Dutch geotechnical services firm Fugro reported a sharp decline in third-quarter 2025 earnings as continued weakness in offshore wind and delays in oil and gas projects weighed on results.
EBITDA fell to €108.6 million in Q3 from €140.3 million a year earlier, while revenue declined to €504.7 million from €596.5 million. EBIT dropped to €64.9 million from €99.3 million, the company said.
Mark Heine, Fugro’s chief executive, said the year had been challenging for early-stage site characterisation activities. “The year 2025 is proving to be challenging, especially for our early-stage site characterisation activities,” he said.
Heine added that the third-quarter results represented an improvement over previous quarters but cautioned that the fourth quarter would be “significantly impacted by the continued deterioration in the offshore wind market, and by the temporary intensification of energy companies’ disciplined cash and cost management in response to lower oil prices.”
Operating cash flow before working capital changes fell to €95.4 million from €123.6 million, while free cash flow dropped to €25.6 million from €102.6 million. Fugro’s 12-month backlog declined to €1.43 billion from €1.69 billion year-on-year.
The company has increased its cost-reduction target to 1,050 full-time positions and €100 million–€120 million in annualised savings, with most reductions expected to be completed by year-end. Heine said, “Our balance sheet remains robust, and we are committed to protecting it by prioritising cash flow preservation.”
Fugro cited ongoing project work including ENI’s deepwater gas fields in Indonesia and site characterisation for RWE’s and TotalEnergies’ Windbostel offshore wind projects. The company also said it would scale back capital expenditure in response to the lower-growth environment.
Heine declined to provide a 2026 outlook, stating, “It is too early to provide an outlook for 2026… As the offshore wind market is expected to remain volatile, we continue to take action as appropriate.”
