VTOL

Safety Priorities

• Safety remains Bristow's number one core value and operational priority; the company has achieved zero air accidents year-to-date 2026.
• Occupational safety improved year-over-year, with fewer lost work days, and the company is on track to achieve its third consecutive year of reduced lost work days.

Completed Acquisitions

• Bristow closed the acquisition of Barry Aviation on July 13, 2026. Barry Aviation operates a fleet of over 20 aircraft, primarily provides military/defense aviation services globally, and adds complementary capabilities including special missions, ISR operations, MRO, training, and UAS development.
• The acquisition adds exposure to contracted government services, is immediately accretive to earnings and free cash flow, improves EBITDA margins, and expands Bristow's presence to six continents across 20 countries, better positioning the company for long-duration government contract bids.

Portfolio Optimization

• Bristow is pursuing the sale of its Norway offshore energy services (OES) business as part of its long-term portfolio optimization strategy, which aims to deploy capital to markets with attractive margins and value-accretive returns.
• The company will continue pursuing advanced air mobility opportunities in Norway following the potential exit, and transaction timing/structure remains subject to market conditions. The planned Norway exit and Barry Aviation acquisition were neutral to 2025 pro forma EBITDA.

Cash Flow & Liquidity

• As of June 2026, Bristow held $312 million in unrestricted cash, with total available liquidity of approximately $372 million. Q2 2026 net operating cash flow was $41.4 million, compared to a $8.3 million use of operating cash flow in Q1 2026.
• Elevated year-to-date working capital usage is tied to higher accounts receivable from increased activity, deferred startup costs for new government contracts, and timing of tax and vendor payments. No material aged receivables exist across segments, and working capital is expected to improve as contract transitions conclude.
• Bristow maintains a capital allocation strategy that prioritizes a strong balance sheet, growth investments, and return of capital to shareholders, and has declared a $0.125 per share dividend to be paid in August 2026.

Strategic Megatrends Positioning

• Bristow is positioned to benefit from three global megatrends: rising defense spending, increased focus on energy security, and transportation electrification.
  • Rising Western defense spending is expected to increase demand for public-private aviation partnerships, and the Barry acquisition expands the company's addressable market for government and defense services.
  • Energy security concerns have increased focus on established offshore energy basins, with positive leading indicators (subsea orders, rig contracting, FID approvals) pointing to growing upstream capital investment in offshore projects.
  • Bristow is an early leader in advanced air mobility (AAM), with ongoing projects including the UK's Project SEAN, a Bristow-led consortium developing electric aviation in Scotland supported by UK government funding, with minimal capital committed to date.

• Full-year 2026 consolidated total revenue guidance is maintained at $1.6 billion to $1.7 billion, and full-year 2026 adjusted EBITDA guidance is maintained at $295 million to $325 million, representing approximately 25% year-over-year adjusted EBITDA growth.
• OES segment full-year 2026 guidance: revenue range is tightened, and adjusted operating income guidance is increased to $235 million to $245 million, driven by stronger than expected first-half performance in activity and rates.
• Government Services segment full-year 2026 guidance is updated to $475 million to $495 million in revenue and $55 million to $65 million in adjusted operating income, which represents roughly 60% higher adjusted operating income at the midpoint compared to 2025 results. The guidance incorporates Barry Aviation's government contracts and accounts for ongoing UK/Irish SAR transition costs and supply chain delays.
• Other Services segment full-year 2026 guidance is updated to $155 million to $175 million in revenue and $25 million to $30 million in adjusted operating income, reflecting year-to-date performance and the addition of Barry Aviation's non-government offerings.
• Full-year 2026 total CapEx is projected at $160 million ($130 million growth CapEx, $30 million maintenance CapEx), with the majority of CapEx already incurred in the first half of 2026.

