Fugro N.V.

Earnings Release • Apr 25, 2024

Strong start of the year 2024 for Fugro

Continued revenue growth and margin improvement

• ^◼ Ongoing significant growth in offshore wind projects, resulting in 9.0% overall revenue growth
• ^◼ Further improvement in profitability, resulting in 16.5% EBITDA margin and 8.8% EBIT margin
• ^◼ Operating cash flow increases by EUR 24.0 million to EUR 66.2 million; offset by higher working capital compared to exceptionally low level at year-end 2023
• ^◼ 12-month backlog continues to be robust with 9.9% increase
• ^◼ Outlook full-year 2024 reiterated: continued revenue growth, EBIT margin within mid-term target range of 11-15%.

Key figures (x EUR million)
Unaudited	Q1 2024	Q1 2023
Revenue	503.2	465.8
comparable growth1	9.0%	27.5%
EBITDA2	82.8	58.7
EBIT2	44.2	25.3
EBIT margin2	8.8%	5.4%
Cash flow from operating activities after investing (free cash flow)3	(58.0)	15.6
Backlog next 12 months	1,544.2	1,401.5
comparable growth1	9.9%	22.4%

1. Corrected for currency effect 2. Adjusted for specific items

2. Including discontinued operations

Refer for definitions of non-IFRS measures to the glossary in the additional information to the 2023 annual report.

Mark Heine, CEO: "The year 2024 is off to a good start. We are capturing a significant part of site characterisations in the offshore wind market, which continues to be buoyant as a result of the energy transition in numerous countries. Many governments are demonstrating their commitment to carbon reduction roadmaps, for example by responding swiftly to recent delays in several offshore wind projects by increasing prices for the energy that the owners of these developments generate. At the same time, our revenue was supported by the infrastructure and water markets.

In this typically low winter season, we reported a strongly improved EBIT margin of 8.8% driven by an overall robust performance in Marine, fueled by excellent operational execution, operating leverage and improved terms & conditions; despite still increasing cost levels.

The implementation of our new strategy, Towards Full Potential, is getting underway. Ongoing investment in our people, technology and execution excellence is key. Despite tight labour markets, we are successful in attracting the people we need to support our clients. In the first quarter, we hired over 500 people, and voluntary staff turnover declined to 8%. Also, the conversion of Fugro Resilience and Fugro Resolve to geotechnical vessels is nearing completion, further boosting our earnings capacity.

While carefully navigating macro-economic and geopolitical uncertainties, we are well-positioned to benefit from the energy transition, massive infrastructure investments and urgently needed climate change adaptation."

Review Q1 2024

Revenue in the first quarter increased by 9.0% on a currency comparable basis. In Marine, revenue grew by 13.8%, enabled by the expansion of the geotechnical fleet. Overall, vessel utilisation was 65% versus 68% in the comparable period last year, due to scheduled maintenance and lower utilisation of the geophysical fleet. While infrastructure revenue increased, Land declined by 3.5% overall due to a lower number of nearshore LNG projects in the US.

Despite the typically slow first quarter, Fugro reported an 8.8% EBIT margin, driven by an overall strong Marine performance, most notably in Europe-Africa, as a result of excellent project execution and improved terms & conditions.

Operating cash flow before changes in working capital increased by EUR 24.0 million to EUR 66.2 million. As expected, working capital increased compared to an exceptionally low level at year-end 2023 (at 8.9% of revenue), by EUR 91.4 million in total. As a percentage of 12-months revenue, working capital was 12.8% compared to 13.2% a year ago. Capex amounted to EUR 32.7 million. On balance, free cash flow decreased by EUR 73.6 million to negative EUR 58.0 million. Net debt amounted to EUR 198.6 million compared to EUR 110.5 million at year-end 2023 mainly due to higher working capital. Net leverage amounted to 0.5x.

The 12-month backlog was up in both Marine and Land, as a result of double-digit growth in Europe-Africa and Asia Pacific.

Outlook 2024

In line with the new strategy Towards Full Potential and related mid-term guidance, Fugro expects:

• Continued revenue growth, primarily driven by the energy markets
• EBIT margin within mid-term target range of 11-15%
• Ongoing investments in assets, technology, people and execution excellence
• Capex of around EUR 250 million.

