Earnings release
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- 1 - - 1 - Brunel International N.V. Quarterly Report 2025-3 Amsterdam, 7 November 2025 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its third quarter and first nine months results. Q3 2025 Key points ▪ Revenue of EUR 304.0 million, down 10% (down 7% organically) ▪ Gross profit of EUR 56.5 million, down 16% (down 14% organically) ▪ Underlying EBIT of EUR 11.9 million, down 31% (down 29% organically) ▪ Cost reduction programs delivered EUR 5.1 million lower costs to EUR 44.6 million (down 8% organically) ▪ Making strong headway in deploying our advanced IT platform, including AI capabilities to enhance performance and speed in placements 9M 2025 Key points ▪ Revenue of EUR 917.3 million, down 11% (down 8% organically) ▪ Gross Profit of EUR 165.3 million, down 18% (down 15% organically) ▪ Underlying EBIT of EUR 26.6 million, down 40% (down 29% organically) ▪ Free cash flow EUR 13.7 negative (EUR 36.1 million positive) ▪ EUR 20 million cost reduction plan delivered (announced Q2 2024) and additional EUR 10 million cost reduction plan fully implemented (announced Q2 2025) Press Release Brunel Q3 2025 results: Driving operational efficiency
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- 2 - - 2 - Brunel International N.V. Quarterly Report 2025-3 “We show resilience in a challenging market. Overall, the third quarter showed similar trends in revenue, gross profit and underlying EBIT compared to the first half of the year. The cost reduction programs launched in 2024 and 2025 are delivering results, with operating costs EUR 18.4 million lower year-on-year, in addition to the savings that were already realised in Q3 2024 of EUR 4.1 million. These measures, together with our broader operational improvements, put us in a good position for the next upturn. We are making strong progress in improving efficiency through digital and AI -driven solutions. This year, we successfully implemented two key systems: our Mid Office System, a contractor care platform that manages the full lifecycle of specialists within Brunel, and NEO, an AI -powered client interface that streamlines the recruitment process, from automated ranking and matching to candidate outreach, and AI - generated CV creation. These innovations mark a major step forward in our digital transformation journey. As announced, we are working on a strategy update ; leveraging our strengths across established and emergin g verticals, powered by exceptional tal ent and a n advanced technology platform, we are well positioned to achieve profitable growth again in 2026.”
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- 3 - - 3 - Brunel International N.V. Quarterly Report 2025-3 Contents Brunel Q3 2025 results: Driving operational efficiency Group performance 4 Headline performance by region 5 Other information 8 Detailed performance by region 9 Reconciliation of non-IFRS financial measures 14 Definitions and abbreviations 17
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- 4 - - 4 - - 4 - Brunel International N.V. Quarterly Report 2025-3 GROUP PERFORMANCE amounts in EUR million (unless otherwise stated), organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days Brunel International (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Contracting revenue 299.7 332.3 -10% -6% 905.6 1,011.5 -10% -7% Permanent recruitment revenue 4.3 6.3 -32% -32% 11.7 18.8 -38% -38% Total revenue 304.0 338.6 -10% -7% 917.3 1,030.3 -11% -8% Gross Profit 56.5 67.1 -16% -14% 165.3 201.3 -18% -15% Gross margin 18.6% 19.8% 18.0% 19.5% Operating costs 44.6 49.7 -10% -8% 138.7 157.1 -12% -10% EBIT (underlying) 11.9 17.4 -31% -29% 26.6 44.2 -40% -29% EBIT % (underlying) 3.9% 5.1% 2.9% 4.3% Conversion ratio 21.1% 26.0% 16.1% 21.9% Acquisition related costs - 0.1 -100% -100% - 1.7 -100% -100% One-off costs 5.7 4.7 22% 22% 11.9 4.7 154% 154% EBIT (after one-off) 