Slides
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Q3 2026 trading update 30 October 2026
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Q3 2026 trading update2 Revenue 450 455 505 439 418 502 525 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +2.2% EBIT (margin) 65 40 27 -50 0 50 100 -5 0 5 10 15 0.2% 1 Q1 25 4.3% 20 Q2 25 12.9% Q3 25 1.2% 6 Q4 25 -0.4% -2 Q1 26 7.9% Q2 26 5.2% Q3 26 Free cash flow -84 -102 26 24 -58 20 3 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,482 1,451 1,434 1,396 1,385 1,280 1,351 -9% 12-month backlog Modest growth driven by steady growth in oil & gas and infrastructure; highlighting successful redeployment of capacity amid lower offshore wind EBIT margin impacted by lower pricing in marine site characterisation, war in Middle East, and one-off charter expenses on 2 inspection & monitoring projects Benefit of lower working capital outflow was offset by lower EBITDA Backlog decline reflects further decline in offshore wind, and customers awarding work closer to project execution All amounts in euro million; growth percentages corrected for currency impact; EBIT (margin) adjusted for specific items; operating cash flow before changes in working capital 3Q26 Revenue resilient, margin impacted by ongoing market challenges
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Q3 2026 trading update3 War in the Middle East YTD 2026 ▪ Operational adjustments have reduced impact of spoofing & jamming, although GNSS navigation signal disruptions continue to affect operations in Gulf region ▪ Some knock-on effects in other regions, eg higher fuel costs ▪ Negative EBIT impact around EUR 25 million YTD1 Going forward ▪ Wider repercussions on the business environment –and resulting implications for Fugro– remain uncertain ▪ Key risks relate to fuel prices, delayed investment decisions, insurance costs, project start-up and mobilisation timelines ▪ We continue to closely monitor the situation and respond as necessary, with the safety of our people as foremost priority Significant impacts YTD 2026; situation continues to be volatile 1 of which EUR 15 million in H1 2026
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4 Vessel rationalisation programme PERMANENT • STRUCTURAL TEMPORARY • FLEXIBLE 1 Retirement Permanent removal of owned vessels 2-3 vessels 2 Charter reductions Ending chartered vessels 3 vessels 3 Relocation Cross-regional relocation of owned vessels 2-3 vessels 4 Cold lay-up Temporary owned-capacity reduction 1-2 vessels 5 Winter lay-up Seasonal, flexible to accommodate signed backlog Key contributor to annualised EUR 50 million cost reductions F. Meridian retired F. Explorer in Q4/ Q1 Pacific Grouse Q4 MV Scotia Q4 Kommandor Orca Q1 F. Resilience relocated Q3 F. Resolve | F. Helmert scheduled F. Pioneer 7 vessels F. Zenith | F. Revelation | RS Alegranza Q3 2026 trading update Announced at H1 2026 Status per Q3 2026
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1 currency comparable growth 5 Ongoing recalibration; business mix shows value of diversification 47% 47% 52% 47% 48% 50% 52% 23% 24% 21% 26% 26% 31% 27% 25% 24% 23% 21% 21% 15% 16% 47% 47% 52% 47% 48% 50% 52% 23% 24% 21% 26% 26% 31% 27% 25% 24% 23% 21% 21% 15% 16% 5% Q1 25 4% Q2 25 4% Q3 25 6% Q4 25 5% Q1 26 5% Q2 26 5% Q3 26 47% 47% 52% 47% 48% 50% 52% 23% 24% 21% 26% 26% 31% 27% 25% 24% 23% 21% 21% 15% 16% 694 682 755 658 662 645 696 343 355 303 361 361 386 371 370 355 321 299 298 192 210 694 682 755 658 662 645 696 343 355 303 361 361 386 371 370 355 321 299 298 192 210 75 Q1 25 59 Q2 25 55 Q3 25 78 Q4 25 64 Q1 26 57 Q2 26 74 Q3 26 1,482 1,451 1,434 1,396 1,385 1,280 1,351 694 682 755 658 662 645 696 343 355 303 361 361 386 371 370 355 321 299 298 192 210 +30.0% +20.1% (10.7%) (36.3%) (8.5%) Backlog by market segment Overall 8.5% decline also reflects customers awarding work closer to project execution Offshore wind 36% decline offshore wind, mainly in Europe-Africa Infrastructure and Water show good underlying growth Oil & gas decline fully related to execution on exceptionally large project in Indonesia; otherwise up year-on-year 3Q26 vs 3Q251 Subdued offshore wind market largely offset by underlying growth of other markets Q3 2026 trading update
