Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 2026 Earnings Presentation
24 slides from Bristow's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 5, 2026
Slide 2: Q2 2026 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q2 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: Bristow Group Inc.
is a leading global provider of mission-critical aviation Bristow Group Inc. services for government entities, offshore energy companies and other customers around the world. Our business is comprised of three Through the use of helicopters, fixed-wing aircraft, unmanned aerial systems (UAS) operati
Slide 6: Recent Events
Recent Events Affirmed 2026 Adjusted EBITDA Outlook and Completed Acquisition of Declared Quarterly Progresses Advanced Air Updated 2026 Segment Berry Aviation Dividend Mobility (AAM) Program Guidance Affirmed 2026E Adjusted EBITDA On July 13, 2026, Bristow Bristow declared a cash Bristow-led consor
Slide 7: Leading Global Provider of Mission-Critical Aviation Services
Leading Global Provider of Mission-Critical Presence on 6 Continents Publicly Traded on Global Employees 3,601 Total Aviation Services NYSE (VTOL) Customers in 931 906 20 Countries Pilots Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 14% 8% 13% AW189 Other Africa 28% S92 S
Slide 8: Q2 2026 Financial Results & Highlights
Current Quarter(2) Highlights Q2 2026 Financial Results & Highlights Total revenues were $23.1 million higher primarily due to higher utilization in Other Services and higher rates and fuel revenues in OES. Adjusted EBITDA was $20.5 million higher in the Current Quarter. Total Revenues Adjusted EBIT
Slide 9: Offshore Energy Services
Offshore Total Revenues Energy Services $260 $220 $ in millions Revenues from Offshore Energy Services were $7.3 $180 $254 $262 million higher in the Current Quarter. Revenues in $140 Europe were $5.9 million higher primarily due to higher rates and higher fuel revenues, partially offset by lower $1
Slide 10: Government Services
Government Total Revenues Services $100 Revenues from Government Services were $4.4 million $ in millions $80 higher in the Current Quarter. UKSAR revenues were $1.6 million higher primarily due to the commencement $60 $108 $112 $40 of operations at two second-generation UK search and rescue (“UKSAR
Slide 11: Other Services
Total Revenues Other Services $40 $30 $ in millions $20 $38 $27 Revenues from Other Services were $11.4 $10 million higher in the Current Quarter primarily due $0 to higher seasonal utilization and higher fuel Q1 2026 Q2 2026 revenues. Adjusted Operating Income Adjusted Operating Income was $4.2 mil
Slide 12: Affirms Adjusted EBITDA Outlook Range and Updates Segment Outlook
Affirms Adjusted EBITDA Outlook Range and Updates Segment Outlook UPDATED Revenues (in USD, millions) 2026E(2) Offshore Energy Services $1,010 - $1,050 Government Services $475 - $495 Other Services $155 - $175 Total Revenues $1,640 - $1,720 Adjusted Operating Income: Offshore Energy Services $235 -
Slide 13: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $312.3 million of unrestricted cash and total liquidity of $371.6 No material near-term debt maturities. Additionally, amortizing equipment million(1) (2) financings include flexible pre-payment terms Unfunded capital commitments of $58.8 million, consisti
Slide 14: Bristow Completes the Acquisition of Berry Aviation
Bristow Completes the Acquisition Berry Aviation Snapshot of Berry Aviation A Provider of Mission-Critical Aviation Services with a 40+ Headquarters Aircraft Year Legacy San Marcos, Texas 22 Leading provider of end-to-end aviation solutions, 2025A Revenue Employees including special mission aviation
Slide 15: Berry Aviation Offers Highly Differentiated and Mission-Critical Aviation Services
Berry Aviation Offers Highly Differentiated and Mission-Critical Aviation Services Enhanced Mobility Passenger and Cargo Transport Each airframe is equipped for STOL(1) operations on Aircraft capable of carrying a combination of passengers and unpaved and unimproved airfields in remote regions cargo
Slide 16: Overview of Berry Aviation's Government Contracts Structures
Overview of Berry Aviation’s Government Contracts Structures Special Mission MRO / CRO UAS Aviation Services • 5-Year Contracts • Multi-year contracts ranging • Firm contract period of 1 - 2 years (1 base year + 3 to 7 option years) between 5 - 7 years Typical Contract • Purchase order with defined
Slide 17: Pro Forma For Berry Aviation Acquisition
Pro Forma For Berry Aviation Acquisition Pro Forma Bristow Fleet by Segment(1) 12 Pro Forma Number of Aircraft in Fleet by Type(1) Type Bristow Aircraft Berry Aviation Aircraft Pro Forma Combined Fleet Heavy Helicopters 62 133 133 59 S92 60 — 60 Offshore AW189 30 — 30 Energy Services 90 — 90 Medium
Slide 18: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives Status • Protect and maintain strong • Completed refinancing of • Refinance 6.875% Senior Secured Notes and ABL Balance balance sheet and liquidity position Senior Secured Notes and ABL • Provide financial flexibility while mainta
Slide 19: 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 19
Slide 20: Fleet Overview
NUMBER OF AIRCRAFT AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Fleet Heavy Helicopters: S92 32 28 60 16 Overview AW189 25 5 30 8 57 33 90 Medium Helicopters: AW139 47 9 56 14 S76 D/C++ 12 — 12 14 (1) As of June 30, 2026. Does not include certain H160 — 4 4 — aircraft sh
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2026 2026 2025 2025 LTM Net income $ 21,180 $ 13,065 $ 18,676 $ 51,591 $ 104,512 Depreciation and amortization expense 28,889 24,386 18,377 17,739 89,391 Interest expense, net 12,228 13,816 10,432
Slide 22: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended June 30, March 31, December 31, September 30, 2026 2026 2025 2025 LTM Revenues ($000s) Offshore Energy Services: Europe $ 104,566 $ 98,651 $ 101,412 $ 101,026 $ 405,655 Americas 106,619 105,399 99,757 100,945 412,720 Africa 50,433 50,283 46,285
Slide 23: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended June 30, March 31, 2026 2026 Offshore Energy Services: Operating income $ 46,053 $ 35,720 Depreciation and amortization expense 17,098 13,131 PBH amortization 3,386 1,305 Offshore Energy Services Adjusted Operating Income $ 66,537 $ 50,156
Slide 24: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2026 2026 2025 2025 LTM Net cash provided by (used in) operating activities $ 41,076 $ (8,250) $ 76,913 $ 23,057 $ 132,796 Less: Maintenance capital expenditures (6,791) (4,359) (6,044) (2