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Bristow Group Reports Second Quarter 2025 Results, Raises 2025 and 2026 Outlook Ranges

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Bristow Group (NYSE:VTOL) reported strong Q2 2025 financial results, with total revenues of $376.4 million, up from $350.5 million in Q1 2025. The company achieved net income of $31.7 million ($1.07 per diluted share), compared to $27.4 million ($0.92 per diluted share) in Q1.

Highlighting improved performance, Bristow raised its 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 Adjusted EBITDA outlook to $300-$335 million. The company initiated accelerated debt payments and commenced share repurchases, buying back 119,841 shares at an average cost of $32.41 per share.

Segment performance showed growth across all divisions, with Offshore Energy Services revenues up 5.4%, Government Services up 7.6%, and Other Services up 25.5%. The company maintained strong liquidity with $316.5 million available, including $251.8 million in unrestricted cash.

Bristow Group (NYSE:VTOL) ha riportato solidi risultati finanziari per il secondo trimestre del 2025, con ricavi totali di 376,4 milioni di dollari, in aumento rispetto ai 350,5 milioni del primo trimestre 2025. L'azienda ha registrato un utile netto di 31,7 milioni di dollari (1,07 dollari per azione diluita), rispetto ai 27,4 milioni (0,92 dollari per azione diluita) del primo trimestre.

In evidenza per la migliore performance, Bristow ha rivisto al rialzo la sua previsione di EBITDA rettificato per il 2025, portandola a 240-260 milioni di dollari, e l'outlook per l'EBITDA rettificato 2026 a 300-335 milioni di dollari. L'azienda ha avviato pagamenti accelerati del debito e iniziato il riacquisto di azioni, acquistandone 119.841 a un costo medio di 32,41 dollari per azione.

Le performance dei segmenti hanno mostrato crescita in tutte le divisioni, con i ricavi dei Servizi Offshore Energy in aumento del 5,4%, quelli dei Servizi Governativi del 7,6% e degli Altri Servizi del 25,5%. L'azienda ha mantenuto una solida liquidità con 316,5 milioni di dollari disponibili, di cui 251,8 milioni in contanti non vincolati.

Bristow Group (NYSE:VTOL) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos totales de 376,4 millones de dólares, frente a 350,5 millones en el primer trimestre de 2025. La compañía logró un ingreso neto de 31,7 millones de dólares (1,07 dólares por acción diluida), en comparación con 27,4 millones (0,92 dólares por acción diluida) en el primer trimestre.

Destacando la mejora en el desempeño, Bristow elevó su proyección de EBITDA ajustado para 2025 a 240-260 millones de dólares y su perspectiva de EBITDA ajustado para 2026 a 300-335 millones de dólares. La empresa inició pagos acelerados de deuda y comenzó recompras de acciones, recomprando 119,841 acciones a un costo promedio de 32,41 dólares por acción.

El desempeño por segmentos mostró crecimiento en todas las divisiones, con ingresos de Servicios de Energía Offshore aumentando un 5,4%, Servicios Gubernamentales un 7,6% y Otros Servicios un 25,5%. La compañía mantuvo una fuerte liquidez con 316,5 millones de dólares disponibles, incluyendo 251,8 millones en efectivo sin restricciones.

Bristow Group (NYSE:VTOL)� 2025� 2분기 강력� 재무 실적� 보고했으�, � 매출액은 3� 7,640� 달러� 2025� 1분기� 3� 5,050� 달러에서 증가했습니다. 회사� 순이� 3,170� 달러(희석 주당 1.07달러)� 달성했으�, 이는 1분기� 2,740� 달러(희석 주당 0.92달러)와 비교됩니�.

개선� 실적� 반영하여 Bristow� 2025� 조정 EBITDA 가이던스를 2� 4,000만~2� 6,000� 달러� 상향 조정하고, 2026� 조정 EBITDA 전망� 3억~3� 3,350� 달러� 제시했습니다. 회사� 가속화� 부� 상환� 시작하고 주식 재매입을 개시하여 평균 주당 32.41달러� 119,841주를 매입했습니다.

