Employees discussing a rock sample in the Curitiba office in Brazil

For 2023, Fugro expects ongoing growth in the infrastructure, water and energy markets, in particular renewables, resulting in continuing strong revenue increase and margin expansion.

Capex is estimated at EUR 200-225 million, including the acquisition of two geotechnical vessels (see separate press release published in April 2023), and investments in Fugro’s uncrewed vessel strategy and net zero roadmap.

With its further diversification into structural growth markets, Fugro is progressing towards its 2023-2024 mid-term targets for an EBIT margin of 8-12%, free cash flow as % of revenue of 4-7% and return on capital employed of 10-15%.

In light of the market outlook and backlog development, Fugro will update the market on the next phase of its Path to Profitable Growth strategy and mid-term outlook on 14 November 2023.

Fugro Explorer, Manhattan, New York.

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