Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 2026 Earnings Presentation
22 slides from Bristow's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 2026
Slide 2: Q1 2026 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q1 2026 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”
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: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Presence on Global Employees Sustainable Vertical 5 Continents Publicly Traded on NYSE (VTOL) 3,627 Total Flight Solutions Customers in 951 904 15 Countries Pilots Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 13% 8% AW189 Other 13
Slide 6: Q1 2026 Financial Results & Highlights
Current Quarter(2) Highlights Q1 2026 Financial Results & Highlights Total revenues were $11.4 million higher primarily due to higher revenues from Government Services and Offshore Energy Services (OES). Adjusted EBITDA was consistent with the Preceding Quarter. Total Revenues Adjusted EBITDA(1) $40
Slide 7: Offshore Energy Services
Offshore Total Revenues Energy Services $260 $220 $ in millions $180 $254 Revenues from Offshore Energy Services were $6.9 $247 million higher in the Current Quarter. Revenues in the $140 Americas were $5.6 million higher primarily due to increased rates and higher utilization in the U.S. and $100 T
Slide 8: Government Services
Government Total Revenues Services $100 $ in millions $80 $60 Revenues from Government Services were $7.8 million $100 $108 higher in the Current Quarter primarily due to the $40 transition of the Irish Coast Guard ("IRCG") contract, $20 including the full quarter impact of a base in Sligo that $0 c
Slide 9: Other Services
Total Revenues Other Services $40 $30 $ in millions $20 $30 $27 $10 Revenues from Other Services were $3.2 million lower in the Current Quarter primarily due to $0 lower seasonal utilization in Australia, partially Q4 2025 Q1 2026 offset by favorable foreign exchange rate impacts. Adjusted Operating
Slide 10: Affirms 2026 Outlook
Affirms 2026 Outlook AFFIRMED Revenues (in USD, millions) 2026E(2) Offshore Energy Services $1,010 - $1,080 Government Services $440 - $460 Other Services $130 - $150 Total Revenues $1,580 - $1,690 Adjusted Operating Income: Offshore Energy Services $225 - $235 Government Services $70 - $80 Other Se
Slide 11: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $342.1 million of unrestricted cash and total liquidity of $393.6 No material near-term debt maturities. Additionally, amortizing equipment million(1) (2) financings include flexible pre-payment terms Unfunded capital commitments of $94.3 million, consisti
Slide 12: Bristow Favorably Positioned To Benefit From Three Global Megatrends
Bristow Favorably Positioned To Benefit From Three Global Megatrends The Importance of Energy Security Increased Defense Spending The Electrification of Transportation Recent geopolitical events have placed an enduring In the context of a complicated geopolitical Bristow has created significant opti
Slide 13: Positive Offshore Energy Market Dynamics
Positive Offshore Energy Market Dynamics Global Floating Rig Demand and Offshore Spending Expected to Grow Global Floater Demand Global Offshore Production Capex and Opex Rig Years USD, Bn 160 300 140 250 120 200 100 150 80 100 60 40 50 20 0 2025 2026E 2027E 2028E 2029E 2030E 0 2025 2026E 2027E 2028
Slide 14: Key Growth Drivers and Themes Impacting Aviation Government Services
Key Growth Drivers and Themes Impacting Aviation Government Services Increased reliance on Expansion of global Big data capabilities Long-term defense spending outsourced aviation security missions, promote the collection targets and increased services by government including focus on of more data f
Slide 15: Bristow's Advanced Air Mobility Expertise
Bristow’s Advanced Air Mobility Expertise Passenger Management Global Air Operations Fleet Management Regulatory Certifications & Service Delivery & Infrastructure and Maintenance Services Extensive global experience, government Base operations worldwide delivering the safe, 12 AOCs (plus various un
Slide 16: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives Status • Protect and maintain strong • Completed refinancing of Balance balance sheet and liquidity position • Refinance 6.875% Senior Secured Notes and ABL Senior Secured Notes and ABL Sheet • Structure leases and debt to • Reduc
Slide 17: Appendix
1 Fleet Overview Appendix 2 Adjusted EBITDA 3 Revenues and Flight Hours by Segment 4 Adjusted Operating Income by Segment 5 Adjusted Free Cash Flow 17
Slide 18: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Fleet Heavy Helicopters: S92 32 29 61 16 Overview AW189 23 5 28 8 55 34 89 Medium Helicopters: AW139 48 9 57 14 S76 D/C++ 13 — 13 14 AS365 1 — 1 36 (1) As of March 31, 2026. Does not include certain 62 9
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2026 2025 2025 2025 LTM Net income $ 13,065 $ 18,676 $ 51,591 $ 31,779 $ 115,111 Depreciation and amortization expense 24,386 18,377 17,739 17,312 77,814 Interest expense, net 13,816 10,432 9,962
Slide 20: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended March 31, December 31, September 30, June 30, 2026 2025 2025 2025 LTM Revenues ($000s) Offshore Energy Services: Europe $ 98,651 $ 101,412 $ 101,026 $ 107,625 $ 408,714 Americas 105,399 99,757 100,945 95,230 401,331 Africa 50,283 46,285 48,460
Slide 21: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended March 31, December 31, ($000s) 2026 2025 Offshore Energy Services: Operating income $ 35,720 $ 42,193 Depreciation and amortization expense 13,131 7,103 PBH amortization 1,305 1,542 Offshore Energy Services Adjusted Operating Income $ 50,15
Slide 22: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2026 2025 2025 2025 LTM Net cash provided by (used in) operating activities $ (8,250) $ 76,913 $ 23,057 $ 99,039 $ 190,759 Less: Maintenance capital expenditures (4,359) (6,044) (2,800) (4