6.2 12.7 -51% -49% 14.8 37.8 -61% -49% Earnings per share (in €) 0.05 0.13 -64% 0.05 0.43 -88% Free cash flow 10.6 36.3 -71% -13.7 36.1 -138% Average directs 10,099 10,870 -7% -7% 10,068 10,997 -8% -8% Average indirects 1,304 1,464 -11% -11% 1,345 1,526 -12% -12% Ratio direct / indirect 7.7 7.4 7.5 7.2 Revenue Compared to Q3 2024, revenue decreased by 10%. Organically, revenue decreased by 7%, excluding a working days effect of 0% and an FX effect of 3%. Gross Profit Gross Profit declined by 16% compared to Q3 2024. Organically, the decrease was 14%, excluding a working days effect of 0% and an FX effect of 2%. The gross margin decreased by 1.2 ppt, of which 0.3 ppt was attributable to lower revenue from permanent placements. Operating costs Operating costs decreased by EUR 5.1 million or 10% in Q3 2025, in addition to the EUR 4.1 million already saved in Q3 2024, reflecting the successful execution of the cost reduction plans initiated in Q3 2024 and Q2 2025. Following the increased IT investments, we also changed the allocation of IT costs in line with our ongoing digital transformation (EUR 1.5 million has been re- allocated to the regions from unallocated). Underlying EBIT Underlying EBIT decreased by 3 1% in Q3 2025, driven by the decline in Gross Profit, partly offset by lower operating costs. Organically, Underlying EBIT declined by 29%, excluding a working days effect of 0% and an FX effect of 2%. One-off costs One-off cost in Q3 2025 amounted EUR 5.7 million, which includes EUR 4.0 million of a write- off of a receivable. This concerns a receivable on a local operating entity of an international group whereby the ultimate holding company recently filed for administration. Although the operating entity is still trading, there is a significant risk that we will not be able to collect the amount due. The write-off includes the total receivable on this group.
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- 5 - - 5 - Brunel International N.V. Quarterly Report 2025-3 HEADLINE PERFORMANCE BY REGION amounts in EUR million (unless otherwise stated), organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days Revenue Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% DACH region 47.3 60.3 -22% -22% 141.1 184.4 -23% -23% The Netherlands 42.7 52.0 -18% -18% 142.7 161.8 -12% -11% Australasia 49.7 59.2 -16% -9% 148.6 171.2 -13% -7% Middle East & India 42.7 40.8 5% 10% 129.3 131.4 -2% 3% Americas 46.2 48.8 -5% 0% 139.1 142.4 -2% 3% Asia 40.3 41.0 -2% 4% 118.4 129.0 -8% -4% Rest of world 41.0 42.9 -4% -3% 116.9 134.1 -13% -11% Eliminations -6.0 -6.4 7% 7% -18.9 -24.0 21% 21% Total 304.0 338.6 -10% -7% 917.3 1030.3 -11% -8% Underlying EBIT Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% DACH region 3.0 6.7 -56% -56% 5.2 16.1 -68% -61% The Netherlands 2.3 4.1 -46% -46% 7.1 12.4 -43% -31% Australasia 1.6 1.7 -8% -2% 4.8 4.3 13% 21% Middle East & India 3.2 3.2 1% 6% 9.7 9.1 6% 12% Americas 1.7 2.4 -29% -27% 5.0 4.9 2% 11% Asia 1.8 1.7 5% 13% 5.0 6.1 -18% -10% Rest of world 0.9 1.0 -5% -11% 0.0 2.2 -100% -95% Unallocated -2.6 -3.5 26% 26% -10.2 -11.0 7% 7% Total 11.9 17.4 -31% -29% 26.6 44.2 -40% -29% DACH region The DACH region, comprising Germany, Switzerland, Austria and the Czech Republic, recorded a 21.6% decline in revenue. The gross margin was 31.1% in Q3 2025 (Q3 2024: 33.9%). The decrease was primarily driven by lower revenue from permanent recruitment, lower productivity, and continued market-related margin pressure. Underlying EBIT decreased organically by 56%, as a result of lower gross profit, partly offset by a 15% reduction in operating costs. We remain focused on improving efficiency to aligning our cost base with the lower overall activity level. The Netherlands In The Netherlands, revenue declined by 17.9%. Lower headcount and productivity were partly offset by higher average rates. The gross margin was stable at 25.5% in Q3 2025 (Q3 2024: 25.4%).
