Fugro reported a steep decline in its third-quarter 2025 earnings as continued weakness in offshore wind and delays to oil and gas projects weighed on performance.
EBITDA fell to €108.6 million from €140.3 million a year earlier, while revenue dropped to €504.7 million from €596.5 million. EBIT decreased to €64.9 million from €99.3 million. The company said the quarter showed notable improvement versus previous quarters.
Operating cash flow before changes in working capital was €95.4 million, down from €123.6 million in the same period of 2024, and free cash flow declined to €25.6 million from €102.6 million. The 12-month backlog stood at €1.43 billion, compared with €1.69 billion a year earlier.
Chief Executive Mark Heine said 2025 had been “challenging, especially for our early-stage site characterization activities.” He explained that Fugro withdrew its full-year revenue and margin guidance in September following significant market shifts. Heine added that while third-quarter results improved as expected, the fourth quarter will be “materially affected” by project discoveries and postponements, as well as by tighter cash and cost controls from energy companies responding to lower oil prices.
Fugro has expanded its cost-reduction program to 1,050 full-time roles, aiming for annualized savings of €100 million to €120 million, with most cuts to be completed by the end of 2025.
The company said its balance sheet remains robust with net leverage of 1.2 times and that it is prioritizing cash-flow preservation while scaling back capital expenditure to match the lower-growth environment.
Recent project activity includes site characterization for ENI’s deepwater gas fields in Indonesia and for RWE’s and TotalEnergies’ Windbostel wind developments.
Heine noted it is too early to provide an outlook for 2026, but said the company expects offshore wind market volatility to continue and will “take action as appropriate.”