부문별 실적은 모든 부문에� 성장세를 보였으며, 해양 에너지 서비� 매출은 5.4%, 정부 서비스는 7.6%, 기타 서비스는 25.5% 증가했습니다. 회사� 3� 1,650� 달러� 유동성을 유지했으�, � � 2� 5,180� 달러� 제한 없는 현금입니�.

Bristow Group (NYSE:VTOL) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec des revenus totaux de 376,4 millions de dollars, en hausse par rapport à 350,5 millions de dollars au premier trimestre 2025. La société a réalisé un bénéfice net de 31,7 millions de dollars (1,07 dollar par action diluée), contre 27,4 millions de dollars (0,92 dollar par action diluée) au premier trimestre.

Met en avant une performance améliorée, Bristow a relevé ses prévisions d'EBITDA ajusté pour 2025 à 240-260 millions de dollars et ses perspectives d'EBITDA ajusté pour 2026 à 300-335 millions de dollars. La société a initié des remboursements accélérés de sa dette et commencé des rachats d'actions, rachetant 119 841 actions à un coût moyen de 32,41 dollars par action.

La performance par segment a montré une croissance dans toutes les divisions, avec des revenus des services énergétiques offshore en hausse de 5,4 %, des services gouvernementaux de 7,6 % et des autres services de 25,5 %. La société a maintenu une forte liquidité avec 316,5 millions de dollars disponibles, dont 251,8 millions en liquidités non restreintes.

Bristow Group (NYSE:VTOL) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Gesamtumsätzen von 376,4 Millionen US-Dollar, gegenüber 350,5 Millionen US-Dollar im ersten Quartal 2025. Das Unternehmen erzielte einen Nettoertrag von 31,7 Millionen US-Dollar (1,07 US-Dollar je verwässerter Aktie) im Vergleich zu 27,4 Millionen US-Dollar (0,92 US-Dollar je verwässerter Aktie) im ersten Quartal.

Angesichts der verbesserten Leistung erhöhte Bristow seine Prognose für das bereinigte EBITDA 2025 auf 240 bis 260 Millionen US-Dollar und den Ausblick für das bereinigte EBITDA 2026 auf 300 bis 335 Millionen US-Dollar. Das Unternehmen begann mit beschleunigten Schuldenrückzahlungen und dem Rückkauf von Aktien, wobei 119.841 Aktien zu einem durchschnittlichen Preis von 32,41 US-Dollar pro Aktie zurückgekauft wurden.

Die Segmentergebnisse zeigten Wachstum in allen Bereichen, wobei die Umsätze im Bereich Offshore-Energiedienstleistungen um 5,4 %, im Bereich Regierungsdienstleistungen um 7,6 % und im Bereich Sonstige Dienstleistungen um 25,5 % stiegen. Das Unternehmen hielt eine starke Liquidität mit 316,5 Millionen US-Dollar verfügbar, davon 251,8 Millionen US-Dollar in ungebundenen Barmitteln.

Positive
  • Net income increased 15.9% to $31.7 million in Q2 2025 from $27.4 million in Q1 2025
  • Total revenues grew 7.4% to $376.4 million from $350.5 million quarter-over-quarter
  • Raised 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 outlook to $300-$335 million
  • Strong liquidity position of $316.5 million, including $251.8 million in unrestricted cash
  • Revenue growth across all segments: Offshore Energy +5.4%, Government Services +7.6%, Other Services +25.5%
  • Initiated share repurchase program and accelerated debt payments, demonstrating financial strength
Negative
  • Government Services segment reported operating loss of $1.9 million compared to $6.0 million operating income in previous quarter
  • Interest expense increased 5.7% to $10.034 million due to accelerated amortization of deferred financing costs
  • Income tax expense doubled to $20.4 million from $10.2 million in the previous quarter

Insights

Bristow reports strong Q2 with revenue and earnings growth, raises outlook, and initiates shareholder returns through debt reduction and buybacks.

Bristow Group delivered a solid Q2 2025 performance with $376.4 million in revenue, increasing 7.4% sequentially from Q1's $350.5 million. Net income rose to $31.7 million ($1.07 per diluted share), up from $27.4 million ($0.92 per diluted share) in Q1.