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- 6 - - 6 - Brunel International N.V. Quarterly Report 2025-3 Australasia Australasia, which includes Australia and Papua New Guinea, improved its conversion ratio to 32.3%, driven by a strategic focus on higher -margin business and organizational efficiencies. Revenue in the region decreased by 9% organically, partially offset by increased activity in Papua New Guinea. Underlying EBIT decreased organically by 2%. Australia secured a contract for a defence project scheduled to start in H2 2026. Middle East & India The Middle East & India region, which includes Qatar, Kuwait, Dubai, Iraq and India, achieved an organic revenue increase of 10%. The overall gross margin decreased slightly to 13.5% (Q3 2024: 13.9%), mainly due to a change in business mix. Underlying EBIT was stable at EUR 3.2 million. Americas The Americas region, comprising Brazil, Canada, the US, Guyana and Surinam, recorded a decrease in revenue. Higher revenue in Canada was more than offset by lower revenue in US and Brazil. The gross margin declined slightly to 14.4% (Q3 2024: 15.2%), primarily due to lower permanent recruitment revenue. This directly impacted EBIT, although the impact was partly mitigated by a higher headcount in contracting services. Asia The Asia region, which includes Singapore, China, Hong Kong, South Korea, Taiwan, Japan, Indonesia, Thailand and Malaysia, recorded a decrease in revenue. The gross margin improved 0.4 ppt to 16.4% (Q3 2024: 16.0%). A 2% reduction in costs resulted in a 5% improvement in underlying EBIT. Rest of World The Rest of World segment includes Taylor Hopkinson, Belgium and our other energy activities in Europe and Africa. Market uncertainty led to a slowdown in permanent recruitment, as new hires were delayed or cancelled, impacting our global renewables busine ss. Conventional energy and hydrogen activities in Europe showed a mild slowdown in Q3. Compared to H1 2025, performance in Rest of World improved.
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- 7 - - 7 - Brunel International N.V. Quarterly Report 2025-3 Gross profit (net fees) per vertical amounts in EUR million (unless otherwise stated) Q3 2025 Q3 2024 Δ% YTD 2025 YTD 2024 Δ% Global verticals Conventional Energy 16.3 17.5 -7% 49.1 54.7 -10% Renewables 9.2 9.6 -5% 24.5 28.7 -14% Mining 5.3 5.8 -8% 15.4 17.4 -11% Life Sciences 3.1 4.1 -23% 8.7 12.1 -28% Local verticals Industrials & Technology 6.5 9.0 -28% 20.6 26.7 -23% Future Mobility 4.2 7.2 -41% 12.8 22.1 -42% Financial Services 2.7 3.6 -26% 8.4 10.7 -21% Public Sector 4.5 5.2 -15% 13.5 16.5 -18% Infrastructure 2.7 2.4 15% 7.8 7.6 4% Other 2.0 2.6 -25% 4.5 4.8 -6% Total 56.5 67.1 -16% 165.3 201.3 -18%
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- 8 - - 8 - Brunel International N.V. Quarterly Report 2025-3 OTHER INFORMATION Cash flow and cash position Free cash flow was EUR 13.7 million negative in 9M 2025 (2024: EUR 36.1 million positive), mainly due to lower earnings and higher corporate income tax payments. As of 30 September 2025, the net cash balance stood at EUR 11.2 million (31 December 2024: EUR 64.7 million), including EUR 13.7 million in restricted cash (31 December 2024: EUR 14.2 million). The decrease in cash is mainly the result of the dividend payment in June and lower free cash flow. Recognized for Excellence, Driven by Innovation Brunel’s innovative approach to workforce solutions continues to gain international recognition. For the second consecutive year, the company has been named among the World’s Best Companies 2025 (TIME & Statista) and World’s Most Trustworthy Companies 2025 (Newsweek & Statista). Strategy update As announced in our H1 2025 results press release, we have initiated a review of our strategy. This process takes into account the current macroeconomic environment, the outlook for our core markets, and ongoing technological developments—particularly in the field of AI. We plan to present the updated strategy in March 2026. Outlook We expect the organic year -on-year trend for the remainder of 2025 be in line with the trend observed in Q3.
