Bristow Group Q3 2026 profit rises to $27.7M
Bristow reaffirmed its 2026 Adjusted EBITDA midpoint, with the annual outlook range at $300 million to $320 million.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
Bristow Group Inc. reported third-quarter 2026 revenue of $437.9 million, compared with $411.8 million in the preceding quarter. Net income attributable to Bristow Group was $27.7 million, or $0.93 per diluted share, versus $21.2 million, or $0.70; Adjusted EBITDA was $89.6 million, compared with $79.8 million.
Bristow reaffirmed the midpoint of its 2026 Adjusted EBITDA outlook, which ranges from $300 million to $320 million. Supply-chain constraints have delayed aircraft modifications for new search-and-rescue contracts, depressing current Government Services margins; Bristow expects the issues to stabilize during 2027. Bristow Special Mission Inc. took effect as an acquisition on July 13, 2026, and contributed $16.9 million of Government Services revenue in the quarter. The company repurchased 547,785 shares for $25.0 million at an average $45.64 per share and declared a quarterly cash dividend of $0.125 per share, payable November 27, 2026, to shareholders of record November 13, 2026.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue reached $437.9 million, up 6.4% sequentially.
- Moderate pointAdjusted EBITDA rose to $89.6 million from $79.8 million.
Negative
- Moderate pointAircraft modification delays are depressing Government Services margins; stabilization is expected during 2027.
Filing Explained
As of September 30, 2026, reported liquidity of $287.3 million accompanied $50.9 million in unfunded capital commitments.
This 8-K furnishes Bristow’s third-quarter results and investor presentation; as of
That total comprised
As of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $437.9 million
Net income attributable to Bristow Group Inc.: $27.7 million
Diluted earnings per common share: $0.93
+5 more
8 metrics
Total revenue
$437.9 million
Three months ended September 30, 2026; $411.8 million in the preceding quarter.
Net income attributable to Bristow Group Inc.
$27.7 million
Three months ended September 30, 2026; $21.2 million in the preceding quarter.
Diluted earnings per common share
$0.93
Three months ended September 30, 2026; $0.70 in the preceding quarter.
Adjusted EBITDA
$89.6 million
Three months ended September 30, 2026; $79.8 million in the preceding quarter.
Net cash provided by operating activities
$61.2 million
Three months ended September 30, 2026; $41.1 million in the preceding quarter.
2026 Adjusted EBITDA outlook
$300 million to $320 million
2026 outlook; Bristow affirmed the midpoint.
Common shares repurchased
547,785 shares
Current quarter; gross consideration of $25.0 million at an average repurchase price of $45.64 per share.
Quarterly cash dividend
$0.125 per share
Declared October 29, 2026; payable November 27, 2026.
Key Terms
Adjusted EBITDA, Free Cash Flow, PBH amortization, asset-based revolving credit facility
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA in Q3 2026 was $89.6 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow represents the Company’s net cash provided by operating activities"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
PBH amortization financial
"operating income (loss) before depreciation and amortization (including PBH amortization)"
asset-based revolving credit facility financial
"remaining availability under its asset-based revolving credit facility"
A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.
Earnings Snapshot
Total revenue: $437.9 million · Guidance included
Third quarter 2026
Total revenue
$437.9 million
Compared with $411.8 million in the preceding quarter.
Net income attributable to Bristow Group Inc.
$27.7 million
Compared with $21.2 million in the preceding quarter.
Diluted earnings per common share
$0.93
Compared with $0.70 in the preceding quarter.
Adjusted EBITDA
$89.6 million
Compared with $79.8 million in the preceding quarter.
Guidance
Bristow reaffirmed the midpoint of its 2026 Adjusted EBITDA outlook range of $300 million to $320 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were VTOL's third-quarter 2026 results?
VTOL reported $437.9 million in revenue, $27.7 million in net income attributable to Bristow Group Inc., diluted earnings per share of $0.93, and $89.6 million in Adjusted EBITDA for the three months ended September 30, 2026. In the preceding quarter, the corresponding figures were $411.8 million, $21.2 million, $0.70, and $79.8 million.
What is VTOL's 2026 Adjusted EBITDA outlook?
Bristow's 2026 Adjusted EBITDA outlook is $300 million to $320 million, and the company reaffirmed the midpoint of that outlook.
When will VTOL pay its declared dividend?
The $0.125 per-share quarterly cash dividend is payable November 27, 2026, to shareholders of record at the close of business November 13, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2026
| (Exact Name of Registrant as Specified in Its Charter) | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code | |||||||||||
| None | ||||||||||||||
| (Former Name or Former Address, if Changed Since Last Report) | ||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 Results of Operations and Financial Condition
On November 3, 2026, Bristow Group Inc. (“Bristow Group”) issued a press release setting forth its third quarter 2026 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference. The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
On November 4, 2026, Bristow Group will make a presentation about its third quarter 2026 earnings as noted in the press release described in Item 2.02 above. A copy of the presentation slides are attached hereto as Exhibit 99.2. Additionally, Bristow Group has posted the presentation on its website at www.bristowgroup.com. The information furnished pursuant to Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | ||||
| 99.1 | Press Release of Bristow Group Inc. | ||||
| 99.2 | Presentation Slides | ||||
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Bristow Group Inc. | ||||||||||||||
| November 3, 2026 | By: | /s/ Jennifer D. Whalen | ||||||||||||
| Name: Jennifer D. Whalen | ||||||||||||||
| Title: Senior Vice President, Chief Financial Officer | ||||||||||||||
Exhibit Index
| Exhibit No. | Description | ||||
| 99.1 | Press Release of Bristow Group Inc. | ||||
| 99.2 | Presentation Slides | ||||
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
Exhibit 99.1
BRISTOW GROUP REPORTS THIRD QUARTER 2026 RESULTS
Houston, Texas
November 3, 2026
Third Quarter Highlights
•Total revenues of $437.9 million in Q3 2026 compared to $411.8 million in Q2 2026
•Net income of $27.7 million, or $0.93 per diluted share, in Q3 2026 compared to net income of $21.2 million, or $0.70 per diluted share, in Q2 2026
•Adjusted EBITDA(1) in Q3 2026 was $89.6 million compared to $79.8 million in Q2 2026
•Repurchased 547,785 shares for total consideration of $25.0 million. Declared a quarterly cash dividend of $0.125 per share of common stock
•Affirms 2026 Adjusted EBITDA midpoint
FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) (“Bristow” or the “Company”) today reported net income attributable to the Company of $27.7 million, or $0.93 per diluted share, for the quarter ended September 30, 2026 (the “Current Quarter”) on total revenues of $437.9 million compared to net income attributable to the Company of $21.2 million, or $0.70 per diluted share, for the quarter ended June 30, 2026 (the “Preceding Quarter”) on total revenues of $411.8 million.
The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and net cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the “Non-GAAP Financial Measures” section herein.
| Three Months Ended | |||||||||||
| September 30, 2026 | June 30, 2026 | ||||||||||
| Total revenues | $ | 437,920 | $ | 411,755 | |||||||
| Operating income | 47,703 | 39,576 | |||||||||
| Net income attributable to Bristow Group Inc. | 27,730 | 21,154 | |||||||||
| Basic earnings per common share | 0.94 | 0.71 | |||||||||
| Diluted earnings per common share | 0.93 | 0.70 | |||||||||
Net cash provided by operating activities | 61,161 | 41,076 | |||||||||
Non-GAAP(1): | |||||||||||
| EBITDA | 78,315 | 62,405 | |||||||||
| Adjusted EBITDA | 89,552 | 79,808 | |||||||||
| Free Cash Flow | 56,028 | 34,285 | |||||||||
| Adjusted Free Cash Flow | 64,301 | 35,807 | |||||||||
(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.
