Bristow Group Inc. Q1 FY2025 earnings call

• Safety: Achieved 0 air accidents in Q1 2025, fewer recordable injuries and lost workdays vs Q1 2024. • Financials: Strong Q1 results, affirmed 2025 and 2026 guidance. Tariffs on steel/aluminum introduce costs but not material impact. Oil price drop concerns but OES still positive due to deepwater projects. • Segments: OES Europe down, Africa and Americas up; Govt Services up from new contracts; Other Services down due to seasonality. • Cash Flows: Working capital uses $56.4M, cash used in ops $0.6M. • Sustainability: Upcoming 4th annual sustainability report reaffirms commitment to responsible growth.

Consolidated revenues decreased $3M primarily due to lower utilization in Other Services (fixed wing in Australia) offset by higher Govt Services revenues. Offshore Energy Services (OES) revenues: Europe down $4.5M, Africa up $2.2M, Americas up $1.9M. Adjusted EBITDA was $58M, consistent with prior quarter. OES adjusted operating income up $3.1M due to lower repairs & maintenance expenses but higher training costs.

• Affirmed 2025 revenues $1.4B–$1.6B and adjusted EBITDA $230M–$260M; 2026 revenues $1.5B–$1.8B and adjusted EBITDA $275M–$335M. • OES expected adjusted operating income $190M–$210M on revenues $950M–$1B in 2025. • Govt Services remains a transition year with start-up costs, but stable long-term cash flows.

• Tariffs on steel/aluminum imports impact repairs/maintenance costs and component delivery times. • Slowing economic activity and oil price drop may reduce customer spending on oil/gas. • Supply chain challenges affecting aircraft deliveries and operations.

Q: Given market uncertainty, what gives confidence to reaffirm guidance?

A: Stability of Govt Services cash flows, 80% of OES revenues from stable production support, and diverse geographic markets.

Q: Details of S-92 agreement with Sikorsky?

A: Provides price visibility and stability for S-92 fleet globally.

Q: CapEx for Irish SAR contract?

A: Helicopter deliveries have had supply chain challenges but confident in remaining CapEx for infrastructure.

Q: Advanced air mobility in Norway?

A: Part of Norway's test arena for zero/emission aircraft, demo flights with BETA Technologies starting with cargo.

Q: Cost exposure in higher tariff environment?

A: Majority of business outside US, but tariffs on US-based aircraft parts have minimal material impact.

Q: Working capital uses going forward?

A: Not expected to see same levels of working capital uses as Q1.

Q: Supply chain impact on margins?

A: Some incremental improvements in S-92 fleet, but still delays on other components.

Q: Expansion of eCTOL test in Norway?

A: Hoping for expansion based on positive test flight results.

Q: Oil price impact on offshore activity?

A: No tangible impact seen so far on current and upcoming offshore activity at Brent prices at or above $60.