Q4 2024 Earnings Presentation February 27, 2025 Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Q4 2024 Earnings Call 02 2 01 03 Cautionary Statement Regarding Forward-Looking Statements Operational Highlights Chris Bradshaw President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer Concluding Remarks Chris Bradshaw 04 President and CEO 05 Question & Answer This presentation includes "forward-looking statements" within the meaning of Section ...

Core Viewpoint - Bristow Group Inc. reported strong financial results for Q4 and the full year 2024, exceeding its revised outlook, and announced a new capital allocation framework aimed at maintaining a strong balance sheet, pursuing growth opportunities, and returning capital to shareholders through dividends and share buybacks [6][22][36]. Financial Performance - For Q4 2024, Bristow reported net income of $31.8 million, or $1.07 per diluted share, on total revenues of $353.5 million, compared to $28.2 million, or $0.95 per diluted share, on revenues of $365.1 million in Q3 2024 [2][5]. - For the full year 2024, net income was $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion, a significant recovery from a net loss of $6.8 million in 2023 [3][47]. - Adjusted EBITDA for 2024 was $236.8 million, surpassing the previously revised outlook of $220 million to $230 million [7][22]. Segment Performance - Offshore Energy Services generated revenues of $966.1 million in 2024, up 13.3% from $853.0 million in 2023, with operating income increasing significantly to $132.2 million [14][15]. - Government Services revenues decreased slightly to $329.7 million in 2024 from $337.3 million in 2023, with operating income declining to $21.1 million [16]. - Other Services saw revenues rise to $119.8 million in 2024, up 11.7% from $107.2 million in 2023, although operating income decreased slightly [17]. Capital Allocation Framework - The new capital allocation framework includes priorities to protect the balance sheet, pursue high-return growth opportunities, and return capital to shareholders through a $125 million share repurchase program and a quarterly dividend program starting in Q1 2026 [6][36]. - The company aims to reduce gross debt to approximately $500 million by the end of 2026 [36]. Outlook - The company expects continued constructive market conditions in Offshore Energy Services due to high utilization rates and unmet demand, despite supply chain challenges [27]. - For 2025 and 2026, Bristow has provided revenue guidance of $1.42 billion to $1.62 billion and $1.53 billion to $1.78 billion, respectively [23].

