Continued focus on cost savings
• Ongoing challenging business environment in offshore wind, alongside temporary slowdown in oil & gas project start-ups.
• Cost reduction programme is progressing well, with increased target of 1,050 FTE reductions and total annualised savings of EUR 100-120 mln. Majority of FTE reduction expected to be completed by year-end.
• Q3 2025 EBIT of EUR 65 mln, resulting in a margin of 12.9%.
• Operating cash flow of EUR 95 mln before changes in working capital.
• Robust balance sheet with net leverage of 1.2x.
• 12-month backlog reflects year-on-year step down in offshore wind, partly offset by increase in oil & gas.
• Outlook: as outlined in the September trading update, we anticipate a challenging winter season, with the fourth quarter of 2025 materially affected by project descopings and postponements into 2026.
Mark Heine, CEO: "The year 2025 is proving to be challenging, especially for our early-stage site characterisation activities. In September, following significant shifts in market conditions, we regrettably had to withdraw our full-year revenue and margin guidance. The third quarter performance showed the anticipated notable improvement compared to the previous quarters. However, the fourth quarter is expected to be significantly impacted by the continued deterioration in the offshore wind market, and by the temporary intensification of energy companies' disciplined cash and cost management in response to lower oil prices.
It is too early to provide an outlook for 2026. As the offshore wind market is expected to remain volatile, we continue to take action as appropriate. Year-to-date, we've delivered significant reductions in staff levels and third-party spend, while executing our strategy with discipline and focus. Our balance sheet remains robust, and we are committed to protecting it by prioritising cash flow preservation. We are scaling back investments to reflect the lower-growth environment, resulting in significantly lower capital spending in 2026.
We continue to support our clients through key projects including, in this quarter, site characterisation for ENI's deepwater gas fields in Indonesia, and for RWE's and TotalEnergies' Windbostel wind developments. Additionally, our innovative, scalable Ground IQ land site screening solution is gaining traction; for example, through deployment for TenneT Germany's LanWin grid connection projects."
Download full press release:
https://fugro.canto.global/direct/document/4ff360ne9d61n1bd2hsjevf82m/ZfUYD1olf4YhsRTbZmvwuDFpXqo/original?content-type=application%2Fpdf&name=Fugro+Q3+2025+trading+update.pdf
• Ongoing challenging business environment in offshore wind, alongside temporary slowdown in oil & gas project start-ups.
• Cost reduction programme is progressing well, with increased target of 1,050 FTE reductions and total annualised savings of EUR 100-120 mln. Majority of FTE reduction expected to be completed by year-end.
• Q3 2025 EBIT of EUR 65 mln, resulting in a margin of 12.9%.
• Operating cash flow of EUR 95 mln before changes in working capital.
• Robust balance sheet with net leverage of 1.2x.
• 12-month backlog reflects year-on-year step down in offshore wind, partly offset by increase in oil & gas.
• Outlook: as outlined in the September trading update, we anticipate a challenging winter season, with the fourth quarter of 2025 materially affected by project descopings and postponements into 2026.
Mark Heine, CEO: "The year 2025 is proving to be challenging, especially for our early-stage site characterisation activities. In September, following significant shifts in market conditions, we regrettably had to withdraw our full-year revenue and margin guidance. The third quarter performance showed the anticipated notable improvement compared to the previous quarters. However, the fourth quarter is expected to be significantly impacted by the continued deterioration in the offshore wind market, and by the temporary intensification of energy companies' disciplined cash and cost management in response to lower oil prices.
It is too early to provide an outlook for 2026. As the offshore wind market is expected to remain volatile, we continue to take action as appropriate. Year-to-date, we've delivered significant reductions in staff levels and third-party spend, while executing our strategy with discipline and focus. Our balance sheet remains robust, and we are committed to protecting it by prioritising cash flow preservation. We are scaling back investments to reflect the lower-growth environment, resulting in significantly lower capital spending in 2026.
We continue to support our clients through key projects including, in this quarter, site characterisation for ENI's deepwater gas fields in Indonesia, and for RWE's and TotalEnergies' Windbostel wind developments. Additionally, our innovative, scalable Ground IQ land site screening solution is gaining traction; for example, through deployment for TenneT Germany's LanWin grid connection projects."
Download full press release:
https://fugro.canto.global/direct/document/4ff360ne9d61n1bd2hsjevf82m/ZfUYD1olf4YhsRTbZmvwuDFpXqo/original?content-type=application%2Fpdf&name=Fugro+Q3+2025+trading+update.pdf
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