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Q3 2022 trading update

Further margin increase and solid cash flow, continued strong revenue growth

28 Oct 2022   07:00 CET
Leidschendam, the Netherlands

  • Revenue increased by 17.4% supported by high client demand in energy and infrastructure markets, in particular for offshore wind solutions
  • EBIT margin continues upward trajectory, supported by all four regions and all business lines
  • Impact of inflationary and supply chain challenges largely mitigated
  • Operating cash flow increase offset by higher capital expenditure  
  • 12-month backlog is up substantially by 33.9%, supported by all four regions
  • Outlook full-year 2022: ongoing revenue growth, margin expansion and positive free cash flow
Key figures (x EUR million) unaudited Q3 2022 Q3 2021 YTD 2022 YTD 2021
Revenue 480.2 378.0 1,313.2 1,051.3
     comparable growth1 17.4% 3.7% 17.3% 0.1%
EBITDA2 83.1 57.8 180.6 130.7
EBIT2 52.4 28.8 90.4 45.4
EBIT margin2 10.9% 7.6% 6.9% 4.3%
Cash flow from operating activities after investing (free cash flow)3 69.5 77.4 (5.3) 24.9
Backlog next 12 months 1,348.3 930.9 1,348.3 930.9
     comparable growth1 33.9% 8.9% 33.9% 8.9%

1. Corrected for currency effect
2. Adjusted for specific items
3. Including discontinued operations

Mark Heine, CEO: “I am pleased to report a solid set of results. In uncertain macro-economic and geopolitical times, we continue to experience strong demand for our solutions for the energy transition and climate change adaptation. We are involved in numerous site characterisations for offshore wind parks, including Thor in Denmark and Atlantic Shores in the US. Within days of Hurricane Ian making landfall in Florida we completed damage assessments, which will allow the hardest hit communities to recover from this catastrophic event as quickly as possible. At the same time, the urgency for balancing affordability, sustainability and reliable energy is leading to increased interest in the traditional energy markets, in particular in LNG. Recently, we have been engaged to perform site investigation and consulting services for FLNG projects in Altamira, Mexico and the US Gulf of Mexico.

Our EBIT margin increased in all regions. We realised further improvement in the operational performance of our land business and, through improved pricing of our solutions, we are mitigating the impact of unprecedented inflation and supply chain pressures. In line with these developments and to support the ongoing growth, full-year capex is now estimated at around EUR 125 million.

With our solutions for the energy transition, climate change adaptation and sustainable infrastructure, we are well placed to capitalise on the strength of our end-markets, with clients seeking to secure capacity, also beyond the coming 12 months. We are making good progress on our Path to Profitable Growth and we are on track to deliver on our mid-term targets.”

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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