Bridger Aerospace : Investor Presentation (ICR Bridger Aerospace investor presentation Cannacord AUG26 01 vF)

About this update from Bridger Aerospace Group Holdings, Inc.

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 Disclaimers Overview Fleet 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 2033 1 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 years A V E RA G E U S EF U L LI F E > 30 years Ability to utilize natural water sources enables 50% more time-on-duty per mission than other aerial firefighting aircraft 1 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 Disclaimers Overview Fleet 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% CAGR 1 C 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 Contribution 1 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 Disclaimers Overview Fleet Bridger Growth Roadmap Financials 01 04 Fleet Expansion Market 02 Contract Evolution Appendix 03 Leader in Technology Revenue Diversification Disclaimers Overview Fleet 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 airplanes Revenue: 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 Disclaimers Overview Fleet 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) $3.0 million of costs related to the acquisition of Super Scoopers 5 and 6, Disclaimers Overview Fleet Financials Market Appendix Bridger Aerospace Financial Overview - Balance Sheet ($ 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 Attention : This is an excerpt of the original content. 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