Earnings release
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- 1 - - 1 - Brunel International N.V. Quarterly Report 2026-2 Amsterdam, 31 July 2026 – 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 second quarter and first half 2026 results. 2Q 2026 Key points ▪ Revenue of EUR 297.7 million, down 2% (down 2% organically) ▪ Gross profit of EUR 51.6 million, down 1% (down 1% organically) ▪ Operating costs of EUR 45.4 million, down 2% (down 2% organically) ▪ Underlying EBIT of EUR 6.2 million, flat YoY (up 2% organically) 1H 2026 Key points ▪ Revenue of EUR 596.6 million, down 3% (flat organically) ▪ Gross profit of EUR 105.1 million, down 3% (down 1% organically) ▪ Underlying EBIT of EUR 14.2 million, down 3 % (up 3% organically) ▪ Free cash flow of EUR 14.1 million negative (1H25: EUR 24.3 million negative) ▪ Earnings per share increased to EUR 0.10 (1H25: EUR 0.01) Press Release Brunel 2Q and 1H26 results: Continued recovery in DACH and improved profitability across the Global business
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- 2 - - 2 - Brunel International N.V. Quarterly Report 2026-2 “We are pleased with our performance in the second quarter and first half of 2026. Revenue remained broadly stable in the quarter, underpinned by the resilience of our contracting business and continued momentum in selected growth markets. Permanent recruitment delivered organic revenue growth for the second consecutive quarter. Together with continued cost discipline, this supported resilient underlying EBIT. In Europe, DACH delivered organic revenue growth and positive underlying EBIT for the second consecutive quarter, indicating that our focus on growing market segments and higher productivity are beginning to deliver results. The Netherlands continues to face challenging market conditions and remains our principal turnaround priority. We are refocusing the business on its core engineering sectors to return to profitable growth. Our Global division delivered organic gross profit growth across most regions, particularly in Australasia, the Americas and the Rest of World. Growth was supported by increased energy activity, higher permanent recruitment, and a shift towards higher -value activities. Asia was softer in the quarter as it continued its transition towards higher-value services, while the Middle East & India delivered a resilient performance despite heightened geopolitical uncertainty. We remain focused on executing the strategy we set out at our Capital Markets Day in May. Our two complementary business models position us to balance scale and margin across structurally growing, skill -scarce end-markets. The first benefits of our reshaped operating model, sharper commercial focus and cost discipline are becoming visible, although progress remains uneven across our markets. We see encouraging progress in our new verticals Power & Grid and Defence. We will continue to invest selectively in technology, AI-driven capabilities and higher-value specialist services as we work towards sustainable growth and structurally improved profitability”.
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- 3 - - 3 - Brunel International N.V. Quarterly Report 2026-2 Contents Brunel 2Q and 1H26 results: Continued recovery in DACH and improved profitability across the Global business Group performance 4 Headline performance by region 5 Overall performance and other information 8 Detailed performance by region 9 Interim Financial Statements 16 Reconciliation of non-IFRS financial measures 28 Definitions and abbreviations 32
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- 4 - - 4 - - 4 - Brunel International N.V. Quarterly Report 2026-2 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) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Contracting revenue 293.3 298.7 -2% -2% 587.8 605.9 -3% 0% Permanent recruitment revenue 4.3 4.1 6% 6% 8.9 7.4 20% 20% Total revenue 297.7 302.8 -2% -2% 596.6 613.3 -3% 0% Gross Profit 51.6 52.3 -1% -1% 105.1 108.8 -3% -1% Gross margin 17.3% 17.3% 17.6% 17.7% Operating costs 45.4 46.1 -2% -2% 90.9 94.1 -3% -2% Underlying EBIT 6.2 6.3 0% 2% 14.2 14.7 -3% 3% EBIT % (underlying) 2.1% 2.1% 2.4% 2.4% Conversion ratio 12.1% 12.0% 13.5% 13.5% One-off costs 1.3 6.1 -79% -79% 1.2 6.2 -80% -80% EBIT 5.0 0.2 n.m. n.m. 12.9 8.5 52% 62% Earnings per share (in €) 0.03 -0.08 138% 0.10 0.01 n.m. Free cash flow 4.6 -2.5 284% -14.1 -24.3 42% Average directs 9,366 10,184 -8% -8% 9,379 10,052 -7% -7% Average indirects 1,208 1,352 -11% -11% 1,216 1,366 -11% -11% Ratio direct / indirect 7.8 7.5 7.7 7.4 Revenue Total revenue was EUR 297.7 million , down 2% from EUR 302.8 milli on YoY, and down 2% organically. Contracting revenue declined 2% organically, while permanent recruitment revenue grew 6% organically to EUR 4.3 million in the quarter. Overall, revenue remained broadly stable, supported by growth in DACH and selected Global markets. Gross Profit Gross profit was EUR 51.6 million, down 1% from EUR 52.3 million, and down 1% organically. The group gross margin was stable at 17.3%, as a higher contribution from permanent recruitment offset an adverse regional mix. Operating costs Operating costs were EUR 45.4 million, down 2% YoY and 2% organically. The reduction reflects the cost right-sizing initiatives implemented in 2025, partly offset by new investments in sales and recruitment capabilities in existing and new vertic als. The direct/indirect ratio improved to 7.8 from 7.5 last year, supported by an 11% reduction in average direct headcount, resulting in a leaner and more scalable operating structure. Underlying EBIT Underlying EBIT was EUR 6.2 million, flat YoY and up 2% organically, as improved profitability across the Global business and the continued recovery in DACH offset challenging market conditions in the Netherlands.