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Q3 2026 trading update6 Year-on-year revenue and margin development Revenue X EUR million 18 9 505 525 Q3 2026Q3 2025 -24 Europe- Africa 2 Americas Asia Pacific -5 Middle East & India 13 Europe- Africa 3 Americas 3 Asia Pacific 1 Middle East & India FX effect Marine -2% Land +20% 65 27 Q3 2025 Marine Land Q3 2026 Marine • Europe-Africa: overcapacity in MSC markets, resulting in lower pricing and less favourable revenue mix • Americas: more asset integrity revenue in Brazil, offsetting soft MSC market environment • APAC: unusually high revenue from 2 inspection and monitoring campaigns in Australia, and associated one-off charter costs • MAI: ongoing war-related disruptions EBIT (margin) 12.9% 5.2% Growth percentages corrected for currency impact; EBIT (margin) adjusted for specific items Land ▪ Europe-Africa: strong growth in nearshore activity ▪ Americas: more onshore infrastructure projects, particularly in the US
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Q3 2026 trading update7 Free cash flow X EUR million Free cash flow 60 -18 -39 0 3 ▪ Higher Y-o-Y position (EUR 335m vs EUR 303m in Sep 2025) attributable to increased revenue, as well as to lower capex and other payables ▪ Days of revenue outstanding improved to 80 ▪ Quality of receivables remains sound ▪ Unwind expected in Q4 2026 ▪ We remain committed to bringing it down to target 10-15% range Working capital X EUR million, and as % of 12-month revenue 95 26 operating CF before changes working capital -34 changes working capital -36 capex 1 other investing CF free cash flow Q3 26 Q3 25 284 358 323 172 181 264 303 253 311 310 335 12.8% Q1 24 15.9% Q2 24 14.4% Q3 24 7.6% Q4 24 8.2% Q1 25 12.6% Q2 25 15.1% Q3 25 13.7% Q4 25 17.1% Q1 26 16.6% Q2 26 17.7% Q3 26 Days of revenue outstanding 93 88 86 74 87 85 82 84 96 78 80
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8 Robust balance sheet Net leverage Maturity profile 100 400 2026 2027 2028 2029 2030 2031 revolving credit facility term loan Long-term funding secured ▪ Extension of existing senior debt facilities to Dec 2031, on same terms as those secured in Dec 2024 ▪ New EUR 150m facility from European Investment Bank On 22 October, we paid back EUR 40 million term loan from cash on balance sheet X EUR million Q3 2026 trading update both according to covenant definition X EUR million 0.5 0.7 0.6 0.2 0.5 1.2 1.2 1.4 1.8 1.7 1.9 198 345 274 96 240 437 411 382 464 473 474429 466 469 482 442 359 331 265 255 278 245 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net debt Adjusted EBITDA (last 12 months) Long-term funding secured
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▪ Strategic importance of offshore wind in Europe reaffirmed at North Sea Summit in Jan 2026, due to growing need for energy independence ▪ Continued industry realignment with prioritisation of financial discipline and delivery certainty, which is gradually rebuilding longer-term clarity ▪ Political support remains strong, but the conversion of ambitions into attractive auction frameworks continues to be slow in various European countries, and developer appetite remains selective ▪ Recent successful auction in Denmark confirms view that markets are gradually recovering ▪ Further auctions in UK, France, Netherlands, Korea, Taiwan, and Japan expected end 26/ early 27 ▪ Grid infrastructure investment ramping up in Europe to address connection bottlenecks Q3 2026 trading update9 Offshore wind essential for future energy supply Capex CAGR ’25-’31: 13% Opex CAGR ’25-’31: 13% Global offshore wind investment (EUR bn) 34 4 2025 32 5 2026 30 6 2027 37 6 2028 49 7 2029 63 8 2030 71 9 2031 38 36 35 43 56 70 80 Source: 4C Offshore (excl. China)