The company's Adjusted EBITDA reached $60.7 million, a 5.2% improvement from Q1's $57.7 million. Most notably, management has raised its full-year 2025 Adjusted EBITDA guidance to $240-260 million and its 2026 outlook to $300-335 million, signaling confidence in sustained operational momentum.

Segment performance was mixed but overall positive. Offshore Energy Services (67% of revenue) saw a 5.4% revenue increase driven by higher utilization in Europe, the Americas, and Africa. Government Services revenue grew 7.6% but swung to an operating loss due to higher costs associated with new contracts, particularly the Irish Coast Guard transition. Other Services delivered the strongest growth at 25.5%, primarily from seasonal improvements in Australia.

Cash flow generation was exceptional, with $99 million in operating cash flow versus a near-zero result in Q1. This dramatic improvement enabled management to initiate shareholder returns through $15.3 million in accelerated debt payments and $3.9 million in share repurchases.

The company maintained a strong liquidity position with $316.5 million in total liquidity ($251.8 million in unrestricted cash plus $64.7 million in available credit). The improved outlook and initiation of shareholder returns signal management's confidence in sustainable cash generation and long-term business fundamentals.

HOUSTON, Aug. 5, 2025 /PRNewswire/ --

Second Quarter Highlights

  • Total revenues of $376.4 million in Q2 2025 compared to $350.5 million in Q1 2025
  • Net income of $31.7 million, or $1.07 per diluted share, in Q2 2025 compared to net income of $27.4 million, or $0.92 per diluted share, in Q1 2025
  • Adjusted EBITDA (as defined herein)(1) in Q2 2025 was $60.7 million compared to $57.7 million in Q1 2025
  • Raises 2025 Adjusted EBITDA outlook range to $240 - $260 million and raises 2026 Adjusted EBITDA outlook range to $300 - $335 million
  • Initiates accelerated debt payments and share repurchases

Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $31.7 million, or $1.07 per diluted share, for the quarter ended June30, 2025 (the "Current Quarter") on total revenues of $376.4 million compared to net income attributable to the Company of $27.4 million, or $0.92 per diluted share, for the quarter ended March31, 2025 (the "Preceding Quarter") on total revenues of $350.5 million.

The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.


Three Months Ended


June 30,
2025


March 31,
2025

Total revenues

$ 376,429


$ 350,530

Operating income

42,640


33,548

Net income attributable to Bristow Group Inc.

31,748


27,359

Basic earnings per common share

1.10


0.95

Diluted earnings per common share

1.07


0.92

Net cash provided by (used in) operating activities �

99,039


(603)





Non-GAAP(1):




Adjusted Operating Income

$ 57,330


$ 54,353

EBITDA

79,568


63,895

Adjusted EBITDA

60,700


57,710

Free Cash Flow

94,507


(2,489)

Adjusted Free Cash Flow

95,293


(1,749)

____________________

(1)

See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.

"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," said Chris Bradshaw, President and CEO of Bristow Group. "Consistent with our capital allocation framework, Bristow commenced accelerated debt payments and share repurchases in the current quarter."

Sequential Quarter Results

Offshore Energy Services


Three Months Ended

($ in thousands)

June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Revenues

$ 252,810


$ 239,785


$ 13,025

5.4%

Operating income

43,595


37,365


6,230

16.7%

Adjusted Operating Income

53,588


47,114


6,474

13.7%

Operating income margin

17%


16%




Adjusted Operating Income margin �

21%


20%




Revenues from Offshore Energy Services were $13.0 million higher in the Current Quarter. Revenues in Europe were $6.4 million higher primarily due to higher utilization and favorable foreign exchange rate impacts in Norway. Revenues in the Americas were $3.7 million higher primarily due to higher utilization in the U.S. Revenues in Africa were $3.0 million higher primarily due to higher utilization and additional aircraft capacity introduced into the region. Operating income was $6.2 million higher in the Current Quarter primarily due to these higher revenues, partially offset by higher operating expenses of $5.7 million. The increase in operating expenses was primarily due to higher reimbursable expenses of $2.5 million, higher training and travel costs of $1.2 million due to an increase in pilot training forAfrica and Brazil, higher subcontractor costs of $1.2 million, and higher repairs and maintenance costs of $1.2 million. The higher repairs and maintenance costs related to an increase in power-by-the-hour ("PBH") rates, increased flight hours and the timing of repairs totaling $5.6 million, partially offset by higher vendor credits of $4.4 million. Personnel costs were $1.7 million lower due to seasonal personnel cost variations in Norway of $4.2 million and a favorable change in benefit estimates in the U.S. of $0.4 million, which were partially offset by unfavorable foreign exchange rate impacts of $2.2 million and higher headcount of $1.0 million, primarily in Brazil and Africa.

