BRISTOW GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

ACHIEVES 2025 OUTLOOK AND DECLARES DIVIDEND

HOUSTON, Feb. 25, 2026 /PRNewswire/ --

Full Year Highlights:

Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $18.4 million, or $0.61 per diluted share, for the quarter ended December 31, 2025 (the "Current Quarter") on total revenues of $377.3 million compared to net income attributable to the Company of $51.5 million, or $1.72 per diluted share, for the quarter ended September 30, 2025 (the "Preceding Quarter") on total revenues of $386.3 million.

Bristow reported net income attributable to the Company of $129.1 million, or $4.32 per diluted share, for the year ended December 31, 2025 (the "Current Year") on total revenues of $1.5 billion compared to net income attributable to the Company of $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion for the year ended December 31, 2024 (the "Prior Year").

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 operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.

Three Months Ended

Year Ended December 31,

December 31,

2025

September 30,

2025

2024

Total revenues

$ 377,264

$ 386,289

$ 1,490,512

$ 1,415,491

Operating income

32,083

50,535

158,806

132,608

Net income attributable to Bristow Group Inc.

18,423

51,544

129,074

94,797

Basic earnings per common share

0.63

1.79

4.47

3.32

Diluted earnings per common share

0.61

1.72

4.32

3.21

Net cash provided by operating activities

76,913

23,057

198,406

177,420

Non-GAAP (1):

Adjusted Operating Income

$ 54,803

$ 62,201

$ 228,687

$ 216,841

EBITDA

50,511

67,449

261,423

207,931

Adjusted EBITDA

60,128

67,097

245,635

236,766

Free Cash Flow

70,869

20,257

183,144

159,476

Adjusted Free Cash Flow

71,752

21,365

186,661

160,911

__________________

(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.

"With the continued growth and diversification of our Government Services business, Bristow has evolved into a scaled, multi-mission aviation services provider with leading market positions in our core markets," said Chris Bradshaw, President and CEO of Bristow Group. "As reflected in our affirmed financial outlook, we expect Adjusted Operating Income in our Government Services business to double in 2026, and the high-quality, infrastructure-like cash flows from these contracts provide a durable cash flow foundation for the Company. In addition, we expect Adjusted Operating Income in our Offshore Energy Services business to increase by approximately 15% in 2026, primarily due to improved terms on contract renewals, and we expect increased activity in this segment in the latter part of 2026 and further building in 2027, as new deepwater projects commence. Overall, we believe the Company's total Adjusted EBITDA will increase by approximately 25% in 2026 compared to last year, and we expect strong cash flow conversion. Bristow generated approximately $187 million of Adjusted Free Cash Flow in 2025, and our 2026 outlook reflects an Adjusted Free Cash Flow expectation in excess of $200 million. The Company completed a successful refinancing of our Senior Notes last month, with an upsized $500 million transaction at a lower coupon rate of 6.75% and an extended maturity into 2033. Bristow's positive financial outlook, robust balance sheet, and strong liquidity position support the initiation of the Company's cash dividend program, confirmed by today's announcement of a $0.125 per share dividend payable on March 26, 2026."

Sequential Quarter Results

Offshore Energy Services

Three Months Ended

($ in thousands)

December 31,

2025

September 30,

2025

Favorable

(Unfavorable)

Revenues

$ 247,454

$ 250,431

$ (2,977)

(1.2) %

Operating income

42,193

42,429

(236)

(0.6) %

Adjusted Operating Income

50,838

51,236

(398)

(0.8) %

Operating income margin

17 %

Adjusted Operating Income margin

21 %

20 %

Revenues from Offshore Energy Services were $3.0 million lower in the Current Quarter. Revenues in Africa were $2.2 million lower primarily due to the closure of the fixed wing business, and revenues in the Americas were $1.2 million lower primarily due to lower utilization, while revenues in Europe were consistent with the Preceding Quarter. Operating income from Offshore Energy Services was $0.2 million lower in the Current Quarter primarily due to the lower revenues and higher general and administrative expenses of $1.1 million related to professional services fees, partially offset by higher earnings from unconsolidated affiliates of $2.3 million and lower operating expenses of $1.6 million. The higher earnings from unconsolidated affiliates were primarily due to higher dividends and earnings. The lower operating expenses were due to lower subcontractor and other operating expenses of $3.5 million and lower repairs and maintenance costs of $2.8 million primarily due to higher vendor credits, partially offset by higher personnel and leased-in equipment costs of $4.2 million and $0.4 million, respectively.

