Bristow Group (VTOL) Investor presentation summary

Transaction overview

• Acquisition of Berry Aviation for $105 million in all-cash, expected to close in Q3 2026, unanimously approved by the board.

• Deal immediately accretive to earnings and cash flow, with Berry Aviation contributing over $100 million in annual revenues.

• Acquisition expands fixed wing and UAS capabilities, and deepens relationships with U.S. government and defense contractors.

Berry Aviation profile and capabilities

• Over 40 years of experience providing end-to-end aviation solutions, including special mission services, MRO/CRO, and next-gen UAS.

• Holds specialized certifications (CARB, CAMTS, Part 135/145, EASA) and operates in challenging environments.

• 2025 revenue exceeds $100 million, with EBITDA growing from ~$12 million (2025) to ~$18 million (2026E).

• Operates 23 aircraft, serving key defense and private sector clients globally.

Strategic rationale and market positioning

• Strengthens mission diversification and government services, supporting U.S. defense priorities and outsourcing trends.

• Provides entry into military MRO/CRO and special mission aviation, leveraging Berry's certifications and legacy.

• Well-positioned for growth in global defense logistics and UAS markets, with significant barriers to entry.