Bristow Group, Inc. · NYSE:VTOL
Bristow — Q4 2025 Earnings Presentation
26 slides from Bristow's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 26, 2026
Slide 2: Q4 2025 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights Q4 2025 President and CEO Earnings Call 03 Financial Review Jennifer Whalen SVP, Chief Financial Officer Chris Bradshaw 04 Concluding Remarks President and CEO 05
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP measures including EBITDA, Adjusted EBITDA, Adjusted Operating Income, Net Debt, Free Cash Flo
Slide 5: Recent Events
Recent Events Closes $500 Million Achieves 2025 Progresses its Senior Secured Declares Quarterly IRCG Contract Guidance and Advanced Air Notes and Extends Dividend Transition Affirms 2026 Outlook Mobility (AAM) Program ABL Facility Bristow 2025A revenues were In January, Bristow closed a Bristow dec
Slide 6: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on Global Employees 5 Continents Publicly Traded on 3,660 Total Customers in NYSE (VTOL) 961 Pilots 15 Countries 902 Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 12% AW189 8% 29% Othe
Slide 7: Q4 and Full Year 2025 Consolidated Financial Results
Q4 and Full Year 2025 Consolidated Financial Results Total revenues were $75.0 million Total Revenues higher in the Current Year(2) primarily due to higher revenues in $1,600 Government Services and OES. Adjusted EBITDA was $8.9 million $ in millions $1,200 higher primarily due to the increased reve
Slide 8: Quarterly Offshore Energy Services
Quarterly Offshore Total Revenues Energy Services $260 $220 $ in millions Revenues from Offshore Energy Services were $3.0 $180 million lower in the Current Quarter. Revenues in $250 $247 Africa were $2.2 million lower primarily due to the $140 conclusion of the fixed wing business, and revenues in
Slide 9: Full Year Offshore Energy Services
Total Revenues $1,000 $ in millions Revenues from Offshore Energy Services were $24.4 million higher in the Current Year. Revenues in Africa were $500 $966 $990 $21.7 million higher primarily due to higher utilization and additional aircraft capacity. Revenues in the Americas were $19.2 million high
Slide 10: Quarterly Government Services
Quarterly Total Revenues Government Services $100 $80 $ in millions Revenues from Government Services were $0.8 $60 million lower in the Current Quarter primarily due to $40 $101 $100 lower seasonal utilization in the United Kingdom search and rescue (“UKSAR”) operations, partially $20 offset by the
Slide 11: Full Year Government Services
Total Revenues $400 $ in millions $300 Revenues from Government Services were $49.8 $200 million higher in the Current Year due to the $330 $379 commencement of the IRCG contract and higher $100 UKSAR revenues primarily due to favorable foreign exchange rate impacts and the commencement of $0 fixed
Slide 12: Quarterly Other Services
Quarterly Total Revenues Other Services $40 $30 $ in millions $20 $35 $30 Revenues from Other Services were $5.2 $10 million lower in the Current Quarter primarily $0 due to lower seasonal activity in Australia. Q3 2025 Q4 2025 Adjusted Operating Income $10 Adjusted Operating Income was $4.1 million
Slide 13: Full Year Other Services
Total Revenues $140 $120 $ in millions $100 $80 Revenues from Other Services were $0.8 million $60 $120 $121 higher in the Current Year primarily due to higher $40 activity, partially offset by lower revenues due $20 to the conclusion of certain dry-lease contracts. Full Year $0 2024 2025 Other Serv
Slide 14: 2025 Results In-Line with Outlook; Affirms 2026 Outlook
