Report
Fugro Costs controlled, challenging NWC dynamics, unchanged cautious outlook
Adjusted 1Q26 EBIT landed at €-2m in line with our €4m estimate. No company compiled consensus was available. Costs were well controlled and capex scaled back considerably. Unfortunately the NWC dynamics were substandard. So far the ME conflict did not have a large direct impact but award conversion is said to be slower than usual. BL dynamics in APAC and the large (most profitable) European division remain a source of concern. While the actual 1Q26 numbers imply a ‘manageable' 2Q26 our first assessment is that this update does not provide sufficient comfort for a lasting rerating. Hold and €11.5 TP maintained. Analyst call at 8.30 am.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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