Earnings release
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Page 1 of 6 Press Release Trading update Q3 2026 Nootdorp, the Netherlands, 30 October 2026 Q3 2026: Revenue resilient, margin impacted by ongoing market challenges ◼ Modest revenue growth of 2.2% driven by steady growth in oil & gas and infrastructure; highlighting successful redeployment of capacity amid lower offshore wind activity. ◼ Consistent with guidance at H1 2026, profitability is impacted by lower pricing in marine site characterisation and costs related to the Middle East war. In addition, one-off charter expenses were incurred on two inspection and monitoring campaigns in Australia. ◼ Implementation of the EUR 50 million annualised cost reduction programme is on track. Building on the substantial actions already taken, Fugro is intensifying its efforts to structurally improve profitability through operational efficiencies. ◼ Operating cash flow before working capital of EUR 60 million, reflecting an EBITDA of EUR 76 million. Free cash flow amounted to EUR 3 million. ◼ The 8.5% decline in 12-month backlog due to a 36% drop in offshore wind. The decline also reflects customers awarding work closer to project execution. ◼ Long-term financing secured through extension of existing debt facilities to December 2031 and new EUR 150 million facility with the European Investment Bank. ◼ Full-year 2026 outlook unchanged: ▪ Market uncertainty expected to persist, with customer caution and industry over-capacity affecting a seasonally slow Q4 2026, impacting full-year margin. ▪ To support free cash flow, capex for the year is limited to around EUR 150 million, along with lower working capital. ◼ We continue to expect offshore wind site characterisation markets to start to recover from H2 2027 onwards. Key figures (x EUR million) unaudited Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenue 525.2 504.7 1,445.7 1,409.4 comparable growth1 2.2% (12.6%) 3.6% (14.5%) EBITDA2 75.9 108.6 206.8 216.1 EBITDA margin2 14.4% 21.5% 14.3% 15.3% EBIT2 27.2 64.9 65.1 85.4 EBIT margin2 5.2% 12.9% 4.5% 6.1% Operating cash flow before changes in working capital 59.6 95.4 144.6 152.9 Cash flow from operating activities after investing (free cash flow)3 2.6 25.6 (35.7) (160.6) Backlog next 12 months 1,350.6 1,434.3 comparable growth1 (8.5%) (11.5%) 1. Corrected for currency effect 2. Adjusted for specific items with a total impact of EUR (50.2) million on EBIT YTD 2026 3. Including discontinued operations
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Press Release – Trading update Q3 2026 Page 2 of 6 Mark Heine, CEO: “We indicated at the publication of our first-half year results that the second half of the year would be challenging, and our third-quarter performance reflected that outlook. The positive impacts of the ongoing implementation of cost reductions during the last quarters were offset by lower pricing arising from industry overcapacity in marine site characterisation. Profitability was further affected by additional costs related to the continued war in the Middle East and one-off charter costs incurred to execute two offshore inspection and monitoring campaigns in Australia. Our priority is clear: to improve profitability and strengthen cash flow. We have taken substantial action over the past years to reduce our cost base, and the current EUR 50 million annualised cost reduction programme is progressing as planned. We are building on these actions by intensifying our focus on structural performance improvement. This involves fundamental changes to how we organise and operate the business, which will take time to fully implement. We are approaching these actions with urgency and a strong focus on delivery. Offshore wind –alongside other renewable and traditional energy sources– is a vital component of an affordable, secure and diversified energy system. Its strategic importance was reaffirmed at the North Sea Summit earlier this year, with firm commitments to de-risk new developments. The recent successful auction round in Denmark and healthy tendering activity in Europe underpin our expectation that the offshore wind site characterisation market will start to recover from the second half of 2027 onwards. However, firm awards have yet to follow, and our backlog in this market remains below last year’s level. The medium- to long-term outlook across Fugro’s core markets remains sound. Our longer-term strength will come from maintaining our technological leadership and scaling solutions with strong commercial potential, such as GroundIQ.” Review Q3 2026 Revenue grew by 2.2% on a constant currency basis. Consistent with the first half of the year, it was driven by the oil & gas and infrastructure markets, which was largely offset by a further decline in offshore wind activity, albeit with a slower rate of decline than during the previous quarters. Marine revenue declined by 2.1% on a currency-comparable basis. Weaker offshore wind activity in Europe-Africa was largely offset by increased activity for oil & gas developments across various geographies. While Fugro continues to maintain strong market positions, particularly in geotechnical solutions, industry overcapacity has resulted in lower pricing, particularly in geophysical services. On the other hand, marine asset integrity increased in three out of four regions, including a high contribution from two inspection and monitoring campaigns in Australia with a relatively high portion of low-margin pass-through revenue. Overall, utilisation of our owned and long-term chartered fleet decreased to 64% from 76% in the comparable period last year, reflecting soft market conditions and the related lay-up of several vessels towards the end of the quarter. In the Land business, the 19.5% currency comparable growth was primarily attributable to strong nearshore activity in the Europe-Africa region (for a large nuclear project and for landing sites of offshore wind farms under construction) and more onshore infrastructure projects in the Americas, particularly the US.
