Slides
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Q3 2025 trading update
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2 Q3 performance better than previous quarters… 2All amounts in euro million; growth percentages corrected for currency impact; EBIT (margin) adjusted for specific items; operating cash flow before changes in working capital Q3 2025 trading update Ongoing challenging business environment offshore wind, alongside temporary slowdown oil & gas project start-upsNotable improvement Q3 performance compared to H1Well underway with implementation of expanded cost reduction programme12-month backlog reflects step down offshore wind, partly offset by increase oil & gasChallenging winter season anticipated, with Q4 2025 materially affected by project descopings and postponements into 2026 as outlined in September trading update Revenue EUR 505 mlnQoQ +11.0%YoY -12.6% Backlog 12 monthsEUR 1,434 mlnQ2 2025: 1,451 mlnQ3 2024: 1,686 mln Free cash flowEUR 95 mlnQ2 2025: 36 mlnQ3 2024: 124 mln EBIT margin12.9%Q2 2025: 4.3%Q3 2024: 16.7%
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Sources: IEA ‘Renewables 2025’Q3 2025 trading update3 ... while headwinds remain (1/2)Short term Developers’ reduced appetite for new sites until market turbulence subsidesRoll-out impacted by high interest rates, rising construction costs, limited grid capacity, reducing demands for green energy and shifting political landscapes in key countries No new developments in the US expected in foreseeable futureOngoing dialogue between industry stakeholders to reinvigorate the sectorLonger term Offshore wind remains key to energy transition as part of diverse energy mixOngoing policy refinements around auction design and adoption of Contracts for Difference should provide longer-term clarity to rebuild confidence and momentumEurope and China expected to remain largest markets, rest of APAC will steadily grow, US will host a modest wind farm portfolio for now but Canada and LATAM are slowly emerging Ongoing challenging business environment offshore windIEA significantly revised offshore wind capacity 2030 outlook across regions World (Inc. China)USAEuropeOther (excl. China)-27%-50%-20%-30%GW to be commissioned in 2025-30 compared to 2024 outlook11Mostly APAC
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Q3 2025 trading update4 ... while headwinds remain (2/2)Targeted exploration programmes, with strong emphasis on timelines and cost efficiency, as clients focus on short-cycle high profitability developments, preparing for ‘lower for longer’ oil and gas pricesH2 2025Low oil price resulting in temporary intensification of energy companies’ disciplined spendingAs of 2026Oil and gas remain essential to energy mixOil demand peaks in 2030, then reducing by 2040-2050 (latest estimate)Upstream investments needed to offset depletion and provide spare capacity against potential shocks Temporary slowdown oil & gas project start-ups Long-term oil demand indicates potential for new upstream developmentsMillion barrels per day102967611252025 2030 20401051091050243Existing and sanctionedAdditional supply neededUnsanctionedGlobal Oil demand and production status1234234Sources: IMF, Goldman Sachs Research Top Projects 2025, McKinsey Global Energy Perspective 20251) Rounded numbers. McKinsey Global Energy Perspective 2025 estimates 2) All oil and liquids production from projects already in operation or with Final Investment Decision, including LNG 3) Pre-FID not yet sanctioned projects outside OPEC Middle East. 4) Supply needed in McKinsey Slow Evolution scenario, with slower energy transition, dominant fossil fuels
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CAGR (’25-’29)Expenditure-1%1%5 Solid mid- to long-term market fundamentals Sources: 4COffshore (offshore wind); Rystad (Oil and Gas), Global Data (Infrastructure) data accessed in September 2025 (all numbers excl. China), GWEC, IEA, IMFNotes: all numbers are in EUR bn Recalibration of OWF market Modest growth O&G marketInfrastructure supported by long-term investment programmes Q3 2025 trading update304202436420253852026425202745620285572029344043475162CAGR (’25-’29)Expenditure11%13%CapexOpex164801547915377162781648014983243234230240245231CapexOpexCAGR (’25-’29)Expenditure7%7%5112195372305762466162646632847113057307678228809471,016CapexOpex2024 2025 2026 2027 2028 20292024 2025 2026 2027 2028 2029
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Q3 performance improved compared to previous quarters 6Q3 2025 trading update Revenue503588597588450455505Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25EBIT (margin)4499997265050100010208.8%Q1 2416.9%Q2 2416.7%Q3 2412.2%Q4 240.2%1Q1 254.3%20Q2 2512.9%Q3 25Operating cash flow6512112495213695Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 All amounts in euro million; EBIT (margin) adjusted for specific items; operating cash flow before changes in working capital
