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Fugro (FUR) investor relations material
Fugro Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue was €525.2m, up 2.2% on a currency-comparable basis, while adjusted EBIT margin fell to 5.2% from 12.9% amid lower marine pricing, Middle East disruption and Australian charter costs.
Land growth and resilient oil and gas and infrastructure activity partly offset subdued offshore wind markets.
The €50m annualised cost-reduction programme is on track, with structural profitability, cash generation and balance-sheet strength remaining priorities.
Financial highlights
Q3 EBITDA was €75.9m versus €108.6m; EBIT was €27.2m versus €64.9m. Q3 free cash flow was €2.6m versus €25.6m.
YTD revenue was €1,445.7m versus €1,409.4m, with comparable growth of 3.6%; YTD EBITDA was €206.8m versus €216.1m.
YTD free cash flow was negative €35.7m versus negative €160.6m, including discontinued operations; Q3 operating cash flow before working-capital changes was €59.6m versus €95.4m.
Q3 capex was €34m; full-year capex remains limited to ~€150m.
Outlook and guidance
FY 2026 outlook is unchanged; seasonally slower Q4, customer caution, industry overcapacity and Middle East hostilities are expected to weigh on margins.
Offshore wind site-characterisation activity is expected to recover from H2 2027; seabed licensing activity is expected to recover in 2027 from its 2026 low.
The €50m annualised cost-reduction programme is on track, with most actions expected in Q4 and Q1 and implementation targeted in H1 2027.
~€150m full-year capex and lower working capital are intended to support free cash flow; a working-capital unwind is expected in Q4.
Medium- to long-term outlook across core markets remains sound, with near-term offshore wind subdued.
- Revenue up 4.3% and EBIT margin improved, but net loss of EUR 62M amid wind market weakness.FUR
Q2 2026 - Cost discipline, innovation, and diversification drive recovery prospects after a tough 2025.FUR
Investor presentation - EBITDA margin rose to 10.4% despite a 2.1% revenue drop and ongoing market uncertainty.FUR
Q1 2026 TU - Revenue fell 16% as offshore wind slumped, but cost cuts and backlog shifts support 2026 recovery.FUR
Q4 2025 - 2025 guidance withdrawn as project delays and market headwinds drive cost and capex cuts.FUR
Guidance - Renewables led 40% of revenue as EBIT margin hit 13.2% and backlog rose 16.6%.FUR
Q2 2024 - Margin, cash flow, and backlog rose as Europe-Africa and APAC offset Americas and Middle East declines.FUR
Q3 2024 TU - Record EBIT margin and net profit in 2024, with positive outlook despite U.S. headwinds.FUR
Q4 2024 - Q1 2025 saw an 11.1% revenue drop and EBIT margin fall to 0.2% amid market headwinds.FUR
Q1 2025 TU
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