Bristow Group, Inc. · NYSE:VTOL
Bristow — Q3 2025 Earnings Presentation
19 slides from Bristow's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 5, 2025
Slide 2: Q3 2025 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q3 2025 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: 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 3,644 Total Customers in NYSE (VTOL) 957 Pilots 15 Countries 927 Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 11% 8% AW189 Other 13
Slide 6: Q3 2025 Financial Results & Highlights
Current Quarter(2) Highlights Q3 2025 Financial Results & Highlights Made an additional $24.8 million (£18.4 million) of accelerated principal payments on UKSAR Debt facility Total Revenues Adjusted EBITDA(1) $75 Total revenues were $9.9 million higher $400 primarily due to higher revenues from $376
Slide 7: Offshore Energy Services
Offshore Total Revenues Energy Services $250 $200 $ in millions Revenues were $2.4 million lower in the Current $253 $250 Quarter. Revenues in Europe and Africa were $6.6 $150 million and $1.5 million lower, respectively, primarily due to lower utilization, while revenues in the Americas $100 were $
Slide 8: Government Services
Government Total Revenues Services $100 $80 $ in millions $60 Revenues were $8.4 million higher in the Current $40 $93 $101 Quarter primarily due to the ongoing transition of the Irish Coast Guard (“IRCG”) search and rescue contract $20 as an additional base commenced operations in the third $0 quar
Slide 9: Other Services
Total Revenues Other Services $40 $30 $ in millions $20 $31 $35 $10 Revenues from Other Services were $3.8 million higher in the Current Quarter primarily due to $0 higher activity in Australia of $4.8 million, partially Q2 2025 Q3 2025 offset by lower revenues of $1.1 million due to the conclusion
Slide 10: Updated 2025 And 2026 Outlook
s Updated 2025 And 2026 Outlook UPDATED UPDATED Revenues (in USD, millions) 2025E(1) 2026E(1) Offshore Energy Services $970 - $1,010 $1,010 - $1,080 Government Services $370 - $390 $440 - $460 Other Services $115 - $125 $130 - $150 Total revenues $1,455 - $1,525 $1,580 - $1,690 Adjusted Operating In
Slide 11: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $245.5 million of unrestricted cash and total liquidity of $313.4 No material near-term debt maturities. Additionally, amortizing equipment million(1) (2) financings include flexible pre-payment terms Unfunded capital commitments of $115.9 million, consist
Slide 12: Increased Cash Flow Generation Driving Value Creation
Increased Cash Flow Generation Driving Value Creation Bristow Cash ROIC by Year 15.8% 16.0% 14.0% 12.3% 12.0% 12.0% 10.0% 9.1% 8.0% 6.0% 5.6% 4.0% 2.0% 0.0% 2022A 2023A 2024A 2025E (1) 2026E (1) (Adjusted EBITDA – Maintenance CapEx – Cash Taxes) Cash ROIC = Average (Gross Debt + Book Equity) (1) Bas
Slide 13: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives Status • Protect and maintain strong balance sheet • $40.1 million (£29.6 million) Balance and liquidity position • Pay down debt to a balance of approximately of accelerated principal Sheet • Structure leases and debt to facilita
Slide 14: 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 14
Slide 15: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Fleet Heavy Helicopters: S92 33 29 62 15 Overview AW189 20 4 24 8 53 33 86 Medium Helicopters: AW139 49 6 55 14 S76 D/C++ 13 — 13 13 AS365 1 — 1 36 63 6 69 Light—Twin Engine Helicopters: AW109 3 — 3 18 (1
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s, unaudited) 2025 2025 2025 2024 LTM Net income $ 51,591 $ 31,779 $ 27,381 $ 31,768 $ 142,519 Depreciation and amortization expense 17,739 17,312 16,841 16,701 68,593 Interest expense, net 9,962 10,
Slide 17: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended September 30, June 30, March 31, December 31, 2025 2025 2025 2024 LTM Revenues ($000s, unaudited) Offshore Energy Services: Europe $ 101,026 $ 107,625 $ 101,218 $ 105,686 $ 415,555 Americas 100,945 95,230 91,569 89,651 377,395 Africa 48,460 49,
Slide 18: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended September 30, June 30, ($000s, unaudited) 2025 2025 Offshore Energy Services: Operating income $ 42,429 $ 43,595 Depreciation and amortization expense 7,049 6,924 PBH amortization 1,758 3,069 Offshore Energy Services Adjusted Operating Inco
Slide 19: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s, unaudited) 2025 2025 2025 2024 LTM Net cash provided by (used in) operating activities $ 23,057 $ 99,039 $ (603) $ 51,054 $ 172,547 Less: Maintenance capital expenditures (2,800) (4,532) (