Company Overview - Bristow Group Inc. is a leading provider of aviation services to the global offshore energy industry, operating a substantial fleet and supporting clients in over a dozen countries [8] - The company generates revenue through contracted aviation solutions and specialized services for the oil and gas sector, leveraging a diverse fleet of aircraft [12] - As of March 20, 2026, Bristow's market capitalization is $1.29 billion, with a revenue of $1.49 billion and a net income of $129.07 million [4] Insider Transaction Summary - On March 2, 2026, Jennifer Dawn Whalen, SVP and CFO of Bristow Group, sold 26,017 shares for approximately $1.22 million, excluding 650 shares gifted [1][2] - The transaction included the exercise of 11,667 fully vested options at $24.54, with the remaining shares sold coming from existing holdings [5][9] - Post-transaction, Whalen retains direct ownership of 107,591 shares valued at approximately $5.04 million [5][11] Market Context and Implications - The discretionary portion of the sale, approximately 14,350 shares, is considered modest compared to Whalen's recent performance grant of 29,038 shares [10][11] - The sale is viewed as standard practice for insiders exercising options, and does not necessarily indicate a change in liquidity strategy [5][9] - Investors should focus on contract renewal activity with offshore energy clients and the impact of oil price movements on operator spending for more relevant signals [11]

Core Insights - Bristow Group Inc. (NYSE:VTOL) is recognized as one of the 10 Best Affordable Energy Stocks to Buy [1] - Analyst Jason Bandel from Evercore ISI raised the price target for Bristow Group to $56 from $45, indicating a strong outlook for the company as it approaches a significant financial turnaround in 2026 [2] - The company reported Q4 2025 financial results with total revenue of $1,525 million, reflecting a $75 million increase from 2024, despite an EPS miss of $0.36 [3] Financial Performance - For the full year, Bristow Group achieved total revenue of $1,525 million, an increase of $75 million over the previous year [3] - The company anticipates continued revenue growth driven by strategic initiatives in advanced air mobility and government services [3] Strategic Positioning - CEO Chris Bradshaw emphasized that the company's investments in advanced air mobility position it as a leader in this emerging market [3] - Bristow Group operates through three segments: Offshore Energy Services, Government Services, and Other Services, catering to offshore energy enterprises and government institutions [4] Analyst Consensus - The stock is considered a consensus buy among all four analysts covering it, with a 1-year median price target of $59, indicating an upside potential of 29.27% [3]

Financial Data and Key Metrics Changes - Full year Adjusted EBITDA for 2025 was $246 million, in line with guidance, and the company affirmed a financial guidance range of $295 million to $325 million for 2026, reflecting approximately 25% year-over-year growth [3][4] - Total revenues in 2025 increased by $75 million compared to 2024, with Adjusted EBITDA approximately 4% higher than the previous year [6][7] - Cash flow from operations generated $198 million in 2025, compared to $177 million in the prior year, with Adjusted Free Cash Flow approximately $26 million higher [14][15] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues were $3 million lower in Q4, but year-over-year, OES revenues increased by $24.4 million, primarily due to increased utilization in Africa and the Americas [7][8] - Government services revenues were $0.8 million lower in Q4, but full year revenues increased by $49.8 million, driven by new contracts and favorable FX impacts [9][10] - Other services revenues were $5.2 million lower in Q4, but full year revenues were $0.8 million higher due to increased activity [11][12] Market Data and Key Metrics Changes - The company expects adjusted operating income in the Offshore Energy Services business to increase by approximately 15% in 2026, primarily due to improved contract renewal terms [5] - The government services business is projected to see adjusted operating income guidance range of $70 million to $80 million for 2026, roughly double that of 2025 [11] Company Strategy and Development Direction - The company is evolving into a scaled, multi-mission aviation services provider with leading market positions in core markets, focusing on government services and Offshore Energy Services [4][19] - Bristow is positioning itself as a leader in advanced air mobility, having completed its first electric aviation project and secured delivery slots for new aircraft [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed a positive long-term outlook for Offshore Energy Services, citing favorable demand dynamics and a tight supply situation for offshore-configured helicopters [19] - The company is optimistic about growth opportunities in government search and rescue services and anticipates increased defense spending will create additional opportunities [19][54] Other Important Information - The company announced a cash dividend program with a $0.125 per share dividend payable on March 26, 2026 [5] - As of December 2025, the unrestricted cash balance was approximately $286 million, with total available liquidity of approximately $347 million [14] Q&A Session Summary Question: Can you talk about the renewal cycle for Offshore Energy Services contracts? - Management indicated they are about 50% through the renewal cycle and expect to complete it by the end of the calendar year, with an average rate uplift of about 25% for new contracts [25][26] Question: Which regions are driving growth in 2026? - Growth is expected in Africa and Brazil, where additional aircraft capacity is being mobilized [26] Question: How is the transition to the UKSAR2G contract progressing? - The transition is going well, although there have been some aircraft delivery delays due to supply chain issues [34][35] Question: What are the anticipated costs subsiding through 2026 for the Irish contract? - Transition costs related to training and aircraft type changes will continue into 2026 [36] Question: Can you discuss the debt strategy and balance sheet targets? - The company plans to pay down debt by the end of 2026 and is evaluating other opportunities while maintaining a strong balance sheet [44] Question: What is the fair market value of owned aircraft in the NAV? - The fair market value reflects the current fleet and does not include new aircraft that are committed for purchase but not yet delivered [58] Question: What are the supply dynamics for advanced air mobility? - The rollout is expected to start small but ramp up quickly, with a measured pace within the decade [59]

