Trading update Q1 2026
Published
23 April 2026 7:00 AM CET
Location
Nootdorp, the Netherlands
Navigating volatile markets with focus on cost discipline
Growth in other markets largely offset soft wind market
Revenue decline of 2.1% in seasonally low quarter, with anticipated lower offshore wind activity.
Continued geopolitical and macroeconomic uncertainty leading to slower award decisions and heightened client focus on cost and cash discipline.
EUR 120 mn cost reduction programme completed; additional measures will be taken if required.
EBITDA margin of 10.4% versus 9.8% in Q1 2025 and EBIT margin in line with last year, driven by revenue decline, largely offset by cost reductions.
Operating cash flow before changes in working capital of EUR 13 mn vs EUR 21 mn last year. Free cash flow improved to minus EUR 57.9 mn, primarily driven by significantly reduced capital expenditure of EUR 31 mn vs EUR 101 mn last year.
Increased working capital due to higher billing driven by increased activity towards the end of the quarter, combined with high payables for the comparable period last year.
12-month backlog modestly lower by 3.5% with solid tendering activity across most markets, although award conversion remains slower than usual.
Outlook 2026:
margin improvement driven by implemented cost savings and operational efficiencies
to support free cash flow, capex for the year will be EUR 150-165 mn, well below EUR 248 mn in 2025, along with lower working capital.
Key figures (x EUR million) Unaudited | Q1 2026 | Q1 2025 |
Revenue | 418.3 | 450.0 |
comparable growth1 | (2.1%) | (11.1%) |
EBITDA2 | 43.3 | 43.9 |
EBITDA margin | 10.4% | 9.8% |
EBIT2 | (1.9) | 0.8 |
EBIT margin2 | (0.4%) | 0.2% |
Operating cash flow before changes in working capital | 13.2 | 21.2 |
Cash flow from operating activities after investing (free cash flow)3 | (57.9) | (84.4) |
Backlog next 12 months | 1,385.1 | 1,482.2 |
comparable growth1 | (3.5%) | (3.3%) |
1. Corrected for currency effect
2. Adjusted for specific items with impact of EUR (4.6) million in Q1 2026 (on EBIT)
3. Including discontinued operations
Refer for definitions of non-IFRS measures to the glossary in the additional information to the 2025 annual report.
Mark Heine, CEO: “As anticipated, the first quarter of 2026 was seasonally low and market conditions remained challenging, with lower offshore wind activity continuing to weigh on our topline. Encouragingly, activity levels increased toward the end of the quarter.
The direct impact of the conflict in the Middle East has so far been largely confined to our operations in the UAE and Qatar, alongside some knock-on effects in other countries and regions. Going forward, we continue to monitor the situation, ready to respond where necessary, with the safety of our people as our foremost priority.
We remain focused on what we can control: maintaining cost discipline, actively managing vessel capacity, and improving cash conversion through reduced capital expenditure and lowering working capital from the elevated levels seen in recent quarters. At the same time, strengthening sales momentum remains a clear priority, with a strong focus on accelerating the conversion of opportunities into awards. I am confident that these actions will drive margin improvement as the year progresses.
Although the offshore wind market –especially in Europe– is showing early signs of recovery, the near term is likely to focus on industry realignment, and it will take some time for increased site characterisation work to materialise. Meanwhile, sustained demand in traditional energy, particularly gas‑related projects, continues to support our activity levels.”
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