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- 5 - - 5 - Brunel International N.V. Quarterly Report 2026-2 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 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% DACH region 50.0 44.4 13% 12% 102.9 93.8 10% 10% Netherlands & Belgium 41.5 52.2 -21% -21% 84.6 107.9 -22% -22% Subtotal: Europe 91.4 96.6 -5% -5% 187.6 201.8 -7% -7% Australasia 50.7 48.5 4% 1% 99.6 98.9 1% 2% Middle East & India 41.1 42.4 -3% -2% 84.4 86.6 -3% 4% Americas 48.7 46.1 6% 6% 97.0 92.9 4% 9% Asia 34.4 40.9 -16% -14% 67.8 78.1 -13% -8% Rest of World 37.9 35.0 8% 9% 72.8 68.0 7% 8% Subtotal: Global 212.7 212.9 0% 0% 421.6 424.4 -1% 3% Eliminations -6.5 -6.7 4% -12.5 -13.0 3% Total 297.7 302.8 -2% -2% 596.6 613.3 -3% 0% Underlying EBIT 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% DACH region 0.8 -0.3 397% 395% 3.7 2.3 64% 63% Netherlands & Belgium -0.2 2.1 -108% -108% 0.4 4.7 -91% -91% Subtotal: Europe 0.6 1.8 -64% -65% 4.1 7.0 -41% -41% Australasia 1.9 1.7 12% 11% 3.6 3.2 12% 18% Middle East & India 2.7 3.1 -13% -13% 5.7 6.5 -12% -6% Americas 1.8 1.8 -2% 0% 3.3 3.2 2% 7% Asia 2.1 2.1 4% 9% 3.3 3.2 4% 12% Rest of World 0.8 -0.2 640% 618% 1.5 -0.8 293% 283% Subtotal: Global 9.3 8.5 10% 11% 17.4 15.3 13% 19% Unallocated -3.7 -4.0 8% 8% -7.3 -7.6 3% 3% Total 6.2 6.3 0% 2% 14.2 14.7 -3% 3% DACH region The DACH region, comprising Germany, Switzerland, Austria and the Czech Republic, recorded a revenue of EUR 50 million, up 13% YoY and 12% organically. The gross margin was 23.9%, down 220bps YoY, reflecting continued pricing pressure. Underlying EBIT was positive for the second consecutive quarter at EUR 0.8 million, compared with EUR -0.3 million last year, lifting the conversion ratio to 6.7%. This improvement reflects the region’s sharper engineering focus and a 19% reduction in average indirect headcount.
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- 6 - - 6 - Brunel International N.V. Quarterly Report 2026-2 The Netherlands & Belgium In the Netherlands & Belgium , revenue declined 21% YoY to EUR 41.5 million , due to continued challenging market conditions and th e short-term impact of the organizational changes. Gross profit was down 25% YoY. Operating costs decreased by 8%, both reported and organically, reflecting cost control measures in response to lower activity levels. Underlying EBIT was negative EUR 0.2 million, compared with positive EUR 2.1 million in the prior year. The turnaround programme is progressing, with the business being refocused on its core engineering sectors and the organisation further aligned with current activity levels. Australasia Australasia, which includes Australia and Papua New Guinea delivered revenue of EUR 50.7 million, up 4% YoY and grew 1% organically excluding FX effect of 3%. The gross margin increased to 11.5%, up 100bps YoY supported by the shift towards higher-margin activity and tight cost control . Underlying EBIT increased by 11% organically to EUR 1.9 million, with the conversion ratio broadly stable at 32.5%. Middle East & India The Middle East & India region, which includes Qatar, Kuwait, Dubai, Iraq and India, recorded revenue of EUR 41.1 million, down 3%, YoY and 2% organically excluding the FX effect of 1%. The gross margin was 12.9%, down 30bps YoY. Underlying EBIT declined to EUR 2.7 million from EUR 3.1 million in the prior year reflecting heightened geopolitical uncertainty and delays in new project starts. Nevertheless, Middle East & India retained the Group’s highest conversion ratio at 50.8%. Americas The Americas region, comprising Brazil, Canada, the US, Guyana and Surinam, recorded revenue of EUR 48.7 million, up 6% both recorded and organically. The gross margin increased to 15.1%, up 50bps YoY. Underlying EBIT was EUR 1.8 million, flat YoY with the conversion ratio at 23.9% as targeted investment in future growth increased operating costs. Brunel USA was recognized by S taffing Industry Analysts as one of the Fastest-Growing Staffing Firms in the United States in the 2026 ranking, based on organic growth in U.S. staffing revenue over 2021 and 2025. Asia The Asia region, which includes Singapore, China, Hong Kong, South Korea, Taiwan, Japan, Indonesia, Thailand and Malaysia. Revenue declined 16% YoY and 14% organically. The gross margin rose to 19.1%, up 220bps YoY, as the region continued its switch towards higher-value activity, partly offsetting the lower top line. Underlying EBIT was EUR 2.1 million, flat YoY with the conversion ratio broadly stable at 32.7%. Rest of World The Rest of World segment includes Taylor Hopkinson and our other energy activities in Europe and Africa. Revenue increased by 8% YoY and 9% organically. The gross margin rose to 15.5%, up 210bps YoY. Underlying EBIT returned to positive territory at EUR 0.8 million, up from EUR - 0.2 million prior year, lifting the conversion ratio to 14.4%. The improvement reflects increased energy activity, growth in permanent recruitment and a shift towards higher-value services.