Government Services

Three Months Ended

($ in thousands)

December 31,

2025

September 30,

2025

Favorable

(Unfavorable)

Revenues

$ 100,097

$ 100,898

$ (801)

(0.8) %

Operating income

(1,607)

2,586

(4,193)

Adjusted Operating Income

7,646

10,810

(3,164)

(29.3) %

Operating income margin

(2) %

3 %

Adjusted Operating Income margin

8 %

11 %

Revenues from Government Services were $0.8 million lower in the Current Quarter primarily due to lower seasonal flight hours in the United Kingdom search and rescue ("UKSAR") operations, partially offset by the commencement of operations of an additional base on the Irish Coast Guard ("IRCG") contract in the fourth quarter. Operating loss was $1.6 million in the Current Quarter compared to operating income of $2.6 million in the Preceding Quarter primarily due to higher operating expenses of $3.3 million and the lower revenues of $0.8 million. The increase in operating expenses was due to higher repairs and maintenance costs of $2.9 million, primarily due to lower vendor credits and the timing of repairs, and higher personnel costs of $1.6 million related to contract transitions, partially offset by lower other operating costs of $1.3 million primarily due to lower training and subcontractor costs.

Other Services

Three Months Ended

($ in thousands)

December 31,

2025

September 30,

2025

Favorable

(Unfavorable)

Revenues

$ 29,713

$ 34,960

$ (5,247)

(15.0) %

Operating income

1,530

5,463

(3,933)

(72.0) %

Adjusted Operating Income

4,032

8,121

(4,089)

(50.4) %

Operating income margin

5 %

16 %

Adjusted Operating Income margin

14 %

23 %

Revenues from Other Services were $5.2 million lower in the Current Quarter primarily due to lower seasonal activity in Australia. Operating income was $3.9 million lower in the Current Quarter primarily due to the lower revenues, partially offset by lower operating expenses of $1.2 million related to lower activity.

Corporate

Three Months Ended

($ in thousands)

December 31,

2025

September 30,

2025

Favorable

(Unfavorable)

Corporate:

Total expenses

$ 7,922

$ 8,188

$ 266

3.2 %

Gains (losses) on disposal of assets

(2,111)

8,245

(10,356)

Operating income (loss)

(10,033)

$ (10,090)

Consolidated:

Interest income

$ 2,935

$ 2,262

$ 673

29.8 %

Interest expense, net

(10,432)

(9,962)

(470)

(4.7) %

Other, net

(2,884)

(3,087)

203

6.6 %

Income tax (expense) benefit

(3,026)

11,843

(14,869)

Operating loss was $10.0 million in the Current Quarter compared to operating income of $0.1 million in the Preceding Quarter. The change in operating income (loss) was due to asset dispositions. During the Current Quarter, the Company sold or otherwise disposed of a S92 heavy helicopter and various other assets, resulting in net losses of $2.1 million. During the Preceding Quarter, the Company sold or otherwise disposed of two older AW139 medium helicopters and various other assets, resulting in net gains of $8.2 million.

Other expense, net of $2.9 million in the Current Quarter resulted from foreign exchange losses of $3.1 million and pension related costs of $4.9 million, partially offset by gains on insurance recoveries of $5.0 million. Other expense, net of $3.1 million in the Preceding Quarter resulted from foreign exchange losses.

Income tax expense was $3.0 million in the Current Quarter compared to income tax benefit of $11.8 million in the Preceding Quarter. The change in income tax is due to changes in the geographic mix of the Company's global earnings in the Current Quarter and the release of a valuation allowance in Australia in the Preceding Quarter.

Full Year Results

Offshore Energy Services

Year Ended December 31,

($ in thousands)

2025

2024

Favorable

(Unfavorable)

Revenues

$ 990,480

$ 966,064

$ 24,416

2.5 %

Operating income

165,582

132,165

33,417

25.3 %

Adjusted Operating Income

202,777

172,799

29,978

17.3 %

Operating income margin

17 %

14 %

Adjusted Operating Income margin

20 %

18 %

Revenues from Offshore Energy Services were $24.4 million higher in the Current Year. Revenues in Africa were $21.7 million higher primarily due to higher utilization and additional aircraft capacity. Revenues in the Americas were $19.2 million higher primarily due to higher utilization in the U.S. and Brazil, which was partially offset by the absence of a one-time benefit in the Prior Year related to the transition from cash basis recognition to an accrual basis of accounting in Canada and lower utilization in Trinidad. Revenues in Europe were $16.5 million lower primarily due to lower utilization, partially offset by higher reimbursable revenues, higher rates and favorable foreign exchange rate impacts.

Operating income was $33.4 million higher in the Current Year primarily due to the higher revenues coupled with lower general and administrative expenses of $5.9 million and lower operating expenses of $3.6 million.