1
“We are pleased to announce strong financial results for the third quarter and to reaffirm the midpoint for Bristow’s full-year 2026 Adjusted EBITDA guidance,” said Chris Bradshaw, President and CEO of Bristow Group. “The business is performing well despite significant, adverse impacts from persistent industry supply chain challenges. While we are experiencing these challenges across Bristow’s business, the most acute impacts can be seen in delayed aircraft modification programs for the Company’s new search and rescue contracts. These delays, and their associated knock-on effects, are depressing current margins in Bristow’s Government Services business. We expect these supply chain issues to stabilize during 2027, facilitating a return to historically strong margins on these long-term government contracts. Meanwhile, the balance of Bristow’s portfolio is performing well, and we maintain a very positive outlook for the business. Bristow Special Missions, formerly known as Berry Aviation, has contributed strong financial results since the acquisition closed in July, and we expect this growth to accelerate in the fourth quarter and full-year 2027. Bristow’s Offshore Energy Services business has continued to demonstrate robust profitability, and we believe positive offshore energy fundamentals and the tight supply of relevant offshore helicopters combine for more favorable industry conditions than we’ve seen in more than a dozen years. Through the first nine months of 2026, Bristow has paid cash dividends of more than $11 million and repurchased more than $36 million of common shares, including $25 million under the Company’s opportunistic share repurchase authorization.”
Sequential Quarter Results
Offshore Energy Services
| Three Months Ended | ||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Favorable (Unfavorable) | |||||||||||||||||
| Revenues | $ | 256,016 | $ | 261,618 | $ | (5,602) | (2.1) | % | ||||||||||||
| Operating income | 49,236 | 46,053 | 3,183 | 6.9 | % | |||||||||||||||
| Adjusted Operating Income | 68,540 | 66,537 | 2,003 | 3.0 | % | |||||||||||||||
| Operating income margin | 19 | % | 18 | % | ||||||||||||||||
| Adjusted Operating Income margin | 27 | % | 25 | % | ||||||||||||||||
Revenues from Offshore Energy Services were $5.6 million lower in the Current Quarter. Revenues in Europe were $10.9 million lower primarily due to lower utilization, partially offset by lower penalties and increased rates. Revenues in the Americas were $6.0 million higher primarily due to higher utilization and rates. Revenues in Africa were $0.7 million lower primarily due to higher penalties.
Operating income from Offshore Energy Services was $3.2 million higher in the Current Quarter primarily due to lower operating expenses of $8.3 million, lower depreciation and amortization expense of $1.6 million and lower general and administrative expenses of $1.1 million, offsetting the lower revenues of $5.6 million and lower earnings from unconsolidated affiliates of $2.3 million.
Other operating costs were $5.2 million lower in the Current Quarter primarily due to lower reimbursable expenses, lease costs, training and freight costs. Fuel costs were $3.2 million lower due to lower flight hours and lower global fuel prices. Repairs and maintenance costs were $2.7 million lower primarily due to lower power-by-the-hour (“PBH”) expense related to lower flight hours in Europe and Africa and higher vendor credits, partially offset by higher inventory reserves associated with the S76D medium helicopters. Leased-in equipment costs were $1.6 million higher primarily due to the introduction of new H160 medium helicopters in Africa. Personnel costs were $1.1 million higher primarily due to a seasonal personnel cost benefit in Norway in the Preceding Quarter, partially offset by lower headcount in the Current Quarter. Depreciation and amortization expense was lower primarily due to the absence of accelerated depreciation of certain assets recognized in the Preceding Quarter. The decrease in general and administrative expenses was primarily due to lower professional services fees. Earnings from unconsolidated affiliates were $2.3 million lower in the Current Quarter primarily due to the timing of dividends received.
2
Government Services
| Three Months Ended | ||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Favorable (Unfavorable) | |||||||||||||||||
| Revenues | $ | 130,036 | $ | 112,234 | $ | 17,802 | 15.9 | % | ||||||||||||
| Operating loss | (1,425) | (2,145) | 720 | 33.6 | % | |||||||||||||||
| Adjusted Operating Income | 9,677 | 7,209 | 2,468 | 34.2 | % | |||||||||||||||
| Operating loss margin | (1) | % | (2) | % | ||||||||||||||||
| Adjusted Operating Income margin | 7 | % | 6 | % | ||||||||||||||||
Revenues from Government Services were $17.8 million higher in the Current Quarter primarily due to the acquisition of Berry Aviation, Inc., now known as Bristow Special Mission Inc. (“BSM”), which contributed $16.9 million of revenues during the Current Quarter. Revenues on the UK search and rescue (“UKSAR”) contract were $1.6 million higher primarily due to lower penalties and increased fuel revenues. Revenues on the Irish Coast Guard ("IRCG") contract were $0.7 million lower primarily due to higher penalties related to aircraft availability.
Operating loss was $0.7 million lower in the Current Quarter primarily due to the increased revenues, partially offset by higher operating expenses of $13.0 million, general and administrative expenses of $2.4 million and depreciation and amortization expense of $1.7 million.
Other operating costs were $5.0 million higher in the Current Quarter primarily due to the inclusion of BSM. Personnel costs were $4.4 million higher primarily due to the inclusion of BSM personnel and the recognition of previously deferred personnel costs in Ireland following the completion of their training, partially offset by lower personnel costs in the UK. Repairs and maintenance costs were $2.4 million higher primarily due to the timing of repairs and lower vendor credits. Leased-in equipment, insurance and fuel costs were $1.2 million higher in total, primarily due to the inclusion of BSM. General and administrative expenses were $2.4 million higher primarily due to personnel and IT costs also related to the inclusion of BSM. Depreciation and amortization expense was $1.7 million higher primarily due to the inclusion of BSM assets and additional assets placed into service.
Other Services
| Three Months Ended | ||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Favorable (Unfavorable) | |||||||||||||||||
| Revenues | $ | 51,868 | $ | 37,903 | $ | 13,965 | 36.8 | % | ||||||||||||
| Operating income | 9,870 | 2,929 | 6,941 | nm | ||||||||||||||||
| Adjusted Operating Income | 12,643 | 5,291 | 7,352 | nm | ||||||||||||||||
| Operating income margin | 19 | % | 8 | % | ||||||||||||||||
| Adjusted Operating Income margin | 24 | % | 14 | % | ||||||||||||||||
Revenues from Other Services were $14.0 million higher in the Current Quarter primarily due to the acquisition of BSM of $9.2 million and increased activity in Australia of $4.8 million. Operating income was $6.9 million higher primarily due to the increased revenues, partially offset by higher operating expenses of $4.7 million, general and administrative expenses of $1.9 million and depreciation and amortization expense of $0.4 million, primarily attributable to the inclusion of BSM.
3
Corporate
| Three Months Ended | ||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Favorable (Unfavorable) | |||||||||||||||||
| Corporate: | ||||||||||||||||||||
| General and administrative expenses | $ | 11,572 | $ | 7,143 | $ | (4,429) | (62.0) | % | ||||||||||||
| Depreciation and amortization expense | 345 | 256 | (89) | (34.8) | % | |||||||||||||||
| Total expenses | $ | 11,917 | $ | 7,399 | $ | (4,518) | (61.1) | % | ||||||||||||
| Gains on disposal of assets | 1,939 | 138 | 1,801 | nm | ||||||||||||||||
| Operating loss | (9,978) | (7,261) | (2,717) | (37.4) | % | |||||||||||||||
| Consolidated: | ||||||||||||||||||||
| Interest income | $ | 2,180 | $ | 2,870 | $ | (690) | (24.0) | % | ||||||||||||
| Interest expense, net | (11,924) | (12,228) | 304 | 2.5 | % | |||||||||||||||
| Other, net | (1,046) | (8,930) | 7,884 | 88.3 | % | |||||||||||||||
| Income tax expense | (9,143) | (108) | (9,035) | nm | ||||||||||||||||
Operating loss was $2.7 million higher in the Current Quarter primarily due to higher general and administrative expenses of $4.4 million primarily due to professional services fees related to the acquisition of BSM, partially offset by higher net gains on asset dispositions of $1.8 million.