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- 9 - - 9 - Brunel International N.V. Quarterly Report 2025-3 DETAILED PERFORMANCE BY REGION amounts in EUR million, unless otherwise stated, organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days DACH region (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 47.3 60.3 -22% -22% 141.1 184.4 -23% -23% Gross Profit 14.7 20.5 -28% -28% 41.9 60.0 -30% -28% Gross margin 31.1% 33.9% 29.7% 32.5% Operating costs 11.7 13.8 -15% -15% 36.7 43.9 -16% -16% Underlying EBIT 3.0 6.7 -56% -56% 5.2 16.1 -68% -61% Underlying EBIT % 6.2% 11.1% 3.7% 8.7% Conversion ratio 20.1% 32.6% 12.5% 26.9% Average directs 1,413 1,828 -23% -23% 1,464 1,924 -24% -24% Average indirects 294 367 -20% -20% 310 380 -18% -18% Ratio direct / indirect 4.8 5.0 4.7 5.1 The Netherlands (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 42.7 52.0 -18% -18% 142.7 161.8 -12% -11% Gross Profit 10.9 13.2 -18% -18% 33.6 41.2 -18% -15% Gross margin 25.5% 25.4% 23.5% 25.4% Operating costs 8.6 9.1 -5% -5% 26.5 28.8 -8% -8% Underlying EBIT 2.3 4.1 -46% -46% 7.1 12.4 -43% -31% Underlying EBIT % 5.3% 8.0% 5.0% 7.7% Conversion ratio 20.7% 31.3% 21.2% 30.2% Average directs 1,318 1,660 -21% -21% 1,456 1,672 -13% -13% Average indirects 227 249 -9% -9% 232 262 -11% -11% Ratio direct / indirect 5.8 6.7 6.3 6.4 Australasia (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 49.7 59.2 -16% -9% 148.6 171.2 -13% -7% Gross Profit 5.0 5.6 -11% -4% 15.1 16.9 -11% -5% Gross margin 10.0% 9.5% 10.1% 9.9% Operating costs 3.4 3.9 -13% -6% 10.3 12.6 -18% -14% Underlying EBIT 1.6 1.7 -8% -2% 4.8 4.3 13% 21% Underlying EBIT % 3.2% 2.9% 3.2% 2.5% Conversion ratio 32.3% 31.1% 31.9% 25.3% Average directs 1,666 1,797 -7% -7% 1,658 1,782 -7% -7% Average indirects 107 125 -14% -14% 115 132 -12% -12% Ratio direct / indirect 15.5 14.3 14.4 13.5
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- 10 - - 10 - Brunel International N.V. Quarterly Report 2025-3 Middle East & India (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 42.7 40.8 5% 10% 129.3 131.4 -2% 3% Gross Profit 5.8 5.7 2% 8% 17.2 17.0 1% 6% Gross margin 13.5% 13.9% 13.3% 12.9% Operating costs 2.6 2.5 4% 9% 7.5 7.9 -5% -1% Underlying EBIT 3.2 3.2 1% 6% 9.7 9.1 6% 12% Underlying EBIT % 7.5% 7.8% 7.5% 6.9% Conversion ratio 55.7% 56.3% 56.3% 53.7% Average directs 2,080 1,846 13% 13% 2,012 1,936 4% 4% Average indirects 129 145 -11% -11% 133 157 -15% -15% Ratio direct / indirect 16.1 12.7 15.1 12.3 Americas (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 46.2 48.8 -5% 0% 139.1 142.4 -2% 3% Gross Profit 6.7 7.4 -10% -6% 19.7 21.0 -6% -1% Gross margin 14.4% 15.2% 14.2% 14.7% Operating costs 5.0 5.0 0% 5% 14.7 16.1 -9% -4% Underlying EBIT 1.7 2.4 -29% -27% 5.0 4.9 2% 11% Underlying EBIT % 3.8% 5.0% 3.6% 3.4% Conversion ratio 26.0% 32.8% 25.2% 23.2% Average directs 1,143 1,087 5% 5% 1,108 1,050 6% 6% Average indirects 136 137 -1% -1% 139 146 -5% -5% Ratio direct / indirect 8.4 7.9 8.0 7.2 Asia (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 40.3 41.0 -2% 4% 118.4 129.0 -8% -4% Gross Profit 6.6 6.6 1% 7% 18.9 20.7 -8% -4% Gross margin 16.4% 16.0% 16.0% 16.0% Operating costs 4.8 4.9 -2% 4% 13.9 14.6 -5% -2% Underlying EBIT 1.8 1.7 5% 13% 5.0 6.1 -18% -10% Underlying EBIT % 4.5% 4.2% 4.2% 4.8% Conversion ratio 27.7% 26.5% 26.5% 29.7% Average directs 1,195 1,435 -17% -17% 1,182 1,386 -15% -15% Average indirects 175 188 -7% -7% 177 190 -7% -7% Ratio direct / indirect 6.8 7.6 6.7 7.3
