Bristow Group Inc.

General

As of March 31, 2026, we had $342.1 million of unrestricted cash and $51.5 million of remaining availability under our ABL Facility for total liquidity of $393.6 million. As of March 31, 2026, approximately 55% of our total cash balance was held outside the U.S. Most of our cash held outside the U.S. could be repatriated to the U.S., and any such repatriation could be subject to additional taxes. If cash held by non-U.S. operations is required for funding operations in the U.S., we may make a provision for additional taxes in connection with repatriating this cash, which is not expected to have a significant impact on our results of operations.

Summary of Cash Flows

Operating Activities

Operating cash flows were $7.6 million lower in the Current Quarter primarily due to a decrease in net income. Working capital uses of $52.2 million in the Current Quarter primarily resulted from an increase in accounts receivables primarily due to the timing of customer payments, coupled with increased activity, and increases in other assets primarily related to start-up costs for new Government Services contracts.

Working capital uses of $56.4 million in the Prior Year Quarter primarily resulted from an increase in accounts receivables due to the timing of customer payments, an increase in other assets related to start-up costs for new Government Services contracts and increases in inventory to support new contracts and to mitigate risks related to supply chain constraints.

Investing Activities

During the Current Quarter, net cash used in investing activities was $16.4 million consisting of:

•Capital expenditures of $41.3 million primarily related to payments for aircraft, leasehold improvements and purchases of equipment, partially offset by

•Proceeds of $24.9 million from the sale of assets.

During the Prior Year Quarter, net cash used in investing activities was $52.0 million consisting of:

•Capital expenditures of $52.1 million primarily related to leasehold improvements and purchases of equipment, partially offset by

•Proceeds from the sale of assets of less than $0.1 million.

Financing Activities

During the Current Quarter, net cash provided by financing activities was $71.2 million primarily consisting of:

•Proceeds from borrowings of $500.0 million from the issuance of 6.750% Senior Notes, partially offset by

•Repayments of debt of $404.0 million primarily related to the refinancing of the 6.875% Senior Notes and principal payments on secured equipment term loans,

•Share repurchases of $11.0 million, and

•Payments on debt issuance costs of $10.6 million.

During the Prior Year Quarter, net cash used in financing activities was $1.7 million primarily consisting of:

•Proceeds from borrowings of $5.8 million on the IRCG Debt, partially offset by

•Repayments of debt of $4.8 million primarily related to the principal on secured equipment term loans,

•Share repurchases of $2.5 million, and

•Payments on debt issuance costs of $0.2 million.

Effect of Exchange Rate Changes

The effect of exchange rate changes on cash and cash equivalents denominated in currencies other than the reporting currency are reflected in a separate line on the condensed consolidated statement of cash flows. Through our foreign operations, we are exposed to currency fluctuations, and changes in the value of the GBP relative to the U.S. dollar have the most significant impacts to the effect of exchange rate changes on our cash, cash equivalents and restricted cash.

Capital Allocation Framework

We consistently evaluate the best uses of our cash flow and aim to yield the highest value and return on capital. Our capital allocation strategy includes the following:

Balance Sheet:

•Protect and maintain strong balance sheet and liquidity position. During the three months ended March 31, 2026, we completed refinancing of our senior notes and ABL at lower rates and extended maturity dates in support of this target. We have flexible prepayment terms on our two secured equipment term loans and intend to reduce debt balances over time.

•Structure leases and debt to facilitate financial flexibility.

Growth:

•Pursue high impact, high return organic growth opportunities, which currently prioritizes the completion of the UKSAR2G contract transitions. We are also currently upgrading our fleet with new OES configured AW189 helicopters to meet customer demand and enhance profitability.

•Assess other growth opportunities through potential mergers and acquisitions. In addition, we are pursuing various AAM opportunities.

Shareholder Capital Returns:

•Opportunistically buy back shares using our $125 million share repurchase program. As of March 31, 2026, $121.0 million remained available of the $125.0 million stock purchase program authorized in February 2025.

•Pay a quarterly cash dividend. Bristow’s quarterly cash dividend program commenced in the first quarter of 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized).

Material Cash Requirements

Our primary sources of liquidity include unrestricted cash balances, cash flows from operations, borrowings under our ABL Facility and, from time to time, we may obtain additional liquidity through the issuance of equity, debt, other financing options or through asset sales. Our primary uses of liquidity include working capital needs to fund operations, meeting our capital commitments and growth expenditure plans (including the purchase of aircraft, property and other equipment), the repurchase of stock or debt securities, payment of debt service obligations and executing on our other capital allocation targets. We may, from time to time, redeem, repurchase, retire or otherwise acquire our outstanding debt through privately-negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do so.

As of March 31, 2026, we had no near-term debt maturities, other than the current portion of long-term debt of $27.4 million, and our total debt balance, net of deferred financing fees, was $754.8 million which was comprised of the 6.750% Senior Notes due in February 2033, the UKSAR Debt maturing in March 2036, and the IRCG Debt maturing in June 2031.

We believe that our cash flows from operations and other sources of liquidity will continue to be sufficient to meet working capital requirements, debt service obligations and capital expenditure commitments, while meeting capital allocation targets. Our long-term liquidity is dependent upon our ability to generate operating profits sufficient to meet our requirements for operations, debt service, capital expenditures and a reasonable return on investment.

Contractual Obligations and Commercial Commitments

We have various contractual obligations that are recorded as liabilities on our consolidated balance sheets. Other items, such as certain purchase commitments and other executory contracts, are not recognized as liabilities on our consolidated balance sheets.

As of March 31, 2026, we had unfunded capital commitments of $94.3 million, consisting primarily of agreements to purchase five AW189 heavy helicopters, and deposits for preferred aircraft delivery slots on five EL9 aircraft scheduled for delivery between 2029 and 2030 (subject to aircraft certification). In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters and seven H135 light-twin helicopters. If these options are exercised, the AW189 helicopters and H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders. Orders to purchase electric vertical takeoff and landing and short takeoff and landing aircraft, collectively known as AAM aircraft, are subject to, among other things, deadlines for regulatory certification of such aircraft and minimum performance requirements. Failure to satisfy such deadlines or requirements would allow such orders to be terminated by the Company without further liability and require the applicable manufacturer to refund certain deposits to the Company. In addition, the Company has outstanding options for several AAM aircraft models with various OEMs that do not involve financial commitments at this time.

Lease Obligations

From time to time, we may, under favorable market conditions and when necessary, enter into aircraft lease agreements in support of our global operations.

We have non-cancelable operating leases in connection with the lease of certain equipment, including leases for aircraft, land and facilities used in our operations. The related lease agreements, which range from non-cancelable to month-to-month terms, generally provide for fixed monthly rentals and can also include renewal options.

As of March 31, 2026, aggregate undiscounted future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year were as follows (in thousands):