Government Services


Three Months Ended

($ in thousands)

June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Revenues

$ 92,499


$ 85,943


$ 6,556

7.6%

Operating income (loss)

(1,912)


6,011


(7,923)

nm

Adjusted Operating Income

6,036


13,719


(7,683)

(56.0)%

Operating income (loss) margin

(2)%


7%




Adjusted Operating Income margin �

7%


16%




____________________

nm = Not Meaningful

Revenues from Government Services were $6.6 million higher in the Current Quarter primarily due to the ongoing transition of the Irish Coast Guard ("IRCG") search and rescue contract and higher utilization in the United Kingdom Search and Rescue ("UKSAR") contract. Operating loss was $1.9 million in Current Quarter compared to operating income of $6.0 million in the Preceding Quarter primarily due to higher subcontractor costs of $5.1 million and higher personnel costs of $2.8 million related to the new Government Services contracts, unfavorable foreign exchange rate impacts of $3.0 million, higher repairs and maintenance costs of $2.0 million, and higher fuel costs of $0.6 million, offsetting the increased revenues.

Other Services


Three Months Ended

($ in thousands)

June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Revenues

$ 31,120


$ 24,802


$ 6,318

25.5%

Operating income (loss)

3,443


(622)


4,065

nm

Adjusted Operating Income

6,188


2,037


4,151

nm

Operating income (loss) margin

11%


(3)%




Adjusted Operating Income margin �

20%


8%




Revenues from Other Services were $6.3 million higher in the Current Quarter primarily due to seasonally higher utilization in Australia of $6.0 million. Operating income was $4.1 million higher in the Current Quarter primarily due to these higher revenues, partially offset by higher operating expenses of $1.9 million due to increased activity.

Corporate


Three Months Ended

($ in thousands)

June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Corporate:







Total expenses

$ 8,695


$ 8,648


$ (47)

(0.5)%

Gains (losses) on disposal of assets �

6,209


(558)


6,767

nm

Operating loss

(2,486)


(9,206)


6,720

73.0%








Consolidated:







Interest income

$ 2,039


$ 2,118


$ (79)

(3.7)%

Interest expense, net

(10,034)


(9,490)


(544)

(5.7)%

Other, net

17,577


11,388


6,189

54.3%

Income tax expense

(20,443)


(10,183)


(10,260)

nm

Total operating losses for Corporate were$6.7 million less than the Preceding Quarter primarily due to increased gains on disposal of assets.

Interest expense, net was $0.5 million higher in the Current Quarter primarily due to the acceleration of the amortization of deferred financing costs resulting from the prepayment of principal on the UKSAR secured equipment financings ("UKSAR Debt").

Other income, net of $17.6 millionin the Current Quarter and $11.4 million in the Preceding Quarter primarily resulted from higher foreign exchange gains.

Income tax expense was $20.4 million in the Current Quarter compared to $10.2 million in the Preceding Quarter. The increase in income taxexpense was primarily due to the earnings mix of the Company's global operations and lower deductible business interest expenses, partially offset by the recognition of certain deferred tax assets.

Raises 2025 and 2026 Outlook

Please refer to the section entitled "Forward-Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.

