Fugro’s results for the first half of 2025 were affected by geopolitical and economic uncertainties. The first quarter’s uncertainty continued into the second quarter, leading to project delays and reduced work scopes, particularly in the offshore wind sector. This resulted in lower revenue and earnings before interest and tax. Free cash flow was affected by lower earnings before interest, tax, depreciation and amortisation, combined with front-loaded capital expenditure.
In the second quarter of 2025 Fugro recorded revenue of € 454.8 million, down from € 587.9 million in the same period of 2024. For the first half of the year, revenue was € 904.7 million compared to € 1,091.1 million in the first half of 2024. On a comparable basis this represents a decline of 19.4 per cent in the second quarter and 15.6 per cent for the first half of the year.
Earnings before interest, tax, depreciation and amortisation fell to € 63.6 million in the second quarter, from € 141.2 million a year earlier, and to € 107.5 million for the half year, down from € 224.1 million . Earnings before interest and tax were € 19.7 million in the second quarter, compared to € 99.3 million in 2024, and € 20.5 million for the first half, compared to € 143.6 million last year. The EBIT margin decreased to 4.3 per cent in the second quarter and 2.3 per cent for the half year, from 16.9 per cent and 13.2 per cent respectively.
The company reported a net loss of € 18.3 million for the first six months of 2025, compared with a net profit of € 112.5 million in the same period last year.
The company is implementing a cost reduction programme aimed at cutting 750 jobs and achieving annual savings of 80 to 100 million . The order backlog stands at 1.5 billion , with reduced activity in renewables balanced by growth in other markets supported by recent major contract awards.
Trading conditions have recently improved as a result of higher vessel utilisation, the start of new projects and resumption of postponed work, and lower costs. Fugro expects a strong recovery in the second half of 2025 with revenue growth of around 20% compared to the first half and a full-year earnings before interest and tax margin of 8 to 11 per cent.