During the Current Quarter, the Company sold one AW189 heavy helicopter as part of a sale lease-back transaction, two AW139 medium helicopters and sold or disposed of various other assets resulting in net gains of $1.9 million. During the Preceding Quarter, the Company sold one AW139 medium helicopter, one AS365 medium helicopter, one fixed wing aircraft and various other assets resulting in net gains of $0.1 million.
Interest income was $0.7 million lower due to lower investment balances.
Other expense, net of $1.0 million in the Current Quarter was primarily due to non-cash foreign exchange losses. Other expense, net of $8.9 million in the Preceding Quarter was primarily due to non-cash foreign exchange losses of $7.7 million and pension-related costs of $1.9 million, partially offset by gains related to insurance claims of $0.7 million.
Income tax expense was $9.0 million higher in the Current Quarter primarily due to higher pre-tax book income and the absence of a tax credit utilized in Nigeria in the Preceding Quarter.
4
Updates 2026 Outlook Ranges. Affirms 2026 Adjusted EBITDA Midpoint.
Please refer to the section entitled "Forward-Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow’s guidance. The following guidance contains non-GAAP financial measures. Please read the section entitled “Non-GAAP Financial Measures” for further information.
Select financial outlook for 2026 is as follows (in USD, millions):
2026E | |||||
| Revenues: | |||||
| Offshore Energy Services | $1,015 - $1,035 | ||||
| Government Services | $470 - $490 | ||||
| Other Services | $155 - $175 | ||||
| Total Revenues | $1,640 - $1,700 | ||||
| Adjusted EBITDA | $300 - $320 | ||||
| Segment Adjusted Operating Income: | |||||
| Offshore Energy Services | $240 - $250 | ||||
| Government Services | $35 - $45 | ||||
| Other Services | $25 - $30 | ||||
| Cash interest | ~$45 | ||||
| Cash taxes | ~$30 | ||||
| Maintenance capital expenditures | $25 - $30 | ||||
Capital Allocation and Liquidity
In the Current Quarter, purchases of property and equipment were $20.8 million, of which $5.1 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $19.2 million. In the Preceding Quarter, purchases of property and equipment were $67.4 million, of which $6.8 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $5.1 million.
As of September 30, 2026, the Company had $233.4 million of unrestricted cash and $53.9 million of remaining availability under its asset-based revolving credit facility (the “ABL Facility”) for total liquidity of $287.3 million. Borrowings under the ABL Facility are subject to satisfaction of certain terms and conditions.
Net cash provided by operating activities was $61.2 million in the Current Quarter compared to $41.1 million in the Preceding Quarter. The increase in operating cash flows is primarily due to higher earnings, coupled with a decrease in working capital uses during the Current Quarter.
In the Current Quarter, the Company repurchased 547,785 shares of common stock in open market transactions for gross consideration of $25.0 million, representing an average repurchase price of $45.64 per share. As of September 30, 2026, $96.0 million remained available of the $125.0 million share repurchase program authorized in February 2025.
On October 29, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on November 27, 2026, to shareholders of record at the close of business on November 13, 2026.
5
Conference Call
The Company’s management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, November 4, 2026, to review results for the third quarter ended September 30, 2026. The conference call can be accessed using the following link:
Link to Access Earnings Call: https://bristowgroup-3q2026.open-exchange.net
A replay will be available through November 25, 2026 by using the link above. A replay will also be available on the Company’s website at www.bristowgroup.com shortly after the call and will be accessible through November 25, 2026. The accompanying investor presentation will be available on November 3, 2026, on Bristow’s website at www.bristowgroup.com.
For additional information concerning Bristow, contact InvestorRelations@bristowgroup.com, (713) 369-4636 or visit Bristow Group’s website at https://ir.bristowgroup.com/.
About Bristow Group
Bristow Group Inc. is a leading global provider of mission-critical aviation services for government entities, offshore energy companies and other customers around the world. Our business is comprised of three operating segments: Offshore Energy Services (OES), Government Services and Other Services. Through the use of helicopters, fixed-wing aircraft, unmanned aerial systems (UAS) and highly skilled personnel, we provide aviation services such as personnel transportation, offshore energy logistics, search and rescue (SAR), special missions, intelligence, surveillance and reconnaissance (ISR) operations, maintenance, repair and overhaul (MRO) services, medevac, unmanned systems, on-demand cargo logistics (ODC) and other specialized aviation solutions. We are also involved in various advanced air mobility (AAM) initiatives and emerging next-generation aviation technologies.
Our diversified customer and revenue mix, coupled with our broad geographic footprint, supports a durable and balanced business profile. We currently have a presence in Australia, Benin, Brazil, Canada, Chile, Djibouti, the Dutch Caribbean, the Falkland Islands, Ireland, Kenya, the Marshall Islands, the Netherlands, Nigeria, Norway, the Philippines, Spain, Suriname, Trinidad, the United Kingdom (“UK”) and the United States (“U.S.”).
6
Forward-Looking Statements Disclosure
This press release 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”). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections and outlook; plans and objectives of our management, including our expectations regarding our quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes," “belief," “forecasts," “expects," “plans," “anticipates," “intends," “projects," “estimates," “may," “might," “will," “would," “could," “should” or other similar words. However, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, “Risk Factors” of such report and those discussed in other documents we file with the Securities and Exchange Commission (the “SEC”). Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions, inflation and increased fuel prices and our ability or inability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 and AW189 fleet and aircraft in general; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing or other agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (“OPEC”) and other producing countries, and geopolitical risks; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere, including the ongoing conflict with Iran, which could result in operational interruptions and supply impacts, including fuel shortages and price increases; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, labor, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact the aviation industry, oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States (“U.S.”) and other countries; the potential effects of any future government shutdown on our Government Services business; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect Government Services contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date hereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, “Risk Factors” of the Company’s subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
7
BRISTOW GROUP INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
| Three Months Ended | Favorable/ (Unfavorable) | ||||||||||||||||
| September 30, 2026 | June 30, 2026 | ||||||||||||||||
| Total revenues | $ | 437,920 | $ | 411,755 | $ | 26,165 | |||||||||||
| Costs and expenses: | |||||||||||||||||
| Operating expenses | |||||||||||||||||
| Personnel | 108,306 | 101,193 | (7,113) | ||||||||||||||
| Repairs and maintenance | 60,153 | 60,561 | 408 | ||||||||||||||
| Insurance | 6,622 | 5,968 | (654) | ||||||||||||||
| Fuel | 29,541 | 33,328 | 3,787 | ||||||||||||||
| Leased-in equipment | 30,981 | 28,865 | (2,116) | ||||||||||||||
| Other | 76,708 | 73,013 | (3,695) | ||||||||||||||
| Total operating expenses | 312,311 | 302,928 | (9,383) | ||||||||||||||
| General and administrative expenses | 50,804 | 43,225 | (7,579) | ||||||||||||||
| Depreciation and amortization expense | 29,478 | 28,889 | (589) | ||||||||||||||
| Total costs and expenses | 392,593 | 375,042 | (17,551) | ||||||||||||||
| Gains on disposal of assets | 1,939 | 138 | 1,801 | ||||||||||||||
| Earnings from unconsolidated affiliates | 437 | 2,725 | (2,288) | ||||||||||||||
| Operating income | 47,703 | 39,576 | 8,127 | ||||||||||||||
| Interest income | 2,180 | 2,870 | (690) | ||||||||||||||
| Interest expense, net | (11,924) | (12,228) | 304 | ||||||||||||||
| Other, net | (1,046) | (8,930) | 7,884 | ||||||||||||||
| Total other income (expense), net | (10,790) | (18,288) | 7,498 | ||||||||||||||
| Income before income taxes | 36,913 | 21,288 | 15,625 | ||||||||||||||
| Income tax expense | (9,143) | (108) | (9,035) | ||||||||||||||
| Net income | 27,770 | 21,180 | 6,590 | ||||||||||||||
| Net income attributable to noncontrolling interests | (40) | (26) | (14) | ||||||||||||||
| Net income attributable to Bristow Group Inc. | $ | 27,730 | $ | 21,154 | $ | 6,576 | |||||||||||
| Basic earnings per common share | $ | 0.94 | $ | 0.71 | |||||||||||||
| Diluted earnings per common share | $ | 0.93 | $ | 0.70 | |||||||||||||
| Weighted average common shares outstanding, basic | 29,407 | 29,616 | |||||||||||||||
| Weighted average common shares outstanding, diluted | 29,852 | 30,011 | |||||||||||||||
| Adjusted Operating Income | $ | 79,288 | $ | 71,894 | $ | 7,394 | |||||||||||
| EBITDA | $ | 78,315 | $ | 62,405 | $ | 15,910 | |||||||||||
| Adjusted EBITDA | $ | 89,552 | $ | 79,808 | $ | 9,744 | |||||||||||
8
BRISTOW GROUP INC.
