Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025 Kevin McAleenan Sean Ricker Chief Executive Officer, Chief Financial Officer Board Member © 2026 BigBear.ai, All rights reserved | BigBear.ai Proprietary. 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and the Priva
Slide 3: Non-GAAP Financial Information
Non-GAAP Financial Information This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, and Adjusted Gross Margin. We believe these non-GAAP financial measures provide investors and analysts with
Slide 4: 2025: Strengthening the Foundations and Fundamentals
2025 Strengthening the Foundations and Fundamentals 44
Slide 5: Year End 2025: Building Momentum
YEAR END 2025 Building Momentum STRONGEST FINANCIAL POSITION in company history Positioned To Move Fast Laying The Tracks For Lasting Returns 5
Slide 6: Achieved Three Priority Objectives
2025 LOOKBACK Achieved Three Priority Objectives Financial Foundations International Expansion Catalytic Acquisitions ✓ Record cash + investments ✓ UAE Expansion ✓ Ask Sage ✓ Established Subsidiary ✓ Reduced debt ✓ CargoSeer ✓ Opened New Office ✓ Established Key Partnerships Enduring strategic advan
Slide 7: Three Big Shifts
OPERATING CONTEXT Three Big Shifts 01 U.S. National 02 Frontier Model 03 Department of War Security Strategy Advancements AI Acceleration Strategy • Collaboration between USG and American • Generational leaps in reasoning, • 7 Pace Setting Projects across Warfighting, private sector multimodal AI in
Slide 8: Our Strategic Focus
Our Strategic Focus CORE GROWTH MARKETS THEMES 01 Deliver topline growth National Security 02 Focus on the operator 03 Operate with executional rigor 04 Capitalize on catalytic M&A Travel & Trade 8
Slide 9: Growth Momentum
Growth Momentum NATIONAL SECURITY TRAVEL & TRADE 1 1 Cross-selling Ask Sage Expanded in UAE, Abu Dhabi Ports Group 2 2 Accelerating Ask Sage edge Deployed veriScan: Chicago offering O’Hare, Seattle-Tacoma, Nashville, and Calgary airports 3 Partnered with C Speed in software defined radar technologie
Slide 10: Financial Performance
Financial Performance 2025 Cash, Investments, and Total Debt ($ millions) Ask Sage Acquisition $715 Record Cash + Investments Revenue Within Guidance Range $467(a) $391 2026 $202 $201 $201 $200 $201 $201 $200 $200 $201 $143 $143 $142 $142(b) CargoSeer Acquisition $108 $81 $72 $66 $50 $13 $22 $30 $32
Slide 11: 2026: Further Strengthening our Fundamentals
2026 Further Strengthening our Fundamentals 11
Slide 12: By Operators, for Operators.
By Operators, for Operators. 12
Slide 13: BigBear.ai
BigBear.ai