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Press Release – Trading update Q3 2026 Page 3 of 6 Key figures (x EUR million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Marine Revenue 404.8 404.3 1,111.7 1,097.3 comparable growth1 (2.1%) (11.9%) 1.9% (14.0%) Backlog next 12 months 974.2 1,112.1 comparable growth1 (15.1%) (13.0%) Land Revenue 120.4 100.4 334.1 312.1 comparable growth1 19.5% (15.3%) 9.6% (16.3%) Backlog next 12 months 376.4 322.2 comparable growth1 14.2% (5.9%) 1 Corrected for currency effect The EBIT margin declined to 5.2% versus 12.9% in Q3 2025. The benefits from savings implemented over recent quarters were offset by the continued weakness in marine site characterisation, reflected in lower pricing and a shift in revenue mix towards generally shorter-duration oil and gas projects. This was most pronounced in Europe-Africa, where the majority of our vessel fleet is deployed. Profitability was further affected by incremental expense from the war in the Middle East. In addition, significant one-off charter costs were incurred to execute two large offshore inspection and monitoring campaigns in Australia. Free cash flow amounted to EUR 3 million, compared with EUR 26 million in Q3 2025. The benefit of a reduced working capital outflow was offset by lower operating cash flow, primarily reflecting the decline in EBITDA. Working capital remained elevated at 17.7% of 12-month revenue at the end of September, despite an improvement in days of revenue outstanding to 80. Consistent with normal seasonality, we expect working capital to unwind in the fourth quarter. The 12-month backlog declined by 8.5% due to a 36% drop in offshore wind, mainly in Europe-Africa. The backlog decline also reflects customers awarding work closer to project execution. Last year’s backlog benefited from an exceptionally large project in Indonesia; excluding this project the underlying oil & gas backlog increased year-on- year. Infrastructure and water show good underlying growth. Net debt amounted to EUR 474 million as per end September 2026, broadly unchanged from EUR 473 million at the end of June, resulting in net leverage of 1.9x. On 14 October 2026, Fugro secured a two-year extension on the maturity of existing senior unsecured debt facilities to December 2031, on the same terms as those secured in December 2024. In parallel, we announced a EUR 150 million unsecured financing facility with the European Investment Bank to support the phased development and deployment of our uncrewed surface vessel technology, and related subsea robotics and remote control, with maturities of up to 10 years. On 22 October 2026, we paid back the EUR 40 million term loan. Outlook Full-year 2026 outlook: ▪ Market uncertainty is expected to persist in a seasonally slow Q4 2026, as customer caution, industry overcapacity and the ongoing war in the Middle East continue to impact full-year margin. ▪ To support free cash flow, capex for the year is limited to around EUR 150 million, along with lower working capital.
