Outlook 2025
As outlined in the September trading update, we anticipate a challenging winter season, with Q4 2025 materially affected by project descopings and postponements.
While it is too early to provide an outlook for 2026, we anticipate that:
Global activity in the offshore wind market remains subdued. New developments continue to face significant headwinds from high interest rates, rising construction costs, limited grid capacity, reducing demand for green energy and shifting political landscapes.
Energy companies are expected to selectively expand their oil & gas portfolios through targeted exploration programmes, with a strong emphasis on tight timelines and cost efficiency.
Fugro maintains a robust balance sheet and remains fully committed to adjusting the business to the current uncertain market conditions by safeguarding profitability and cash flow. In response to market conditions, we are taking decisive steps to right size Fugro's operations, creating a more efficient organisational framework whilst maintaining the solid foundation to support sustainable growth for years to come.
In addition, to protect free cash flow, we will significantly reduce capital expenditure for 2026, compared to 2025 anticipated capex of EUR 250 mln.
Mid-term targets 2027
We have defined a set of ambitious mid-term financial targets, centred around profitability and cash flow generation.
Good governance
We’re committed to integrity, transparency, accountability, and proper supervision.