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Q3 2025 trading update7 Year-on-year revenue and margin developmentRevenueX EUR millionMiddle East & India597FX effect505Q3 2025Q3 2024-28Europe-Africa-12Americas-29Asia Pacific12Middle East & India-10Europe-Africa0Americas-9Asia Pacific1-17Marine -12%Land -15%9965Q3 2024 Marine Land Q3 2025EBIT (margin)MarineAmericas: no offshore wind projects in USEurope-Africa: pricing pressure in geophysical marketAPAC: 2024 inspection and monitoring campaigns in Australia generated relatively high volume of low-margin pass-through revenueLandLower number of nearshore wind projects in Europe-Africa and APACSoft infrastructure markets in Hong Kong and Saudi Arabia due to tightened government budgets16.7%12.9%Growth percentages corrected for currency impact; EBIT (margin) adjusted for specific items
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Q3 2025 trading update8 Recalibration of markets visible in backlog 37%40% 40%43%47% 47%52%39%37%35%30%25%24%23%20%20%20%21% 23%24%21%4%4% 5%6%5%4% 4%Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Oil and gas Renewables Infrastructure Water 12-month backlog – Total and by market segmentBacklog mix shows value of diversification strategy1 Currency comparable growth57360167267569468275560255859147937035532130729933532434335530362Q1 2463Q2 2488Q3 2489Q4 2475Q1 2559Q2 2555Q3 251,5441,5211,6861,5671,4821,4511,434-11.5%1Reduction in renewables exposure, partly offset by growth oil & gas order book
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Q3 2025 trading update9 Workforce reduction of 1,050 FTEs; up from previously communicated reduction of 750 FTEsReducing short-term charters, third party personnel and equipmentHiring freeze for non-project staffOptimising the fleet and operations, including warm stacking of several vessels during upcoming winter seasonResulting in EUR 100-120 million cost savings on annualised basisMajority of 1,050 FTEs reduction to be completed by year-endCost reduction programme EUR 100-120 million well underway
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Q3 2025 trading update10 Operating cashflow of EUR 95 millionX EUR millionFree cash flow Q3 20259526-34-301-6Unwind of working capital expected in Q4 2025Working capital X EUR million, and as % of 12-month revenue24727532419428435832317218126430313.2%Q1 2314.1%Q2 2315.6%Q3 238.9%Q4 2312.8%Q1 2415.9%Q2 2414.4%Q3 247.6%Q4 248.2%Q1 2512.6%Q2 2515.1%Q3 2512410330operating CF before changes working capitalchanges working capital-52capex1other investing CFfree cash flowcapex new HQQ3 25Q3 24
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11 Robust balance sheetNet leverageMaturity profile1003502025 2026 2027 2028 20290400 0revolving credit facility term loan term loanNet leverage well below company target of <1.5x In October, we have added liquidity with one-year term loan of EUR 40 million, to ensure operational flexibility throughout the annual cycle0.50.70.60.20.51.2 1.219834727496240437411429466465482442359331Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Net debt Adjusted EBITDA (last 12 months)437411jun-2526free cash flow1additions to leases1FX sep-25Net debt development Q3 2025X EUR millionQ3 2025 trading updateboth according to covenant definitionX EUR millionX EUR million
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Challenging winter season, with Q4 2025 materially affected by project descoping and deferrals into 2026Too early to provide outlook for 2026, against a backdrop ofGlobal activity in offshore wind remains subduedSelective expansion in oil & gas market Fugro maintains robust balance sheet and remains fully committed to adjusting the business to current uncertain market conditions by safeguarding profitability and cash flowSignificantly lower capex in 2026, versus EUR 250 mln in 2025Medium- to long-term outlook across Fugro’s core markets remains soundQ3 2025 trading update12 Outlook 2025
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For inquiries contact Director Investor Relations Catrien van Buttingha Wichersc.vanbuttingha@fugro.com13
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This presentation contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This announcement may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including (but not limited to) statements expressing or implying Fugro's beliefs, expectations, intentions, forecasts, estimates or predictions (and the assumptions underlying them). Forward-looking statements necessarily involve risks and uncertainties. The actual future results and situations may therefore differ materially from those expressed or implied in any forward-looking statements. Such differences may be caused by various factors (including, but not limited to, developments in Fugro’s markets, currency risks and unexpected operational setbacks). Any forward-looking statements contained in this presentation are based on information currently available to Fugro's management. Fugro assumes no obligation to in each case make a public announcement if there are changes in that information or if there are otherwise changes or developments in respect of the forward-looking statements in this announcement.Disclaimer 14