Fugro (FUR) Investor presentation summary

Business highlights and market positioning

• Leading global provider of Geo-data solutions, supporting energy transition, infrastructure, and climate adaptation across diverse regions and sectors.

• Revenue in 2025 split: 45% oil & gas, 26% renewables, 24% infrastructure, 5% water.

• Highly diversified client base, including major energy companies, governments, and contractors.

• Holds #1 or #2 global market positions in marine and land Geo-data services, with a shift toward asset-light, recurring revenue models.

• Strategic priorities: grow and transform core business, expand into developing segments, and build recurring revenue with Geo-data as a service.

Financial performance and capital allocation

• 2025 revenue €1,848 million, down 16.1% YoY; EBITDA margin 14.5% (2024: 21.3%).

• EBIT margin dropped to 4.9% in 2025 from 13.8% in 2024; free cash flow negative at -€137 million.

• Backlog at year-end 2025 was €1,396 million, down 5.7% YoY, reflecting reduced renewables exposure but replenished with oil & gas and infrastructure projects.

• €120 million annualized cost reduction program implemented, including workforce reduction and hiring freeze.

• Capex reduced to €150–165 million for 2026 to support free cash flow and operational efficiency.

Market trends and outlook

• Offshore wind markets in Europe show early signs of recovery, with increased tendering and government support.

• Oil & gas markets remain volatile due to geopolitical tensions, but selective expansion continues to offset depletion.

• Infrastructure investments are growing steadily, supporting long-term demand for Geo-data services.

• 2026 outlook: margin improvement expected from cost measures, with continued focus on operational efficiencies and lower capex.

• Backlog diversification strategy validated by successful replenishment in non-renewables segments.