Select financial outlook for 2025 and 2026 are as follows (in USD, millions):


2025E


2026E

Revenues:




Offshore Energy Services

$980 - $1,030


$1,050 - $1,130

Government Services

$360 - $400


$440 - $460

Other Services

$120 - $130


$130 - $150

Total Revenues

$1,460 - $1,560


$1,620 - $1,740





Adjusted Operating Income:




Offshore Energy Services

$200 - $205


$235 - $250

Government Services

$40 - $50


$75 - $85

Other Services

$20 - $25


$20 - $25

Corporate

($35 - $30)


($35 - $30)


$225 - $250


$295 - $330





Adjusted EBITDA

$240 - $260


$300 - $335





Cash interest

~$45


~$40

Cash taxes

$25 - $30


$25 - $30

Maintenance capital expenditures � �

$15 - $20


$20 - $25

Capital Allocation and Liquidity

In support of its capital allocation framework, the Company made $15.3 million (£11.2 million)of accelerated principal payments on its UKSAR Debt facility and repurchased 119,841 shares of common stock in open market transactions for gross consideration of $3.9 million, representing an average cost per share of $32.41, during the Current Quarter. As of June30, 2025, $121.1million remained available under the $125.0million stock repurchase program.

In the Current Quarter, purchases of property and equipment were $31.6 million, of which $4.5 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $24.1 million.In the Preceding Quarter, purchases of property and equipment were $52.1 million, of which $1.9 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were less than $0.1 million.

As of June30, 2025, the Company had $251.8 million of unrestricted cash and $64.7million of remaining availability under its asset-based revolving credit facility (the "ABL Facility") for total liquidity of $316.5million. Borrowings under the ABL Facility are subject to certain conditions and requirements.

Conference Call

The Company's management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, August6, 2025, to review results for the second quarter ended June30, 2025. The conference call can be accessed using the following link:

Link to Access Earnings Call:

A replay will be available through August27, 2025 by using the link above. A replay will also be available on the Company's website at shortly after the call and will be accessible through August27, 2025. The accompanying investor presentation will be available on August6, 2025, on Bristow's website at .

About Bristow Group

Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.

Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom ("UK") and the United States ("U.S.").

Forward-Looking Statements Disclosure

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.

You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries OPEC and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States and other countries; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.

The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Annual Report on Form 10-K and Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors" of the Company's subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.

BRISTOWGROUP INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)



Three Months Ended


Favorable/
(Unfavorable)


June 30,
2025


March 31,
2025


Total revenues

$ 376,429


$ 350,530


$ 25,899

Costs and expenses:






Operating expenses






Personnel

88,729


87,311


(1,418)

Repairs and maintenance

64,788


61,315


(3,473)

Insurance

6,149


6,834


685

Fuel

20,399


18,875


(1,524)

Leased-in equipment

26,515


26,049


(466)

Other

71,911


56,801


(15,110)

Total operating expenses

278,491


257,185


(21,306)

General and administrative expenses

44,375


43,100


(1,275)

Depreciation and amortization expense

17,312


16,841


(471)

Total costs and expenses

340,178


317,126


(23,052)

Gains (losses) on disposal of assets

6,209


(558)


6,767

Earnings from unconsolidated affiliates

180


702


(522)

Operating income

42,640


33,548


9,092

Interest income

2,039


2,118


(79)

Interest expense, net

(10,034)


(9,490)


(544)

Other, net

17,577


11,388


6,189

Total other income (expense), net

9,582


4,016


5,566

Income before income taxes

52,222


37,564


14,658

Income tax expense

(20,443)


(10,183)


(10,260)

Net income

31,779


27,381


4,398

Net income attributable to noncontrolling interests

(31)


(22)


(9)

Net income attributable to Bristow Group Inc.

$ 31,748


$ 27,359


$ 4,389







Basic earnings per common share

$ 1.10


$ 0.95



Diluted earnings per common share

$ 1.07


$ 0.92









Weighted average common shares outstanding, basic

28,824


28,667



Weighted average common shares outstanding, diluted �

29,788


29,867









Adjusted Operating Income

$ 57,330


$ 54,353


$ 2,977

EBITDA

$ 79,568


$ 63,895


$ 15,673

Adjusted EBITDA

$ 60,700


$ 57,710


$ 2,990

BRISTOWGROUP INC.

