Bristow Group Inc. Q4 FY2025 earnings call

• Safety: Fewer lost work days in 2025, second consecutive year of improvement; committed to zero safety culture. • Financial performance: 2025 full-year adjusted EBITDA $246 million in line with guidance; affirmed 2026 adjusted EBITDA guidance $295 - $325 million. • Business evolution: Government services business has positive outlook with adjusted operating income expected to double in 2026; offshore energy services adjusted operating income expected to increase ~15% in 2026 due to improved contract renewal terms. • Refinancing: Completed $500 million senior notes refinancing in January with lower coupon and extended maturity; initiated cash dividend program with 12.5 cent per share dividend payable March 26, 2026. • Cash flows and liquidity: Unrestricted cash balance ~$286 million as of Dec 2025; 2025 cash flow from operations $198 million; expect strong free cash flows in 2026; working capital to improve over time. • Advanced air mobility: Completed first electric aviation project in Norway; secured delivery slots for Electra EL9; expanded role in UK's electric air travel network

In Q4, total revenues and adjusted EBITDA were $9 million and $7 million lower compared to Q3, mainly due to lower seasonal activity in other services and offshore energy services segments. For 2025, total revenues were $75 million and adjusted EBITDA was $246 million. Offshore energy services: Q4 revenues $3 million lower; 2025 revenues $24.4 million higher. 2026 guidance: revenues $1 billion - $1.1 billion, adjusted operating income $225 - $235 million. Government services: Q4 revenues $0.8 million lower; 2025 full-year revenues $49.8 million higher. 2026 guidance: revenues $440 - $460 million, adjusted operating income $70 - $80 million (roughly double 2025). Other services: Q4 revenues $5.2 million lower; 2025 full-year revenues $0.8 million higher. 2026 guidance: revenues $130 - $150 million, adjusted operating income $20 - $25 million

• Affirmed 2026 total revenues guidance $1.6 billion - $1.7 billion. • Affirmed 2026 adjusted EBITDA guidance $295 million - $325 million. • Government services business adjusted operating income expected to double in 2026. • Offshore energy services adjusted operating income expected to increase ~15% in 2026 due to improved contract renewal terms

• Macro environment, price of oil could impact revenues as ~15% of revenues come from exploration. • Foreign exchange rates, particularly British pound and euro in search and rescue contracts, could bias results. • Supply chain constraints or improvements could affect financial results

Q: Could you talk about how far into the renewal cycle for offshore energy services customer contracts currently are and changes to rates?

A: About 50% through rolling over portfolio, expect to be substantially complete by end of 2025; average rate uplift for leading-edge contracts compared to legacy is ~25%.

Q: Regions driving growth in 2026 and where additional capacity is mobilized?

A: Africa and Brazil, with additional capacity moving into these regions.

Q: View on potential opportunities in Venezuela?

A: Not expecting near-term offshore helicopter opportunities, but will support work out of Trinidad into overlapping basins; have presence in Americas to take advantage of future opportunities.

Q: Transition of UK SAR 2G, any delays?

A: Overall going well but had aircraft delays due to supply chain issues.

Q: Costs subsiding in Ireland in 2026?

A: Still transition costs like training as pilots move to new aircraft types.

Q: Thinking and shift in debt strategy?

A: Happy with January refinancing, plan to pay down debt by end of 2026 likely on UK SAR 2G equipment financing.

Q: Aircraft deliveries financing in 2026?

A: Have orders for 7 AW189s, plan to pay with cash on hand, lease, etc., no significant financing needed.

Q: Timing and investment in Electra announcement?

A: Only a few million dollars of capital commitments; agreements subject to milestones, option to bring in aircraft up to $30 million.

Q: Variables affecting upside/downside of guidance?

A: Macro environment, price of oil, foreign exchange rates, supply chain.

Q: Next notable government contracts?

A: Encouraging conversations with European governments on outsourced Coast Guard opportunities.

Q: Does NAV slide fair market value of owned aircraft include new committed but undelivered aircraft?

A: No, reflects fleet today; deposits towards new aircraft in other PPE line.

Q: Early view on supply dynamics for advanced air mobility?

A: Start small, single digits to low double digits in first year, ramping up quickly after that.

Q: Percentage of OES contract book renewed in 2025 and future renewals?

A: ~50% renewed prior to end of 2025, most rest by end of 2026; 25% average rate uplift