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Press Release – Trading update Q3 2026 Page 4 of 6 The medium- to long-term outlook across Fugro’s core markets has not changed and remains sound: ▪ Healthy tendering activity in Europe provides support for an expected recovery in the offshore wind site characterisation market from the second half of 2027 onwards. This recovery is expected to be driven by the implementation of improved auction and contracting frameworks across multiple countries, attracting renewed developer appetite. Overall, we anticipate a recovery in seabed licensing activity from a 2026 low, with a focus on the UK, Denmark, France and the Netherlands. These developments are anticipated to further strengthen our project pipeline and support new site characterisation awards, although firm awards have yet to materialise. ▪ Energy companies are selectively expanding their oil & gas portfolios through targeted exploration programmes, with a strong emphasis on tight timelines and cost efficiency. Heightened attention on energy security and energy independence supports continued client investment, particularly where higher oil prices improve project economics. ▪ The infrastructure, water and emerging markets –including nuclear, critical minerals and security solutions for safeguarding vital undersea infrastructure– present promising mid-term opportunities. Overview by region Key figures (x EUR million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Europe-Africa Revenue 247.5 257.5 679.0 690.0 comparable growth1 (4.5%) (12.6%) (1.3%) (15.4%) Backlog next 12 months 555.3 659.7 comparable growth1 (17.2%) (3.0%) Americas Revenue 110.3 102.7 294.9 307.2 comparable growth1 5.0% (10.0%) (2.7%) (12.1%) Backlog next 12 months 320.3 269.4 comparable growth1 14.6% (34.3%) Asia-Pacific Revenue 115.1 89.5 308.6 250.5 comparable growth1 23.3% (28.8%) 23.1% (23.3%) Backlog next 12 months 278.8 290.5 comparable growth1 (8.8%) 1.1% Middle East & India Revenue 52.3 55.0 163.3 161.6 comparable growth1 (5.9%) 27.3% 5.8% 2.2% Backlog next 12 months 196.2 214.7 comparable growth1 (10.7%) (11.3%) 1. Corrected for currency effect Recent project awards ◼ Europe-Africa: Ultra-deepwater AUV geophysical surveys as part of pre-engineering design activities supporting Azule Energy’s field development campaigns in Angola; four-year extension of global framework agreement with Heerema Marine Contractors for support for transport, installation and decommissioning projects worldwide; a contract by Cadeler to provide post-installation seabed surveys for East Anglia Two offshore wind farm in the UK; and a contract by 50Hertz to provide UXO survey, identification and clearance services for the LanWin3 and 6 grid connection projects in Germany.
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Press Release – Trading update Q3 2026 Page 5 of 6 ◼ Americas: Geotechnical investigation for Ferrovial as part of a Texas Department of Transportation Design- Build project on State Highway 99; hydrographical survey of over 3,200 square kilometres of Florida’s Atlantic coast for NOAA to update nautical charting; survey of around 60,000 miles of roadway assets for Virginia Department of Transportation to support statewide infrastructure planning and maintenance; and airborne mapping for the Florida Department of Transportation to support the state’s response to Hurricane Isaias. ◼ Asia Pacific: marine asset integrity contract to replace critical subsea infrastructure to support long-term reliability and performance of our client’s offshore assets in Australia; two additional contracts by Timor-Leste’s MPRM for the Greater Sunrise TLNG and Bayu-Undan Pipeline Highway, covering a major geotechnical and metocean survey programme; deepwater geohazard site survey contract for PETRONAS Carigali for the Megah and Limbayong fields off the coast of Sabah, Malaysia; and high-resolution coastal mapping and ground survey work across Kiribati’s remote Line Islands, providing essential Geo-data to support climate-resilient planning, infrastructure development and environmental management. ◼ Middle East & India: geotechnical and geophysical investigations, seismic hazard assessments and integrated land and water surveys for a Pumped Hydro Energy Storage project in Oman; hydrographic surveys, infrastructure condition inspections, and maritime asset integrity solutions for the planning, development and long-term management of port and coastal infrastructure across the UAE; integrated site investigation programme for the next phase of the Absheron field development in Azerbaijan; geotechnical and geophysical investigations supporting the site selection of a future nuclear power plant in India. Analyst call At 9:30 CET today, Fugro will host an analyst call which can be followed via audio webcast: https://www.fugro.com/investors/results-and-publications Financial calendar 4 March 2027 Publication full-year 2026 results 22 April 2027 Publication Q1 2027 trading update For more information Media Serge van de Ven s.vandeven@fugro.com +31 70 31 11129 +31 6 3094 2428 Investors Catrien van Buttingha Wichers c.vanbuttingha@fugro.com +31 70 31 15335 +31 6 1095 4159 About Fugro Fugro is the world’s leading Geo-data specialist, collecting and analysing comprehensive information about the Earth and the structures built upon it. Adopting an integrated approach that incorporates acquisition and analysis of Geo-data and related advice, Fugro provides solutions. With expertise in site characterisation and asset integrity, clients are supported in the safe, sustainable and efficient design, construction and operation of their assets throughout the full life cycle. Employing approximately 10000 people in 52 countries, Fugro serves clients around the globe, predominantly in the energy and infrastructure industries, both offshore and onshore. In 2025, revenue amounted to EUR 1.8 billion. Fugro is listed on Euronext Amsterdam. This press release contains information that qualifies, or may qualify as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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Press Release – Trading update Q3 2026 Page 6 of 6 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, market developments, currency risks and unexpected operational setbacks). Any forward-looking statements contained in this announcement 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.