The decrease in general and administrative expenses was primarily due to lower professional services fees, insurance and lease costs. Repairs and maintenance costs were $34.0 million lower primarily due to higher vendor credits. Fuel costs were $6.5 million lower due to lower global fuel prices and decreased flight hours in Europe. Insurance costs were $1.4 million lower primarily due to lower commercial property insurance premiums. Personnel costs were $21.8 million higher primarily due to increased headcount in Africa and Brazil due to increased activity, unfavorable foreign exchange rate impacts and labor agreement escalations. Other operating expenses were $15.7 million higher primarily due to higher reimbursable expenses, freight, demobilization and training costs. Leased-in equipment costs were $1.0 million higher primarily due to an increase in aircraft and non-aircraft leases.

Government Services

Year Ended December 31,

($ in thousands)

2025

2024

Favorable

(Unfavorable)

Revenues

$ 379,437

$ 329,654

$ 49,783

15.1 %

Operating income

5,078

21,070

(15,992)

(75.9) %

Adjusted Operating Income

38,212

50,766

(12,554)

(24.7) %

Operating income margin

1 %

6 %

Adjusted Operating Income margin

10 %

15 %

Revenues from Government Services were $49.8 million higher in the Current Year due to the commencement of the IRCG contract and higher UKSAR revenues primarily due to favorable foreign exchange rate impacts and the commencement of fixed wing services. Operating income was $16.0 million lower primarily due to higher expenses attributable to the commencement of new contracts in Ireland and the UK, partially offset by the higher revenues. Operating expenses were $57.9 million higher primarily due to higher subcontractor costs of $28.2 million, which are expected to subside as transitions to the new contracts conclude in 2026, higher amortization of deferred costs of $7.7 million, increased personnel costs of $15.1 million and other operating expenses of $9.4 million, partially offset by lower repairs and maintenance costs of $2.5 million primarily due to increased vendor credits. Additionally, general and administrative costs and depreciation and amortization expenses were $4.4 million and $3.5 million higher, respectively, primarily due to the ongoing transitions of the new SAR contracts.

Other Services

Year Ended December 31,

($ in thousands)

2025

2024

Favorable

(Unfavorable)

Revenues

$ 120,595

$ 119,773

$ 822

0.7 %

Operating income

9,814

13,747

(3,933)

(28.6) %

Adjusted Operating Income

20,376

25,786

(5,410)

(21.0) %

Operating income margin

8 %

11 %

Adjusted Operating Income margin

17 %

22 %

Revenues from Other Services were $0.8 million higher in the Current Year primarily due to higher activity in Australia and the UK, partially offset by lower revenues due to the conclusion of certain dry-lease contracts. Operating income from Other Services was $3.9 million lower primarily due to higher operating expenses of $5.9 million, offsetting the higher revenues of $0.8 million and lower depreciation and amortization expenses of $1.0 million. The increase in operating expenses was due to higher other operating expense of $2.3 million, higher personnel costs of $1.6 million and higher lease expenses of $1.6 million, all of which were primarily driven by increased activity in Australia.

Corporate

Year Ended December 31,

($ in thousands)

2025

2024

Favorable

(Unfavorable)

Corporate:

Total expenses

$ 33,453

$ 33,329

$ (124)

(0.4) %

Gains (losses) on disposal of assets

11,785

(1,045)

12,830

Operating loss

(21,668)

(34,374)

12,706

37.0 %

Consolidated:

Interest income

$ 9,354

$ 8,901

$ 453

5.1 %

Interest expense, net

(39,918)

(37,581)

(2,337)

(6.2) %

Other, net

22,994

(1,865)

24,859

Income tax expense

(21,809)

(7,193)

(14,616)

Total operating losses for Corporate were $12.7 million lower than the Prior Year primarily due to increased gains on disposal of assets. During the Current Year, the Company sold or otherwise disposed of four AW139 medium helicopters, one S92 heavy helicopter and other assets, resulting in net gains of $11.8 million. During the Prior Year, the Company sold or otherwise disposed of 13 helicopters and various other assets, resulting in net losses of $1.0 million.

Interest expense, net was $2.3 million higher in the Current Year primarily due to higher interest rates and accelerated amortization expense related to early debt repayments, partially offset by higher capitalized interest on new aircraft under construction.

Other income, net of $23.0 million in the Current Year primarily resulted from foreign exchange gains of $22.5 million and gains on insurance recoveries of $5.0 million, partially offset by pension related costs of $4.3 million. Other expense, net of $1.9 million in the Prior Year primarily resulted from foreign exchange losses of $8.9 million, partially offset by insurance recoveries of $4.5 million and pension related income of $2.5 million.

Income tax expense was $14.6 million higher in the Current Year primarily due to higher earnings before tax and the earnings mix of the Company's global operations.

2025 Results In-Line with Outlook and Affirms 2026 Outlook

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 also contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.

