Investor Presentaiton

Financial Overview 2021A 2022E 2023E $30 $39 $85 Air Attack 8 7 13 UAS 1 0 3 Other (Maintenance, Admin) 0 0 1 Total Revenue $39 $46 $102 (26) (34) (35) $13 $12 $67 Gross Profit Margin % 33% 26% 66% Less: G&A, Interest Expense, and Other Income (8) (19) (55) (29) Net Income (Loss) (6) $(7) $(43) $38 Adj. EBITDA (1) (5) $11 $4 $58 Adj. EBITDA Margin % 27% 10% 57% Maintenance and Miscellaneous CapEx (6) (14) (6) Free Cash Flow (2) $5 $(10) $51 Growth CapEx $54 $34 $79 Although Bridger's Super Scooper fleet only comprises ~30% of total fleet count, the CL-415EAF's leading operating performance contributes to the majority of top-line sales via higher contracted rates Bridger's growth capital expenditures are focused on expanding the CL-415EAF / fire suppression fleet Bridger operated nearly the entire 2022 fire season with 4 Super Scoopers. Bridger expects to have 6 Scoopers and 1 Scooper equivalent in possession ahead of the 2023 fire season Expenses associated with operating additional CL-415EAF aircraft are not expected to scale in-line with revenue growth - Bridger gains incremental operating leverage as more Super Scoopers are acquired Cash on hand from the Series C capital raise, municipal bond financing and free cash flow generation is projected to fully finance Bridger's growth projections ($ In Millions) Fire Suppression Less: COGS (7) Gross Profit # of Fire Suppression Aircraft # of Air Attack & Surveillance Aircraft 4 5(3) 7(4) 12 13 18(4) Source: Bridger management estimates. (1) See slide 41 for a reconciliation of GAAP Net Income to 2021A EBITDA. (2) Defined as Adj. EBITDA less Maintenance and Miscellaneous CapEx. (3) Bridger has five CL-415EAF Super Scoopers, though only four Super Scoopers were active for the majority of 2022 fire season. (4) Bridger expects delivery of the sixth Super Scooper in Q1 2023. Assumes acquisition of additional aircrafts, including possibility of purchasing fewer but larger Air Attack planes with equivalent revenue impact, resulting in a smaller fleet size. Assumes conversion of two resource planes to Air Attack. (5) Adjusted EBITDA for 2022E includes (among other items) (i) lower revenue than anticipated due to the delayed arrival of multipleaircraft and the impact of a less intense fire season as compared to the prior two years, (ii) $3.0 million of costs related tothe acquisition of Super Scoopers 5 and 6, (ii) $2.2 million of business development related expenses and (iii) $0.4 for the development of FireTrac. (6) May not foot due to rounding. (7) Includes depreciation of $5M, $9M, and $8M in COGS for 2021A, 2022E and 2023E, respectively. (8) Includes depreciation and interest expense. 31

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