Bigbear AI SPAC Presentation Deck

Cash Flow and Adj. EBITDA Detail BigBear.ai's profitable and established operations are projected to generate healthy EBITDA margins and cash flow ● Adjusted EBITDA margin expansion is bolstered by the growth in the analytics segment With a market-tested product in place, BigBear.ai is expected to continue to realize steady free cash flow growth through 2025E ADJUSTED EBITDA 12% $23 '21E 13% $36 '22E BIGBEAR.AI 63% CAGR 16% $62 ¹23E 19% $105 ¹24E 21% $159 '25E FREE CASH FLOW $18 ¹21E $23 '22E 60% CAGR $43 ¹23E $77 '24E $120 ¹25E Note: All historical financial numbers are pro forma for closed acquisitions. Refer to Safe Harbor on slides 2 and 3 regarding projected financial information with respect to BigBear.ai. 32

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