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Fugro full-year results 2022

Strong revenue growth of 14.8% and margin expansion. Over 40% increase in offshore wind

23 Feb 2023   07:00 CET
Leidschendam, the Netherlands

  • Ongoing strong growth in revenue and backlog demonstrates Fugro’s leading positions in buoyant markets. In 2022, 63% of Fugro’s revenue was in wind, infra and water.
  • EBIT margin increased to 6.1% driven by land and nearshore performance; marine improved slightly despite high-cost inflation and adjusting the asset base for future growth.
  • EBITDA amounted to EUR 230.4 mn (2021: EUR 175.6 mn) and net result to EUR 74.1 mn.
  • Operating cash flow up by 50% to EUR 179.4 mn; offset by higher growth-related capital expenditure and working capital, resulting in EUR 23.9 mn free cash flow for the year.
  • The 12-month backlog increase of 37.5% is supported by all regions and business lines, reflecting both volume and price increases.
  • Outlook 2023: ongoing strong revenue growth and further margin expansion. Capex is estimated at EUR 200-225 million, including the acquisition of two geotechnical vessels, and investments in uncrewed vessel strategy and net zero roadmap. In light of the accelerated market developments, Fugro plans to update the market on the next phase of the Path to Profitable Growth strategy in the second half of the year.
Key figures (x EUR million)
Unaudited Q4 2022 Q4 2021 2022 2021
Revenue 452.8 410.4 1,766.0 1,461.7
comparable growth1 8.5% 24.8% 14.8% 5.8%
EBITDA2 49.8 44.9 230.4 175.6
EBIT2 17.2 17.4 107.6 63.0
EBIT margin2 3.8% 4.3% 6.1% 4.3%
Net result 74.1 71.1
Cash flow from operating activities after investing (free cash flow)3 29.2 14.6 23.9 39.5
Backlog next 12 months 1,424.8 1,014.1 1,424.8 1,014.1
comparable growth1 37.5% 11.6% 37.5% 11.6%

1.    Corrected for currency effect
2.    Adjusted for specific items with a total impact of EUR (14.7) million on EBIT in 2022
3.    Including discontinued operations
Refer for definitions (of non-IFRS measures) to glossary in annual report 2021

Mark Heine, CEO: “I am pleased with the solid improvement in our margin and operating cash flow, while investing in further growth to benefit from buoyant markets. We experience particularly high demand for our offshore wind site characterisation solutions, of which the major geotechnical contract for Energinet’s North Sea I wind development is a prime example. The rapid growth provides many opportunities, but also comes with challenges, as supply chains and legislative frameworks are still being developed. While offshore wind developments are gearing up, we also see renewed interest in traditional energy sources, in particular gas, to support energy security, which is high on the agenda of many countries.

In all four regions, EBIT margin for the full year improved, driven by a solid improvement in the operational performance of the land business, supported by more nearshore work on power cables for offshore wind farms and LNG facilities. In addition, we are successful in mitigating the impacts of inflationary pressures on fuel, chartered vessels and third-party personnel, in particular in the marine environment.

We are making good progress implementing our ambitious net zero roadmap, resulting in a further decline in vessel emission intensity by 7% in 2022. In combination with an increase in the percentage of women in senior management positions to 19%, we are delivering on our sustainability targets embedded in our business strategy. In light of the high activity levels and tight labour markets, we continue to focus on improving project execution, our safety performance, as well as retention and people development.

For 2023, we are well positioned to make further progress towards our mid-term targets. At the same time, we want to capture the exciting opportunities in our markets, as our clients continue to rely on us for the execution of their current and future projects. Supported by a strong backlog at improved price levels, we are stepping up our investment levels. In the second half of the year, we plan to update the market on our ambitions and roadmap for the next phase for the company.”

For more information


Serge van de Ven

+31 (0) 70 31 11129


Catrien van Buttingha Wichers

+31 (0) 70 31 15335


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