Financial Data and Key Metrics Changes - Full year Adjusted EBITDA for 2025 was $246 million, in line with guidance, and the company affirms a financial guidance range of $295 million to $325 million for 2026, reflecting approximately 25% year-over-year growth [3][4] - Total revenues in 2025 increased by $75 million compared to 2024, with Adjusted EBITDA approximately 4% higher than the previous year [6][7] - Cash flow from operations generated $198 million in 2025, compared to $177 million in the prior year, with Adjusted Free Cash Flow approximately $26 million higher [14][15] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues were $3 million lower in Q4 but increased by $24.4 million year-over-year, primarily due to increased utilization in Africa and the Americas [7][8] - Government services revenues were $0.8 million lower in Q4 but increased by $49.8 million for the full year, driven by new contracts and favorable FX impacts [9][10] - Other services revenues were $5.2 million lower in Q4, but full year revenues were $0.8 million higher due to increased activity [11][12] Market Data and Key Metrics Changes - The company expects adjusted operating income in the Offshore Energy Services business to increase by approximately 15% in 2026 due to improved contract renewal terms [5] - The government services business is projected to have revenues between $440 million and $460 million in 2026, roughly double that of 2025 [11] - The company anticipates strong demand growth in regions such as Africa and Brazil for 2026 [26] Company Strategy and Development Direction - The company is evolving into a scaled, multi-mission aviation services provider with a focus on government services and Offshore Energy Services [4][19] - Bristow is positioning itself as a leader in advanced air mobility, having completed its first electric aviation project and secured delivery slots for new aircraft [20][21] - The company is optimistic about growth opportunities in government and military sectors, particularly in light of expected increases in defense spending [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for Offshore Energy Services, citing favorable demand dynamics and a tight supply of helicopters [19] - The transition to the new UKSAR2G contract is progressing well despite some supply chain delays [34][35] - Management highlighted the importance of macroeconomic factors, such as oil prices and foreign exchange rates, in influencing future performance [51] Other Important Information - The company announced a cash dividend program with a $0.125 per share dividend payable on March 26, 2026 [5] - As of December 2025, the unrestricted cash balance was approximately $286 million, with total available liquidity of approximately $347 million [14] Q&A Session Summary Question: Can you talk about the renewal cycle for Offshore Energy Services contracts? - Management indicated they are about 50% through the renewal cycle and expect to complete it by the end of the year, with an average rate uplift of about 25% for new contracts [25] Question: Which regions will drive growth in 2026? - Management highlighted Africa and Brazil as key regions for growth and additional capacity mobilization [26] Question: What are the potential opportunities in Venezuela? - Management noted that while there are no near-term opportunities, they are well-positioned to take advantage of future developments due to their presence in the Caribbean [28] Question: How is the transition to the UKSAR2G contract progressing? - Management reported that the transition is going well, although there have been some aircraft delivery delays due to supply chain issues [34] Question: What are the variables that could affect guidance? - Management mentioned macroeconomic factors, oil prices, and foreign exchange rates as potential influences on revenue [51] Question: What is the outlook for government contracts? - Management is optimistic about the pipeline for additional government search and rescue work, particularly in Europe [53]