Select financial results for 2025 and outlook for 2026 are as follows (in USD, millions):

2025E (1)

Outlook

2025A

2026E

Revenues:

Offshore Energy Services

$990

$1,010 - $1,080

Government Services

$380

$379

$440 - $460

Other Services

$120

$121

$130 - $150

Total revenues

$1,490

$1,580 - $1,690

Adjusted Operating Income:

Offshore Energy Services

$200

$203

$225 - $235

Government Services

$43

$38

$70 - $80

Other Services

$23

$20

$20 - $25

Corporate

($33)

($35 - $30)

$233

$228

$280 - $310

Adjusted EBITDA

$245

$246

$295 - $325

Cash interest

$45

$47

~$40

Cash taxes

$28

$27

$25 - $30

Maintenance capital expenditures

$14

$15

$20 - $25

__________________________

(1)

Reflects the mid-point of the previously published 2025E financial outlook ranges.

Liquidity and Capital Allocation

In the Current Quarter, purchases of property and equipment were $29.1 million, of which $6.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $2.0 million. In the Preceding Quarter, purchases of property and equipment were $29.2 million, of which $2.8 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $28.6 million. See "Non-GAAP Financial Measures - Free Cash Flow and Adjusted Free Cash Flow" for a reconciliation to net cash provided by operating cash activities.

As of December 31, 2025, the Company had $286.2 million of unrestricted cash and $60.7 million of remaining availability under its amended asset-based credit facility (the "ABL Facility") for total liquidity of $346.9 million. Borrowings under the ABL Facility are subject to certain conditions and requirements.

On January 26, 2026, Bristow Group announced the closing of a private offering of $500 million aggregate principal amount of 6.750% Senior Secured Notes due 2033 (the "6.750% Senior Notes"), which were issued at par and bear interest payable semiannually, and the amendment and extension of its ABL Facility until 2031. The Company used a portion of the net proceeds from the 6.750% Senior Notes to irrevocably deposit funds with the trustee under the indenture governing its existing 6.875% Senior Secured Notes due 2028 (the "6.875% Senior Notes") in an amount sufficient to redeem the 6.875% Senior Notes in full on March 1, 2026, resulting in the satisfaction and discharge of the indenture governing the 6.875% Senior Notes upon deposit, with the remaining net proceeds to be used for general corporate purposes.

On February 25, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on March 26, 2026, to shareholders of record at the close of business on March 13, 2026.

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, February 26, 2026, to review the results for the quarter and full year ended December 31, 2025. The conference call can be accessed using the following link:

Link to Access Earnings Call: https://bristowgroup-4q2025.open-exchange.net/registration

A replay will be available through March 19, 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 March 19, 2026. The accompanying investor presentation will be available on February 26, 2026, on Bristow's website at www.bristowgroup.com.

For additional information concerning Bristow, contact Jennifer Whalen at [email protected], (713) 369-4636 or visit Bristow Group's website at https://ir.bristowgroup.com/.

About Bristow Group

Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.

Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S.").

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; 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 and inflation and our ability 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 agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or 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; 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; 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, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact 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 and other countries; the potential effects of any future U.S. 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 search and rescue ("SAR") 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. 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.

BRISTOW GROUP INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)

Three Months Ended

Favorable/

(Unfavorable)

December 31,

2025

September

30, 2025

Total revenues

$ 377,264

$ 386,289

$ (9,025)

Costs and expenses:

Operating expenses

Personnel

104,378

98,581

(5,797)

Repairs and maintenance

55,291

55,537

246

Insurance

6,139

5,778

(361)

Fuel

20,765

21,396

631

Leased-in equipment

27,329

26,714

(615)

Other

69,648

75,047

5,399

Total operating expenses

283,550

283,053

(497)

General and administrative expenses

43,441

43,205

(236)

Depreciation and amortization expense

18,377

17,739

(638)

Total expenses

345,368

343,997

(1,371)

Gains (losses) on disposal of assets

(2,111)

8,245

(10,356)

Earnings (losses) from unconsolidated affiliates

2,298

(2)

2,300

Operating income

32,083

50,535

(18,452)

Interest income

2,935

2,262

673

Interest expense, net

(10,432)

(9,962)

(470)

Other, net

(2,884)

(3,087)

203

Total other income (expense), net

(10,381)

(10,787)

406

Income before income taxes

21,702

39,748

(18,046)

Income tax benefit (expense)

(3,026)

11,843

(14,869)

Net income

18,676

51,591

(32,915)

Net income attributable to noncontrolling interests

(253)

(47)

(206)

Net income attributable to Bristow Group Inc.