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- 11 - - 11 - Brunel International N.V. Quarterly Report 2025-3 Rest of world (unaudited) Q3 2025 Q3 2024 Δ% Org. Δ% YTD 2025 YTD 2024 Δ% Org. Δ% Revenue 41.0 42.9 -4% -3% 116.9 134.1 -13% -11% Gross Profit 6.8 8.1 -16% -15% 18.9 24.6 -23% -22% Gross margin 16.6% 18.9% 16.2% 18.4% Operating costs 5.9 7.1 -17% -15% 18.9 22.4 -16% -15% Underlying EBIT 0.9 1.0 -5% -11% - 2.2 -100% -95% Underlying EBIT % 2.2% 2.3% 0.0% 1.6% Conversion ratio 13.5% 12.0% 0.0% 9.0% Average directs 1,283 1,217 5% 5% 1,187 1,246 -5% -5% Average indirects 164 187 -13% -13% 169 197 -14% -14% Ratio direct / indirect 7.8 6.5 7.0 6.3 Working days and headcount development Working days Germany: Q1 Q2 Q3 Q4 FY 2025 63 60 66 63 252 2024 63 61 66 62 252 The Netherlands: Q1 Q2 Q3 Q4 FY 2025 63 61 66 64 254 2024 64 62 66 64 256
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- 12 - - 12 - Brunel International N.V. Quarterly Report 2025-3 Headcount development Headcount in the DACH region as of 30 September was 1,421 (2024: 1,820) • Headcount in The Netherlands as of 30 September was 1,302 (2024: 1,662) 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Headcount development DACH region 2025 Actuals 2024 Actuals 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 Headcount development Netherlands 2025 Actuals 2024 Actuals
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- 13 - - 13 - Brunel International N.V. Quarterly Report 2025-3 Results call Today (7 November 2025), at 10:30 AM CET, Brunel will be hosting a results call. ID 479582 The dial-in number for the Netherlands is +31 85 888 7233, for UK: +44 800 358 1035, for US: +1 646 233 4753. Other locations – see www.brunelinternational.net. You can listen to the call through a real-time audio webcast. You can access the webcast and presentation at https://events.q4inc.com/attendee/532734837. A replay of the presentation and the Q&A will be available on our website by the end of the day. For further information: Ingrid Prins - Investor Relations +31(0)6 26407735 (i.prins@brunel.net) About Brunel Founded in 1975, we are a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent. With 120+ offices and a powerful network of more than 12,000 specialists around the world, we deliver Project and Consulting Solutions, Workforce Solutions and Global Mobility Solutions that transform global projects in Renewables, Conventional Energy, Mining, Life Sciences, Future Mobility, Industrials & Technology and many other sectors. The company is listed at Euronext Amsterdam. For more information on Brunel International visit our website: www.brunelinternational.net Financial Calendar 20 February 2026 Publication Full Year 2025 results (before trading) Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International N.V. as well as plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include general economic conditions, a shortage on the job market, changes in the demand for (flexible) personnel, changes in employment legislation, future currency and interest fluctuations, future takeovers, acquisitions and disposals and the rate of technological developments. These prognoses therefore apply only on the date on which the document was compiled. The financial figures as presented in this press release are unaudited.
