: FMS Airframe Modification and Integration
FMS Airframe Modification and Integration & Other Boosts In - House Engineering Capabilities, Expands Customer Base and Recurring Work ▪ Acquired June 2024 in a $17.5 million all equity transaction ▪ Specializing in airframe modification and integration solutions including instrumentation, flight te
Slide 20: IGNIS – The Integrated Command Platform
Interoperable Across Organization IGNIS – The Integrated Command Platform Fully integrated cross - platform operating tool that empowers teams on the ground to coordinate faster Description Key Features and Capabilities Product Highlights Integrated Command Platform ▪ IGNIS is a mobile operating pla
Slide 21: Spanish Scooper Acquisition to Drive Future Growth
Awarded 4 Super Scoopers at auction in Q4 2023 from the Spanish Ministry for Ecological Transition and Demographic Challenge MAB JV partnership completed purchase in late 2023 Bridger has option t o acquire Scoopers from MAB JV as they are returned to service As aerial firefighting assets be
Slide 22: Bridger Growth Roadmap
Selectively add additional airframes and vertically integrate to support continued growth 4 5 Bridger Growth Roadmap Increase utilization of existing infrastructure for surveillance and suppression activities 1 Drive higher guaranteed levels of revenue 2 Expand geographical operations 3 6 Private an
Slide 23: On Track to Hit Higher End of 2025 Guidance
On Track to Hit Higher End of 2025 Guidance $3.3 $13.4 $39.4 $46.4 $66.7 $105 - 111 $18.7 $42 - 48 -$90.0 -$40.0 $10.0 $60.0 $110.0 $160.0 2019 2020 2021 2022 2023 2024 2025E ($ in millions) Revenue Adjusted EBITDA Net Loss $ 98.6 $37.3 5YR CAGR in Revenue (2019 - 2024) 97% $9.8 $3.7 Fleet Growth He
Slide 24: H1 2025 Financial Review
H1 2025 Financial Review • Revenue up approximately 150% over H1 2024 • Benefitted from earliest deployment of Scoopers in company • Recognized $11.0m revenue from return to service work performed on the Spanish Scoopers as part of the partnership agreement compared to $2.8m in H1 2024 • $2.3m from
Slide 25: 2024 Financial Review
2024 Financial Review • Revenue up approximately 48% over 2023 • Recognized $10.1m revenue from return to service work performed on the Spanish Scoopers as part of the partnership agreement and $3.0 million from June 2024 acquisition of FMS • 65% of 2024 revenue occurred in the third quarter, which
Slide 26: Financial Overview – Income Statement
Bridger Aerospace Financial Overview – Income Statement Q2 - 24 YTD Q2 - 25 YTD 2024 2023 2022 2021 ($ In Millions ) $11.3 $23.9 $66.8 $ 56.0 $38.8 $30.4 Fire Suppression 4.1 5.7 13.1 9.7 7.2 8.6 Aerial Surveillance 2.2 13.2 13.9 - - - MRO 0.8 3.6 4.8 1 .0 0.0 0.0 Other ( UAS, Maintenance, Admin) $1
Slide 27: Financial Overview – Balance Sheet
Bridger Aerospace Financial Overview – Balance Sheet 6/30/25 12/31/24 12/31/23 12/31/22 12/31/21 ($ in Millions , FYE 12/31) Assets Current Assets: $30.9 $53.1 $37.9 $97.4 $17.3 Cash, Restricted Cash a n d Marketable Securities 18.3 5.9 4.1 0.0 0.0 Accounts and Notes Receivable 4.4 4.8 3.1 9.4 4.8 O
Slide 28: Reconciliation to GAAP
Reconciliation to GAAP 28 1 Represents non - cash stock - based compensation expense associated with employee and non - employee equity awards. 2 Represents expenses related to integration costs for completed acquisitions and potential acquisition targets and additional b usiness lines. 3 Represents
Slide 29: Adjusted EBITDA Reconciliation to GAAP
Twelve months ending, 12/31/2024 12/31/2023 12/31/2022 12/31/202 1 ($ in Millions ) ($15.6) ($ 77.4 ) ($42.1) ($ 6.5 ) Net loss (0.8) (0.3) - - Income tax benefit 17.5 11.1 9.1 6.7 Depreciation and a mortization 23.7 23.2 20.0 9.3 Interest e xpense $24.8 ( $ 43.4) ($13.0) $9.4 EBITDA 16.2 47.8 - - S
Slide 30: Thank You
Thank You Private and Confidential 30
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