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- 7 - - 7 - Brunel International N.V. Quarterly Report 2026-2 Gross profit (net fees) per vertical amounts in EUR million (unless otherwise stated) 2Q26 2Q25 Δ% 1H26 1H25 Δ% Global verticals Conventional Energy 15.9 16.3 -3% 32.2 32.8 -2% Renewables 8.5 7.6 12% 16.4 15.3 7% Mining 5.2 5.0 3% 10.4 10.1 4% Local verticals Infrastructure & Construction 2.2 2.5 -11% 4.8 5.1 -6% Future Mobility 4.4 3.3 32% 9.2 8.6 7% Industrials & Technology 6.9 7.4 -7% 13.5 14.1 -4% Financial Services 1.6 2.6 -38% 3.7 5.7 -36% Public Sector 2.7 4.4 -39% 5.9 9.0 -35% Life Sciences 2.9 2.4 21% 6.1 5.6 9% Other 1.5 0.9 65% 2.9 2.5 13% Total 51.6 52.3 -1% 105.1 108.8 -3%
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- 8 - - 8 - Brunel International N.V. Quarterly Report 2026-2 OVERALL PERFORMANCE AND OTHER INFORMATION Net profit Net profit for 1H26 was EUR 5.1 million (1H25: EUR 0.3 million) leading to earnings per share of EUR 0.10 (1H25: EUR 0.01). The increase mainly reflects higher reported EBIT, lower one- off costs and a more normalised effective tax rate. One-off costs amounted EUR 1.3 million in Q2 and primarily comprised restructuring and strategy transformation costs. Tax The effective tax rate for the six-month period ended 30 June 2026 was 34.6% (30 June 2025: 76.8%). For the full year, we expect the effective tax rate to be between 30% and 35% (2025: 62.6%), reflecting a more normalized tax rate compared with the prior year. The effective tax rate in the first half of 2025 was primarily impacted by withholding taxes and non -deductible restructuring costs. Cash flow and cash position Free cash flow was EUR 14.1 million negative in 1H26 (1H25: EUR 24.3 million negative), mainly reflecting the usual seasonal increase in receivables in the first half of the year. As of 30 June 2026, Brunel had a net debt position1 of EUR 4.1 million compared with a net cash position of EUR 31.6 million net cash as of 31 December 2025. This included EUR 11.4 million in restricted cash (31 December 2025: EUR 11.2 million). The decrease in cash primarily reflects the dividend payment in June and the seasonality in our cash flows. Risk profile Reference is made to our 2025 Annual Report (pages 102 - 117) for a comprehensive overview of Brunel’s risk factors. A reassessment of previously identified risks and their potential impact did not result in any changes being required to our internal risk management and control systems. Outlook Q3 2026 We remain cautious amid continued macroeconomic and geopolitical uncertainty. For Q3, we expect the trends observed in the second quarter to broadly continue, with resilient performance across DACH and the Global business, partly offset by the ongoing turnaround in the Netherlands and uncertainty in the Middle East. We remain focused on executing the strategy presented at our Capital Markets Day and delivering sustainable growth and improved profitability. 1 See page 28
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- 9 - - 9 - Brunel International N.V. Quarterly Report 2026-2 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) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 50.0 44.4 13% 12% 102.9 93.8 10% 10% Gross Profit 12.0 11.6 3% 3% 26.0 27.2 -4% -5% Gross margin 23.9% 26.1% 25.2% 29.0% Operating costs 11.2 11.9 -6% -6% 22.3 24.9 -10% -11% Underlying EBIT 0.8 -0.3 397% 395% 3.7 2.3 64% 63% Underlying EBIT % 1.6% -0.6% 3.6% 2.4% Conversion ratio 6.7% -2.3% 14.3% 8.3% Average directs 1,539 1,469 5% 5% 1,536 1,489 3% 3% Average indirects 252 311 -19% -19% 254 317 -20% -20% Ratio direct / indirect 6.1 4.7 6.0 4.7 Brunel Netherlands & Belgium (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 41.5 52.2 -21% -21% 84.6 107.9 -22% -22% Gross Profit 8.8 11.7 -25% -25% 18.8 24.7 -24% -24% Gross margin 21.1% 22.5% 22.2% 22.9% Operating costs 8.9 9.7 -8% -8% 18.4 20 -8% -8% Underlying EBIT -0.2 2.1 -108% -108% 0.4 4.7 -91% -91% Underlying EBIT % -0.4% 3.9% 0.5% 4.3% Conversion ratio -1.9% 17.5% 2.2% 19.0% Average directs 1,230 1,587 -23% -23% 1,252 1,646 -24% -24% Average indirects 218 258 -15% -15% 223 258 -14% -14% Ratio direct / indirect 5.6 6.2 5.6 6.4
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- 10 - - 10 - Brunel International N.V. Quarterly Report 2026-2 Australasia (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 50.7 48.5 4% 1% 99.6 98.9 1% 2% Gross Profit 5.8 5.1 14% 11% 11.2 10.1 10% 13% Gross margin 11.5% 10.5% 11.2% 10.2% Operating costs 3.9 3.4 15% 12% 7.6 6.9 10% 10% Underlying EBIT 1.9 1.7 12% 11% 3.6 3.2 12% 18% Underlying EBIT % 3.7% 3.5% 3.6% 3.2% Conversion ratio 32.5% 33.4% 32.2% 31.8% Average directs 1,531 1,665 -8% -8% 1,535 1,655 -7% -7% Average indirects 103 115 -10% -10% 103 119 -14% -14% Ratio direct / indirect 14.9 14.5 14.9 13.9 Middle East & India (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 41.1 42.4 -3% -2% 84.4 86.6 -3% 4% Gross Profit 5.3 5.6 -5% -4% 10.9 11.5 -5% 1% Gross margin 12.9% 13.2% 12.9% 13.2% Operating costs 2.6 2.5 4% 8% 5.2 5.0 4% 11% Underlying EBIT 2.7 3.1 -13% -13% 5.7 6.5 -12% -6% Underlying EBIT % 6.6% 7.3% 6.8% 7.5% Conversion ratio 50.8% 55.6% 52.6% 56.6% Average directs 1,987 2,055 -3% -3% 2,018 1,978 2% 2% Average indirects 129 134 -4% -4% 132 135 -2% -2% Ratio direct / indirect 15.4 15.3 15.3 14.7