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- 14 - - 14 - Brunel International N.V. Quarterly Report 2025-3 RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Certain parts of this report contain financial measures that are not measures of financial performance under IFRS. These are commonly referred to as non-IFRS financial measures and are used by the company to monitor the underlying performance of its business and operations. These measures have not been audited and might not be indicative of the company’s historical operating results, nor are such measures meant to be predictive of the company’s future results. The main non-IFRS financial measures are: Organic growth The company discloses comparable (organic) growth of income statement line items (revenue, gross profit, operating costs, EBIT) as a supplemental non -IFRS financial measure, as the company believes that the presentation of organic growth is a meaningful measure for investors to evaluate the performance of the company’s business activities over time. The company determines organic growth by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days. Underlying EBIT The company believes that the presentation of underlying EBIT, EBIT adjusted for acquisition related costs and other one-off costs provides useful information to investors on the development of the company’s business and enhances the ability of investors to compare profitability across the years. The company believes that these measures make the underlying performance of its businesses more transparent by factoring out restructuring costs and other incidental charges which are not directly related to the operational performance of the company. Reconciliation of reported vs. organic (Q3) Reported FX Work. days Organic Reported Reported Organic Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2024 Δ% Δ% Revenue 304.0 11.8 0.0 315.8 338.6 -10% -7% Cost of Sales 247.5 10.3 0.0 257.8 271.6 -9% -5% Gross Profit 56.5 1.5 0.0 58.0 67.1 -16% -14% Operating costs 44.5 1.1 0.0 45.6 49.7 -10% -8% Underlying EBIT 11.9 0.4 0.0 12.3 17.4 -31% -29% Acquisition related costs 0.0 0.0 0.0 0.0 0.1 -100% -100% One-offs 5.7 0.0 0.0 5.7 4.7 22% 22% EBIT 6.2 0.4 0.0 6.6 12.7 -51% -48% Reported FX Work. days Organic Reported Reported Organic Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2023 Δ% Δ% Revenue 338.6 2.0 -5.0 335.7 341.6 -1% -2% Cost of Sales 271.6 1.7 -3.1 270.2 268.6 1% 1% Gross Profit 67.1 0.3 -1.9 65.5 73.0 -8% -10% Operating costs 49.7 0.2 0.0 49.9 54.2 -8% -8% Underlying EBIT 17.4 0.2 -1.9 15.6 18.8 -7% -17% Acquisition related costs 0.1 0.0 0.0 0.1 0.0 0% 0% One-offs 4.7 0.0 0.0 4.7 0.0 0% 0% EBIT 12.7 0.2 -1.9 10.9 18.8 -33% -42%
