Bristow to ‘benefit from three megatrends’ in Q1 results

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by Mike Stones

6 May 2026

Three key megatrends will benefit Bristow's business, says its CEO.

Bristow Group will benefit from “three global megatrends”, as the business posted adjusted EBITDA of $59.3m in first-quarter results – slightly down on the $60.1m achieved in the previous quarter. The key drivers will be increased defence spending; the importance of energy security and the electrification of transportation, according to Chris Bradshaw, president and CEO of Bristow Group.

Headline figures were: total revenues of $388.7m in Q1 2026 compared with $377.3m in the previous quarter. Net income was $13.1m ($0.44 per diluted share) versus $18.4m ($0.61 per diluted share) achieved in Q4 2025. Bristow confirmed its adjusted EBITDA outlook range of $295m – $325m.

The results place Bristow on track for what is expected to be “a transformational year” for the business aided by three key trends, said Bradshaw. “Bristow is favourably positioned to benefit from three global megatrends, namely: increased defence spending; the importance of energy security; and the electrification of transportation,” he added.

Within the context of a complicated geopolitical landscape and expectations of higher defence spending, Bradshaw predicted “compelling organic and inorganic growth opportunities” for a specialised aviation services provider with Bristow’s track record, operational expertise and financial flexibility.

Recent geopolitical events have also forced scrutiny on where hydrocarbon supplies are located, he said. The established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply, according to the operator.

Finally the electrification of transportation would generate significant opportunity for the business. “Bristow has created significant option value, with minimal capital commitment to date, as an early leader in what is expected to be a large and rapidly growing addressable market for new generation electric and hybrid-electric aircraft,” said Bradshaw.

Offshore Energy Services revenues were $6.9m higher in Q1 with revenues in the Americas up $5.6m mainly due to increased rates and higher utilisation in the US and Trinidad. Revenues in Africa were $4m higher reflecting higher utilisation and other activity-driven revenues. In Europe revenues were $2.8m lower mainly due to lower utilisation and reimbursable revenues in the UK, partially offset by favourable foreign exchange impacts.

Government Services revenues were $7.8m higher in the Current Quarter due to the transition of the Irish Coast Guard (IRCG) contract. This included the full quarter impact of the Sligo base that started operations in Q4 2025 and the beginning of operations at the final base in Waterford in the current quarter. Q1 operating income was $0.9m million compared with an operating loss of $1.6m in Q4 2025. This reflected higher revenues, partially offset by higher operating expenses of $4.8m and higher general and administrative expenses of $0.5m.

Other Services revenues were $3.2m lower due mainly, Bristow said, to lower seasonal utilisation in Australia, partially offset by favourable foreign exchange rate impacts.

Meanwhile, in February, Bristow has posted 2025 total revenues of $1.5bn, boosted partly by the growth of its Government Services business, compared with $1.4bn during the previous year.

In the analyst’s view

Bristow’s Q1 26 EBITDA missed analyst Raymond James’ estimate primarily on higher costs (maintenance/accelerated depreciation) with revenue mostly in line with its forecast, according to Savanthi Syth, MD, Equity Research,

“Despite the miss, the 2026 guidance was reiterated, with our pre-release 2026E EBITDA at the midpoint. Importantly, Bristow highlighted in the release favourable dynamics that should drive continued growth across segments over the medium to long term,” according to the analyst.

Additionally, Bristow maintained its strong balance sheet with unrestricted cash at 26% of trailing twelve months revenue and net leverage at 2.7x. “Revenue was mostly in-line with our forecast, driven by a modest beat in OES [Offshore Energy Services] that largely offset slightly lower Government Services revenue, while Other Services was broadly in line [with expectations],” judged the analyst.

Bristow Q1 results – at a glance