Brunel International (BRNL) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €301.2m, down 1% reported and 2% organically YoY; gross profit was €56.6m and stable organically, with gross margin improving to 18.8%.

• Underlying EBIT fell 5% reported and 4% organically to €11.4m; reported EBIT rose 43% to €8.9m as one-off costs declined.

• DACH, Australasia and the Americas grew, offset by weaker Netherlands & Belgium, Middle East & India and Asia results.

Financial highlights

• Q3 operating costs were €45.2m, up 1% organically, reflecting continued investment; one-off costs were €2.4m versus €5.7m in 3Q25.

• YTD revenue was €897.8m, down 2% reported and 1% organically; underlying EBIT was €25.5m, down 4% reported and 1% organically.

• Q3 contracting revenue declined 1% to €296.7m, while permanent recruitment revenue rose 5% to €4.5m.

• Q3 free cash flow was €8.0m versus €10.6m in 3Q25; YTD EPS rose to €0.19 from €0.05.

Outlook and guidance

• Q4 trends are expected to broadly continue, with resilient Global business and DACH performance and further improvement in the Netherlands.

• Approved or near-FID conventional-energy projects in Papua New Guinea, Guyana, Brazil, Mozambique and the US are expected to start in H1 2027; timing and secured work share affect revenue contribution.

• Mining demand is driving project starts; renewable activity is expected to increase in H2 2027. Scaling Power & Grid and Defence is intended to support growth and profitability.

• Confirmed FPSO projects are expected to start after Chinese New Year and contribute to Asia revenue; management indicated an ~20% contribution for Asia.

• Year-end total cash is expected near EUR 20m, including restricted cash; EUR 30m is at the upper end of the range. Q4 is typically the strongest cash-collection quarter.