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- 15 - - 15 - Brunel International N.V. Quarterly Report 2025-3 Reconciliation of reported vs. organic (YTD) Reported FX Work. days Organic Reported Reported Organic YTD 2025 YTD 2025 YTD 2025 YTD 2025 YTD 2024 Δ% Δ% Revenue 917.3 22.7 9.7 949.7 1,030.3 -11% -8% Cost of Sales 752.0 19.7 6.1 777.9 829.0 -9% -6% Gross Profit 165.3 2.9 3.6 171.8 201.3 -18% -15% Operating costs 138.7 2.0 0.0 140.7 157.1 -12% -10% Underlying EBIT 26.6 0.9 3.6 31.2 44.2 -40% -29% Acquisition related costs 0.0 0.0 0.0 0.0 1.7 -100% -100% One-offs 11.9 0.0 0.0 11.9 4.7 153% 153% EBIT 14.8 0.8 3.6 19.2 37.8 -61% -49% Reported FX Work. days Organic Reported Reported Organic YTD 2024 YTD 2024 YTD 2024 YTD 2024 YTD 2023 Δ% Δ% Revenue 1,030.3 4.9 -4.3 1,030.9 986.3 4% 5% Cost of Sales 829.0 4.1 -3.2 829.9 779.0 6% 7% Gross Profit 201.3 0.8 -1.1 201.0 207.4 -3% -3% Operating costs 157.1 0.4 0.0 157.5 161.8 -3% -3% Underlying EBIT 44.2 0.4 -1.1 43.5 45.6 -3% -5% Acquisition related costs 1.7 0.0 0.0 1.7 0.0 0% 0% One-offs 4.7 0.0 0.0 4.7 0.0 0% 0% EBIT 37.8 0.4 -1.1 37.2 45.6 -17% -19% Reconciliation of organic vs. reported revenue per operating segment (Q3) Reported FX Work. days Organic Reported Reported Organic Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2024 Δ% Δ% DACH region 47.3 0.0 0.0 47.2 60.3 -22% -22% The Netherlands 42.7 0.0 0.0 42.7 52.0 -18% -18% Australasia 49.7 3.9 0.0 53.6 59.2 -16% -9% Middle East & India 42.7 2.4 0.0 45.1 40.8 5% 10% Americas 46.2 2.6 0.0 48.8 48.8 -5% 0% Asia 40.3 2.4 0.0 42.7 41.0 -2% 4% Rest of world 41.0 0.8 0.0 41.8 42.9 -4% -3% Eliminations -6.0 -0.2 0.0 -6.1 -6.4 7% 7% Total 304.0 11.8 0.0 315.8 338.6 -10% -7%
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- 16 - - 16 - Brunel International N.V. Quarterly Report 2025-3 Reported FX Work. days Organic Reported Reported Organic Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2023 Δ% Δ% DACH region 60.3 0.0 -0.9 59.4 64.8 -7% -8% The Netherlands 52.0 0.0 -0.5 51.5 51.6 1% 0% Australasia 59.2 -0.3 -0.9 58.0 49.3 20% 18% Middle East & India 40.8 0.8 -0.6 41.0 41.2 -1% -1% Americas 48.8 1.7 -0.8 49.7 45.4 7% 9% Asia 41.0 0.7 -0.6 41.1 45.7 -10% -10% Rest of world 42.9 -0.6 -0.6 41.7 50.3 -15% -17% Eliminations -6.4 -0.2 0.0 -6.6 -6.8 5% 3% Total 338.6 2.0 -5.0 335.7 341.6 -1% -2% Reconciliation of organic vs. reported revenue per operating segment (YTD) Reported FX Work. days Organic Reported Reported Organic YTD 2025 YTD 2025 YTD 2025 YTD 2025 YTD 2024 Δ% Δ% DACH region 141.1 -0.1 1.1 142.1 184.4 -23% -23% The Netherlands 142.7 0.0 1.5 144.2 161.8 -12% -11% Australasia 148.6 8.4 1.7 158.6 171.2 -13% -7% Middle East & India 129.3 4.2 1.4 134.9 131.4 -2% 3% Americas 139.1 6.2 1.5 146.8 142.4 -2% 3% Asia 118.4 3.7 1.3 123.4 129.0 -8% -4% Rest of world 116.9 0.8 1.2 118.9 134.1 -13% -11% Eliminations -18.9 -0.4 0.0 -19.2 -24.0 21% 20% Total 917.3 22.7 9.7 949.7 1,030.3 -11% -8% Reported FX Work. days Organic Reported Reported Organic YTD 2024 YTD 2024 YTD 2024 YTD 2024 YTD 2023 Δ% Δ% DACH region 184.4 0.0 0.0 184.4 190.0 -3% -3% The Netherlands 161.8 0.0 -0.5 161.2 157.4 3% 2% Australasia 171.2 1.1 -0.9 171.4 138.9 23% 23% Middle East & India 131.4 0.6 -0.7 131.2 116.7 13% 12% Americas 142.4 1.7 -0.8 143.3 134.5 6% 7% Asia 129.0 3.5 -0.7 131.8 135.8 -5% -3% Rest of world 134.1 -1.7 -0.7 131.7 137.2 -2% -4% Eliminations -24.0 -0.3 0.0 -24.3 -24.3 1% 0% Total 1,030.3 4.9 -4.3 1,030.9 986.3 4% 5%