Financial Performance - Net income for Q4 2024 was $31.8 million, or $1.07 per diluted share, compared to $28.2 million, or $0.95 per diluted share in Q3 2024[2]. - Total revenues for the full year 2024 were $1.4 billion, an increase of $118.1 million from $1.3 billion in 2023[3]. - Adjusted EBITDA for 2024 was $236.8 million, exceeding the revised outlook range of $220 million - $230 million[6]. - Total revenues for 2024 were reported at $1,416 million, slightly above the guidance of $1,414 million[23]. - Adjusted EBITDA for 2024 was $237 million, exceeding the guidance of $225 million[23]. - The company reported a net income of $94,870,000 for the year ended December 31, 2024, compared to a net loss of $6,920,000 in 2023[47]. - For the year ended December 31, 2024, total revenues increased to $1,415,491,000, up 9.1% from $1,297,429,000 in 2023[47]. - Adjusted Operating Income for the year ended December 31, 2024, was $216,841,000, a significant increase of 49.3% from $145,225,000 in 2023[47]. - EBITDA for the year ended December 31, 2024, was $207,931,000, compared to $130,035,000 in 2023, representing a growth of 60%[47]. - The company reported a net cash provided by operating activities of $177.4 million for the full year 2024, up from $32.0 million in 2023[5]. - The Free Cash Flow for the year ended December 31, 2024, was $159.5 million, up from $17.6 million in 2023, indicating improved cash generation capabilities[58]. - Adjusted Free Cash Flow for the year ended December 31, 2024, was $160.9 million, compared to $27.8 million in 2023, highlighting strong operational performance[58]. Revenue Segments - Offshore Energy Services revenues increased by $113.1 million, or 13.3%, to $966.1 million in 2024 compared to 2023[15]. - Revenues from Government Services decreased by $7.6 million, or 2.3%, to $329.7 million in 2024 compared to 2023[16]. - Offshore Energy Services segment revenues for 2024 were $966 million, with a forecast of $950 - $1,060 million for 2025[24]. - Government Services segment revenues for 2024 were $330 million, with a projected range of $350 - $425 million for 2025[24]. - Total Offshore Energy Services revenue for Q4 2024 was $240,164,000, a decrease of 2.3% from $246,312,000 in Q3 2024[48]. - Government Services revenue for Q4 2024 was $82,558,000, down from $85,346,000 in Q3 2024[48]. Operating Income - Operating income for Offshore Energy Services increased by 189.8% to $132.2 million in 2024 compared to 2023[15]. - Operating income for Q4 2024 was $31,804,000, down from $33,213,000 in Q3 2024, reflecting a decrease of 4.2%[46]. - Adjusted Operating Income for 2024 was $216,841, up from $145,225 in 2023, indicating a growth of 49.2%[50]. - The Offshore Energy Services segment generated an operating income of $132.2 million for the year ended December 31, 2024, compared to $45.6 million in 2023[61]. - The total Adjusted Operating Income for all segments combined was $216.8 million for the year ended December 31, 2024, compared to $145.2 million in 2023[61]. Debt and Liquidity - The company plans to reduce gross debt to approximately $500 million by the end of 2026 while pursuing growth opportunities[7]. - The company expects to maintain a strong liquidity position with total liquidity of $311.5 million as of December 31, 2024[36]. - A new $125 million share repurchase program has been approved, to be executed on an opportunistic basis[38]. - The company aims to reduce gross debt to approximately $500 million by the end of 2026[38]. Dividends and Shareholder Returns - A new quarterly dividend program is set to commence in Q1 2026 with an initial payment of $0.125 per share, annualized to $0.50[7]. - The company plans to initiate a quarterly dividend program starting in Q1 2026, with an initial payment of $0.125 per share[38]. Assets and Liabilities - Total assets increased to $2,125,246 as of December 31, 2024, from $1,937,278 in 2023, representing a growth of 9.7%[51]. - Cash and cash equivalents rose to $251,281 in 2024, compared to $183,662 in 2023, marking an increase of 37%[51]. - Total liabilities increased to $1,233,974 in 2024, up from $1,114,099 in 2023, reflecting a rise of 10.7%[51]. - The company’s retained earnings increased to $312,765 in 2024, up from $217,968 in 2023, indicating a growth of 43.4%[51]. Strategic Initiatives - The company plans to continue focusing on operational improvements and strategic initiatives to enhance future performance[52]. - The transition to new contracts in the Government Services segment is expected to conclude by the end of 2026, with significant capital expenditures in the first half of 2025[33]. - The company has commitments to purchase 7 aircraft that are on order, which includes two AW189 heavy helicopters and five AW169 light-twin helicopters[64]. - The company does not provide guidance on projected Adjusted EBITDA for 2025 and 2026 due to inherent unpredictability of certain components[56]. Exchange Rate Impact - Each £0.01 movement in the GBP/USD exchange rate would impact 2025E Adjusted EBITDA by approximately $1.2 million[27].

Core Insights - Bristow Group Inc. will release its fourth quarter and full year 2024 financial results on February 26, 2025, after market close [1] - A conference call is scheduled for February 27, 2025, at 10:00 a.m. ET to discuss the financial results [1] - Investors can register for the call and access a replay until March 20, 2025 [2] Company Overview - Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions [3] - The company primarily offers aviation services to offshore energy companies and government entities, including personnel transportation, search and rescue, medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services [3] - Bristow serves customers in various countries, including Australia, Brazil, Canada, and the U.S. [4]

Core Insights - The article provides an overview of Paul Harris, a seasoned professional in the mining sector with over 20 years of experience, particularly in investor relations and communications [2] Group 1 - Paul Harris has extensive experience in the mining sector, specifically in Colombia's gold sector, where he has worked for over 16 years [2] - He founded the CGS Copper and Gold Symposium in Colombia, showcasing his influence in the industry [2] - Harris has been a contributor to the Mining Journal since 2015 and has served as a Kitco Mining anchor since 2022, indicating his established presence in mining journalism [2] Group 2 - His previous experience includes five years in Chile, focusing on the copper sector for CRU and Metal Bulletin, highlighting his regional expertise [2] - Harris holds a BA in Business Administration from the University of the West of England and a MA in International Relations from the University of Chile, reflecting a strong academic background [2] - He is fluent in both English and Spanish, which enhances his communication capabilities in the mining sector [2]