REVENUES BY SEGMENT
(unaudited, in thousands)
| Three Months Ended | Favorable (Unfavorable) | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||||||||
| Offshore Energy Services: | ||||||||||||||||||||
| Europe | $ | 93,690 | $ | 104,566 | $ | (10,876) | (10.4) | % | ||||||||||||
| Americas | 112,602 | 106,619 | 5,983 | 5.6 | % | |||||||||||||||
| Africa | 49,724 | 50,433 | (709) | (1.4) | % | |||||||||||||||
| Total Offshore Energy Services | $ | 256,016 | $ | 261,618 | $ | (5,602) | (2.1) | % | ||||||||||||
| Government Services | 130,036 | 112,234 | 17,802 | 15.9 | % | |||||||||||||||
| Other Services | 51,868 | 37,903 | 13,965 | 36.8 | % | |||||||||||||||
| $ | 437,920 | $ | 411,755 | $ | 26,165 | 6.4 | % | |||||||||||||
FLIGHT HOURS BY SEGMENT
(unaudited)
| Three Months Ended | Favorable (Unfavorable) | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||||||||
| Offshore Energy Services: | ||||||||||||||||||||
| Europe | 6,593 | 7,658 | (1,065) | (13.9) | % | |||||||||||||||
| Americas | 10,793 | 10,112 | 681 | 6.7 | % | |||||||||||||||
| Africa | 5,144 | 5,288 | (144) | (2.7) | % | |||||||||||||||
| Total Offshore Energy Services | 22,530 | 23,058 | (528) | (2.3) | % | |||||||||||||||
| Government Services | 5,487 | 4,620 | 867 | 18.8 | % | |||||||||||||||
| Other Services | 4,764 | 3,697 | 1,067 | 28.9 | % | |||||||||||||||
| 32,781 | 31,375 | 1,406 | 4.5 | % | ||||||||||||||||
BRISTOW GROUP INC.
Third Quarter Segment Statements of Operations
(unaudited, in thousands)
| Offshore Energy Services | Government Services | Other Services | |||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||
| Revenues | $ | 256,016 | $ | 130,036 | $ | 51,868 | |||||||||||
| Less: | |||||||||||||||||
| Personnel | 58,217 | 40,328 | 9,761 | ||||||||||||||
| Repairs and maintenance | 40,059 | 16,512 | 3,582 | ||||||||||||||
| Insurance | 3,921 | 2,279 | 422 | ||||||||||||||
| Fuel | 16,351 | 4,623 | 8,567 | ||||||||||||||
| Leased-in equipment | 18,084 | 11,037 | 1,860 | ||||||||||||||
| Other segment costs | 33,185 | 31,851 | 11,672 | ||||||||||||||
| Total operating expenses | 169,817 | 106,630 | 35,864 | ||||||||||||||
| General and administrative expenses | 21,938 | 13,933 | 3,361 | ||||||||||||||
| Depreciation and amortization expense | 15,462 | 10,898 | 2,773 | ||||||||||||||
| Total costs and expenses | 207,217 | 131,461 | 41,998 | ||||||||||||||
| Earnings from unconsolidated affiliates | 437 | — | — | ||||||||||||||
| Operating income (loss) | $ | 49,236 | $ | (1,425) | $ | 9,870 | |||||||||||
Non-GAAP(1): | |||||||||||||||||
| Depreciation and amortization expense | 15,462 | 10,898 | 2,773 | ||||||||||||||
| PBH amortization | 3,842 | 204 | — | ||||||||||||||
| Adjusted operating income | $ | 68,540 | $ | 9,677 | $ | 12,643 | |||||||||||
9
| Offshore Energy Services | Government Services | Other Services | |||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||||||||
| Revenues | $ | 261,618 | $ | 112,234 | $ | 37,903 | |||||||||||
| Less: | |||||||||||||||||
| Personnel | 57,102 | 35,967 | 8,124 | ||||||||||||||
| Repairs and maintenance | 42,746 | 14,081 | 3,734 | ||||||||||||||
| Insurance | 3,855 | 1,788 | 325 | ||||||||||||||
| Fuel | 19,517 | 4,343 | 9,468 | ||||||||||||||
| Leased-in equipment | 16,515 | 10,607 | 1,743 | ||||||||||||||
| Other segment costs | 38,424 | 26,851 | 7,775 | ||||||||||||||
| Total operating expenses | 178,159 | 93,637 | 31,169 | ||||||||||||||
| General and administrative expenses | 23,033 | 11,552 | 1,460 | ||||||||||||||
| Depreciation and amortization expense | 17,098 | 9,190 | 2,345 | ||||||||||||||
| Total costs and expenses | 218,290 | 114,379 | 34,974 | ||||||||||||||
| Earnings from unconsolidated affiliates | 2,725 | — | — | ||||||||||||||
| Operating income (loss) | $ | 46,053 | $ | (2,145) | $ | 2,929 | |||||||||||
Non-GAAP(1): | |||||||||||||||||
| Depreciation and amortization expense | 17,098 | 9,190 | 2,345 | ||||||||||||||
| PBH amortization | 3,386 | 164 | 17 | ||||||||||||||
| Adjusted operating income | $ | 66,537 | $ | 7,209 | $ | 5,291 | |||||||||||
(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.
10
BRISTOW GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 235,832 | $ | 293,631 | |||||||
| Accounts receivable, net | 263,212 | 217,102 | |||||||||
| Inventories | 151,145 | 132,727 | |||||||||
| Prepaid expenses and other current assets | 58,592 | 50,828 | |||||||||
| Total current assets | 708,781 | 694,288 | |||||||||
| Property and equipment, net | 1,214,959 | 1,152,668 | |||||||||
| Investment in unconsolidated affiliates | 25,020 | 23,852 | |||||||||
| Right-of-use assets | 236,119 | 241,666 | |||||||||
| Goodwill | 23,425 | — | |||||||||
| Other assets | 211,507 | 198,787 | |||||||||
| Total assets | $ | 2,419,811 | $ | 2,311,261 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 79,437 | $ | 86,286 | |||||||
| Accrued wages, benefits and related taxes | 59,794 | 68,654 | |||||||||
| Income taxes payable and other accrued taxes | 23,779 | 22,759 | |||||||||
| Deferred revenue | 39,048 | 22,440 | |||||||||
| Accrued maintenance and repairs | 26,269 | 28,793 | |||||||||
| Current portion of operating lease liabilities | 67,389 | 77,038 | |||||||||
| Accrued interest and other accrued liabilities | 32,519 | 31,317 | |||||||||
| Current maturities of long-term debt | 27,360 | 27,943 | |||||||||
| Total current liabilities | 355,595 | 365,230 | |||||||||
| Long-term debt, less current maturities | 714,379 | 643,511 | |||||||||
| Other liabilities and deferred credits | 37,595 | 31,782 | |||||||||
| Deferred taxes | 50,106 | 46,571 | |||||||||
| Long-term operating lease liabilities | 166,592 | 164,544 | |||||||||
| Total liabilities | 1,324,267 | 1,251,638 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 332 | 325 | |||||||||
| Additional paid-in capital | 775,228 | 762,520 | |||||||||
| Retained earnings | 492,289 | 441,739 | |||||||||
| Treasury stock, at cost | (123,225) | (87,129) | |||||||||
| Accumulated other comprehensive loss | (49,023) | (57,750) | |||||||||
| Total Bristow Group Inc. stockholders’ equity | 1,095,601 | 1,059,705 | |||||||||
| Noncontrolling interests | (57) | (82) | |||||||||
| Total stockholders’ equity | 1,095,544 | 1,059,623 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,419,811 | $ | 2,311,261 | |||||||
11
Non-GAAP Financial Measures
The Company’s management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) (including the notes), included in the Company's filings with the SEC and posted on the Company's website.
