Report
Fugro Good cost control & net debt well controlled, but not out of the woods yet
3Q25 figures showed overall revenues falling -12.6% to €505m well below forecasts. Thanks to solid cost control EBIT landed at €65m considerably above our €51mE and €43m CSS fcst. Following three profit warnings expectations were likely not overly challenging. Given the deep discount valuation we believe today's share price reaction is not necessarily a prelude for 2026 performance. A positive reaction will likely follow but a structural re-rating will only occur once there are clear indications that the topline bleeding has stopped. Considering the low visibility of the business, this can only be validated at the 2H26 release when first half revenues and the backlog will provide better visibility on FY26 performance. Until that time we expect continued volatility in the name. Hold rating maintained.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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