Financial Data and Key Metrics Changes - Full year Adjusted EBITDA for 2025 was $246 million, in line with guidance, and the company affirmed a financial guidance range of $295 million to $325 million for 2026, reflecting approximately 25% year-over-year growth [3][6] - Total revenues in 2025 increased by $75 million compared to 2024, with Adjusted EBITDA approximately 4% higher than the previous year [6][7] - Cash flow from operations generated $198 million in 2025, compared to $177 million in the prior year, with Adjusted Free Cash Flow approximately $26 million higher [14][15] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues were $3 million lower in Q4 due to the end of fixed-wing services in Africa and lower utilization in the U.S., but year-over-year revenues increased by $24.4 million [7][9] - Government services revenues were $0.8 million lower in Q4, primarily due to lower seasonal activity in the UK, but full year revenues increased by $49.8 million [10][11] - Other services revenues were $5.2 million lower in Q4, but full year revenues were $0.8 million higher due to increased activity [12][13] Market Data and Key Metrics Changes - The company expects adjusted operating income in the Offshore Energy Services business to increase by approximately 15% in 2026 due to improved contract renewal terms [5] - The government services business is projected to have revenues between $440 million and $460 million in 2026, with adjusted operating income guidance of $70 million to $80 million, roughly double that of 2025 [12] - The company anticipates strong demand growth in regions such as Africa and Brazil for 2026 [27] Company Strategy and Development Direction - Bristow is evolving into a scaled, multi-mission aviation services provider with leading market positions in core markets, focusing on government services and Offshore Energy Services [4][20] - The company is advancing its position in advanced air mobility, having completed its first electric aviation project and secured delivery slots for new aircraft [21] - Bristow aims to leverage its operational expertise and financial flexibility to capitalize on growth opportunities in the defense sector amid increasing defense spending [20][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive long-term outlook for Offshore Energy Services, driven by favorable deepwater project dynamics and a tight supply-demand balance [19][20] - The company is optimistic about the pipeline for additional government search and rescue work, particularly in Europe, as governments increase defense spending [53] - Management acknowledged challenges related to supply chain issues but remains committed to managing transitions effectively [34] Other Important Information - The company completed a successful refinancing of senior notes with a $500 million transaction at a lower coupon rate of 6.75%, enhancing liquidity [5][16] - As of December 2025, Bristow's unrestricted cash balance was approximately $286 million, with total available liquidity of approximately $347 million [14] Q&A Session Summary Question: Can you talk about the renewal cycle for Offshore Energy Services contracts? - Management indicated that about 50% of the OES customer contract portfolio is through renewal, with an average rate uplift of about 25% for new contracts compared to legacy ones [26] Question: Which regions are driving growth in 2026? - Management highlighted Africa and Brazil as key regions for growth, with additional aircraft capacity being mobilized to meet demand [27] Question: How is the transition to the UKSAR2G contract progressing? - The transition is going well, although there have been some aircraft delivery delays due to supply chain issues [34] Question: What is the company's strategy regarding advanced air mobility? - Management emphasized the significance of their electric aviation project and the potential for future growth in this area [38] Question: Can you discuss the company's debt strategy and balance sheet targets? - Management confirmed plans to pay down debt by the end of 2026 and expressed satisfaction with the recent refinancing [45] Question: What are the variables that could impact guidance? - Key variables include macroeconomic factors, oil prices, foreign exchange rates, and supply chain constraints [52]

Q4 2025 Earnings Presentation February 26, 2026 Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Q4 2025 Earnings Call 02 Operational Highlights Chris Bradshaw President and CEO 03 05 Question & Answer 2 01 Cautionary Statement Regarding Forward-Looking Statements Financial Review Jennifer Whalen SVP, Chief Financial Officer 04 Concluding Remarks Chris Bradshaw President and CEO This presentation includes "forward-looking statements" within the meaning of Section ...