EBITDA and Adjusted EBITDA
EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys’ fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company’s continuing business operations. The other nonrecurring costs primarily related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions (“M&A”) transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company’s operating performance as extraordinary and not reflective of the operational performance of the Company’s core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The following tables provide a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 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 | 10,432 | 48,400 | ||||||||||||||||||||||||
| Income tax expense | 9,143 | 108 | 3,510 | 3,026 | 15,787 | ||||||||||||||||||||||||
| EBITDA | $ | 78,315 | $ | 62,405 | $ | 54,777 | $ | 50,511 | $ | 246,008 | |||||||||||||||||||
| (Gains) losses on disposal of assets | (1,939) | (138) | (7,639) | 2,111 | (7,605) | ||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | 2,849 | — | 2,849 | ||||||||||||||||||||||||
| Foreign exchange losses | 1,119 | 7,673 | 4,554 | 3,051 | 16,397 | ||||||||||||||||||||||||
Special items(1) | 12,057 | 9,868 | 4,734 | 4,455 | 31,114 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 89,552 | $ | 79,808 | $ | 59,275 | $ | 60,128 | $ | 288,763 | |||||||||||||||||||
12
(1) Special items include the following:
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | LTM | |||||||||||||||||||||||||
| PBH amortization | $ | 4,046 | $ | 3,567 | $ | 1,431 | $ | 2,232 | $ | 11,276 | |||||||||||||||||||
| Gain on insurance claim | — | (714) | — | (4,970) | (5,684) | ||||||||||||||||||||||||
| IT system transition costs | 163 | 229 | — | — | 392 | ||||||||||||||||||||||||
| Acquisition-related costs | 4,933 | 1,479 | 954 | 14 | 7,380 | ||||||||||||||||||||||||
| Other special items | 2,915 | 5,307 | 2,349 | 7,179 | 17,750 | ||||||||||||||||||||||||
| $ | 12,057 | $ | 9,868 | $ | 4,734 | $ | 4,455 | $ | 31,114 | ||||||||||||||||||||
The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.
Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents the Company’s net cash provided by (used in) operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys’ fees related to unusual litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company’s continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company’s operating performance as extraordinary and not reflective of the operational performance of the Company’s core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company’s ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 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) | (6,044) | (22,327) | ||||||||||||||||||||||||
| Free Cash Flow | $ | 56,028 | $ | 34,285 | $ | (12,609) | $ | 70,869 | $ | 148,573 | |||||||||||||||||||
| Plus: Special items | 8,273 | 1,522 | 843 | 883 | 11,521 | ||||||||||||||||||||||||
| Adjusted Free Cash Flow | $ | 64,301 | $ | 35,807 | $ | (11,766) | $ | 71,752 | $ | 160,094 | |||||||||||||||||||
13
Adjusted Operating Income by Segment
Adjusted Operating Income (Loss) (“Adjusted Operating Income”) is defined as operating income (loss) before depreciation and amortization (including PBH amortization). The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment’s operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment’s ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).
| Three Months Ended | Increase (Decrease) | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||||||||
| Offshore Energy Services: | ||||||||||||||||||||
| Operating income | $ | 49,236 | $ | 46,053 | $ | 3,183 | 6.9 | % | ||||||||||||
| Depreciation and amortization expense | 15,462 | 17,098 | (1,636) | (9.6) | % | |||||||||||||||
| PBH amortization | 3,842 | 3,386 | 456 | 13.5 | % | |||||||||||||||
| Offshore Energy Services Adjusted Operating Income | $ | 68,540 | $ | 66,537 | $ | 2,003 | 3.0 | % | ||||||||||||
| Government Services: | ||||||||||||||||||||
| Operating loss | $ | (1,425) | $ | (2,145) | $ | 720 | 33.6 | % | ||||||||||||
| Depreciation and amortization expense | 10,898 | 9,190 | 1,708 | 18.6 | % | |||||||||||||||
| PBH amortization | 204 | 164 | 40 | 24.4 | % | |||||||||||||||
| Government Services Adjusted Operating Income | $ | 9,677 | $ | 7,209 | $ | 2,468 | 34.2 | % | ||||||||||||
| Other Services: | ||||||||||||||||||||
| Operating income | $ | 9,870 | $ | 2,929 | $ | 6,941 | nm | |||||||||||||
| Depreciation and amortization expense | 2,773 | 2,345 | 428 | 18.3 | % | |||||||||||||||
| PBH amortization | — | 17 | (17) | nm | ||||||||||||||||
| Other Services Adjusted Operating Income | $ | 12,643 | $ | 5,291 | $ | 7,352 | nm | |||||||||||||
14
BRISTOW GROUP INC.
FLEET COUNT
| Number of Aircraft | |||||||||||||||||||||||||||||
| Type | Owned Aircraft | Leased Aircraft | Total Aircraft | Maximum Passenger Capacity | Average Age (years)(1) | ||||||||||||||||||||||||
| Heavy Helicopters: | |||||||||||||||||||||||||||||
| S92 | 32 | 25 | 57 | 19 | 16 | ||||||||||||||||||||||||
| AW189 | 25 | 5 | 30 | 16 | 8 | ||||||||||||||||||||||||
| 57 | 30 | 87 | |||||||||||||||||||||||||||
| Medium Helicopters: | |||||||||||||||||||||||||||||
| AW139 | 45 | 9 | 54 | 12 | 14 | ||||||||||||||||||||||||
| S76 D/C++ | 10 | — | 10 | 12 | 15 | ||||||||||||||||||||||||
| H160 | — | 4 | 4 | 14 | — | ||||||||||||||||||||||||
| 55 | 13 | 68 | |||||||||||||||||||||||||||
| Light—Twin Engine Helicopters: | |||||||||||||||||||||||||||||
| AW109 | 3 | — | 3 | 7 | 19 | ||||||||||||||||||||||||
| H135 | 12 | — | 12 | 6 | 10 | ||||||||||||||||||||||||
| 15 | — | 15 | |||||||||||||||||||||||||||
| Light—Single Engine Helicopters: | |||||||||||||||||||||||||||||
| AS350 | 12 | — | 12 | 4 | 27 | ||||||||||||||||||||||||
| AW119 | 13 | — | 13 | 7 | 20 | ||||||||||||||||||||||||
| 25 | — | 25 | |||||||||||||||||||||||||||
| Total Helicopters | 152 | 43 | 195 | 17 | |||||||||||||||||||||||||
| Fixed Wing | 23 | 13 | 36 | ||||||||||||||||||||||||||
| Unmanned Aerial Systems (“UAS”) | 3 | — | 3 | ||||||||||||||||||||||||||
Total Fleet(2) | 178 | 56 | 234 | ||||||||||||||||||||||||||
______________________
(1)Reflects the average age of helicopters that are owned by the Company.
(2)Does not include certain aircraft shown in the under construction line in the segment fleet table below. Upon completion of additional configuration, the newly-delivered aircraft will appear in the fleet table above when placed into service.
(3)Does not include UAS platforms developed, designed or produced by BSM.
