Benelux Morning Notes

Fugro: Disappointing developments; OCI: OCI and Orascom seeking potential merger

Fugro : Weak oil & gas markets trigger further cost action

Whitestone Group ECP becomes the first successful portfolio exit

Whitestone Group achieved its first portfolio exit. It sold its 20% stake in Luxembourg-based European Capital Partners for €2.2m, realizing a €1.2m capital gain and a 22% IRR (2.7x MOIC). This sale of ECP amounted to €2m, while the stake in ECP Participations (offices) was sold for €157k. The exit supports ongoing collaboration on a Multi-Assets fund while enabling external growth at ECP via a new shareholder. This transaction aligns with the strategic goal to divest 50% of assets by 2030 to unlock value and reduce the €2.2m accumulated loss as of FY24-end. This could lead to the dividend ini...

Fugro Third time not lucky - third profit warning in 12 months time

Following a profit warning last November and last April Fugro now issued a third one. This morning it updated its financial guidance for 2025, following significant changes in market conditions in recent weeks. While the company still expects 2H25 to show a notable improvement compared to the first half, the previously guided 20% revenue growth in 2H25 is deemed no longer realistic. A wide range of projects is said to have been affected – with most experiencing postponements into 2026 and some being descoped – resulting in an estimated revenue impact of around €100m. Management announced furth...