Revenue Sources - For the year ended December 31, 2025, approximately 66% of total revenues were derived from Offshore Energy Services, 26% from Government Services, and 8% from Other Services[19]. - Company generated approximately 66% of consolidated revenues from Offshore Energy Services for the year ended December 31, 2025[140]. - UK SAR contract accounted for approximately 19% of revenues for the year ended December 31, 2025[150]. - Government Services contracts represented approximately 26% of revenues for the year ended December 31, 2025[152]. - Company derived 13% and 12% of revenues from Nigeria for the years ended December 31, 2025 and 2024, respectively[138]. Fleet and Operations - The company operates a fleet of 214 aircraft, including 196 helicopters, with an average age of 14 years[45]. - The company has a total of 87 heavy helicopters, which are primarily used in support of the deepwater offshore energy industry[43]. - The company operates aircraft in 15 different countries across five continents under 12 Air Operator Certificates (AOCs)[47]. - The company has options for 19 additional aircraft, including ten AW189 heavy helicopters and nine H135 light-twin helicopters, pending regulatory certification[41]. - The company operates in multiple regions including the U.S., Brazil, Nigeria, and the UK, providing aviation services to a diverse customer base[18]. Contracts and Agreements - The UKSAR2G contract awarded in July 2022 is a 10-year contract that will transition to full operation by December 31, 2026, enhancing SAR capabilities with rotary and fixed-wing aircraft[28]. - In August 2023, a 10-year contract was awarded to provide SAR services to the Irish Coast Guard, commencing in late 2024 and fully operational by early 2026[29]. - The company has a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc., which serves the offshore energy industry in Canada[25]. Workforce and Employment - As of December 31, 2025, the company employed 3,660 individuals, including 961 pilots and 902 engineers[70]. - Approximately 60% of employees were covered by union or collective bargaining agreements, which could lead to increased operational costs or disruptions[71]. - The company’s workforce includes approximately 19% women, with 37% in management roles and half of the executive management team represented by women[68]. - The company has approximately 1,000 employees covered by collective bargaining agreements across various countries, with the largest group being UK pilots and technical crew at 332 employees[73]. Regulatory and Compliance - The company is subject to anti-corruption laws in Brazil, which impose liability for bribery of government officials, potentially affecting its operations[76]. - In Ireland, the company must comply with EU regulations, including financial fitness and insurance adequacy, to maintain its operating license[77]. - The company is required to meet ownership and control criteria under EU Regulation 1008/2008 for its operations in Norway and the Netherlands[87][81]. - The company’s U.S. operations are regulated by the Federal Aviation Act, requiring aircraft to be registered and operated by U.S. citizens[95]. - The company is subject to various international and U.S. regulations, including the International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR), which impose strict controls on defense-related articles and dual-use goods[99]. Financial Performance and Risks - The top ten customers accounted for approximately 63% of revenues, with the three largest customers contributing 36% of total revenues[48]. - The company is exposed to credit risk from a limited number of counterparties, primarily in the offshore energy industry[140]. - The company’s operations are inherently risky, involving potential accidents that could affect safety, revenues, and profitability[113][114]. - The company may face increased operating costs or liquidity issues due to inherent risks associated with helicopter and aircraft operations[113]. - The company is dependent on a limited number of helicopter manufacturers and lessors, which could lead to delays in aircraft delivery and negatively impact revenues and profitability[119]. Environmental and Sustainability Initiatives - The company has maintained ISO 14001 certification for its environmental management system since 2021, demonstrating commitment to environmental responsibility[57]. - The company’s sustainability program focuses on reducing aircraft emissions and promoting the use of sustainable aviation fuels (SAF)[57]. - Environmental regulations may increase operational costs and impact demand for services, particularly if they limit drilling opportunities in the offshore energy sector[171]. Cybersecurity and Risk Management - The company has a Cybersecurity Risk Management Model in place to protect its information technology networks and systems from cyber threats[195]. - The Cybersecurity Committee meets quarterly to oversee cybersecurity practices and report to the Executive Leadership Team and Audit Committee[199]. - As of December 31, 2025, there are no known material risks from cybersecurity threats that have affected or are likely to affect the company's operations or financial condition[201]. Corporate Governance and Financial Strategy - The executive team includes Christopher Bradshaw as President and CEO, Alan Corbett as COO of Government Services, and Jennifer Whalen as CFO, with extensive experience in their respective fields[106][109]. - The company is committed to transparency and provides access to its SEC filings and corporate governance guidelines on its website[111]. - The capital allocation framework aims to pay down debt and return capital to shareholders, but there is no assurance that these goals will be met[188]. - Share repurchases and dividends are subject to Board discretion and depend on various factors, including financial condition and growth opportunities[189].