$ 18,423

$ 51,544

$ (33,121)

Basic earnings per common share

$ 0.63

$ 1.79

$ (1.16)

Diluted earnings per common share

$ 0.61

$ 1.72

$ (1.11)

Weighted average common shares outstanding, basic

29,093

28,867

226

Weighted average common shares outstanding, diluted

29,963

29,932

Adjusted Operating Income

$ 54,803

$ 62,201

$ (7,398)

EBITDA

$ 50,511

$ 67,449

$ (16,938)

Adjusted EBITDA

$ 60,128

$ 67,097

$ (6,969)

BRISTOW GROUP INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)

Year Ended

December 31,

Favorable/

(Unfavorable)

2025

2024

Total revenues

$ 1,490,512

$ 1,415,491

$ 75,021

Costs and expenses:

Operating expenses

Personnel

378,999

340,560

(38,439)

Repairs and maintenance

236,931

273,284

36,353

Insurance

24,900

24,907

Fuel

81,435

86,946

5,511

Leased-in equipment

106,607

103,540

(3,067)

Other

273,407

212,881

(60,526)

Total operating expenses

1,102,279

1,042,118

(60,161)

General and administrative expenses

174,121

175,550

1,429

Depreciation and amortization expense

70,269

68,287

(1,982)

Total costs and expenses

1,346,669

1,285,955

(60,714)

Gains (losses) on disposal of assets

11,785

(1,045)

12,830

Earnings from unconsolidated affiliates

3,178

4,117

(939)

Operating income

158,806

132,608

26,198

Interest income

9,354

8,901

453

Interest expense, net

(39,918)

(37,581)

(2,337)

Other, net

22,994

(1,865)

24,859

Total other income (expense), net

(7,570)

(30,545)

22,975

Income before income taxes

151,236

102,063

49,173

Income tax expense

(21,809)

(7,193)

(14,616)

Net income

129,427

94,870

34,557

Net income attributable to noncontrolling interests

(353)

(73)

(280)

Net income attributable to Bristow Group Inc.

$ 129,074

$ 94,797

$ 34,277

Basic earnings per common share

$ 4.47

$ 3.32

$ 1.15

Diluted earnings per common share

$ 4.32

$ 3.21

$ 1.11

Weighted average common stock outstanding, basic

28,864

28,515

349

Weighted average common stock outstanding, diluted

29,884

29,552

332

Adjusted Operating Income

$ 228,687

$ 216,841

$ 11,846

EBITDA

$ 261,423

$ 207,931

$ 53,492

Adjusted EBITDA

$ 245,635

$ 236,766

$ 8,869

BRISTOW GROUP INC.

Revenues By Segment

(unaudited, in thousands)

Three Months Ended

Year Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

2024

Offshore Energy Services:

Europe

$ 101,412

$ 101,026

$ 107,625

101,218

$ 411,281

$ 427,739

Americas

99,757

100,945

95,230

91,569

387,501

368,319

Africa

46,285

48,460

49,955

46,998

191,698

170,006

Total Offshore Energy

Services

$ 247,454

$ 250,431

$ 252,810

$ 239,785

$ 990,480

$ 966,064

Government Services

100,097

100,898

92,499

85,943

379,437

329,654

Other Services

29,713

34,960

31,120

24,802

120,595

119,773

$ 377,264

$ 386,289

$ 376,429

$ 350,530

$ 1,490,512

$ 1,415,491

Flight Hours By Segment

(unaudited)

Three Months Ended

Year Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

2024

Offshore Energy Services:

Europe

8,543

8,471

8,838

8,749

34,601

38,284

Americas

10,506

11,104

10,700

10,002

42,312

42,583

Africa

5,185

4,415

4,931

4,680

19,211

16,946

Total Offshore Energy

Services

24,234

23,990

24,469

23,431

96,124

97,813

Government Services

4,186

5,016

4,868

3,941

18,011

18,811

Other Services

3,622

3,942

3,684

3,400

14,648

13,682

32,042

32,948

33,021

30,772

128,783

130,306

BRISTOW GROUP INC

Quarterly Segment Statements of Operations

(unaudited, in thousands)

Offshore

Energy

Services

Government

Services

Other

Corporate

Consolidated

Three Months Ended December 31, 2025

Revenues

$ 247,454

$ 100,097

$ 29,713

$ —

$ 377,264

Less:

Personnel

66,467

31,061

6,850

—

104,378

Repairs and maintenance

39,989

12,312

2,990

—

55,291

Insurance

3,680

2,150

309

—

6,139

Fuel

13,069

2,618

5,078

—

20,765

Leased-in equipment

15,885

9,574

1,870

—

27,329

Other segment costs

37,830

25,002

6,816

—

69,648

Total operating expenses

176,920

82,717

23,913

—

283,550

General and administrative expenses

23,536

10,388

1,804

7,713

43,441

Depreciation and amortization expense

7,103

8,599

2,466

209

18,377

Total costs and expenses

207,559

101,704

28,183

7,922

345,368

Losses on disposal of assets

—

(2,111)

