Bridger Aerospace Investor Presentation
Disclaimers Overview Fleet
Bridger Aerospace at a Glance
Publicly traded on NASDAQ (BAER)
Full-spectrum Aerial Firefighting and Aerospace Services Provider
Financials
Market
Appendix
2 0 2 5 R E V E N U E I $ 1 2 2 . 8 M
0 1
Suppression:
States and Provinces in which we operate
Largest U.S. owner/operator of the purpose-built "Super Scooper"
0 2
Aerial Surveillance:
Aircraft for infrared mapping, tactical coordination and immediate data transfer ("Air Attack")
0 3
Airframe modification & integration solutions:
Instrumentation, flight testing and airworthiness certification
H E A D Q U A R T E R S
Belgrade, Montana
Suppression 65%
Modification and Integration 17.5% Surveillance 14%
Other 3%
E N G I N E E R I N G
Huntsville, Alabama
100% Renewal Rate in Longstanding Contracts with Federal and State Agencies
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Investment Thesis
Financials
Market
Appendix
Largest Private Fleet of Super Scoopers: 8 of 12 Owned by U.S. Companies
20 Aircraft, Including Industry's Most Advanced Sensor Planes
48% Unmet Demand for Super Scooper Requests in 2025
6.9% growth in Aerial Firefighting market from $1.5B in 2026 to $2.4B in 20331
Attractive Scooper and Sensor Aircraft Economics: EBTIDA > 40%
1 Aerial Firefighting Market Size, Share, and Growth Forecast 2026-2023;: Persistence Market Research
Disclaimers Overview Fleet
Bridger's Aerial Firefighting Solutions
Financials
Market
Appendix
(3) Air Attack (2) Sensor Enhanced
Designed for fire detection, realtime intel, and enhanced situational awareness
Command & control over fires
High reliability
(8) Purpose built DeHavilland "Super Scoopers"
Highly capable and cost-efficient
Track-record of safety and reliability
High return on investment
(2) Sensor Enhanced
Cutting edge technology with dual sensor capability that lead to high margins
Cutting edge imaging systems and data transmission
Command & control over fires
(3) Air Attack (1) Sensor Enhanced
The Stack
The varying altitudes used by aerial firefighting aircraft within the Fire Traffic Area (FTA) are referred to as the "Stack"
Surveillance ( Air Attack)
With the ATGS on board, the Air Attack provides supervision and coordination between air and ground resources while orbiting above the incident
Sensor-Enhanced (Multi Mission)
Providing high resolution sensor imagery, mapping, and live-streaming for multiple types of incidents. The MMA detect fires early and increase situational awareness.
Initial & Direct Attack
Multi-Engine Scooper aircraft drop water directly onto the flames, providing consistent suppression in diverse environments.
Drop Heigh: 150 ft.
Backcountry platform responsible for maintaining essential communication & coordination between air & ground resources
Command & control over fires
High reliability
Disclaimers Overview Fleet
Attractive Super Scooper Economics
Financials
Market
Appendix
High ROI per Scooper due to aircraft efficiency, market demand and operational expertise
A V E RA G E M A R K E T V A L U E O F S U P ER SCO O PE R
$35M
A V E RA G E F I RE Y E A R E B I T D A CO N T R I B U T I O N
> 40%
A V E RA G E SU PE R SCO O PE R PA Y B A CK PE RI O D
< 4 yearsA V E RA G E U S EF U L LI F E
> 30 yearsAbility to utilize natural water sources enables 50% more time-on-duty per mission than other aerial firefighting aircraft1
1 Includes seasonal water bodies without regard to season and no adjustments to the suitability of a water source based on its likely size at a given time of year. Also assumes that the Company has permission to draw from these bodies of water.