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Core Insights - Bristow Group Inc. and Leonardo have finalized long-term agreements to enhance global fleet support and training for AW139 and AW189 helicopters, extending into the next decade [2][5] - The agreements aim to improve operational efficiency and maintenance for Bristow's helicopter fleets, particularly in search and rescue and offshore energy services [3][5] Fleet Support and Training Enhancements - The finalized support package includes enhanced Power-by-the-Hour (PBH) agreements for tailored maintenance and operational efficiency [3] - A new AW139 full flight simulator will be introduced in Aberdeen, Scotland, starting in 2026, complementing the existing AW189 simulator [3][4] - The agreements also include a long-term AW189 simulator training agreement in Aberdeen to support critical pilot training needs [3] Strategic Growth and Operational Capability - Bristow plans to add four new AW189 helicopters to its offshore energy services fleet, scheduled to enter service in 2025 and 2026 [4] - These additions are part of a previously announced order and are expected to enhance fleet planning flexibility and diversification [4][5] - The agreements support Bristow's strategic objectives to enhance operational capability and meet contractual demands in both Government Services and Offshore Energy Services [5]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2024 was $60.2 million, down from $71.3 million in the previous quarter [5] - Operating revenues increased by $3.9 million due to higher utilization and favorable foreign exchange impacts [5] - Operating cash flows were $66 million, a 96% increase compared to $34 million in the preceding quarter [9] - Adjusted EBITDA guidance for full year 2024 was raised to $220 million to $230 million [4][8] Business Line Data and Key Metrics Changes - Higher utilization and favorable foreign exchange impacts were noted in government services and Fixed Wing services, while lower utilization was observed in America's offshore energy services [5] - Operating expenses increased by $16.3 million, primarily due to higher operating personnel costs and repairs and maintenance [6][16] - The absence of a one-time benefit from the previous quarter related to lease revenues impacted the current quarter's results [5] Market Data and Key Metrics Changes - The Africa region showed increased utilization and performance, exceeding expectations [8] - Positive demand signals were noted in Suriname and Brazil, with expectations for growth in these areas [14] Company Strategy and Development Direction - The company is focused on growing and diversifying its government services business, which is expected to yield attractive long-term cash flow [11] - The offshore energy services sector is believed to be in a multi-year upcycle, supported by tight supply dynamics and limited new helicopter additions [11] - A disciplined capital allocation approach will prioritize protecting the balance sheet while facilitating organic investments and potential returns to shareholders [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth accelerating over the next two years, with strong performance expected in the offshore energy services sector [11] - Supply chain challenges continue to impact operations, but overall business strengthening is evident [8] - The company remains positive about utilization and growth potential in the Americas, particularly in emerging markets [14] Other Important Information - The company finalized a new collective bargaining agreement with UK air crews, which included back pay and is expected to have long-term implications [20] - The company has a strong balance sheet with available liquidity of $260 million as of September 30 [9] Q&A Session Summary Question: Factors behind the decrease in utilization in the Americas - Management noted that the decrease was primarily due to a change in accounting for Cougar and the completion of a project in Suriname [13] Question: Outlook for utilization and growth in the Americas - Management remains positive, citing demand signals in Suriname and Brazil, with expectations for growth in these regions [14] Question: Breakdown of the increase in operating expenses - The increase was largely due to higher personnel costs, repairs, and maintenance related to new contracts [16] Question: Thoughts on maintaining the 2025 outlook - Management indicated that 2025 will see continued operationalization of contracts, with significant increases in adjusted EBITDA expected in 2026 [18] Question: Funding for new government contract CapEx - Funding will primarily come from existing facilities and is expected to increase leverage temporarily [24] Question: Update on capital allocation strategy - No material changes are expected, with a focus on protecting the balance sheet and returning capital to shareholders in the future [25]

