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Given the year-to-date realisation and the strong backlog, Fugro expects ongoing revenue growth, margin expansion and a positive free cash flow.

Management will continue to actively manage any impacts of geopolitical uncertainties, inflationary and supply chain pressures, and remains focused on further margin expansion towards the 2023-2024 mid-term targets of an EBIT margin of 8-12% and a free cash flow of 4-7% of revenue, on the back of higher pricing, increasing asset utilisation, disciplined cost management, operational excellence and digital transformation.

To support the ongoing growth and due to higher prices and supply chain challenges, full-year capex is now estimated at around EUR 125 million.

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