Report
Fugro FIRST LOOK: 1Q25 consensus estimates trigger profit warning
Fugro was scheduled to release 1Q25 numbers on April 24. Following the distribution of the company compiled consensus yesterday after close, Fugro issued a profit warning this morning. Compared to an exceptionally strong 1Q24 where revenues grew 9%, 1Q25 consensus was banking on a -4.8% revenue decline (KBC -4.0%) with an actual decline posted of -11%. 1Q25 EBIT CSS called for €28m (€29m KBCS) which turns out to have been only slightly positive. Given the US stance on offshore wind and the economic & geopolitical turmoil we were expecting a mismatch between reduced/lost offshore order intake and renewed O&G order intake. It seems the intensified tariff war with coinciding uncertainty and a diving oil price is hindering investment decisions in the traditional energy markets and offshore wind markets outside the US too. While valuation is extremely cheap and the company is reiterating its FY margin guidance (which is in line with our numbers) the company will reassess its FY revenue outlook later. As a result we will have to revise our earnings model considerably. Hence we go ‘under review' from ‘Buy' earlier. A conference call is scheduled at 8.30am CET.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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