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- 11 - - 11 - Brunel International N.V. Quarterly Report 2026-2 Americas (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 48.7 46.1 6% 6% 97.0 92.9 4% 9% Gross Profit 7.3 6.7 9% 9% 14.2 13.0 9% 14% Gross margin 15.1% 14.6% 14.6% 14.0% Operating costs 5.5 4.9 12% 13% 10.9 9.8 11% 16% Underlying EBIT 1.8 1.8 -2% 0% 3.3 3.2 2% 7% Underlying EBIT % 3.6% 3.9% 3.4% 3.5% Conversion ratio 23.9% 26.6% 23.0% 24.8% Average directs 1,136 1,162 -2% -2% 1,116 1,091 2% 2% Average indirects 135 139 -3% -3% 135 140 -3% -3% Ratio direct / indirect 8.4 8.3 8.2 7.8 Asia (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 1H26 1H25 Δ% Org. Δ% Revenue 34.4 40.9 -16% -14% 67.8 78.1 -13% -8% Gross Profit 6.6 6.9 -5% -3% 12.4 12.3 1% 7% Gross margin 19.1% 16.9% 18.3% 15.7% Operating costs 4.5 4.8 -6% -8% 9.1 9.1 0% 5% Underlying EBIT 2.1 2.1 4% 9% 3.3 3.2 4% 12% Underlying EBIT % 6.2% 5.1% 4.9% 4.1% Conversion ratio 32.7% 30.0% 26.6% 25.9% Average directs 1,084 1,193 -9% -9% 1,099 1,175 -6% -6% Average indirects 170 178 -4% -4% 172 178 -3% -3% Ratio direct / indirect 6.4 6.7 6.4 6.6
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- 12 - - 12 - Brunel International N.V. Quarterly Report 2026-2 Rest of world (unaudited) P&L amounts in EUR million 2Q26 2Q25 Δ% Org. Δ% 2H26 1H25 Δ% Org. Δ% Revenue 37.9 35.0 8% 9% 72.8 68.0 7% 8% Gross Profit 5.9 4.7 25% 25% 11.6 10.1 15% 16% Gross margin 15.5% 13.4% 15.9% 14.8% Operating costs 5.1 4.9 4% 4% 10.1 10.9 -7% -5% Underlying EBIT 0.8 -0.2 640% 618% 1.5 -0.8 293% 283% Underlying EBIT % 2.2% -0.4% 2.0% -1.1% Conversion ratio 14.4% -3.3% 12.7% -7.6% Average directs 859 1,053 -18% -18% 823 1,018 -19% -19% Average indirects 137 145 -6% -6% 137 148 -8% -8% Ratio direct / indirect 6.3 7.3 6.0 6.9
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- 13 - - 13 - Brunel International N.V. Quarterly Report 2026-2 Working days and headcount development Working days Germany: Q1 Q2 Q3 Q4 FY 2026 63 60 66 65 254 2025 63 60 66 63 252 The Netherlands: Q1 Q2 Q3 Q4 FY 2026 63 61 66 65 255 2025 63 61 66 64 254 Headcount development Headcount in the DACH region as of 30 June 2026 was 1,529 (2025: 1,454). Headcount in The Netherlands as of 30 June 2026 was 1,109 (2025: 1,443) 1,250 1,300 1,350 1,400 1,450 1,500 1,550 1,600 Headcount development DACH region 2026 Actuals 2025 Actuals 0 500 1,000 1,500 2,000 Headcount development Netherlands 2026 Actuals 2025 Actuals
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- 14 - - 14 - Brunel International N.V. Quarterly Report 2026-2 Statement of the Board of Directors The Board of Directors of Brunel International N.V. hereby declares that, to the best of its knowledge: • the interim financial statements give a true and fair view of the assets, liabilities, financial position and result of Brunel International N.V. and the companies jointly included in the consolidation, and • the interim report gives a true and fair view of the information referred to in the eighth and, insofar as applicable, the ninth subsection of Section 5:25d of the Dutch Act on Financial Supervision and with reference to the section on related parties in the interim financial statements. Amsterdam, 31 July 2026 Brunel International N.V. Peter de Laat (CEO) Toine van Doremalen (CFO)
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- 15 - - 15 - Brunel International N.V. Quarterly Report 2026-2 Results call Today, 31 July 2026, at 10:30 AM CEST, Brunel will host 2Q and 1H26 results conference call. This call can be accessed using conference ID 961890771. The dial-in number for the Netherlands is +31 800 2658014 (toll free), for UK: + 44 808 196 8935 (toll free), for US: +1 833 461 5787 (toll free). For other locations, please click here. The results call will also be available via a live audio webcast. The webcast and accompanying presentation can be accessed through Brunel’s website. A replay, including the Q&A session, will be made available on the website by the end of the day. For further information: Sophie Ho - Investor Relations +316 4972 4780 | s.ho@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 10,000 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, Power & Grid, Defence, Future Mobility, Industrials & Technology and other sectors. The company is listed at Euronext Amsterdam. For more information on Brunel International visit our website: www.brunelinternational.net Financial Calendar 6 November 2026 Trading update for the third quarter 2026 (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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- 16 - - 16 - Brunel International N.V. Quarterly Report 2026-2 INTERIM FINANCIAL STATEMENTS Appendix to the press release 31 July 2026 Interim Financial Statements 1H26 Financial Highlights for the period ended 30 June (unaudited) (EUR ‘000) 1H26 1H25 Δ% Revenue 596,630 613,283 -3% Gross Profit 105,053 108,820 -3% EBIT 12,931 8,528 52% Group result after tax 6,340 1,118 467% Non-controlling interests -1,230 -814 -51% Net income for the year 5,110 304 n.m. Gross profit as % of revenue 18% 18% Net income as % of revenue 1% 0% Workforce Average directs (average-YTD) 9,379 10,052 -7% Average indirects (average- YTD) 1,216 1,366 -11% Total 10,595 11,418 -7% Direct employees (period end) 9,348 10,247 -9% Indirect employees (period end) 1,208 1,347 -10% Total 10,556 11,594 -9% Earnings per share (in euro) Earnings per share for ordinary shareholders 0.10 0.01 Diluted earnings per share 0.10 0.01 Weighted average number of ordinary shares for the purpose of basic earnings per share 50,453,752 50,453,752 Weighted average number of ordinary shares for the purpose of diluted earnings per share 50,453,752 50,453,752
