Bristow Group (VTOL) Q2 2026 earnings summary

Executive summary

• Completed the $105 million acquisition of Berry Aviation, enhancing Government Services and expanding special mission and ISR capabilities.

• Announced the planned sale of the Norway Offshore Energy Services business to optimize the portfolio and focus on higher-margin markets.

• Launched Project SEAN in Scotland to advance electric aviation, supported by £1.5 million UK government funding, with demonstration flights planned for 2027.

• Affirmed 2026 Adjusted EBITDA outlook of $295–$325 million and updated segment guidance.

• Revenue for H1 2026 increased 10.1% year-over-year to $800.5 million, but net income declined to $34.3 million due to higher costs.

Financial highlights

• Q2 2026 total revenues reached $412 million, up $23.1 million sequentially and 9.4% year-over-year, driven by higher utilization and rates.

• Adjusted EBITDA rose to $79.8 million in Q2 2026, with margin improving to 19% from 15% in Q1.

• Net cash provided by operating activities was $41.4 million in Q2, compared to net cash used of $8.3 million in Q1.

• Unrestricted cash balance stood at $312.3 million as of June 30, 2026, with total available liquidity of $372 million.

• Paid $3.7 million in dividends in Q2 and declared a further $0.125 per share dividend.

Outlook and guidance

• Affirmed full-year 2026 adjusted EBITDA guidance of $295–$325 million and total revenues guidance of $1.64–$1.72 billion.

• Segment revenue guidance: Offshore Energy Services $1,010–$1,050 million, Government Services $475–$495 million, Other Services $155–$175 million.

• Maintenance capital expenditures for 2026 expected at $25–$30 million.

• Ongoing focus on portfolio optimization, including Norway business sale and Berry Aviation integration.

• No near-term debt maturities other than $27.4 million current portion; liquidity remains strong.