Earnings from unconsolidated affiliates

2,298

—

2,298

Operating income (loss)

$ 42,193

$ (1,607)

$ 1,530

$ (10,033)

$ 32,083

Non-GAAP:

Depreciation and amortization expense

7,103

8,599

2,466

209

18,377

PBH amortization

1,542

654

—

2,232

Gains on disposal of assets

—

2,111

Adjusted Operating Income (Loss)

$ 50,838

$ 7,646

$ 4,032

$ (7,713)

$ 54,803

Offshore

Energy

Services

Government

Services

Other

Corporate

Consolidated

Three Months Ended September 30, 2025

Revenues

$ 250,431

$ 100,898

$ 34,960

$ —

$ 386,289

Less:

Personnel

62,304

29,507

6,770

—

98,581

Repairs and maintenance

42,777

9,365

3,395

—

55,537

Insurance

3,486

1,950

342

—

5,778

Fuel

13,162

2,794

5,440

—

21,396

Leased-in equipment

15,446

9,572

1,696

—

26,714

Other segment costs

41,325

26,271

7,451

—

75,047

Total operating expenses

178,500

79,459

25,094

—

283,053

General and administrative expenses

22,451

11,007

1,781

7,966

43,205

Depreciation and amortization expense

7,049

7,846

2,622

222

17,739

Total costs and expenses

208,000

98,312

29,497

8,188

343,997

Gains on disposal of assets

—

8,245

Losses from unconsolidated affiliates

(2)

—

(2)

Operating income

$ 42,429

$ 2,586

$ 5,463

$ 57

$ 50,535

Non-GAAP:

Depreciation and amortization expense

7,049

7,846

2,622

222

17,739

PBH amortization

1,758

378

—

2,172

Losses on disposal of assets

—

(8,245)

Adjusted Operating Income (Loss)

$ 51,236

$ 10,810

$ 8,121

$ (7,966)

$ 62,201

BRISTOW GROUP INC.

Full Year Segment Statements of Operations

(unaudited, in thousands)

Offshore

Energy

Services

Government

Services

Other

Corporate

Consolidated

Year Ended December 31, 2025

Revenues

$ 990,480

$ 379,437

$ 120,595

$ —

$ 1,490,512

Less:

Personnel

240,584

112,312

26,103

—

378,999

Repairs and maintenance

177,751

46,407

12,773

—

236,931

Insurance

15,019

8,485

1,396

—

24,900

Fuel

51,798

10,175

19,462

—

81,435

Leased-in equipment

61,468

38,538

6,601

—

106,607

Other segment costs

160,451

85,861

27,095

—

273,407

Total operating expenses

707,071

301,778

93,430

—

1,102,279

General and administrative expenses

93,059

41,354

7,030

32,678

174,121

Depreciation and amortization expense

27,946

31,227

10,321

775

70,269

Total costs and expenses

828,076

374,359

110,781

33,453

1,346,669

Gains on disposal of assets

—

11,785

Earnings from unconsolidated affiliates

3,178

—

3,178

Operating income (loss)

$ 165,582

$ 5,078

$ 9,814

$ (21,668)

$ 158,806

Non-GAAP:

Depreciation and amortization expense

27,946

31,227

10,321

775

70,269

PBH amortization

9,249

1,907

241

—

11,397

Gains on disposal of assets

—

(11,785)

Adjusted Operating Income (Loss)

$ 202,777

$ 38,212

$ 20,376

$ (32,678)

$ 228,687

Offshore

Energy

Services

Government

Services

Other

Corporate

Consolidated

Year Ended December 31, 2024

Revenues

$ 966,064

$ 329,654

$ 119,773

$ —

$ 1,415,491

Less:

Personnel

218,811

97,256

24,493

—

340,560

Repairs and maintenance

211,791

48,893

12,600

—

273,284

Insurance

16,464

7,296

1,147

—

24,907

Fuel

58,318

9,072

19,556

—

86,946

Leased-in equipment

60,515

37,995

5,030

—

103,540

Other segment costs

144,741

43,392

24,748

—

212,881

Total operating expenses

710,640

243,904

87,574

—

1,042,118

General and administrative expenses

98,972

36,986

7,082

32,510

175,550

Depreciation and amortization expense

28,404

27,694

11,370

819

68,287

Total costs and expenses

838,016

308,584

106,026

33,329

1,285,955

Losses on disposal of assets

—

(1,045)

Earnings from unconsolidated affiliates

4,117

—

4,117

Operating income (loss)

$ 132,165

$ 21,070

$ 13,747

$ (34,374)

$ —

$ 132,608

Non-GAAP:

Depreciation and amortization expense

28,404

27,694

11,370

819

68,287

PBH amortization

12,230

2,002

669

—

14,901

Losses on disposal of assets

—

1,045

Adjusted Operating Income (Loss)

$ 172,799

$ 50,766

$ 25,786

$ (32,510)

$ 216,841

BRISTOW GROUP INC.

