Bristow raises earnings outlook for 2025 and 2026 in Q2 results

Bristow Group has raised its adjusted EBITDA earnings outlook range for this year and next after reporting net income of $31.7m, or $1.07 per diluted share, in second-quarter (Q2) results posted today.

This year’s adjusted EBITDA outlook range was raised to $240m – $260m and the 2026 outlook range was lifted to $300m – $335m.

Total Q2 revenues reached $376.4m compared with $350.5m in the first quarter of the year. Adjusted EBITDA reached $60.7m compared with $57.7m in the first three months of this year.

Chris Bradshaw, president and CEO of Bristow said: “We are pleased to report another quarter of strong financial results and to raise 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 Adjusted EBITDA guidance to $300-$335 million.” The company started accelerated debt payments and share repurchases in the current quarter in line with the its capital allocation plan, he added.

Offshore Energy Services in Q2 were $13m higher, with Europe revenues up $6.4m reflecting higher utilisation and favourable foreign exchange rates in Norway. Also up were revenues in the Americas, climbing by $3.7m mainly due to higher US utilisation rates. Revenues in Africa were $3m higher also reflecting higher utilisation and additional aircraft capacity.

Government Services revenues were $6.6m higher due to the continuing transition of the Irish Coast Guard (IRCG) search and rescue contract and higher utilisation in the UK search and rescue (UKSAR) contract. Operating loss was $1.9m in current quarter compared with operating income of $6m in Q1. This reflected higher subcontractor costs of $5.1m and higher personnel costs of $2.8m arising from the new Government Services contracts, unfavourable foreign exchange rate impacts of $3m, higher repairs and maintenance costs of $2m and higher fuel costs of $0.6m, offsetting the increased revenues.

Other Services revenues were $6.3m higher mainly due to seasonally higher utilisation in Australia of $6m. Operating income was $4.1m higher in the current quarter mainly due to these higher revenues, partially offset by higher operating expenses of $1.9m due to increased activity.

Bristow Q2 results – at a glance

• Total revenues: $376.4m compared with $350.5m in Q1 2025
• Net income: $31.7m or $1.07 per diluted share compared with $27.4m or $0.92 per diluted share in Q1
• Adjusted EBITDA: $60.7m compared with $57.7m in Q1
• 2025 adjusted EBITDA outlook range: Raised to $240m – $260m
• 2026 Adjusted EBITDA outlook range: Raised to $300m – $335m.