Note: Average numbers for illustrative purposes
Disclaimers Overview Fleet
Financials
Market
Appendix
Scooper Increased Revenue and Mix Over Time
2022 | 2023 | 2024 | 2025 | 2026 | |
OWNED SUPER SCOOPERS | 4 | 6 | 6 | 8 | 8 |
90 Day x2
EXCLUSIVE USE CONTRACT - 90 Day x2 60 Day x2
2x
Fleet Revenue
Over 3 Years
120 Day x4 160 Day x4
90 Day x2
EXCLUSIVE USE REVENUE
%
TOTAL REVENUE $38.8M $56.0M $66.8M $79.8M
A T T RA C T I V E CO N T RA C T D Y N AM I CS
Long-term contracts (1-5 years)
Annual Price Escalators
Direct cost pass through
Fuel price protection
Flight hours uncapped
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Air Attack and Sensor Enabled Aircraft
Bridger leads the industry in Aerial Surveillance
Financials
Market
Appendix
In 2026 Bridger debuted its dual-sensor King Air 350 into an expanding market
Mission Systems & Software expected to grow at 11% CAGR1C A P A B I L I T I E S I N C L U D E :
Wide Area Motion Imagery (WAMI)Infrared heat maps
Real time data download
High Performing Aircraft
More Data Higher Margin Contribution1 Aerial Firefighting Market Size, Share, and Growth Forecast 2026-2023;: Persistence Market Research
Disclaimers Overview Fleet
IGNIS - The Integrated Command Platform
Financials
Market
Appendix
Fully integrated cross-platform operating tool that empowers teams on the ground to coordinate faster
K E Y F E A T U R E S A N D C A P A B I L I T E S I N T E G R A T E D C O M M A N D P L A T F O R M
Real-Time Mobile Situational Awareness
Ground Resource Tracking Fire Mapping Re-Imagined
Interoperable Across Organization
Fire Modelling & Behavior Analysis
Intuitive & Dynamic Mobile & Desktop Interface
P R O D U C T H I G H L I G H T S
Intelligence
Map First Interface Dynamic
Incident Coordination
Real-Time Mapping
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Bridger Growth Roadmap
Financials
01
04
Fleet Expansion
Market
02
Contract Evolution
Appendix
03
Leader in Technology
Revenue Diversification
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2026 Adjusted EBITDA on Track to Grow 20%
Fleet Growth Helps Drive Revenue and Adjusted EBITDA
56%
Operational Leverage and Expanded Utilization Contributed to 2025 EBITDA Gains
Financials
$98.6
Market
$122.8
Appendix
$ in millions
$135-
$145
Revenue Adjusted EBITDA$39.4
$9.8
$46.4
$3.7
$66.7
$18.7
$37.3
$45.3
$55-
$60
2021 2022 2023 2024 2025 2026E
Source: Bridger management.
Guidance as provided in Q4'25 earnings release on March 6, 2026 · See slide #28 for a reconciliation of Adjusted EBITDA to Net Income
Disclaimers Overview Fleet
Full Year 2026 Outlook
Financials
Market
Appendix
$135-$145 million $55-$60 million 20 airplanesRevenue: Adjusted EBITDA: Fleet: Guidance Basis:
Disclaimers Overview Fleet
Wildfire Trends Increasing
Increased Fuels
Higher Temperatures
Record Low Snowpack
Severe Droughts
Yearly trends increasing aviation demand in a market with resource constraints
Financials
Market
Appendix
Disclaimers Overview Fleet
Financials
Market
Appendix
Wildfire Legislation has become a Federal Priority
S I G N E D I N T O L A W
I N C O M M I T T E E
Another Active Wildfire Year:
Escalating Disaster Damage:
Aerial Firefighting Enhancement Act of 2025
Wildfire Response and Preparedness Act of 2025
I N T R O D U C E D
P A S S E D H O U S E
Soaring Economic Impact:
Threat to National Resources:
Fit For Purpose Wildfire Readiness Act Fix Our Forests Act
I N C O M M I T T E E
I N T R O D U C E D
Bipartisan Momentum:
Tim Hart Wildland Firefighter Classification and Pay Parity Act
Wildfire Response and Readiness Act
Appendix
Disclaimers Overview Fleet
Financials
Market
Appendix
Bridger Aerospace History: 10+ Years of Aerial Firefighting
Over the course of a decade, Bridger has become the leading provider of aerial firefighting solutions in the U.S.
