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Fugro (FUR) investor relations material
Fugro Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 performance was significantly impacted by a sharp decline in offshore wind markets and a slowdown in oil & gas project start-ups, resulting in a EUR 427 million (16% currency comparable) revenue drop.
A cost reduction program delivered EUR 120 million in annualized savings and reduced the workforce by 1,050 FTEs.
Backlog was recalibrated and replenished with oil & gas and infrastructure projects, partially offsetting the decline in renewables.
Early signs of recovery are emerging in offshore wind, but a full rebound is expected only from 2027 onwards.
Financial highlights
2025 revenue was EUR 1,848 million, down EUR 427 million (16.1%) year-over-year, with EUR 380 million of the decline from offshore wind.
Adjusted EBITDA margin was 14.5%, down from 21.3% in 2024; adjusted EBIT margin was 4.9%.
Free cash flow was negative EUR 137 million, impacted by EUR 248 million in capex and higher working capital.
Net debt increased to EUR 382 million, with leverage at 1.4x; no significant maturities until 2029 except a EUR 40 million term loan.
Dividend proposed at EUR 0.15 per share (28% payout ratio, excluding impairments).
Outlook and guidance
Focus for 2026 is on margin improvement, cash flow generation, and continued cost discipline.
Offshore wind market shows early recovery signs, but meaningful revenue impact is expected only from 2027.
Capex will be reduced to EUR 150–165 million in 2026, down from EUR 248 million in 2025.
Oil & gas and infrastructure backlogs are growing, with cautious optimism for nuclear, critical minerals, and security markets.
No specific revenue or margin guidance provided; midterm targets (EBIT margin 8–12%, ROCE 10–15%) remain aspirational.
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