Consolidated Balance Sheets

(unaudited, in thousands)

Year Ended

December 31,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$ 293,631

$ 251,281

Accounts receivable, net

217,102

211,590

Inventories

132,727

114,509

Prepaid expenses and other current assets

50,828

42,078

Total current assets

694,288

619,458

Property and equipment, net

1,152,668

1,076,221

Investment in unconsolidated affiliates

23,852

22,424

Right-of-use assets

241,666

264,270

Other assets

198,787

142,873

Total assets

$ 2,311,261

$ 2,125,246

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$ 86,286

$ 83,462

Accrued wages, benefits and related taxes

68,654

54,406

Income taxes payable and other accrued taxes

22,759

16,229

Deferred revenue

22,440

15,186

Accrued maintenance and repairs

28,793

30,698

Current portion of operating lease liabilities

77,038

78,359

Accrued interest and other accrued liabilities

31,317

28,946

Current maturities of long-term debt

27,943

18,614

Total current liabilities

365,230

325,900

Long-term debt, less current maturities

643,511

671,169

Deferred taxes

46,571

39,019

Long-term operating lease liabilities

164,544

188,949

Deferred credits and other liabilities

31,782

8,937

Total liabilities

1,251,638

1,233,974

Stockholders' equity:

Common stock

325

315

Additional paid-in capital

762,520

742,072

Retained earnings

441,739

312,765

Treasury stock, at cost

(87,129)

(69,776)

Accumulated other comprehensive loss

(57,750)

(93,669)

Total Bristow Group Inc. stockholders' equity

1,059,705

891,707

Noncontrolling interests

(82)

(435)

Total stockholders' equity

1,059,623

891,272

Total liabilities and stockholders' equity

$ 2,311,261

$ 2,125,246

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 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 (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).

Three Months Ended

Year Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

2024

Net income

$ 18,676

$ 51,591

$ 31,779

$ 27,381

$ 129,427

$ 94,870

Depreciation and

amortization expense

18,377

17,739

17,312

16,841

70,269

68,287

Interest expense, net

10,432

9,962

10,034

9,490

39,918

37,581

Income tax expense

(benefit)

3,026

(11,843)

20,443

10,183

21,809

7,193

EBITDA

$ 50,511

$ 67,449

$ 79,568

$ 63,895

$ 261,423

$ 207,931

(Gains) losses on

disposal of assets

2,111

(8,245)

(6,209)

558

(11,785)

1,045

Foreign exchange (gains)

losses

3,051

2,946

(17,435)

(11,045)

(22,483)

8,925

Special items (1)

4,455

4,947

4,776

4,302

18,480

18,865

Adjusted EBITDA

$ 60,128

$ 67,097

$ 60,700

$ 57,710

$ 245,635

$ 236,766

(1) Special items include the following:

Three Months Ended

Year Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

2024

PBH amortization

$ 2,232

$ 2,172

$ 3,587

$ 3,406

$ 11,397

$ 14,901

Gain on insurance claim

(4,970)

—

(4,970)

(4,451)

Other special items

7,193

2,775

1,189

896

12,053

8,415

$ 4,455

$ 4,947

$ 4,776

$ 4,302

$ 18,480

$ 18,865

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 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

Year Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

2024

Net cash provided by

(used in) operating

activities

$ 76,913

$ 23,057

$ 99,039

$ (603)

$ 198,406

$ 177,420

Less: Maintenance

capital expenditures

(6,044)

(2,800)

(4,532)

(1,886)

(15,262)

(17,944)

Free Cash Flow

$ 70,869

$ 20,257

$ 94,507

$ (2,489)

$ 183,144

$ 159,476

Plus: Special items

883

1,108

786

740

3,517

1,435

Adjusted Free Cash

Flow

$ 71,752

$ 21,365

$ 95,293

$ (1,749)

$ 186,661

$ 160,911

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) and gains or losses on asset dispositions that occurred during the reported period. 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).