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- 17 - - 17 - Brunel International N.V. Quarterly Report 2026-2 Consolidated profit & loss account for the period ended 30 June (unaudited) (EUR ‘000) 1H26 1H25 Δ% Revenue 596,630 613,283 -3% Direct personnel expenses 491,577 504,463 -3% Gross Profit 105,053 108,820 -3% Indirect personnel expenses 60,593 63,594 -5% Depreciation and amortisation 9,197 14,262 -36% Other expenses 22,332 22,436 0% Total operating costs 92,122 100,292 -8% EBIT 12,931 8,528 52% Financial income and expenses -3,239 -3,704 13% Group result before tax 9,693 4,824 101% Income tax -3,353 -3,706 10% Group result after tax 6,340 1,118 467% Attributable to: Net income attributable to equity holders of the parent (ordinary shares) 5,110 304 1581% Net income attributable to non-controlling interest 1,230 814 51% Group result after tax 6,340 1,118 467%
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- 18 - - 18 - Brunel International N.V. Quarterly Report 2026-2 Consolidated statement of comprehensive income for the period ended 30 June (unaudited) (EUR ‘000) 1H26 1H25 Net income 6,340 1,118 Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign operations 5,792 -23,034 Income tax relating to components of other comprehensive income -506 2,579 Total other comprehensive income (net of tax) 5,286 -20,455 Total comprehensive income 11,626 -19,337 Attributable to: Ordinary shareholders 10,380 -19,895 Non-controlling interests 1,246 558 Total comprehensive income 11,626 -19,337
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- 19 - - 19 - Brunel International N.V. Quarterly Report 2026-2 Consolidated balance sheet (unaudited) (EUR ‘000) 30 June 2026 31 December 2025 Non-current assets Goodwill 47,294 46,923 Other intangible assets 28,429 27,743 Property, plant and equipment 4,953 6,214 Right-of-use assets 35,401 38,243 Financial fixed assets 3,891 4,600 Non-current restricted cash 568 627 Deferred income tax assets 22,243 21,596 Total non-current assets 142,779 145,946 Current assets Trade and other receivables 322,753 290,974 Income tax receivables 6,722 7,788 Restricted cash 10,851 10,618 Cash and cash equivalents 72,963 82,995 Total current assets 413,289 392,375 Total assets 556,067 538,320 Group equity Share capital 1,517 1,517 Share premium 86,145 86,145 Reserves 169,365 178,557 Unappropriated result 5,110 3,053 Shareholders' equity 262,137 269,272 Non-controlling interest 275 768 Total equity 262,412 270,040 Non-current liabilities Provisions 8,222 8,700 Deferred income tax liabilities 619 619 Lease liability 28,392 31,370 Loans and borrowings 84,826 62,598 Other non-current liabilities 950 1,025 Total non-current liabilities 123,008 104,312 Current liabilities Lease liability 11,236 12,125 Trade and other payables 143,057 135,338 Income tax payables 16,353 16,504 Total current liabilities 170,646 163,968 Total liabilities 293,654 268,280 Total equity & liabilities 556,067 538,320
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- 20 - - 20 - Brunel International N.V. Quarterly Report 2026-2 Consolidated statement of changes in shareholders’ equity (unaudited) (EUR ‘000) 2026 2025 Attributable to ordinary shareholders Non- controlling interest Total Attributable to ordinary shareholders Non- controlling interest Total Balance at 31 December 269,272 768 270,040 315,141 2,257 317,398 Net income 5,110 1,230 6,340 304 814 1,118 Exchange differences arising on translation of foreign operations 5,776 16 5,792 -22,778 -256 -23,034 Income tax relating to components of other comprehensive income -506 -506 2,579 - 2,579 Total comprehensive income 10,380 1,246 11,626 -19,895 558 -19,337 Cash dividend -17,620 -1,814 -19,434 -26,100 -2,008 -28,108 Acquisition of non- controlling interests - - 716 -716 - Changes in ownership interest in subsidiary 75 75 Share based payments 104 104 - - Balance at 30 June 262,137 275 262,412 269,862 91 269,953
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- 21 - - 21 - Brunel International N.V. Quarterly Report 2026-2 Consolidated Cash flow statement (unaudited) (EUR ‘000) Actual Actual 1H26 1H25 Cash flow from operating activities Result before tax 9,691 4,823 Adjustments for: Depreciation, amortisation and impairments 9,197 14,262 Exchange differences 0 0 Interest income -449 -520 Interest expense 2,298 2,652 Other non-cash expenses -663 -296 Share based payments 107 103 Changes in: Receivables -26,624 -19,394 Provisions -674 559 Trade and other payables 6,040 1,128 Restricted cash 123 -1,324 -21,135 -19,031 Income tax paid -2,569 -12,842 Interest paid -2,282 -2,113 Interest received 407 408 Cash flow generated from operating activities -5,398 -12,554 Cash flow from investing activities Additions to property, plant and equipment -449 -1,631 Additions to intangible fixed assets -3,331 -4,087 Disposals of property, plant and equipment 570 11 Acquisition of subsidiaries -125 0 Repayment of loans by third parties 688 556 Cash flow used in investing activities -2,647 -5,151 Cash flow from financing activities Dividend non-controlling interest -1,814 -2,008 Dividend ordinary shareholders -17,620 -26,100 Proceeds from drawing of loans and borrowings 22,108 24,816 Repayment of loans and borrowings 0 0 Settlement of put-option liabilities 0 -3,302 Repayments of lease liabilities -6,131 -6,583 Cash flow used in financing activities -3,457 -13,177 Total cash flow -11,502 -30,882 Cash position at 1 January 82,995 112,004 Exchange rate fluctuations 1,470 -5,725 Cash position at 30 June 72,963 75,397 Notes to the condensed consolidated financial statements for the period end 30 June (unaudited)
