Bristow Group Q2 Earnings Call Highlights

Bristow maintained its 2026 outlook , including adjusted EBITDA of $295 million–$325 million and revenue of $1.6 billion–$1.7 billion, after second-quarter revenue and profitability improved sequentially.

The completed Berry Aviation acquisition expands Bristow’s government-services capabilities across six continents and is expected to be immediately accretive to earnings and free cash flow.

Offshore energy performance improved enough for Bristow to raise the segment’s 2026 adjusted operating income guidance, while government-services margins remain pressured by aircraft delivery delays, transition costs and supply-chain constraints.

Bristow Group NYSE: VTOL affirmed its full-year 2026 adjusted EBITDA outlook after reporting higher sequential revenue and profitability in the second quarter, while outlining the recently completed acquisition of Berry Aviation and plans to sell its Norway offshore energy services business.

Chief Executive Officer Chris Bradshaw said the company remains on track for what management expects to be a “transformational year,” despite macroeconomic uncertainty and supply-chain issues affecting government search-and-rescue contract transitions.

Bristow maintained its 2026 adjusted EBITDA guidance of $295 million to $325 million, representing anticipated year-over-year growth of about 25%, and its revenue outlook of $1.6 billion to $1.7 billion.

Second-quarter revenue increased by $23.1 million from the first quarter, driven primarily by stronger utilization in other services as well as higher fuel revenue and rates in offshore energy services.

Adjusted EBITDA rose $20.5 million sequentially, reflecting higher revenue across segments and lower repair and maintenance costs, Chief Financial Officer Jennifer Whalen said.

Berry Aviation acquisition expands government services Bristow closed its acquisition of Berry Aviation on July 13.

Berry, based in San Marcos, Texas, operates more than 20 aircraft and provides military and defense aviation services in multiple countries.

Its government offerings include special missions, intelligence, surveillance and reconnaissance operations, maintenance, repair and overhaul services, training, mission support, and unmanned aerial systems design and development.

Berry also provides on-demand cargo logistics and aftermarket aviation supply-chain services.

Bradshaw said the acquisition expands Bristow’s presence to six continents and 20 countries, while adding capabilities and customer relationships that complement its existing government-services operations.

Management expects the transaction to be immediately accretive to earnings and free cash flow and to strengthen Bristow’s EBITDA margin profile.

Berry’s special missions, MRO, CRO and UAS operations will be reported within Bristow’s government services segment, while its cargo and other offerings will be included in the other services segment.

Bradshaw said Berry’s military contracts generally have shorter durations than Bristow’s civilian search-and-rescue agreements because military missions can evolve more quickly.

However, he said Berry has strong contract coverage for 2026 and into 2027 and has held its three largest contracts through multiple cycles.

Offshore energy guidance rises as activity improves Offshore energy services revenue increased $7.3 million sequentially in the second quarter, helped by higher rates and fuel revenue in Europe and several Americas markets.

Adjusted operating income in the segment increased $16.4 million,...