Sequential Quarter Adjusted Operating Income by Segment

Three Months Ended

December 31,

2025

September 30,

2025

Increase

(Decrease)

Offshore Energy Services:

Operating income

$ 42,193

$ 42,429

$ (236)

(0.6) %

Depreciation and amortization expense

7,103

7,049

0.8 %

PBH amortization

1,542

1,758

(216)

(12.3) %

Offshore Energy Services Adjusted Operating Income

$ 50,838

$ 51,236

$ (398)

(0.8) %

Government Services:

Operating income (loss)

$ (1,607)

$ 2,586

$ (4,193)

Depreciation and amortization expense

8,599

7,846

753

9.6 %

PBH amortization

654

378

276

73.0 %

Government Services Adjusted Operating Income

$ 7,646

$ 10,810

$ (3,164)

(29.3) %

Other Services:

Operating income

$ 1,530

$ 5,463

$ (3,933)

(72.0) %

Depreciation and amortization expense

2,466

2,622

(156)

(5.9) %

PBH amortization

—

— %

Other Services Adjusted Operating Income

$ 4,032

$ 8,121

$ (4,089)

(50.4) %

Total Segment Adjusted Operating Income

$ 62,516

$ 70,167

$ (7,651)

(10.9) %

Corporate:

Operating income (loss)

$ (10,033)

$ 57

$ (10,090)

Depreciation and amortization expense

209

222

(13)

(5.9) %

Losses (gains) on disposal of assets

2,111

(8,245)

10,356

Corporate Adjusted Operating Loss

$ (7,713)

$ (7,966)

$ 253

3.2 %

Consolidated Adjusted Operating Income

$ 54,803

$ 62,201

$ (7,398)

(11.9) %

Full Year Adjusted Operating Income by Segment

Year Ended December 31,

Increase

(Decrease)

2025

2024

Offshore Energy Services:

Operating income

$ 165,582

$ 132,165

$ 33,417

25.3 %

Depreciation and amortization expense

27,946

28,404

(458)

(1.6) %

PBH amortization

9,249

12,230

(2,981)

(24.4) %

Offshore Energy Services Adjusted Operating Income

$ 202,777

$ 172,799

$ 29,978

17.3 %

Government Services:

Operating income

$ 5,078

$ 21,070

$ (15,992)

(75.9) %

Depreciation and amortization expense

31,227

27,694

3,533

12.8 %

PBH amortization

1,907

2,002

(95)

(4.7) %

Government Services Adjusted Operating Income

$ 38,212

$ 50,766

$ (12,554)

(24.7) %

Other Services:

Operating income

$ 9,814

$ 13,747

$ (3,933)

(28.6) %

Depreciation and amortization expense

10,321

11,370

(1,049)

(9.2) %

PBH amortization

241

669

(428)

(64.0) %

Other Services Adjusted Operating Income

$ 20,376

$ 25,786

$ (5,410)

(21.0) %

Total Segment Adjusted Operating Income

$ 261,365

$ 249,351

$ 12,014

4.8 %

Corporate:

Operating loss

$ (21,668)

$ (34,374)

$ 12,706

37.0 %

Depreciation and amortization expense

775

819

(44)

(5.4) %

Losses (gains) on disposal of assets

(11,785)

1,045

(12,830)

Corporate Adjusted Operating Loss

$ (32,678)

$ (32,510)

$ (168)

(0.5) %

Consolidated Adjusted Operating Income

$ 228,687

$ 216,841

$ 11,846

5.5 %

The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating 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 Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.

BRISTOW GROUP INC.

Fleet Count

Number of Aircraft

Type

Owned

Aircraft

Leased

Aircraft

Total

Aircraft

Max Pass

Capacity

Average

Age

(years) (1)

Heavy Helicopters:

S92

AW189

Medium Helicopters:

AW139

S76 D/C++

—

AS365

—

Light—Twin Engine Helicopters:

AW109

—

H135

—

Light—Single Engine Helicopters:

AS350

—

AW119

—

Total Helicopters

156

196

Fixed Wing

UAS

—

Total Fleet

169

214

______________________

(1)

Reflects the average age of helicopters that are owned by the Company.

The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of December 31, 2025 and the percentage of revenues that each of our segments provided during the Current Year.

Percentage

Revenues

Helicopters

Fixed

Wing

UAS

Heavy

Medium

Light

Twin

Light

Single

Total

Offshore Energy Services

66 %

—

128

Government Services

26 %

—

Other Services

8 %

—

Total

100 %

214

Aircraft not currently in fleet:

Under construction (1)(3)

—

Options (2)(3)

—

______________________

(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 seven AW189 heavy helicopters (of which one was delivered and is undergoing additional configuration) and two AW139 medium helicopters (both of which were delivered and are undergoing additional configuration).

(2)

Options include ten AW189 heavy helicopters and nine H135 light-twin helicopters.

(3)

Excludes any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as Advanced Air Mobility ("AAM") aircraft that may have deposits but are pending regulatory certification.

SOURCE Bristow Group