Bristow Group, Inc. · NYSE:VTOL
Bristow — Q3 2026 Earnings Presentation
26 slides from Bristow's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 4, 2026
Slide 2: Q3 2026 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Q3 2026 02 Operational Highlights Chris Bradshaw President and CEO Earnings Call Jennifer Whalen 03 Financial Review 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: A Leading Global Provider of Mission-Critical Aviation Services
A Leading Global Provider of Mission- Presence on 6 Continents Publicly Traded on Global Employees 3,859 Total Critical Aviation Services NYSE (VTOL) Customers in 966 938 20 Countries Pilots Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 13% 9% 12% AW189 Other Africa 24% S9
Slide 7: Global Footprint
Global Footprint 13 Air Operator Certificates (AOC) Aircraft Mix by Segment Netherlands 12 3 Aircraft 57 Canada United Kingdom Norway 22 Aircraft 127 39 Aircraft 5 Aircraft Offshore 58 United States 78 Aircraft Ireland Energy Services 6 Aircraft Dutch Caribbean 2 Aircraft Spain 3 Aircraft Trinidad a
Slide 8: Q3 2026 Financial Results & Highlights
Q3 2026 Financial Current Quarter(2) Highlights Results & Highlights Total revenues were $26.2 million higher than the Preceding Quarter(2) primarily due to the acquisition of BSM(3) and higher utilization in the Americas and Australia, partially offset by lower utilization in Europe. Adjusted EBITD
Slide 9: Persistent Industry Supply Chain Challenges Remain a Headwind
Persistent Industry Supply Chain Challenges Remain a Headwind • Since 2020, OEM on-time delivery has fallen significantly (~20% deterioration) • Moreover, when a delivery is missed, it is missed by extended intervals Average Downtime for Base Maintenance(1) Days per major maintenance downtime 2020 2
Slide 10: Offshore Energy Services
Offshore Total Revenues Energy Services $270 $230 $ in millions Revenues from Offshore Energy Services were $5.6 $262 $256 million lower in the Current Quarter. Revenues in $190 Europe were $10.9 million lower primarily due to lower utilization, partially offset by lower penalties and $150 increased
Slide 11: Government Services
Government Total Revenues Services $120 $ in millions $90 Revenues from Government Services were $17.8 million higher in the Current Quarter primarily due to the $60 $112 $130 acquisition BSM, which contributed $16.9 million of $30 revenues during the Current Quarter. Revenues on the $0 UK search an
Slide 12: Other Services
Total Revenues Other Services $45 $ in millions $30 $52 $38 Revenues from Other Services were $14.0 $15 million higher in the Current Quarter primarily due $0 to the acquisition of BSM of $9.2 million and Q2 2026 Q3 2026 higher activity in Australia of $4.8 million. Adjusted Operating Income $12 Adj
Slide 13: Updates Outlook Ranges
Affirms 2026 Adjusted EBITDA Midpoint Consolidated Guidance Updated Segment Guidance Updated (in USD, millions) (2026E)(1) (in USD, millions) (2026E)(1) Revenues by Segment: Total Revenues $1,640 - $1,700 Offshore Energy Services $1,015 - $1,035 Updates 2026 Adjusted EBITDA $300 - $320 Government Se
Slide 14: Long-Term Oil & Gas Demand
Long-Term Oil & Gas Demand Global demand for oil & gas is expected to increase by 12.4% over next 15 years despite current geopolitical challenges Global Oil & Gas Demand Outlook mmboepd 9.0% Demand growth 2025-40 120 17.5% 100 Demand growth 2025-40 80 60 40 20 2010 2015 2020 2025 2030 2035 2040 201
Slide 15: Strong Growth in Offshore Spending
Offshore FID Outlook Offshore Project Strong Final Investment Decision (“FIDs”) ($bn) Growth in 160 Offshore project FIDs on pace to exceed 140 Offshore $110bn this year following ~$70bn in 2025, which would 120 Spending represent a 61% y/y 111 increase. 100 43 80 144 Data points across Offshore 60
Slide 16: Offshore Energy Investment Outlook
Offshore Energy Investment Outlook Growing importance of energy security has driven a 22% increase in expected offshore O&G spending compared to last year's outlook Global Floating Rig Demand & Utilization Outlook # committed rigs 160 120% 140 110% 120 94% 96% 100% 88% 90% 88% 90% 100 90% 82% 78% 77
Slide 17: Outlook for Offshore Logistics
Outlook for Offshore Logistics Shifting trends in offshore energy are expected to add 52,000km of potential new logistical routes over the next ten years, an increase of 11% Floating Production Fixed Production Facilities Offshore Rigs Offshore Wind Substations Systems (FPS) 278 34,380 6,083 376,719
Slide 18: Offshore Helicopter Capacity Remains Tight
Offshore Helicopter Capacity Remains Tight “Substantial wave of new upcoming projects gives confidence in growth in rotorcraft markets such as Brazil, Africa.” “Supply chain problems have not disappeared and remain an industry-wide issue.” Steve Robertson, Director Air & Sea Analytics Effective Util
Slide 19: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $233.4 million of unrestricted cash and total liquidity of $287.3 No material near-term debt maturities. Additionally, amortizing equipment million(1)(2) financings include flexible pre-payment terms Unfunded capital commitments of $50.9 million, consistin
Slide 20: 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 21: Appendix
01 Fleet Overview Appendix 02 Adjusted EBITDA 03 Revenues and Flight Hours by Segment 04 Adjusted Operating Income by Segment 05 Adjusted Free Cash Flow 21
Slide 22: Fleet Overview
NUMBER OF AIRCRAFT AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT Fleet (YEARS)(2) Heavy Helicopters: S92 32 25 57 16 Overview AW189 25 5 30 8 57 30 87 Medium Helicopters: 1) As of September 30, 2026. Does not include AW139 45 9 54 14 certain aircraft shown in the “under construction
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2026 2026 2026 2025 LTM Net income $ 27,770 $ 21,180 $ 13,065 $ 18,676 $ 80,691 Depreciation and amortization expense 29,478 28,889 24,386 18,377 101,130 Interest expense, net 11,924 12,228 13,816
Slide 24: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended September 30, June 30, March 31, December 31, 2026 2026 2026 2025 LTM Revenues ($000s) Offshore Energy Services: Europe $ 93,690 $ 104,566 $ 98,651 $ 101,412 $ 398,319 Americas 112,602 106,619 105,399 99,757 424,377 Africa 49,724 50,433 50,283
Slide 25: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended September 30, June 30, 2026 2026 Offshore Energy Services: Operating income $ 49,236 $ 46,053 Depreciation and amortization expense 15,462 17,098 PBH amortization 3,842 3,386 Offshore Energy Services Adjusted Operating Income $ 68,540 $ 66,
Slide 26: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2026 2026 2026 2025 LTM Net cash provided by (used in) operating activities $ 61,161 $ 41,076 $ (8,250) $ 76,913 $ 170,900 Less: Maintenance capital expenditures (5,133) (6,791) (4,359) (6