KBC Securities - FUGRO NV (FUR) Fugro Feedback 3Q conf call

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KBC Securities

Kristof Samoy

Fugro Feedback 3Q conf call

This morning Fugro published results which came in below our expectations especially at the topline level (see our FRN earlier today). BB/Refinitiv did not provide reliable quarterly CSS forecasts nor did the company collect one. We heard about 3Q24 EBITDA forecasts north of €160m well above our €145m estimate. Clearly the topline evolution -as main driver of profit growth- was disappointing but the company was still able to post nice margins even when the Americas (-20.9%) and Middle-East&India (-41.8%) fell sharply. This was facilitated by cost savings being put in place and sorting effect quickly. Below are the main take-aways of the conf call

01/11/2024 1 EN

Underlying

FUGRO NV

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NL00150003E1 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Kristof Samoy

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Fugro Feedback 3Q conf call

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Fugro Announcing €50m SBB

Morning Notes : FUR NA, IBAB BB, RET BB

Bekaert Feedback conference call

Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines reiterated

Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

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