1. Offshore Energy Services (OES): Q2 2026 revenues were $7.3 million higher quarter-over-quarter, driven by higher rates and fuel revenues in Europe and the Americas, with consistent revenues in Africa. Adjusted operating income increased by $16.4 million quarter-over-quarter, due to higher revenues, $4.3 million lower operating expenses, and $2.2 million higher earnings from unconsolidated affiliates. OES contributes approximately 48% of 2026 full-year projected total consolidated revenues at the guidance midpoint. 2. Government Services: Q2 2026 revenues were $4.4 million higher quarter-over-quarter, driven by the start of operations at two UK SAR 2G seasonal bases, annual rate escalations, a full quarter of revenue from the Waterford Irish Coast Guard phase, and higher U.S. utilization. Adjusted operating income was $2.3 million lower quarter-over-quarter, due to higher operating expenses that offset revenue gains, including higher personnel, training, base, and fuel costs from contract transition activities. Government Services contributes approximately 31% of 2026 full-year projected total consolidated revenues at the guidance midpoint. 3. Other Services: Q2 2026 revenues were $11.4 million higher quarter-over-quarter, driven by higher seasonal activity and fuel revenues. Adjusted operating income increased by $4.2 million quarter-over-quarter, as higher revenue offset $7.7 million in higher operating expenses tied to increased activity and fuel prices. Other Services contributes approximately 10% of 2026 full-year projected total consolidated revenues at the guidance midpoint. Consolidated: Total Q2 2026 revenues were $23.1 million higher than Q1 2026, and adjusted EBITDA was $20.5 million higher quarter-over-quarter.

• Continued global supply chain challenges have delayed aircraft deliveries and modification schedules for new UK SAR 2G and Irish Coast Guard contracts, resulting in $8 million of adverse impact to 2026 government services adjusted operating income from elevated KPI penalties and extended transition costs that have persisted longer than expected. Some transition costs will extend into early 2027.
• Contractual fuel price adjustment lags for the UK SAR 2G contract resulted in $1.5 million of adverse profitability impact in Q2 2026 from high global jet fuel prices; a contractual amendment has tightened the adjustment mechanism, so this impact is not expected to recur after Q2 2026.
• The timing and successful completion of the Norway OES business sale remains uncertain, as the process is in early stages and subject to market conditions and buyer interest.
• AAM commercialization is dependent on third-party aircraft certification timelines and aircraft meeting performance specifications, creating uncertainty around near-term commercial deployment of AAM services.
• Ongoing geopolitical volatility (including the Iran conflict) could impact offshore energy activity and commodity prices, though no material impact has been observed to date.

Q: What drove the OES guidance increase and revenue range tightening, and how has fleet utilization and regional activity changed recently? / A: Stronger-than-expected first-half 2026 performance in both aircraft rates and activity informed the guidance increase, and greater revenue certainty allowed the company to narrow the guidance range. There has been no material change to effective utilization of heavy, super medium, and medium offshore helicopters, which remains tight amid constrained industry supply. Second-half 2026 flight hours are expected to see a small increase, with a more significant inflection from new projects projected for 2027. Regionally, the mature North Sea market is stable with minimal growth, while Africa, Brazil, Suriname, and Trinidad are seeing higher activity and growth. (327 characters)

Q: What milestones should investors watch to gauge Bristow's AAM progress from early investment to commercial operations? / A: The key near-term milestone is regulatory certification of new AAM aircraft by the FAA, EASA, and UK CAA. Bristow's movement of partnership positions from options to firm orders, reflected in Bristow's CapEx schedule, will be a clear indicator that the business case for commercial operations is sufficiently underwritten. This milestone remains contingent on certification progress and aircraft meeting design performance specifications. (289 characters)

Q: What is the share of long-term contract revenue for Barry Aviation, and what are the key current supply chain challenges Bristow faces? / A: A high percentage of Barry's revenue is under contract, though most contracts are shorter-duration than Bristow's civilian SAR contracts due to the evolving nature of U.S. military missions; Barry has held its largest contracts for multiple cycles and is strongly positioned as incumbent. Current supply chain constraints are concentrated on Leonardo's AW189 helicopter line, where ramping up production after the offshore downturn has been slow due to shared production lines across civilian and military customers, delaying deliveries and modifications for Bristow's new SAR aircraft. Leonardo expects component supply recovery by Q4 2026 or Q1 2027. (453 characters)

Q: How will proceeds from the Norway OES sale be allocated between shareholder returns and additional M&A? / A: Bristow will use its existing share repurchase program opportunistically, evaluating deployments based on alternative opportunities, share price, and regulatory blackout windows. Most of 2026 has seen blackout restrictions tied to the Barry acquisition and Norway sale process. Additional small, tuck-in acquisitions in the government and defense space are a compelling opportunity, with a strong pipeline of potential deals that add differentiated capabilities, but any acquisition must meet Bristow's strict financial return parameters. (362 characters)