2025 Results In-Line with Outlook Affirms 2026 Outlook 2025 Actuals vs Outlook AFFIRMED Published(1) Reported Revenues (in USD, millions) 2025E 2025A 2026E(3) Offshore Energy Services $990 $990 $1010 - $1,080 Government Services $380 $379 $440 - $460 Other Services $120 $121 $130 - $150 Total revenu
Slide 15: Financial Performance
Financial Performance Consistent YoY revenue growth across all three Revenue(1) Adjusted Operating Income By Segment(1)(2) segments $1,491 $1,635 $1,415 $23 $1,297 $140 $1,210 $121 $75 $120 $20 $107 $450 $26 $98 $379 $38 $330 $51 $284 $337 $26 Government Services $10 $966 $990 $1,045 $64 $61 $203 $2
Slide 16: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet Actual (USD $mm, Amount Rate Maturity and Liquidity Position as of 12/31/2025) Cash $294 ABL Facility ($85mm)(2) — SOFR+200 bps May-27 $286.2 million of unrestricted cash and total liquidity Senior Secured Notes(3) 400 6.875% Mar-28 of $346.9 million(1)(2) UKSAR Debt 167 SONIA+2
Slide 17: Balance Sheet Evolution
Balance Sheet Evolution Operating and Gross Debt/Adjusted EBITDA(1) Net Debt/Adjusted EBITDA(1) leverage metrics have continued to improve 3.7x 2.7x 3.7x 3.3x 3.3x 3.0x 2.2x since 2022 3.0x 2.8x 2.8x 1.9x 1.6x No near-term debt maturities and 2022 2023 2024 2025 2022 2023 2024 2025 additional amorti
Slide 18: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives Status • Completed refinancing of Sr. • Protect and maintain strong Notes and ABL at lower rates Balance balance sheet and liquidity position • Refinance 6.875% Senior Secured Notes and ABL • $40.1 million (£29.6 million) of Sheet
Slide 19: Appendix
1 Fleet Overview Appendix 2 NAV 3 Adjusted EBITDA 4 Revenues and Flight Hours by Segment 5 Adjusted Operating Income by Segment 6 Adjusted Free Cash Flow 19
Slide 20: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Fleet Heavy Helicopters: S92 32 29 61 15 Overview AW189 22 4 26 8 54 33 87 Medium Helicopters: AW139 48 7 55 13 S76 D/C++ 13 — 13 14 (1) As of December 31, 2025. Does not include AS365 1 — 1 36 certain ai
Slide 21: NAV per Share Calculation
NAV per Share Calculation (in $ millions, except per share data) 12/31/2025 FMV of Owned Helicopters $ 1,618 NBV of Other PP&E 317 Working Capital 357 Other Assets, Net 194 Total Debt (671) Deferred Taxes, Net (4) Net Asset Value $ 1,811 Diluted Share Count 29.9 NAV per Share (excl. Leased Helicopte
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, December 31, December 31, December 31, ($000s) 2025 2025 2025 2025 2022 2023 2024 2025 Net income (loss) $ 27,381 $ 31,779 $ 51,591 $ 18,676 $ 9,209 $ (6,920) $ 94,870 $ 129,427 De
Slide 23: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended Years Ended March 31, June 30, September 30, December 31, December 31, December 31, December 31, December 31, 2025 2025 2025 2025 2022 2023 2024 2025 Operating revenues ($000s) Offshore Energy Services: Europe $ 101,218 $ 107,625 $ 101,026 $ 10
Slide 24: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended Years Ended March 31, June 30, September 30, December 31, December 31, December 31, December 31, December 31, ($000s) 2025 2025 2025 2025 2022 2023 2024 2025 Offshore Energy Services: Operating income $ 37,365 $ 43,595 $ 42,429 $ 42,193 $ 1
Slide 25: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, December 31, December 31, ($000s) 2025 2025 2025 2025 2023 2024 2025 Net cash provided by (used in) operating activities $ (603) $ 99,039 $ 23,057 $ 76,913 $ 32,037 $ 177,4
Slide 26: Net Debt Reconciliation
Net Debt Reconciliation December 31, December 31, December 31, December 31, (Actual, USD $mm) As of 2022 2023 2024 2025 Cash $164 $184 $251 $294 ABL Facility ($70mm)(1) — — — — Senior Secured Notes 400 400 400 400 UKSAR Debt 126 162 209 167 IRCG Debt — — 97 116 Total Debt(2) $526 $562 $706 $683 Less