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- 22 - - 22 - Brunel International N.V. Quarterly Report 2026-2 Reporting entity Brunel International N.V. is a public limited liability company incorporated and domiciled in The Netherlands and listed on Euronext Amsterdam. The consolidated interim financial statements of Brunel International N.V. as at and for the six - month period ended 30 June 2026 include the company and its subsidiaries (together called 'the Group'). Significant accounting policies These consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union (hereinafter: IFRS). The accounting policies applied by the Group in these consolidated interim financial statements are unchanged from those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2025. Basis of preparation These consolidated interim financial statements have been condensed and prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. These interim financial statements do not include all of the information required f or annual financial statements, and should be read in conjunction with the annual report of the Group as at and for the year ended 31 December 2025. Estimates The preparation of consolidated interim financial statements requires the Group to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing these consolidated interim financial statements, the significant judgments, estimates and assumptions were the same as those applied to the consolidated financial statements as at and for the year ended 31 December 2025. Fair value and fair value estimation The fair values of our monetary assets and liabilities as of 30 June 2026 are estimated to approximate their carrying value. Seasonality Our activities in Europe are affected by seasonal patterns. Revenue and gross margin fluctuate per quarter in items such as the number of working days, public holidays and holiday periods. The business in Europe usually generates its strongest revenue and profits in the second half of the year. Effective tax rate The effective tax rate for the six-month period ended on 30 June 2026 is 34.6% (30 June 2025: 76.8%). For the full year we expect the effective tax rate to come down to between 30-35% (2025: 62.6%).
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- 23 - - 23 - Brunel International N.V. Quarterly Report 2026-2 Share capital The authorised share capital is EUR 5,998,000, divided into one priority share with a nominal value of € 10,000 and 199.6 million ordinary shares with a nominal value of EUR 0.03. The subscribed capital consists of 50,453,752 ordinary shares (2025: 50,453,752). Dividend During the interim period, an ordinary dividend of EUR 0.06 and a super dividend of EUR 0.29 per share was paid to the shareholders. Earnings per share The calculation of the basic and diluted earnings per share is based on the following data: Number of shares issued as at 31 December 2025 50,453,752 Number of shares issued as at 30 June 2026 50,453,752 Auditor’s involvement The consolidated interim financial statements have not been audited or reviewed by an external auditor.
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- 24 - - 24 - Brunel International N.V. Quarterly Report 2026-2 Segment reporting (unaudited) Reportable segments (EUR '000) Revenue EBIT Total assets 1H26 1H25 1H26 1H25 1H26 1H25 DACH region 102,949 93,849 3,571 -3,535 68,175 75,087 Netherlands & Belgium 84,606 107,949 76 4,692 60,499 47,880 Subtotal: Europe 187,555 201,798 3,647 1,157 128,674 122,967 Australasia 99,607 98,883 3,593 3,208 56,274 52,254 Middle East & India 84,371 86,606 5,738 6,489 74,530 77,874 Americas 97,035 92,865 3,059 3,226 82,716 75,080 Asia 67,812 78,117 4,048 3,053 70,689 81,346 Rest of world 72,762 67,970 1,326 -998 103,660 104,774 Subtotal: Global 421,587 424,441 17,764 14,978 387,869 391,328 Unallocated - - -8,480 -7,606 39,524 29,769 Eliminations -12,512 -12,956 - - - - Total 596,630 613,283 12,931 8,528 556,067 544,064 Employees The total number of direct and indirect employees with the group companies is set out below: Average workforce 1H26 1H25 Direct Indirect Direct Indirect DACH region 1,536 254 1,489 317 Netherlands & Belgium 1,252 223 1,646 258 Subtotal: Europe 2,788 477 3,135 575 Australasia 1,535 103 1,655 119 Middle East & India 2,018 132 1,978 135 Americas 1,116 135 1,091 140 Asia 1,099 172 1,175 178 Rest of world 823 137 1,018 148 Subtotal: Global 6,591 679 6,917 720 Unallocated - 61 - 70 Total 9,379 1,216 10,052 1,366 Total workforce 10,595 11,418
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- 25 - - 25 - Brunel International N.V. Quarterly Report 2026-2 Workforce at 30 June 2026 2025 Direct Indirect Direct Indirect DACH region 1,529 252 1,454 305 Netherlands & Belgium 1,224 215 1,563 256 Subtotal: Europe 2,753 467 3,017 561 Australasia 1,526 104 1,682 118 Middle East & India 1,987 130 2,060 132 Americas 1,159 140 1,164 142 Asia 1,055 165 1,245 174 Rest of world 868 138 1,079 147 Subtotal: Global 6,595 677 7,230 713 Unallocated - 65 - 73 Total 9,348 1,208 10,247 1,347 Total workforce 10,556 11,594 Following a change in the group’s segment reporting structure, Belgium which was part of Rest of World has been incorporated into the Netherlands operating segment and is presented as Netherlands & Belgium from Q2 2026 onwards. Comparative information has been restated accordingly where relevant.
