Q3 2023 trading update


26 Oct 2023 07:00 CET


Leidschendam, the Netherlands

Strong performance: steep growth and ongoing result improvement

Delivering on mid-term targets

  • 32.6% revenue growth driven by successfully capturing high client demand, mainly in the energy markets

  • 86% increase in EBIT resulting in 16.0% margin; all regions report higher results

  • Operating cash flow up by 95% to EUR 134.7 million; offset by higher working capital due to high revenue growth, resulting in EUR 66.9 million free cash flow for the quarter

  • 12-month backlog continues to be robust with 14.5% increase after steep growth during previous quarters

  • In November, Fugro will unwind the sale and leaseback of Fugro Scout and Fugro Voyager vessels

  • Outlook full-year 2023: ongoing strong revenue growth, EBIT margin and return on capital employed within mid-term target range, and positive free cash flow

  • Intention to resume dividends with pay-out of EUR 0.40 per share as of FY 2023, subject to shareholder approval

Key figures (x EUR million) - unauditedQ3 2023Q3 2022YTD 2023YTD 2022
- comparable growth*32.6%17.4%27.2%17.3%
EBITDA margin**22.3%17.3%18.2%13.8%
EBIT margin**16.0%10.9%11.5%6.9%
Cash flow from operating activities after investing (free cash flow)***66.969.577.1(5.3)
Backlog next 12 months1.477.41.348.3
- comparable growth*14.5%33.9%

* Corrected for currency effect
** Adjusted for specific items
*** Including discontinued operations

Mark Heine, CEO: I am excited to report another strong set of results. All regions contributed to significantly higher margins, in particular the Americas and Europe-Africa. Overall, better contracting conditions, high activity levels and good project execution led to a very strong performance especially in marine site characterisation.

We again realised substantially higher revenue in renewables, to one third of group revenue year-to-date. Despite recent news flow around delays in several offshore wind projects, we anticipate continued growth going forward, supported by the recent launch of the ‘Wind Power Package’ in the EU. While the energy transition is underway, the world needs reliable and affordable energy. Therefore, we also expect further growth in traditional energy, especially in the gas market, where Fugro’s solutions continue to enable our clients to operate safely and efficiently.

Over the past years, we have successfully transitioned into a diversified company with a sizeable position in renewables and significantly improved results. We are ready for the next phase and will update the market on our strategy and mid-term targets at our Capital Markets Day on 14 November 2023."

Press release

Q3 2023 trading update - press release

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Serge van de Ven

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