2014
Founded as a veteran-owned business
2018
Blackstone Tactical Opportunities Fund III invested $105 million of equity in the Company
2022
Bridger Aerospace raised $300 million in a Series C preferred equity round led by
J.P. Morgan
2023
Went public via a de-SPAC transaction (NASDAQ:BAER)
2024
Acquired Huntsville, AL based FMS Aerospace: engineering and flight testing
2025
Campus Sale-leaseback to SRAI - a portfolio of Somera Road + others
2026
C-Suite Buildout: CFO (BOD Audit Chair), COO (Lockheed), GC (Bristow), and EVP Strategy (Viking)
2015
First year of aerial firefighting, operating two Twin Commanders for Air Attack missions
2020
Received delivery of all Kodiaks and 1st Super Scooper aircraft
2023
Acquired Ignis Technologies: mapping and intelligence software for wildfire fighting
2024
Board of Directors appoints Sam Davis CEO
2025
Acquisition of 6
aircraft: 2 Super
Scoopers, 2 King-Air
350, 2 PC-12
2025
Refinancing Transaction completed with Bain Capital, Crestline, Power Sustainable + others
2026
Awarded record-length 160-day task orders for 4 Scoopers with the USFS, a sensor-enhanced Air Attack contract with Montana for 3 years and 120 days per year, and an Air Attack contract with the state of Alaska for 5 years and 120 days per year
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Management Team: Track Record of Success
Financials
Market
Appendix
Sam Davis
CHIEF EXECUTIVE OFFICER
Anne Hayes
CHIEF FINANCIAL OFFICER
Bill Andrews
CHIEF OPERATING OFFICER
Rob Mauracher
EXECUTIVE VP OF GROWTH
Justin Mogford
GENERAL COUNSEL
Joined Bridger Aerospace in 2019
Prior to Bridger, he spent four years at Oracle, Inc. in key roles leading global projects supporting Cloud initiatives, and before that at Meltwater and Natus Medical, Inc., specializing in financial consolidation, reporting and analysis and global financial management
Mr. Davis holds an MBA from San Jose State University and a BS in Accounting and Finance from Boise State University
Joined Bridger Aerospace as CFO in 2026; served on the Board of Directors as Audit Chair since 2023
Prior to Bridger, spent more than 20 years in private equity and venture capital, most recently as Director at Quadrant Capital Advisors, with earlier experience at PricewaterhouseCoopers
Ms. Hayes is a Certified Public Accountant and holds a BS in Finance from Villanova University and an MS in Finance from the University of Denver
Joined Bridger Aerospace as COO in 2026, bringing over three decades of aerospace and aviation leadership across military and commercial platforms
Prior to Bridger, was VP and Executive Program Manager at Lockheed Martin, managing a $2 billion portfolio of military aircraft programs
A former U.S. Air Force C-130 pilot, Mr. Andrews holds an MS from USC and a BS in Civil Engineering from the U.S. Air Force Academy
Joined Bridger Aerospace in 2023
Prior to joining Bridger, Rob was the EVP/COO of Viking Air and Longview Aviation Asset Management
Mr. Mauracher holds an extensive background in commercial aviation with positions including CEO of Hawaii Island Air, Air Jamaica and VP of Maintenance & Engineering at Bombardier Aerospace
Mr. Mauracher is an Aircraft Maintenance Engineer and holds an Airframe & Powerplant license with a BA in Marketing
Joined Bridger Aerospace as General Counsel and Corporate Secretary in 2026
Prior to Bridger, spent over a decade in senior corporate counsel roles at Bristow Group Inc. (NYSE: VTOL), most recently as Division General Counsel, Advanced Air Mobility & Corporate Governance; began his career at Baker Botts L.L.P.
Mr. Mogford earned his J.D. from Duke University School of Law and a BBA in Management from Texas A&M University
Disclaimers Overview Fleet
Financials
Market
Appendix
Bridger Aerospace Financial Overview - Income Statement
($ In Millions) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E |
Fire Suppression | $30.4 | $38.8 | $56.0 | $66.8 | $79.8 | |
Aerial Surveillance | 8.6 | 7.2 | 9.7 | 13.1 | 17.4 | |
MRO | - | - | - | 13.9 | 21.5 | |
Other (UAS, Maintenance, Admin) | 0.0 | 0.0 | 1.0 | 4.8 | 4.1 | |
Total Revenue | $39.4 | $46.4 | $66.7 | $98.6 | $122.8 | $135-145 |
Less: COGS | (26.6) | (33.9) | (41.3) | (57.5) | (71.1) | |
Gross Profit | $12.8 | $12.5 | $25.4 | $41.1 | $51.7 | |
Gross Profit Margin % | 33% | 27% | 38% | 42% | 42% | |
Less: G&A, Interest Expense, and Other Income | (19.3 | (54.6) | (103.0) | (57.5) | (47.8) | |
Net Income (Loss)(4) | $(6.5) | $(42.1) | $(77.4) | $(15.6) | $4.1 | |
Adj. EBITDA (1) (3) | $9.8 | $3.7 | $18.7 | $37.3 | $45.3 | $55-60 |
Adj. EBITDA Margin % | 25% | 8% | 28% | 38% | 37% | 41% |
# of Fire Suppression Aircraft | 4 | 5(2) | 6 | 6 | 6 | 8 |
Source: Bridger management estimates.
See slide 28 and 29 for a reconciliation of GAAP Net Income to adjusted EBITDA.
Bridger had five CL-415EAF Super Scoopers, though only four Super Scoopers were active for the majority of 2022 fire season. Bridger took delivery of the sixth Super Scooper in Q1 2023.
(4) May not foot due to rounding.
