Adjusted EBITDA for the first 6 months of 2025 was $68.1 million, a record for current segments and $3.1 million above the upper range of prior guidance.
Completion Fluids & Products segment saw adjusted EBITDA margins increase by 100 basis points to 36.7%.
Free cash flow from the base business was strong at $37 million in Q2 and $53 million for the first half of 2025.
Industrial Chemicals grew 5.5% year-over-year, outpacing U.S. and global GDP growth.
Liquidity improved to approximately $219 million with a net leverage ratio of 1.2x trailing 12 months EBITDA.
Revenue increased 11% sequentially and 1% year-over-year, while adjusted EBITDA grew 17% year-over-year.
TETRA achieved an adjusted EBITDA of $35.9 million for Q2 2025 with margins of 20.6% and base business free cash flow of $37.4 million, exceeding expectations.
Water and Flowback Services revenue was flat sequentially but declined 10% year-over-year, outperforming U.S. frac activity declines.
Water & Flowback adjusted EBITDA margins declined to 10% from 13% due to nearly $2 million of nonrecurring costs, but would have been flat excluding those costs.
Adjusted EBITDA for Q2 2025 was $60.7 million, a $3 million increase from the previous quarter.
Bristow Group reported strong Q2 2025 financial results with revenues increasing by $25.9 million sequentially, driven primarily by Offshore Energy Services (OES) and Government Services segments.
Government Services revenues increased by $6.6 million, mainly from the Irish Coast Guard contract transition and UK Search and Rescue business, though adjusted operating income declined due to higher subcontractor and personnel costs.
OES segment revenues rose by $13 million due to higher utilization and favorable foreign exchange impacts across Europe, Americas, and Africa.
Operating cash flows improved by nearly $100 million sequentially and $38 million year-over-year, supported by better working capital management.
Other Services revenues increased by $6.3 million due to seasonal higher utilization in Australia, with adjusted operating income up by $4.1 million.
Dafinchi