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- 26 - - 26 - - 26 - Brunel International N.V. Quarterly Report 2026-2 Disaggregation of revenue (unaudited) (EUR '000) Revenue 1H26 Conventional Energy Renewables Mining Future Mobility Industrials & Technology Other * Total DACH region 6,340 8,214 662 42,689 27,009 18,036 102,949 Netherlands & Belgium 7,069 4,124 - 2,018 10,908 60,487 84,606 Subtotal: Europe 13,409 12,337 662 44,707 37,917 78,523 187,555 Australasia 54,331 1,266 36,393 - 664 6,953 99,607 Middle East & India 73,531 1,653 110 6 1,505 7,566 84,371 Americas 58,365 4,503 27,357 (0) 1,011 5,799 97,035 Asia 39,223 10,689 10,933 2,053 1,541 3,373 67,812 Rest of world 21,369 47,895 516 - 1,850 1,132 72,762 Subtotal: Global 246,819 66,006 75,309 2,059 6,571 24,822 421,587 Eliminations (8,810) - (10) - (104) (3,588) (12,512) Total 251,418 78,344 75,961 46,766 44,384 99,757 596,630 * Other comprise regional verticals Infrastructure & Construction, Financial Services, Public sector, Life Sciences and other.
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- 27 - - 27 - Brunel International N.V. Quarterly Report 2026-2 * Other comprise regional verticals Infrastructure & Construction, Financial Services, Public sector, Life Sciences and other. Revenue 1H25 Conventional Energy Renewables Mining Future Mobility Industrials & Technology Other* Total DACH region 8,350 4,751 383 33,814 26,561 19,990 93,849 Netherlands & Belgium 7,595 7,366 - 3,036 11,870 78,082 107,949 Subtotal: Europe 15,945 12,117 383 36,850 38,431 98,072 201,798 Australasia 53,995 2,563 34,765 - 515 7,045 98,883 Middle East & India 73,363 2,515 65 12 1,657 8,994 86,606 Americas 61,781 4,845 21,480 - 305 4,454 92,865 Asia 34,852 17,204 19,411 1,642 1,572 3,436 78,117 Rest of world 23,099 43,425 285 - 415 746 67,970 Subtotal: Global 247,090 70,552 76,006 1,654 4,464 24,675 424,441 Eliminations -9,034 -2,341 -92 - -176 -1,313 -12,956 Total 254,001 80,328 76,297 38,504 42,719 121,434 613,283
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- 28 - - 28 - - 28 - Brunel International N.V. Quarterly Report 2026-2 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 (Q2 Reported FX Work. days Organic Reported Reported Organic 2Q26 2Q26 2Q26 2Q26 2Q25 Δ% Δ% Revenue 297.7 0.1 0.0 297.7 302.8 -2% -2% Cost of Sales 246.1 0.0 0.0 246.1 250.5 -2% -2% Gross Profit 51.6 0.1 0.0 51.7 52.3 -1% -1% Operating costs 45.4 0.0 0.0 45.3 46.1 -2% -2% Underlying EBIT 6.2 0.1 0.0 6.4 6.3 0% 2% Acquisition related costs 0.0 0.0 0.0 0.0 0.0 0% 0% One-offs 1.3 0.0 0.0 1.3 6.1 -79% -79% EBIT 5.0 0.1 0.0 5.1 0.2 n.m. n.m. Reported FX Work. days Organic Reported Reported Organic 2Q25 2Q25 2Q25 2Q25 2Q24 Δ% Δ% Revenue 302.8 12.3 5.0 320.1 344.6 -12% -7% Cost of Sales 250.5 10.7 3.2 264.4 279.6 -10% -5% Gross Profit 52.3 1.6 1.8 55.7 65.0 -20% -14% Operating costs 46.1 1.0 0.0 47.1 53.4 -14% -12% Underlying EBIT 6.3 0.5 1.8 8.5 11.7 -46% -27% Acquisition related costs 0.0 0.0 0.0 0.0 0.8 -100% -100% One-offs 6.1 0.0 0.0 6.1 0.0 0% 0% EBIT 0.2 0.5 1.8 2.4 10.9 -98% -77%
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- 29 - - 29 - Brunel International N.V. Quarterly Report 2026-2 Reconciliation of reported vs. organic (H1) Reported FX Work. days Organic Reported Reported Organic 1H26 1H26 1H26 1H26 1H25 Δ% Δ% Revenue 596.6 15.6 0.0 612.3 613.3 -3% 0% Cost of Sales 491.6 13.3 0.0 504.9 504.5 -3% 0% Gross Profit 105.1 2.3 0.0 107.4 108.8 -3% -1% Operating costs 90.9 1.4 0.0 92.3 94.1 -3% -2% Underlying EBIT 14.2 0.9 0.0 15.1 14.7 -3% 3% Acquisition related costs 0.0 0.0 0.0 0.0 0.0 0% 0% One-offs 1.2 0.0 0.0 1.2 6.2 -80% -80% EBIT 12.9 0.9 0.0 13.8 8.5 52% 62% Reported FX Work. days Organic Reported Reported Organic 1H25 1H25 1H25 1H25 1H24 Δ% Δ% Revenue 613.3 10.8 9.3 633.4 691.7 -11% -8% Cost of Sales 504.5 9.4 6.2 520.1 557.5 -10% -7% Gross Profit 108.8 1.4 3.1 113.4 134.2 -19% -16% Operating costs 94.1 0.9 0.0 95.0 107.5 -12% -12% Underlying EBIT 14.7 0.5 3.1 18.4 26.8 -45% -31% Acquisition related costs 0.0 0.0 0.0 0.0 1.6 -100% -100% One-offs 6.2 0.0 0.0 6.2 0.0 0% 0% EBIT 8.5 0.5 3.1 12.2 25.1 -66% -51% Reconciliation