February 25, 2026 Full Year Highlights: FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $18.4 million, or $0.61 per diluted share, for the quarter ended December 31, 2025 (the "Current Quarter") on total revenues of $377.3 million compared to net income attributable to the Company of $51.5 million, or $1.72 per diluted share, for the quarter ended September 30, 2025 (the "Preceding Quarter") on total revenues of $3 ...

Core Insights - Bristow Group reported a net income of $129.1 million for the full year 2025, an increase from $94.8 million in 2024, with total revenues rising to $1.5 billion from $1.4 billion [1][2] - The company declared a quarterly cash dividend of $0.125 per share, reflecting a positive financial outlook and strong liquidity position [1][2] - Bristow expects Adjusted Operating Income in its Government Services business to double in 2026 and a 25% increase in total Adjusted EBITDA compared to 2025 [1][2] Full Year Highlights - Total revenues for 2025 were $1.5 billion, up from $1.4 billion in 2024 [1] - Operating cash flow increased to $198.4 million in 2025 from $177.4 million in 2024 [1] - Adjusted Free Cash Flow rose to $186.7 million in 2025 compared to $160.9 million in 2024 [1] Quarterly Results - For Q4 2025, net income was $18.4 million on total revenues of $377.3 million, down from $51.5 million and $386.3 million in Q3 2025 [1] - Offshore Energy Services revenues decreased by 1.2% to $247.5 million in Q4 2025 compared to Q3 2025 [1] - Government Services revenues were $100.1 million in Q4 2025, a slight decrease from $100.9 million in Q3 2025 [1] Segment Performance - Offshore Energy Services saw a revenue increase of 2.5% year-over-year, totaling $990.5 million in 2025 [2] - Government Services revenues increased by 15.1% to $379.4 million in 2025, driven by new contracts [2] - Other Services revenues were $120.6 million in 2025, a marginal increase from $119.8 million in 2024 [2] Financial Outlook - The company anticipates total revenues for 2026 to be between $1.58 billion and $1.69 billion [2] - Adjusted Operating Income for Offshore Energy Services is expected to rise to between $225 million and $235 million in 2026 [2] - The company projects an Adjusted Free Cash Flow exceeding $200 million for 2026 [1][2]

Core Viewpoint - Bristow Group Inc. has appointed Anne Rappold as Chief Legal Officer and Corporate Secretary, effective immediately, following her role as Acting Chief Legal Officer since August 2025 [1][2]. Group 1: Leadership Appointment - Anne Rappold has been recognized for her exceptional guidance in the Legal and Government Affairs organization, supporting Bristow's global operations [2]. - Rappold will continue to oversee the Company's legal, compliance, and government affairs activities, collaborating closely with the executive leadership team to support strategic priorities [2]. Group 2: Background of Anne Rappold - Rappold joined Bristow in June 2023 as Deputy General Counsel, Americas and Global Risk Management [3]. - Prior to Bristow, she served as Vice President of Government Affairs, Risk & Compliance at Freeport LNG and practiced insurance defense law in New Orleans [3]. Group 3: Company Overview - Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions, primarily serving offshore energy companies and government entities [4]. - The Company offers a range of aviation services, including personnel transportation, search and rescue, medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services [4]. - Bristow's customers are located in various countries, including Australia, Brazil, Canada, and the United States, among others [5].