VTOL · Bristow Group Inc.

Bristow Group's first quarter 2026 results reflect steady operational performance with total revenues of $388.7 million, up 3.0% sequentially from $377.3 million in Q4 2025. The growth was driven by Government Services (+7.8% to $107.9 million) and Offshore Energy Services (+2.8% to $254.3 million), partially offset by a seasonal decline in Other Services (-10.8% to $26.5 million). Net income attributable to Bristow fell to $13.1 million ($0.44 per diluted share) from $18.4 million ($0.61) in the prior quarter, primarily due to higher depreciation and amortization ($24.4 million vs. $18.4 million), including accelerated depreciation on S76D helicopters, and increased net interest expense ($13.8 million vs. $10.4 million) from higher debt balances following refinancing. Adjusted EBITDA of $59.3 million was slightly below Q4 2025's $60.1 million, but the company affirmed its full-year 2026 Adjusted EBITDA guidance of $295-$325 million, signaling confidence in the trajectory. Management highlighted favorable positioning from global megatrends: increased defense spending, energy security, and electrification of transportation. The Government Services segment turned profitable with operating income of $0.9 million versus a loss of $1.6 million in Q4 2025, benefiting from the Irish Coast Guard contract transition. The company declared a quarterly dividend of $0.125 per share, payable May 29, 2026. Operating cash flow was negative $8.3 million due to working capital timing, but total liquidity remained strong at $393.6 million, including $342.1 million of unrestricted cash.