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Visual21 Nov 2025
Data center suppliers
Fugro (FUR) investor relations material
Fugro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 performance improved sequentially, with EBIT margin rising to 12.9% from 4.3% in Q2, but revenue declined 12.6% year-over-year due to a EUR 100 million drop in offshore wind and oil & gas project slowdowns.
Cost reduction programs expanded, targeting EUR 100–120 million in annualized savings and increasing planned workforce reductions to 1,050 FTEs, with most reductions expected by year-end.
The balance sheet remains robust, with net leverage at 1.2x or lower and net debt reduced to EUR 411 million by September.
Operational focus is on supporting key client projects and leveraging innovative solutions such as GroundIQ, remote data technologies, and USVs.
Offshore wind revenue declined by EUR 100 million in Q3 year-over-year, with a year-to-date drop of EUR 250 million, mainly due to the absence of US projects and a broader market slowdown.
Financial highlights
Q3 2025 revenue was EUR 504.7 million, down from EUR 596.5 million in Q3 2024, but up 11% sequentially.
EBIT margin improved to 12.9% in Q3, up from 4.3% in Q2, but down from 16.7% in Q3 2024.
Free cash flow for Q3 was EUR 25.6 million, down from EUR 102.6 million in Q3 2024, mainly due to lower EBITDA and higher working capital.
Operating cash flow before working capital changes was EUR 95.4 million in Q3.
CapEx for Q3 was EUR 30 million, with full-year 2025 guidance at EUR 250 million.
Outlook and guidance
Q4 2025 and the winter season are expected to be challenging, with project descoping, postponements, and subdued offshore wind activity.
CapEx in 2026 will be significantly lower than EUR 250 million, reflecting a lower growth environment and focus on cost savings.
Some projects deferred from 2025 are confirmed to start in early 2026, with no major cancellations reported.
Medium- to long-term outlook remains positive for core markets, including Geo-data, energy transition, infrastructure, and climate adaptation.
Monetizing new markets in Americas: timeline?
Protecting operational capacity amid FTE cuts?
Balancing CapEx cuts with remote solutions pace?
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Frequently asked questions
Fugro N.V. specializes in the collection and analysis of Geo-data for the Earth and structures. Fugro offers a broad range of geotechnical, survey, and subsea services, encompassing project preparation, data acquisition, processing, analysis, interpretation, reporting, and consulting. These services cater to various markets, including oil and gas, sustainable energy, building and infrastructure, mining, public sector, and water sector. Fugro is headquartered in Leidschendam, Netherlands, and its shares are listed on the Euronext Amsterdam.
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