Fugro Hamburg declaration on new OFW investment pact and FY25 preview

Yesterday at a North Sea summit the Hamburg Declaration was signed by energy ministers from Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom with Iceland joining as an observer. The governments agreed to work towards up to 100 GW of cross-border offshore wind capacity in the North Seas by 2050, while also advancing offshore renewable hydrogen as part of a more integrated regional energy system European governments committed to derisking offsh...

Fugro : One of the first to benefit from offshore wind “Investment Pac...

Fugro N.V.: 1 director

A director at Fugro N.V. bought 4,000 shares at 8.450EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Fugro : Acting like it should, given the lackluster market circumstanc...

Fugro : Order intake weakness forcing deeper cuts in costs

Fugro Good cost control & net debt well controlled, but not out of the...

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...

Fugro/Low visibility for a recovery in 2026/HOLD (previously Buy)

It was not only the announcement itself but the speed at which Fugro had to come back on its original guidance. In the past 7-8 weeks, Fugro has been hit with two major negative events: the oil and gas market has turned sour on top of the struggling offshore wind market. Now, three-quarters of Fugro's revenues is facing challenges, we believe not only FY25 will suffer but now also the outlook for FY26 has weakened. This results in a materially lower EBITDA forecast than we previously had incorpo...

Fugro Trouble comes in threes

Past Monday, Fugro surprised the market with another profit warning. While the long-term outlook remains fundamentally positive, this new warning further undermines investor confidence, especially as the updated FY25 guidance was issued only seven weeks ago. In our view, the lack of visibility and the potential for further disappointments are balanced by attractive long-term demand dynamics, a solid balance sheet, and ongoing cost and capex reductions. As a result, we rate the stock Hold. Our ne...

Fugro : Wave of project delays weaken outlook for 2025 and 2026

Fugro : Weak oil & gas markets trigger further cost action

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 b...

Fugro/Trough passed/BUY

We expected a halving of EBIT YoY, but it was more as 2Q25 ended at -80% largely due to US offshore wind, lower vessel availability and postponements of large contracts. Fugro expects 2H revenues to increase by 20% HoH as elements of the downturn should not return in 3Q/4Q such as vessels and project postponements. Consequently, with delayed contracts now being executed, we feel comfortable with the company's view on 2H25. Including 2Q25, we have lowered our FY25-27F estimates, for the third tim...

Fugro A Convincing Path to 2H Recovery & Deep Discount Opportunity

We revisited our case following the recent profit warning but recognise 2Q25 already showed a remarkable q/q improvement in profitability to be continued in 2H25. The cheap valuation, strong balance sheet (1.2x EBITDA leverage and no debt maturities prior to 2029) next to the optionality in the future capex spend make that Fugro can weather further storms should they occur. At the speculative front with the mid and long term fundamentals intact potential renewed ownership interest by cash rich d...

Fugro : Order intake is still too weak to start pushing

Fugro : Much weaker than expected H1 results, lowering guidance for FY...

Fugro First look: Weak 1H25 but strong rebound guided for 2H25

Consolidated 1H25 revenue landed at €905m discounting a 15.6% comparable decline. This compares to our revenue of €1016mE and company compiled CSS of €984m. Adjusted EBIT landed at €21m well below our (€75m) and CSS (€61m) estimates. Backlog bottoming out at € 1451m or flat (0.3%) at comparable basis. Ongoing restructuring should save €80-100m annually upon completion and (at the mid point) full year guidance calls for € 189m EBIT25. 2Q EBIT shows first signs of savings kicking in. Leverage well...

Fugro Securing $340m multi-year subsea inspection contracts with Petro...

Last Friday Fugro reported it has secured four Petrobras contracts for subsea inspection and monitoring in Brazil, valued at approximately $340m over four years starting in 4Q25 with optional one-year extensions. Three contracts are renewals under improved terms, while one is new and incremental. All were already included in Fugro's 12-month backlog as of March 2025. Each contract is vessel-specific, with two operated by Fugro and two by partners, all equipped with ROVs. The scope includes expan...

Fugro/Weak 1H25, better 2H25/BUY

Led by the disappearance of US offshore wind, Fugro continues to suffer from a downturn. We expect a weak second quarter, following the headwinds of the first quarter with lower activity levels combined with a couple of vessels not yet back into service. We foresee a YoY EBIT decline of 50% in 2Q25. However, it also looks the trough is passed with potential for a higher activity level for 2H25 and beyond. The main reason is the higher fleet presence and clients finally proceeding with long-await...

Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus

The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...

Fugro : Growth & ESG leaving the ship, time for value investors to ste...