The table below presents the number of aircraft in our fleet as of September 30, 2026, their distribution among the segments through which we operate, as a percentage of total revenues for the three months ended September 30, 2026, and the number of aircraft not yet reflected in our fleet as they were on order or under construction as of September 30, 2026.
| Percentage of Total Revenues | Helicopters | Fixed Wing | UAS | ||||||||||||||||||||||||||||||||||||||||||||
| Heavy | Medium | Light Twin | Light Single | Total | |||||||||||||||||||||||||||||||||||||||||||
| Offshore Energy Services | 59 | % | 57 | 58 | 12 | — | — | — | 127 | ||||||||||||||||||||||||||||||||||||||
| Government Services | 30 | % | 30 | 10 | 3 | 20 | 15 | 3 | 81 | ||||||||||||||||||||||||||||||||||||||
| Other Services | 11 | % | — | — | — | 5 | 21 | — | 26 | ||||||||||||||||||||||||||||||||||||||
| Total | 100 | % | 87 | 68 | 15 | 25 | 36 | 3 | 234 | ||||||||||||||||||||||||||||||||||||||
| Aircraft not currently in fleet: | |||||||||||||||||||||||||||||||||||||||||||||||
Under construction(1)(3) | 3 | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||
Options(2) | 9 | — | 5 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||
(1)Under construction reflects new aircraft that the Company has either taken possession of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes three AW189 heavy helicopters (of which all but one were delivered and are undergoing additional configuration).
(2)Options include nine AW189 heavy helicopters and five H135 light-twin helicopters.
(3)Excludes leased aircraft in the Company’s possession but not yet placed in service and any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as AAM aircraft, that may have deposits but are pending regulatory certification and/or are under construction.
15
Q3 2026 Earnings Presentation November 4, 2026 Exhibit 99.2
2 Question & Answer Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Operational Highlights Chris Bradshaw President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer Concluding Remarks Chris Bradshaw President and CEO Q3 2026 Earnings Call 01 02 03 04 05
3 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”). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections and outlook; plans and objectives of our management; including our expectations regarding our quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes," “belief," “forecasts," “expects," “plans," “anticipates," “intends," “projects," “estimates," “may," “might," “will," “would," “could," “should” or other similar words. However, all statements in this presentation, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, “Risk Factors” of such report and those discussed in other documents we file with the Securities and Exchange Commission (the “SEC”). Accordingly, you should not put undue reliance on any forward-looking statements. You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions, inflation and increased fuel prices and our ability or inability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 and AW189 fleet and aircraft in general; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing or other agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (“OPEC") and other producing countries, and geopolitical risks; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere, including the ongoing conflict with Iran, which could result in operational interruptions and supply impacts, including fuel shortages and price increases; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, labor, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact the aviation industry, oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States (“U.S”) and other countries; the potential effects of any future government shutdown on our Government Services business; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect Government Services contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives. The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this presentation are qualified by these cautionary statements and are only made as of the date hereof. The forward-looking statements in this presentation should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, “Risk Factors” of the Company’s subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
4 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 Flow and Adjusted Free Cash Flow. Each of these measures, detailed below, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company’s financial statements prepared in accordance with GAAP (including the notes), included in the Company’s filings with the SEC and posted on the Company’s website. EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occurred during the reported period and noted in the applicable reconciliation. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company’s ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies. There are two main ways in which foreign currency fluctuations impact the Company’s reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other Income line on the Income Statement. These are related to the revaluation of balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company’s cash flows. The primary exposure is the GBP/USD exchange rate. This presentation provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands, unaudited). The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA (non-GAAP) for the outlook period included in this presentation to projected net income (GAAP) and Adjusted Operating Income (non-GAAP) to operating income (GAAP) for the same period because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA and projected Adjusted Operating Income due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of forecasted non-GAAP measures to GAAP measures for the outlook period presented. Adjusted Operating Income (Loss) (“Adjusted Operating Income”) is defined as operating income (loss) before depreciation and amortization (including PBH amortization). The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segments operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segments ability to ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. Free Cash Flow represents the Company’s net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs primarily related to strategic activities. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company’s ability to generate cash from the business. The GAAP measure most directly comparable to Free Cash Flow and Adjusted Free Cash Flow is net cash provided by operating activities. Since neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP, they should not be used as an indicator of, or an alternative to, net cash provided by operating activities. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The Company also presents Net Debt, which is a non-GAAP measure, defined as total principal balance on borrowings less unrestricted cash and cash equivalents. The GAAP measure most directly comparable to Net Debt is total debt. Since Net Debt is not a recognized term under GAAP, it should not be used as an indicator of, or an alternative to, total debt. Management uses Net Debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes this metric is useful to investors in determining the Company’s leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt. A reconciliation of each of EBITDA, Adjusted EBITDA, Adjusted EBITDA Operating Income, Free Cash Flow, Adjusted Free Cash Flow, and Net Debt is included elsewhere in this presentation.
is a leading global provider of mission-critical aviation services for government entities, offshore energy companies and other customers around the world. Bristow Group Inc. We currently have a presence on six continents across 20 countries • Australia • Benin • Brazil • Canada • Chile • Djibouti • The Dutch Caribbean • The Falkland Islands • Ireland • Kenya • The Marshall Islands • The Netherlands • Nigeria • Norway • The Philippines • Spain • Suriname • Trinidad • The United Kingdom • The United States Our diversified customer and revenue mix, coupled with our broad geographic footprint, support a durable and balanced business profile. Through the use of helicopters, fixed-wing aircraft, unmanned aerial systems (UAS) and highly skilled personnel, we provide aviation services such as: Our business is comprised of three operating segments: Offshore Energy Services (OES) Government Services Other Services Intelligence, surveillance and reconnaissance (ISR) operations Personnel transportation Offshore energy logistics Search and rescue (SAR) Special missions We are also involved in various advanced air mobility (AAM) initiatives and emerging next-generation aviation technologies. Maintenance, repair and overhaul (MRO) services Medevac Unmanned systems On-demand cargo logistics (ODC) Other specialized aviation solutions 5
6 Presence on 6 Continents Publicly Traded on NYSE (VTOL) Global Employees 3,859 Total Customers in 20 Countries Revenues by Segment(2)Aircraft Fleet(1) Revenues by Region(3) 63% Offshore Energy Services (“OES”) 9% Other Services 28% Government Services $1.6 bn 51% Europe 7% Asia Pacific 12% Africa 6% Other Medium $1.6 bn 6% Light Twin 11% Single Engine 17% Fixed Wing/UAS 24% S92 13% AW189 23% AW139 966 Pilots 938 Engineers Note: Revenues, fleet and personnel amounts reflected on this slide are as of September 30, 2026. (1) As of September 30, 2026; see slide 22 for further details. (2) Reflects revenues by segment LTM September 30, 2026; see slide 24 for additional details. (3) Reflects revenues by region LTM September 30, 2026. A Leading Global Provider of Mission- Critical Aviation Services 234 30% Americas
7 Canada 5 Aircraft United States 78 Aircraft Dutch Caribbean 2 Aircraft Trinidad and Tobago 6 Aircraft Falkland Islands 4 Aircraft Brazil 19 AircraftChile 2 Aircraft Australia 13 Aircraft Netherlands 3 Aircraft Norway 22 Aircraft United Kingdom 39 Aircraft Nigeria 23 Aircraft Spain 3 Aircraft Ireland 6 Aircraft Benin 1 Aircraft Djibouti 1 Aircraft Kenya 1 Aircraft Marshall Islands 3 Aircraft Philippines 1 Aircraft Suriname 2 Aircraft Global Footprint Air Operator Certificates (AOC)13 As of September 30, 2026. Aircraft Mix by Segment 57 58 12 127 Offshore Energy Services Heavy Medium Single EngineLight-Twin Fixed-Wing/UAS 30 103 20 18 81 5 21 26 Government Services Other Services Nigeria Type of AC: AW139, AW189, H135, H160, S76, S92 Norway Type of AC: S92 Philippines Type of AC: Twin Otter United Kingdom Type of AC: AW189, AW139, S-100, S92 Netherlands Type of AC: AW189 Trinidad and Tobago Type of AC: AW139 Canada Type of AC: S92 Australia Type of AC: E170, E190, EMB-120ER Brazil Type of AC: AW139, AW189 Kenya Type of AC: Dash8 Marshall Islands Type of AC: Dash8 Chile Type of AC: A119 Dutch Caribbean Type of AC: AW139 Falkland Islands Type of AC: S92, AW189 Ireland Type of AC: AW189 Djibouti Type of AC: Dash8 United States Type of AC: A109, A119, AS350, AW139, AW189, Dash8, EMB-120ER, H135, King Air 350, PC12, S76C++, S92, Twin Otter Spain Type of AC: A119 Suriname Type of AC: AW139 Benin Type of AC: Dash8
8 Q3 2026 Financial Results & Highlights 1) See slide 23 for a reconciliation of Adjusted EBITDA to net income. 2) “Current Quarter” refers to the three months ended September 30, 2026, and “Preceding Quarter” refers to the three months ended June 30, 2026. 3) Berry Aviation, Inc., now known as Bristow Special Mission Inc. (“BSM”), acquired effective July 13, 2026. Current Quarter(2) Highlights Total Revenues $412 $438 $0 $150 $300 $450 Q2 2026 Q3 2026 in m ill io ns $80 $90 $0 $30 $60 $90 Q2 2026 Q3 2026 in m ill io ns Adjusted EBITDA(1) 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 EBITDA was approximately $10 million higher in the Current Quarter. Adjusted EBITDA margin of 20% in the Current Quarter compared to 19% in the Preceding Quarter. Paid $3.8 million in dividends during the Current Quarter. Declared another cash dividend of $0.125 per share of common stock on October 29, 2026, payable on November 27, 2026, to shareholders of record at the close of business on November 13, 2026. $25 million of share repurchases at an average price of $45.64 per share.