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- 17 - - 17 - - 17 - Brunel International N.V. Quarterly Report 2025-3 Acquisition-related expenses Costs that are directly triggered by the acquisition of a company, such as transaction costs, purchase accounting related costs and integration -related expenses. Conversion ratio (EBIT/GP) A performance measure on how Brunel's EBIT develops in relation to the Gross Profit. This makes the performance per region better comparable, taking out gross margin differences between regions. Directs/specialists Direct employees are those employees of an entity that are billed to an external client. Divestment The action or process of selling off subsidiary business interests or investments. EBIT Operating profit. EBIT% Operating profit expressed as a percentage of total revenue. EBIT (underlying) Operating profit excluding restructuring costs, acquisition-related charges and other incidental charges. EBIT (underlying)% Underlying EBIT expressed as a percentage of total revenue. EBIT growth organic The percentage of growth in operating profit over the previous period, measured by excluding the impact of one-offs, currencies, acquisitions, divestments and by adjusting for working days. Elimination Exclusion of intercompany revenue within the group companies of Brunel. Free cash flow Free cash flow is the sum of net cash from operating and investing activities, excluding the acquisition and disposal of subsidiaries and including repayment of lease liabilities. Gross Profit (GP) Contribution margin, i.e. Revenue minus direct personnel expenses. Gross Profit growth organic The percentage of growth in contribution margin over the previous period, measured by excluding the impact of currencies, acquisitions, divestments and by adjusting for working days. Gross Margin Gross profit as a percentage of Revenue. Indirect Staff whose time is not billable to a client. Net cash/(debt) Net cash/(debt) is the sum of all cash and cash equivalent, restricted cash minus loans and borrowings excluding lease liabilities. Operating cost growth organic The percentage of growth in operating cost over the previous period, measured by excluding the impact of one- offs, currencies, acquisitions, divestments and by adjusting for working days. Organic growth (Org. Δ%) Externally reported income statement line items (revenue, gross profit, operating expenses & EBIT) adjusted for the impact of changes in foreign currency ("FX"), excluding the impact of one -offs, acquisitions and divestments on revenues and adjusted for th e number of working days. Brunel operates in an industry where for each additional working day compared to the previous period, additional revenue/gross profit can be generated. Therefore, the organic growth is a measure that best shows underlying/comparab le performance isolating the working day effect. Revenue growth organic The percentage of growth in revenue compared to the previous period, measured by excluding the impact of currencies, acquisitions, divestments and by adjusting for working days. DEFINITIONS AND ABBREVIATIONS
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- 3 - - 3 - Brunel International N.V. Quarterly Report 2025-3 brunelinternational.net