Bristow Group Guides 25% EBITDA Growth in 2026, Completes $500M Refinancing
Bristow affirmed 2026 guidance of $1.6-1.7B revenues and $295-325M Adjusted EBITDA, implying roughly 25% year-over-year growth while noting Q4 revenues and EBITDA fell $9M and $7M sequentially. Bristow completed a $500M 6.75% refinancing boosting liquidity to $347M and initiated a $0.125 per-share dividend payable March 26, 2026.
1. Fiscal 2025 Results and 2026 Guidance
Bristow reported full-year 2025 Adjusted EBITDA of $246 million in line with guidance, with revenues up $75 million and EBITDA 4% higher year over year. Management affirmed 2026 guidance for $1.6–1.7 billion in revenues and $295–325 million in Adjusted EBITDA, implying roughly 25% growth despite sequential Q4 dips of $9 million in revenues and $7 million in EBITDA.
2. Refinancing and Liquidity
In January, Bristow completed an upsized $500 million senior-secured notes refinancing at a 6.75% coupon, increasing pro-forma liquidity to about $347 million. The company generated $198 million of operating cash flow in 2025 and reported an NAV of approximately $1.8 billion (around $60 per share).
3. Offshore Energy Services Contract Uplifts
Management is roughly 50% through repricing its Offshore Energy Services contract portfolio, achieving an average 25% rate uplift versus legacy rates. Bristow guided 2026 OES revenues to $1.0–1.1 billion and adjusted operating income to $225–235 million, up from $990 million and $203 million, respectively, in 2025.
4. Dividend and Government Services Outlook
The board approved a $0.125 per-share cash dividend payable March 26, 2026. Bristow expects government services revenues of $440–460 million with adjusted operating income doubling to $70–80 million in 2026, while other services are guided to $130–150 million in revenues and $20–25 million in adjusted operating income.