Recent project awards

• ^◼ Europe-Africa region: Detailed geotechnical surveys for Dogger Bank South for RWE and Masdar off the northeast coast of England; a geophysical unexploded ordnance identification and clearance project for TenneT on their 2GW offshore grid connection projects offshore Germany; a fully remote pipeline inspection in the North Sea under a 3-year framework agreement using Fugro's newest Blue Essence® uncrewed surface vessel; and geotechnical investigation to support the design of a hydrogen-ready gasfired power plant for RWE in Germany to help achieve the phasing out of coal.
• ^◼ Americas region: AUV survey contract in the Gulf of Mexico for BP to deliver deepwater geophysical data for Tiber and Kaskida projects; a geotechnical site investigation for an upstream operator in Trinidad to support foundation engineering for offshore infrastructure; geotechnical services for T.Y. Lin International Group to support the design of the Ile d'Orleans Bridge in Canada; and a remote sensing and mapping project to assess 3,900 km transmission corridor for a US-based power company.
• ^◼ Asia Pacific region: Significant survey contract on INPEX's Abadi LNG and carbon capture and storage project in Indonesia; geotechnical investigations for four offshore wind developments in Japan, South Korea and Taiwan; positioning and construction support services at Yunlin Offshore Wind Farm in the Taiwan Strait; and an award from Singapore's Land Transport Authority for the supply, installation and monitoring of instruments during construction of West Coast Station and tunnels on the Cross Island Line.
• ^◼ Middle East & India region: Comprehensive programme of geophysical, geotechnical, and ROV crossing services for ADNOC's Hail & Ghasha project; deployment of LiDAR buoy for India's National Institute of Wind Energy off the Tamil Nadu coast; various site characterisation and asset integrity operations for

Technip in relation to the Dorra gas field; and onshore ground investigations for various NEOM infrastructure developments.

Analyst call

At 08:30 CET, Fugro will host an analyst call. The dial-in numbers are +31 (0) 20 708 5073 or +44 (0) 33 0551 0200; quote Fugro when prompted by the operator. This call can also be followed via audio webcast: https://www.fugro.com/investors/results-and-publications

Financial calendar

For more information

Media

Serge van de Ven s.vandeven@fugro.com +31 70 31 11129 +31 6 3094 2428

25 April 2024 Annual general meeting of shareholders (at 2:00 CET) 1 August 2024 Publication half-year 2024 results 1 November 2024 Publication Q3 2024 trading update

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. With our unique map, model and monitor solutions, we provide project critical insights into the built and natural environment. Fugro supports clients by delivering solutions in support of the energy transition, large-scale infrastructure development and climate resilience. 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. In line with our purpose, we are extending our know-how and solutions to the understanding and preservation of ecosystems.

Employing close to 11000 talented people in 55 countries, Fugro serves clients around the globe, mostly in the energy, infrastructure and water industries, both offshore and onshore. In 2023, revenue amounted to EUR 2.2 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.

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.

Appendix

Overview by business

	Key figures (x EUR million)	Q1 2024	Q1 2023
Marine	Revenue	378.2	335.1
	comparable growth1	13.8%	34.7%
	Backlog next 12 months	1,217.9	1,097.1
	comparable growth1	10.4%	34.6%
Land	Revenue	125.0	130.7
	comparable growth1	(3.5%)	12.1%
	Backlog next 12 months	326.3	304.4
	comparable growth1	8.0%	(8.2%)

Overview by region

	Key figures (x EUR million)	Q1 2024	Q1 2023
Europe Africa	Revenue	218.7	192.0
	comparable growth1	13.7%	25.7%
	Backlog next 12 months	689.6	580.7
	comparable growth1	18.3%	13.2%
Americas	Revenue	126.0	125.0
	comparable growth1	1.7%	34.9%
	Backlog next 12 months	359.7	371.2
	comparable growth1	(4.4%)	16.4%
Asia Pacific	Revenue	100.5	95.2
	comparable growth1	9.1%	24.9%
	Backlog next 12 months	321.1	263.2
	comparable growth1	23.6%	40.4%
Middle East & India	Revenue	58.0	53.6
	comparable growth1	8.7%	23.3%
	Backlog next 12 months	173.8	186.4
	comparable growth1	(7.2%)	48.7%

1. Corrected for currency effect