Fugro N.V.

Report Publication Announcement • Sep 22, 2025

Press release

Leidschendam, 22 September 2025

Fugro withdraws financial guidance for 2025

Fugro today announces an update to its financial guidance for 2025, following significant changes in market conditions in recent weeks. While we still expect the second half of 2025 to show a notable improvement compared to the first half, the previously anticipated 20% revenue growth is no longer realistic. A wide range of projects has been affected –with most experiencing postponements into 2026 and some being descoped– resulting in an estimated revenue impact of around EUR 100 million.

Fugro will provide a further update at its scheduled Q3 trading update on 31 October 2025.

Recent developments in offshore wind have further softened market sentiment, making the business environment even more challenging. The most significant impacts, however, are seen in the oil and gas market. While our activity levels are expected to increase, the timing of projects is currently affected by intensified disciplined cash and cost management in response to lower commodity prices.

The impact is visible in all regions, particularly in early-stage site characterisation work –even on ongoing work on recently awarded key projects– and most notably in the Europe-Africa region where Fugro operates a large part of its fleet. Given these uncertainties, Fugro has decided to withdraw its financial guidance for the full year 2025.

Cost and capex reduction

Management is fully committed to safeguarding profitability and cash flow by further reducing costs and strong capital discipline. In addition to the ongoing implementation of the current cost reduction programme with annualised cost savings of EUR 80–100 million, we are:

• Implementing an additional reduction of 300 FTE, on top of the earlier communicated 750 FTE.
• Optimising the fleet and its operations, including warm stacking1 several geophysical vessels during the upcoming winter season.

These additional measures will start to take effect in late 2025, with their full impact expected to be realised in 2026.

In addition, to protect free cash flow, the company will significantly reduce capital expenditure for 2026. For the remainder of 2025, the potential for reductions is limited, due to already committed investments.

¹ temporary deactivation while maintaining essential systems and a minimal crew, allowing for quicker reactivation compared to full shutdown (cold stacking)

Analyst call

At 8.30 CET today, Fugro will host an analyst call to discuss today's update. The dial-in number is +31 (0) 20 708 5073 or +44 (0) 33 0551 0200.

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. 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 life cycle. In line with our purpose, we are extending our know-how and solutions to the understanding and preservation of ecosystems.

Employing approximately 11,000 people in 52 countries, Fugro serves clients around the globe, mostly in the energy, infrastructure and water industries, both offshore and onshore. In 2024, revenue amounted to EUR 2.3 billion. Fugro is listed on Euronext Amsterdam.

This 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, developments in the oil & gas industry and related markets, 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 developments in respect of the forward-looking statements in this announcement.