of organic vs. reported revenue per operating segment (Q2) Reported FX Work. days Organic Reported Reported Organic 2Q26 2Q26 2Q26 2Q26 2Q25 Δ% Δ% DACH region 50.0 -0.1 0.0 49.9 44.4 13% 12% Netherlands & Belgium 41.5 0.0 0.0 41.5 52.2 -21% -21% Subtotal: Europe 91.4 -0.1 0.0 91.4 96.6 -5% -5% Australasia 50.7 -1.5 0.0 49.2 48.5 4% 1% Middle East & India 41.1 0.4 0.0 41.6 42.4 -3% -2% Americas 48.7 0.1 0.0 48.8 46.1 6% 6% Asia 34.4 0.8 0.0 35.2 40.9 -16% -14% Rest of world 37.9 0.2 0.0 38.0 35.0 8% 9% Subtotal: Global 212.7 0.1 0.0 212.8 213.3 0% 0% Eliminations -6.5 0.0 0.0 -6.4 -6.7 4% 4% Total 297.7 0.1 0.0 297.7 302.8 -2% -2%
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- 30 - - 30 - Brunel International N.V. Quarterly Report 2026-2 Reported FX Work. days Organic Reported Reported Organic 2Q25 2Q25 2Q25 2Q25 2Q24 Δ% Δ% DACH region 44.4 0.0 0.7 45.1 59.8 -26% -25% Netherlands & Belgium 52.2 0.0 0.6 52.7 58.5 -11% -10% Subtotal: Europe 96.6 0.0 1.3 97.8 118.3 -18% -17% Australasia 48.5 4.1 0.9 53.5 57.4 -15% -7% Middle East & India 42.4 2.8 0.7 45.9 43.1 -2% 6% Americas 46.1 3.5 0.8 50.5 47.7 -3% 6% Asia 40.9 1.8 0.7 43.3 43.8 -7% -1% Rest of world 35.0 0.3 0.6 35.9 42.1 -17% -15% Subtotal: Global 212.9 12.5 3.7 229.1 234.4 -9% -2% Eliminations -6.7 -0.2 0.0 -6.9 -7.9 15% 13% Total 302.8 12.3 5.0 320.1 344.6 -12% -7% Reconciliation of organic vs. reported revenue per operating segment (H1) Reported FX Work. days Organic Reported Reported Organic 1H26 1H26 1H26 1H26 1H25 Δ% Δ% DACH region 102.9 -0.1 0.0 102.8 93.8 10% 10% Netherlands & Belgium 84.6 0.0 0.0 84.6 107.9 -22% -22% Subtotal: Europe 187.6 -0.1 0.0 187.4 201.8 -7% -7% Australasia 99.6 1.3 0.0 100.9 98.9 1% 2% Middle East & India 84.4 5.4 0.0 89.8 86.6 -3% 4% Americas 97.0 4.5 0.0 101.5 92.9 4% 9% Asia 67.8 4.0 0.0 71.8 78.1 -13% -8% Rest of world 72.8 0.8 0.0 73.6 68.0 7% 8% Subtotal: Global 421.6 16.0 0.0 437.6 425.1 -1% 3% Eliminations -12.5 -0.3 0.0 -12.8 -13.0 3% 1% Total 596.6 15.6 0.0 612.3 613.3 -3% 0% Reported FX Work. days Organic Reported Reported Organic 1H25 1H25 1H25 1H25 1H24 Δ% Δ% DACH region 93.8 -0.1 1.1 94.9 124.1 -24% -23% Netherlands & Belgium 107.9 0.0 1.1 109.1 118.5 -9% -8% Subtotal: Europe 201.8 -0.1 2.3 204.0 242.6 -17% -16% Australasia 98.9 4.5 1.7 105.0 112.0 -12% -6% Middle East & India 86.6 1.7 1.4 89.8 90.5 -4% -1% Americas 92.9 3.6 1.6 98.0 93.6 -1% 5% Asia 78.1 1.3 1.3 80.7 88.0 -11% -8% Rest of world 68.0 0.0 1.1 69.0 82.4 -18% -16% Subtotal: Global 424.4 11.1 7.0 442.5 467.3 -9% -5% Eliminations -13.0 -0.2 0.0 -13.1 -17.5 26% 25% Total 613.3 10.8 9.3 633.4 691.7 -11% -8%
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- 31 - - 31 - Brunel International N.V. Quarterly Report 2026-2 Free cash flow Free cash flow is used to evaluate the cash generation of the company’s business and is defined as the sum of net cash from operating and investing activities, excluding the acquisition and disposal of subsidiaries and including repayment of lease liabilities. A reconciliation is set out below: EUR ‘000 2026 2025 Cash from operating activities -5,398 -12,554 Cash from investing activities -2,647 -5,151 Adjustment for acquisition of subsidiaries 125 0 Repayment of lease liabilities -6,131 -6,583 Total free cash flow -14,051 -24,288 Net cash/(debt), excluding lease liabilities Net cash is an alternative financial measure used by the company to evaluate the capital structure and leverage. It is defined as cash and cash equivalents and restricted cash less loans and borrowings excluding lease liabilities. A reconciliation is set out below: EUR ‘000 30/06/2026 31/12/2025 Cash and cash equivalents 72,963 82,995 Restricted cash - current portion 10,851 10,618 Non-current restricted cash 568 627 Loans and borrowings -84,824 -62,598 Bank overdrafts and other -3.614 - Total net cash/(debt) -4,058 31,642
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- 32 - - 32 - - 32 - Brunel International N.V. Quarterly Report 2026-2 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 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 2026-2 brunelinternational.net