Revenue in the first quarter increased by 9.0% on a currency-comparable basis. Within the Marine sector, revenue grew by 13.8%, supported by the expansion of the geotechnical fleet.
Overall vessel utilisation was 65%, slightly lower than the 68% recorded in the same period last year, attributed to scheduled maintenance and reduced utilisation of the geophysical fleet. While infrastructure revenue saw growth, Land experienced a 3.5% decline overall, mainly due to fewer nearshore LNG projects in the US.
Despite the typically slower pace of the first quarter, Fugro reported an 8.8% EBIT margin, driven by a solid performance in Marine, particularly in Europe-Africa, thanks to efficient project execution and improved terms and conditions. The company holds a significant position in site characterisations within the offshore wind market.
Operating cash flow before changes in working capital increased by EUR 24.0 million to EUR 66.2 million. As expected, working capital rose compared to the exceptionally low level at year-end 2023 (8.9% of revenue), increasing by EUR 91.4 million in total. Working capital stood at 12.8% of 12-month revenue, compared to 13.2% a year ago. Capital expenditure amounted to EUR 32.7 million. Overall, free cash flow decreased by EUR 73.6 million to negative EUR 58.0 million. Net debt amounted to EUR 198.6 million compared to EUR 110.5 million at year-end 2023, mainly due to higher working capital. Net leverage was 0.5x.
The 12-month backlog increased in both Marine and Land, driven by double-digit growth in Europe-Africa and Asia Pacific.
In line with the new strategy "Towards Full Potential" and related mid-term guidance, Fugro expects:
- Continued revenue growth, primarily driven by the energy markets
- EBIT margin within the mid-term target range of 11-15%
- Ongoing investments in assets, technology, personnel, and execution excellence
- Capital expenditure of around EUR 250 million.
