Half-year results 2025
Published
01 Aug 2025 7:00 AM CET
Location
Leidschendam, the Netherlands
H1 2025 impacted by weak markets, strong recovery expected in H2
Fugro’s results in the first half year were significantly impacted by geopolitical and economic uncertainties. For the second half of 2025, the company expects a strong recovery resulting in a full-year EBIT margin of 8-11%, underpinned by revenue growth in H2 of around 20% versus H1.
The macro(economic) uncertainties experienced in Q1 persisted, contributing to industry-wide project delays and scope reductions, especially in the offshore wind market. This led to lower revenue and EBIT
Free cash flow was affected by reduced EBITDA and a front-loaded capital expenditure profile
Our balance sheet remains robust
We are progressing well with implementing a comprehensive cost reduction programme, targeting a reduction of 750 FTEs and annualised savings of EUR 80-100 million.
Our order backlog is solid at EUR 1.5 billion. The reduction in renewables has been offset by growth in other markets, underpinned by several recent major awards
The recent upturn in trading conditions is the result of improved vessel utilisation, the recent start of new and previously postponed projects, and cost reductions
Outlook 2025: we expect a strong recovery in H2 resulting in a full-year EBIT margin of 8-11%, underpinned by revenue growth of around 20% compared to H1 2025.
| Key figures (x EUR million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
|---|---|---|---|---|
| Revenue | 454.8 | 587.9 | 904.7 | 1,091.1 |
| - comparable growth* | (19.4%) | 5.5% | (15.6%) | 7.1% |
| EBITDA** | 63.6 | 141.2 | 107.5 | 224.1 |
| EBIT** | 19.7 | 99.3 | 20.5 | 143.6 |
| EBIT margin** | 4.3% | 16.9% | 2.3% | 13.2% |
| Net result | (18.3) | 112.5 | ||
| Earnings per share*** | (0.16) | 1.00 | ||
| Operating cash flow before changes in working capital | 36.1 | 120.8 | 57.7 | 185.2 |
| Cash flow from operating activities after investing (free cash flow)**** | (101.5) | (47.2) | (186.2) | (105.1) |
| Backlog next 12 months | 1,450.8 | 1,521.7 | ||
| - comparable growth* | 0.3% | 16.6% |
* Corrected for currency effect
** Adjusted for specific items with a total impact of EUR (6.6) million on EBIT in H1 2025
*** Basic earnings per share (in euro)
**** Including discontinued operations
Refer to the back of this report for a reconciliation of non-IFRS performance measures to the most directly comparable IFRS figures
Mark Heine, CEO: “While we have to report disappointing results over the first half year, we expect a strong recovery of our results during the second half of 2025. Recent major awards give reason for confidence moving forward, such as ENI's deepwater gas project in Indonesia, a long-term inspection and maintenance contract with Petrobras, and extensive offshore and onshore surveys for multiple major energy field developments in the Middle East. Additionally, work has commenced on projects that were previously deferred by clients, including several offshore wind developments across Europe. Supported by improved vessel utilisation and a solid backlog, we anticipate revenue growth of around 20% versus H1, and a full-year EBIT margin of 8-11%.
H1 2025 was marked by geopolitical and economic uncertainties, causing significant headwinds across our industry, resulting in clients reassessing their projects. These challenges were compounded by lower vessel availability in the Europe-Africa region linked to the final stages of our geotechnical fleet expansion−which is key to meeting high client demand.
Despite the challenging market conditions in the first half of the year, I am encouraged by our ability to recalibrate our business through our diversified and market agnostic business model, which serves clients across different end markets and geographies. We successfully replaced the shortfall in renewables by other markets including oil & gas, as evidenced by the composition of our current backlog. We are implementing a comprehensive cost reduction programme that will deliver meaningful, sustainable savings, while maintaining our focus on operational excellence.
Our mid- to long-term business fundamentals remain strong, and we are securing emerging opportunities in the defence sector with the surveillance of critical infrastructure at sea – an area where Fugro is uniquely positioned to lead the industry forward. The DSS Galatea patrol vessel, operated under the Fugro-Damen joint venture, was recently handed over to the Royal Netherlands Navy ahead of the recent NATO summit and is now fully operational.“
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