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Q3 2026 trading update10 Source: 4C Offshore | Notes: Planned auctions cover ongoing tender as of Q3’26 and planned between Q4’26-Q2’27; Ongoing and Planned auctions: Nordsøen I Syd (Denmark, 1 GW, Ongoing), AO10 (France, 10 GW, Ongoing), AR8 (United Kingdom, ~6.0 GW, Ongoing), Sunnavind (Finland, 4 GW, Q1 2027), Portugal (Portugal, 1 GW, Q1 2027), Italy (Italy, 1.3 GW, Q1 2027), Pre-exam. (Germany, 4 GW, Q1 2027), Leasing Round 6 (United Kingdom, 6 GW, Q2 2027), Deepwater T&D (United Kingdom, Not stated, Q2 2027); Outlook doesn’t include Netherlands zone 6/7 24 13 6 6 8 4 10 2024 awarded 2025 awarded 2 YTD’26 awarded 10 Site only 1 Offtake only 12 1 Offtake + Site 10 16 7 18 United Kingdom France Germany Denmark Netherlands Other OWF auctions (in GW): concluded, ongoing and planned in next 3 quarters Typical timeline for Fugro’s auction driven activities ▪ Auction process takes 3–6 months ▪ Site/ Offtake+Site: surveys typically start 6–9 months after site is awarded to developer ▪ Offtake only: surveys typically start ~6 months after site is awarded to developer, pending project maturity ▪ Awarded capacity may differ from auctioned capacity Pre-auction ▪ Netherlands, Belgium, Germany & Denmark also initiate state-led surveys typically 1–2 years pre-auction Later stage in project life cycle ▪ Fugro also offers detailed engineering site investigations, construction support, and inspection & monitoring solutions Ongoing & planned to be auctioned (Q4 2026-Q2 2027) For 2027, recovery expected in seabed licensing activity from 2026 low ▪ Healthy tendering activity in Europe, but firm awards have yet to follow ▪ Driven by implementation of improved auction & contracting frameworks across multiple countries, attracting renewed developer appetite Underpinning expectation that offshore wind markets will start to recover from H2 2027 onwards
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Q3 2026 trading update11 Mid-term outlook oil & gas and infrastructure remains sound Source: 4C Offshore, Rystad, GlobalData as per October 2026 (excl. China) Capex CAGR ’25-’29: 2% Opex CAGR ’25-’29: 4% Capex CAGR ’25-’29: 6% Opex CAGR ’25-’29: 6% Offshore oil and gas market – Selective growth ▪ Ongoing volatility due to ongoing Middle East hostilities ▪ Upstream investments needed to offset depletion and provide spare capacity against shocks ▪ Frontier and deep-water developments, particularly in LATAM, APAC, Africa, recent discovery near Oseberg field in North Sea ▪ Construction activity focused on smaller tiebacks and brownfield modifications rather than large greenfield installation ▪ Structural demand for inspection and maintenance services, due to ageing infrastructure Infrastructure – Sustained activity levels ▪ Long-term investment programmes support near-term activity levels ▪ Geopolitical uncertainty, persistent inflation, and rising sovereign debt burden are weighing on public and private spending ▪ Nuclear and data centres as hotspots in Europe and US, data centre investments accelerating in APAC (Singapore, Australia) Global offshore oil and gas investment (EUR bn) Global Infrastructure investment (EUR bn) 158 75 2025 156 76 2026 175 83 2027 178 86 2028 168 88 2029 233 232 258 264 256 517 221 2025 542 231 2026 575 246 2027 619 264 2028 663 283 2029 738 772 821 883 946
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▪ Market uncertainty is expected to persist in a seasonally slower Q4 2026, reflecting customer caution, industry overcapacity and ongoing war in the Middle East. ▪ These conditions are expected to continue to weigh on profitability, impacting the full-year margin. ▪ To support free cash flow, capex for the year is limited to around EUR 150 million, along with lower working capital. ▪ Implementation of EUR 50m annualised cost reduction programme on track; intensifying efforts to structurally improve profitability. ▪ Medium- to long-term outlook across Fugro’s core markets remains sound. Q3 2026 trading update12 FY 2026 Outlook unchanged