Half-year results 2026
Published
31 Jul 2026 7:00 AM CET
Location
Nootdorp, the Netherlands
Fugro reports higher margin and cash flow for first half of 2026, while anticipating a challenging second half-year
Fugro’s results continue to be impacted by subdued offshore wind markets, leading to overcapacity and pricing pressure, and by the war in the Middle East.
Revenue increase of 4.3% in 1H26 with growth across oil & gas, infrastructure and water markets.
EBIT margin of 4.1% (1H25: 2.3%) driven by higher revenue and cost control, despite inflationary pressures and disruptions in the Middle East.
Free cash flow amounted to minus EUR 38 million (1H25: minus EUR 186 million) driven by a EUR 87 million reduction in capex and a EUR 22 million lower cash outflow from changes in working capital.
Net result of minus EUR 62 million (1H25: minus EUR 18 million) includes asset impairments and derecognition of deferred tax assets.
12-month backlog declines by 13.9%, with a 47% reduction in renewables.
We remain focused on managing costs in response to market realities, with further actions –including fleet rationalisation– expected to generate annualised cost reductions of EUR 50 million.
Outlook 2026:
- Market uncertainty expected to persist, leading to customer caution and industry over-capacity
- As a consequence, pricing pressure and shorter backlog visibility impact our performance in the short-term, making the earlier expected margin improvement for the full year unlikely
- To support free cash flow, capex for the year will be reduced to around EUR 150 million, along with lower working capital.
Key figures (x EUR million) | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
Revenue | 502.2 | 454.8 | 920.5 | 904.7 |
comparable growth1 | 10.7% | (19.4%) | 4.3% | (15.6%) |
EBITDA2 | 87.6 | 63.6 | 130.9 | 107.5 |
EBIT2 | 39.8 | 19.7 | 37.9 | 20.5 |
EBIT margin2 | 7.9% | 4.3% | 4.1% | 2.3% |
Net result | (62.1) | (18.3) | ||
Earnings per share3 | (0.56) | (0.16) | ||
Operating cash flow before changes in working capital | 71.7 | 36.1 | 84.9 | 57.7 |
Cash flow from operating activities after investing (free cash flow)4 | 19.6 | (101.5) | (38.3) | (186.2) |
Backlog next 12 months |
| 1,279.5 | 1,450.8 | |
comparable growth1 | (13.9%) | 0.3% |
1. Corrected for currency effect
2. Adjusted for specific items with a total impact of minus EUR 47.7 million on EBIT in H1 2026
3. Basic earnings per share (in euro)
4. 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: “In the second quarter, we delivered positive cash flow and a higher margin, supported by revenue growth and the cost savings implemented over recent quarters. Although pricing pressure in marine site characterisation and Middle East disruptions weighed on performance, overall results improved year-on-year.
However, the decline in our backlog points to a challenging second half. As previously communicated, offshore wind markets in Europe are expected to recover, but a meaningful rebound in site characterisation activity levels is expected to take time, and the start-up of new projects remains slow. As a result, market overcapacity is leading to increased competition and pricing pressure. At the same time, tensions in the Middle East have escalated again. The volatility of current market conditions has reduced near-term visibility beyond what we would normally expect at this stage of the year, making it challenging to forecast full-year performance.
We continue to focus on what we can control, including rationalising our vessel fleet to further right-size our cost base to current markets, targeting additional annualised savings of EUR 50 million, and a continued emphasis on cash generation.
Recent contract awards, including a geophysical contract for the Greater Sunrise and Bayu Undan pipeline in Timor-Leste and a five-year contract for critical infrastructure mapping for the U.S. Army Corps of Engineers, reflect the trust our clients place in our expertise and capabilities. We continue to advance our Towards Full Potential strategy to ensure we are well positioned when market conditions improve, while adapting to current markets. We do this by focusing on programmes that speed up remote operations, increasing our fleet of uncrewed surface vessels, leveraging our GroundIQ® land site investigation solution, and further digitalising our workflows.”
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