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The Covid-19 pandemic is expected to continue to impact societies and thus economic activity in the coming quarters. Although it is impossible to forecast the magnitude and duration of the impact, and we have to remain cautious given the related uncertainties, visibility has improved.

Offshore wind, in which Fugro has a strong position and reputation, is anticipated to show continued growth. The infrastructure and nautical markets are strongly dependent on governmental budgets. As a result of numerous investment programs, growth in the infrastructure markets is expected to resume as of 2021, after a stagnation in 2020. The oil and gas market is expected to remain volatile during the remainder of 2020 and likely into 2021.

In the longer term, population growth and urbanisation are driving the growth of the energy, infrastructure and water markets, leading to increased spending on renewable power and electricity networks, subsea telecom cables, coastal defense, hydrography and freshwater development projects. This will create ample opportunities for Fugro.

For the full-year 2020, Fugro expects that during the second half-year EBIT(DA) will improve compared to the first half-year, increasingly benefiting from cost measures, despite ongoing revenue decline compared to last year. In addition, the company expects a positive free cash flow, including an amount of capital expenditure of EUR 60-70 million. This assumes that there will be no material impact from additional Covid-19 developments.

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