Bridger Aerospace Group (BAER) Noble Capital Markets Virtual Equity Investor Conference summary

Business and market position

• Aerial firefighting services span water suppression, real-time surveillance and intelligence, and aircraft modifications and integration for defense customers.

• Last year's revenue mix: suppression ~65%, modifications and integration ~17%, surveillance 15%; fire contracts had a 100% renewal rate and 100% collectability.

• The 20-aircraft fleet included eight Super Scoopers, six based in the U.S.; unmet demand for Scoopers and some surveillance aircraft was estimated near 50%.

Fleet and contract strategy

• Four Super Scoopers received 160-day U.S. task orders in 2026; two aircraft acquired from Spain served a 90-day task order in Portugal, supporting contracted revenue floors and higher utilization.

• Scoopers can scoop 1,400 gallons in 12 seconds and repeatedly drop water without returning to a tanker base; operators are paid availability and flight-hour rates.

• Fuel for contracted Scoopers is passed through to the government; Air Attack fuel costs are managed through inflation adjustments and volume discounts.

• Plans include bringing the two Spanish aircraft into U.S. service in 2026 and seeking additional decommissioned Scoopers to address unfilled requests.

Technology and expansion

• Sensor-enhanced aircraft combine thermal detection, real-time video, Starlink downlink, command and control, and perimeter mapping; applications also include flood mapping, prescribed burns and fire modeling.

• A desktop and mobile incident app launched this year and reached ~30,000 users, mostly firefighters; software is intended to strengthen aviation contracts and address demand for integrated real-time data.

• The $58M Texas A&M Forest Service award supports new aircraft configured with Textron, sensor payloads and software; follow-on service work is being pursued, and other states may adopt similar models.

• International discussions are advancing, especially for technology deployments; longer term, the goal is a global fleet operating across fire seasons, while Scoopers are currently moving from Europe to the U.S. to meet demand.