(3) Adjusted EBITDA for 2022 includes (among other items) (i) lower revenue than anticipated due to the delayed arrival of multiple aircraft and the impact of a less intense fire season as compared to the prior two years, (ii)
$3.0 million of costs related to the acquisition of Super Scoopers 5 and 6,
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Financials
Market
Appendix
Bridger Aerospace Financial Overview - Balance Sheet
($ in Millions, FYE 12/31) | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 |
Assets | |||||
Current Assets: | |||||
Cash, Restricted Cash and Marketable Securities | $17.3 | $97.4 | $37.9 | $53.1 | $31.4 |
Accounts and Notes Receivable | 0.0 | 0.0 | 4.1 | 5.9 | 3.2 |
Other Current Assets | 4.8 | 9.4 | 3.1 | 4.8 | 5.6 |
Total Current Assets | 22.1 | 106.9 | 45.2 | 63.8 | 40.2 |
PP&E, net | 168.7 | 192.1 | 196.6 | 183.8 | 218.8 |
Other Noncurrent Assets | 4.4 | 7.0 | 31.7 | 43.2 | 65.3 |
Total Assets | $195.1 | $306.0 | $273.5 | $290.8 | $330.3 |
Liabilities, Equity and Stockholders' Deficit | |||||
Current Liabilities: | |||||
Current Portion of Long-Term Debt, Net of Debt Issuance Costs | 2.2 | 2.4 | 2.1 | 2.2 | 0.9 |
Other Current Liabilities | 70.9 | 21.9 | 23.3 | 21.2 | 16.5 |
Total Current Liabilities | 73.1 | 24.3 | 25.4 | 23.4 | 16.5 |
Long-term Debt, Net of Debt Issuance Costs | 58.1 | 205.5 | 204.6 | 202.5 | 212.4 |
Other Noncurrent Liabilities | 2.1 | 0.8 | 16.6 | 11.4 | 36.7 |
Total Liabilities | 133.3 | 230.6 | 246.5 | 237.3 | 265.6 |
Legacy Series A Preferred | 146.7 | 0.0 | 0.0 | 0.0 | 0 |
Series A Preferred | 0.0 | 0.0 | 354.8 | 380.2 | 407.3 |
Legacy Series C Preferred | 0.0 | 489.0 | 0.0 | 0.0 | 0 |
Stockholders' Deficit | (84.8) | (413.6) | (327.9) | (326.7) | (342.6) |
Total Liabilities, Mezzanine Equity and Stockholders' $195.1 | $306.0 | $273.5 | $290.8 | $330.3 | |
Disclaimers Overview Fleet
Reconciliation to GAAP
Financials
Market
Appendix
Twelve months ending, | |||||
($ in Millions) | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
Net loss | ($6.5) | ($42.1) | ($77.4) | ($15.6) | $4.1 |
Income tax benefit | - | - | (0.3) | (0.8) | (0.2) |
Depreciation and amortization | 6.7 | 9.1 | 11.1 | 17.5 | 15.5 |
Interest expense | 9.3 | 20.0 | 23.2 | 23.7 | 23.3 |
EBITDA | $9.4 | ($13.0) | ($43.4) | $24.8 | $42.7 |
Stock-based compensation(1) | - | - | 47.8 | 16.2 | 7.7 |
Business development & integration(2) | - | 1.0 | 5.7 | 1.1 | 1.6 |
Offering costs (3) | - | 3.0 | 5.8 | 0.1 | 0.4 |
Loss on disposal (4) | 1.0 | 1.8 | 2.9 | - | - |
Change in fair value of earnout consideration(5)
- - 0.2 (0.4) (2.3)
Represents non-cash stock-based compensation expense associated with employee and non-employee equity awards.
Represents expenses related to integration costs for completed acquisitions and potential acquisition targets and additional business lines.
Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period.
Represents loss on the disposal of an aging aircraft and the non-cash impairment charges on a retired aircraft.
Represents non-cash fair value adjustment for earnout consideration issued in connection with the acquisition of Ignis Technologies, Inc. and Flight Test & Mechanical Solutions, Inc.
Represents the non-cash fair value adjustment for the outstanding warrants. Represents non-cash impairment charges on aircraft
Represents the net effect from the October debt refinancing and sale-leaseback transactions completed during the period.
Represents expenses associated with the build-out of the executive leadership
Change in fair value of Warrants (6) - - (0.3) (4.5) 4.3
Non-cash impairment charges (7) - - - - 0.2
Gain on non-recurring transactions (8) - - - - (9.7) Non-recurring org development costs - - - - 0.4
team.
Represents loss on extinguishment of debt related to the Series 2021 Bond and forgiveness of the PPP loan.
Represents one-time discretionary bonuses to certain employees and executives of Bridger in connection with the issuance of the Legacy Bridger Series C Preferred Shares, issuance of the Series 2022 Bonds, execution of the Transaction
(9)
(Gain) loss on extinguishment of debt 10)
Discretionary bonuses to employees and executives(11)
(0.8) 0.8 - - -
- 10.1 - - -
Agreements and initial filing of the proxy statement/ prospectus prepared in connection with the business combination.
Adjusted EBITDA
$9.8
$3.7
$18.7
$37.3
$45.3
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