REVENUES BY SEGMENT

(unaudited, in thousands)



Three Months Ended


June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Offshore Energy Services:







Europe

$ 107,625


$ 101,218


$ 6,407

6.3%

Americas

95,230


91,569


3,661

4.0%

Africa

49,955


46,998


2,957

6.3%

Total Offshore Energy Services �

$ 252,810


$ 239,785


$ 13,025

5.4%

Government Services

92,499


85,943


6,556

7.6%

Other Services

31,120


24,802


6,318

25.5%


$ 376,429


$ 350,530


$ 25,899

7.4%

FLIGHT HOURS BY SEGMENT

(unaudited)



Three Months Ended


June 30,
2025


March 31,
2025


Favorable
(Unfavorable)

Offshore Energy Services:







Europe

8,838


8,749


89

1.0%

Americas

10,700


10,002


698

7.0%

Africa

4,931


4,680


251

5.4%

Total Offshore Energy Services ‌� �

24,469


23,431


1,038

4.4%

Government Services

4,868


3,941


927

23.5%

Other Services

3,684


3,400


284

8.4%


33,021


30,772


2,249

7.3%


BRISTOWGROUP INC.

Second Quarter Segment Statements of Operations

(unaudited, in thousands)



Offshore
Energy

Services


Government
Services


Other
Services


Corporate


Consolidated

Three Months Ended June 30, 2025










Revenues

$ 252,810


$ 92,499


$ 31,120


$ �


$ 376,429

Less:










Personnel

55,047


27,271


6,411



88,729

Repairs and maintenance

48,078


13,369


3,341



64,788

Insurance

3,824


1,948


377



6,149

Fuel

12,865


2,681


4,853



20,399

Leased-in equipment

15,204


9,699


1,612



26,515

Other segment costs

43,640


21,717


6,554



71,911

Total operating expenses

178,658


76,685


23,148



278,491

General and administrative expenses

23,813


10,230


1,850


8,482


44,375

Depreciation and amortization expense

6,924


7,496


2,679


213


17,312

Total costs and expenses

209,395


94,411


27,677


8,695


340,178

Gains on disposal of assets




6,209


6,209

Earnings from unconsolidated affiliates

180





180

Operating income (loss)

$ 43,595


$ (1,912)


$ 3,443


$ (2,486)


$ 42,640

Non-GAAP(1):










Depreciation and amortization expense

6,924


7,496


2,679


213


17,312

PBH amortization

3,069


452


66



3,587

Gains on disposal of assets




(6,209)


(6,209)

Adjusted Operating Income (Loss)

$ 53,588


$ 6,036


$ 6,188


$ (8,482)


$ 57,330



Offshore
Energy

Services


Government
Services


Other
Services


Corporate


Consolidated

Three Months Ended March 31, 2025










Revenues

$ 239,785


$ 85,943


$ 24,802


$ �


$ 350,530

Less:










Personnel

56,766


24,473


6,072



87,311

Repairs and maintenance

46,907


11,361


3,047



61,315

Insurance

4,029


2,437


368



6,834

Fuel

12,702


2,082


4,091



18,875

Leased-in equipment

14,933


9,693


1,423



26,049

Other segment costs

37,656


12,871


6,274



56,801

Total operating expenses

172,993


62,917


21,275



257,185

General and administrative expenses

23,259


9,729


1,595


8,517


43,100

Depreciation and amortization expense

6,870


7,286


2,554


131


16,841

Total costs and expenses

203,122


79,932


25,424


8,648


317,126

Losses on disposal of assets




(558)


(558)

Earnings from unconsolidated affiliates

702





702

Operating income (loss)

$ 37,365


$ 6,011


$ (622)


$ (9,206)


$ 33,548

Non-GAAP(1):










Depreciation and amortization expense

6,870


7,286


2,554


131


16,841

PBH amortization

2,879


422


105



3,406

Losses on disposal of assets




558


558

Adjusted Operating Income (Loss) �

$ 47,114


$ 13,719


$ 2,037


$ (8,517)


$ 54,353

____________________

(1)

See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.

BRISTOWGROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)



June 30,
2025


December 31,
2024

ASSETS




Current assets:




Cash and cash equivalents

$ 255,854


$ 251,281

Accounts receivable, net

226,692


211,590

Inventories

135,567


114,509

Prepaid expenses and other current assets

52,060


42,078

Total current assets

670,173


619,458

Property and equipment, net

1,163,152


1,076,221

Investment in unconsolidated affiliates

23,306


22,424

Right-of-use assets

259,961


264,270

Other assets

171,434


142,873

Total assets

$ 2,288,026


$ 2,125,246





LIABILITIES AND STOCKHOLDERS' EQUITY �




Current liabilities:




Accounts payable

$ 109,192


$ 83,462

Deferred revenue

24,262


15,186

Current portion of operating lease liabilities

81,155


78,359

Accrued liabilities

131,744


130,279

Current maturities of long-term debt

24,779


18,614

Total current liabilities

371,132


325,900

Long-term debt, less current maturities

680,412


671,169

Other liabilities and deferred credits

25,062


8,937

Deferred taxes

49,850


39,019

Long-term operating lease liabilities

177,582


188,949

Total liabilities

1,304,038


1,233,974





Stockholders' equity:




Common stock

319


315

Additional paid-in capital

750,421


742,072

Retained earnings

371,772


312,765

Treasury stock, at cost

(78,274)


(69,776)

Accumulated other comprehensive loss

(59,868)


(93,669)

Total Bristow Group Inc. stockholders' equity

984,370


891,707

Noncontrolling interests

(382)


(435)

Total stockholders' equity

983,988


891,272

Total liabilities and stockholders' equity

$ 2,288,026


$ 2,125,246

Non-GAAP Financial Measures

The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") (including the notes), included in the Company's filings with the SEC and posted on the Company's website.

EBITDA and Adjusted EBITDA

EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

The following tables provide a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).


Three Months Ended




June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


LTM

Net income

$ 31,779


$ 27,381


$ 31,768


$ 28,279


$ 119,207

Depreciation and amortization expense �

17,312


16,841


16,701


17,569


68,423

Interest expense, net

10,034


9,490


9,064


9,660


38,248

Income tax expense (benefit)

20,443


10,183


(12,952)


8,392


26,066

EBITDA

$ 79,568


$ 63,895


$ 44,581


$ 63,900


$ 251,944

(Gains) losses on disposal of assets

(6,209)


558


82


626


(4,943)

Foreign exchange (gains) losses

(17,435)


(11,045)


12,581


(10,904)


(26,803)

Special items(1)

4,776


4,302


596


6,558


16,232

Adjusted EBITDA

$ 60,700


$ 57,710


$ 57,840


$ 60,180


$ 236,430


(1)Special items include the following:



Three Months Ended




June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


LTM

PBH amortization

$ 3,587


$ 3,406


$ 3,727


$ 3,723


$ 14,443

Gain on insurance claim



(4,451)



(4,451)

Other special items

1,189


896


1,320


2,835


6,240


$ 4,776


$ 4,302


$ 596


$ 6,558


$ 16,232

The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.

Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents the Company's net cash provided by (used in) operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation ofnet cash provided by (used in) operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).


Three Months Ended




June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


LTM

Net cash provided by (used in) ‌�
operating activities

$ 99,039


$ (603)


$ 51,054


$ 66,022


$ 215,512

Less: Maintenance capital
expenditures

(4,532)


(1,886)


(2,739)


(8,041)


(17,198)

Free Cash Flow

$ 94,507


$ (2,489)


$ 48,315


$ 57,981


$ 198,314

Plus: Special items

786


740


(2,580)


1,539


485

Adjusted Free Cash Flow

$ 95,293


$ (1,749)


$ 45,735


$ 59,520


$ 198,799

Adjusted Operating Income by Segment

Adjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.

The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).


Three Months Ended


June 30,
2025


March 31,
2025


Increase
(Decrease)

Offshore Energy Services:







Operating income

$ 43,595


$ 37,365


$ 6,230

16.7%

Depreciation and amortization expense

6,924


6,870


54

0.8%

PBH amortization

3,069


2,879


190

6.6%

Offshore Energy Services Adjusted Operating Income �

$ 53,588


$ 47,114


$ 6,474

13.7%








Government Services:







Operating income (loss)

$ (1,912)


$ 6,011


$ (7,923)

nm

Depreciation and amortization expense

7,496


7,286


210

2.9%

PBH amortization

452


422


30

7.1%

Government Services Adjusted Operating Income

$ 6,036


$ 13,719


$ (7,683)

(56.0)%








Other Services:







Operating income (loss)

$ 3,443


$ (622)


