Outlook 2026

• Offshore wind markets in Europe are showing first signs of recovery, and we are seeing increased tendering activity. However, the near term is likely to revolve around industry realignment, and it will take some time for activity levels to rebound. In Asia Pacific, short-term challenges remain, but the sector is cautiously optimistic as auction frameworks are revised and bottlenecks addressed. While in the US under the current administration no new projects are expected, the sector is emerging in Latin America and Canada.

• Energy companies are selectively expanding their oil & gas portfolios through targeted exploration programmes, with a strong emphasis on tight timelines and cost efficiency.

Overall, for 2026, Fugro expects to deliver margin improvement driven by the impact of implemented cost measures and operational efficiencies. To strengthen free cash flow, capex will be reduced to EUR 150 to 165 million, well below EUR 248 million in 2025, along with lower working capital.

Fugro’s capital allocation framework supports investing in sustainable growth, through capital expenditure and a selective M&A policy, while maintaining a strong balance sheet (through a net leverage ratio of below 1.5x), and providing attractive returns to shareholders. This includes a dividend pay-out policy of 25-45% of net result. In addition, going forward, we will conduct an annual balance sheet review to evaluate whether excess cash is available for share buybacks.

The medium- to long-term outlook across Fugro’s core markets remains sound. In addition, emerging markets including critical minerals and security solutions for safeguarding vital undersea infrastructure also present promising mid-term opportunities.