Fugro (FUR) Q3 2026 TU earnings summary

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.