Fugro continues measures to offset margin pressure amid economic uncertainties

Rapidly changing geopolitical and economic uncertainties are impacting client behaviour globally, adding to adverse developments in the US market, as stated in the 15 April 2025 press release

Revenue decline of 11% compared to a strong Q1 2024

EBIT margin of 0.2%; ongoing implementation of measures to safeguard margin

Operating cash flow before changes in working capital decreased to EUR 21.2m (Q1 2024: EUR 65.4m)

12-month backlog declines modestly by 3.3%, reflecting current market dynamics

Outlook full-year 2025: EBIT margin within target range of 11-15%, reassess revenue outlook when greater economic and market clarity materialises.

Key figures (x EUR million) unaudited Q1 2025 Q1 2024
Revenue 450.0 503.2
- comparable growth* (11.1%) 9.0%
EBITDA** 43.9 82.8
EBIT** 0.8 44.2
EBIT margin** 0.2% 8.8%
Operating cash flow before changes in working capital 21.2 65.4
Cash flow from operating activities after investing (free cash flow)*** (84.4) (58.0)
Backlog next 12 months 1,482.2 1,544.2
- comparable growth* (3.3%) 9.9%
* Corrected for currency effect
** Adjusted for specific items
*** Including discontinued operations
Refer for definitions of non-IFRS measures to the glossary in the additional information to the 2024 annual report.

Mark Heine, CEO: “The year was off to a challenging start. Market conditions have rapidly shifted, making clients more hesitant to commit to new projects. This happened while we were already adapting our Americas operations to the new political reality in the US. We expect ongoing impacts of these market uncertainties into the second quarter. Our immediate priority is the continued implementation of measures to safeguard profitability and cash flow, without losing momentum on our long-term strategy Towards Full Potential.

Through proactive engagement with our clients, we can seize the many opportunities that lie ahead, supported by strong mid-term fundamentals and our market position in the various segments. Emerging markets such as critical minerals and the surveillance of critical underwater infrastructure present promising opportunities, highlighted by our recent award from the Dutch Ministry of Defence for a marine security and surveillance vessel in partnership with Damen.

In recent years, we have transformed into a resilient and well-diversified business with a strong balance sheet. This enables us to act quickly and effectively in these times of uncertainty, supporting the generation of solid results through the cycle.”

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