$ 4,065

nm

Depreciation and amortization expense

2,679


2,554


125

4.9%

PBH amortization

66


105


(39)

(37.1)%

Other Services Adjusted Operating Income

$ 6,188


$ 2,037


$ 4,151

nm








Total Segment Adjusted Operating Income

$ 65,812


$ 62,870


$ 2,942

4.7%








Corporate:







Operating loss

$ (2,486)


$ (9,206)


$ 6,720

73.0%

Depreciation and amortization expense

213


131


82

62.6%

Losses (gains) on disposal of assets

(6,209)


558


(6,767)

nm

Corporate Adjusted Operating Loss

$ (8,482)


$ (8,517)


$ 35

0.4%








Consolidated Adjusted Operating Income

$ 57,330


$ 54,353


$ 2,977

5.5%

The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.

BRISTOWGROUP INC.

FLEET COUNT



Number of Aircraft





Type

Owned

Aircraft


Leased

Aircraft


Total
Aircraft


Maximum

Passenger

Capacity


Average Age
(years)(1)

Heavy Helicopters:










S92

34


29


63


19


15

AW189

19


4


23


16


8


53


33


86





Medium Helicopters:










AW139

49


5


54


12


14

S76 D/C++

13



13


12


13

AS365

1



1


12


36


63


5


68





Light—Twin Engine Helicopters:










AW109

3



3


7


18

H135/EC135

11



11


6


9


14



14





Light—Single Engine Helicopters: �










AS350

12



12


4


26

AW119

13



13


7


19


25



25





Total Helicopters

155


38


193




15

Fixed Wing

9


5


14





Unmanned Aerial Systems ("UAS")

4



4





Total Fleet

168


43


211





____________________

(1)

Reflects the average age of helicopters that are owned by the Company.

The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of June30, 2025 and the percentage of revenues that each of our segments provided during the Current Quarter.


Percentageof

Total

Revenues


Helicopters


Fixed

Wing


UAS




Heavy


Medium


LightTwin


LightSingle


Total

Offshore Energy Services

68%


57


60


11



1



129

Government Services

25%


29


7


3


20



4


63

Other Services

7%



1



5


13



19

Total

100%


86


68


14


25


14


4


211

Aircraft not currently in fleet: �
















Under construction(1)



10


4


1





15

Options(2)



10



10





20

____________________

(1)

Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer ("OEM") and pending delivery. Includes ten AW189 heavy helicopters (of which three were delivered and are undergoing additional configuration), four AW139 medium helicopters (of which three were delivered and are undergoing additional configuration) and one H135 light-twin helicopter which has been delivered and is undergoing additional configuration.

(2)

Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters.

Cision View original content:

SOURCE Bristow Group

FAQ

What were Bristow Group's (VTOL) Q2 2025 earnings results?

Bristow reported net income of $31.7 million ($1.07 per diluted share) on revenues of $376.4 million in Q2 2025, compared to net income of $27.4 million ($0.92 per diluted share) on revenues of $350.5 million in Q1 2025.

What is Bristow's (VTOL) updated guidance for 2025 and 2026?

Bristow raised its 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 Adjusted EBITDA outlook to $300-$335 million. Total revenue guidance for 2025 is $1,460-$1,560 million and for 2026 is $1,620-$1,740 million.

How much cash and liquidity does Bristow (VTOL) have as of Q2 2025?

As of June 30, 2025, Bristow had $251.8 million in unrestricted cash and $64.7 million available under its ABL Facility, for total liquidity of $316.5 million.

What share repurchases did Bristow (VTOL) make in Q2 2025?

Bristow repurchased 119,841 shares in open market transactions for $3.9 million, at an average cost of $32.41 per share. As of June 30, 2025, $121.1 million remained available under the $125.0 million stock repurchase program.

How did Bristow's (VTOL) business segments perform in Q2 2025?

Offshore Energy Services revenues increased 5.4% to $252.8M, Government Services revenues grew 7.6% to $92.5M, and Other Services revenues rose 25.5% to $31.1M compared to Q1 2025.
Bristow Group Inc

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953.33M
28.02M
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3.42%
Oil & Gas Equipment & Services
Air Transportation, Nonscheduled
United States
HOUSTON