Fugro reported lower revenue and earnings in 2025, reflecting challenging conditions in offshore wind and a temporary slowdown in oil and gas project start-ups in the second half of the year.
Revenue declined to €1,848.1m from €2,275.4m in 2024, a decrease of 16.1% on a comparable basis. Earnings before interest, tax, depreciation and amortisation totalled €267.9m, compared with €483.6m in 2024, resulting in an EBITDA margin of 14.5% versus 21.3% a year earlier. Earnings before interest and tax were €90.9m, down from €314.6m.
The net result was €(20.5)m, compared with €274.0m in 2024. Excluding one-off impairments, the net result amounted to €59m. Earnings per share were €(0.18), compared with €2.44 in the previous year. A dividend of €0.15 per share is proposed.
In the fourth quarter, revenue was €438.7m, compared with €587.8m in the same period of 2024. Quarterly EBITDA was €51.8m, with a margin of 11.8%.
Fugro implemented cost reduction measures during the year. The programme is nearing completion and is expected to deliver annualised savings of €120m. Operating cash flow before changes in working capital was €175.3m. Free cash flow was €(136.6)m, mainly due to capital expenditure of €248m and higher working capital. Net leverage stood at 1.4 times.
The 12-month backlog at year-end was €1,395.9m, down 5.7% on a currency comparable basis from €1,576.9m in 2024.
For 2026, Fugro expects margin improvement supported by implemented cost savings and operational efficiencies. Capital expenditure is planned to be reduced to €150–165m, compared with €248m in 2025, alongside lower working capital, with the aim of supporting free cash flow. The company noted early signs of recovery in offshore wind markets, although a material rebound in activity may take time.
Furthermore, the Supervisory Board of Fugro and Barbara Geelen have agreed that she will step down from the Board of Management at the close of the annual general meeting on 23 April 2026.
Geelen has served as Chief Financial Officer and member of the Board of Management since 2021. She will remain involved in an advisory capacity until 1 August 2026 to support the transition.
The Supervisory Board will begin the process of appointing a successor.