9 1) Base maintenance includes comprehensive, hangar-based heavy maintenance, deep structural checks, major component overhauls, and regulatory modifications. The table reflects the global average maintenance downtime for the industry. Source: Various flight tracking systems. 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 2021 2022 2023 2024 2025 Heavy Helicopter Type 1 36 43 58 61 61 75 Super Medium Helicopter Type 1 37 32 30 37 52 60 • Inventory levels have grown in effort to defend availability • KPI penalties and negotiated discounts have not solved underlying problems • Parts continue to have increased turn time and arrive late Penalties drastically underestimate the impact…Lost revenue opportunities; delayed contract transitions; manpower and logistics spent chasing parts; cannibalization of internal fleet to keep aircraft flying; not to mention retaining additional headcount, overtime expense, costs for outsourced third-party maintenance support, etc.
10 Offshore Energy Services Total Revenues Adjusted Operating Income Revenues from Offshore Energy Services were $5.6 million lower in the Current Quarter. Revenues in Europe were $10.9 million lower primarily due to lower utilization, partially offset by lower penalties and increased rates. Revenues in the Americas were $6.0 million higher primarily due to increased utilization and rates. Revenues in Africa were $0.7 million lower primarily due to higher penalties. Adjusted operating income was $2.0 million higher in the Current Quarter primarily due to lower operating expenses of $8.3 million and lower general and administrative expenses of $1.1 million, offsetting the lower revenues of $5.6 million and lower earnings from unconsolidated affiliates of $2.3 million. $67 $69 $0 $20 $40 $60 $80 Q2 2026 Q3 2026 $ in m ill io ns $262 $256 $150 $190 $230 $270 Q2 2026 Q3 2026 $ in m ill io ns See slide 25 for a reconciliation of Adjusted Operating Income to Operating Income.
11 Government Services Total Revenues Adjusted Operating Income Revenues from Government Services were $17.8 million higher in the Current Quarter primarily due to the acquisition BSM, which contributed $16.9 million of revenues during the Current Quarter. Revenues on the UK search and rescue (“UKSAR”) contract were $1.6 million higher primarily due to lower penalties and increased fuel revenues. Revenues on the Irish Coast Guard ("IRCG") contract were $0.7 million lower primarily due to higher penalties related to aircraft availability. Adjusted operating income was $2.5 million higher in the Current Quarter primarily due to the increased revenues, partially offset by higher operating expenses of $13.0 million and general and administrative expenses of $2.4 million, both of which were driven by the inclusion of BSM and ongoing contract transitions. $7 $10 $0 $4 $8 $12 Q2 2026 Q3 2026 $ in m ill io ns $112 $130 $0 $30 $60 $90 $120 Q2 2026 Q3 2026 $ in m ill io ns See slide 25 for a reconciliation of Adjusted Operating Income to Operating Income.
12 Other Services Total Revenues Adjusted Operating Income Adjusted operating income was $7.4 million higher in the Current Quarter primarily due to the increased revenues, partially offset by higher operating expenses of $4.7 million and general and administrative expenses of $1.9 million, both of which were primarily related to the inclusion of BSM. $5 $13 $0 $4 $8 $12 Q2 2026 Q3 2026 $ in m ill io ns $38 $52 $0 $15 $30 $45 Q2 2026 Q3 2026 $ in m ill io ns See slide 25 for a reconciliation of Adjusted Operating Income to Operating Income. Revenues from Other Services were $14.0 million higher in the Current Quarter primarily due to the acquisition of BSM of $9.2 million and higher activity in Australia of $4.8 million.
13 Affirms 2026 Adjusted EBITDA Midpoint 1) The outlook projections provided for 2026 are based on the Company’s current estimates, using information available at this point in time, and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ materially. Consolidated Guidance (in USD, millions) Updated (2026E)(1) Updates 2026 Outlook Ranges Cash Interest ~$45 Cash Taxes ~$30 Maintenance Capital Expenditures $25 - $30 Other Services $25 - $30 Government Services $35 - $45 Offshore Energy Services $240 - $250 Other Services $155 - $175 Government Services $470 - $490 Offshore Energy Services $1,015 - $1,035 Adjusted EBITDA $300 - $320 Total Revenues $1,640 - $1,700 Revenues by Segment: Adjusted Operating Income by Segment: Updated (2026E)(1) Segment Guidance (in USD, millions)
14 Global demand for oil & gas is expected to increase by 12.4% over next 15 years despite current geopolitical challenges Long-Term Oil & Gas Demand Global Oil & Gas Demand Outlook 2010 20102015 20152020 20202025 20252030 20302035 20352040 2040 0 20 40 60 80 100 120 Liquids Gas mmboepd 9.0% Demand growth 2025-40 17.5% Demand growth 2025-40 Source: Westwood Global Energy Group, Offshore Energy Update Report, October 2026.
15 Source: Wood Mackenzie (July 2026), Barclays Research (October 2026). Strong Growth in Offshore Spending The deepwater offshore (floater) rig count now stands at 121 rigs (up from 116 in 4Q25) and we expect a continued grind higher to 124 by year-end, 131 by YE27 and 138 by YE28. Offshore Floater Rig Count Forecast Offshore project FIDs on pace to exceed $110bn this year following ~$70bn in 2025, which would represent a 61% y/y increase. Offshore Project Final Investment Decision (“FIDs”) 56 50 74 106 73 26 88 130 99 87 69 68 43 144 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E Offshore FIDs taken Offshore FIDs expected (note: Barclays conservative adjustment applied) ($bn) 111 Data points across offshore project FIDs and deepwater rig contracts/tenders confirm a rebound in offshore activity this year and setting up for an even stronger 2027 Offshore FID Outlook
16 Growing importance of energy security has driven a 22% increase in expected offshore O&G spending compared to last year's outlook Offshore Energy Investment Outlook Global Floating Rig Demand & Utilization Outlook 65% 78% 77% 82% 88% 94% 90% 88% 90% 96% 40% 50% 60% 70% 80% 90% 100% 110% 120% 0 20 40 60 80 100 120 140 160 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027E # committed rigs Demand Util % Source: Westwood Global Energy Group, Offshore Energy Update Report, October 2026.
