Full-year results 2025

^{1.      Corrected for currency effect
2.      Adjusted for specific items with total impact of EUR (113.6) million on EBIT in 2025; see page 9 for details
3.      Including discontinued operations
Refer to page 17-19 of this release for a reconciliation of non-IFRS performance measures to the most directly comparable IFRS figures}

Mark Heine, CEO: “2025 was a challenging year for Fugro. Uncertain markets and a shifting geopolitical landscape affected the overall business climate, prompting many clients to reassess the timing and scope of their projects.

Notably, offshore wind slowed significantly across several countries, reducing demand for early-stage site characterisation work. We responded decisively, and after right-sizing our operations during recent quarters, we enter 2026 better positioned: leaner, more focused and more resilient.

We are nearing the completion of the cost reduction programme delivering annualised savings of EUR 120 million -including a personnel decrease of 1,050 FTE- resulting in a more flexible cost base. We have successfully recalibrated the business in 2025 by replenishing the backlog with oil and gas and infrastructure projects.

Capital expenditure will be reduced to EUR 150 to 165 million in 2026, a substantial decrease versus EUR 248 million in 2025, without compromising upside potential from any recovery. We remain committed to taking further measures if needed to improve margins, cash flow and our balance sheet.

Looking ahead at 2026 and beyond, the offshore wind market -in Europe in particular- is showing early signs of recovery as governments and industry collaborate to revitalise the sector, which is vital for a secure and balanced energy system.

Increasing awareness of the importance of energy security and affordability is driving faster investments in grids, interconnectors, nuclear power, and renewables. Recent milestones include the UK’s successful auction round 7 and commitments from the North Sea Summit.

While the near-term focus is on industry realignment it will take some time before site characterisation activity rebounds. Meanwhile, the complexity of the energy transition and rising global demand suggest that fossil fuels, especially gas, will remain significant for the foreseeable future, ensuring continued demand for Fugro’s services.

Fugro’s mid‑ to long‑term fundamentals across its energy, infrastructure and water markets remain solid, with additional opportunities in areas such as maritime security and surveillance, and critical minerals. By maintaining close relationships with our clients and understanding their evolving needs, we are well-positioned to seize new opportunities.

We are committed to executing our Towards Full Potential strategy, adapting to current market conditions by focusing on programmes that speed up remote operations, increasing our fleet of uncrewed surface vessels, improving our GroundIQ® land site investigation solution, and further digitising our workflows.”