Financial Performance - For the three months ended September 30, 2024, Bristow Group reported total revenues of $XX million, with Europe contributing 51% of the operating revenues[71]. - Operating revenues for the current quarter were $356,426 thousand, an increase of $3,932 thousand or 1.1% compared to the preceding quarter[76]. - Total revenues increased to $365,122 thousand, up $5,373 thousand or 1.5% from the previous quarter[76]. - Operating income fell to $33,213 thousand, down $11,549 thousand or 25.8% compared to the previous quarter[76]. - Operating revenues increased by $103.6 million, or 11.1%, to $1,038.3 million in the Current Year compared to the Prior Year[92]. - Total revenues reached $1,061.9 million, reflecting a 10.7% increase from $959.5 million in the Prior Year[92]. - Operating income surged to $100.8 million, a significant increase from $41.2 million in the Prior Year[92]. - Total revenues for the nine months ended September 30, 2024, were $579.6 million, with an operating income of $47.8 million and a net income of $54.9 million[119]. - The company reported a net income of $63.1 million, a substantial increase from $1.2 million in the Prior Year[92]. Operating Expenses - Operating expenses rose to $262,692 thousand, an increase of $16,271 thousand or 6.6% compared to the preceding quarter[76]. - Operating expenses rose by $48.4 million, primarily driven by higher repairs and maintenance costs of $17.6 million and personnel costs of $13.8 million[96]. - Personnel costs increased by $13,006 thousand or 16.7% primarily due to a labor agreement finalization in the UK[83]. Cash Flow and Liquidity - Cash flows from operating activities increased by $84.8 million, totaling $126.4 million in the Current Year[102]. - As of September 30, 2024, the company had $200.3 million in unrestricted cash and $59.6 million available under its ABL Facility, totaling $259.9 million in liquidity[108]. - As of September 30, 2024, current assets were $1.89 billion, while current liabilities were $1.98 billion, indicating a potential liquidity concern[122]. Debt and Capital Commitments - As of September 30, 2024, the total principal debt balance was $629.1 million, primarily consisting of 6.875% Senior Notes due in March 2028 and other debts maturing in March 2036 and July 2031[111]. - The company had unfunded capital commitments of $289.3 million, including agreements to purchase ten AW189 helicopters and other aircraft, with deliveries scheduled between 2024 and 2028[113]. - The company entered into long-term equipment financing for an aggregate amount of up to £55 million and €100 million, with approximately £26.1 million and €46 million drawn as of September 30, 2024[109][110]. Aircraft Fleet and Operations - The fleet consisted of 213 aircraft, including 86 heavy helicopters, 68 medium helicopters, and 14 light-twin helicopters as of September 30, 2024[74]. - The average age of the helicopters in the fleet is 15 years, with the S92 having a maximum passenger capacity of 19[74]. - The company has 19 aircraft under construction, including 8 AW189 heavy helicopters and 6 AW139 medium helicopters[70]. - Bristow Group's operations are geographically diverse, serving customers in 15 countries, including Australia, Brazil, and the U.S.[68]. - The North Sea operations are subject to seasonal fluctuations, with peak activity typically from April to September[69]. - The company has options to purchase up to 10 additional AW189 helicopters and 10 additional H135 helicopters, with potential delivery dates extending to 2028[113]. Business Strategy and Market Outlook - The company anticipates continued demand for its services, particularly in the offshore energy sector, despite potential supply chain disruptions and inflation[62]. - Bristow Group is focused on diversifying its business strategy, including efforts related to government services and advanced air mobility[62]. - Future performance may be impacted by global economic conditions, including changes in oil and gas market demand and pricing[63]. - The company has a reliance on a limited number of helicopter manufacturers, which poses risks related to the availability of aircraft components[62]. Internal Controls and Compliance - The company’s disclosure controls and procedures were deemed effective as of September 30, 2024, following evaluation by the Chief Executive Officer and Chief Financial Officer[127]. - There were no material changes in internal control over financial reporting during the quarter ended September 30, 2024[128].

Exhibit 99.1 PRESS RELEASE __________________ BRISTOW GROUP REPORTS THIRD QUARTER 2024 RESULTS AND RAISES 2024 FULL-YEAR OUTLOOK Houston, Texas November 5, 2024 • Total revenues of $365.1 million in Q3 2024 compared to $359.7 million in Q2 2024 • Net income of $28.2 million, or $0.95 per diluted share, in Q3 2024 compared to net income of $28.2 million, or $0.96 per diluted share, in Q2 2024 • EBITDA adjusted to exclude special items, asset dispositions and foreign exchange gains (losses) was $60.2 million ...