Netherlands · Delayed Price · Currency is EUR Fugro Earnings Call Transcripts
Fiscal Year 2026
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Revenue declined 2.1% year-over-year due to offshore wind softness, but EBITDA margin improved to 10.4% and free cash flow rose on lower CapEx. Backlog remains strong at €1.4 billion, with cost discipline and asset rationalization ongoing amid challenging market conditions.
Fiscal Year 2025
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Revenue fell sharply in 2025 due to a downturn in offshore wind, partially offset by growth in oil & gas and infrastructure. Cost reductions and CapEx cuts are positioning the company for improved cash flow and resilience, with cautious optimism for market recovery in 2027 and beyond.
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Q3 2025 saw improved EBIT margin and cash flow despite lower revenue, driven by cost reductions and a robust balance sheet. Offshore wind remains subdued, while oil and gas backlog is up, and significant workforce reductions are underway to align with market realities.
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Full-year 2025 guidance has been withdrawn due to widespread project delays and de-scoping, especially in offshore wind and oil & gas, with most revenue impact expected to shift to 2026. Additional cost reductions and asset reallocations are underway, with further updates promised at the Q3 trading update.
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H1 2025 saw a sharp revenue and margin decline due to offshore wind market setbacks, but a strong recovery is expected in H2, driven by new project awards, increased vessel utilization, and cost savings. Full-year EBIT margin guidance remains at 8%-11%.
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Q1 2025 saw revenue and EBIT decline due to client hesitancy and market uncertainty, with cost-saving measures underway to protect margins. Backlog and vessel utilization fell, but the company remains financially strong and is expanding into new markets while preparing for multiple scenarios.
Fiscal Year 2024
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Margins and cash flow improved significantly in 2024, with double-digit EBIT margins in most regions and a strong balance sheet. U.S. offshore wind uncertainty and Middle East conflicts impacted some segments, but diversified markets and new technologies support continued growth.
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Q3 delivered higher EBIT margin and strong cash flow, with robust backlog growth despite flat revenue. Europe, Africa, and APAC drove performance, offsetting Americas and Middle East declines. Full-year guidance targets mid-single-digit growth and a 13% margin.
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EBIT and revenue grew strongly in H1 2024, with renewables surpassing oil and gas for the first time. Margins improved, backlog rose 16.6%, and robust cash flow was offset by higher working capital and CapEx. Full-year growth and a 13% EBIT margin are expected.