17 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% 278 Active in 2026 34,380 KM DfS 112 New by 2036 12,875 New KM DfS 47 Latin America 6,083 Active in 2026 376,719 KM DfS 348 New by 2036 26,610 New KM DfS 208 GCC 533 Active in 2026 48,118 KM DfS 581 Active in 2036 4,768 Incremental KM 52 Latin America 161 Active in 2026 5,842 KM DfS 289 New by 2036 8,050 New KM DfS 110 Europe Floating Production Systems (FPS) Fixed Production Facilities Offshore Rigs Offshore Wind Substations KM DfS = kilometers Distance from Shore; GCC = Gulf Cooperation Council Source: Westwood Global Energy Group, Offshore Energy Update Report, October 2026.
18 “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 Utilization of Global Heavy and Medium Offshore Helicopters Offshore Helicopter Capacity Remains Tight Source: Air & Sea Analytics, Offshore Rotorcraft Market Update Report, October 2026. 16 302 50 43 160 1 70 3 13 30 1 34 2 0 2 94% 91% 96% 100% 99% Active Helicopters Inactive Helicopters (Total) Inactive Helicopters (Known Stored / Uncontracted) Effective Utilisation S92 AW189 H175 H160 AW139 Effective Utilization = 1 - (Known Stored/Uncontracted) / Total Fleet
19 Strong Balance Sheet and Liquidity Position Actual (USD, $mm, as of September 30,2026) Amount Rate Maturity Cash $235 ABL Facility ($70mm)(2) — SOFR+175 bps Jan-31 Senior Secured Notes 500 6.750% Feb-33 UKSAR Debt 153 SONIA+275 bps Mar-36 IRCG Debt 107 EURIBOR+195 bps Jun-31 Total Debt(3) $760 Less: Unrestricted Cash $(233) Net Debt $527 (1) Balances reflected as of (2) As of , the ABL facility had $10.1 million in letters of credit drawn against it and availability of $53.9 million. (3) Reflects principal balance of total debt. September 30, 2026. September 30, 2026 Unfunded capital commitments of $50.9 million, consisting primarily of aircraft purchases (1) Financial flexibility to pursue potential opportunities $233.4 million of unrestricted cash and total liquidity of $287.3 million(1)(2) No material near-term debt maturities. Additionally, amortizing equipment financings include flexible pre-payment terms
20 Capital Allocation Framework A Disciplined and Focused Approach Priority Philosophy Strategic Objectives Status Balance Sheet • Protect and maintain strong balance sheet and liquidity position • Structure leases and debt to facilitate financial flexibility • Refinance 6.875% Senior Secured Notes and ABL • Provide financial flexibility while maintaining downside protection • Completed refinancing of Senior Secured Notes and ABL at lower rates and extended maturities Growth • Pursue high impact, high return organic growth opportunities • Assess other growth opportunities: ─ Value-added M&A ─ Advanced Air Mobility (AAM) • Close on acquisition of BSM • Complete transitions of new Government Services contracts • Upgrade fleet with new OES-configured AW189 helicopters to meet customer demand and boost profitability • Completed the acquisition of BSM in July 2026 Shareholder Capital Returns • Return capital to shareholders via opportunistic share buybacks and quarterly dividends • Pay a quarterly dividend beginning in Q1 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized) • Opportunistically buy back shares using $125 million share repurchase program • Continuing to declare and pay dividends • Repurchased $25 million of shares in the Current Quarter with $96 million remaining available under the repurchase program As of September 30, 2026. • Ongoing investment for new OES AW189 helicopters
21 Appendix 01 Fleet Overview 02 03 Adjusted EBITDA 04 Revenues and Flight Hours by Segment 05 Adjusted Operating Income by Segment Adjusted Free Cash Flow
22 Fleet Overview 1) As of September 30, 2026. Does not include certain aircraft shown in the “under construction” line in the fleet table. Upon completion of additional configuration, the newly delivered aircraft will appear in the fleet table above when placed into service. 2) Reflects the average age of helicopters that are owned by the Company. 3) Does not include UAS platforms developed, designed or produced by BSM. 4) Under construction reflects new aircraft that the Company has either taken possession of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment. Manufacturer (“OEM”) and pending delivery. Includes three AW189 heavy helicopters (of which all but one were delivered and are undergoing additional configuration). 5) Options include nine AW189 heavy helicopters and five H135 light-twin helicopters. 6) Excludes leased aircraft in the Company’s possession but not yet placed in service and any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as AAM aircraft, that may have deposits but are pending regulatory certification and/or are under construction. NUMBER OF AIRCRAFT TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT AVERAGE AGE (YEARS)(2) Heavy Helicopters: S92 32 25 57 16 AW189 25 5 30 8 57 30 87 Medium Helicopters: AW139 45 9 54 14 S76 D/C++ 10 — 10 15 H160 — 4 4 — 55 13 68 Light—Twin Engine Helicopters: AW109 3 — 3 19 H135 12 — 12 10 15 — 15 Light—Single Engine Helicopters: AS350 12 — 12 27 AW119 13 — 13 20 25 — 25 Total Helicopters 152 43 195 17 Fixed wing 23 13 36 Unmanned Aerial Systems (“UAS”)(3) 3 — 3 Total Fleet 178 56 234 HEAVY MEDIUM LIGHT TWIN TOTAL Under construction(1)(4) 3 — — 3 Options(5)(6) 9 — 5 14
23 Adjusted EBITDA Reconciliation (2) Other special items include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs. Three Months Ended ($000s) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 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 10,432 48,400 Income tax expense 9,143 108 3,510 3,026 15,787 EBITDA $ 78,315 $ 62,405 $ 54,777 $ 50,511 $ 246,008 (Gains) losses on disposal of assets (1,939) (138) (7,639) 2,111 (7,605) Loss on extinguishment of debt — — 2,849 — 2,849 Foreign exchange losses 1,119 7,673 4,554 3,051 16,397 Special items(1) 12,057 9,868 4,734 4,455 31,114 Adjusted EBITDA $ 89,552 $ 79,808 $ 59,275 $ 60,128 $ 288,763 Three Months Ended (1)Special items include the following: September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 LTM PBH amortization $ 4,046 $ 3,567 $ 1,431 $ 2,232 $ 11,276 Gain on insurance claim — (714) — (4,970) (5,684) IT system transition costs 163 229 — — 392 Acquisition-related costs 4,933 1,479 954 14 7,380 Other special items(2) 2,915 5,307 2,349 7,179 17,750 $ 12,057 $ 9,868 $ 4,734 $ 4,455 $ 31,114
24 Revenues and Flight Hours by Segment Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 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 46,285 196,725 Total Offshore Energy Services 256,016 261,618 254,333 247,454 1,019,421 Government Services 130,036 112,234 107,870 100,097 450,237 Other Services 51,868 37,903 26,502 29,713 145,986 $ 437,920 $ 411,755 $ 388,705 $ 377,264 $ 1,615,644 Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Flight hours by segment Offshore Energy Services: Europe 6,593 7,658 8,217 8,543 Americas 10,793 10,112 10,470 10,506 Africa 5,144 5,288 5,545 5,185 Total Offshore Energy Services 22,530 23,058 24,232 24,234 Government Services 5,487 4,620 4,051 4,186 Other Services 4,764 3,697 3,337 3,622 32,781 31,375 31,620 32,042
25 Adjusted Operating Income Reconciliation Three Months Ended September 30, 2026 June 30, 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 $ 66,537 Government Services: Operating income (loss) $ (1,425) $ (2,145) Depreciation and amortization expense 10,898 9,190 PBH amortization 204 164 Government Services Adjusted Operating Income $ 9,677 $ 7,209 Other Services: Operating income $ 9,870 $ 2,929 Depreciation and amortization expense 2,773 2,345 PBH amortization — 17 Other Services Adjusted Operating Income $ 12,643 $ 5,291
26 Adjusted Free Cash Flow Reconciliation (1) Special items include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs. Three Months Ended ($000s) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 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) (6,044) (22,327) Free Cash Flow $ 56,028 $ 34,285 $ (12,609) $ 70,869 $ 148,573 Plus: Other special items(1) 8,273 1,522 843 883 11,521 Adjusted Free Cash Flow $ 64,301 $ 35,807 $ (11,766) $ 71,752 $ 160,094
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