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Brunel International (BRNL) investor relations material
Brunel International H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue and gross profit declined sharply in Q2 and H1 2025, with Q2 revenue down 12% and H1 down 11% year-over-year; organic declines were 7–8%.
Underlying EBIT dropped 46% in Q2 and 45% in H1, with net profit for H1 at €0.3M, down from €14.9M last year.
Cost reduction programs exceeded targets, delivering €13–13.4M in H1 savings, with an additional €10M annual savings targeted.
AI and technology implementations are progressing, improving efficiency and expected to drive further savings.
New project pipeline is growing, especially in conventional energy, but benefits will materialize gradually.
Financial highlights
Q2 revenue was €303M (down 12%); H1 revenue €613M (down 11%).
Q2 gross profit was €52M (down 20%); H1 gross profit €109M (down 19%).
Underlying EBIT: Q2 €6.3M (down 46%), H1 €14.7M (down 45%).
Free cash flow was negative €24.3M in H1, mainly due to low earnings, delayed collections, and higher tax payments.
Net debt at 30 June 2025 was €1.9M, compared to €64.7M cash at year-end 2024, mainly due to dividend payments and seasonality.
Outlook and guidance
Q3 organic year-on-year trend expected to be in line with Q2, with continued FX headwinds.
New energy projects (FPSOs for Guyana and Suriname) to start in H2; Mozambique and Namibia projects expected in H1 next year.
Full-year effective tax rate expected between 40% and 45%, down from 76.8% in H1.
Updated strategy to be shared in Q1 2026.
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